Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 01, 2019 | Jun. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MATERION Corp | ||
Entity Central Index Key | 1,104,657 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 20,238,146 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 1,082,760,630 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 1,207,815 | $ 1,139,447 | $ 969,236 |
Cost of sales | 956,710 | 926,618 | 784,708 |
Gross margin | 251,105 | 212,829 | 184,528 |
Selling, general, and administrative expense | 153,489 | 144,280 | 128,972 |
Research and development expense | 15,187 | 13,981 | 12,802 |
Restructuring expense | 5,599 | 644 | 2,586 |
Other - net | 15,334 | 13,893 | 11,288 |
Operating profit | 61,496 | 40,031 | 28,880 |
Interest expense - net | 2,471 | 2,183 | 1,789 |
Other non-operating expense-net | 42,683 | 1,452 | 1,776 |
Income before income taxes | 16,342 | 36,396 | 25,315 |
Income tax (benefit) expense | (4,504) | 24,945 | (425) |
Net income | $ 20,846 | $ 11,451 | $ 25,740 |
Basic earnings per share: | |||
Net income per share of common stock (in usd per share) | $ 1.03 | $ 0.57 | $ 1.29 |
Diluted earnings per share: | |||
Net income per share of common stock (in usd per share) | 1.01 | 0.56 | 1.27 |
Cash dividends per share | $ 0.415 | $ 0.395 | $ 0.375 |
Weighted-average number of shares of common stock outstanding: | |||
Basic | 20,212 | 20,027 | 19,983 |
Diluted | 20,613 | 20,415 | 20,213 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 20,846 | $ 11,451 | $ 25,740 |
Other comprehensive income: | |||
Foreign currency translation adjustment | (484) | 1,552 | (172) |
Derivative and hedging activity, net of tax benefit (expense) of $672, ($271), and ($149) | 138 | (1,074) | 258 |
Pension and post-employment benefit adjustment, net of tax benefit (expense) of ($13,300), ($13,820), and $4,555 | 45,049 | (17,234) | (5,562) |
Other comprehensive income (loss) | 44,703 | (16,756) | (5,476) |
Comprehensive income (loss) | $ 65,549 | $ (5,305) | $ 20,264 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Derivative and hedging activity, tax benefit (expense) | $ 672 | $ (271) | $ (149) |
Pension and post employment benefit adjustment, tax benefit (expense) | $ (13,300) | $ (13,820) | $ 4,555 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 20,846 | $ 11,451 | $ 25,740 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Depreciation, depletion, and amortization | 35,524 | 42,751 | 45,651 |
Amortization of deferred financing costs in interest expense | 1,009 | 919 | 666 |
Stock-based compensation expense (non-cash) | 5,313 | 4,957 | 3,174 |
Amortization of pension and post-retirement costs | 5,551 | 4,865 | 4,060 |
Loss (gain) on sale of property, plant, and equipment | 518 | 234 | (648) |
Deferred income tax (benefit) expense | (1,318) | 20,256 | (9,010) |
Pension settlement charges | 41,406 | 0 | 120 |
Changes in assets and liabilities net of acquired assets and liabilities: | |||
Decrease (increase) in accounts receivable | (7,219) | (18,484) | (4,096) |
Decrease (increase) in inventory | 4,234 | (9,462) | 10,791 |
Decrease (increase) in prepaid and other current assets | 1,162 | (11,606) | 658 |
Increase (decrease) in accounts payable and accrued expenses | 8,820 | 34,433 | 2,758 |
Increase (decrease) in unearned revenue | 477 | 4,336 | (2,590) |
Increase (decrease) in interest and taxes payable | 435 | (514) | 2,511 |
Domestic pension plan contributions | (42,000) | (16,000) | (16,000) |
Other — net | 1,616 | (341) | 4,395 |
Net cash provided from operating activities | 76,374 | 67,795 | 68,180 |
Cash flows from investing activities: | |||
Payments for purchase of property, plant, and equipment | (27,702) | (27,516) | (27,177) |
Payments for mine development | (6,558) | (1,560) | (9,861) |
Payments for acquisition | 0 | (16,504) | (1,750) |
Proceeds from sale of property, plant, and equipment | 432 | 2,222 | 1,433 |
Net cash (used in) investing activities | (33,828) | (43,358) | (37,355) |
Cash flows from financing activities: | |||
Repayment of short-term debt | 0 | 0 | (8,305) |
Proceeds from issuance of long-term debt | 0 | 55,000 | 10,000 |
Repayment of long-term debt | (777) | (55,797) | (10,694) |
Principal payments under capital lease obligations | (861) | (843) | (736) |
Cash dividends paid | (8,389) | (7,913) | (7,496) |
Deferred financing costs | 0 | (300) | (1,000) |
Repurchase of common stock | (422) | (1,086) | (3,798) |
Payments of withholding taxes for stock-based compensation awards | (3,156) | (4,506) | (1,089) |
Net cash (used in) financing activities | (13,605) | (15,445) | (23,118) |
Effects of exchange rate changes | (140) | 1,388 | (479) |
Net change in cash and cash equivalents | 28,801 | 10,380 | 7,228 |
Cash and cash equivalents at beginning of period | 41,844 | 31,464 | 24,236 |
Cash and cash equivalents at end of period | $ 70,645 | $ 41,844 | $ 31,464 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 70,645 | $ 41,844 |
Accounts receivable | 130,538 | 124,014 |
Inventories | 214,871 | 220,352 |
Prepaid and other current assets | 23,299 | 24,733 |
Total current assets | 439,353 | 410,943 |
Deferred income taxes | 5,616 | 17,047 |
Property, plant, and equipment | 898,251 | 891,789 |
Less allowances for depreciation, depletion, and amortization | (647,233) | (636,211) |
Property, plant, and equipment — net | 251,018 | 255,578 |
Intangible assets | 6,461 | 9,847 |
Other assets | 7,236 | 6,992 |
Goodwill | 90,657 | 90,677 |
Total Assets | 800,341 | 791,084 |
Current liabilities | ||
Short-term debt | 823 | 777 |
Accounts payable | 49,622 | 49,059 |
Salaries and wages | 47,501 | 42,694 |
Other liabilities and accrued items | 33,301 | 28,044 |
Income taxes | 2,615 | 1,084 |
Unearned revenue | 5,918 | 5,451 |
Total current liabilities | 139,780 | 127,109 |
Other long-term liabilities | 14,764 | 14,895 |
Capital lease obligations | 15,221 | 16,072 |
Retirement and post-employment benefits | 38,853 | 93,225 |
Unearned income | 32,563 | 36,905 |
Long-term income taxes | 2,993 | 4,857 |
Deferred income taxes | 195 | 213 |
Long-term debt | 2,066 | 2,827 |
Shareholders’ equity | ||
Serial preferred stock (no par value; 5,000 authorized shares, none issued) | 0 | 0 |
Common stock (no par value; 60,000 authorized shares, issued shares of 27,148 for both 2018 and 2017) | 234,704 | 223,484 |
Retained earnings | 548,374 | 536,116 |
Common stock in treasury (6,906 shares for 2018 and 7,042 shares for 2017) | (175,426) | (166,128) |
Accumulated other comprehensive loss | (58,234) | (102,937) |
Other equity | 4,488 | 4,446 |
Total shareholders’ equity | 553,906 | 494,981 |
Total Liabilities and Shareholders’ Equity | $ 800,341 | $ 791,084 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands, $ / shares in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Serial preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Serial preferred stock, shares authorized | 5,000 | 5,000 |
Serial preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares, issued | 27,148 | 27,148 |
Treasury stock, shares | 6,906 | 7,042 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Common Stock In Treasury | Accumulated Other Comprehensive Income (Loss) | Other Equity Transactions |
Beginning balances at Dec. 31, 2015 | $ 482,957 | $ 208,967 | $ 499,659 | $ (148,559) | $ (80,705) | $ 3,595 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 25,740 | 0 | 25,740 | 0 | 0 | 0 |
Other comprehensive income (loss) | (5,476) | 0 | 0 | 0 | (5,476) | 0 |
Pension settlement charges | 120 | |||||
Cash dividends declared | (7,496) | 0 | (7,496) | 0 | 0 | 0 |
Stock-based compensation activity | 2,002 | 3,764 | 0 | (1,762) | 0 | 0 |
Repurchase of 147, 32 and 10 shares for the years ended 2016, 2017, and 2018, respectively | (3,798) | 0 | 0 | (3,798) | 0 | 0 |
Directors' deferred compensation | 160 | (29) | 0 | (280) | 0 | 469 |
Ending balances at Dec. 31, 2016 | 494,089 | 212,702 | 517,903 | (154,399) | (86,181) | 4,064 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 11,451 | 0 | 11,451 | 0 | 0 | 0 |
Other comprehensive income (loss) | (16,756) | 0 | 0 | 0 | (2,081) | 0 |
Other comprehensive income (loss), net of tax | (2,081) | |||||
Pension settlement charges | 0 | |||||
Tax Cuts and Jobs Act Reclassification | 0 | 0 | 14,675 | 0 | (14,675) | 0 |
Cash dividends declared | (7,913) | 0 | (7,913) | 0 | 0 | 0 |
Stock-based compensation activity | 450 | 10,750 | 0 | (10,300) | 0 | 0 |
Repurchase of 147, 32 and 10 shares for the years ended 2016, 2017, and 2018, respectively | (1,086) | 0 | 0 | (1,086) | 0 | 0 |
Directors' deferred compensation | 71 | 32 | 0 | (343) | 0 | 382 |
Ending balances at Dec. 31, 2017 | 494,981 | 223,484 | 536,116 | (166,128) | (102,937) | 4,446 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 20,846 | 0 | 20,846 | 0 | 0 | 0 |
Other comprehensive income (loss) | 44,703 | 0 | 0 | 0 | 2,722 | 0 |
Other comprehensive income (loss), net of tax | 2,722 | |||||
Pension settlement charges | 41,406 | 0 | 0 | 0 | 41,406 | 0 |
Tax Cuts and Jobs Act Reclassification | 0 | 0 | (575) | 0 | 575 | 0 |
Cumulative effect of accounting change | 425 | 0 | 425 | 0 | 0 | 0 |
Cash dividends declared | (8,389) | 0 | (8,389) | 0 | 0 | 0 |
Stock-based compensation activity | 2,158 | 11,131 | (49) | (8,924) | 0 | 0 |
Repurchase of 147, 32 and 10 shares for the years ended 2016, 2017, and 2018, respectively | (422) | 0 | 0 | (422) | 0 | 0 |
Directors' deferred compensation | 179 | 89 | 0 | 48 | 0 | 42 |
Ending balances at Dec. 31, 2018 | $ 553,906 | $ 234,704 | $ 548,374 | $ (175,426) | $ (58,234) | $ 4,488 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Shares repurchased | 10 | 32 | 147 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies ( Dollars in thousands) Organization: Materion Corporation (the Company) is a holding company with subsidiaries that have operations in the United States, Europe, and Asia. These operations manufacture advanced engineered materials used in a variety of end markets, including consumer electronics, industrial components, defense, medical, automotive electronics, telecommunications infrastructure, energy, commercial aerospace, science, services, and appliance. The Company has four reportable segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. Other includes unallocated corporate costs. Refer to Note D for additional segment details. The Company is vertically integrated and distributes its products through a combination of company-owned facilities and independent distributors and agents. Business Combinations: The Company records assets acquired and liabilities assumed at the date of acquisition at their respective fair values. Any intangible assets acquired in a business combination are recognized and reported apart from goodwill. Goodwill represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. The amounts reflected in Note C are the results of the final purchase price allocation. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Consolidation: The Consolidated Financial Statements include the accounts of Materion Corporation and its subsidiaries. All of the Company’s subsidiaries were wholly owned as of December 31, 2018 . Intercompany accounts and transactions are eliminated in consolidation. Cash Equivalents: All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. At December 31, 2018, the Company had $50.3 million of cash equivalents invested in institutional money market funds. The carrying value of the money market funds approximates fair value due to their short-term maturities. Accounts Receivable: An allowance for doubtful accounts is maintained for the estimated losses resulting from the inability of customers to pay amounts due. The allowance is based upon identified delinquent accounts, customer payment patterns, and other analyses of historical data and trends. The allowance for doubtful accounts was $616 and $640 at December 31, 2018 and 2017, respectfully. The Company extends credit to customers based upon their financial condition, and collateral is not generally required. Inventories: Inventories are stated at the lower of cost or net realizable value. The cost of the majority of domestic inventories is determined using the last-in, first-out (LIFO) method to reflect a better matching of costs and revenues. The remaining inventories are stated principally at average costs. Inventories valued on the LIFO cost method were approximately 57% of inventories, net in 2018, and 52% of inventories, net in 2017. Property, Plant, and Equipment: Property, plant, and equipment is stated on the basis of cost. Depreciation is computed principally by the straight-line method, except certain assets for which depreciation may be computed by the units-of-production method. The depreciable lives that are used in computing the annual provision for depreciation by class of asset are primarily as follows: Years Land improvements 10 to 20 Buildings 20 to 40 Leasehold improvements Life of lease Machinery and equipment 3 to 15 Furniture and fixtures 4 to 10 Automobiles and trucks 3 to 8 Research equipment 3 to 10 Computer hardware 3 to 10 Computer software 3 to 10 An asset acquired under a capital lease will be recorded at the lesser of the present value of the projected lease payments or the fair value of the asset and will be depreciated in accordance with the above schedule. Leasehold improvements will be depreciated over the life of the improvement if it is shorter than the life of the lease. Repair and maintenance costs are expensed as incurred. Mineral Resources and Mine Development: Property acquisition costs are capitalized as mineral resources on the balance sheet and are depleted using the units-of-production method based upon total estimated recoverable proven reserves of the beryllium-bearing bertrandite ore body. The Company uses beryllium pounds as the unit of accounting measure, and depletion expense is recorded on a pro-rata basis based upon the amount of beryllium pounds extracted as a percentage of total estimated beryllium pounds contained in all ore bodies. Mine development costs at our open pit surface mines include drilling, infrastructure, other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body. Before mineralization is classified as proven and probable reserves, costs are classified as exploration expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist, and the activities are directed at obtaining additional information on the ore body. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales. The costs of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production phase are capitalized during the development of an open-pit mine and are capitalized at each pit. These costs are amortized as the ore is extracted using the units-of-production method based upon total estimated recoverable proven reserves for the individual pit. The Company uses beryllium pounds as the unit of accounting measure for recording amortization. To the extent that the aforementioned costs benefit an entire ore body, the costs are amortized over the estimated useful life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block area. Goodwill and Other Intangible Assets: Goodwill is reviewed annually for impairment or more frequently if impairment indicators arise. The Company conducts its annual goodwill and indefinite-lived intangible asset impairment assessment as of the first day of the fourth quarter, or more frequently under certain circumstances. Goodwill is assigned to the reporting unit, which is the operating segment level or one level below the operating segment. Intangible assets with finite lives are amortized using the straight-line method or effective interest method, as applicable, over the periods estimated to be benefited, which is generally 20 years or less. Finite-lived intangible assets are also reviewed for impairment if facts and circumstances warrant. Asset Impairment: In the event that facts and circumstances indicate that the carrying value of long-lived assets may be impaired, an evaluation of recoverability is performed by comparing the carrying value of the assets to the associated estimated future undiscounted cash flow. If the carrying value exceeds that cash flow, then the assets are written down to their fair values. Derivatives: The Company recognizes all derivatives on the balance sheet at fair value. If the derivative is designated and effective as a cash flow hedge, changes in the fair value of the derivative are recognized in other comprehensive income (loss), a component of shareholders’ equity, until the hedged item is recognized in earnings. If the derivative is designated as a fair value hedge, changes in fair value are offset against the change in the fair value of the hedged asset, liability, or commitment through earnings. The ineffective portion of a derivative’s change in fair value, if any, is recognized in earnings immediately. If a derivative is not a hedge, changes in its fair value are adjusted through the income statement. Asset Retirement Obligation: The Company records a liability to recognize the legal obligation to remove an asset at the time the asset is acquired or when the legal liability arises. The liability is recorded for the present value of the ultimate obligation by discounting the estimated future cash flows using a credit-adjusted risk-free interest rate. The liability is accreted over time, with the accretion charged to expense. An asset equal to the fair value of the liability is recorded concurrent with the liability and depreciated over the life of the underlying asset. Unearned Income: Expenditures for capital equipment to be reimbursed under government contracts are recorded in property, plant, and equipment, while the reimbursements for those expenditures are recorded in unearned income, a liability on the balance sheet. When the assets subject to reimbursement are placed in service, the total cost is depreciated over the useful lives, and the unearned income liability is reduced and credited to cost of sales on the Consolidated Statements of Income ratably with the annual depreciation expense. Depreciation and amortization expense on the Consolidated Statements of Cash Flows is shown net of the associated period reduction in the unearned income liability. Advertising Costs: The Company expenses all advertising costs as incurred. Advertising costs were $1,196 in 2018 , $1,252 in 2017 , and $1,163 in 2016 . Stock-based Compensation: The Company recognizes stock-based compensation expense based on the grant date fair value of the award over the period during which an employee is required to provide service in exchange for the award. The fair value of restricted stock units is based on the closing price of the Company's common shares on the grant date. Stock appreciation rights (SARs) are granted with an exercise price equal to the closing price of the Company's common shares on the date of grant. The fair value of SARs is determined using a Black-Scholes option-pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate, and the expected dividend yield. See Note Q for additional information about stock-based compensation. Capitalized Interest: Interest expense associated with active capital asset construction and mine development projects is capitalized and amortized over the future useful lives of the related assets. Income Taxes: The Company uses the liability method in measuring the provision for income taxes and recognizing deferred tax assets and liabilities on the balance sheet. The Company will record a valuation allowance to reduce the deferred tax assets to the amount that is more likely than not to be realized, as warranted by current facts and circumstances. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties and will record a liability for those tax benefits that have a less than 50% likelihood of being sustained upon examination by the taxing authorities. Net Income Per Share: Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the assumed conversion of all dilutive common stock equivalents as appropriate using the treasury stock method. New Pronouncements Adopted: In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost, which requires an employer to report the service cost component of net benefit cost in the same line item as other compensation costs arising from services rendered by pertinent employees during the period. This ASU requires non-service cost components of net benefit cost to be presented in a caption below the Company's Operating profit and allows only the service cost component to be eligible for capitalization. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. The Company adopted the new standard as of January 1, 2018 and applied its amendments retrospectively for the presentation of service cost and other components of net benefit cost on the income statement and prospectively for the capitalization of service cost and net periodic post-retirement benefits in assets. The application of ASU 2017-07 resulted in an increase to Operating profit of $1.5 million and $1.8 million for 2017 and 2016, respectively, which was offset by a corresponding increase in Other non-operating expense, net. The adoption of this ASU did not have a material effect on the Company's financial condition or liquidity. The Company utilized this ASU's practical expedient, which permits the Company to use the amounts disclosed in its Pensions and Other Post-employment Benefits note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606), which supersedes previous revenue recognition guidance. The Company adopted the new standard using the modified retrospective method as of January 1, 2018. Prior periods were not retrospectively adjusted. This approach was applied to all contracts not completed as of January 1, 2018. The new standard primarily impacted the Company's timing of revenue recognition for certain contracts and subcontracts with the United States (U.S.) government that contain termination for convenience clauses, and due to the cumulative impact of adopting ASC 606, the Company recorded an increase to beginning retained earnings of $0.4 million , net of tax as summarized below: (Thousands) December 31, 2017 Adjustments due to ASC 606 January 1, 2018 Assets Unbilled receivables $ — $ 2,658 $ 2,658 Inventories 220,352 (2,059 ) 218,293 Liabilities and Shareholders’ Equity Other liabilities and accrued items $ 28,044 61 28,105 Deferred income taxes 213 113 326 Retained earnings 536,116 425 536,541 The adoption of the standard did not have a material impact to the Company's consolidated financial statements. Refer to Note B for additional disclosures relating to ASC 606. New Pronouncements Issued: In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , which amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which eliminates the off-balance-sheet accounting for leases. The new guidance will require lessees to report their operating leases as both an asset and liability on the balance sheet and disclose key information about leasing arrangements. This ASU is required to be applied using a modified retrospective adoption method with the option of applying the guidance either retrospectively to each prior comparative reporting period presented or retrospectively at the beginning of the period of adoption. This ASU is effective for interim and annual periods on January 1, 2019, and the Company will apply the transitional package of practical expedients allowed by the standard to not reassess the identification, classification and initial direct costs of leases commencing before this ASU's effective date; however, the Company will not elect the hindsight transitional practical expedient. The Company also will apply the practical expedient to not separate lease and non-lease components to new leases as well as existing leases through transition. The Company will elect an accounting policy to not apply recognition requirements of the guidance to short-term leases. The Company is nearing completion of its assessment process and its determination of the expanded disclosure regarding leases, as well as the impact to the consolidated financial statements. The Company is also concluding its testing of the functionality and related controls of a new third-party lease accounting system and implementing other new processes and controls to support recognition and disclosure under the new lease standard. The adoption of the new standard will result in the recording of lease assets and lease liabilities for operating leases in the range of approximately $26 million to $28 million as of January 1, 2019. The adoption of this ASU is not expected to have a material impact on the Company’s results of operations, cash flows or debt covenants. No other recently issued ASUs are expected to have a material effect on the Company's results of operations, financial condition, or liquidity. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Net sales consist primarily of revenue from the sale of precious and non-precious specialty metals, beryllium and copper-based alloys, beryllium composites, and other products into numerous end markets. The Company requires an agreement with a customer that creates enforceable rights and performance obligations. The Company generally recognizes revenue, in an amount that reflects the consideration to which it expects to be entitled, upon satisfaction of a performance obligation by transferring control over a product to the customer. Control over the product is generally transferred to the customer when the Company has a present right to payment, the customer has legal title, the customer has physical possession, the customer has the significant risks and rewards of ownership, and/or the customer has accepted the product. Shipping and Handling Costs : The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, customer payments of shipping and handling costs are recorded as a component of net sales, and related costs are recorded as a component of cost of sales. Taxes Collected from Customers and Remitted to Governmental Authorities : Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Product Warranty : Substantially all of the Company’s customer contracts contain a warranty that provides assurance that the purchased product will function as expected and in accordance with certain specifications. The warranty is intended to safeguard the customer against existing defects and does not provide any incremental service to the customer. Transaction Price Allocated to Future Performance Obligations: ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at December 31, 2018. Remaining performance obligations include noncancelable purchase orders and customer contracts. The guidance provides certain practical expedients that limit this requirement. As such, the Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. After considering the practical expedient, at December 31, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $28.8 million . Contract Costs : The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs primarily relate to sales commissions, which are included in selling, general, and administrative expenses. Contract Balances : The timing of revenue recognition, billings and cash collections resulted in the following contract assets and contract liabilities: (Thousands) December 31, 2018 January 1, 2018 $ change % change Accounts receivable, trade $ 124,498 $ 122,393 $ 2,105 2 % Unbilled receivables 4,619 2,658 1,961 74 % Unearned revenue 5,918 5,451 467 9 % Accounts receivable, trade represents payments due from customers relating to the transfer of the Company’s products and services. The Company believes that its receivables are collectible and appropriate allowances for doubtful accounts have been recorded. Impairment losses (bad debt) incurred relating to our receivables were immaterial during 2018. Unbilled receivables represent expenditures on contracts, plus applicable profit margin, not yet billed. Unbilled receivables are normally billed and collected within one year. Billings made on contracts are recorded as a reduction of unbilled receivables. Unearned revenue is recorded for consideration received from customers in advance of satisfaction of the related performance obligations. As a practical expedient, the Company does not adjust the promised amount of consideration for the effects of a significant financing component because the period between the transfer of a product or service to a customer and when the customer pays for that product or service will be one year or less. The Company does not include extended payment terms in its contracts with customers. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Acquisitions On February 28, 2017, the Company acquired the high-performance target materials business of the Heraeus Group (HTB), of Hanau, Germany, for $16.5 million . This business manufactures precious and non-precious metal target materials for the architectural and automotive glass, electronic display, photovoltaic, and semiconductor markets at facilities in Germany, Taiwan, and the United States. This business operates within the Advanced Materials segment, and the results of operations are included as of the date of acquisition. The final purchase price allocation for the acquisition is as follows: (Thousands) Amount Assets: Inventories $ 7,221 Prepaid and other current assets 2,270 Deferred income taxes 14 Property, plant, and equipment 6,501 Intangible assets 3,649 Goodwill 3,574 Total assets acquired $ 23,229 Liabilities: Other liabilities and accrued items $ 984 Other long-term liabilities 449 Retirement and post-employment benefits 5,292 Total liabilities assumed $ 6,725 Total purchase price $ 16,504 No material measurement period adjustments were recorded upon finalizing the purchase price allocation in the first quarter of 2018. |
