Materion (MTRN) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	20,636,758
Entity Central Index Key	0001104657
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Income Statement [Abstract]
Net sales	$ 398,551	$ 445,295	$ 841,076	$ 894,340
Cost of sales	309,496	357,868	660,685	731,622
Gross margin	89,055	87,427	180,391	162,718
Selling, general, and administrative expense	38,911	42,047	79,247	83,708
Research and development expense	7,154	7,592	14,776	14,666
Restructuring expense (income)	1,454	0	2,118	1,076
Other—net	6,192	5,928	11,966	11,801
Operating profit	35,344	31,860	72,284	51,467
Other non-operating income—net	(726)	(1,168)	(1,456)	(2,337)
Interest expense—net	7,641	4,701	15,142	8,437
Income before income taxes	28,429	28,327	58,598	45,367
Income tax expense	4,347	5,072	8,928	8,093
Net income	$ 24,082	$ 23,255	$ 49,670	$ 37,274
Basic earnings per share:
Net income per share of common stock (in dollars per share)	$ 1.17	$ 1.13	$ 2.41	$ 1.82
Diluted earnings per share:
Net income per share of common stock (in dollars per share)	$ 1.15	$ 1.12	$ 2.38	$ 1.80
Weighted-average number of shares of common stock outstanding:
Basic (in shares)	20,625	20,517	20,596	20,491
Diluted (in shares)	20,896	20,723	20,892	20,743

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 24,082	$ 23,255	$ 49,670	$ 37,274
Other comprehensive income (loss):
Foreign currency translation adjustment	(743)	(6,343)	1,946	(8,390)
Derivative and hedging activity, net of tax	3,180	1,894	841	4,164
Pension and post-employment benefit adjustment, net of tax	(254)	16	(321)	(224)
Other comprehensive income (loss)	2,183	(4,433)	2,466	(4,450)
Comprehensive income	$ 26,265	$ 18,822	$ 52,136	$ 32,824

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 16,574	$ 13,101
Accounts receivable, net	188,166	215,211
Inventories, net	455,343	423,080
Prepaid and other current assets	37,750	39,056
Total current assets	697,833	690,448
Deferred income taxes	3,248	3,265
Property, plant, and equipment	1,232,787	1,209,205
Less allowances for depreciation, depletion, and amortization	(739,670)	(760,440)
Property, plant, and equipment, net	493,117	448,765
Operating lease, right-of-use assets	60,207	64,249
Intangible assets, net	137,937	143,219
Other assets	25,140	22,535
Goodwill	320,229	319,498
Total Assets	1,737,711	1,691,979
Current liabilities
Short-term debt	27,471	21,105
Accounts payable	123,862	107,899
Salaries and wages	21,552	35,543
Other liabilities and accrued items	42,501	54,993
Income taxes	2,558	3,928
Unearned revenue	15,306	15,496
Total current liabilities	233,250	238,964
Other long-term liabilities	13,658	12,181
Operating lease liabilities	55,951	59,055
Finance lease liabilities	13,824	13,876
Retirement and post-employment benefits	20,591	20,422
Unearned income	111,598	107,736
Long-term income taxes	827	665
Deferred income taxes	28,156	28,214
Long-term debt	412,733	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 both June 30th and December 31st)	303,390	288,100
Retained earnings	813,793	769,418
Common stock in treasury	(236,423)	(220,864)
Accumulated other comprehensive loss	(39,443)	(41,909)
Other equity	5,806	5,245
Total shareholders' equity	847,123	799,990
Total Liabilities and Shareholders’ Equity	$ 1,737,711	$ 1,691,979

