Materion (MTRN) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-15885
Entity Registrant Name	MATERION CORPORATION
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1919973
Entity Address, Address Line One	6070 Parkland Blvd
Entity Address, City or Town	Mayfield Heights
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44124
City Area Code	216
Local Phone Number	486-4200
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MTRN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	20,608,704
Entity Central Index Key	0001104657
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Income Statement [Abstract]
Net sales	$ 442,526	$ 449,045
Cost of sales	351,190	373,754
Gross margin	91,336	75,291
Selling, general, and administrative expense	40,336	41,662
Research and development expense	7,621	7,074
Restructuring expense (income)	664	1,076
Other—net	5,775	5,873
Operating profit	36,940	19,606
Other non-operating income—net	(730)	(1,169)
Interest expense—net	7,502	3,735
Income before income taxes	30,168	17,040
Income tax expense	4,580	3,021
Net income	$ 25,588	$ 14,019
Basic earnings per share:
Net income per share of common stock (in dollars per share)	$ 1.24	$ 0.69
Diluted earnings per share:
Net income per share of common stock (in dollars per share)	$ 1.23	$ 0.68
Weighted-average number of shares of common stock outstanding:
Basic (in shares)	20,566	20,464
Diluted (in shares)	20,887	20,724

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 25,588	$ 14,019
Other comprehensive (loss) income:
Foreign currency translation adjustment	2,689	(2,047)
Derivative and hedging activity, net of tax	(2,339)	2,270
Pension and post-employment benefit adjustment, net of tax	(67)	(240)
Other comprehensive loss	283	(17)
Comprehensive income	$ 25,871	$ 14,002

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 15,243	$ 13,101
Accounts receivable, net	207,998	215,211
Inventories, net	434,485	423,080
Prepaid and other current assets	42,128	39,056
Total current assets	699,854	690,448
Deferred income taxes	3,335	3,265
Property, plant, and equipment	1,198,350	1,209,205
Less allowances for depreciation, depletion, and amortization	(728,788)	(760,440)
Property, plant, and equipment, net	469,562	448,765
Operating lease, right-of-use assets	62,352	64,249
Intangible assets, net	140,430	143,219
Other assets	22,183	22,535
Goodwill	320,268	319,498
Total Assets	1,717,984	1,691,979
Current liabilities
Short-term debt	27,727	21,105
Accounts payable	126,866	107,899
Salaries and wages	22,077	35,543
Other liabilities and accrued items	44,186	54,993
Income taxes	4,669	3,928
Unearned revenue	20,292	15,496
Total current liabilities	245,817	238,964
Other long-term liabilities	14,255	12,181
Operating lease liabilities	57,424	59,055
Finance lease liabilities	14,068	13,876
Retirement and post-employment benefits	20,738	20,422
Unearned income	109,883	107,736
Long-term income taxes	812	665
Deferred income taxes	27,511	28,214
Long-term debt	405,482	410,876
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 at March 31 and December 31)	297,802	288,100
Retained earnings	792,421	769,418
Common stock in treasury	(231,906)	(220,864)
Accumulated other comprehensive loss	(41,626)	(41,909)
Other equity	5,303	5,245
Total shareholders' equity	821,994	799,990
Total Liabilities and Shareholders’ Equity	$ 1,717,984	$ 1,691,979

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Serial preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Serial preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares, issued (in shares)	27,148,000	27,148,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Cash flows from operating activities:
Net income (loss)	$ 25,588	$ 14,019
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	15,092	13,179
Amortization of deferred financing costs in interest expense	424	511
Stock-based compensation expense (non-cash)	2,250	1,699
Deferred income tax (benefit) expense	(52)	401
Changes in assets and liabilities:
Accounts receivable	7,538	(15,045)
Inventory	(12,081)	(28,129)
Prepaid and other current assets	(2,865)	(5)
Accounts payable and accrued expenses	(1,904)	(4,177)
Unearned revenue	254	(343)
Interest and taxes payable	657	1,874
Unearned income due to customer prepayments	7,724	0
Other-net	(4,520)	1,712
Net cash (used in) provided by operating activities	38,105	(14,304)
Cash flows from investing activities:
Payments for purchase of property, plant, and equipment	(30,014)	(18,977)
Proceeds from sale of property, plant, and equipment	212	11
Net cash used in investing activities	(29,802)	(18,966)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit agreement, net	4,600	49,067
Repayment of debt	(3,907)	(3,839)
Principal payments under finance lease obligations	(799)	(686)
Cash dividends paid	(2,571)	(2,520)
Payments of withholding taxes for stock-based compensation awards	(3,614)	(2,717)
Net cash provided by financing activities	(6,291)	39,305
Effects of exchange rate changes	130	(260)
Net change in cash and cash equivalents	2,142	5,775
Cash and cash equivalents at beginning of period	13,101	14,462
Cash and cash equivalents at end of period	$ 15,243	$ 20,237

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Common Stock in Treasury	Retained Earnings	Accumulated Other Comprehensive Loss	Other Equity
Common stock, beginning balance (in shares) at Dec. 31, 2021		20,448
Treasury stock, beginning balance (in shares) at Dec. 31, 2021			(6,700)
Beginning balance at Dec. 31, 2021	$ 720,440	$ 271,978	$ (209,920)	$ 693,756	$ (40,169)	$ 4,795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	14,019			14,019
Other comprehensive loss	(17)				(17)
Cash dividends declared	(2,520)			(2,520)
Stock-based compensation activity (in shares)		95	95
Stock-based compensation activity	1,699	$ 6,572	$ (4,873)
Payments of withholding taxes for stock-based compensation awards (in shares)		(33)	(33)
Payments of withholding taxes for stock-based compensation awards	(2,717)		$ (2,717)
Directors' deferred compensation (in shares)		1	1
Directors’ deferred compensation	60	$ 39	$ (39)			60
Common stock, ending balance (in shares) at Apr. 01, 2022		20,511
Treasury stock, ending balance (in shares) at Apr. 01, 2022			(6,637)
Ending balance at Apr. 01, 2022	730,964	$ 278,589	$ (217,549)	705,255	(40,186)	4,855
Common stock, beginning balance (in shares) at Dec. 31, 2022		20,543
Treasury stock, beginning balance (in shares) at Dec. 31, 2022			(6,605)
Beginning balance at Dec. 31, 2022	799,990	$ 288,100	$ (220,864)	769,418	(41,909)	5,245
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	25,588			25,588
Other comprehensive loss	283				283
Cash dividends declared	(2,571)			(2,571)
Stock-based compensation activity (in shares)		98	98
Stock-based compensation activity	2,250	$ 9,675	$ (7,411)	(14)
Payments of withholding taxes for stock-based compensation awards (in shares)		(33)	(33)
Payments of withholding taxes for stock-based compensation awards	(3,614)		$ (3,614)
Directors' deferred compensation (in shares)		1	1
Directors’ deferred compensation	68	$ 27	$ (17)			58
Common stock, ending balance (in shares) at Mar. 31, 2023		20,609
Treasury stock, ending balance (in shares) at Mar. 31, 2023			(6,539)
Ending balance at Mar. 31, 2023	$ 821,994	$ 297,802	$ (231,906)	$ 792,421	$ (41,626)	$ 5,303

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in usd per share)	$ 0.125	$ 0.12