Segment Reporting and Geographi
Segment Reporting and Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting and Geographic Information | Segment Reporting and Geographic Information The Company has the following operating segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. The Company’s operating segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, the Company's Chief Operating Decision Maker, in determining how to allocate the Company’s resources and evaluate performance. The segments are determined based on several factors, including the availability of discrete financial information and the Company’s organizational and management structure. Performance Alloys and Composites produces strip and bulk form alloy products, strip metal products with clad inlay and overlay metals, beryllium-based metals, beryllium, and aluminum metal matrix composites, in rod, sheet, foil, and a variety of customized forms, beryllia ceramics, and bulk metallic glass materials. Advanced Materials produces advanced chemicals, microelectric packaging, precious metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal preforms, high temperature braze materials, and ultra-fine wire. Precision Coatings produces thin film coatings, optical filter materials, sputter-coated, and precision-converted thin film materials. The Other reportable segment includes unallocated corporate costs and assets. Financial information for reportable segments was as follows: (Thousands) Performance Alloys and Composites Advanced Materials Precision Coatings Other Total 2018 Net sales $ 500,590 $ 586,643 $ 120,582 $ — $ 1,207,815 Intersegment sales 37 50,460 — — 50,497 Operating profit (loss) 58,832 17,651 11,468 (26,455 ) 61,496 Depreciation, depletion, and amortization 17,434 8,575 7,066 2,449 35,524 Expenditures for long-lived assets 15,396 15,523 1,983 1,358 34,260 Assets 410,239 207,183 90,537 92,382 800,341 2017 Net sales $ 429,442 $ 590,789 $ 119,216 $ — $ 1,139,447 Intersegment sales 114 58,056 — — 58,170 Operating profit (loss) 21,978 32,763 8,445 (23,155 ) 40,031 Depreciation, depletion, and amortization 23,209 7,354 9,721 2,467 42,751 Expenditures for long-lived assets 10,427 13,318 3,048 2,283 29,076 Assets 418,798 202,389 97,504 72,393 791,084 2016 Net sales $ 387,539 $ 437,249 $ 144,448 $ — $ 969,236 Intersegment sales 240 70,457 — — 70,697 Operating profit (loss) 6,601 26,282 11,635 (15,638 ) 28,880 Depreciation, depletion, and amortization 27,059 6,644 9,945 2,003 45,651 Expenditures for long-lived assets 26,604 4,931 3,176 2,327 37,038 Assets 422,787 133,682 108,788 76,041 741,298 Intersegment sales are eliminated in consolidation. The primary measures of evaluating segment performance is operating profit and net sales. From an assets perspective, segments are evaluated based upon a return on invested capital metric, which includes inventory (excluding the impact of LIFO), accounts receivable, and property, plant, and equipment. Other geographic information includes the following: (Thousands) 2018 2017 2016 Net sales United States $ 726,881 $ 650,675 $ 639,675 Asia 270,672 265,991 193,739 Europe 186,081 205,118 121,648 All other 24,181 17,663 14,174 Total $ 1,207,815 $ 1,139,447 $ 969,236 Long-lived assets by country deployed United States $ 215,395 $ 227,412 $ 240,309 All other 35,623 28,166 12,322 Total $ 251,018 $ 255,578 $ 252,631 International sales include sales from international operations and direct exports from our U.S. operations. No individual country, other than the United States, or customer accounted for 10% or more of the Company’s net sales for the years presented. Long-lived assets are comprised of property, plant, and equipment based on physical location. The following table disaggregates revenue for each segment by end market for 2018: (Thousands) Performance Alloys and Composites Advanced Materials Precision Coatings Other Total 2018 End Market Consumer Electronics $ 103,339 $ 327,355 $ 18,886 $ — $ 449,580 Industrial Components 101,646 46,988 11,139 — 159,773 Energy 41,474 77,248 12 — 118,734 Automotive Electronics 78,963 — 1,521 — 80,484 Defense 45,162 15,233 20,077 — 80,472 Medical 8,349 17,627 65,125 — 91,101 Telecom Infrastructure 38,526 28,437 59 — 67,022 Other 83,131 73,755 3,763 — 160,649 Total $ 500,590 $ 586,643 $ 120,582 $ — $ 1,207,815 Intersegment sales are eliminated in consolidation. |
Other-net
Other-net | 12 Months Ended |
Dec. 31, 2018 | |
Other-net [Abstract] | |
Other-net | Other-net Other-net is summarized for 2018 , 2017 , and 2016 as follows: (Income) Expense (Thousands) 2018 2017 2016 Metal consignment fees $ 10,999 $ 8,782 $ 6,409 Amortization of intangible assets 2,265 4,629 4,498 Foreign currency loss (gain) 1,487 (722 ) 1,525 Net loss (gain) on disposal of fixed assets 518 234 (648 ) Rental income (416 ) (168 ) (21 ) Other items 481 1,138 (475 ) Total other-net $ 15,334 $ 13,893 $ 11,288 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In both 2018 and 2017, the Company completed cost reduction actions in order to align costs with commensurate business levels. These actions were accomplished through elimination of vacant positions, consolidation of roles, and staff reduction. Costs associated with these actions in 2018 were in the Advanced Materials segment and included severance associated with approximately forty employees and other related costs. Remaining severance payments related to these initiatives of $5.3 million are reflected within Other liabilities and accrued items in the Consolidated Balance Sheets. The Company expects that the remaining severance payments will be substantially paid by the end of 2019 and does not expect to incur additional costs related to these initiatives. Costs associated with these actions in 2017 were within the Other and Precision Coatings segments and included severance associated with approximately twenty-three employees and other related costs. The severance payments were substantially paid by the end of 2017. In 2016, the Company closed the Fukaya, Japan service center, which is a part of the Performance Alloys and Composites segment. Costs associated with the plan included severance associated with approximately thirteen employees and related facility exit costs. The severance payments were paid by the end of 2017. These costs are presented in the Company's segment results as follows: (Thousands) 2018 2017 2016 Performance Alloys & Composites $ — $ (16 ) $ 2,586 Advanced Materials 5,599 — — Precision Coatings — 431 — Other — 229 — Total $ 5,599 $ 644 $ 2,586 Certain prior-year amounts relating to restructuring have been reclassified in the Consolidated Statements of Income to conform to 2018 presentation. For 2017, Cost of sales and Selling, general, and administrative expense were reduced by $0.5 million and $1.3 million , respectively, while Other-net was increased by $1.1 million , reflecting a $1.4 million gain realized on the sale of the Company's service center in Fukaya, Japan. For 2016, Other-net was reduced by $2.6 million . Remaining severance payments related to these initiatives of $5.3 million are reflected within Other liabilities and accrued items in the Consolidated Balance Sheets. The Company does not expect to incur additional costs related to these initiatives. |
Interest
Interest | 12 Months Ended |
Dec. 31, 2018 | |
Interest [Abstract] | |
Interest | Interest The following chart summarizes the interest incurred, capitalized, and paid for 2018 , 2017 , and 2016 : (Thousands) 2018 2017 2016 Interest incurred $ 2,870 $ 2,608 $ 2,219 Less: Capitalized interest 399 425 430 Total net expense $ 2,471 $ 2,183 $ 1,789 Interest paid $ 1,436 $ 1,646 $ 1,611 The increase in interest expense for 2018 was primarily due to a capital lease entered into in 2017 in connection with the HTB acquisition. The higher expense in 2017 compared to 2016 was due to higher average debt levels outstanding. Amortization of deferred financing costs within interest expense was $1.0 million in 2018 , $0.9 million in 2017 , and $0.7 million in 2016 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (TCJA) was enacted in the United States. The TCJA included a number of changes to the U.S. tax code including, but not limited to, (1) the reduction of the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018; (2) a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) the addition of new taxes on certain foreign sourced earnings; (4) a deduction for foreign-derived intangible income; and (5) the repeal of corporate alternative minimum tax and the domestic production activity deduction. SAB 118 Measurement Period The SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118) to address the application of U.S. GAAP in situations where a registrant did not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the TCJA. The Company applied the guidance in SAB 118 when accounting for the enactment-date effects of the TCJA in 2017 and throughout 2018. As of December 31, 2017, the Company had not completed its accounting for the enactment-date income tax effects of the TCJA under ASC 740 for the following items: remeasurement of deferred tax assets and liabilities, the one-time transition tax on earnings of foreign subsidiaries, and the policy election to account for global intangible low-taxed income (GILTI) in deferred taxes. In the year ended December 31, 2017, the Company recorded a total provisional amount of $ 17.1 million, which was recognized and included as a component of income tax expense. The $ 17.1 million provisional amount included $5.0 million of tax expense for the re-measurement of deferred tax assets, $6.1 million of tax expense for the transition tax on the mandatory deemed repatriation of foreign earnings, a $ 9.5 million valuation allowance recorded on foreign tax credits that were deemed unrealizable as a result of the TCJA, and a $ 3.5 million tax benefit for the generation of foreign tax credits. At December 31, 2018, the Company had completed its accounting for all of the enactment-date income tax effects of the TCJA. During 2018, the Company recognized adjustments to the provisional amounts recorded as of December 31, 2017 and included the adjustments as a component of income tax expense. In 2018, the Company recorded a $ 11.1 million net tax benefit related to the enactment-date effects of the TCJA for the re-measurement of deferred tax assets and liabilities, the one-time transition tax on the mandatory deemed repatriation of foreign earnings, the generation of foreign tax credits, and the reversal of the valuation allowance related to foreign tax credits. Deferred Remeasurement As of December 31, 2017, the Company re-measured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future, which is generally 21% , and recorded a provisional tax expense of $ 5.0 million. Upon further analysis of certain aspects of the TCJA and refinement of our calculations during the twelve-month period ended December 31, 2018, we reduced our provisional tax expense by $ 2.8 million, which is included as a component of income tax expense from continuing operations. Transition Tax The transition tax is a one-time tax based on the Company's total post-1986 earnings and profits (E&P) that were previously deferred from U.S. income taxes. As of December 31, 2017, the Company recorded a provisional tax expense of $ 6.1 million for the one-time transition tax. Upon further analysis of the TCJA, as well as Notices and Regulations issued and proposed by the U.S. Department of Treasury and the Internal Revenue Service, the Company finalized the calculations of the transition tax liability in 2018. The Company reduced its provisional tax expense by $ 1.2 million, which is included as a component of income tax expense. As of December 31, 2017, the Company recorded a valuation allowance of $ 9.5 million on foreign tax credits that were determined not to be realizable as a result of the TCJA. In 2018, the Company finalized its calculations and reduced the valuation allowance by $2.4 million due to the generation of less foreign tax credits. The Company released the remaining valuation allowance due to an updated foreign expense methodology and further assessment of Notices and Regulations issued. As of December 31, 2018, the Company has determined that the foreign tax credits can be realized in full and no valuation allowance is recorded, which resulted in a $ 7.1 million tax benefit during the year. Consistent with December 31, 2017, no additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations as of December 31, 2018. GILTI While the TCJA provides for a territorial tax system, beginning in 2018, it includes a new U.S. tax, GILTI. The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary's tangible assets. Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (the period cost method), or (2) factoring such amounts into the Company’s measurement of its deferred taxes (the deferred method). After further analysis, the Company has determined that it has no incremental U.S. tax on GILTI for the year ended December 31, 2018. The Company has elected to use the current period method, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the year ended December 31, 2018. Income (loss) before income taxes and income tax expense (benefit) are comprised of the following: (Thousands) 2018 2017 2016 Income before income taxes: Domestic $ 20,272 $ 28,327 $ 13,934 Foreign (3,930 ) 8,069 11,381 Total income before income taxes $ 16,342 $ 36,396 $ 25,315 Income tax expense: Current income tax expense: Domestic $ (5,896 ) $ 1,912 $ 6,505 Foreign 2,710 2,777 2,080 Total current $ (3,186 ) $ 4,689 $ 8,585 Deferred income tax (benefit) expense: Domestic $ (4,083 ) $ 19,935 $ (8,842 ) Foreign 2,765 321 (168 ) Total deferred $ (1,318 ) $ 20,256 $ (9,010 ) Total income tax (benefit) expense $ (4,504 ) $ 24,945 $ (425 ) A reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate is as follows: 2018 2017 2016 U.S. federal statutory rate 21.0 % 35.0 % 35.0 % State and local income taxes, net of federal tax effect 0.1 2.3 (0.4 ) Effect of excess of percentage depletion over cost depletion (17.8 ) (10.0 ) (10.6 ) Manufacturing production deduction, including impact of NOL carryback 6.3 (0.8 ) (3.3 ) Foreign derived intangible income deduction (2.9 ) — — Tax Cuts and Jobs Act impact (67.8 ) 47.1 — Foreign rate differential 1.5 (3.4 ) (5.9 ) Research and development tax credit (7.6 ) (2.6 ) (6.6 ) Foreign tax credit (1.9 ) (1.1 ) (28.1 ) Foreign repatriation 2.0 1.3 13.7 Incremental fixed asset basis — (3.4 ) — Adjustment to unrecognized tax benefits 2.7 2.8 3.2 Stock compensation - excess tax benefits (4.4 ) (1.9 ) — Valuation allowance 38.7 2.4 0.1 Other items 2.5 0.8 1.2 Effective tax rate (27.6 )% 68.5 % (1.7 )% Deferred tax assets and (liabilities) are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and (liabilities) recorded in the Consolidated Balance Sheets consist of the following: December 31, (Thousands) 2018 2017 Asset (liability) Post-employment benefits other than pensions $ 2,198 $ 2,787 Other reserves 693 1,371 Deferred compensation 3,539 5,054 Environmental reserves 1,463 1,452 Inventory 3,032 4,636 Pensions 8,105 14,307 Accrued compensation expense 6,215 2,852 Net operating loss and credit carryforwards 12,002 6,374 Research and development tax credit carryforward 744 2,466 Foreign tax credit carryforward 2,385 9,481 Subtotal 40,376 50,780 Valuation allowance (15,917 ) (16,246 ) Total deferred tax assets 24,459 34,534 Depreciation (10,280 ) (10,250 ) Amortization (3,635 ) (2,900 ) Mine development (5,123 ) (3,621 ) Capitalized interest expense — (112 ) Derivative instruments and hedging activities — (817 ) Total deferred tax liabilities (19,038 ) (17,700 ) Net deferred tax asset $ 5,421 $ 16,834 The Company had deferred income tax assets offset with a valuation allowance for certain foreign and state net operating losses, state investment and research and development tax credit carryforwards, and deferred tax assets that are not likely to be realized for several of the Company's controlled foreign corporations. The Company intends to maintain a valuation allowance on these deferred tax assets until a realization event occurs to support reversal of all or a portion of the allowance. At December 31, 2018 , for income tax purposes, the Company had foreign net operating loss carryforwards of $22.7 million that do not expire, and $8.0 million that expire in calendar years 2019 through 2027, of which $0.1 million expires within the next twelve months. The Company also had state net operating loss carryforwards of $21.9 million that expire in calendar years 2019 through 2037 and state tax credits of $3.6 million that expire in calendar years 2019 through 2033. A valuation allowance of $9.5 million has been provided against certain foreign and state net operating loss carryforwards and state tax credits due to uncertainty of their realization. The Company has research and development tax credits of $0.7 million that expire in calendar year 2038 and foreign tax credits of $2.4 million which all expire in calendar year 2026. The Company files income tax returns in the U.S. federal jurisdiction, and in various state, local, and foreign jurisdictions. With limited exceptions, the Company is no longer subject to U.S. federal examinations for years before 2015, state and local examinations for years before 2014, and foreign examinations for tax years before 2010. A reconciliation of the Company’s unrecognized tax benefits for the year-to-date periods ended December 31, 2018 and 2017 is as follows: (Thousands) 2018 2017 Balance at January 1 $ 2,944 $ 2,048 Additions to tax provisions related to the current year 443 163 Additions to tax positions related to prior years 4 1,210 Reduction to tax positions related to prior years (508 ) (121 ) Lapses on statutes of limitations — (356 ) Balance at December 31 $ 2,883 $ 2,944 At December 31, 2018 , the Company had $2.9 million of unrecognized tax benefits, of which $2.2 million would affect the Company’s effective tax rate if recognized. It is reasonably possible that the amount of unrecognized tax benefits will change in the next twelve months; however, we do not expect the change to have a material impact on the Consolidated Statements of Income or the Consolidated Balance Sheets. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying Consolidated Statements of Income. Accrued interest and penalties are included on the related tax liability line in the Consolidated Balance Sheets. The amount of interest and penalties, net of the related tax benefit, recognized in earnings was immaterial during 2018 , 2017 , and 2016 . As of December 31, 2018 and 2017 , accrued interest and penalties, net of the related tax benefit, were immaterial . Income taxes paid during 2018, 2017 and 2016, were approximately $0.0 million , $8.1 million and $3.0 million , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted EPS: (Thousands except per share amounts) 2018 2017 2016 Numerator for basic and diluted EPS: Net income $ 20,846 $ 11,451 $ 25,740 Denominator: Denominator for basic EPS: Weighted-average shares outstanding 20,212 20,027 19,983 Effect of dilutive securities: Stock appreciation rights 170 174 74 Restricted stock units 85 96 88 Performance-based restricted stock units 146 118 68 Diluted potential common shares 401 388 230 Denominator for diluted EPS: Adjusted weighted-average shares outstanding 20,613 20,415 20,213 Basic EPS $ 1.03 $ 0.57 $ 1.29 Diluted EPS $ 1.01 $ 0.56 $ 1.27 Equity awards covering shares of common stock totaling 65,112 in 2018 , 124,319 in 2017 , and 818,268 in 2016 were excluded from the diluted EPS calculation as their effect would have been anti-dilutive. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories, net Inventories in the Consolidated Balance Sheets are summarized as follows: December 31, (Thousands) 2018 2017 Raw materials and supplies $ 33,182 $ 42,958 Work in process 195,879 187,719 Finished goods 30,643 34,418 Subtotal 259,704 265,095 Less: LIFO reserve balance 44,833 44,743 Inventories $ 214,871 $ 220,352 The liquidation of LIFO inventory layers increased cost of sales by $1.2 million in 2018 , and reduced cost of sales by $0.8 million in 2017 and $4.1 million in 2016 . The Company maintains the majority of the precious metals and copper used in production on a consignment basis in order to reduce our exposure to metal price movements and to reduce our working capital investment. The notional value of off-balance sheet precious metals and copper was $316.1 million as of December 31, 2018 versus $320.0 million as of December 31, 2017 . |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment on the Consolidated Balance Sheets is summarized as follows: December 31, (Thousands) 2018 2017 Land $ 4,874 $ 4,874 Buildings 149,701 137,196 Machinery and equipment 631,421 626,186 Software 42,678 40,575 Construction in progress 14,468 29,963 Allowances for depreciation (642,365 ) (615,134 ) Subtotal 200,777 223,660 Capital leases 22,150 10,912 Allowances for depreciation (2,412 ) (2,741 ) Subtotal 19,738 8,171 Mineral resources 4,980 4,979 Mine development 27,979 37,103 Allowances for amortization and depletion (2,456 ) (18,335 ) Subtotal 30,503 23,747 Property, plant, and equipment — net $ 251,018 $ 255,578 The Company received $63.5 million from the U.S. Department of Defense (DoD), in previous periods, for reimbursement of the DoD's share of the cost of equipment. This amount was recorded in property, plant, and equipment and the reimbursements are reflected in Unearned income on the Consolidated Balance Sheets. The equipment was placed in service during 2012, and its full cost is being depreciated in accordance with Company policy. The unearned income liability is being reduced ratably with the depreciation expense recorded over the life of the equipment. Unearned income was reduced by $4.3 million and $4.5 million in 2018 and 2017 , respectively, and credited to cost of sales in the Consolidated Statements of Income, offsetting the impact of the depreciation expense on the associated equipment on the Company's cost of sales and gross margin. We recorded depreciation and depletion expense of $33.3 million in 2018 , $38.1 million in 2017 , and $41.2 million in 2016 . Depreciation, depletion, and amortization as shown on the Consolidated Statement of Cash Flows is also net of the reduction in the unearned income liability in 2018 , 2017 , and 2016 . The net book value of capitalized software was $8.0 million and $8.3 million at December 31, 2018 and December 31, 2017 , respectively. Depreciation expense related to software was $2.6 million in 2018 , compared to $2.4 million in both 2017 and 2016 . |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets The cost and accumulated amortization of intangible assets subject to amortization as of December 31, 2018 and 2017 , is as follows: 2018 2017 (Thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 39,601 $ (37,077 ) $ 40,751 $ (36,949 ) Technology 13,377 (12,238 ) 13,467 (11,495 ) Licenses and other 4,257 (2,725 ) 4,519 (2,672 ) Total $ 57,235 $ (52,040 ) $ 58,737 $ (51,116 ) During 2017, the Company acquired $2.3 million in customer relationships and $1.4 million in technology intangible assets, with useful lives of fifteen and three years , respectively. The aggregate a mortization expense relating to intangible assets for the year ended December 31, 2018 and estimated amortization e xpense for each of the five succeeding years is as follows: Amortization (Thousands) Expense 2018 $ 2,265 2019 1,366 2020 603 2021 485 2022 485 2023 485 Intangible assets also includes deferred financing costs relating to the Company's revolving credit and consignments lines of $1.3 million and $2.2 million at December 31, 2018 and 2017, respectively. Goodwill Goodwill arises from the purchase price for acquired businesses exceeding the fair value of tangible and intangible assets acquired less assumed liabilities. In 2017, the Company acquired HTB for total consideration of $16.5 million and recorded goodwill of $3.6 million . HTB is included in the Advanced Materials segment. Goodwill is reviewed annually for impairment or more frequently if impairment indicators arise. The Company conducts its annual goodwill impairment assessment as of the first day of the fourth quarter, or more frequently under certain circumstances. Goodwill is assigned to the reporting unit, which is the operating segment level or one level below the operating segment. The balance of goodwill at both December 31, 2018 and 2017 was $90.7 million and assigned to the following segments: (Thousands) 2018 2017 Performance Alloys and Composites $ 1,899 $ 1,899 Advanced Materials 50,276 50,296 Precision Coatings 38,482 38,482 Total $ 90,657 $ 90,677 The results of the Company's 2018, 2017, and 2016 goodwill impairment assessments indicated that no goodwill impairment existed. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt in the Consolidated Balance Sheets is summarized as follows: December 31, (Thousands) 2018 2017 Fixed rate industrial development revenue bonds payable in annual installments through 2021 $ 3,041 $ 3,818 Total debt outstanding 3,041 3,818 Current portion of long-term debt (823 ) (777 ) Gross long-term debt 2,218 3,041 Unamortized deferred financing fees (152 ) (214 ) Long-term debt $ 2,066 $ 2,827 Maturities on long-term debt instruments as of December 31, 2018 are as follows: (Thousands) 2019 $ 823 2020 868 2021 1,350 2022 — 2023 — Thereafter — Total $ 3,041 In 2015, the Company entered into an Amended and Restated Credit Agreement (Credit Agreement) that matures in 2020 and provides for a $375.0 million revolving credit facility comprised of sub-facilities for revolving loans, swing-line loans, letters of credit, and foreign borrowings. The Credit Agreement provides the Company and its subsidiaries with additional capacity to enter into facilities for the consignment, borrowing, or leasing of precious metals and copper, and provides enhanced flexibility to finance acquisitions and other strategic initiatives. The Credit Agreement also provides for an uncommitted incremental facility whereby, under certain conditions, the Company may be able to borrow additional term loans in an aggregate amount not to exceed $300.0 million . The Credit Agreement is secured by substantially all of the assets of the Company and its direct subsidiaries, with the exception of non-mining real property and certain other assets. The Credit Agreement allows the Company to borrow money at a premium over LIBOR or prime rate and at varying maturities. The premium resets quarterly according to the terms and conditions available under the Credit Agreement. The Credit Agreement includes restrictive covenants relating to restrictions on additional indebtedness, acquisitions, dividends, and stock repurchases. In addition, the Credit Agreement includes covenants subject to a maximum leverage ratio and a minimum fixed charge coverage ratio. The Company was in compliance with all of its debt covenants as of December 31, 2018 and December 31, 2017 . At December 31, 2018 and 2017 , respectively, there was $27.2 million and $27.3 million outstanding against the letters of credit sub-facility. The Company pays a variable commitment fee that may reset quarterly ( 0.2% as of December 31, 2018 ) of the available and unborrowed amounts under the revolving credit line. While the available borrowings under the individual existing credit lines total $355.4 million , the covenants in the Credit Agreement restrict the aggregate borrowings to $275.5 million as of December 31, 2018. In April 2011, the Company entered into an agreement with the Toledo-Lucas County Port Authority and the Dayton–Montgomery County Port Authority in Ohio to co-issue $8.0 million in taxable development revenue bonds, with a fixed amortization term that will mature in 2021. The interest rate on these bonds was fixed at 4.90% , and the unamortized balance of the bonds was $3.0 million at December 31, 2018 . |