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Jun. 30, 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 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Cash flows from operating activities:
Net income	$ 49,670	$ 37,274
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	31,444	26,070
Amortization of deferred financing costs in interest expense	855	780
Stock-based compensation expense (non-cash)	5,042	3,694
Deferred income tax expense (benefit)	(166)	1,966
Changes in assets and liabilities:
Accounts receivable	26,886	(2,566)
Inventory	(36,451)	(67,304)
Prepaid and other current assets	1,210	(2,462)
Accounts payable and accrued expenses	(10,583)	8,897
Unearned revenue	(9,222)	(141)
Interest and taxes payable	(1,441)	(1,765)
Unearned income due to customer prepayments	15,061	13,059
Other-net	(1,783)	3,913
Net cash provided by operating activities	70,522	21,415
Cash flows from investing activities:
Payments for purchase of property, plant, and equipment	(59,469)	(37,730)
Payments for mine development	(3,617)	0
Proceeds from sale of property, plant, and equipment	409	105
Payments for acquisition, net of cash acquired	0	(2,971)
Net cash used in investing activities	(62,677)	(40,596)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities, net	15,151	54,853
Repayment of long-term debt	(7,743)	(7,177)
Principal payments under finance lease obligations	(1,117)	(1,334)
Cash dividends paid	(5,254)	(5,112)
Payments of withholding taxes for stock-based compensation awards	(4,872)	(2,812)
Net cash (used in)/provided by financing activities	(3,835)	38,418
Effects of exchange rate changes	(537)	(1,524)
Net change in cash and cash equivalents	3,473	17,713
Cash and cash equivalents at beginning of period	13,101	14,462
Cash and cash equivalents at end of period	$ 16,574	$ 32,175

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Common Shares Held 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 balances 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	37,274			37,274
Other comprehensive income (loss)	(4,450)				(4,450)
Cash dividends declared	(5,112)			(5,112)
Stock-based compensation activity (in shares)		108	108
Stock-based compensation activity	3,694	$ 9,243	$ (5,549)
Payments of withholding taxes for stock-based compensation awards (in shares)		(34)	(34)
Payments of withholding taxes for stock-based compensation awards	(2,812)		$ (2,812)
Directors' deferred compensation (in shares)		1	1
Directors’ deferred compensation	120	$ 75	$ (75)			120
Common stock, ending balance (in shares) at Jul. 01, 2022		20,523
Treasury stock, ending balance (in shares) at Jul. 01, 2022			(6,625)
Ending balances at Jul. 01, 2022	749,154	$ 281,296	$ (218,356)	725,918	(44,619)	4,915
Common stock, beginning balance (in shares) at Apr. 01, 2022		20,511
Treasury stock, beginning balance (in shares) at Apr. 01, 2022			(6,637)
Beginning balances at Apr. 01, 2022	730,964	$ 278,589	$ (217,549)	705,255	(40,186)	4,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,255			23,255
Other comprehensive income (loss)	(4,433)				(4,433)
Cash dividends declared	(2,592)			(2,592)
Stock-based compensation activity (in shares)		13	13
Stock-based compensation activity	1,995	$ 2,671	$ (676)	0
Payments of withholding taxes for stock-based compensation awards (in shares)		(1)	(1)
Payments of withholding taxes for stock-based compensation awards	(95)		$ (95)
Directors’ deferred compensation	60	$ 36	$ (36)			60
Common stock, ending balance (in shares) at Jul. 01, 2022		20,523
Treasury stock, ending balance (in shares) at Jul. 01, 2022			(6,625)
Ending balances at Jul. 01, 2022	749,154	$ 281,296	$ (218,356)	725,918	(44,619)	4,915
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 balances 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	49,670			49,670
Other comprehensive income (loss)	2,466				2,466
Cash dividends declared	(5,254)			(5,254)
Stock-based compensation activity (in shares)		138	138
Stock-based compensation activity	5,042	$ 15,242	$ (10,159)	(41)
Payments of withholding taxes for stock-based compensation awards (in shares)		(45)	(45)
Payments of withholding taxes for stock-based compensation awards	(4,872)		$ (4,872)
Directors' deferred compensation (in shares)		1	1
Directors’ deferred compensation	81	$ 48	$ (528)			561
Common stock, ending balance (in shares) at Jun. 30, 2023		20,637
Treasury stock, ending balance (in shares) at Jun. 30, 2023			(6,511)
Ending balances at Jun. 30, 2023	847,123	$ 303,390	$ (236,423)	813,793	(39,443)	5,806
Common stock, beginning balance (in shares) at Mar. 31, 2023		20,609
Treasury stock, beginning balance (in shares) at Mar. 31, 2023			(6,539)
Beginning balances at Mar. 31, 2023	821,994	$ 297,802	$ (231,906)	792,421	(41,626)	5,303
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,082			24,082
Other comprehensive income (loss)	2,183				2,183
Cash dividends declared	(2,683)			(2,683)
Stock-based compensation activity (in shares)		40	40
Stock-based compensation activity	2,792	$ 5,567	$ (2,748)	(27)
Payments of withholding taxes for stock-based compensation awards (in shares)		(12)	(12)
Payments of withholding taxes for stock-based compensation awards	(1,258)		$ (1,258)
Directors’ deferred compensation	13	$ 21	$ (511)			503
Common stock, ending balance (in shares) at Jun. 30, 2023		20,637
Treasury stock, ending balance (in shares) at Jun. 30, 2023			(6,511)
Ending balances at Jun. 30, 2023	$ 847,123	$ 303,390	$ (236,423)	$ 813,793	$ (39,443)	$ 5,806