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation: The accompanying consolidated financial statements of Materion Corporation and its subsidiaries (referred to herein as the Company, our, we, or us) contain all of the adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. All adjustments were of a normal and recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's 2022 Annual Report on Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year. New Pronouncements Adopted: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This guidance is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is available immediately and may be implemented in any period prior to the guidance expiration on December 31, 2024. The Company has applied this guidance in accounting for the interest rate swaps discussed in Note M. Any additional reference rate reform impacts will be accounted for in accordance with ASU 2020-04 and ASU 2022-06.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has the following reportable segments: Performance Materials, Electronic Materials, Precision Optics, and Other. The Company’s reportable 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. Performance Materials provides advanced engineered solutions comprised of beryllium and non-beryllium containing alloy systems and custom engineered parts in strip, bulk, rod, plate, bar, tube, and other customized shapes. Electronic 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 Optics 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. The primary measurement used by management to measure the financial performance of each segment is earnings before interest, taxes, depreciation and amortization ("EBITDA"). The below table presents financial information for each segment and a reconciliation of EBITDA to Net Income (the most directly comparable GAAP financial measure) for the first quarter of 2023 and 2022: (Thousands) Three months ended March 31, 2023 Three months ended April 1, 2022 Net sales: Performance Materials (1) 187,014 149,630 Electronic Materials (1) 228,820 270,836 Precision Optics 26,692 28,579 Other — — Net sales $ 442,526 $ 449,045 Segment EBITDA: Performance Materials 42,770 24,792 Electronic Materials 13,955 12,148 Precision Optics 2,692 2,191 Other (6,655) (5,177) Total Segment EBITDA $ 52,762 $ 33,954 Income tax expense 4,580 3,021 Interest expense - net 7,502 3,735 Depreciation, depletion and amortization 15,092 13,179 Net income $ 25,588 $ 14,019 (1) Excludes inter-segment sales of $3.1 million for the first quarter of 2023 and $5.5 million for the first quarter of 2022 for Electronic Materials and $0.3 million for the first quarter of 2022 for Performance Materials. Inter-segment sales are eliminated in consolidation. The following table disaggregates revenue for each segment by end market for the first quarter of 2023 and 2022: (Thousands) Performance Materials Electronic Materials Precision Optics Other Total First Quarter 2023 End Market Semiconductor $ 2,590 $ 180,616 $ 911 $ — $ 184,117 Industrial 38,674 12,969 8,733 — 60,376 Aerospace and defense 30,358 2,077 4,648 — 37,083 Consumer electronics 9,356 187 3,255 — 12,798 Automotive 25,493 1,501 2,608 — 29,602 Energy 13,468 24,951 — — 38,419 Telecom and data center 16,126 13 — — 16,139 Other 50,949 6,506 6,537 — 63,992 Total $ 187,014 $ 228,820 $ 26,692 $ — $ 442,526 First Quarter 2022 End Market Semiconductor $ 1,800 $ 214,922 $ 1,327 $ — $ 218,049 Industrial 40,069 15,866 8,434 — 64,369 Aerospace and defense 23,684 2,614 5,145 — 31,443 Consumer electronics 13,002 325 5,312 — 18,639 Automotive 22,235 1,657 2,464 — 26,356 Energy 10,849 29,119 — — 39,968 Telecom and data center 16,081 45 — — 16,126 Other 21,910 6,288 5,897 — 34,095 Total $ 149,630 $ 270,836 $ 28,579 $ — $ 449,045

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition 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 a 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. Transaction Price Allocated to Future Performance Obligations: Accounting Standards Codification 606, Revenue from Contracts with Customers, requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at March 31, 2023. Remaining performance obligations include non-cancelable 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 March 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $70.1 million. Contract Balances : The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities: (Thousands) March 31, 2023 December 31, 2022 $ change % change Accounts receivable, trade $ 208,633 $ 215,726 $ (7,093) (3) % Unbilled receivables 13,919 10,765 3,154 29 % Unearned revenue 20,292 15,496 4,796 31 % 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 related to our receivables were immaterial during the first three months of 2023. Unbilled receivables represent expenditures on contracts, plus applicable profit margin, not yet billed. Unbilled receivables are generally 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. The Company recognized approximately $7.5 million of the December 31, 2022 unearned amounts as revenue during the first three months of 2023. 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.

Other-net

Other-net	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Other-net	Other-net Other-net for the first quarter of 2023 and 2022 is summarized as follows: First Quarter Ended March 31, April 1, (Thousands) 2023 2022 Amortization of intangible assets $ 3,121 $ 3,131 Metal consignment fees 2,929 3,011 Foreign currency (gain) loss (208) (333) Net (gain) loss on disposal of fixed assets 5 (11) Other items (72) 75 Total $ 5,775 $ 5,873

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the first quarter of 2023 and 2022 was 15.2% and 17.7%, respectively. The effective tax rate for the first quarter of 2023 was lower than the statutory tax rate primarily due to the impact of percentage depletion, the foreign derived intangible income deduction, and research and development credits. The effective tax rate for the first quarter of 2023 included a net discrete income tax benefit of $0.5 million, primarily related to excess tax benefits from stock-based compensation awards. The effective tax rate for the first quarter of 2022 included a net discrete income tax benefit of $0.1 million, primarily related to excess tax benefits from stock-based compensation awards. Government Tax Credits On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (IRA) into law. The IRA, among other provisions, includes a new corporate alternative minimum tax on certain large corporations and new or enhanced federal energy and manufacturing tax credits effective for tax years beginning in 2023. The Company is not subject to the minimum tax as our average annual book profits over the prior three-year period were less than $1 billion. The IRA introduced a new advanced manufacturing production credit (“production credit”), which provides an annual cash benefit for a portion of production costs for the sale of certain minerals produced in the U.S. and sold by a taxpayer during the year. The IRA affords the Company eligibility to a production credit beginning in 2023, for which the Company expects to recognize cash savings of approximately $8 million for the year ending December 31, 2023. The issuance of guidance and interpretation as to the eligibility for, calculation of, and methods for claiming the production credit remain pending. We will continue to monitor developments related to the production credit from the IRS and US Treasury Department and evaluate the potential impact to the Company’s production credit. The Company will finalize the expected annual production credit impact as further guidance is issued. The production credit is recorded as a reduction in cost of goods sold as the applicable items are produced and sold. U.S. GAAP does not address the accounting for government grants received by a business entity that are outside the scope of ASC 740. Our accounting policy is to analogize to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, under IFRS Accounting Standards, under which we recognize the benefit of tax credits accounted for by applying IAS 20 in pretax income on a systematic basis in line with its recognition of the expenses that the grant is intended to compensate.

Earnings Per Share (EPS)

Earnings Per Share (EPS)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	Earnings Per Share (EPS) The following table sets forth the computation of basic and diluted EPS: First Quarter Ended March 31, April 1, (Thousands, except per share amounts) 2023 2022 Numerator for basic and diluted EPS: Net income (loss) $ 25,588 $ 14,019 Denominator: Denominator for basic EPS: Weighted-average shares outstanding 20,566 20,464 Effect of dilutive securities: Stock appreciation rights 103 97 Restricted stock units 105 106 Performance-based restricted stock units 113 57 Diluted potential common shares 321 260 Denominator for diluted EPS: Adjusted weighted-average shares outstanding 20,887 20,724 Basic EPS $ 1.24 $ 0.69 Diluted EPS $ 1.23 $ 0.68 Adjusted weighted-average shares outstanding - diluted exclude securities totaling 17,902 and 117,390 for the quarters ended March 31, 2023 and April 1, 2022, respectively. These securities are primarily related to restricted stock units (RSUs) and stock appreciation rights (SARs) with fair market values and exercise prices greater than the average market price of the Company's common shares and were excluded from the dilution calculation as the effect would have been anti-dilutive.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories on the Consolidated Balance Sheets are summarized as follows: March 31, December 31, (Thousands) 2023 2022 Raw materials and supplies $ 116,404 $ 113,694 Work in process 250,920 249,105 Finished goods 67,161 60,281 Inventories, net $ 434,485 $ 423,080