Leasing Arrangements
Leasing Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leasing Arrangements | Leasing Arrangements The Company leases warehouse and manufacturing real estate, and manufacturing and computer equipment under operating leases with terms ranging up to 25 years . Operating lease expense amounted to $11.6 million , $9.3 million , and $8.6 million during 2018 , 2017 , and 2016 , respectively. The future estimated minimum payments under capital leases and non-cancelable operating leases with initial lease terms in excess of one year at December 31, 2018 , are as follows: Capital Operating (Thousands) Leases Leases 2019 $ 2,172 $ 7,287 2020 2,172 6,525 2021 2,172 4,966 2022 2,172 3,790 2023 1,463 3,532 2024 and thereafter 21,056 4,287 Total minimum lease payments 31,207 $ 30,387 Amounts representing interest 19,338 Present value of net minimum lease payments $ 11,869 During 2017, in connection with the HTB acquisition, the Company entered into an agreement to relocate the German operations from Hanau, Germany to a new, leased facility in Alzenau, Germany. In order for this manufacturing facility to meet the Company's operating specifications, both the landlord and the Company are making structural improvements to the facility, and as a result, the Company has concluded that it is the deemed owner of the building for accounting purposes only during the construction period. At December 31, 2018, the Company recorded an asset of $12 million , which is reflected in Property, Plant, and Equipment and a corresponding liability, recorded as Capital lease obligations. The future estimated minimum payments related to this lease are included in the above table under the caption of Capital Leases. |
Pensions and Other Post-Employm
Pensions and Other Post-Employment Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pensions and Other Post-Employment Benefits | Pensions and Other Post-Employment Benefits The obligation and funded status of the Company’s pension and other post-employment benefit plans are shown below. The Pension Benefits column aggregates defined benefit pension plans in the U.S., Germany, and England, and the U.S. supplemental retirement plans. The Other Benefits column includes the domestic retiree medical and life insurance plan. Pension Benefits Other Benefits (Thousands) 2018 2017 2018 2017 Change in benefit obligation Benefit obligation at beginning of year $ 313,728 $ 276,801 $ 14,166 $ 14,334 Service cost 6,953 7,587 111 91 Interest cost 9,554 9,949 396 398 Settlements (112,644 ) — — — Acquisition — 7,645 — — Plan amendments — 3,804 — — Actuarial loss (gain) (31,824 ) 18,549 (2,453 ) 444 Benefit payments (13,700 ) (13,459 ) (876 ) (1,107 ) Foreign currency exchange rate changes and other (1,931 ) 2,852 31 6 Benefit obligation at end of year 170,136 313,728 11,375 14,166 Change in plan assets Fair value of plan assets at beginning of year 234,976 199,992 — — Plan settlements (111,542 ) — — — Acquisition — 2,353 — — Actual return on plan assets (8,570 ) 29,428 — — Employer contributions 42,227 16,338 — — Employee contributions 146 162 — — Benefit payments from fund (10,826 ) (13,072 ) — — Expenses paid from assets (890 ) (1,133 ) — — Foreign currency exchange rate changes and other (475 ) 908 — — Fair value of plan assets at end of year 145,046 234,976 — — Funded status at end of year $ (25,090 ) $ (78,752 ) $ (11,375 ) $ (14,166 ) Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 1,948 $ 1,797 $ — $ — Other liabilities and accrued items (411 ) (2,490 ) (1,258 ) (1,412 ) Retirement and post-employment benefits (26,627 ) (78,059 ) (10,117 ) (12,754 ) $ (25,090 ) $ (78,752 ) $ (11,375 ) $ (14,166 ) During 2018, the Company completed a partial plan settlement transaction relating to its U.S. pension plan wherein plan assets amounting to $ 111.5 million were used to purchase a group annuity contract from Mutual of America. This transaction relieved the Company of responsibility for the pension benefit obligation and consequently transferred the obligation and payment responsibility to Mutual of America for retirement benefits owed to approximately 1,150 retirees, beneficiaries, and other participants. The annuity contract covered retirees who commenced receiving benefits on or before June 1, 2018. The monthly retirement benefit payment amounts currently received by retirees and their beneficiaries did not change as a result of this transaction. Those plan participants not included in the transaction remain in the Plan, and responsibility for payment of the retirement benefits remains with the Company. The following amounts are included within accumulated other comprehensive loss at December 31, 2018 and are expected to be recognized as components of net periodic benefit cost during 2019: Pension Benefits Other Benefits (Thousands) 2018 2017 2018 2017 Amounts recognized in other comprehensive income (before tax) consist of: Net actuarial loss (gain) $ 61,599 $ 119,114 $ (2,429 ) $ 24 Net prior service cost (credit) 3,810 3,688 (6,546 ) (8,044 ) $ 65,409 $ 122,802 $ (8,975 ) $ (8,020 ) Amortizations expected to be recognized during next fiscal year (before tax): Amortization of net loss $ 3,769 $ 8,077 $ — $ — Net prior service cost (credit) 482 (123 ) (1,497 ) (1,497 ) $ 4,251 $ 7,954 $ (1,497 ) $ (1,497 ) The following table provides information regarding the accumulated benefit obligation: Pension Benefits Other Benefits (Thousands) 2018 2017 2018 2017 Additional information Accumulated benefit obligation for all defined benefit pension plans $ 161,169 $ 302,942 $ — $ — For defined benefit pension plans with benefit obligations in excess of plan assets: Aggregate benefit obligation 165,344 304,814 — — Aggregate fair value of plan assets 138,305 227,115 — — For defined benefit pension plans with accumulated benefit obligations in excess of plan assets: Aggregate accumulated benefit obligation 156,639 296,878 — — Aggregate fair value of plan assets 138,305 227,115 — — The following table summarizes components of net benefit cost: Pension Benefits Other Benefits (Thousands) 2018 2017 2016 2018 2017 2016 Net benefit cost Service cost $ 6,953 $ 7,587 $ 7,473 $ 111 $ 91 $ 105 Interest cost 9,554 9,949 10,820 396 398 562 Expected return on plan assets (14,231 ) (13,760 ) (13,654 ) — — — Amortization of prior service credit (123 ) (274 ) (460 ) (1,497 ) (1,497 ) (1,497 ) Recognized net actuarial loss 7,171 6,636 6,005 — — — Net periodic cost 9,324 10,138 10,184 (990 ) (1,008 ) (830 ) Settlements 41,406 — 120 — — — Total net benefit cost $ 50,730 $ 10,138 $ 10,304 $ (990 ) $ (1,008 ) $ (830 ) Beginning in 2018, the Company reports the service cost component of net benefit cost in the same line item as other compensation costs in operating expenses and the non-service cost components of net benefit cost in Other non-operating expenses. Additionally, Pension Benefit Guaranty Corporation premiums are reported within expected return on plan assets. In conjunction with the pension annuity and other lump-sum payments, the Company remeasured the periodic benefit obligation of its U.S. plans in the period payments were made and recorded settlement charges totaling $ 41.4 million during 2018. The following table summarizes amounts recognized in other comprehensive income (OCI): Pension Benefits Other Benefits (Thousands) 2018 2017 2016 2018 2017 2016 Change in other comprehensive income OCI at beginning of year $ 122,802 $ 121,329 $ 112,518 $ (8,020 ) $ (9,961 ) $ (11,267 ) Increase (decrease) in OCI: Recognized during year — prior service cost (credit) 123 274 460 1,497 1,497 1,497 Recognized during year — net actuarial (losses) gains (7,171 ) (6,636 ) (6,005 ) — — — Occurring during year — prior service cost — 3,804 — — — — Occurring during year — net actuarial losses (gains) (8,997 ) 4,055 14,279 (2,453 ) 444 (191 ) Other adjustments (41,406 ) — 120 — — — Foreign currency exchange rate changes 58 (24 ) (43 ) — — — OCI at end of year $ 65,409 $ 122,802 $ 121,329 $ (8,976 ) $ (8,020 ) $ (9,961 ) In determining the projected benefit obligation and the net benefit cost, as of a December 31 measurement date, the Company used the following weighted-average assumptions: Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 Weighted-average assumptions used to determine benefit obligations at fiscal year end Discount rate 4.07 % 3.53 % 4.02 % 4.11 % 3.43 % 3.68 % Rate of compensation increase 3.87 % 3.93 % 4.04 % 4.00 % 4.00 % 4.00 % Weighted-average assumptions used to determine net cost for the fiscal year Discount rate 3.63 % 3.93 % 4.22 % 3.43 % 3.68 % 3.88 % Expected long-term return on plan assets 6.63 % 6.89 % 6.90 % N/A N/A N/A Rate of compensation increase 3.98 % 3.91 % 3.93 % 4.00 % 4.00 % 4.00 % Discount Rate. The discount rate used to determine the present value of the projected and accumulated benefit obligation at the end of each year is established based upon the available market rates for high quality, fixed income investments whose maturities match the plan’s projected cash flows. Beginning in 2017, the Company has elected to use a spot-rate approach to estimate the service and interest cost components of net periodic benefit cost for its defined benefit pension plans. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation. Historically, the Company used a weighted-average approach to determine the service and interest cost components. The change was accounted for as a change in estimate and, accordingly, was accounted for prospectively starting in 2017. The reductions in service and interest costs for 2017 associated with this change in estimate totaled approximately $1.0 million. Expected Long-Term Return on Plan Assets. Management establishes the domestic expected long-term rate of return assumption by reviewing historical trends and analyzing the current and projected market conditions in relation to the plan’s asset allocation and risk management objectives. Consideration is given to both recent plan asset performance as well as plan asset performance over various long-term periods of time, with an emphasis on the assumption being a prospective, long-term rate of return. Management consults with and considers the opinions of its outside investment advisers and actuaries when establishing the rate and reviews assumptions with the Audit Committee of the Board of Directors. Rate of Compensation Increase. The rate of compensation increase assumption was 4.0% in both 2018 and 2017 for the domestic defined benefit pension plan and the domestic retiree medical plan. Assumptions for the defined benefit pension plans in Germany and England are determined separately from the U.S. plan assumptions, based on historical trends and current and projected market conditions in Germany and England. One plan in Germany is unfunded. Assumed health care trend rates at fiscal year end 2018 2017 Health care trend rate assumed for next year 6.50% 6.75% Rate that the trend rate gradually declines to (ultimate trend rate) 5.00% 5.00% Year that the rate reaches the ultimate trend rate 2025 2025 Assumed health care cost trend rates can have an effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: 1-Percentage- Point Increase 1-Percentage- Point Decrease (Thousands) 2018 2017 2018 2017 Effect on total of service and interest cost components $ 6 $ 8 $ (6 ) $ (8 ) Effect on post-employment benefit obligation 163 212 (152 ) (198 ) Plan Assets The following tables present the fair values of the Company’s defined benefit pension plan assets as of December 31, 2018 and 2017 by asset category. The Company has some investments that are valued using net asset value (NAV) as the practical expedient and have not been classified in the fair value hierarchy. Refer to Note R for definitions of the fair value hierarchy. December 31, 2018 (Thousands) Total Level 1 Level 2 Level 3 Cash $ 21,881 $ 21,881 $ — $ — Equity securities (a) 50,862 50,862 — — Fixed-income securities (b) 18,211 18,211 — — Other types of investments: Real estate fund (c) 3,257 3,257 — — Alternative strategies (d) — — — — Accrued interest and dividends — — — — Total 94,211 94,211 — — Investments measured at NAV: (e) Pooled investment fund (f) 24,947 Multi-strategy hedge funds (g) 4,113 Common/Collective trusts (h) — Intermediate-term bonds (i) 21,678 Private equity funds 97 Total assets at fair value $ 145,046 December 31, 2017 (Thousands) Total Level 1 Level 2 Level 3 Cash $ 10,604 $ 10,604 $ — $ — Equity securities (a) 109,229 104,261 4,968 — Fixed-income securities (b) 42,291 30,639 11,652 — Other types of investments: Real estate fund (c) 6,617 6,284 333 — Alternative strategies (d) 9,948 9,893 55 — Accrued interest and dividends 114 114 — — Total 178,803 161,795 17,008 — Investments measured at NAV: (e) Pooled investment fund (f) 21,378 Multi-strategy hedge funds (g) 3,970 Common/Collective trusts (h) 8,942 Intermediate-term bonds (i) 21,771 Private equity funds 112 Total assets at fair value $ 234,976 (a) Equity securities are primarily comprised of corporate stock and mutual funds directly held by the plans. Equity securities are valued using the closing price reported on the active market on which the individual securities are traded. (b) Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded. (c) Includes a mutual fund that typically invests at least 80% of its assets in equity and debt securities of companies in the real estate industry or related industries or in companies which own significant real estate assets at the time of investment. (d) Includes a mutual fund that tactically allocates assets to global equity, fixed income, and alternative strategies. (e) Certain assets that are measured at fair value using the net asset value (NAV) practical expedient have not been classified in the fair value hierarchy. (f) Pooled investment fund consists of various investment types including equity investments covering a range of geographies and including investment managers that hold long and short positions, property investments, and other multi-strategy funds which combine a range of different credit, equity, and macro-orientated ideas and dynamically allocate funds across asset classes. (g) Includes a fund that invests in a broad portfolio of hedge funds. (h) The common/collective trusts are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes, and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. (i) Includes a mutual fund that employs a value-oriented approach to fixed income investment management and a mutual fund that invests primarily in investment-grade debt securities. The Company’s domestic defined benefit pension plan investment strategy, as approved by the Governance and Organization Committee of the Board of Directors, is to employ an allocation of investments that will generate returns equal to or better than the projected long-term growth of pension liabilities so that the plan will be self-funding. The return objective is to maximize investment return to achieve and maintain a 100% funded status over time, taking into consideration required cash contributions. The allocation of investments is designed to maximize the advantages of diversification while mitigating the risk and overall portfolio volatility to achieve the return objective. Risk is defined as the annual variability in value and is measured in terms of the standard deviation of investment return. Under the Company’s investment policies, allowable investments include domestic equities, international equities, fixed income securities, cash equivalents, and alternative securities (which include real estate, private venture capital investments, hedge funds, and tactical asset allocation). Ranges, in terms of a percentage of the total assets, are established for each allowable class of security. Derivatives may be used to hedge an existing security or as a risk reduction strategy. Current asset allocation guidelines are to invest 20% to 50% in equity securities, 30% to 70% in fixed income securities and cash, and up to 20% in alternative securities. Management reviews the asset allocation on a quarterly or more frequent basis and makes revisions as deemed necessary. None of the plan assets noted above are invested in the Company’s common stock. Cash Flows Employer Contributions. The Company expects to contribute $6.0 million to its domestic defined benefit pension plan and $1.3 million to its other benefit plans in 2019 . Effective in 2016, all plan participants with an accrued benefit may elect an immediate payout in lieu of their future monthly annuity if the lump sum amount does not exceed $100,000 . Estimated Future Benefit Payments. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Other Benefits (Thousands) Pension Benefits Gross Benefit Payment Net of Medicare Part D Subsidy 2019 $ 3,203 $ 1,258 $ 1,241 2020 3,619 1,367 1,352 2021 4,457 1,334 1,321 2022 6,051 1,203 1,192 2023 6,293 1,192 1,182 2024 through 2028 44,444 4,155 4,125 Other Benefit Plans In addition to the plans shown above, the Company also has certain foreign subsidiaries with accrued unfunded pension and other post-employment arrangements. The liability for these arrangements was $1.6 million at December 31, 2018 and $2.1 million at December 31, 2017 , and was included in retirement and post-employment benefits in the Consolidated Balance Sheets. The Company also sponsors defined contribution plans available to substantially all U.S. employees. The Company’s annual defined contribution expense, including the expense for the enhanced defined contribution plan, was $5.2 million in 2018 , $4.5 million in 2017 , and $3.6 million in 2016 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Changes in the components of accumulated other comprehensive income, including amounts reclassified out, for 2018 , 2017 , and 2016 , and the balances in accumulated other comprehensive income as of December 31, 2018 , 2017 , and 2016 are as follows: Gains and Losses On Cash Flow Hedges Pension and Post- Employment Benefits Foreign Currency Translation (Thousands) Foreign Currency Precious Metals Copper Total Total Balance at December 31, 2015 $ 1,579 $ — $ — $ 1,579 $ (76,796 ) $ (5,488 ) $ (80,705 ) Other comprehensive income (loss) before reclassifications (377 ) — — (377 ) (14,165 ) (172 ) (14,714 ) Amounts reclassified from accumulated other comprehensive income 784 — — 784 4,048 — 4,832 Other comprehensive income (loss) before tax 407 — — 407 (10,117 ) (172 ) (9,882 ) Deferred taxes on current period activity 149 — — 149 (4,555 ) — (4,406 ) Other comprehensive income (loss) after tax 258 — — 258 (5,562 ) (172 ) (5,476 ) Balance at December 31, 2016 $ 1,837 $ — $ — $ 1,837 $ (82,358 ) $ (5,660 ) $ (86,181 ) Balance at December 31, 2016 $ 1,837 $ — $ — $ 1,837 $ (82,358 ) $ (5,660 ) $ (86,181 ) Other comprehensive income (loss) before reclassifications (1,180 ) (463 ) — (1,643 ) (8,279 ) 1,552 (8,370 ) Amounts reclassified from accumulated other comprehensive income 632 208 — 840 4,865 — 5,705 Other comprehensive income (loss) before tax (548 ) (255 ) — (803 ) (3,414 ) 1,552 (2,665 ) Deferred taxes on current period activity 330 (59 ) — 271 13,820 — 14,091 Other comprehensive income (loss) after tax (878 ) (196 ) — (1,074 ) (17,234 ) 1,552 (16,756 ) Balance at December 31, 2017 $ 959 $ (196 ) $ — $ 763 $ (99,592 ) $ (4,108 ) $ (102,937 ) Balance at December 31, 2017 $ 959 $ (196 ) $ — $ 763 $ (99,592 ) $ (4,108 ) $ (102,937 ) Other comprehensive income (loss) before reclassifications (333 ) 467 (569 ) (435 ) 11,396 (484 ) 10,477 Amounts reclassified from accumulated other comprehensive income 10 (109 ) — (99 ) 46,953 — 46,854 Other comprehensive income (loss) before tax (323 ) 358 (569 ) (534 ) 58,349 (484 ) 57,331 Deferred taxes on current period activity (627 ) 83 (128 ) (672 ) 13,300 — 12,628 Other comprehensive income (loss) after tax 304 275 (441 ) 138 45,049 (484 ) 44,703 Balance at December 31, 2018 $ 1,263 $ 79 $ (441 ) $ 901 $ (54,543 ) $ (4,592 ) $ (58,234 ) Reclassifications from accumulated other comprehensive income of gains and losses on foreign currency cash flow hedges are recorded in Other-net in the Consolidated Statements of Income while gains and losses on precious metal cash flow hedges are recorded in Cost of sales in the Consolidated Statements of Income. Refer to Note R for additional details on cash flow hedges. Reclassifications from accumulated other comprehensive income for pension and post-employment benefits are included in the computation of the net periodic pension and post-employment benefit expense. Refer to Note O for additional details on pension and other post-employment expenses. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation Stock incentive plans (the 2006 Stock Incentive Plan and the 2006 Non-employee Director Equity Plan) were approved at the May 2006 annual meeting of shareholders. These plans authorize the granting of option rights, stock appreciation rights (SARs), performance-restricted shares, performance shares, performance units, and restricted shares. The 2006 Stock Incentive Plan and the 2006 Non-employee Director Equity Plan were amended to, among other things, add additional shares to the plans. These amendments were last approved by shareholders at the May 2017 annual meeting. Stock-based compensation expense, which includes awards settled in shares and in cash and is recognized as a component of selling, general, and administrative expenses (SG&A) expenses, was $11.4 million , $7.7 million , and $6.7 million in 2018 , 2017 , and 2016 , respectively. The Company derives a tax deduction measured by the excess of the market value over the grant price at the date stock-based awards vest or are exercised. The Company recognized $1.2 million and $2.0 million of tax benefits in 2018 and 2017, respectively, compared to less than $0.1 million of tax expense in 2016 relating to the issuance of common stock for the exercise/vesting of equity awards. The following sections provide information on awards settled in shares. SARs. The Company grants SARs to certain employees. Upon exercise of vested SARs, the participant will receive a number of shares of common stock equal to the spread (the difference between the market price of the Company’s common shares at the time of exercise and the strike price established on the grant date) divided by the common share price. The strike price of the SARs is equal to the market value of the Company’s common shares on the day of the grant. The number of SARs available to be issued is established by plans approved by the shareholders. The vesting period and the life of the SARs are established at the time of grant. The exercise of the SARs is generally satisfied by the issuance of treasury shares. SARs granted in 2018 vest in equal installments annually over three years , while SARs granted prior to 2018 generally vest three years from the date of grant. SARs granted prior to 2011 expire in ten years , while the SARs granted in 2011 and later expire in seven years . The following table summarizes the Company's SARs activity during 2018 : (Shares in thousands) Number of SARs Weighted- average Exercise Price Per Share Aggregate Intrinsic Value (thousands) Weighted- average Remaining Term (Years) Outstanding at December 31, 2017 616 $ 30.97 Granted 65 50.35 Exercised (277 ) 33.03 Cancelled (25 ) 27.58 Outstanding at December 31, 2018 379 33.01 $ 4,894 4.5 Vested and expected to vest as of December 31, 2018 379 33.01 4,894 4.5 Exercisable at December 31, 2018 60 34.10 659 3.0 A summary of the status and changes of shares subject to SARs and the related average price per share follows: (Shares in thousands) Number of SARs Weighted- average Grant Date Fair Value Nonvested as of December 31, 2017 426 $ 10.54 Granted 65 15.73 Vested (147 ) 13.11 Cancelled (25 ) 8.73 Nonvested as of December 31, 2018 319 $ 10.33 As of December 31, 2018 , $1.0 million of expense with respect to non-vested SARs has yet to be recognized as expense over a weighted-average period of approximately 22 months . The total fair value of shares vested during 2018 was $1.9 million , compared to $1.7 million in both 2017 and 2016. The weighted-average grant date fair value for 2018 , 2017 , and 2016 was $15.73 , $10.89 , and $8.07 , respectively. The fair value will be amortized to compensation cost on a straight-line basis over the three -year vesting period, or earlier if the employee is retirement eligible as defined in the Plan. Stock-based compensation expense relating to SARs was $0.7 million in 2018, $1.4 million in 2017, and $0.9 million in 2016. The fair value of the SARs was estimated on the grant date using the Black-Scholes pricing model with the following assumptions: 2018 2017 2016 Risk-free interest rate 2.58 % 1.92 % 1.25 % Dividend yield 0.8 % 1.1 % 1.4 % Volatility 31.9 % 34.0 % 38.0 % Expected lives (in years) 5.5 5.6 5.7 The risk-free rate of return was based on U.S. Treasury yields with a maturity equal to the expected life of the award. The dividend yield was based on the Company's historical dividend rate and stock price. The expected volatility of stock was derived by referring to changes in the Company's historical common stock prices over a time-frame similar to the expected life of the award. In addition to considering the vesting period and contractual term of the award for the expected life assumption, the Company analyzes actual historical exercise experience for previously granted awards. Restricted Stock Units (RSUs) - Employees. The Company may grant RSUs to employees of the Company. These units constitute an agreement to deliver shares of common stock to the participant at the end of the vesting period, which is defined at the date of the grant, and are forfeited should the holder’s employment terminate during the restriction period. The fair market value of the RSUs is determined on the date of the grant and is amortized over the vesting period. The vesting period is typically three years unless the recipient is retirement eligible and continued vesting is approved by the Board of Directors. The fair value of the RSUs settled in stock is based on the closing stock price on the date of grant. The weighted-average grant date fair value for 2018 , 2017 , and 2016 was $50.35 , $35.24 , and $25.19 , respectively. Cash-settled RSUs are accounted for as liability-based compensation awards and adjusted based on the closing price of Materion’s common stock over the vesting period of three years . Stock-based compensation expense relating to RSUs was $1.2 million in 2018 , $1.4 million in 2017 , and $0.6 million in 2016 . The unamortized compensation cost on the outstanding RSUs was $2.5 million as of December 31, 2018 and is expected to be amortized over a weighted-average period of 24 months. The total fair value of shares vested during 2018 was $1.4 million , compared to $1.2 million in both 2017 and 2016. The following table summarizes the stock-settled restricted stock unit activity during 2018 : (Shares in thousands) Number of Shares Weighted- average Grant Date Fair Value Outstanding at December 31, 2017 119 $ 32.16 Granted 59 50.35 Vested (38 ) 36.69 Forfeited (10 ) 34.07 Outstanding at December 31, 2018 130 $ 38.99 RSUs - Non-Employee Directors. In 2018, 2017, and 2016, 14,728 , 18,656 , and 26,469 RSUs, with a one year vesting period, were granted to certain non-employee members of the Board of Directors. The weighted-average grant date fair value of these RSUs were $51.60 , $34.30 , and $27.20 in 2018, 2017, and 2016, respectively. The Company recognized $0.7 million of expense with respect to these awards in each of the last three years. At December 31, 2018, $0.3 million of expense with respect to non-vested RSU awards granted to the Board of Directors has yet to be recognized and will be amortized into expense over a weighted-average period of approximately four months. Long-term Incentive Plans. Under long-term incentive compensation plans, executive officers and selected other employees receive restricted stock unit awards based upon the Company’s performance over the defined period, typically three years . Total units earned for grants made in 2018, 2017, and 2016, may vary between 0% and 200% of the units granted based on the attainment of performance targets during the related three-year period. All grants made in 2018 will be settled in Materion common shares and are equity classified. For grants made to executive officers prior to 2018, attainment up to 100% is paid in Materion common shares and equity classified, while the remainder are classified as liability awards and settled in cash. Grants made to all other employees prior to 2018 are settled in cash. Vesting of performance-based awards is contingent upon the attainment of threshold performance objectives. The following table summarizes the activity related to equity-based, performance-based restricted stock units during 2018: (Shares in thousands) Number of Weighted- Outstanding at December 31, 2017 223 $ 28.49 Granted 55 62.44 Vested (75 ) 33.31 Forfeited (1 ) 62.44 Outstanding at December 31, 2018 202 $ 35.76 Compensation expense is based upon the performance projections for the three -year plan period, the percentage of requisite service rendered, and the fair market value of the Company’s common shares on the date of grant. The offset to the compensation expense for the portion of the award to be settled in shares is recorded within shareholders’ equity and was $2.7 million for 2018 , $1.5 million for 2017 , and $1.0 million for 2016 . Directors' Deferred Compensation. Non-employee directors may defer all or part of their compensation into the Company’s common stock. The fair value of the deferred shares is determined at the share acquisition date and is recorded within shareholders’ equity. Subsequent changes in the fair value of the Company’s common shares do not impact the recorded values of the shares. The following table summarizes the stock activity for the directors' deferred compensation plan during 2018 : (Shares in thousands) Number of Shares Weighted- average Grant Date Fair Value Outstanding at December 31, 2017 164 $ 25.96 Granted 12 53.11 Distributed (24 ) 54.71 Outstanding at December 31, 2018 152 $ 23.55 During the years ended December 31, 2018 , 2017 , and 2016 , the weighted-average grant date fair value was $53.11 , $35.34 , and $24.46 , respectively. |