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.130	$ 0.125	$ 0.255	$ 0.245

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 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 N. Any additional reference rate reform impacts will be accounted for in accordance with ASU 2020-04 and ASU 2022-06.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 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 second quarter and first six months of 2023 and 2022: (Thousands) Second Quarter 2023 Second Quarter 2022 First Six Months Ended 2023 First Six Months Ended 2022 Net sales: Performance Materials (1) $ 182,771 $ 154,889 $ 369,785 $ 304,520 Electronic Materials (1) 190,730 260,971 419,549 531,807 Precision Optics 25,050 29,435 51,742 58,013 Other — — — — Net sales 398,551 445,295 841,076 894,340 Segment EBITDA: Performance Materials $ 44,925 $ 27,229 $ 87,695 $ 52,021 Electronic Materials 13,394 22,337 27,349 34,484 Precision Optics 1,701 3,544 4,393 5,735 Other (7,598) (7,191) (14,253) (12,366) Total Segment EBITDA 52,422 45,919 105,184 79,874 Income tax expense 4,347 5,072 8,928 8,093 Interest expense - net 7,641 4,701 15,142 8,437 Depreciation, depletion and amortization 16,352 12,891 31,444 26,070 Net income $ 24,082 $ 23,255 $ 49,670 $ 37,274 (1) Excludes inter-segment sales of $1.0 million for the second quarter of 2023 and $4.1 million for the first six months of 2023 for Electronic Materials. There were no material inter-segment sales for Performance Materials in 2023. Additionally, excludes inter-segment sales of $0.2 million for the second quarter of 2022 and $0.5 million for the first six months of 2022 for Performance Materials and $2.7 million for the second quarter of 2022 and $8.2 million for the first six months of 2022 for Electronic Materials. Inter-segment sales are eliminated in consolidation. The following table disaggregates revenue for each segment by end market for the second quarter and first six months of 2023 and 2022: (Thousands) Performance Materials Electronic Materials Precision Optics Other Total Second Quarter 2023 End Market Semiconductor $ 4,411 $ 155,356 $ 745 $ — $ 160,512 Industrial 39,615 4,175 6,713 — 50,503 Aerospace and defense 31,438 1,491 5,998 — 38,927 Consumer electronics 10,289 195 3,566 — 14,050 Automotive 21,813 1,718 1,876 — 25,407 Energy 12,117 21,810 — — 33,927 Telecom and data center 17,413 45 — — 17,458 Other 45,675 5,940 6,152 — 57,767 Total $ 182,771 $ 190,730 $ 25,050 $ — $ 398,551 Second Quarter 2022 End Market Semiconductor $ 2,446 $ 213,742 $ 1,530 $ — $ 217,718 Industrial 40,970 11,957 7,608 — 60,535 Aerospace and defense 27,615 1,284 3,666 — 32,565 Consumer electronics 16,212 280 5,814 — 22,306 Automotive 24,855 1,465 2,708 — 29,028 Energy 11,410 25,361 — — 36,771 Telecom and data center 16,223 21 — — 16,244 Other 15,158 6,861 8,109 — 30,128 Total $ 154,889 $ 260,971 $ 29,435 $ — $ 445,295 (Thousands) Performance Materials Electronic Materials Precision Optics Other Total First Six Months 2023 End Market Semiconductor $ 7,001 $ 335,972 $ 1,656 $ — $ 344,629 Industrial 79,390 17,144 15,445 — 111,979 Aerospace and defense 61,796 3,568 10,647 — 76,011 Consumer electronics 19,645 382 6,822 — 26,849 Automotive 47,306 3,219 4,484 — 55,009 Energy 25,584 46,761 — — 72,345 Telecom and data center 33,538 58 — — 33,596 Other 95,525 12,445 12,688 — 120,658 Total $ 369,785 $ 419,549 $ 51,742 $ — $ 841,076 First Six Months 2022 End Market Semiconductor $ 4,246 $ 428,664 $ 2,857 $ — $ 435,767 Industrial 81,039 27,823 16,041 — 124,903 Aerospace and defense 51,299 3,898 8,812 — 64,009 Consumer electronics 29,215 605 11,126 — 40,946 Automotive 47,091 3,122 5,026 — 55,239 Energy 22,259 54,481 — — 76,740 Telecom and data center 32,303 65 — — 32,368 Other 37,068 13,149 14,151 — 64,368 Total $ 304,520 $ 531,807 $ 58,013 $ — $ 894,340