Customer Prepayments

Customer Prepayments	3 Months Ended
	Mar. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Customer Prepayments	Customer Prepayments In 2020, the Company entered into an investment agreement and a master supply agreement with a customer to procure equipment to manufacture product for the customer. The customer provided prepayments to the Company to fund the necessary infrastructure improvements and procure the equipment necessary to supply the customer with the desired product. The Company owns, operates and maintains the equipment that is being used to manufacture product for the customer. Revenue will be recognized as the Company fulfills purchase orders and ships the commercial product to the customer, as product delivery is considered the satisfaction of the performance obligation. Additionally, during the second quarter of 2022, the Company entered into an amendment to the investment agreement with the same customer to procure additional equipment to manufacture product for the customer. As of March 31, 2023, the Company has received approximately $29.7 million in prepayments under the terms of this amended agreement, of which $7.7 million was received during the first quarter of 2023. As of March 31, 2023 and December 31, 2022, $89.0 million and $85.9 million, respectively, of prepayments are classified as Unearned income on the Consolidated Balance Sheets. The prepayments will remain in Unearned income until commercial purchase orders are received for product serviced out of the equipment, at which time a portion of the purchase order value related to prepayments will be reclassified to Unearned revenue. As of March 31, 2023 $5.1 million of the prepayments are classified as Unearned revenue.

Pensions and Other Post-employm

Pensions and Other Post-employment Benefits	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Pensions and Other Post-employment Benefits	Pensions and Other Post-employment Benefits The following is a summary of the net periodic benefit cost for the first quarter of 2023 and 2022 for the pension plans as shown below. The Pension Benefits columns aggregate defined benefit pension plans in the U.S., Germany, Liechtenstein, England, and the U.S. supplemental retirement plans. The Other Benefits columns include the domestic retiree medical and life insurance plan. Pension Benefits Other Benefits First Quarter Ended First Quarter Ended March 31, April 1, March 31, April 1, (Thousands) 2023 2022 2023 2022 Components of net periodic benefit (income) cost Service cost $ 222 $ 318 $ 13 $ 22 Interest cost 1,973 1,223 68 39 Expected return on plan assets (2,439) (2,400) — — Amortization of prior service cost (benefit) (23) (20) (139) (374) Amortization of net loss (gain) (81) 430 (95) (68) Total net benefit (income) cost $ (348) $ (449) $ (153) $ (381) The Company did not make any contributions to its defined benefit plan in the first quarter of 2023 or 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income, including the amounts reclassified, for the first quarter of 2023 and 2022 are as follows: Gains and Losses on Cash Flow Hedges (Thousands) Foreign Currency Interest Rate Precious Metals Total Pension and Post-Employment Benefits Foreign Currency Translation Total Balance at December 31, 2022 $ 1,243 $ 6,055 $ (223) $ 7,075 $ (40,228) $ (8,756) $ (41,909) Other comprehensive income (loss) before reclassifications (67) (1,703) (475) (2,245) — 2,689 444 Amounts reclassified from accumulated other comprehensive income (loss) (35) (782) 25 (792) (338) — (1,130) Net current period other comprehensive (loss) income before tax (102) (2,485) (450) (3,037) (338) 2,689 (686) Deferred taxes (24) (571) (103) (698) (271) — (969) Net current period other comprehensive (loss) income after tax (78) (1,914) (347) (2,339) (67) 2,689 283 Balance at March 31, 2023 $ 1,165 $ 4,141 $ (570) $ 4,736 $ (40,295) $ (6,067) $ (41,626) Balance at December 31, 2021 $ 2,348 $ — $ 72 $ 2,420 $ (39,702) $ (2,887) $ (40,169) Other comprehensive (loss) income before reclassifications 153 3,112 (520) 2,745 — (2,047) 698 Amounts reclassified from accumulated other comprehensive income (loss) (19) 115 107 203 (1,000) — (797) Net current period other comprehensive (loss) income before tax 134 3,227 (413) 2,948 (1,000) (2,047) (99) Deferred taxes 31 742 (95) 678 (760) — (82) Net current period other comprehensive (loss) income after tax 103 2,485 (318) 2,270 (240) (2,047) (17) Balance at April 1, 2022 $ 2,451 $ 2,485 $ (246) $ 4,690 $ (39,942) $ (4,934) $ (40,186) Reclassifications from accumulated other comprehensive income (loss) of gains and losses on foreign currency cash flow hedges are recorded in Net sales in the Consolidated Statements of Income (Loss). Reclassifications from accumulated other comprehensive income (loss) of gains and losses on precious metal and copper cash flow hedges are recorded in Cost of sales in the Consolidated Statements of Income. Reclassifications from accumulated other comprehensive income (loss) of gains and losses on the interest rate cash flow hedge is recorded in Interest expense in the Consolidated Statements of Income. Refer to Note M for additional details on cash flow hedges.