Fair Value Information and Deri
Fair Value Information and Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Information and Derivative Financial Instruments | Fair Value Information and Derivative Financial Instruments The Company measures and records financial instruments at fair value. A hierarchy is used for those instruments measured at fair value that distinguishes between assumptions based upon market data (observable inputs) and the Company's assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 — Quoted market prices in active markets for identical assets and liabilities; Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable; and Level 3 — Unobservable inputs developed using estimates and assumptions developed by the Company, which reflect those that a market participant would use. The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets at December 31, 2018 and 2017 : Fair Value Measurements (Thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Other Significant Unobservable Inputs (Level 3) December 31, 2018 Financial Assets Deferred compensation investments $ 2,156 $ 2,156 $ — $ — Foreign currency forward contracts 246 — 246 — Precious metal swaps 237 — 237 — Total $ 2,639 $ 2,156 $ 483 $ — Financial Liabilities Deferred compensation liability $ 2,156 $ 2,156 $ — $ — Foreign currency forward contracts 432 — 432 — Precious metal swaps 135 — 135 — Copper swaps 569 — 569 — Total $ 3,292 $ 2,156 $ 1,136 $ — December 31, 2017 Financial Assets Deferred compensation investments $ 2,310 $ 2,310 $ — $ — Foreign currency forward contracts 254 — 254 — Precious metal swaps 14 — 14 — Total $ 2,578 $ 2,310 $ 268 $ — Financial Liabilities Deferred compensation liability $ 2,310 $ 2,310 $ — $ — Foreign currency forward contracts 201 — 201 — Precious metal swaps 269 — 269 — Total $ 2,780 $ 2,310 $ 470 $ — The Company uses a market approach to value the assets and liabilities for financial instruments in the table above. Outstanding contracts are valued through models that utilize market observable inputs, including both spot and forward prices, for the same underlying currencies and metals. The Company's deferred compensation investments and liabilities are based on the fair value of the investments corresponding to the employees’ investment selections, primarily in mutual funds, based on quoted prices in active markets for identical assets. Deferred compensation investments are primarily presented in Other assets. Deferred compensation liabilities are primarily presented in Other long-term liabilities. The carrying values of the other working capital items and debt in the Consolidated Balance Sheets approximate fair values at December 31, 2018 and 2017 . The Company uses derivative contracts to hedge portions of its foreign currency exposures and may also use derivatives to hedge a portion of its precious metal exposures. The objectives and strategies for using derivatives in these areas are as follows: Foreign Currency. The Company sells a portion of its products to overseas customers in their local currencies, primarily the euro and yen. The Company secures foreign currency derivatives, mainly forward contracts and options, to hedge these anticipated sales transactions. The purpose of the hedge program is to protect against the reduction in the dollar value of foreign currency sales from adverse exchange rate movements. Should the dollar strengthen significantly, the decrease in the translated value of the foreign currency sales should be partially offset by gains on the hedge contracts. Depending upon the methods used, the hedge contracts may limit the benefits from a weakening U.S. dollar. The use of forward contracts locks in a firm rate and eliminates any downside from an adverse rate movement as well as any benefit from a favorable rate movement. The Company may from time to time choose to hedge with options or a tandem of options known as a collar. These hedging techniques can limit or eliminate the downside risk but can allow for some or all of the benefit from a favorable rate movement to be realized. Unlike a forward contract, a premium is paid for an option; collars, which are a combination of a put and call option, may have a net premium but can be structured to be cash neutral. The Company will primarily hedge with forward contracts due to the relationship between the cash outlay and the level of risk. Precious Metals. The Company maintains the majority of its precious metal production requirements on consignment in order to reduce its working capital investment and the exposure to metal price movements. When a precious metal product is fabricated and ready for shipment to the customer, the metal is purchased out of consignment at the current market price. The price paid by the Company forms the basis for the price charged to the customer. This methodology allows for changes in either direction in the market prices of the precious metals used by the Company to be passed through to the customer and reduces the impact changes in prices could have on the Company's margins and operating profit. The consigned metal is owned by financial institutions who charge the Company a financing fee based upon the current value of the metal on hand. In certain instances, a customer may want to establish the price for the precious metal at the time the sales order is placed rather than at the time of shipment. Setting the sales price at a different date than when the material would be purchased potentially creates an exposure to movements in the market price of the metal. Therefore, in these limited situations, the Company may elect to enter into a forward contract to purchase precious metal. The forward contract allows the Company to purchase metal at a fixed price on a specific future date. The price in the forward contract serves as the basis for the price to be charged to the customer. By doing so, the selling price and purchase price are matched, and the Company's price exposure is reduced. The Company refines precious metal-containing materials for its customers and typically will purchase the refined metal from the customer at current market prices. In limited circumstances, the customer may want to fix the price to be paid at the time of the order as opposed to when the material is refined. The customer may also want to fix the price for a set period of time. The Company may then elect to enter into a hedge contract, either a forward contract or a swap, to fix the price for the estimated quantity of metal to be purchased, thereby reducing the exposure to adverse movements in the price of the metal. The Company may from time to time elect to purchase precious metal and hold in inventory rather than on consignment due to potential credit line limitations or other factors. These purchases are typically held for a short duration. A forward contract will be secured at the time of the purchase to fix the price to be used when the metal is transferred back to the consignment line, thereby limiting any price exposure during the time when the metal was owned. Copper. The Company maintains a portion of its copper production requirements on consignment in order to reduce its working capital investment and the exposure to metal price movements. The consigned metal is owned by financial institutions who charge the Company a financing fee based upon the current value of the metal on hand. Swap contracts on copper are used to manage the price risk associated with forecasted purchases of materials used in the company's manufacturing process and better enable matching of expense and revenue amounts. A team consisting of senior financial managers reviews the estimated exposure levels, as defined by budgets, forecasts, and other internal data, and determines the timing, amounts, and instruments to use to hedge exposures. Management analyzes the effective hedged rates and the actual and projected gains and losses on the hedging transactions against the program objectives, targeted rates, and levels of risk assumed. Foreign currency contracts are typically layered in at different times for a specified exposure period in order to minimize the impact of market rate movements. The use of derivatives is governed by policies adopted by the Audit Committee of the Board of Directors. The Company will only enter into a derivative contract if there is an underlying identified exposure. Contracts are typically held to maturity. The Company does not engage in derivative trading activities and does not use derivatives for speculative purposes. The Company only uses hedge contracts that are denominated in the same currency or metal as the underlying exposure. All derivatives are recorded on the balance sheet at fair value. If the derivative is designated and effective as a cash flow hedge, changes in the fair value of the derivative are recognized in other comprehensive income (OCI) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s fair value, if any, is recognized in earnings immediately. If a derivative is not a hedge, changes in the fair value are adjusted through income. The fair values of the outstanding derivatives are recorded on the balance sheet as assets (if the derivatives are in a gain position) or liabilities (if the derivatives are in a loss position). The fair values will also be classified as short-term or long-term depending upon their maturity dates. The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments and balance sheet classification as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 (Thousands) Notional Amount Fair Value Notional Amount Fair Value Foreign currency forward contracts- euro Prepaid expenses $ 8,767 $ 244 $ 13,981 $ 127 Other liabilities and accrued items 8,771 249 — — Total $ 17,538 $ 5 $ 13,981 $ 127 These outstanding foreign currency derivatives were related to intercompany loans. Other-net included foreign currency gains relating to these derivatives of $0.9 million in 2018 and $1.1 million of foreign currency losses in 2017. The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges and balance sheet classification at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 (Thousands) Notional Amount Fair Value Notional Amount Fair Value Prepaid expenses Foreign currency forward contracts - yen $ — $ — $ 5,673 $ 91 Foreign currency forward contracts - euro 725 2 5,026 36 Precious metal swaps 4,533 237 — — 5,258 239 10,699 127 Other assets Precious metal swaps — — 880 14 Other liabilities and accrued items Foreign currency forward contracts - yen 1,264 17 — — Foreign currency forward contracts - euro 19,158 166 13,583 201 Precious metal swaps 2,864 135 10,067 255 Copper swaps 11,170 569 — — 34,456 887 23,650 456 Other long-term liabilities Precious metal swaps — — 789 14 Total $ 39,714 $ 648 $ 36,018 $ 329 All of these contracts were designated and effective as cash flow hedges. No ineffectiveness expense was recorded in 2018 , 2017 , or 2016 . The fair value of derivative contracts recorded in accumulated other comprehensive loss totaled $0.6 million and $0.3 million as of December 31, 2018 and December 31, 2017 , respectively. Deferred losses of $0.7 million at December 31, 2018 are expected to be reclassified to earnings within the next 18-month period. |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments Beryllium Cases The Company is a defendant from time to time in proceedings in various state and federal courts brought by plaintiffs alleging that they have contracted, or have been placed at risk of contracting, beryllium sensitization or Chronic Beryllium Disease (CBD) or related ailments as a result of exposure to beryllium. Plaintiffs in beryllium cases seek recovery under theories of negligence and various other legal theories and seek compensatory and punitive damages, in many cases of an unspecified sum. Spouses, if any, often claim loss of consortium. Employee cases, in which plaintiffs have a high burden of proof, have historically involved relatively small losses to the Company. Third-party plaintiffs (typically employees of customers) face a lower burden of proof than do the Company’s employees, but these cases have generally been covered by varying levels of insurance. Management has vigorously contested the beryllium cases brought against the Company. Non-employee beryllium cases are covered by insurance, subject to certain limitations. The insurance covers defense costs and indemnity payments (resulting from settlements or court verdicts) and is subject to various levels of deductibles. In 2018 and 2017 , defense and indemnity costs were less than or equal to the deductible. One beryllium case, originally filed and dismissed during 2015, but reversed and remanded in 2016 to the trial court, was outstanding as of December 31, 2018 and 2017. The Company does not expect the resolution of this matter to have a material impact on the consolidated financial statements. Although it is not possible to predict the outcome of any pending litigation, the Company provides for costs related to litigation matters when a loss is probable, and the amount is reasonably estimable. Litigation is subject to many uncertainties, and it is possible that some of the actions could be decided unfavorably in amounts exceeding the Company’s reserves. An unfavorable outcome or settlement of a beryllium case or adverse media coverage could encourage the commencement of additional similar litigation. The Company is unable to estimate its potential exposure to unasserted claims. Based upon currently known facts and assuming collectibility of insurance, the Company does not believe that resolution of the current or potential future beryllium proceedings will have a material adverse effect on the financial condition or cash flow of the Company. However, the Company’s results of operations could be materially affected by unfavorable results in one or more cases. Environmental Proceedings The Company has an active program for environmental compliance that includes the identification of environmental projects and estimating the impact on the Company’s financial performance and available resources. Environmental expenditures that relate to current operations, such as wastewater treatment and control of airborne emissions, are either expensed or capitalized as appropriate. The Company records reserves for the probable costs for identified environmental remediation projects. The Company’s environmental engineers perform routine ongoing analyses of the remediation sites and will use outside consultants to assist in their analyses from time to time. Accruals are based upon their analyses and are established based on the reasonably estimable loss or range of loss. The accruals are revised for the results of ongoing studies, changes in strategies, inflation, and for differences between actual and projected costs. The accruals may also be affected by rulings and negotiations with regulatory agencies. The timing of payments often lags the accrual, as environmental projects typically require a number of years to complete. The environmental reserves recorded represent the Company's best estimate of what is reasonably possible and cover existing or currently foreseen projects based upon current facts and circumstances. The Company does not believe that it is reasonably possible that the cost to resolve environmental matters for sites where the investigative work and work plan development are substantially complete will be materially different than what has been accrued while the ultimate loss contingencies for sites that are in the preliminary stages of investigation cannot be reasonably determined at the present time. As facts and circumstances change, the ultimate cost may be revised, and the recording of additional costs may be material in the period in which the additional costs are accrued. The Company does not believe that the ultimate liability for environmental matters will have a material impact on its financial condition or liquidity due to the nature of known environmental matters and the extended period of time during which environmental remediation normally takes place. The undiscounted reserve balance at the beginning of the year, the amounts expensed and paid, and the balance at December 31, 2018 and 2017 are as follows: (Thousands) 2018 2017 Reserve balance at beginning of year $ 6,499 $ 6,041 Expensed 718 1,006 Paid (696 ) (548 ) Reserve balance at end of year $ 6,521 $ 6,499 Ending balance recorded in: Other liabilities and accrued items $ 1,168 $ 987 Other long-term liabilities 5,353 5,512 The majority of spending in 2018 and 2017 was for various remediation projects at the Elmore, Ohio plant site. Asset Retirement Obligations The following represents a roll forward of our asset retirement obligation liability related to our mine located in Utah for the years ended December 31, 2018 and 2017 : (Thousands) 2018 2017 Asset retirement obligation at beginning of period $ 1,167 $ 1,084 Accretion expense 89 83 Change in liability — — Asset retirement obligation at end of period $ 1,256 $ 1,167 This balance is reported in Other long-term liabilities in the Consolidated Balance Sheets. Other The Company is subject to various legal or other proceedings that relate to the ordinary course of its business. The Company believes that the resolution of these proceedings, individually or in the aggregate, will not have a material adverse impact upon the Company’s consolidated financial statements. At December 31, 2018, the Company had outstanding letters of credit totaling $27.2 million related to workers’ compensation, consigned precious metal guarantees, environmental remediation issues, and other matters. The majority of the Company's outstanding letters of credit expire in 2020 and are expected to be renewed. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) The following tables summarize selected quarterly financial data for the years ended December 31, 2018 and 2017 : 2018 (Thousands except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Total Net sales $ 303,467 $ 309,085 $ 297,193 $ 298,070 $ 1,207,815 Gross margin 58,280 61,838 64,935 66,052 251,105 Percent of net sales 19.2 % 20.0 % 21.8 % 22.2 % 20.8 % Net income (loss) $ 10,564 $ 11,144 $ 19,966 $ (20,828 ) $ 20,846 Net income (loss) per share of common stock: Basic (1) $ 0.52 $ 0.55 $ 0.99 $ (1.03 ) $ 1.03 Diluted (1)(3) 0.51 0.54 0.97 (1.03 ) 1.01 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total Net sales $ 240,669 $ 295,842 $ 294,268 $ 308,668 $ 1,139,447 Gross margin 43,156 54,895 55,793 58,985 212,829 Percent of net sales 17.9 % 18.6 % 19.0 % 19.1 % 18.7 % Net income (loss) $ 3,050 $ 7,313 $ 9,320 $ (8,232 ) $ 11,451 Net income (loss) per share of common stock: Basic (2) $ 0.15 $ 0.37 $ 0.47 $ (0.41 ) $ 0.57 Diluted (2)(3) 0.15 0.36 0.46 (0.41 ) 0.56 (1) Net income (loss) per basic and diluted share for the fourth quarter 2018 includes the impact of $41.4 million in pension settlement charges. For additional information refer to Note O. (2) Net income (loss) per basic and diluted share for the fourth quarter of 2017 and 2018 includes the impact of $17.1 million in income tax expense and $11.1 million of income tax benefits, respectively, as a result of the TCJA signed into law on December 22, 2017. For additional information refer to Note H. (3) Since the Company reported a net loss for the fourth quarter of both 2018 and 2017, the effects of potential common shares were excluded from diluted earnings per share, as their inclusion would have been anti-dilutive. The Company follows a 13-week quarterly accounting cycle pursuant to which the first three fiscal quarters end on a Friday and the fiscal year always ends on December 31. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Materion Corporation and Subsidiaries Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2018 , 2017 , and 2016 Column A Column B Column C Column D Column E (Thousands) Balance at Beginning of Period ADDITIONS Deduction Balance at End of Period Charged to Costs and Expenses Charged to Other Accounts Year ended December 31, 2018 Deducted from asset accounts: Allowance for doubtful accounts receivable $ 640 $ 271 $ — $ 295 (A) $ 616 Inventory reserves and obsolescence 13,176 3,341 — 4,491 (B) 12,026 Year ended December 31, 2017 Deducted from asset accounts: Allowance for doubtful accounts receivable $ 857 $ 84 $ — $ 301 (A) $ 640 Inventory reserves and obsolescence 14,407 3,521 — 4,752 (B) 13,176 Year ended December 31, 2016 Deducted from asset accounts: Allowance for doubtful accounts receivable $ 1,197 $ (34 ) $ — $ 306 (A) $ 857 Inventory reserves and obsolescence 7,869 10,564 — 4,026 (B) 14,407 Note (A) - Bad debts written-off, net of recoveries Note (B) - Inventory write-off |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization | Organization: Materion Corporation (the Company) is a holding company with subsidiaries that have operations in the United States, Europe, and Asia. These operations manufacture advanced engineered materials used in a variety of end markets, including consumer electronics, industrial components, defense, medical, automotive electronics, telecommunications infrastructure, energy, commercial aerospace, science, services, and appliance. The Company has four reportable segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. Other includes unallocated corporate costs. Refer to Note D for additional segment details. The Company is vertically integrated and distributes its products through a combination of company-owned facilities and independent distributors and agents. |
Business Combinations | Business Combinations: The Company records assets acquired and liabilities assumed at the date of acquisition at their respective fair values. Any intangible assets acquired in a business combination are recognized and reported apart from goodwill. Goodwill represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. The amounts reflected in Note C are the results of the final purchase price allocation. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. |
Consolidation | Consolidation: The Consolidated Financial Statements include the accounts of Materion Corporation and its subsidiaries. All of the Company’s subsidiaries were wholly owned as of December 31, 2018 . Intercompany accounts and transactions are eliminated in consolidation. |
Cash Equivalents | Cash Equivalents: All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. At December 31, 2018, the Company had $50.3 million of cash equivalents invested in institutional money market funds. The carrying value of the money market funds approximates fair value due to their short-term maturities. |
Accounts Receivable | Accounts Receivable: An allowance for doubtful accounts is maintained for the estimated losses resulting from the inability of customers to pay amounts due. The allowance is based upon identified delinquent accounts, customer payment patterns, and other analyses of historical data and trends. The allowance for doubtful accounts was $616 and $640 at December 31, 2018 and 2017, respectfully. The Company extends credit to customers based upon their financial condition, and collateral is not generally required. |
Inventories | Inventories: Inventories are stated at the lower of cost or net realizable value. The cost of the majority of domestic inventories is determined using the last-in, first-out (LIFO) method to reflect a better matching of costs and revenues. The remaining inventories are stated principally at average costs. Inventories valued on the LIFO cost method were approximately 57% of inventories, net in 2018, and 52% of inventories, net in 2017. |
Property, Plant and Equipment | Property, Plant, and Equipment: Property, plant, and equipment is stated on the basis of cost. Depreciation is computed principally by the straight-line method, except certain assets for which depreciation may be computed by the units-of-production method. The depreciable lives that are used in computing the annual provision for depreciation by class of asset are primarily as follows: Years Land improvements 10 to 20 Buildings 20 to 40 Leasehold improvements Life of lease Machinery and equipment 3 to 15 Furniture and fixtures 4 to 10 Automobiles and trucks 3 to 8 Research equipment 3 to 10 Computer hardware 3 to 10 Computer software 3 to 10 An asset acquired under a capital lease will be recorded at the lesser of the present value of the projected lease payments or the fair value of the asset and will be depreciated in accordance with the above schedule. Leasehold improvements will be depreciated over the life of the improvement if it is shorter than the life of the lease. Repair and maintenance costs are expensed as incurred. |
Mineral Resources and Mine Development | Mineral Resources and Mine Development: Property acquisition costs are capitalized as mineral resources on the balance sheet and are depleted using the units-of-production method based upon total estimated recoverable proven reserves of the beryllium-bearing bertrandite ore body. The Company uses beryllium pounds as the unit of accounting measure, and depletion expense is recorded on a pro-rata basis based upon the amount of beryllium pounds extracted as a percentage of total estimated beryllium pounds contained in all ore bodies. Mine development costs at our open pit surface mines include drilling, infrastructure, other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body. Before mineralization is classified as proven and probable reserves, costs are classified as exploration expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist, and the activities are directed at obtaining additional information on the ore body. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales. The costs of removing overburden and waste materials to access the ore body at an open-pit mine prior to the production phase are capitalized during the development of an open-pit mine and are capitalized at each pit. These costs are amortized as the ore is extracted using the units-of-production method based upon total estimated recoverable proven reserves for the individual pit. The Company uses beryllium pounds as the unit of accounting measure for recording amortization. To the extent that the aforementioned costs benefit an entire ore body, the costs are amortized over the estimated useful life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block area. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill is reviewed annually for impairment or more frequently if impairment indicators arise. The Company conducts its annual goodwill and indefinite-lived intangible asset impairment assessment as of the first day of the fourth quarter, or more frequently under certain circumstances. Goodwill is assigned to the reporting unit, which is the operating segment level or one level below the operating segment. Intangible assets with finite lives are amortized using the straight-line method or effective interest method, as applicable, over the periods estimated to be benefited, which is generally 20 years or less. Finite-lived intangible assets are also reviewed for impairment if facts and circumstances warrant. |
Asset Impairment | Asset Impairment: In the event that facts and circumstances indicate that the carrying value of long-lived assets may be impaired, an evaluation of recoverability is performed by comparing the carrying value of the assets to the associated estimated future undiscounted cash flow. If the carrying value exceeds that cash flow, then the assets are written down to their fair values. |