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $64.1 million. Contract Balances : The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities: (Thousands) June 30, 2023 December 31, 2022 $ change % change Accounts receivable, trade $ 188,328 $ 215,726 $ (27,398) (13) % Unbilled receivables 11,340 10,765 575 5 % Unearned revenue 15,306 15,496 (190) (1) % 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 second quarter 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 $11.7 million of the December 31, 2022 unearned amounts as revenue during the first six 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	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Other-net	Other-net Other-net for the second quarter and first six months of 2023 and 2022 is summarized as follows: Second Quarter Ended Six Months Ended June 30, July 1, June 30, July 1, (Thousands) 2023 2022 2023 2022 Amortization of intangible assets $ 3,130 $ 3,099 $ 6,250 $ 6,230 Metal consignment fees 2,797 2,871 5,726 5,882 Foreign currency (gain) loss 170 28 (38) (305) Other items 95 (70) 28 (6) Total $ 6,192 $ 5,928 $ 11,966 $ 11,801

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During 2023, the Company implemented various restructuring initiatives across the Performance Materials, Electronic Materials and Precision Optics segments to improve operational efficiency. This resulted in severance and related costs of approximately $1.5 million and $2.1 million during the three months and six months ended June 30, 2023, respectively. In the first six months of 2022, Company recorded a combined total of $1.1 million of restructuring charges in our Precision Optics, Electronic Materials and Other segments as a result of cost reduction actions taken in order to reduce our fixed cost structure.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company's effective tax rate for the second quarter of 2023 and 2022 was 15.3% and 17.9%, respectively, and 15.2% and 17.8% in the first six months of 2023 and 2022, respectively. The effective tax rate for 2023 was lower than the statutory tax rate primarily due to the impact of percentage depletion, research and development and production credits and the foreign derived intangible income deduction. The effective tax rate for 2022 was lower than the statutory tax rate primarily due to the impact of percentage depletion, research and development credits and the foreign derived intangible income deduction. The effective tax rate for the first six months of 2023 included a net discrete income tax benefit of $1.0 million, primarily related to excess tax benefits from stock-based compensation awards. The effective tax rate for the first six months of 2022 included a net discrete income tax benefit of $0.4 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 at least $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 Internal Revenue Service and U.S. 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. 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

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share (EPS) The following table sets forth the computation of basic and diluted EPS: Second Quarter Ended Six Months Ended June 30, July 1, June 30, July 1, (Thousands, except per share amounts) 2023 2022 2023 2022 Numerator for basic and diluted EPS: Net income $ 24,082 $ 23,255 $ 49,670 $ 37,274 Denominator: Denominator for basic EPS Weighted-average shares outstanding 20,625 20,517 20,596 20,491 Effect of dilutive securities: Stock appreciation rights 91 81 93 86 Restricted stock units 77 82 91 116 Performance-based restricted stock units 103 43 112 50 Diluted potential common shares 271 206 296 252 Denominator for diluted EPS: Adjusted weighted-average shares outstanding 20,896 20,723 20,892 20,743 Basic EPS $ 1.17 $ 1.13 $ 2.41 $ 1.82 Diluted EPS $ 1.15 $ 1.12 $ 2.38 $ 1.80

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories on the Consolidated Balance Sheets are summarized as follows: June 30, December 31, (Thousands) 2023 2022 Raw materials and supplies $ 114,942 $ 113,694 Work in process 263,604 249,105 Finished goods 76,797 60,281 Inventories, net $ 455,343 $ 423,080

Customer Prepayments

Customer Prepayments	6 Months Ended
	Jun. 30, 2023
Customer Prepayments [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 June 30, 2023, the Company has received approximately $37.0 million in prepayments under the terms of this amended agreement, of which $15.1 million was received during the first six months of 2023. As of June 30, 2023 and December 31, 2022, $91.4 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 June 30, 2023 $6.7 million of the prepayments are classified as Unearned revenue.