Stock-based Compensation Expens

Stock-based Compensation Expense	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation Expense	Stock-based Compensation Expense Stock-based compensation expense, which includes awards settled in shares and in cash, was $2.4 million and $1.8 million in the first quarter of 2023 and 2022, respectively. The Company granted 47,084 SARs to certain employees during the first quarter of 2023. The weighted-average exercise price per share and weighted-average fair value per share of the SARs granted during the three months ended March 31, 2023 were $113.28 and $42.27, respectively. The Company estimated the fair value of the SARs using the following weighted-average assumptions in the Black-Scholes model: Risk-free interest rate 4.27 % Dividend yield 0.44 % Volatility 39.0 % Expected term (in years) 4.5 The Company granted 47,759 stock-settled RSUs to certain employees during the first quarter of 2023. The Company measures the fair value of stock-settled RSUs based on the closing market price of a share of Materion common stock on the date of the grant. The weighted-average fair value per share was $113.05 for stock-settled RSUs granted to employees during the three months ended March 31, 2023. RSUs are generally expensed over the vesting period of three years for employees. The Company granted stock-settled performance-based restricted stock units (PRSUs) to certain employees in the first quarter of 2023. The weighted-average fair value of the stock-settled PRSUs was $154.97 per share and will be expensed over the vesting period of three years. The final payout to the employees for all PRSUs will be based upon the Company’s return on invested capital and its total return to shareholders over the vesting period relative to a peer group’s performance over the same period.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of 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 on 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 as of March 31, 2023 and December 31, 2022: (Thousands) Total Carrying Value in the Consolidated Balance Sheets Quoted Prices Significant Significant 2023 2022 2023 2022 2023 2022 2023 2022 Financial Assets Deferred compensation investments $ 3,860 $ 3,001 $ 3,860 $ 3,001 $ — $ — $ — $ — Foreign currency forward contracts 385 1,291 — — 385 1,291 — — Interest rate swap 7,175 7,863 — — 7,175 7,863 — — Precious metal swaps 131 118 — — 131 118 — — Total $ 11,551 $ 12,273 $ 3,860 $ 3,001 $ 7,691 $ 9,272 $ — $ — Financial Liabilities Deferred compensation liability $ 3,860 $ 3,001 $ 3,860 $ 3,001 $ — $ — $ — $ — Foreign currency forward contracts 741 1,757 — — 741 1,757 — — Interest rate swap 1,797 — — — 1,797 — — Precious metal swaps 874 411 — — 874 411 — — Total $ 7,272 $ 5,169 $ 3,860 $ 3,001 $ 3,412 $ 2,168 $ — $ — 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, metals, and interest rates. The carrying values of the other working capital items and debt in the Consolidated Balance Sheets approximate fair values as of March 31, 2023 and December 31, 2022. 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.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activity	Derivative Instruments and Hedging Activity The Company uses derivative contracts to hedge exposure to movements in interest rates associated with borrowings, foreign currency exposures, and precious metal and copper exposures. The objectives and strategies for using derivatives in these areas are as follows: Interest Rate. On March 4, 2022, the Company entered into a $100.0 million interest rate swap to hedge the interest rate risk on the Credit Agreement described in Note O. The swap hedges the change in 1-month Secured Overnight Financial Rate (SOFR) from March 4, 2022 to November 2, 2026. On March 21, 2023, the Company entered into two $50.0 million interest rate swaps to hedge the interest rate risk on the Credit Agreement described in Note O. The swaps hedge the change in 1-month USD-SOFR. The purpose of these hedges is to manage the risk of changes in the monthly interest payments attributable to changes in the benchmark interest rate. 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. The use of foreign currency derivative contracts is governed by policies approved by the Audit Committee of the Board of Directors. 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 nature of 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. 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 product containing precious metal is fabricated and delivered to the customer, the metal content is purchased out of consignment based on the current market price. The price paid by the Company for the precious metal forms the basis for the price charged to the customer for the metal content in the product. 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 that changes in prices could have on the Company's margins and operating profit. The consigned metal is owned by precious metal consignors that charge the Company consignment fees based upon the value of the metal as it fluctuates while on consignment. Each precious metal consignor retains title to its consigned precious metal until it is purchased by the Company, and it is the Company’s typical practice to purchase metal out of consignment only after a product containing that metal has been purchased by one of our customers. In certain instances, a customer may want to fix 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 out of consignment 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 refined and purchased, thereby reducing the exposure to adverse movements in the price of the metal. The Company may also enter into hedges to mitigate the risk relating to the prices of the metals that we process or refine. In certain circumstances, the Company also refines metal from the customer and may retain a portion of the refined metal as payment. The Company may elect to enter into a forward contract to sell precious metal to reduce the Company's price exposure in these instances. The Company may, from time to time, elect to purchase precious metal and hold in inventory rather than on consignment due to potential consignment line limitations or other factors. These purchases are infrequent and, when made 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 paid when the metal is transferred back to the consignment line, thereby limiting any price exposure during the time when the metal was owned by the Company. 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 a 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) and reclassified into income in the same period or periods during which the hedged transaction affects 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 derivative assets and liabilities are classified as short-term or long-term depending upon the contract maturity date. The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments (on a gross basis) and the balance sheet classification as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (Thousands) Notional Fair Notional Fair Foreign currency forward contracts Prepaid and other current assets $ 13,277 $ 156 $ 12,242 $ 791 Other liabilities and accrued items 18,054 201 17,061 1,048 These outstanding foreign currency derivatives were related to balance sheet hedges and intercompany loans. Other-net included $0.2 million and $0.7 million of foreign currency losses and gains related to derivatives in the first quarter of 2023 and 2022, respectively. The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and the balance sheet classification as of March 31, 2023 and December 31, 2022: March 31, 2023 Fair Value (Thousands) Notional Prepaid and other current assets Other assets Other liabilities and accrued items Other long-term liabilities Foreign currency forward contracts - yen $ 2,063 $ 98 $ — $ 49 $ — Foreign currency forward contracts - euro 17,129 131 — 491 — Precious metal swaps 8,486 131 — 874 — Interest rate swap 200,000 3,725 3,450 — 1,797 Total $ 227,678 $ 4,085 $ 3,450 $ 1,414 $ 1,797 December 31, 2022 Fair Value Notional Prepaid and other current assets Other assets Other liabilities and accrued items Other long-term liabilities Foreign currency forward contracts - yen $ 2,985 $ 145 $ — $ 74 $ 26 Foreign currency forward contracts - euro 25,712 355 — 472 137 Precious metal swaps 8,758 118 — 411 — Interest rate swap 100,000 3,114 4,749 — — Total $ 137,455 $ 3,732 $ 4,749 $ 957 $ 163 All of the contracts summarized above were designated and effective as cash flow hedges. We expect to reclassify $2.7 million of gains into earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. At March 31, 2023, the maximum term of derivative instruments that hedge forecasted transactions was approximately four years. Refer to Note J for additional OCI details. The following table summarizes the amounts reclassified from accumulated other comprehensive income related to the Company’s outstanding derivatives designated as cash flow hedges and associated income statement classification as of the first quarter of 2023 and 2022: First Quarter Ended (Thousands) March 31, 2023 April 1, 2022 Hedging relationship Line item Foreign currency forward contracts Net sales $ (35) $ (19) Precious metal swaps Cost of sales 25 107 Interest rate swap Interest expense - net (782) 115 Total $ (792) $ 203

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2023
Loss Contingency [Abstract]
Contingencies	Contingencies Legal Proceedings . For general information regarding legal proceedings relating to Chronic Beryllium Disease Claims , refer to Note S "Contingencies and Commitments" in the Company's 2022 Annual Report on Form 10-K. One beryllium case was outstanding as of March 31, 2023. The Company does not expect the resolution of this matter to have a material impact on the consolidated financial statements. Other Litigation. The Company is party to several pending legal proceedings and claims arising in the normal course of business. The Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosure related to such matters. To the extent there is a reasonable possibility that the losses could exceed any amounts accrued, the Company will adjust the accrual in the period the determination is made, disclose an estimate of the additional loss or range of loss, indicate that the estimate is immaterial with respect to its financial statements as a whole or, if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made. On October 14, 2020, Garett Lucyk, et al. v. Materion Brush Inc., et. al. , case number 20CV0234, a wage and hour purported collective and class action, was filed in the Northern District of Ohio against the Company and its subsidiary, Materion Brush Inc. (collectively, the Company). Plaintiff, a former hourly production employee at the Company's Elmore, Ohio facility, alleges, among other things, that he and other similarly situated employees nationwide are not paid for all time they spend donning and doffing personal protective equipment in violation of the Fair Labor Standards Act and Ohio law. Plaintiff filed a motion for conditional certification, which the Company opposed. On August 2, 2022, the Court conditionally certified a class of employees at the Company’s Elmore facility only and rejected certification of a class across the Company’s other facilities. In November 2022, the parties reached a settlement for an immaterial amount. The Court preliminarily approved the settlement on March 30, 2023 and set a final approval hearing for July 2023. Environmental Proceedings. The Company has an active environmental compliance program and records reserves for the probable cost of identified environmental remediation projects. The reserves are established based upon analyses conducted by the Company’s engineers and outside consultants and are adjusted from time to time based upon ongoing studies, the difference between actual and estimated costs, and other factors. The reserves may also be affected by rulings and negotiations with regulatory agencies. The undiscounted reserve balance was $4.4 million and $4.5 million at March 31, 2023 and December 31, 2022, respectively, and is included in Other liabilities and accrued items and Other long-term liabilities on the Consolidated Balance Sheet. Environmental projects tend to be long-term, and the final actual remediation costs may differ from the amounts currently recorded.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt (Thousands) March 31, 2023 December 31, 2022 Borrowings under Credit Agreement $ 145,155 $ 143,250 Borrowings under the Term Loan Facility 281,250 285,000 Foreign debt 10,366 7,541 Total debt outstanding 436,771 435,791 Current portion of long-term debt (27,727) (21,105) Gross long-term debt 409,044 414,686 Unamortized deferred financing fees (3,562) (3,810) Long-term debt $ 405,482 $ 410,876 As of March 31, 2023 and December 31, 2022, the Company had $145.2 million outstanding at an average interest rate of 6.42% and $143.3 million outstanding at an average interest rate of 6.08%, respectively, under its revolving credit facility. The available borrowing capacity under the revolving credit facility as of March 31, 2023 was $186.8 million. The Company has the option to repay or borrow additional funds under the revolving credit facility until the maturity date in 2026. The amended and restated credit agreement governing the revolving credit facility (Credit Agreement) includes covenants subject to a maximum leverage ratio and a minimum fixed charge coverage ratio. We were in compliance with all of our debt covenants as of March 31, 2023. The balance outstanding on the term loan facility as of March 31, 2023 and December 31, 2022 was $281.3 million and $285.0 million, respectively. At both March 31, 2023 and December 31, 2022, there was $46.5 million outstanding against the letters of credit sub-facility.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying consolidated financial statements of Materion Corporation and its subsidiaries (referred to herein as the Company, our, we, or us) contain all of the adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. All adjustments were of a normal and recurring nature.
New Pronouncements Adopted	New Pronouncements Adopted: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This guidance is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is available immediately and may be implemented in any period prior to the guidance expiration on December 31, 2024. The Company has applied this guidance in accounting for the interest rate swaps discussed in Note M. Any additional reference rate reform impacts will be accounted for in accordance with ASU 2020-04 and ASU 2022-06.
Revenue	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 a 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. Transaction Price Allocated to Future Performance Obligations: Accounting Standards Codification 606, Revenue from Contracts with Customers,