Derivatives | Derivatives: The Company recognizes all derivatives on the balance sheet at fair value. If the derivative is designated and effective as a cash flow hedge, changes in the fair value of the derivative are recognized in other comprehensive income (loss), a component of shareholders’ equity, until the hedged item is recognized in earnings. If the derivative is designated as a fair value hedge, changes in fair value are offset against the change in the fair value of the hedged asset, liability, or commitment through earnings. The ineffective portion of a derivative’s change in fair value, if any, is recognized in earnings immediately. If a derivative is not a hedge, changes in its fair value are adjusted through the income statement. |
Asset Retirement Obligation | Asset Retirement Obligation: The Company records a liability to recognize the legal obligation to remove an asset at the time the asset is acquired or when the legal liability arises. The liability is recorded for the present value of the ultimate obligation by discounting the estimated future cash flows using a credit-adjusted risk-free interest rate. The liability is accreted over time, with the accretion charged to expense. An asset equal to the fair value of the liability is recorded concurrent with the liability and depreciated over the life of the underlying asset. |
Unearned Income | Unearned Income: Expenditures for capital equipment to be reimbursed under government contracts are recorded in property, plant, and equipment, while the reimbursements for those expenditures are recorded in unearned income, a liability on the balance sheet. When the assets subject to reimbursement are placed in service, the total cost is depreciated over the useful lives, and the unearned income liability is reduced and credited to cost of sales on the Consolidated Statements of Income ratably with the annual depreciation expense. Depreciation and amortization expense on the Consolidated Statements of Cash Flows is shown net of the associated period reduction in the unearned income liability. |
Advertising Costs | Advertising Costs: The Company expenses all advertising costs as incurred. Advertising costs were $1,196 in 2018 , $1,252 in 2017 , and $1,163 in 2016 . |
Stock-based Compensation | Stock-based Compensation: The Company recognizes stock-based compensation expense based on the grant date fair value of the award over the period during which an employee is required to provide service in exchange for the award. The fair value of restricted stock units is based on the closing price of the Company's common shares on the grant date. Stock appreciation rights (SARs) are granted with an exercise price equal to the closing price of the Company's common shares on the date of grant. The fair value of SARs is determined using a Black-Scholes option-pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate, and the expected dividend yield. See Note Q for additional information about stock-based compensation. |
Capitalized Interest | Capitalized Interest: Interest expense associated with active capital asset construction and mine development projects is capitalized and amortized over the future useful lives of the related assets. |
Income Taxes | Income Taxes: The Company uses the liability method in measuring the provision for income taxes and recognizing deferred tax assets and liabilities on the balance sheet. The Company will record a valuation allowance to reduce the deferred tax assets to the amount that is more likely than not to be realized, as warranted by current facts and circumstances. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties and will record a liability for those tax benefits that have a less than 50% likelihood of being sustained upon examination by the taxing authorities. |
Net Income Per Share | Net Income Per Share: Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the assumed conversion of all dilutive common stock equivalents as appropriate using the treasury stock method. |
New Pronouncements | New Pronouncements Adopted: In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost, which requires an employer to report the service cost component of net benefit cost in the same line item as other compensation costs arising from services rendered by pertinent employees during the period. This ASU requires non-service cost components of net benefit cost to be presented in a caption below the Company's Operating profit and allows only the service cost component to be eligible for capitalization. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. The Company adopted the new standard as of January 1, 2018 and applied its amendments retrospectively for the presentation of service cost and other components of net benefit cost on the income statement and prospectively for the capitalization of service cost and net periodic post-retirement benefits in assets. The application of ASU 2017-07 resulted in an increase to Operating profit of $1.5 million and $1.8 million for 2017 and 2016, respectively, which was offset by a corresponding increase in Other non-operating expense, net. The adoption of this ASU did not have a material effect on the Company's financial condition or liquidity. The Company utilized this ASU's practical expedient, which permits the Company to use the amounts disclosed in its Pensions and Other Post-employment Benefits note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606), which supersedes previous revenue recognition guidance. The Company adopted the new standard using the modified retrospective method as of January 1, 2018. Prior periods were not retrospectively adjusted. This approach was applied to all contracts not completed as of January 1, 2018. The new standard primarily impacted the Company's timing of revenue recognition for certain contracts and subcontracts with the United States (U.S.) government that contain termination for convenience clauses, and due to the cumulative impact of adopting ASC 606, the Company recorded an increase to beginning retained earnings of $0.4 million , net of tax as summarized below: (Thousands) December 31, 2017 Adjustments due to ASC 606 January 1, 2018 Assets Unbilled receivables $ — $ 2,658 $ 2,658 Inventories 220,352 (2,059 ) 218,293 Liabilities and Shareholders’ Equity Other liabilities and accrued items $ 28,044 61 28,105 Deferred income taxes 213 113 326 Retained earnings 536,116 425 536,541 The adoption of the standard did not have a material impact to the Company's consolidated financial statements. Refer to Note B for additional disclosures relating to ASC 606. New Pronouncements Issued: In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , which amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which eliminates the off-balance-sheet accounting for leases. The new guidance will require lessees to report their operating leases as both an asset and liability on the balance sheet and disclose key information about leasing arrangements. This ASU is required to be applied using a modified retrospective adoption method with the option of applying the guidance either retrospectively to each prior comparative reporting period presented or retrospectively at the beginning of the period of adoption. This ASU is effective for interim and annual periods on January 1, 2019, and the Company will apply the transitional package of practical expedients allowed by the standard to not reassess the identification, classification and initial direct costs of leases commencing before this ASU's effective date; however, the Company will not elect the hindsight transitional practical expedient. The Company also will apply the practical expedient to not separate lease and non-lease components to new leases as well as existing leases through transition. The Company will elect an accounting policy to not apply recognition requirements of the guidance to short-term leases. The Company is nearing completion of its assessment process and its determination of the expanded disclosure regarding leases, as well as the impact to the consolidated financial statements. The Company is also concluding its testing of the functionality and related controls of a new third-party lease accounting system and implementing other new processes and controls to support recognition and disclosure under the new lease standard. The adoption of the new standard will result in the recording of lease assets and lease liabilities for operating leases in the range of approximately $26 million to $28 million as of January 1, 2019. The adoption of this ASU is not expected to have a material impact on the Company’s results of operations, cash flows or debt covenants. No other recently issued ASUs are expected to have a material effect on the Company's results of operations, financial condition, or liquidity. |
Revenue Recognition (Policies)
Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Policy | Net sales consist primarily of revenue from the sale of precious and non-precious specialty metals, beryllium and copper-based alloys, beryllium composites, and other products into numerous end markets. The Company requires an agreement with a customer that creates enforceable rights and performance obligations. The Company generally recognizes revenue, in an amount that reflects the consideration to which it expects to be entitled, upon satisfaction of a performance obligation by transferring control over a product to the customer. Control over the product is generally transferred to the customer when the Company has a present right to payment, the customer has legal title, the customer has physical possession, the customer has the significant risks and rewards of ownership, and/or the customer has accepted the product. Shipping and Handling Costs : The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, customer payments of shipping and handling costs are recorded as a component of net sales, and related costs are recorded as a component of cost of sales. Taxes Collected from Customers and Remitted to Governmental Authorities : Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Product Warranty : Substantially all of the Company’s customer contracts contain a warranty that provides assurance that the purchased product will function as expected and in accordance with certain specifications. The warranty is intended to safeguard the customer against existing defects and does not provide any incremental service to the customer. Transaction Price Allocated to Future Performance Obligations: ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at December 31, 2018. Remaining performance obligations include noncancelable purchase orders and customer contracts. The guidance provides certain practical expedients that limit this requirement. As such, the Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. After considering the practical expedient, at December 31, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $28.8 million . Contract Costs : The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs primarily relate to sales commissions, which are included in selling, general, and administrative expenses. Contract Balances : The timing of revenue recognition, billings and cash collections resulted in the following contract assets and contract liabilities: (Thousands) December 31, 2018 January 1, 2018 $ change % change Accounts receivable, trade $ 124,498 $ 122,393 $ 2,105 2 % Unbilled receivables 4,619 2,658 1,961 74 % Unearned revenue 5,918 5,451 467 9 % Accounts receivable, trade represents payments due from customers relating to the transfer of the Company’s products and services. The Company believes that its receivables are collectible and appropriate allowances for doubtful accounts have been recorded. Impairment losses (bad debt) incurred relating to our receivables were immaterial during 2018. Unbilled receivables represent expenditures on contracts, plus applicable profit margin, not yet billed. Unbilled receivables are normally billed and collected within one year. Billings made on contracts are recorded as a reduction of unbilled receivables. Unearned revenue is recorded for consideration received from customers in advance of satisfaction of the related performance obligations. As a practical expedient, the Company does not adjust the promised amount of consideration for the effects of a significant financing component because the period between the transfer of a product or service to a customer and when the customer pays for that product or service will be one year or less. The Company does not include extended payment terms in its contracts with customers. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of depreciable lives by class of assets | The depreciable lives that are used in computing the annual provision for depreciation by class of asset are primarily as follows: Years Land improvements 10 to 20 Buildings 20 to 40 Leasehold improvements Life of lease Machinery and equipment 3 to 15 Furniture and fixtures 4 to 10 Automobiles and trucks 3 to 8 Research equipment 3 to 10 Computer hardware 3 to 10 Computer software 3 to 10 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The new standard primarily impacted the Company's timing of revenue recognition for certain contracts and subcontracts with the United States (U.S.) government that contain termination for convenience clauses, and due to the cumulative impact of adopting ASC 606, the Company recorded an increase to beginning retained earnings of $0.4 million , net of tax as summarized below: (Thousands) December 31, 2017 Adjustments due to ASC 606 January 1, 2018 Assets Unbilled receivables $ — $ 2,658 $ 2,658 Inventories 220,352 (2,059 ) 218,293 Liabilities and Shareholders’ Equity Other liabilities and accrued items $ 28,044 61 28,105 Deferred income taxes 213 113 326 Retained earnings 536,116 425 536,541 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The timing of revenue recognition, billings and cash collections resulted in the following contract assets and contract liabilities: (Thousands) December 31, 2018 January 1, 2018 $ change % change Accounts receivable, trade $ 124,498 $ 122,393 $ 2,105 2 % Unbilled receivables 4,619 2,658 1,961 74 % Unearned revenue 5,918 5,451 467 9 % |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The final purchase price allocation for the acquisition is as follows: (Thousands) Amount Assets: Inventories $ 7,221 Prepaid and other current assets 2,270 Deferred income taxes 14 Property, plant, and equipment 6,501 Intangible assets 3,649 Goodwill 3,574 Total assets acquired $ 23,229 Liabilities: Other liabilities and accrued items $ 984 Other long-term liabilities 449 Retirement and post-employment benefits 5,292 Total liabilities assumed $ 6,725 Total purchase price $ 16,504 |
Segment Reporting and Geograp_2
Segment Reporting and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Financial information for reportable segments was as follows: (Thousands) Performance Alloys and Composites Advanced Materials Precision Coatings Other Total 2018 Net sales $ 500,590 $ 586,643 $ 120,582 $ — $ 1,207,815 Intersegment sales 37 50,460 — — 50,497 Operating profit (loss) 58,832 17,651 11,468 (26,455 ) 61,496 Depreciation, depletion, and amortization 17,434 8,575 7,066 2,449 35,524 Expenditures for long-lived assets 15,396 15,523 1,983 1,358 34,260 Assets 410,239 207,183 90,537 92,382 800,341 2017 Net sales $ 429,442 $ 590,789 $ 119,216 $ — $ 1,139,447 Intersegment sales 114 58,056 — — 58,170 Operating profit (loss) 21,978 32,763 8,445 (23,155 ) 40,031 Depreciation, depletion, and amortization 23,209 7,354 9,721 2,467 42,751 Expenditures for long-lived assets 10,427 13,318 3,048 2,283 29,076 Assets 418,798 202,389 97,504 72,393 791,084 2016 Net sales $ 387,539 $ 437,249 $ 144,448 $ — $ 969,236 Intersegment sales 240 70,457 — — 70,697 Operating profit (loss) 6,601 26,282 11,635 (15,638 ) 28,880 Depreciation, depletion, and amortization 27,059 6,644 9,945 2,003 45,651 Expenditures for long-lived assets 26,604 4,931 3,176 2,327 37,038 Assets 422,787 133,682 108,788 76,041 741,298 Intersegment sales are eliminated in consolidation. |
Sales and long-lived assets attributed to countries based upon the location of customers | Other geographic information includes the following: (Thousands) 2018 2017 2016 Net sales United States $ 726,881 $ 650,675 $ 639,675 Asia 270,672 265,991 193,739 Europe 186,081 205,118 121,648 All other 24,181 17,663 14,174 Total $ 1,207,815 $ 1,139,447 $ 969,236 Long-lived assets by country deployed United States $ 215,395 $ 227,412 $ 240,309 All other 35,623 28,166 12,322 Total $ 251,018 $ 255,578 $ 252,631 |
Disaggregation of Revenue | The following table disaggregates revenue for each segment by end market for 2018: (Thousands) Performance Alloys and Composites Advanced Materials Precision Coatings Other Total 2018 End Market Consumer Electronics $ 103,339 $ 327,355 $ 18,886 $ — $ 449,580 Industrial Components 101,646 46,988 11,139 — 159,773 Energy 41,474 77,248 12 — 118,734 Automotive Electronics 78,963 — 1,521 — 80,484 Defense 45,162 15,233 20,077 — 80,472 Medical 8,349 17,627 65,125 — 91,101 Telecom Infrastructure 38,526 28,437 59 — 67,022 Other 83,131 73,755 3,763 — 160,649 Total $ 500,590 $ 586,643 $ 120,582 $ — $ 1,207,815 Intersegment sales are eliminated in consolidation. |
Other-net (Tables)
Other-net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other-net [Abstract] | |
Summary of other-net expense | Other-net is summarized for 2018 , 2017 , and 2016 as follows: (Income) Expense (Thousands) 2018 2017 2016 Metal consignment fees $ 10,999 $ 8,782 $ 6,409 Amortization of intangible assets 2,265 4,629 4,498 Foreign currency loss (gain) 1,487 (722 ) 1,525 Net loss (gain) on disposal of fixed assets 518 234 (648 ) Rental income (416 ) (168 ) (21 ) Other items 481 1,138 (475 ) Total other-net $ 15,334 $ 13,893 $ 11,288 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | These costs are presented in the Company's segment results as follows: (Thousands) 2018 2017 2016 Performance Alloys & Composites $ — $ (16 ) $ 2,586 Advanced Materials 5,599 — — Precision Coatings — 431 — Other — 229 — Total $ 5,599 $ 644 $ 2,586 |
Interest (Tables)
Interest (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interest [Abstract] | |
Summary of interest incurred, capitalized and paid | The following chart summarizes the interest incurred, capitalized, and paid for 2018 , 2017 , and 2016 : (Thousands) 2018 2017 2016 Interest incurred $ 2,870 $ 2,608 $ 2,219 Less: Capitalized interest 399 425 430 Total net expense $ 2,471 $ 2,183 $ 1,789 Interest paid $ 1,436 $ 1,646 $ 1,611 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income tax expenses benefit | Income (loss) before income taxes and income tax expense (benefit) are comprised of the following: (Thousands) 2018 2017 2016 Income before income taxes: Domestic $ 20,272 $ 28,327 $ 13,934 Foreign (3,930 ) 8,069 11,381 Total income before income taxes $ 16,342 $ 36,396 $ 25,315 Income tax expense: Current income tax expense: Domestic $ (5,896 ) $ 1,912 $ 6,505 Foreign 2,710 2,777 2,080 Total current $ (3,186 ) $ 4,689 $ 8,585 Deferred income tax (benefit) expense: Domestic $ (4,083 ) $ 19,935 $ (8,842 ) Foreign 2,765 321 (168 ) Total deferred $ (1,318 ) $ 20,256 $ (9,010 ) Total income tax (benefit) expense $ (4,504 ) $ 24,945 $ (425 ) |
Effective income tax rate reconciliation | A reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate is as follows: 2018 2017 2016 U.S. federal statutory rate 21.0 % 35.0 % 35.0 % State and local income taxes, net of federal tax effect 0.1 2.3 (0.4 ) Effect of excess of percentage depletion over cost depletion (17.8 ) (10.0 ) (10.6 ) Manufacturing production deduction, including impact of NOL carryback 6.3 (0.8 ) (3.3 ) Foreign derived intangible income deduction (2.9 ) — — Tax Cuts and Jobs Act impact (67.8 ) 47.1 — Foreign rate differential 1.5 (3.4 ) (5.9 ) Research and development tax credit (7.6 ) (2.6 ) (6.6 ) Foreign tax credit (1.9 ) (1.1 ) (28.1 ) Foreign repatriation 2.0 1.3 13.7 Incremental fixed asset basis — (3.4 ) — Adjustment to unrecognized tax benefits 2.7 2.8 3.2 Stock compensation - excess tax benefits (4.4 ) (1.9 ) — Valuation allowance 38.7 2.4 0.1 Other items 2.5 0.8 1.2 Effective tax rate (27.6 )% 68.5 % (1.7 )% |
Deferred tax assets and liabilities | Deferred tax assets and (liabilities) recorded in the Consolidated Balance Sheets consist of the following: December 31, (Thousands) 2018 2017 Asset (liability) Post-employment benefits other than pensions $ 2,198 $ 2,787 Other reserves 693 1,371 Deferred compensation 3,539 5,054 Environmental reserves 1,463 1,452 Inventory 3,032 4,636 Pensions 8,105 14,307 Accrued compensation expense 6,215 2,852 Net operating loss and credit carryforwards 12,002 6,374 Research and development tax credit carryforward 744 2,466 Foreign tax credit carryforward 2,385 9,481 Subtotal 40,376 50,780 Valuation allowance (15,917 ) (16,246 ) Total deferred tax assets 24,459 34,534 Depreciation (10,280 ) (10,250 ) Amortization (3,635 ) (2,900 ) Mine development (5,123 ) (3,621 ) Capitalized interest expense — (112 ) Derivative instruments and hedging activities — (817 ) Total deferred tax liabilities (19,038 ) (17,700 ) Net deferred tax asset $ 5,421 $ 16,834 |
Reconciliation of unrecognized tax benefits | A reconciliation of the Company’s unrecognized tax benefits for the year-to-date periods ended December 31, 2018 and 2017 is as follows: (Thousands) 2018 2017 Balance at January 1 $ 2,944 $ 2,048 Additions to tax provisions related to the current year 443 163 Additions to tax positions related to prior years 4 1,210 Reduction to tax positions related to prior years (508 ) (121 ) Lapses on statutes of limitations — (356 ) Balance at December 31 $ 2,883 $ 2,944 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net earnings per share | The following table sets forth the computation of basic and diluted EPS: (Thousands except per share amounts) 2018 2017 2016 Numerator for basic and diluted EPS: Net income $ 20,846 $ 11,451 $ 25,740 Denominator: Denominator for basic EPS: Weighted-average shares outstanding 20,212 20,027 19,983 Effect of dilutive securities: Stock appreciation rights 170 174 74 Restricted stock units 85 96 88 Performance-based restricted stock units 146 118 68 Diluted potential common shares 401 388 230 Denominator for diluted EPS: Adjusted weighted-average shares outstanding 20,613 20,415 20,213 Basic EPS $ 1.03 $ 0.57 $ 1.29 Diluted EPS $ 1.01 $ 0.56 $ 1.27 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories in the Consolidated Balance Sheets are summarized as follows: December 31, (Thousands) 2018 2017 Raw materials and supplies $ 33,182 $ 42,958 Work in process 195,879 187,719 Finished goods 30,643 34,418 Subtotal 259,704 265,095 Less: LIFO reserve balance 44,833 44,743 Inventories $ 214,871 $ 220,352 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant, and equipment on the Consolidated Balance Sheets is summarized as follows: December 31, (Thousands) 2018 2017 Land $ 4,874 $ 4,874 Buildings 149,701 137,196 Machinery and equipment 631,421 626,186 Software 42,678 40,575 Construction in progress 14,468 29,963 Allowances for depreciation (642,365 ) (615,134 ) Subtotal 200,777 223,660 Capital leases 22,150 10,912 Allowances for depreciation (2,412 ) (2,741 ) Subtotal 19,738 8,171 Mineral resources 4,980 4,979 Mine development 27,979 37,103 Allowances for amortization and depletion (2,456 ) (18,335 ) Subtotal 30,503 23,747 Property, plant, and equipment — net $ 251,018 $ 255,578 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of cost, accumulated amortization and net book value of intangible assets | The cost and accumulated amortization of intangible assets subject to amortization as of December 31, 2018 and 2017 , is as follows: 2018 2017 (Thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 39,601 $ (37,077 ) $ 40,751 $ (36,949 ) Technology 13,377 (12,238 ) 13,467 (11,495 ) Licenses and other 4,257 (2,725 ) 4,519 (2,672 ) Total $ 57,235 $ (52,040 ) $ 58,737 $ (51,116 ) |
Finite-lived Intangible Assets Amortization Expense | The aggregate a mortization expense relating to intangible assets for the year ended December 31, 2018 and estimated amortization e xpense for each of the five succeeding years is as follows: Amortization (Thousands) Expense 2018 $ 2,265 2019 1,366 2020 603 2021 485 2022 485 2023 485 |
Schedule of Goodwill | The balance of goodwill at both December 31, 2018 and 2017 was $90.7 million and assigned to the following segments: (Thousands) 2018 2017 Performance Alloys and Composites $ 1,899 $ 1,899 Advanced Materials 50,276 50,296 Precision Coatings 38,482 38,482 Total $ 90,657 $ 90,677 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of long-term debt | Long-term debt in the Consolidated Balance Sheets is summarized as follows: December 31, (Thousands) 2018 2017 Fixed rate industrial development revenue bonds payable in annual installments through 2021 $ 3,041 $ 3,818 Total debt outstanding 3,041 3,818 Current portion of long-term debt (823 ) (777 ) Gross long-term debt 2,218 3,041 Unamortized deferred financing fees (152 ) (214 ) Long-term debt $ 2,066 $ 2,827 |
Maturities on long-term debt instruments | Maturities on long-term debt instruments as of December 31, 2018 are as follows: (Thousands) 2019 $ 823 2020 868 2021 1,350 2022 — 2023 — Thereafter — Total $ 3,041 |
Leasing Arrangements (Tables)
Leasing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future estimated minimum payments under capital leases and non-cancelable operating leases | The future estimated minimum payments under capital leases and non-cancelable operating leases with initial lease terms in excess of one year at December 31, 2018 , are as follows: Capital Operating (Thousands) Leases Leases 2019 $ 2,172 $ 7,287 2020 2,172 6,525 2021 2,172 4,966 2022 2,172 3,790 2023 1,463 3,532 2024 and thereafter 21,056 4,287 Total minimum lease payments 31,207 $ 30,387 Amounts representing interest 19,338 Present value of net minimum lease payments $ 11,869 |
Pensions and Other Post-Emplo_2
Pensions and Other Post-Employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Obligation and funded status of the company's pension and other post-retirement benefit plans | The obligation and funded status of the Company’s pension and other post-employment benefit plans are shown below. The Pension Benefits column aggregates defined benefit pension plans in the U.S., Germany, and England, and the U.S. supplemental retirement plans. The Other Benefits column includes the domestic retiree medical and life insurance plan. Pension Benefits Other Benefits (Thousands) 2018 2017 2018 2017 Change in benefit obligation Benefit obligation at beginning of year $ 313,728 $ 276,801 $ 14,166 $ 14,334 Service cost 6,953 7,587 111 91 Interest cost 9,554 9,949 396 398 Settlements (112,644 ) — — — Acquisition — 7,645 — — Plan amendments — 3,804 — — Actuarial loss (gain) (31,824 ) 18,549 (2,453 ) 444 Benefit payments (13,700 ) (13,459 ) (876 ) (1,107 ) Foreign currency exchange rate changes and other (1,931 ) 2,852 31 6 Benefit obligation at end of year 170,136 313,728 11,375 14,166 Change in plan assets Fair value of plan assets at beginning of year 234,976 199,992 — — Plan settlements (111,542 ) — — — Acquisition — 2,353 — — Actual return on plan assets (8,570 ) 29,428 — — Employer contributions 42,227 16,338 — — Employee contributions 146 162 — — Benefit payments from fund (10,826 ) (13,072 ) — — Expenses paid from assets (890 ) (1,133 ) — — Foreign currency exchange rate changes and other (475 ) 908 — — Fair value of plan assets at end of year 145,046 234,976 — — Funded status at end of year $ (25,090 ) $ (78,752 ) $ (11,375 ) $ (14,166 ) Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 1,948 $ 1,797 $ — $ — Other liabilities and accrued items (411 ) (2,490 ) (1,258 ) (1,412 ) Retirement and post-employment benefits (26,627 ) (78,059 ) (10,117 ) (12,754 ) $ (25,090 ) $ (78,752 ) $ (11,375 ) $ (14,166 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The following amounts are included within accumulated other comprehensive loss at December 31, 2018 and are expected to be recognized as components of net periodic benefit cost during 2019: Pension Benefits Other Benefits (Thousands) 2018 2017 2018 2017 Amounts recognized in other comprehensive income (before tax) consist of: Net actuarial loss (gain) $ 61,599 $ 119,114 $ (2,429 ) $ 24 Net prior service cost (credit) 3,810 3,688 (6,546 ) (8,044 ) $ 65,409 $ 122,802 $ (8,975 ) $ (8,020 ) Amortizations expected to be recognized during next fiscal year (before tax): Amortization of net loss $ 3,769 $ 8,077 $ — $ — Net prior service cost (credit) 482 (123 ) (1,497 ) (1,497 ) $ 4,251 $ 7,954 $ (1,497 ) $ (1,497 ) |