Pensions and Other Post-employm

Pensions and Other Post-employment Benefits	6 Months Ended
	Jun. 30, 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 second quarter and first six months ended June 30, 2023 and July 1, 2022, respectively, for the pension plans as shown below. The Pension Benefits column aggregates defined benefit pension plans in the U.S., Germany, Liechtenstein, 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 Second Quarter Ended Second Quarter Ended June 30, July 1, June 30, July 1, (Thousands) 2023 2022 2023 2022 Components of net periodic benefit (credit) cost Service cost $ 211 $ 292 $ 13 $ 20 Interest cost 1,970 1,213 68 39 Expected return on plan assets (2,422) (2,378) — — Amortization of prior service (benefit) cost (21) (18) (139) (374) Amortization of net loss (gain) (75) 420 (95) (68) Net periodic benefit (credit) cost $ (337) $ (471) $ (153) $ (383) Pension Benefits Other Benefits Six Months Ended Six Months Ended June 30, July 1, June 30, July 1, (Thousands) 2023 2022 2023 2022 Components of net periodic benefit (credit) cost Service cost $ 433 $ 610 $ 25 $ 42 Interest cost 3,943 2,436 136 78 Expected return on plan assets (4,861) (4,778) — — Amortization of prior service (benefit) cost (44) (38) (278) (748) Amortization of net loss (gain) (156) 850 (190) (136) Net periodic benefit (credit) cost $ (685) $ (920) $ (307) $ (764) The Company did not make any contributions to its domestic defined benefit plan in the second quarter or first six months of 2023 or 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 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 second quarter and first six months 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 March 31, 2023 $ 1,165 $ 4,141 $ (570) $ 4,736 $ (40,295) $ (6,067) $ (41,626) Other comprehensive income (loss) before reclassifications 163 4,830 79 5,072 — (743) 4,329 Amounts reclassified from accumulated other comprehensive income (loss) — (1,028) 85 (943) (207) — (1,150) Net current period other comprehensive (loss) income before tax 163 3,802 164 4,129 (207) (743) 3,179 Deferred taxes 38 874 37 949 47 — 996 Net current period other comprehensive (loss) income after tax 125 2,928 127 3,180 (254) (743) 2,183 Balance at June 30, 2023 $ 1,290 $ 7,069 $ (443) $ 7,916 $ (40,549) $ (6,810) $ (39,443) Balance at April 1, 2022 $ 2,451 $ 2,485 $ (246) $ 4,690 $ (39,942) $ (4,934) $ (40,186) Other comprehensive (loss) income before reclassifications 1,117 756 467 2,340 — (6,343) (4,003) Amounts reclassified from accumulated other comprehensive income (loss) (110) 238 (8) 120 (10) — 110 Net current period other comprehensive (loss) income before tax 1,007 994 459 2,460 (10) (6,343) (3,893) Deferred taxes 232 229 105 566 (26) — 540 Net current period other comprehensive (loss) income after tax 775 765 354 1,894 16 (6,343) (4,433) Balance at July 1, 2022 $ 3,226 $ 3,250 $ 108 $ 6,584 $ (39,926) $ (11,277) $ (44,619) 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 96 3,127 (396) 2,827 — 1,946 4,773 Amounts reclassified from accumulated other comprehensive income (loss) (35) (1,810) 110 (1,735) (545) — (2,280) Net current period other comprehensive (loss) income before tax 61 1,317 (286) 1,092 (545) 1,946 2,493 Deferred taxes 14 303 (66) 251 (224) — 27 Net current period other comprehensive (loss) income after tax 47 1,014 (220) 841 (321) 1,946 2,466 Balance at June 30, 2023 $ 1,290 $ 7,069 $ (443) $ 7,916 $ (40,549) $ (6,810) $ (39,443) Balance at December 31, 2021 $ 2,348 $ — $ — $ 72 $ 2,420 $ (39,702) $ (2,887) $ (40,169) Other comprehensive (loss) income before reclassifications 1,270 3,868 3,868 (53) 5,085 — (8,390) (3,305) Amounts reclassified from accumulated other comprehensive income (loss) (130) 353 353 99 322 (1,011) — (689) Net current period other comprehensive (loss) income before tax 1,140 4,221 46 5,407 (1,011) (8,390) (3,994) Deferred taxes 262 971 10 1,243 (787) — 456 Net current period other comprehensive (loss) income after tax 878 3,250 36 4,164 (224) (8,390) (4,450) Balance at July 1, 2022 $ 3,226 $ 3,250 $ 108 $ 6,584 $ (39,926) $ (11,277) $ (44,619) 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. 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 N for additional details on cash flow hedges.