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	The below table presents financial information for each segment and a reconciliation of EBITDA to Net Income (the most directly comparable GAAP financial measure) for the first quarter of 2023 and 2022: (Thousands) Three months ended March 31, 2023 Three months ended April 1, 2022 Net sales: Performance Materials (1) 187,014 149,630 Electronic Materials (1) 228,820 270,836 Precision Optics 26,692 28,579 Other — — Net sales $ 442,526 $ 449,045 Segment EBITDA: Performance Materials 42,770 24,792 Electronic Materials 13,955 12,148 Precision Optics 2,692 2,191 Other (6,655) (5,177) Total Segment EBITDA $ 52,762 $ 33,954 Income tax expense 4,580 3,021 Interest expense - net 7,502 3,735 Depreciation, depletion and amortization 15,092 13,179 Net income $ 25,588 $ 14,019 (1) Excludes inter-segment sales of $3.1 million for the first quarter of 2023 and $5.5 million for the first quarter of 2022 for Electronic Materials and $0.3 million for the first quarter of 2022 for Performance Materials. Inter-segment sales are eliminated in consolidation.
Disaggregation of Revenue	The following table disaggregates revenue for each segment by end market for the first quarter of 2023 and 2022: (Thousands) Performance Materials Electronic Materials Precision Optics Other Total First Quarter 2023 End Market Semiconductor $ 2,590 $ 180,616 $ 911 $ — $ 184,117 Industrial 38,674 12,969 8,733 — 60,376 Aerospace and defense 30,358 2,077 4,648 — 37,083 Consumer electronics 9,356 187 3,255 — 12,798 Automotive 25,493 1,501 2,608 — 29,602 Energy 13,468 24,951 — — 38,419 Telecom and data center 16,126 13 — — 16,139 Other 50,949 6,506 6,537 — 63,992 Total $ 187,014 $ 228,820 $ 26,692 $ — $ 442,526 First Quarter 2022 End Market Semiconductor $ 1,800 $ 214,922 $ 1,327 $ — $ 218,049 Industrial 40,069 15,866 8,434 — 64,369 Aerospace and defense 23,684 2,614 5,145 — 31,443 Consumer electronics 13,002 325 5,312 — 18,639 Automotive 22,235 1,657 2,464 — 26,356 Energy 10,849 29,119 — — 39,968 Telecom and data center 16,081 45 — — 16,126 Other 21,910 6,288 5,897 — 34,095 Total $ 149,630 $ 270,836 $ 28,579 $ — $ 449,045

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	Contract Balances : The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities: (Thousands) March 31, 2023 December 31, 2022 $ change % change Accounts receivable, trade $ 208,633 $ 215,726 $ (7,093) (3) % Unbilled receivables 13,919 10,765 3,154 29 % Unearned revenue 20,292 15,496 4,796 31 %

Other-net (Tables)

Other-net (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Summary of Other-Net Expense	Other-net for the first quarter of 2023 and 2022 is summarized as follows: First Quarter Ended March 31, April 1, (Thousands) 2023 2022 Amortization of intangible assets $ 3,121 $ 3,131 Metal consignment fees 2,929 3,011 Foreign currency (gain) loss (208) (333) Net (gain) loss on disposal of fixed assets 5 (11) Other items (72) 75 Total $ 5,775 $ 5,873

Earnings Per Share (EPS) (Table

Earnings Per Share (EPS) (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted EPS: First Quarter Ended March 31, April 1, (Thousands, except per share amounts) 2023 2022 Numerator for basic and diluted EPS: Net income (loss) $ 25,588 $ 14,019 Denominator: Denominator for basic EPS: Weighted-average shares outstanding 20,566 20,464 Effect of dilutive securities: Stock appreciation rights 103 97 Restricted stock units 105 106 Performance-based restricted stock units 113 57 Diluted potential common shares 321 260 Denominator for diluted EPS: Adjusted weighted-average shares outstanding 20,887 20,724 Basic EPS $ 1.24 $ 0.69 Diluted EPS $ 1.23 $ 0.68

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories on the Consolidated Balance Sheets are summarized as follows: March 31, December 31, (Thousands) 2023 2022 Raw materials and supplies $ 116,404 $ 113,694 Work in process 250,920 249,105 Finished goods 67,161 60,281 Inventories, net $ 434,485 $ 423,080

Pensions and Other Post-emplo_2

Pensions and Other Post-employment Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The following is a summary of the net periodic benefit cost for the first quarter of 2023 and 2022 for the pension plans as shown below. The Pension Benefits columns aggregate defined benefit pension plans in the U.S., Germany, Liechtenstein, England, and the U.S. supplemental retirement plans. The Other Benefits columns include the domestic retiree medical and life insurance plan. Pension Benefits Other Benefits First Quarter Ended First Quarter Ended March 31, April 1, March 31, April 1, (Thousands) 2023 2022 2023 2022 Components of net periodic benefit (income) cost Service cost $ 222 $ 318 $ 13 $ 22 Interest cost 1,973 1,223 68 39 Expected return on plan assets (2,439) (2,400) — — Amortization of prior service cost (benefit) (23) (20) (139) (374) Amortization of net loss (gain) (81) 430 (95) (68) Total net benefit (income) cost $ (348) $ (449) $ (153) $ (381)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in the components of accumulated other comprehensive income, including the amounts reclassified, for the first quarter of 2023 and 2022 are as follows: Gains and Losses on Cash Flow Hedges (Thousands) Foreign Currency Interest Rate Precious Metals Total Pension and Post-Employment Benefits Foreign Currency Translation Total Balance at December 31, 2022 $ 1,243 $ 6,055 $ (223) $ 7,075 $ (40,228) $ (8,756) $ (41,909) Other comprehensive income (loss) before reclassifications (67) (1,703) (475) (2,245) — 2,689 444 Amounts reclassified from accumulated other comprehensive income (loss) (35) (782) 25 (792) (338) — (1,130) Net current period other comprehensive (loss) income before tax (102) (2,485) (450) (3,037) (338) 2,689 (686) Deferred taxes (24) (571) (103) (698) (271) — (969) Net current period other comprehensive (loss) income after tax (78) (1,914) (347) (2,339) (67) 2,689 283 Balance at March 31, 2023 $ 1,165 $ 4,141 $ (570) $ 4,736 $ (40,295) $ (6,067) $ (41,626) Balance at December 31, 2021 $ 2,348 $ — $ 72 $ 2,420 $ (39,702) $ (2,887) $ (40,169) Other comprehensive (loss) income before reclassifications 153 3,112 (520) 2,745 — (2,047) 698 Amounts reclassified from accumulated other comprehensive income (loss) (19) 115 107 203 (1,000) — (797) Net current period other comprehensive (loss) income before tax 134 3,227 (413) 2,948 (1,000) (2,047) (99) Deferred taxes 31 742 (95) 678 (760) — (82) Net current period other comprehensive (loss) income after tax 103 2,485 (318) 2,270 (240) (2,047) (17) Balance at April 1, 2022 $ 2,451 $ 2,485 $ (246) $ 4,690 $ (39,942) $ (4,934) $ (40,186)