Schedule of Accumulated and Projected Benefit Obligations | The following table provides information regarding the accumulated benefit obligation: Pension Benefits Other Benefits (Thousands) 2018 2017 2018 2017 Additional information Accumulated benefit obligation for all defined benefit pension plans $ 161,169 $ 302,942 $ — $ — For defined benefit pension plans with benefit obligations in excess of plan assets: Aggregate benefit obligation 165,344 304,814 — — Aggregate fair value of plan assets 138,305 227,115 — — For defined benefit pension plans with accumulated benefit obligations in excess of plan assets: Aggregate accumulated benefit obligation 156,639 296,878 — — Aggregate fair value of plan assets 138,305 227,115 — — |
Schedule of Net Benefit Costs | The following table summarizes components of net benefit cost: Pension Benefits Other Benefits (Thousands) 2018 2017 2016 2018 2017 2016 Net benefit cost Service cost $ 6,953 $ 7,587 $ 7,473 $ 111 $ 91 $ 105 Interest cost 9,554 9,949 10,820 396 398 562 Expected return on plan assets (14,231 ) (13,760 ) (13,654 ) — — — Amortization of prior service credit (123 ) (274 ) (460 ) (1,497 ) (1,497 ) (1,497 ) Recognized net actuarial loss 7,171 6,636 6,005 — — — Net periodic cost 9,324 10,138 10,184 (990 ) (1,008 ) (830 ) Settlements 41,406 — 120 — — — Total net benefit cost $ 50,730 $ 10,138 $ 10,304 $ (990 ) $ (1,008 ) $ (830 ) |
Summary of cumulative net gain (loss) by component, net of tax, within other comprehensive income | The following table summarizes amounts recognized in other comprehensive income (OCI): Pension Benefits Other Benefits (Thousands) 2018 2017 2016 2018 2017 2016 Change in other comprehensive income OCI at beginning of year $ 122,802 $ 121,329 $ 112,518 $ (8,020 ) $ (9,961 ) $ (11,267 ) Increase (decrease) in OCI: Recognized during year — prior service cost (credit) 123 274 460 1,497 1,497 1,497 Recognized during year — net actuarial (losses) gains (7,171 ) (6,636 ) (6,005 ) — — — Occurring during year — prior service cost — 3,804 — — — — Occurring during year — net actuarial losses (gains) (8,997 ) 4,055 14,279 (2,453 ) 444 (191 ) Other adjustments (41,406 ) — 120 — — — Foreign currency exchange rate changes 58 (24 ) (43 ) — — — OCI at end of year $ 65,409 $ 122,802 $ 121,329 $ (8,976 ) $ (8,020 ) $ (9,961 ) Changes in the components of accumulated other comprehensive income, including amounts reclassified out, for 2018 , 2017 , and 2016 , and the balances in accumulated other comprehensive income as of December 31, 2018 , 2017 , and 2016 are as follows: Gains and Losses On Cash Flow Hedges Pension and Post- Employment Benefits Foreign Currency Translation (Thousands) Foreign Currency Precious Metals Copper Total Total Balance at December 31, 2015 $ 1,579 $ — $ — $ 1,579 $ (76,796 ) $ (5,488 ) $ (80,705 ) Other comprehensive income (loss) before reclassifications (377 ) — — (377 ) (14,165 ) (172 ) (14,714 ) Amounts reclassified from accumulated other comprehensive income 784 — — 784 4,048 — 4,832 Other comprehensive income (loss) before tax 407 — — 407 (10,117 ) (172 ) (9,882 ) Deferred taxes on current period activity 149 — — 149 (4,555 ) — (4,406 ) Other comprehensive income (loss) after tax 258 — — 258 (5,562 ) (172 ) (5,476 ) Balance at December 31, 2016 $ 1,837 $ — $ — $ 1,837 $ (82,358 ) $ (5,660 ) $ (86,181 ) Balance at December 31, 2016 $ 1,837 $ — $ — $ 1,837 $ (82,358 ) $ (5,660 ) $ (86,181 ) Other comprehensive income (loss) before reclassifications (1,180 ) (463 ) — (1,643 ) (8,279 ) 1,552 (8,370 ) Amounts reclassified from accumulated other comprehensive income 632 208 — 840 4,865 — 5,705 Other comprehensive income (loss) before tax (548 ) (255 ) — (803 ) (3,414 ) 1,552 (2,665 ) Deferred taxes on current period activity 330 (59 ) — 271 13,820 — 14,091 Other comprehensive income (loss) after tax (878 ) (196 ) — (1,074 ) (17,234 ) 1,552 (16,756 ) Balance at December 31, 2017 $ 959 $ (196 ) $ — $ 763 $ (99,592 ) $ (4,108 ) $ (102,937 ) Balance at December 31, 2017 $ 959 $ (196 ) $ — $ 763 $ (99,592 ) $ (4,108 ) $ (102,937 ) Other comprehensive income (loss) before reclassifications (333 ) 467 (569 ) (435 ) 11,396 (484 ) 10,477 Amounts reclassified from accumulated other comprehensive income 10 (109 ) — (99 ) 46,953 — 46,854 Other comprehensive income (loss) before tax (323 ) 358 (569 ) (534 ) 58,349 (484 ) 57,331 Deferred taxes on current period activity (627 ) 83 (128 ) (672 ) 13,300 — 12,628 Other comprehensive income (loss) after tax 304 275 (441 ) 138 45,049 (484 ) 44,703 Balance at December 31, 2018 $ 1,263 $ 79 $ (441 ) $ 901 $ (54,543 ) $ (4,592 ) $ (58,234 ) |
Summary of key valuation assumptions | In determining the projected benefit obligation and the net benefit cost, as of a December 31 measurement date, the Company used the following weighted-average assumptions: Pension Benefits Other Benefits 2018 2017 2016 2018 2017 2016 Weighted-average assumptions used to determine benefit obligations at fiscal year end Discount rate 4.07 % 3.53 % 4.02 % 4.11 % 3.43 % 3.68 % Rate of compensation increase 3.87 % 3.93 % 4.04 % 4.00 % 4.00 % 4.00 % Weighted-average assumptions used to determine net cost for the fiscal year Discount rate 3.63 % 3.93 % 4.22 % 3.43 % 3.68 % 3.88 % Expected long-term return on plan assets 6.63 % 6.89 % 6.90 % N/A N/A N/A Rate of compensation increase 3.98 % 3.91 % 3.93 % 4.00 % 4.00 % 4.00 % |
Assumed health care trend rates | Assumed health care trend rates at fiscal year end 2018 2017 Health care trend rate assumed for next year 6.50% 6.75% Rate that the trend rate gradually declines to (ultimate trend rate) 5.00% 5.00% Year that the rate reaches the ultimate trend rate 2025 2025 |
Effects of A one-percentage-point change in assumed health care cost trend rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects: 1-Percentage- Point Increase 1-Percentage- Point Decrease (Thousands) 2018 2017 2018 2017 Effect on total of service and interest cost components $ 6 $ 8 $ (6 ) $ (8 ) Effect on post-employment benefit obligation 163 212 (152 ) (198 ) |
Summary of fair values of the Company's defined benefit pension plan assets | The following tables present the fair values of the Company’s defined benefit pension plan assets as of December 31, 2018 and 2017 by asset category. The Company has some investments that are valued using net asset value (NAV) as the practical expedient and have not been classified in the fair value hierarchy. Refer to Note R for definitions of the fair value hierarchy. December 31, 2018 (Thousands) Total Level 1 Level 2 Level 3 Cash $ 21,881 $ 21,881 $ — $ — Equity securities (a) 50,862 50,862 — — Fixed-income securities (b) 18,211 18,211 — — Other types of investments: Real estate fund (c) 3,257 3,257 — — Alternative strategies (d) — — — — Accrued interest and dividends — — — — Total 94,211 94,211 — — Investments measured at NAV: (e) Pooled investment fund (f) 24,947 Multi-strategy hedge funds (g) 4,113 Common/Collective trusts (h) — Intermediate-term bonds (i) 21,678 Private equity funds 97 Total assets at fair value $ 145,046 December 31, 2017 (Thousands) Total Level 1 Level 2 Level 3 Cash $ 10,604 $ 10,604 $ — $ — Equity securities (a) 109,229 104,261 4,968 — Fixed-income securities (b) 42,291 30,639 11,652 — Other types of investments: Real estate fund (c) 6,617 6,284 333 — Alternative strategies (d) 9,948 9,893 55 — Accrued interest and dividends 114 114 — — Total 178,803 161,795 17,008 — Investments measured at NAV: (e) Pooled investment fund (f) 21,378 Multi-strategy hedge funds (g) 3,970 Common/Collective trusts (h) 8,942 Intermediate-term bonds (i) 21,771 Private equity funds 112 Total assets at fair value $ 234,976 (a) Equity securities are primarily comprised of corporate stock and mutual funds directly held by the plans. Equity securities are valued using the closing price reported on the active market on which the individual securities are traded. (b) Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded. (c) Includes a mutual fund that typically invests at least 80% of its assets in equity and debt securities of companies in the real estate industry or related industries or in companies which own significant real estate assets at the time of investment. (d) Includes a mutual fund that tactically allocates assets to global equity, fixed income, and alternative strategies. (e) Certain assets that are measured at fair value using the net asset value (NAV) practical expedient have not been classified in the fair value hierarchy. (f) Pooled investment fund consists of various investment types including equity investments covering a range of geographies and including investment managers that hold long and short positions, property investments, and other multi-strategy funds which combine a range of different credit, equity, and macro-orientated ideas and dynamically allocate funds across asset classes. (g) Includes a fund that invests in a broad portfolio of hedge funds. (h) The common/collective trusts are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes, and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. (i) Includes a mutual fund that employs a value-oriented approach to fixed income investment management and a mutual fund that invests primarily in investment-grade debt securities. |
Estimated Future Benefits payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Other Benefits (Thousands) Pension Benefits Gross Benefit Payment Net of Medicare Part D Subsidy 2019 $ 3,203 $ 1,258 $ 1,241 2020 3,619 1,367 1,352 2021 4,457 1,334 1,321 2022 6,051 1,203 1,192 2023 6,293 1,192 1,182 2024 through 2028 44,444 4,155 4,125 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of cumulative net gain (loss) by component, net of tax, within other comprehensive income | The following table summarizes amounts recognized in other comprehensive income (OCI): Pension Benefits Other Benefits (Thousands) 2018 2017 2016 2018 2017 2016 Change in other comprehensive income OCI at beginning of year $ 122,802 $ 121,329 $ 112,518 $ (8,020 ) $ (9,961 ) $ (11,267 ) Increase (decrease) in OCI: Recognized during year — prior service cost (credit) 123 274 460 1,497 1,497 1,497 Recognized during year — net actuarial (losses) gains (7,171 ) (6,636 ) (6,005 ) — — — Occurring during year — prior service cost — 3,804 — — — — Occurring during year — net actuarial losses (gains) (8,997 ) 4,055 14,279 (2,453 ) 444 (191 ) Other adjustments (41,406 ) — 120 — — — Foreign currency exchange rate changes 58 (24 ) (43 ) — — — OCI at end of year $ 65,409 $ 122,802 $ 121,329 $ (8,976 ) $ (8,020 ) $ (9,961 ) Changes in the components of accumulated other comprehensive income, including amounts reclassified out, for 2018 , 2017 , and 2016 , and the balances in accumulated other comprehensive income as of December 31, 2018 , 2017 , and 2016 are as follows: Gains and Losses On Cash Flow Hedges Pension and Post- Employment Benefits Foreign Currency Translation (Thousands) Foreign Currency Precious Metals Copper Total Total Balance at December 31, 2015 $ 1,579 $ — $ — $ 1,579 $ (76,796 ) $ (5,488 ) $ (80,705 ) Other comprehensive income (loss) before reclassifications (377 ) — — (377 ) (14,165 ) (172 ) (14,714 ) Amounts reclassified from accumulated other comprehensive income 784 — — 784 4,048 — 4,832 Other comprehensive income (loss) before tax 407 — — 407 (10,117 ) (172 ) (9,882 ) Deferred taxes on current period activity 149 — — 149 (4,555 ) — (4,406 ) Other comprehensive income (loss) after tax 258 — — 258 (5,562 ) (172 ) (5,476 ) Balance at December 31, 2016 $ 1,837 $ — $ — $ 1,837 $ (82,358 ) $ (5,660 ) $ (86,181 ) Balance at December 31, 2016 $ 1,837 $ — $ — $ 1,837 $ (82,358 ) $ (5,660 ) $ (86,181 ) Other comprehensive income (loss) before reclassifications (1,180 ) (463 ) — (1,643 ) (8,279 ) 1,552 (8,370 ) Amounts reclassified from accumulated other comprehensive income 632 208 — 840 4,865 — 5,705 Other comprehensive income (loss) before tax (548 ) (255 ) — (803 ) (3,414 ) 1,552 (2,665 ) Deferred taxes on current period activity 330 (59 ) — 271 13,820 — 14,091 Other comprehensive income (loss) after tax (878 ) (196 ) — (1,074 ) (17,234 ) 1,552 (16,756 ) Balance at December 31, 2017 $ 959 $ (196 ) $ — $ 763 $ (99,592 ) $ (4,108 ) $ (102,937 ) Balance at December 31, 2017 $ 959 $ (196 ) $ — $ 763 $ (99,592 ) $ (4,108 ) $ (102,937 ) Other comprehensive income (loss) before reclassifications (333 ) 467 (569 ) (435 ) 11,396 (484 ) 10,477 Amounts reclassified from accumulated other comprehensive income 10 (109 ) — (99 ) 46,953 — 46,854 Other comprehensive income (loss) before tax (323 ) 358 (569 ) (534 ) 58,349 (484 ) 57,331 Deferred taxes on current period activity (627 ) 83 (128 ) (672 ) 13,300 — 12,628 Other comprehensive income (loss) after tax 304 275 (441 ) 138 45,049 (484 ) 44,703 Balance at December 31, 2018 $ 1,263 $ 79 $ (441 ) $ 901 $ (54,543 ) $ (4,592 ) $ (58,234 ) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SARs/Stock Options roll forward | The following table summarizes the Company's SARs activity during 2018 : (Shares in thousands) Number of SARs Weighted- average Exercise Price Per Share Aggregate Intrinsic Value (thousands) Weighted- average Remaining Term (Years) Outstanding at December 31, 2017 616 $ 30.97 Granted 65 50.35 Exercised (277 ) 33.03 Cancelled (25 ) 27.58 Outstanding at December 31, 2018 379 33.01 $ 4,894 4.5 Vested and expected to vest as of December 31, 2018 379 33.01 4,894 4.5 Exercisable at December 31, 2018 60 34.10 659 3.0 |
Schedule of Share-based Compensation, Performance Based Restricted Stock Unit Activity [Table Text Block] | The following table summarizes the activity related to equity-based, performance-based restricted stock units during 2018: (Shares in thousands) Number of Weighted- Outstanding at December 31, 2017 223 $ 28.49 Granted 55 62.44 Vested (75 ) 33.31 Forfeited (1 ) 62.44 Outstanding at December 31, 2018 202 $ 35.76 |
SARs/Stock Options Nonvested Share Activity | A summary of the status and changes of shares subject to SARs and the related average price per share follows: (Shares in thousands) Number of SARs Weighted- average Grant Date Fair Value Nonvested as of December 31, 2017 426 $ 10.54 Granted 65 15.73 Vested (147 ) 13.11 Cancelled (25 ) 8.73 Nonvested as of December 31, 2018 319 $ 10.33 |
SARS/Stock Options, Valuation Assumptions [Table Text Block] | The fair value of the SARs was estimated on the grant date using the Black-Scholes pricing model with the following assumptions: 2018 2017 2016 Risk-free interest rate 2.58 % 1.92 % 1.25 % Dividend yield 0.8 % 1.1 % 1.4 % Volatility 31.9 % 34.0 % 38.0 % Expected lives (in years) 5.5 5.6 5.7 |
Summary of restricted stock activity | The following table summarizes the stock-settled restricted stock unit activity during 2018 : (Shares in thousands) Number of Shares Weighted- average Grant Date Fair Value Outstanding at December 31, 2017 119 $ 32.16 Granted 59 50.35 Vested (38 ) 36.69 Forfeited (10 ) 34.07 Outstanding at December 31, 2018 130 $ 38.99 |
Summary of stock activity for the directors deferred compensation plan | The following table summarizes the stock activity for the directors' deferred compensation plan during 2018 : (Shares in thousands) Number of Shares Weighted- average Grant Date Fair Value Outstanding at December 31, 2017 164 $ 25.96 Granted 12 53.11 Distributed (24 ) 54.71 Outstanding at December 31, 2018 152 $ 23.55 |
Fair Value Information and De_2
Fair Value Information and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of fair value information and derivative financial instruments | The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets at December 31, 2018 and 2017 : Fair Value Measurements (Thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Other Significant Unobservable Inputs (Level 3) December 31, 2018 Financial Assets Deferred compensation investments $ 2,156 $ 2,156 $ — $ — Foreign currency forward contracts 246 — 246 — Precious metal swaps 237 — 237 — Total $ 2,639 $ 2,156 $ 483 $ — Financial Liabilities Deferred compensation liability $ 2,156 $ 2,156 $ — $ — Foreign currency forward contracts 432 — 432 — Precious metal swaps 135 — 135 — Copper swaps 569 — 569 — Total $ 3,292 $ 2,156 $ 1,136 $ — December 31, 2017 Financial Assets Deferred compensation investments $ 2,310 $ 2,310 $ — $ — Foreign currency forward contracts 254 — 254 — Precious metal swaps 14 — 14 — Total $ 2,578 $ 2,310 $ 268 $ — Financial Liabilities Deferred compensation liability $ 2,310 $ 2,310 $ — $ — Foreign currency forward contracts 201 — 201 — Precious metal swaps 269 — 269 — Total $ 2,780 $ 2,310 $ 470 $ — |
Summary of the notional amount and the fair value of the Company's outstanding derivatives | The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges and balance sheet classification at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 (Thousands) Notional Amount Fair Value Notional Amount Fair Value Prepaid expenses Foreign currency forward contracts - yen $ — $ — $ 5,673 $ 91 Foreign currency forward contracts - euro 725 2 5,026 36 Precious metal swaps 4,533 237 — — 5,258 239 10,699 127 Other assets Precious metal swaps — — 880 14 Other liabilities and accrued items Foreign currency forward contracts - yen 1,264 17 — — Foreign currency forward contracts - euro 19,158 166 13,583 201 Precious metal swaps 2,864 135 10,067 255 Copper swaps 11,170 569 — — 34,456 887 23,650 456 Other long-term liabilities Precious metal swaps — — 789 14 Total $ 39,714 $ 648 $ 36,018 $ 329 |
Derivatives Not Designated as Hedging Instruments | The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments and balance sheet classification as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 (Thousands) Notional Amount Fair Value Notional Amount Fair Value Foreign currency forward contracts- euro Prepaid expenses $ 8,767 $ 244 $ 13,981 $ 127 Other liabilities and accrued items 8,771 249 — — Total $ 17,538 $ 5 $ 13,981 $ 127 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Undiscounted reserve | The undiscounted reserve balance at the beginning of the year, the amounts expensed and paid, and the balance at December 31, 2018 and 2017 are as follows: (Thousands) 2018 2017 Reserve balance at beginning of year $ 6,499 $ 6,041 Expensed 718 1,006 Paid (696 ) (548 ) Reserve balance at end of year $ 6,521 $ 6,499 Ending balance recorded in: Other liabilities and accrued items $ 1,168 $ 987 Other long-term liabilities 5,353 5,512 |
Schedule of Change in Asset Retirement Obligation | The following represents a roll forward of our asset retirement obligation liability related to our mine located in Utah for the years ended December 31, 2018 and 2017 : (Thousands) 2018 2017 Asset retirement obligation at beginning of period $ 1,167 $ 1,084 Accretion expense 89 83 Change in liability — — Asset retirement obligation at end of period $ 1,256 $ 1,167 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of selected quarterly financial data | The following tables summarize selected quarterly financial data for the years ended December 31, 2018 and 2017 : 2018 (Thousands except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Total Net sales $ 303,467 $ 309,085 $ 297,193 $ 298,070 $ 1,207,815 Gross margin 58,280 61,838 64,935 66,052 251,105 Percent of net sales 19.2 % 20.0 % 21.8 % 22.2 % 20.8 % Net income (loss) $ 10,564 $ 11,144 $ 19,966 $ (20,828 ) $ 20,846 Net income (loss) per share of common stock: Basic (1) $ 0.52 $ 0.55 $ 0.99 $ (1.03 ) $ 1.03 Diluted (1)(3) 0.51 0.54 0.97 (1.03 ) 1.01 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total Net sales $ 240,669 $ 295,842 $ 294,268 $ 308,668 $ 1,139,447 Gross margin 43,156 54,895 55,793 58,985 212,829 Percent of net sales 17.9 % 18.6 % 19.0 % 19.1 % 18.7 % Net income (loss) $ 3,050 $ 7,313 $ 9,320 $ (8,232 ) $ 11,451 Net income (loss) per share of common stock: Basic (2) $ 0.15 $ 0.37 $ 0.47 $ (0.41 ) $ 0.57 Diluted (2)(3) 0.15 0.36 0.46 (0.41 ) 0.56 |
Significant Accounting Polici_4
Significant Accounting Policies Organization (Details) | 12 Months Ended |
Dec. 31, 2018Segment | |
Accounting Policies [Abstract] | |
Number of Reportable Segments | 4 |
Significant Accounting Polici_5
Significant Accounting Policies Cash Equivalents (Details) $ in Millions | Dec. 31, 2018USD ($) |
Accounting Policies [Abstract] | |
Money Market Funds, at Carrying Value | $ 50.3 |
Significant Accounting Polici_6
Significant Accounting Policies Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 616 | $ 640 |
Significant Accounting Polici_7
Significant Accounting Policies Inventory (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Percentage of LIFO Inventory | 57.00% | 52.00% |
Significant Accounting Polici_8
Significant Accounting Policies Property Plant Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |
Useful life of lease hold improvements Minimum | Life of lease |
Useful life of lease hold improvements Maximum | Life of lease |
Minimum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 10 years |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 20 years |
Minimum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 3 years |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 4 years |
Minimum | Automobiles and trucks | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 3 years |
Minimum | Research equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 3 years |
Minimum | Computer hardware | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 3 years |
Minimum | Computer software | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 3 years |
Maximum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 20 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 40 years |
Maximum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 15 years |
Maximum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 10 years |
Maximum | Automobiles and trucks | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 8 years |
Maximum | Research equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 10 years |
Maximum | Computer hardware | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 10 years |
Maximum | Computer software | |
Property, Plant and Equipment [Line Items] | |
Useful life of class of asset | 10 years |
Significant Accounting Polici_9
Significant Accounting Policies Advertising (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Advertising Expense | $ 1,196 | $ 1,252 | $ 1,163 |
Significant Accounting Polic_10
Significant Accounting Policies New Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Other non-operating expense-net | $ 42,683 | $ 1,452 | $ 1,776 |
Significant Accounting Polic_11
Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unbilled Receivables | $ 2,658 | $ 0 | |
Inventories | $ 214,871 | 218,293 | 220,352 |
Other liabilities and accrued items | 33,301 | 28,105 | 28,044 |
Deferred income taxes | 195 | 326 | 213 |
Retained earnings | $ 548,374 | 536,541 | $ 536,116 |
Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unbilled Receivables | 2,658 | ||
Inventories | (2,059) | ||
Other liabilities and accrued items | 61 | ||
Deferred income taxes | 113 | ||
Retained earnings | $ 425 |
Significant Accounting Polic_12
Significant Accounting Policies Revenue Recognition (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 548,374 | $ 536,541 | $ 536,116 |
Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 425 |
Significant Accounting Polic_13
Significant Accounting Policies Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Assets | $ 800,341 | $ 791,084 | $ 741,298 |
Minimum | Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Assets | 26,000 | ||
Liabilities | 26,000 | ||
Maximum | Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Assets | 28,000 | ||
Liabilities | $ 28,000 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Capitalized Contract Cost [Line Items] | ||||
Increase (Decrease) in Deferred Revenue | $ 477 | $ 4,336 | $ (2,590) | |
Trade Accounts Receivable [Member] | ||||
Capitalized Contract Cost [Line Items] | ||||
Accounts Receivable, Trade | 124,498 | $ 122,393 | ||
Change in Accounts Receivable, Trade | $ 2,105 | |||
Contract Asset Percent Change | 2.00% | |||
UnbilledReceivables [Member] | ||||
Capitalized Contract Cost [Line Items] | ||||
Unbilled Receivables | $ 4,619 | 2,658 | ||
Change in Unbilled Receivables | $ 1,961 | |||
Contract Asset Percent Change | 74.00% | |||
UnearnedRevenue [Member] | ||||
Capitalized Contract Cost [Line Items] | ||||
Deferred Revenue | $ 5,918 | $ 5,451 | ||
Increase (Decrease) in Deferred Revenue | $ 467 | |||
Contract Liability Percent Change | 9.00% |
Revenue Recognition Textuals (D
Revenue Recognition Textuals (Details) $ in Millions | Dec. 31, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining Performance Obligation | $ 28.8 |
Acquisitions (Details)
Acquisitions (Details) $ in Thousands | Feb. 28, 2017USD ($) |
Business Combinations [Abstract] | |
Inventories | $ 7,221 |
Prepaid and other current assets | 2,270 |
Deferred income taxes | 14 |
Property, plant, and equipment | 6,501 |
Intangible assets | 3,649 |
Goodwill | 3,574 |
Total assets acquired | 23,229 |
Other liabilities and accrued items | 984 |
Other long-term liabilities | 449 |
Retirement and post-employment benefits | 5,292 |
Total liabilities assumed | 6,725 |
Total purchase price | $ 16,504 |
Acquisitions Textual (Details)
Acquisitions Textual (Details) - USD ($) $ in Thousands | Feb. 28, 2017 | Dec. 31, 2018 |
Business Combinations [Abstract] | ||
Total purchase price | $ 16,504 | |
Measurement Adjustments | $ 0 |
Segment Reporting and Geograp_3
Segment Reporting and Geographic Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 31, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 298,070 | $ 297,193 | $ 309,085 | $ 303,467 | $ 308,668 | $ 294,268 | $ 295,842 | $ 240,669 | $ 1,207,815 | $ 1,139,447 | $ 969,236 |
Operating profit (loss) | 61,496 | 40,031 | 28,880 | ||||||||
Depreciation, depletion, and amortization | 35,524 | 42,751 | 45,651 | ||||||||
Expenditures for long-lived assets | 34,260 | 29,076 | 37,038 | ||||||||
Assets | 800,341 | 791,084 | 800,341 | 791,084 | 741,298 | ||||||
Performance Alloys and Composites | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 500,590 | ||||||||||
Operating profit (loss) | 58,832 | 21,978 | 6,601 | ||||||||
Depreciation, depletion, and amortization | 17,434 | 23,209 | 27,059 | ||||||||
Expenditures for long-lived assets | 15,396 | 10,427 | 26,604 | ||||||||
Assets | 410,239 | 418,798 | 410,239 | 418,798 | 422,787 | ||||||
Advanced Materials | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 586,643 | ||||||||||
Operating profit (loss) | 17,651 | 32,763 | 26,282 | ||||||||
Depreciation, depletion, and amortization | 8,575 | 7,354 | 6,644 | ||||||||
Expenditures for long-lived assets | 15,523 | 13,318 | 4,931 | ||||||||
Assets | 207,183 | 202,389 | 207,183 | 202,389 | 133,682 | ||||||
Precision Coatings | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 120,582 | ||||||||||
Operating profit (loss) | 11,468 | 8,445 | 11,635 | ||||||||
Depreciation, depletion, and amortization | 7,066 | 9,721 | 9,945 | ||||||||
Expenditures for long-lived assets | 1,983 | 3,048 | 3,176 | ||||||||
Assets | 90,537 | 97,504 | 90,537 | 97,504 | 108,788 | ||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Operating profit (loss) | (26,455) | (23,155) | (15,638) | ||||||||
Depreciation, depletion, and amortization | 2,449 | 2,467 | 2,003 | ||||||||
Expenditures for long-lived assets | 1,358 | 2,283 | 2,327 | ||||||||
Assets | $ 92,382 | $ 72,393 | 92,382 | 72,393 | 76,041 | ||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,207,815 | 1,139,447 | 969,236 | ||||||||
Operating Segments | Performance Alloys and Composites | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 500,590 | 429,442 | 387,539 | ||||||||
Operating Segments | Advanced Materials | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 586,643 | 590,789 | 437,249 | ||||||||
Operating Segments | Precision Coatings | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 120,582 | 119,216 | 144,448 | ||||||||
Operating Segments | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 50,497 | 58,170 | 70,697 | ||||||||
Intersegment Eliminations | Performance Alloys and Composites | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 37 | 114 | 240 | ||||||||
Intersegment Eliminations | Advanced Materials | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 50,460 | 58,056 | 70,457 | ||||||||
Intersegment Eliminations | Precision Coatings | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 0 | $ 0 | $ 0 |
Segment Reporting and Geograp_4
Segment Reporting and Geographic Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 31, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sales and long-lived assets attributed to countries based upon the location of customers | |||||||||||
Net sales | $ 298,070 | $ 297,193 | $ 309,085 | $ 303,467 | $ 308,668 | $ 294,268 | $ 295,842 | $ 240,669 | $ 1,207,815 | $ 1,139,447 | $ 969,236 |