Stock-based Compensation Expens

Stock-based Compensation Expense	6 Months Ended
	Jun. 30, 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 $2.8 million and $5.2 million in the second quarter and first six months of 2023, respectively, compared to $2.0 million and $3.8 million, respectively, in the same periods of 2022. The Company granted 47,084 stock appreciation rights (SARs) to certain employees during the first six months of 2023. The weighted-average exercise price per share and weighted-average fair value per share of the SARs granted during the six months ended June 30, 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 53,906 stock-settled restricted stock units (RSUs) to certain employees during the first six months 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 $112.61 for stock-settled RSUs granted to employees during the six months ended June 30, 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 six months 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	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 4,451 $ 3,001 $ 4,451 $ 3,001 $ — $ — $ — $ — Foreign currency forward contracts 512 1,291 — — 512 1,291 — — Interest rate swap 9,736 7,863 — — 9,736 7,863 — — Precious metal swaps 1 118 — — 1 118 — — Total $ 14,700 $ 12,273 $ 4,451 $ 3,001 $ 10,249 $ 9,272 $ — $ — Financial Liabilities Deferred compensation liability $ 4,451 $ 3,001 $ 4,451 $ 3,001 $ — $ — $ — $ — Foreign currency forward contracts 946 1,757 — — 946 1,757 — — Interest rate swap 556 — — — 556 — — — Precious metal swaps 580 411 — — 580 411 — — Total $ 6,533 $ 5,169 $ 4,451 $ 3,001 $ 2,082 $ 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 June 30, 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	6 Months Ended
	Jun. 30, 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 P. 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 P. 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 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 credit 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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (Thousands) Notional Fair Notional Fair Foreign currency forward contracts Prepaid and other current assets $ 21,807 $ 235 $ 12,242 $ 791 Other liabilities and accrued items 27,995 521 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 $0.4 million of foreign currency losses in the second quarter and first six months of 2023, respectively, compared to less than $0.1 million of foreign currency losses and $0.7 million of foreign currency gains in the second quarter and first six months of 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 balance sheet classification as of June 30, 2023 and December 31, 2022: June 30, 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 $ 2,369 $ 142 $ 6 $ 1 $ 1 Foreign currency forward contracts - euro 29,155 120 9 411 12 Precious metal swaps 7,125 1 — 580 — Interest rate swap 200,000 4,922 4,814 — 556 Total $ 238,649 $ 5,185 $ 4,829 $ 992 $ 569 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 $4.1 million of net gains into earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. At June 30, 2023, the maximum term of derivative instruments that hedge forecasted transactions was approximately four years. Refer to Note K for further details related to OCI. The following table summarizes the amounts reclassified from accumulated other comprehensive income relating to the Company’s outstanding derivatives designated as cash flow hedges and associated income statement classification as of the second quarter and first six months of 2023 and 2022: Second Quarter Ended (Thousands) June 30, 2023 July 1, 2022 Hedging relationship Line item Foreign currency forward contracts Net sales $ — $ (110) Precious metal swaps Cost of sales 85 (8) Interest rate swap Interest expense - net (1,028) 238 Total $ (943) $ 120 Six Months Ended (Thousands) June 30, 2023 July 1, 2022 Hedging relationship Line item Foreign currency forward contracts Net sales $ (35) $ (130) Precious metal swaps Cost of sales 110 99 Interest rate swap Interest expense - net (1,810) 353 Total $ (1,735) $ 322