Stock-based Compensation Expe_2

Stock-based Compensation Expense (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule Of Share Based Payment Award SARs Valuation Assumptions	The Company estimated the fair value of the SARs using the following weighted-average assumptions in the Black-Scholes model: Risk-free interest rate 4.27 % Dividend yield 0.44 % Volatility 39.0 % Expected term (in years) 4.5

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [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 as of March 31, 2023 and December 31, 2022: (Thousands) Total Carrying Value in the Consolidated Balance Sheets Quoted Prices Significant Significant 2023 2022 2023 2022 2023 2022 2023 2022 Financial Assets Deferred compensation investments $ 3,860 $ 3,001 $ 3,860 $ 3,001 $ — $ — $ — $ — Foreign currency forward contracts 385 1,291 — — 385 1,291 — — Interest rate swap 7,175 7,863 — — 7,175 7,863 — — Precious metal swaps 131 118 — — 131 118 — — Total $ 11,551 $ 12,273 $ 3,860 $ 3,001 $ 7,691 $ 9,272 $ — $ — Financial Liabilities Deferred compensation liability $ 3,860 $ 3,001 $ 3,860 $ 3,001 $ — $ — $ — $ — Foreign currency forward contracts 741 1,757 — — 741 1,757 — — Interest rate swap 1,797 — — — 1,797 — — Precious metal swaps 874 411 — — 874 411 — — Total $ 7,272 $ 5,169 $ 3,860 $ 3,001 $ 3,412 $ 2,168 $ — $ —

Derivative Instruments and He_2

Derivative Instruments and Hedging Activity (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments Non-Hedging	The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments (on a gross basis) and the balance sheet classification as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (Thousands) Notional Fair Notional Fair Foreign currency forward contracts Prepaid and other current assets $ 13,277 $ 156 $ 12,242 $ 791 Other liabilities and accrued items 18,054 201 17,061 1,048
Fair Value Measurements, Recurring and Nonrecurring	The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and the balance sheet classification as of March 31, 2023 and December 31, 2022: March 31, 2023 Fair Value (Thousands) Notional Prepaid and other current assets Other assets Other liabilities and accrued items Other long-term liabilities Foreign currency forward contracts - yen $ 2,063 $ 98 $ — $ 49 $ — Foreign currency forward contracts - euro 17,129 131 — 491 — Precious metal swaps 8,486 131 — 874 — Interest rate swap 200,000 3,725 3,450 — 1,797 Total $ 227,678 $ 4,085 $ 3,450 $ 1,414 $ 1,797 December 31, 2022 Fair Value Notional Prepaid and other current assets Other assets Other liabilities and accrued items Other long-term liabilities Foreign currency forward contracts - yen $ 2,985 $ 145 $ — $ 74 $ 26 Foreign currency forward contracts - euro 25,712 355 — 472 137 Precious metal swaps 8,758 118 — 411 — Interest rate swap 100,000 3,114 4,749 — — Total $ 137,455 $ 3,732 $ 4,749 $ 957 $ 163
Derivative Instruments, Gain (Loss)	The following table summarizes the amounts reclassified from accumulated other comprehensive income related to the Company’s outstanding derivatives designated as cash flow hedges and associated income statement classification as of the first quarter of 2023 and 2022: First Quarter Ended (Thousands) March 31, 2023 April 1, 2022 Hedging relationship Line item Foreign currency forward contracts Net sales $ (35) $ (19) Precious metal swaps Cost of sales 25 107 Interest rate swap Interest expense - net (782) 115 Total $ (792) $ 203

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	(Thousands) March 31, 2023 December 31, 2022 Borrowings under Credit Agreement $ 145,155 $ 143,250 Borrowings under the Term Loan Facility 281,250 285,000 Foreign debt 10,366 7,541 Total debt outstanding 436,771 435,791 Current portion of long-term debt (27,727) (21,105) Gross long-term debt 409,044 414,686 Unamortized deferred financing fees (3,562) (3,810) Long-term debt $ 405,482 $ 410,876

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Segment Reporting Information
Net sales	$ 442,526	$ 449,045
Total Segment EBITDA	52,762	33,954
Income tax expense	4,580	3,021
Interest expense—net	7,502	3,735
Depreciation, depletion, and amortization	15,092	13,179
Net income (loss)	25,588	14,019
Performance Materials
Segment Reporting Information
Net sales	187,014	149,630
Total Segment EBITDA	42,770	24,792
Performance Materials | Intersubsegment Eliminations
Segment Reporting Information
Net sales		300
Electronic Materials
Segment Reporting Information
Net sales	228,820	270,836
Total Segment EBITDA	13,955	12,148
Electronic Materials | Intersubsegment Eliminations
Segment Reporting Information
Net sales	3,100	5,500
Precision Optics
Segment Reporting Information
Net sales	26,692	28,579
Total Segment EBITDA	2,692	2,191
Other
Segment Reporting Information
Net sales	0	0
Total Segment EBITDA	$ (6,655)	$ (5,177)

Segment Reporting - Disaggregat

Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 442,526	$ 449,045
Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	184,117	218,049
Industrial
Disaggregation of Revenue [Line Items]
Net sales	60,376	64,369
Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	37,083	31,443
Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	12,798	18,639
Automotive
Disaggregation of Revenue [Line Items]
Net sales	29,602	26,356
Energy
Disaggregation of Revenue [Line Items]
Net sales	38,419	39,968
Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	16,139	16,126
Other
Disaggregation of Revenue [Line Items]
Net sales	63,992	34,095
Performance Materials
Disaggregation of Revenue [Line Items]
Net sales	187,014	149,630
Performance Materials | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	2,590	1,800
Performance Materials | Industrial
Disaggregation of Revenue [Line Items]
Net sales	38,674	40,069
Performance Materials | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	30,358	23,684
Performance Materials | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	9,356	13,002
Performance Materials | Automotive
Disaggregation of Revenue [Line Items]
Net sales	25,493	22,235
Performance Materials | Energy
Disaggregation of Revenue [Line Items]
Net sales	13,468	10,849
Performance Materials | Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	16,126	16,081
Performance Materials | Other
Disaggregation of Revenue [Line Items]
Net sales	50,949	21,910
Electronic Materials
Disaggregation of Revenue [Line Items]
Net sales	228,820	270,836
Electronic Materials | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	180,616	214,922
Electronic Materials | Industrial
Disaggregation of Revenue [Line Items]
Net sales	12,969	15,866
Electronic Materials | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	2,077	2,614
Electronic Materials | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	187	325
Electronic Materials | Automotive
Disaggregation of Revenue [Line Items]
Net sales	1,501	1,657
Electronic Materials | Energy
Disaggregation of Revenue [Line Items]
Net sales	24,951	29,119
Electronic Materials | Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	13	45
Electronic Materials | Other
Disaggregation of Revenue [Line Items]
Net sales	6,506	6,288
Precision Optics
Disaggregation of Revenue [Line Items]
Net sales	26,692	28,579
Precision Optics | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	911	1,327
Precision Optics | Industrial
Disaggregation of Revenue [Line Items]
Net sales	8,733	8,434
Precision Optics | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	4,648	5,145
Precision Optics | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	3,255	5,312
Precision Optics | Automotive
Disaggregation of Revenue [Line Items]
Net sales	2,608	2,464
Precision Optics | Energy
Disaggregation of Revenue [Line Items]
Net sales	0	0
Precision Optics | Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	0	0
Precision Optics | Other
Disaggregation of Revenue [Line Items]
Net sales	6,537	5,897
Other
Disaggregation of Revenue [Line Items]
Net sales	0	0
Other | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	0	0
Other | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0
Other | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	0	0
Other | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	0	0
Other | Automotive
Disaggregation of Revenue [Line Items]
Net sales	0	0
Other | Energy
Disaggregation of Revenue [Line Items]
Net sales	0	0
Other | Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	0	0
Other | Other
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ 0