Property, plant, and equipment — net | 251,018 | 255,578 | 251,018 | 255,578 | 252,631 | ||||||
United States | |||||||||||
Sales and long-lived assets attributed to countries based upon the location of customers | |||||||||||
Net sales | 726,881 | 650,675 | 639,675 | ||||||||
Property, plant, and equipment — net | 215,395 | 227,412 | 215,395 | 227,412 | 240,309 | ||||||
Asia | |||||||||||
Sales and long-lived assets attributed to countries based upon the location of customers | |||||||||||
Net sales | 270,672 | 265,991 | 193,739 | ||||||||
Europe | |||||||||||
Sales and long-lived assets attributed to countries based upon the location of customers | |||||||||||
Net sales | 186,081 | 205,118 | 121,648 | ||||||||
All other | |||||||||||
Sales and long-lived assets attributed to countries based upon the location of customers | |||||||||||
Net sales | 24,181 | 17,663 | 14,174 | ||||||||
Property, plant, and equipment — net | $ 35,623 | $ 28,166 | $ 35,623 | $ 28,166 | $ 12,322 |
Segment Reporting and Geograp_5
Segment Reporting and Geographic Information (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 31, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 298,070 | $ 297,193 | $ 309,085 | $ 303,467 | $ 308,668 | $ 294,268 | $ 295,842 | $ 240,669 | $ 1,207,815 | $ 1,139,447 | $ 969,236 |
Consumer Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 449,580 | ||||||||||
Industrial Components | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 159,773 | ||||||||||
Energy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 118,734 | ||||||||||
Automotive Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 80,484 | ||||||||||
Defense | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 80,472 | ||||||||||
Medical | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 91,101 | ||||||||||
Telecom Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 67,022 | ||||||||||
Other End Market | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 160,649 | ||||||||||
Performance Alloys and Composites | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 500,590 | ||||||||||
Performance Alloys and Composites | Consumer Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 103,339 | ||||||||||
Performance Alloys and Composites | Industrial Components | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 101,646 | ||||||||||
Performance Alloys and Composites | Energy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 41,474 | ||||||||||
Performance Alloys and Composites | Automotive Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 78,963 | ||||||||||
Performance Alloys and Composites | Defense | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 45,162 | ||||||||||
Performance Alloys and Composites | Medical | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 8,349 | ||||||||||
Performance Alloys and Composites | Telecom Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 38,526 | ||||||||||
Performance Alloys and Composites | Other End Market | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 83,131 | ||||||||||
Advanced Materials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 586,643 | ||||||||||
Advanced Materials | Consumer Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 327,355 | ||||||||||
Advanced Materials | Industrial Components | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 46,988 | ||||||||||
Advanced Materials | Energy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 77,248 | ||||||||||
Advanced Materials | Automotive Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Advanced Materials | Defense | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 15,233 | ||||||||||
Advanced Materials | Medical | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 17,627 | ||||||||||
Advanced Materials | Telecom Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 28,437 | ||||||||||
Advanced Materials | Other End Market | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 73,755 | ||||||||||
Precision Coatings | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 120,582 | ||||||||||
Precision Coatings | Consumer Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 18,886 | ||||||||||
Precision Coatings | Industrial Components | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 11,139 | ||||||||||
Precision Coatings | Energy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 12 | ||||||||||
Precision Coatings | Automotive Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,521 | ||||||||||
Precision Coatings | Defense | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 20,077 | ||||||||||
Precision Coatings | Medical | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 65,125 | ||||||||||
Precision Coatings | Telecom Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 59 | ||||||||||
Precision Coatings | Other End Market | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 3,763 | ||||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Other | Consumer Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Other | Industrial Components | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Other | Energy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Other | Automotive Electronics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Other | Defense | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Other | Medical | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Other | Telecom Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Other | Other End Market | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 0 |
Segment Reporting and Geograp_6
Segment Reporting and Geographic Information (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||
Percentage of customers accounted for the company's sale | 10.00% | 10.00% | 10.00% |
Other-net (Details)
Other-net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of other-net expense | |||
Metal consignment fees | $ 10,999 | $ 8,782 | $ 6,409 |
Amortization of Intangible Assets | 2,265 | 4,629 | 4,498 |
Foreign currency loss (gain) | 1,487 | (722) | 1,525 |
Net loss (gain) on disposal of fixed assets | 518 | 234 | (648) |
Rental Income | (416) | (168) | (21) |
Other items | 481 | 1,138 | (475) |
Total | $ 15,334 | $ 13,893 | $ 11,288 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 5,599 | $ 644 | $ 2,586 |
Performance Alloys and Composites | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | (16) | 2,586 |
Advanced Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 5,599 | 0 | 0 |
Precision Coatings | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | 431 | 0 |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 0 | $ 229 | $ 0 |
Restructuring Textual (Details)
Restructuring Textual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 5,599 | $ 644 | $ 2,586 |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | 229 | 0 |
Performance Alloys and Composites | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 0 | (16) | 2,586 |
Advanced Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 5,599 | 0 | 0 |
Other Current Liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 5,300 | ||
Cost of Sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 500 | ||
Selling, General and Administrative Expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 1,300 | ||
Other Expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 1,100 | $ 2,600 |
Restructuring Textual 2 (Detail
Restructuring Textual 2 (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2018 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Number of Positions Eliminated | 23 | ||
Advanced Materials | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of Positions Eliminated | 40 | ||
Performance Alloys and Composites | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1.4 | ||
Number of Positions Eliminated | 13 |
Interest (Details)
Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of interest incurred, capitalized and paid | |||
Interest incurred | $ 2,870 | $ 2,608 | $ 2,219 |
Less: Capitalized interest | 399 | 425 | 430 |
Interest expense - net | 2,471 | 2,183 | 1,789 |
Interest paid | $ 1,436 | $ 1,646 | $ 1,611 |
Interest (Details Textual)
Interest (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest [Abstract] | |||
Amortization of deferred financing costs | $ 1,009 | $ 919 | $ 666 |
Income Taxes Textuals 1 (Detail
Income Taxes Textuals 1 (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory rate | 21.00% | 35.00% | 35.00% |
Income Taxes Textuals 2 (Detail
Income Taxes Textuals 2 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | $ 17.1 | ||
Tax Cuts and Jobs Act Income Tax expense related to revaluing deferred tax assets and liabilities | $ 2.8 | 5 | |
Tax Cuts and Jobs Act, Transition Tax, Income Tax Expense (Credit) | 1.2 | 6.1 | |
Tax Cuts and Jobs Act of 2017, Provisional Valuation Allowance | 9.5 | ||
Tax Cuts and Jobs Act of 2017, Provisional Tax Benefit | $ 3.5 | ||
Tax Cuts and Jobs Act of 2017, Complete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit) | $ (11.1) | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% |
Tax Cuts and Jobs Act of 2017, Valuation Allowance Reduction | $ 2.4 | ||
Tax Cuts and Jobs Act, Valuation Allowance Reversal, Tax Benefit | $ 7.1 |
Income Taxes Table 1 (Details)
Income Taxes Table 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income before income taxes: | |||
Domestic | $ 20,272 | $ 28,327 | $ 13,934 |
Foreign | (3,930) | 8,069 | 11,381 |
Income before income taxes | 16,342 | 36,396 | 25,315 |
Current income tax expense: | |||
Domestic | (5,896) | 1,912 | 6,505 |
Foreign | 2,710 | 2,777 | 2,080 |
Total current | (3,186) | 4,689 | 8,585 |
Deferred income tax expense (benefit): | |||
Domestic | (4,083) | 19,935 | (8,842) |
Foreign | 2,765 | 321 | (168) |
Total deferred | (1,318) | 20,256 | (9,010) |
Total income tax (benefit) expense | $ (4,504) | $ 24,945 | $ (425) |
Income Taxes Table 2 (Details)
Income Taxes Table 2 (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of the federal statutory and effective income tax rate | |||
U.S. Federal statutory rate | 21.00% | 35.00% | 35.00% |
State and local income taxes, net of federal tax effect | 0.10% | 2.30% | (0.40%) |
Effect of excess of percentage depletion over cost depletion | (17.80%) | (10.00%) | (10.60%) |
Manufacturing production deduction, including impact of NOL carryback | 6.30% | (0.80%) | (3.30%) |
Foreign Derived Intangible Income Tax Deduction | (2.90%) | 0.00% | 0.00% |
Tax Cuts and Jobs Act Impact | (67.80%) | 47.10% | 0.00% |
Foreign Rate Differential | 1.50% | (3.40%) | (5.90%) |
Research and developmental tax credit | (7.60%) | (2.60%) | (6.60%) |
Foreign Tax Credit | (1.90%) | (1.10%) | (28.10%) |
Foreign Repatriation | 2.00% | 1.30% | 13.70% |
Incremental fixed asset basis | (0.00%) | (3.40%) | (0.00%) |
Adjustment to unrecognized tax benefits | 2.70% | 2.80% | 3.20% |
Stock Compensation - excess tax benefits | (4.40%) | (1.90%) | (0.00%) |
Valuation allowance | 38.70% | 2.40% | 0.10% |
Other items | 2.50% | 0.80% | 1.20% |
Effective tax rate | (27.60%) | 68.50% | (1.70%) |
Income Taxes Table 3 (Details)
Income Taxes Table 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Asset (liability) | ||
Post-employment benefits other than pensions | $ 2,198 | $ 2,787 |
Other reserves | 693 | 1,371 |
Deferred compensation | 3,539 | 5,054 |
Environmental reserves | 1,463 | 1,452 |
Inventory | 3,032 | 4,636 |
Pensions | 8,105 | 14,307 |
Accrued compensation expense | 6,215 | 2,852 |
Net operating loss and credit carryforwards | 12,002 | 6,374 |
Research and development tax credit carryforward | 744 | 2,466 |
Foreign tax credit carryforward | 2,385 | 9,481 |
Subtotal | 40,376 | 50,780 |
Valuation allowance | (15,917) | (16,246) |
Total deferred tax assets | 24,459 | 34,534 |
Depreciation | (10,280) | (10,250) |
Amortization | (3,635) | (2,900) |
Mine development | (5,123) | (3,621) |
Capitalized interest expense | 0 | (112) |
Derivative instruments and hedging activities | 0 | (817) |
Total deferred tax liabilities | (19,038) | (17,700) |
Net deferred tax asset | $ 5,421 | $ 16,834 |
Income Taxes Textuals 3 (Detail
Income Taxes Textuals 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 9,500 | |
Research and development tax credit carryforward | 744 | $ 2,466 |
Foreign tax credit carryforward | 2,385 | $ 9,481 |
Foreign Country [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Foreign net operating loss carryforwards, do not expire | 22,700 | |
Foreign net operating loss carryforwards subject to expiration | 8,000 | |
Operating Loss Carryforwards Subject To Expiration In Next 12 months | 100 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Foreign net operating loss carryforwards subject to expiration | 21,900 | |
Tax Credit, Amount | $ 3,600 |
Income Taxes Table 4 (Details)
Income Taxes Table 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of unrecognized tax benefits | ||
Balance at January 1 | $ 2,944 | $ 2,048 |
Additions to tax provisions related to the current year | 443 | 163 |
Additions to tax positions related to prior years | 4 | 1,210 |
Reduction to tax positions related to prior years | (508) | (121) |
Lapses on statutes of limitations | 0 | (356) |
Balance at December 31 | $ 2,883 | $ 2,944 |
Income Taxes Textuals 4 (Detail
Income Taxes Textuals 4 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Amount of unrecognized tax benefits | $ 2,883 | $ 2,944 | $ 2,048 |
Effective tax rate if recognized | 2,200 | ||
Income Taxes Paid | $ 0 | $ 8,100 | $ 3,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 31, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator for basic and diluted EPS: | |||||||||||
Net income | $ (20,828) | $ 19,966 | $ 11,144 | $ 10,564 | $ (8,232) | $ 9,320 | $ 7,313 | $ 3,050 | $ 20,846 | $ 11,451 | $ 25,740 |
Denominator for basic EPS: | |||||||||||
Weighted-average shares outstanding | 20,212 | 20,027 | 19,983 | ||||||||
Effect of dilutive securities: | |||||||||||
Diluted potential common shares (in shares) | 401 | 388 | 230 | ||||||||
Denominator for diluted EPS: | |||||||||||
Adjusted weighted-average shares outstanding | 20,613 | 20,415 | 20,213 | ||||||||
Basic EPS (in usd per share) | $ (1.03) | $ 0.99 | $ 0.55 | $ 0.52 | $ (0.41) | $ 0.47 | $ 0.37 | $ 0.15 | $ 1.03 | $ 0.57 | $ 1.29 |
Diluted EPS (in usd per share) | $ (1.03) | $ 0.97 | $ 0.54 | $ 0.51 | $ (0.41) | $ 0.46 | $ 0.36 | $ 0.15 | $ 1.01 | $ 0.56 | $ 1.27 |
Stock Appreciation Rights (SARs) | |||||||||||
Effect of dilutive securities: | |||||||||||
Dilutive effect of share-based compensation (in shares) | 170 | 174 | 74 | ||||||||
Restricted Stock Units (RSUs) | |||||||||||
Effect of dilutive securities: | |||||||||||
Dilutive effect of share-based compensation (in shares) | 85 | 96 | 88 | ||||||||
Performance-Based Restricted Stock Units | |||||||||||
Effect of dilutive securities: | |||||||||||
Dilutive effect of share-based compensation (in shares) | 146 | 118 | 68 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Appreciation Rights (SARs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Equity awards excluded from diluted EPS calculation | 65,112 | 124,319 | 818,268 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | |||
Raw materials and supplies | $ 33,182 | $ 42,958 | |
Work in process | 195,879 | 187,719 | |
Finished goods | 30,643 | 34,418 | |
Subtotal | 259,704 | 265,095 | |
Less: LIFO reserve balance | 44,833 | 44,743 | |
Inventories | $ 214,871 | $ 218,293 | $ 220,352 |
Inventories (Details Textual)
Inventories (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory [Line Items] | |||
Reduction in cost of sales by the liquidation of LIFO inventory layers | $ 1.2 | $ (0.8) | $ (4.1) |
Notional Amount of Nonderivative Instruments | $ 316.1 | $ 320 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 33,300 | $ 38,100 | $ 41,200 |
Summary of Property, plant and equipment | |||
Property, plant, and equipment | 898,251 | 891,789 | |
Less allowances for depreciation, depletion, and amortization | (647,233) | (636,211) | |
Property, plant, and equipment — net | 251,018 | 255,578 | $ 252,631 |
Land | |||
Summary of Property, plant and equipment | |||
Property, plant, and equipment | 4,874 | 4,874 | |
Buildings | |||
Summary of Property, plant and equipment | |||
Property, plant, and equipment | 149,701 | 137,196 | |
Machinery and equipment | |||
Summary of Property, plant and equipment | |||
Property, plant, and equipment | 631,421 | 626,186 | |
Software | |||
Summary of Property, plant and equipment | |||
Property, plant, and equipment | 42,678 | 40,575 | |
Construction in progress | |||
Summary of Property, plant and equipment | |||
Property, plant, and equipment | 14,468 | 29,963 | |
Land Building Machinery and Equipment | |||
Summary of Property, plant and equipment | |||
Less allowances for depreciation, depletion, and amortization | (642,365) | (615,134) | |
Property, plant, and equipment — net | 200,777 | 223,660 | |
Capital leases | |||
Summary of Property, plant and equipment | |||
Property, plant, and equipment | 22,150 | 10,912 | |
Less allowances for depreciation, depletion, and amortization | (2,412) | (2,741) | |
Property, plant, and equipment — net | 19,738 | 8,171 | |
Mineral resources | |||
Summary of Property, plant and equipment | |||
Property, plant, and equipment | 4,980 | 4,979 | |
Mine development | |||
Summary of Property, plant and equipment | |||
Property, plant, and equipment | 27,979 | 37,103 | |
Productive land | |||
Summary of Property, plant and equipment | |||
Less allowances for depreciation, depletion, and amortization | (2,456) | (18,335) | |
Property, plant, and equipment — net | $ 30,503 | $ 23,747 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Reimbursement of costs | $ 63.5 | ||
Unearned Income | (4.3) | $ (4.5) | |
Depreciation and depletion expense | 33.3 | 38.1 | $ 41.2 |
Net book value of capitalized software | 8 | 8.3 | |
Software amortization | $ 2.6 | $ 2.4 | $ 2.4 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of cost, accumulated amortization and net book value of intangible assets | ||
Cost | $ 57,235 | $ 58,737 |
Accumulated amortization | (52,040) | (51,116) |
Customer relationships | ||
Summary of cost, accumulated amortization and net book value of intangible assets | ||
Cost | 39,601 | 40,751 |
Accumulated amortization | (37,077) | (36,949) |
Technology | ||
Summary of cost, accumulated amortization and net book value of intangible assets | ||
Cost | 13,377 | 13,467 |
Accumulated amortization | (12,238) | (11,495) |
Licenses and other | ||
Summary of cost, accumulated amortization and net book value of intangible assets | ||
Cost | 4,257 | 4,519 |
Accumulated amortization | $ (2,725) | $ (2,672) |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 2,265 | $ 4,629 | $ 4,498 |
2,019 | 1,366 | ||
2,020 | 603 | ||
2,021 | 485 | ||
2,022 | 485 | ||
2,023 | $ 485 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill Goodwill Table (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | ||
Goodwill | $ 90,657 | $ 90,677 |
Performance Alloys and Composites | ||
Goodwill [Line Items] | ||
Goodwill | 1,899 | 1,899 |
Advanced Materials | ||
Goodwill [Line Items] | ||
Goodwill | 50,276 | 50,296 |
Precision Coatings | ||
Goodwill [Line Items] | ||
Goodwill | $ 38,482 | $ 38,482 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
Goodwill | $ 90,657 | $ 90,677 | |
Acquisition Costs | 16,500 | ||
Goodwill | 3,600 | ||
Goodwill, Impairment Loss | 0 | 0 | $ 0 |
Deferred finance cost | 152 | 214 | |
Customer Relationships [Member] | |||
Goodwill [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 2,300 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||
Technology-Based Intangible Assets [Member] | |||
Goodwill [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 1,400 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||
Deferred Financing Costs [Member] | |||
Goodwill [Line Items] | |||
Deferred finance cost | $ 1,300 | $ 2,200 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of long-term debt | ||
Fixed rate industrial development revenue bonds payable in annual installments through 2021 | $ 3,041 | $ 3,818 |
Total outstanding | 3,041 | 3,818 |
Current portion of long-term debt | (823) | (777) |
Gross long-term debt | 2,218 | 3,041 |
Unamortized deferred financing fees | (152) | (214) |
Long-term debt | $ 2,066 | $ 2,827 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Maturities on long-term debt instruments | ||
2,019 | $ 823 | |
2,020 | 868 | |
2,021 | 1,350 | |
2,022 | 0 | |
2,023 | 0 | |
Thereafter | 0 | |
Total outstanding | $ 3,041 | $ 3,818 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 375 | |
Line of Credit Facility, Remaining Borrowing Capacity | 275.5 | |
Additional term loan | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 300 | |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 27.2 | $ 27.3 |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Variable commitment fee | 0.20% | |
Short-term Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 355.4 |
Debt (Details Textual 2)
Debt (Details Textual 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Debt Instrument, Face Amount | $ 8,000 | |
Interest rate on bonds | 4.90% | |
Unamortized balance of bonds | $ 3,041 | $ 3,818 |
Leasing Arrangements (Details T
Leasing Arrangements (Details Text) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Capital Lease Obligations | $ 12 | ||
Operating Lease Term Maximum | 25 years | ||
Operating lease expense | $ 11.6 | $ 9.3 | $ 8.6 |
Leasing Arrangements (Details 2
Leasing Arrangements (Details 2) $ in Thousands | Dec. 31, 2018USD ($) |
Capital Leases | |
2,019 | $ 2,172 |
2,020 | 2,172 |
2,021 | 2,172 |
2,022 | 2,172 |
2,023 | 1,463 |
2024 and thereafter | 21,056 |
Total minimum lease payments | 31,207 |
Amounts representing interest | 19,338 |
Present value of net minimum lease payments | 11,869 |
Operating Leases | |
2,019 | 7,287 |
2,020 | 6,525 |
2,021 | 4,966 |
2,022 | 3,790 |
2,023 | 3,532 |
2024 and thereafter | 4,287 |
Total minimum lease payments | $ 30,387 |
Reconciliation of the benefit o
Reconciliation of the benefit obligations and plan assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Assets Beginning of the Year | $ 234,976 | ||
Plan Assets End of the Year | 145,046 | $ 234,976 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit Obligation Beginning of the Year | 313,728 | 276,801 | |
Service cost | 6,953 | 7,587 | $ 7,473 |
Interest cost | 9,554 | 9,949 | 10,820 |
Payment for Settlement | (112,644) | 0 | |
Acquisition | 0 | 7,645 | |
Plan Amendment | 0 | 3,804 | |
Actuarial Gain (Loss) | (31,824) | 18,549 | |
Benefits Paid | (13,700) | (13,459) | |
Other Changes | (1,931) | 2,852 | |
Benefit Obligation End of the Year | 170,136 | 313,728 | 276,801 |
Plan Assets Beginning of the Year | 234,976 | 199,992 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (111,542) | 0 | |
Defined Benefit Plan, Plan Assets, Business Combination | 0 | 2,353 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (8,570) | 29,428 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 42,227 | 16,338 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 146 | 162 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (10,826) | (13,072) | |
Defined Benefit Plan, Plan Assets, Administration Expense | (890) | (1,133) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (475) | 908 | |
Plan Assets End of the Year | 145,046 | 234,976 | 199,992 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (25,090) | (78,752) | |
Other Assets | 1,948 | 1,797 | |
Other liabilities and accrued items | 411 | 2,490 | |
Retirement and post-employment benefits | 26,627 | 78,059 | |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit Obligation Beginning of the Year | 14,166 | 14,334 | |
Service cost | 111 | 91 | 105 |
Interest cost | 396 | 398 | 562 |
Payment for Settlement | 0 | 0 | |
Acquisition | 0 | 0 | |
Plan Amendment | 0 | 0 | |
Actuarial Gain (Loss) | (2,453) | 444 | |
Benefits Paid | (876) | (1,107) | |
Other Changes | 31 | 6 | |
Benefit Obligation End of the Year | 11,375 | 14,166 | 14,334 |
Plan Assets Beginning of the Year | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Business Combination | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Administration Expense | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Plan Assets End of the Year | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (11,375) | (14,166) | |
Other Assets | 0 | 0 | |
Other liabilities and accrued items | 1,258 | 1,412 | |
Retirement and post-employment benefits | $ 10,117 | $ 12,754 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss and amounts expected to be recognized in 2019 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $ 61,599 | $ 119,114 |
Net prior service cost (credit) | 3,810 | 3,688 |
Accumulated Other Comprehensive (Income) Loss, before Tax | 65,409 | 122,802 |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | 4,251 | 7,954 |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 482 | (123) |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 3,769 | 8,077 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | (2,429) | 24 |
Net prior service cost (credit) | (6,546) | (8,044) |
Accumulated Other Comprehensive (Income) Loss, before Tax | (8,975) | (8,020) |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | (1,497) | (1,497) |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | (1,497) | (1,497) |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 0 | $ 0 |
Accumulated benefit obligation
Accumulated benefit obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 161,169 | $ 302,942 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 165,344 | 304,814 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 138,305 | 227,115 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 156,639 | 296,878 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 138,305 | 227,115 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 0 | 0 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 0 | 0 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 0 | 0 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 0 | 0 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 0 | $ 0 |
Components of net benefit costs
Components of net benefit costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | $ 41,406 | $ 0 | $ 120 |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 6,953 | 7,587 | 7,473 |
Defined Benefit Plan, Interest Cost | 9,554 | 9,949 | 10,820 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (14,231) | (13,760) | (13,654) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (123) | (274) | (460) |
Defined Benefit Plan Recognized Actuarial Net Gains Losses | 7,171 | 6,636 | 6,005 |
DefinedBenefitPlanNetPeriodicBenefitCostBeforeSettlements | 9,324 | 10,138 | 10,184 |
Pension settlement charges | 41,406 | 0 | 120 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 50,730 | 10,138 | 10,304 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 111 | 91 | 105 |
Defined Benefit Plan, Interest Cost | 396 | 398 | 562 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (1,497) | (1,497) | (1,497) |
Defined Benefit Plan Recognized Actuarial Net Gains Losses | 0 | 0 | 0 |
DefinedBenefitPlanNetPeriodicBenefitCostBeforeSettlements | (990) | (1,008) | (830) |
Pension settlement charges | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (990) | $ (1,008) | $ (830) |
Pensions and Other Post-Emplo_3
Pensions and Other Post-Employment Benefits amounts recognized in aocl (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ 65,409 | $ 122,802 | $ 121,329 | $ 112,518 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 123 | 274 | 460 | |
Other Comprehensive Income Defined Benefit Plans Recognized Net Actuarial Gains Losses Arising During Period Before Tax | (7,171) | (6,636) | (6,005) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 3,804 | 0 | |
Other Comprehensive Income Defined Benefit Plans Net Actuarial Gain Loss Arising During Period Before Tax | (8,997) | 4,055 | 14,279 | |
Other Comprehensive Income Defined Benefit Plans Other Adjustments | (41,406) | 0 | 120 | |
Other Comprehensive Income Defined Benefit Plans Foreign Currency Exchange Rate Changes Benefit Obligation | 58 | (24) | (43) | |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (8,976) | (8,020) | (9,961) | $ (11,267) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 1,497 | 1,497 | 1,497 | |
Other Comprehensive Income Defined Benefit Plans Recognized Net Actuarial Gains Losses Arising During Period Before Tax | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 | |
Other Comprehensive Income Defined Benefit Plans Net Actuarial Gain Loss Arising During Period Before Tax | (2,453) | 444 | (191) | |
Other Comprehensive Income Defined Benefit Plans Other Adjustments | 0 | 0 | 0 | |
Other Comprehensive Income Defined Benefit Plans Foreign Currency Exchange Rate Changes Benefit Obligation | $ 0 | $ 0 | $ 0 |