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 70.1
Contract with customer, liability, revenue recognized	$ 7.5

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts receivable, trade
Capitalized Contract Cost [Line Items]
Contract with customer, asset	$ 208,633	$ 215,726
Change in accounts receivable, trade	$ (7,093)
Contract asset percent change	(3.00%)
Unbilled receivables
Capitalized Contract Cost [Line Items]
Contract with customer, asset	$ 13,919	10,765
Change in unbilled receivables	$ 3,154
Contract asset percent change	29%
Unearned revenue
Capitalized Contract Cost [Line Items]
Unearned revenue	$ 20,292	$ 15,496
Change in unearned revenue	$ 4,796
Contract liability percent change	31%

Other-net (Detail)

Other-net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Other Income and Expenses [Abstract]
Amortization of intangible assets	$ 3,121	$ 3,131
Metal consignment fees	2,929	3,011
Foreign currency (gain) loss	(208)	(333)
Net (gain) loss on disposal of fixed assets	5	(11)
Other items	(72)	75
Total	$ 5,775	$ 5,873

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Effective income tax rate, percent	15.20%	17.70%
Effective income tax rate, amount	$ 0.5	$ 0.1
Forecast
Tax Credit Carryforward [Line Items]
Deferred tax credits			$ 8

Earnings Per Share (EPS) - Sche

Earnings Per Share (EPS) - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Numerator for basic and diluted EPS:
Net income (loss)	$ 25,588	$ 14,019
Denominator for basic EPS:
Weighted-average shares outstanding (in shares)	20,566	20,464
Effect of dilutive securities:
Diluted potential common shares (in shares)	321	260
Denominator for diluted EPS:
Adjusted weighted-average shares outstanding (in shares)	20,887	20,724
Basic EPS (in usd per share)	$ 1.24	$ 0.69
Diluted EPS (in usd per share)	$ 1.23	$ 0.68
Stock appreciation rights
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	103	97
Restricted stock units
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	105	106
Performance-based restricted stock units
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	113	57

Earnings Per Share (EPS) - Addi

Earnings Per Share (EPS) - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Out-of-The-Money
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from diluted EPS calculation (in shares)	17,902	117,390

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 116,404	$ 113,694
Work in process	250,920	249,105
Finished goods	67,161	60,281
Inventories, net	$ 434,485	$ 423,080

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Notional amount of nonderivative instruments	$ 367.5	$ 373.1

Customer Prepayments (Details)

Customer Prepayments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Prepayments from customers	$ 7.7	$ 29.7
Deferred income	89	89	$ 85.9
Unearned revenue	$ 5.1	$ 5.1

Pensions and Other Post-emplo_3

Pensions and Other Post-employment Benefits (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Components of net periodic benefit (income) cost
Contributions by employer	$ 0	$ 0
Pension Benefits
Components of net periodic benefit (income) cost
Service cost	222,000	318,000
Interest cost	1,973,000	1,223,000
Expected return on plan assets	(2,439,000)	(2,400,000)
Amortization of prior service cost (benefit)	(23,000)	(20,000)
Amortization of net loss (gain)	(81,000)	430,000
Total net benefit (income) cost	(348,000)	(449,000)
Other Benefits
Components of net periodic benefit (income) cost
Service cost	13,000	22,000
Interest cost	68,000	39,000
Expected return on plan assets	0	0
Amortization of prior service cost (benefit)	(139,000)	(374,000)
Amortization of net loss (gain)	(95,000)	(68,000)
Total net benefit (income) cost	$ (153,000)	$ (381,000)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Accumulated Other Comprehensive Income (Loss) [Rollward]
Beginning balance	$ 799,990	$ 720,440
Other comprehensive income (loss) before reclassifications	444	698
Amounts reclassified from accumulated other comprehensive income (loss)	(1,130)	(797)
Net current period other comprehensive (loss) income before tax	(686)	(99)
Deferred taxes	(969)	(82)
Other comprehensive loss	283	(17)
Ending balance	821,994	730,964
Gains and Losses on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Rollward]
Beginning balance	7,075	2,420
Other comprehensive income (loss) before reclassifications	(2,245)	2,745
Amounts reclassified from accumulated other comprehensive income (loss)	(792)	203
Net current period other comprehensive (loss) income before tax	(3,037)	2,948
Deferred taxes	(698)	678
Other comprehensive loss	(2,339)	2,270
Ending balance	4,736	4,690
Pension and Post-Employment Benefits
Accumulated Other Comprehensive Income (Loss) [Rollward]
Beginning balance	(40,228)	(39,702)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(338)	(1,000)
Net current period other comprehensive (loss) income before tax	(338)	(1,000)
Deferred taxes	(271)	(760)
Other comprehensive loss	(67)	(240)
Ending balance	(40,295)	(39,942)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Rollward]
Beginning balance	(8,756)	(2,887)
Other comprehensive income (loss) before reclassifications	2,689	(2,047)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Net current period other comprehensive (loss) income before tax	2,689	(2,047)
Deferred taxes	0	0
Other comprehensive loss	2,689	(2,047)
Ending balance	(6,067)	(4,934)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Rollward]
Beginning balance	(41,909)	(40,169)
Other comprehensive loss	283	(17)
Ending balance	(41,626)	(40,186)
Foreign Currency | Gains and Losses on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Rollward]
Beginning balance	1,243	2,348
Other comprehensive income (loss) before reclassifications	(67)	153
Amounts reclassified from accumulated other comprehensive income (loss)	(35)	(19)
Net current period other comprehensive (loss) income before tax	(102)	134
Deferred taxes	(24)	31
Other comprehensive loss	(78)	103
Ending balance	1,165	2,451
Interest Rate | Gains and Losses on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Rollward]
Beginning balance	6,055	0
Other comprehensive income (loss) before reclassifications	(1,703)	3,112
Amounts reclassified from accumulated other comprehensive income (loss)	(782)	115
Net current period other comprehensive (loss) income before tax	(2,485)	3,227
Deferred taxes	(571)	742
Other comprehensive loss	(1,914)	2,485
Ending balance	4,141	2,485
Precious Metals | Gains and Losses on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Rollward]
Beginning balance	(223)	72
Other comprehensive income (loss) before reclassifications	(475)	(520)
Amounts reclassified from accumulated other comprehensive income (loss)	25	107
Net current period other comprehensive (loss) income before tax	(450)	(413)
Deferred taxes	(103)	(95)
Other comprehensive loss	(347)	(318)
Ending balance	$ (570)	$ (246)

Stock-based Compensation Expe_3

Stock-based Compensation Expense - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2.4	$ 1.8
Unamortized compensation cost	$ 22.2
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (in shares)	47,084
Weighted average exercise price on SARs granted in period (in usd per share)	$ 113.28
Grant date fair value per unit (in usd per share)	$ 42.27
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (in shares)	47,759
Grant date fair value per unit (in usd per share)	$ 113.05
Vesting period	3 years
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value per unit (in usd per share)	$ 154.97
Vesting period	3 years

Stock-based Compensation Expe_4

Stock-based Compensation Expense - Schedule Of Share Based Payment Award SARs Valuation Assumptions (Detail) - Stock appreciation rights	3 Months Ended
	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.27%
Dividend yield	0.44%
Volatility	39%
Expected term (in years)	4 years 6 months

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial Assets
Deferred compensation investments	$ 3,860	$ 3,001
Foreign currency forward contracts	385	1,291
Total	11,551	12,273
Financial Liabilities
Deferred compensation liability	3,860	3,001
Foreign currency forward contracts	741	1,757
Total	7,272	5,169
Interest rate swap
Financial Assets
Derivative asset	7,175	7,863
Financial Liabilities
Derivative liability	1,797	0
Precious metal swaps
Financial Assets
Derivative asset	131	118
Financial Liabilities
Derivative liability	874	411
Quoted Prices in  Active Markets  for Identical Assets (Level 1)
Financial Assets
Deferred compensation investments	3,860	3,001
Foreign currency forward contracts	0	0
Total	3,860	3,001
Financial Liabilities
Deferred compensation liability	3,860	3,001
Foreign currency forward contracts	0	0
Total	3,860	3,001
Quoted Prices in  Active Markets  for Identical Assets (Level 1) | Interest rate swap
Financial Assets
Derivative asset	0	0
Financial Liabilities
Derivative liability	0	0
Quoted Prices in  Active Markets  for Identical Assets (Level 1) | Precious metal swaps
Financial Assets
Derivative asset	0	0
Financial Liabilities
Derivative liability	0	0
Significant Other Observable Inputs (Level 2)
Financial Assets
Deferred compensation investments	0	0
Foreign currency forward contracts	385	1,291
Total	7,691	9,272
Financial Liabilities
Deferred compensation liability	0	0
Foreign currency forward contracts	741	1,757
Total	3,412	2,168
Significant Other Observable Inputs (Level 2) | Interest rate swap
Financial Assets
Derivative asset	7,175	7,863
Financial Liabilities
Derivative liability	1,797	0
Significant Other Observable Inputs (Level 2) | Precious metal swaps
Financial Assets
Derivative asset	131	118
Financial Liabilities
Derivative liability	874	411
Significant Unobservable Inputs (Level 3)
Financial Assets
Deferred compensation investments	0	0
Foreign currency forward contracts	0	0
Total	0	0
Financial Liabilities
Deferred compensation liability	0	0
Foreign currency forward contracts	0	0
Total	0	0
Significant Unobservable Inputs (Level 3) | Interest rate swap
Financial Assets
Derivative asset	0	0
Financial Liabilities
Derivative liability		0
Significant Unobservable Inputs (Level 3) | Precious metal swaps
Financial Assets
Derivative asset	0	0
Financial Liabilities
Derivative liability	$ 0	$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activity - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Apr. 01, 2022 USD ($)	Mar. 21, 2023 USD ($) derivative	Mar. 04, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Foreign currency gain (loss) related to derivatives	$ 0.2	$ 0.7
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 2.7
Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative, term of contract	4 years
Interest rate swap | Letter of Credit | Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Notional amount, total			$ 50	$ 100
Derivative, number of instruments held | derivative			2

Derivative Instruments and He_4

Derivative Instruments and Hedging Activity - Derivative Instruments Non-Hedging (Details) - Not designated as hedging instrument - Foreign Currency - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid and other current assets
Derivative Instruments, Gain (Loss)
Notional amount, asset	$ 13,277	$ 12,242
Fair value, asset	156	791
Other liabilities and accrued items
Derivative Instruments, Gain (Loss)
Notional amount, liability	18,054	17,061
Fair value, liability	$ 201	$ 1,048

Derivative Instruments and He_5

Derivative Instruments and Hedging Activity - Fair Value Measurements, Recurring and Nonrecurring (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional amount, asset	$ 227,678	$ 137,455
Foreign Currency | Yen
Derivative [Line Items]
Notional amount, asset	2,063	2,985
Foreign Currency | Euro
Derivative [Line Items]
Notional amount, asset	17,129	25,712
Precious metal swaps
Derivative [Line Items]
Notional amount, asset	8,486	8,758
Interest rate swap
Derivative [Line Items]
Notional amount, asset	200,000	100,000
Prepaid and other current assets
Derivative [Line Items]
Fair value, asset	4,085	3,732
Prepaid and other current assets | Foreign Currency | Yen
Derivative [Line Items]
Fair value, asset	98	145
Prepaid and other current assets | Foreign Currency | Euro
Derivative [Line Items]
Fair value, asset	131	355
Prepaid and other current assets | Precious metal swaps
Derivative [Line Items]
Fair value, asset	131	118
Prepaid and other current assets | Interest rate swap
Derivative [Line Items]
Fair value, asset	3,725	3,114
Other assets
Derivative [Line Items]
Fair value, asset	3,450	4,749
Other assets | Foreign Currency | Yen
Derivative [Line Items]
Fair value, asset	0	0
Other assets | Foreign Currency | Euro
Derivative [Line Items]
Fair value, asset	0	0
Other assets | Precious metal swaps
Derivative [Line Items]
Fair value, asset	0	0
Other assets | Interest rate swap
Derivative [Line Items]
Fair value, asset	3,450	4,749
Other liabilities and accrued items
Derivative [Line Items]
Fair value, liability	1,414	957
Other liabilities and accrued items | Foreign Currency | Yen
Derivative [Line Items]
Fair value, liability	49	74
Other liabilities and accrued items | Foreign Currency | Euro
Derivative [Line Items]
Fair value, liability	491	472
Other liabilities and accrued items | Precious metal swaps
Derivative [Line Items]
Fair value, liability	874	411
Other liabilities and accrued items | Interest rate swap
Derivative [Line Items]
Fair value, liability	0	0
Other long-term liabilities
Derivative [Line Items]
Fair value, liability	1,797	163
Other long-term liabilities | Foreign Currency | Yen
Derivative [Line Items]
Fair value, liability	0	26
Other long-term liabilities | Foreign Currency | Euro
Derivative [Line Items]
Fair value, liability	0	137
Other long-term liabilities | Precious metal swaps
Derivative [Line Items]
Fair value, liability	0	0
Other long-term liabilities | Interest rate swap
Derivative [Line Items]
Fair value, liability	$ 1,797	$ 0

Derivative Instruments and He_6

Derivative Instruments and Hedging Activity - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Derivative Instruments, Gain (Loss)
Derivative, gain (loss) on derivative, net	$ (792)	$ 203
Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax
Designated as hedging instrument | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Derivative, gain (loss) on derivative, net	$ (35)	$ (19)
Designated as hedging instrument | Precious metal swaps
Derivative Instruments, Gain (Loss)
Derivative, gain (loss) on derivative, net	25	107
Designated as hedging instrument | Interest rate swap
Derivative Instruments, Gain (Loss)
Derivative, gain (loss) on derivative, net	$ (782)	$ 115

Contingencies (Detail)

Contingencies (Detail) $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 01, 2022 claim
Loss Contingency [Abstract]
Loss contingency, pending claims | claim			1
Undiscounted reserve balance | $	$ 4.4	$ 4.5

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Borrowings under Credit Agreement	$ 145,155	$ 143,250
Borrowings under the Term Loan Facility	281,250	285,000
Foreign debt	10,366	7,541
Total debt outstanding	436,771	435,791
Current portion of long-term debt	(27,727)	(21,105)
Gross long-term debt	409,044	414,686
Unamortized deferred financing fees	(3,562)	(3,810)
Long-term debt	$ 405,482	$ 410,876

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Borrowings under Credit Agreement	$ 145,155	$ 143,250
Line of credit facility, interest rate at period end	6.42%	6.08%
Line of credit facility, remaining borrowing capacity	$ 186,800
Long-term line of credit, noncurrent	281,300	$ 285,000
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	$ 46,500	$ 46,500