Pensions and Other Post-Emplo_4
Pensions and Other Post-Employment Benefits Weighted average assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.11% | 3.43% | 3.68% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.43% | 3.68% | 3.88% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.00% | 4.00% | 4.00% |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.07% | 3.53% | 4.02% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.87% | 3.93% | 4.04% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.63% | 3.93% | 4.22% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.63% | 6.89% | 6.90% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.98% | 3.91% | 3.93% |
Pensions and Other Post-Emplo_5
Pensions and Other Post-Employment Benefits Healthcare Trends (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 6 | $ 8 |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.50% | 6.75% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2,025 | 2,025 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | $ 6 | $ 8 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 163 | 212 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ 152 | $ 198 |
Pensions and Other Post-Emplo_6
Pensions and Other Post-Employment Benefits Plan assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | $ 145,046 | $ 234,976 |
DefinedBenefitPlanFairValueofPlanAssetsExcludingNetAssetValueInvestments | 94,211 | 178,803 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DefinedBenefitPlanFairValueofPlanAssetsExcludingNetAssetValueInvestments | 94,211 | 161,795 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DefinedBenefitPlanFairValueofPlanAssetsExcludingNetAssetValueInvestments | 0 | 17,008 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
DefinedBenefitPlanFairValueofPlanAssetsExcludingNetAssetValueInvestments | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 21,881 | 10,604 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 21,881 | 10,604 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 50,862 | 109,229 |
Equity securities | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 50,862 | 104,261 |
Equity securities | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 4,968 |
Equity securities | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 18,211 | 42,291 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 18,211 | 30,639 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 11,652 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3,257 | 6,617 |
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3,257 | 6,284 |
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 333 |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Alternative Strategies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 9,948 |
Alternative Strategies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 9,893 |
Alternative Strategies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 55 |
Alternative Strategies [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Hedge Funds, Multi-strategy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 4,113 | 3,970 |
accrued interest and dividends [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 114 |
accrued interest and dividends [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 114 |
accrued interest and dividends [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
accrued interest and dividends [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Pooled Investment Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 24,947 | 21,378 |
common/collective trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 8,942 |
Intermediate term Bonds at NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 21,678 | 21,771 |
Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | $ 97 | $ 112 |
Pensions and Other Post-Emplo_7
Pensions and Other Post-Employment Benefits cash flow (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Domestic Defined Benefit Plan Estimated Future Employer Contributions In Next Fiscal Year | $ 6,000,000 |
Other Defined Benefit Plan Estimated Future Employer Contributions In Next Fiscal Year | 1,300,000 |
Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
DefinedBenefitPlanLumpSumProgramPayments | 100,000 |
Net of Medicare Subsidy [Domain] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1,241,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 1,352,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1,321,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,192,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1,182,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 4,125,000 |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 3,203,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 3,619,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 4,457,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 6,051,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 6,293,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 44,444,000 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1,258,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 1,367,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1,334,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,203,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1,192,000 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 4,155,000 |
Pensions and Other Post-Emplo_8
Pensions and Other Post-Employment Benefits (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Employee | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Pension and other post-retirement benefits (Textual) [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | |
Mutual fund that typically invests at least of its assets in equity and debt securities | 80.00% | ||
Target funded status percentage | 100.00% | ||
Current asset allocation to invest in alternative securities, maximum | 20.00% | ||
Domestic defined benefit pension plan | $ 6,000,000 | ||
Other defined benefit plan estimated future employer contributions in next fiscal year | 1,300,000 | ||
Liability for other post-employment arrangements | 38,853,000 | $ 93,225,000 | |
Company's annual contributions | 5,200,000 | 4,500,000 | $ 3,600,000 |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 111,542,000 | 0 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 161,169,000 | $ 302,942,000 | |
Pension and other post-retirement benefits (Textual) [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.87% | 3.93% | 4.04% |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 165,344,000 | $ 304,814,000 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 138,305,000 | 227,115,000 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 156,639,000 | 296,878,000 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 138,305,000 | 227,115,000 | |
DefinedBenefitPlanNumberofRetirees | Employee | 1,150 | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ 0 | 0 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 0 | $ 0 | |
Pension and other post-retirement benefits (Textual) [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | 4.00% |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 0 | $ 0 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 0 | 0 | |
Foreign Plan [Member] | |||
Pension and other post-retirement benefits (Textual) [Abstract] | |||
Liability for other post-employment arrangements | 1,600,000 | 2,100,000 | |
Maximum | |||
Pension and other post-retirement benefits (Textual) [Abstract] | |||
Lump sum program payments | $ 100,000 | ||
Equity securities | Minimum | |||
Pension and other post-retirement benefits (Textual) [Abstract] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | ||
Equity securities | Maximum | |||
Pension and other post-retirement benefits (Textual) [Abstract] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||
Fixed Income Funds | Minimum | |||
Pension and other post-retirement benefits (Textual) [Abstract] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | ||
Fixed Income Funds | Maximum | |||
Pension and other post-retirement benefits (Textual) [Abstract] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70.00% | ||
Change in Accounting Method Accounted for as Change in Estimate [Member] | |||
Pension and other post-retirement benefits (Textual) [Abstract] | |||
DefinedBenefitPensionPlanChangeInEstimateOnServiceandInterestCost | $ 1,000,000 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current year activity: | ||||
Accumulated other comprehensive loss | $ (58,234) | $ (102,937) | $ (86,181) | $ (80,705) |
Other comprehensive income (loss) before reclassifications | 10,477 | (8,370) | (14,714) | |
Amounts reclassified from accumulated other comprehensive income | 46,854 | 5,705 | 4,832 | |
Other comprehensive income (loss) before tax | 57,331 | (2,665) | (9,882) | |
Deferred taxes on current period activity | 12,628 | 14,091 | (4,406) | |
Other comprehensive income (loss) after tax | 44,703 | (16,756) | (5,476) | |
Gains and Losses On Cash Flow Hedges | ||||
Current year activity: | ||||
Accumulated other comprehensive loss | 901 | 763 | 1,837 | 1,579 |
Other comprehensive income (loss) before reclassifications | (435) | (1,643) | (377) | |
Amounts reclassified from accumulated other comprehensive income | (99) | 840 | 784 | |
Other comprehensive income (loss) before tax | (534) | (803) | 407 | |
Deferred taxes on current period activity | (672) | 271 | 149 | |
Other comprehensive income (loss) after tax | 138 | (1,074) | 258 | |
Pension and Post- Employment Benefits | ||||
Current year activity: | ||||
Accumulated other comprehensive loss | (54,543) | (99,592) | (82,358) | (76,796) |
Other comprehensive income (loss) before reclassifications | 11,396 | (8,279) | (14,165) | |
Amounts reclassified from accumulated other comprehensive income | 46,953 | 4,865 | 4,048 | |
Other comprehensive income (loss) before tax | 58,349 | (3,414) | (10,117) | |
Deferred taxes on current period activity | 13,300 | 13,820 | (4,555) | |
Other comprehensive income (loss) after tax | 45,049 | (17,234) | (5,562) | |
Foreign Currency Translation | ||||
Current year activity: | ||||
Accumulated other comprehensive loss | (4,592) | (4,108) | (5,660) | (5,488) |
Other comprehensive income (loss) before reclassifications | (484) | 1,552 | (172) | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | |
Other comprehensive income (loss) before tax | (484) | 1,552 | (172) | |
Deferred taxes on current period activity | 0 | 0 | 0 | |
Other comprehensive income (loss) after tax | (484) | 1,552 | (172) | |
Foreign Currency | Gains and Losses On Cash Flow Hedges | ||||
Current year activity: | ||||
Accumulated other comprehensive loss | 1,263 | 959 | 1,837 | 1,579 |
Other comprehensive income (loss) before reclassifications | (333) | (1,180) | (377) | |
Amounts reclassified from accumulated other comprehensive income | 10 | 632 | 784 | |
Other comprehensive income (loss) before tax | (323) | (548) | 407 | |
Deferred taxes on current period activity | (627) | 330 | 149 | |
Other comprehensive income (loss) after tax | 304 | (878) | 258 | |
Precious Metals | Gains and Losses On Cash Flow Hedges | ||||
Current year activity: | ||||
Accumulated other comprehensive loss | 79 | (196) | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 467 | (463) | 0 | |
Amounts reclassified from accumulated other comprehensive income | (109) | 208 | 0 | |
Other comprehensive income (loss) before tax | 358 | (255) | 0 | |
Deferred taxes on current period activity | 83 | (59) | 0 | |
Other comprehensive income (loss) after tax | 275 | (196) | 0 | |
Copper Swap [Member] | Gains and Losses On Cash Flow Hedges | ||||
Current year activity: | ||||
Accumulated other comprehensive loss | (441) | 0 | 0 | $ 0 |
Other comprehensive income (loss) before reclassifications | (569) | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | |
Other comprehensive income (loss) before tax | (569) | 0 | 0 | |
Deferred taxes on current period activity | (128) | 0 | 0 | |
Other comprehensive income (loss) after tax | $ (441) | $ 0 | $ 0 |
Stock-Based Compensation Detail
Stock-Based Compensation Details 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based Compensation Expense | $ 11,400 | $ 7,700 | $ 6,700 |
Income Tax Expense (Benefit) | (4,504) | 24,945 | (425) |
Equity securities | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income Tax Expense (Benefit) | $ (1,200) | $ (2,000) | $ 100 |
Stock-based Compensation Deta_2
Stock-based Compensation Details 2 (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based Compensation Expense | $ 11.4 | $ 7.7 | $ 6.7 |
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unearned Compensation | $ 1 | ||
Expected recognition period | 22 months | ||
Vested in period | $ 1.9 | $ 1.7 | $ 1.7 |
Granted (in dollars per share) | $ 15.73 | $ 10.89 | $ 8.07 |
Vesting period | 3 years | ||
Stock-based Compensation Expense | $ 0.7 | $ 1.4 | $ 0.9 |
Granted Prior To Two Thousand Eleven [Member] | Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Granted in Two Thousand Eleven and Later [Member] | Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 7 years |
Stock-based Compensation Deta_3
Stock-based Compensation Details 3 (Details) - Stock Appreciation Rights (SARs) $ / shares in Units, shares in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Number of SARs | |
Outstanding at December 31, 2017 | shares | 616 |
Granted | shares | 65 |
Exercised | shares | (277) |
Forfeited | shares | (25) |
Outstanding at December 31, 2018 | shares | 379 |
Vested and expected to vest as of December 31, 2018 | shares | 379 |
Exercisable at December 31, 2018 | shares | 60 |
Weighted- average Exercise Price Per Share | |
Outstanding at December 31, 2017 (in dollars per share) | $ / shares | $ 30.97 |
Granted (in dollars per share) | $ / shares | 50.35 |
Exercised (in dollars per share) | $ / shares | 33.03 |
Cancelled (in dollars per share) | $ / shares | 27.58 |
Outstanding at December 31, 2018 (in dollars per share) | $ / shares | 33.01 |
Vested and expected to vest as of December 31, 2018 (in dollars per share) | $ / shares | 33.01 |
Exercisable at December 31, 2018 (in dollars per share) | $ / shares | $ 34.10 |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2018 | $ | $ 4,894 |
Vested and expected to vest as of December 31, 2018 | $ | 4,894 |
Exercisable at December 31, 2018 | $ | $ 659 |
Weighted- average Remaining Term (Years) | |
Outstanding at December 31, 2018 | 4 years 6 months |
Vested and expected to vest as of December 31, 2018 | 4 years 6 months |
Exercisable at December 31, 2018 | 3 years |
Stock-based Compensation Deta_4
Stock-based Compensation Details 4 (Details) - Stock Appreciation Rights (SARs) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | |||
Outstanding at December 31, 2017 | 426 | ||
Granted | 65 | ||
Vested | (147) | ||
Forfeited | (25) | ||
Outstanding at December 31, 2018 | 319 | 426 | |
Weighted- average Grant Date Fair Value | |||
Outstanding at December 31, 2017 (in dollars per share) | $ 10.54 | ||
Granted (in dollars per share) | 15.73 | $ 10.89 | $ 8.07 |
Vested (in dollars per share) | 13.11 | ||
Forfeited (in dollars per share) | 8.73 | ||
Outstanding at December 31, 2018 (in dollars per share) | $ 10.33 | $ 10.54 |
Stock-based Compensation Deta_5
Stock-based Compensation Details 5 (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 2.58% | 1.92% | 1.25% |
Dividend yield | 0.80% | 1.10% | 1.40% |
Volatility | 31.90% | 34.00% | 38.00% |
Expected lives (in years) | 5 years 6 months | 5 years 7 months | 5 years 8 months |
Stock-based Compensation Deta_6
Stock-based Compensation Details 6 (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based Compensation Expense | $ 11.4 | $ 7.7 | $ 6.7 |
Stock Incentive Plan [Domain] | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Granted (in dollars per share) | $ 50.35 | $ 35.24 | $ 25.19 |
Stock-based Compensation Expense | $ 1.2 | $ 1.4 | $ 0.6 |
Unearned Compensation | $ 2.5 | ||
Expected amortization weighted average period | 24 months | ||
Vested in period | $ 1.4 | $ 1.2 | $ 1.2 |
Stock-based Compensation Deta_7
Stock-based Compensation Details 7 (Details) - Stock Incentive Plan [Domain] - Restricted Stock Units (RSUs) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | |||
Outstanding at December 31, 2017 | 119 | ||
Granted | 59 | ||
Vested | (38) | ||
Forfeited | (10) | ||
Outstanding at December 31, 2018 | 130 | 119 | |
Weighted- average Grant Date Fair Value | |||
Outstanding at December 31, 2017 (in dollars per share) | $ 32.16 | ||
Granted (in dollars per share) | 50.35 | $ 35.24 | $ 25.19 |
Vested (in dollars per share) | 36.69 | ||
Forfeited (in dollars per share) | 34.07 | ||
Outstanding at December 31, 2018 (in dollars per share) | $ 38.99 | $ 32.16 |
Stock-based compensation Deta_8
Stock-based compensation Details 8 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based Compensation Expense | $ 11.4 | $ 7.7 | $ 6.7 |
Restricted Stock Units (RSUs) | Director Equity Plan [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 15 | 19 | 26 |
Vesting period | 1 year | ||
Granted (in dollars per share) | $ 51.60 | $ 34.30 | $ 27.20 |
Stock-based Compensation Expense | $ 0.7 | $ 0.7 | $ 0.7 |
Unearned Compensation | $ 0.3 |
Stock-based Compensation Deta_9
Stock-based Compensation Details 9 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based Compensation Expense | $ 11.4 | $ 7.7 | $ 6.7 |
Performance-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Stock-based Compensation Expense | $ 2.7 | $ 1.5 | $ 1 |
Performance-Based Restricted Stock Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
PercentageOfUnitsEarnedOfUnitsGranted | 0.00% | ||
Performance-Based Restricted Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
PercentageOfUnitsEarnedOfUnitsGranted | 200.00% | ||
Executive Officer [Member] | Performance-Based Restricted Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
PercentageOfUnitsEarnedOfUnitsGranted | 100.00% |
Stock-based Compensation 10 (De
Stock-based Compensation 10 (Details) - Performance-Based Restricted Stock Units shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of Shares | |
Outstanding at December 31, 2017 | shares | 223 |
Granted | shares | 55 |
Vested | shares | (75) |
Forfeited | shares | (1) |
Outstanding at December 31, 2018 | shares | 202 |
Weighted-average Grant Date Fair Value | |
Outstanding at December 31, 2017 (in dollars per share) | $ / shares | $ 28.49 |
Granted (in dollars per share) | $ / shares | 62.44 |
Vested (in dollars per share) | $ / shares | 33.31 |
Forfeited (in dollars per share) | $ / shares | 62.44 |
Outstanding at December 31, 2018 (in dollars per share) | $ / shares | $ 35.76 |
Stock-based Compensation 11 (De
Stock-based Compensation 11 (Details) - Deferred Directors Compensation Plan Member - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | |||
Outstanding at December 31, 2017 | 164 | ||
Granted | 12 | ||
Distributed | 24 | ||
Outstanding at December 31, 2018 | 152 | 164 | |
Weighted-average Grant Date Fair Value | |||
Outstanding at December 31, 2017 (in dollars per share) | $ 23.55 | $ 25.96 | |
Granted (in dollars per share) | 53.11 | $ 35.34 | $ 24.46 |
Distributed (in dollars per share) | $ 54.71 |
Fair Value Information and De_3
Fair Value Information and Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Assets Fair Value Disclosure | $ 2,639 | $ 2,578 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 3,292 | 2,780 |
Fair Value, Measurements, Recurring | Copper Swap [Member] | ||
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 569 | |
Fair Value, Measurements, Recurring | Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 2,156 | 2,310 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 2,156 | 2,310 |
Fair Value, Measurements, Recurring | Forward Contracts [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 246 | 254 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 432 | 201 |
Fair Value, Measurements, Recurring | Swap [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 237 | 14 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 135 | 269 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 0 | 0 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 0 | 0 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Forward Contracts [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 0 | 0 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Swap [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 0 | 0 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Copper Swap [Member] | ||
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 483 | 268 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 1,136 | 470 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 0 | 0 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 246 | 254 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 432 | 201 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Swap [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 237 | 14 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 135 | 269 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Copper Swap [Member] | ||
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 569 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 2,156 | 2,310 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 2,156 | 2,310 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 2,156 | 2,310 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 2,156 | 2,310 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | Forward Contracts [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 0 | 0 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | Swap [Member] | ||
Financial Assets | ||
Assets Fair Value Disclosure | 0 | 0 |
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | Copper Swap [Member] | ||
Financial Liabilities | ||
Liabilities Fair Value Disclosure | 0 | |
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts - euro | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Notional Amount | 17,538 | 13,981 |
Derivative, Fair Value, Net | 5 | 127 |
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts - euro | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Notional Amount | 8,767 | 13,981 |
Derivative Asset, Fair Value, Gross Asset | 244 | 127 |
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts - euro | Accrued Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Notional Amount | 8,771 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 249 | $ 0 |
Fair Value Information and De_4
Fair Value Information and Derivative Financial Instruments (Details 2) - Foreign currency forward contracts - euro - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 17,538 | $ 13,981 |
Derivative, Fair Value, Net | 5 | 127 |
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Asset, Notional Amount | 8,767 | 13,981 |
Derivative Asset, Fair Value, Gross Asset | 244 | 127 |
Accrued Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liability, Notional Amount | 8,771 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 249 | $ 0 |
Fair Value Information and De_5
Fair Value Information and Derivative Financial Instruments (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 39,714 | $ 36,018 |
Derivative, Fair Value, Net | 648 | 329 |
Designated as Hedging Instrument [Member] | Other liabilities and accrued items | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Notional Amount | 34,456 | 23,650 |
Derivative Liability, Fair Value, Gross Liability | 887 | 456 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 5,258 | 10,699 |
Derivative Asset, Fair Value, Gross Asset | 239 | 127 |
Foreign Exchange Forward [Member] | Foreign currency forward contracts - yen | Other liabilities and accrued items | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Notional Amount | 1,264 | 0 |
Derivative Liability, Fair Value, Gross Liability | 17 | 0 |
Foreign Exchange Forward [Member] | Foreign currency forward contracts - yen | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 0 | 5,673 |
Derivative Asset, Fair Value, Gross Asset | 0 | 91 |
Foreign Exchange Forward [Member] | Foreign currency forward contracts - euro | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 725 | 5,026 |
Derivative Asset, Fair Value, Gross Asset | 2 | 36 |
Foreign Exchange Forward [Member] | Foreign currency forward contracts - euro | Designated as Hedging Instrument [Member] | Other liabilities and accrued items | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Notional Amount | 19,158 | 13,583 |
Derivative Liability, Fair Value, Gross Liability | 166 | 201 |
Swap [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 4,533 | 0 |
Derivative Asset, Fair Value, Gross Asset | 237 | 0 |
Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 0 | 880 |
Derivative Asset, Fair Value, Gross Asset | 0 | 14 |
Swap [Member] | Designated as Hedging Instrument [Member] | Other liabilities and accrued items | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Notional Amount | 2,864 | 10,067 |
Derivative Liability, Fair Value, Gross Liability | 135 | 255 |
Swap [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Notional Amount | 0 | 789 |
Derivative Liability, Fair Value, Gross Liability | 0 | 14 |
Copper Swap [Member] | Designated as Hedging Instrument [Member] | Other liabilities and accrued items | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Notional Amount | 11,170 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 569 | $ 0 |
Fair Value Information and De_6
Fair Value Information and Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 900 | $ 1,100 | |
Total derivative ineffectiveness expense | 0 | 0 | $ 0 |
Total fair value of derivative contracts in AOCI | (600) | $ (300) | |
Derivative, Loss on Derivative | $ (700) |
Contingencies and Commitments_2
Contingencies and Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Undiscounted reserve | ||
Reserve balance at beginning of year | $ 6,499 | $ 6,041 |
Expensed | 718 | 1,006 |
Paid | (696) | (548) |
Reserve balance at end of year | 6,521 | 6,499 |
Ending balance recorded in: | ||
Other liabilities and accrued items | 1,168 | 987 |
Other long-term liabilities | $ 5,353 | $ 5,512 |
Contingencies and Commitments_3
Contingencies and Commitments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis | ||
Asset retirement obligation at beginning of period | $ 1,167 | $ 1,084 |
Accretion expense | 89 | 83 |
Change in liability | 0 | 0 |
Asset retirement obligation at end of period | $ 1,256 | $ 1,167 |
Contingencies and Commitments_4
Contingencies and Commitments (Details Textual) $ in Millions | Dec. 31, 2018USD ($)claim | Dec. 31, 2017USD ($)claim |
Contingencies And Commitments (Textual) [Abstract] | ||
Number of CBD cases pending | claim | 1 | 1 |
Letter of Credit | ||
Contingencies And Commitments (Textual) [Abstract] | ||
Outstanding letters of credit | $ | $ 27.2 | $ 27.3 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 31, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 298,070 | $ 297,193 | $ 309,085 | $ 303,467 | $ 308,668 | $ 294,268 | $ 295,842 | $ 240,669 | $ 1,207,815 | $ 1,139,447 | $ 969,236 |
Summary of selected quarterly financial data | |||||||||||
Gross margin | $ 66,052 | $ 64,935 | $ 61,838 | $ 58,280 | $ 58,985 | $ 55,793 | $ 54,895 | $ 43,156 | $ 251,105 | $ 212,829 | 184,528 |
Percent of net sales | 22.20% | 21.80% | 20.00% | 19.20% | 19.10% | 19.00% | 18.60% | 17.90% | 20.80% | 18.70% | |
Net income | $ (20,828) | $ 19,966 | $ 11,144 | $ 10,564 | $ (8,232) | $ 9,320 | $ 7,313 | $ 3,050 | $ 20,846 | $ 11,451 | $ 25,740 |
Net income per share of common stock: | |||||||||||
Basic EPS (in usd per share) | $ (1.03) | $ 0.99 | $ 0.55 | $ 0.52 | $ (0.41) | $ 0.47 | $ 0.37 | $ 0.15 | $ 1.03 | $ 0.57 | $ 1.29 |
Diluted EPS (in usd per share) | $ (1.03) | $ 0.97 | $ 0.54 | $ 0.51 | $ (0.41) | $ 0.46 | $ 0.36 | $ 0.15 | $ 1.01 | $ 0.56 | $ 1.27 |
Quarterly Data (Unaudited) (D_2
Quarterly Data (Unaudited) (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Pension settlement charges | $ 41,406 | $ 0 | $ 120 |
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | $ 17,100 | ||
TCJA Tax Benefit | $ (11,100) |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for doubtful accounts receivable | |||
Deducted from asset accounts: | |||
Balance at Beginning of Period | $ 640 | $ 857 | $ 1,197 |
Charged to Costs and Expenses | 271 | 84 | (34) |
Charged to Other Accounts | 0 | 0 | 0 |
Deduction | 295 | 301 | 306 |
Balance at End of Period | 616 | 640 | 857 |
Inventory reserves and obsolescence | |||
Deducted from asset accounts: | |||
Balance at Beginning of Period | 13,176 | 14,407 | 7,869 |
Charged to Costs and Expenses | 3,341 | 3,521 | 10,564 |
Charged to Other Accounts | 0 | 0 | 0 |
Deduction | 4,491 | 4,752 | 4,026 |
Balance at End of Period | $ 12,026 | $ 13,176 | $ 14,407 |