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2023; however, the Company has entered into a confidential settlement agreement with plaintiffs, pursuant to which all remaining claims in the case are to be dismissed with prejudice, subject to court approval. The resolution of this matter will not 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. The court preliminarily approved the settlement on March 30, 2023 and a final approval hearing was held on July 6, 2023. There were no objections to the settlement and the court entered an order approving the final settlement on July 7, 2023. The final settlement amount approximated the amount previously reserved for related to this matter. 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 June 30, 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	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt (Thousands) June 30, 2023 December 31, 2022 Borrowings under Credit Agreement $ 159,750 $ 143,250 Borrowings under the Term Loan Facility 277,500 285,000 Overdraft Sweep Facility 495 — Foreign debt 5,774 7,541 Total debt outstanding 443,519 435,791 Current portion of long-term debt (27,471) (21,105) Gross long-term debt 416,048 414,686 Unamortized deferred financing fees (3,315) (3,810) Long-term debt $ 412,733 $ 410,876 As of June 30, 2023 and December 31, 2022, the Company had $159.8 million outstanding at an average interest rate of 6.71% 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 June 30, 2023 was $168.9 million. The Company has the option to repay or borrow additional funds under the revolving credit facility until the maturity date in 2026. In connection with the revolving credit facility, the administrative agent provides the Company with an overdraft sweep facility that the Company uses on a daily basis for short-term cash needs. As of June 30, 2023, the overdraft sweep facility had a balance of $0.5 million. The amended and restated credit agreement governing the revolving credit facility and the term loan 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 June 30, 2023. The balance outstanding on the term loan facility as of June 30, 2023 and December 31, 2022 wa s $277.5 million and $285.0 million, respectively. At June 30, 2023 and December 31, 2022, there was $46.3 million and $46.5 million, respectively, outstanding against the letters of credit sub-facility.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Pay vs Performance Disclosure
Net income	$ 24,082	$ 23,255	$ 49,670	$ 37,274

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 and New Accounting Guidance Issued and Not Yet 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 N. Any additional reference rate reform impacts will be accounted for in accordance with ASU 2020-04 and ASU 2022-06.
Revenue Recognition	Revenue RecognitionNet 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)	6 Months Ended
	Jun. 30, 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 second quarter and first six months of 2023 and 2022: (Thousands) Second Quarter 2023 Second Quarter 2022 First Six Months Ended 2023 First Six Months Ended 2022 Net sales: Performance Materials (1) $ 182,771 $ 154,889 $ 369,785 $ 304,520 Electronic Materials (1) 190,730 260,971 419,549 531,807 Precision Optics 25,050 29,435 51,742 58,013 Other — — — — Net sales 398,551 445,295 841,076 894,340 Segment EBITDA: Performance Materials $ 44,925 $ 27,229 $ 87,695 $ 52,021 Electronic Materials 13,394 22,337 27,349 34,484 Precision Optics 1,701 3,544 4,393 5,735 Other (7,598) (7,191) (14,253) (12,366) Total Segment EBITDA 52,422 45,919 105,184 79,874 Income tax expense 4,347 5,072 8,928 8,093 Interest expense - net 7,641 4,701 15,142 8,437 Depreciation, depletion and amortization 16,352 12,891 31,444 26,070 Net income $ 24,082 $ 23,255 $ 49,670 $ 37,274 (1) Excludes inter-segment sales of $1.0 million for the second quarter of 2023 and $4.1 million for the first six months of 2023 for Electronic Materials. There were no material inter-segment sales for Performance Materials in 2023. Additionally, excludes inter-segment sales of $0.2 million for the second quarter of 2022 and $0.5 million for the first six months of 2022 for Performance Materials and $2.7 million for the second quarter of 2022 and $8.2 million for the first six months of 2022 for Electronic Materials. Inter-segment sales are eliminated in consolidation.
Disaggregation of Revenue	The following table disaggregates revenue for each segment by end market for the second quarter and first six months of 2023 and 2022: (Thousands) Performance Materials Electronic Materials Precision Optics Other Total Second Quarter 2023 End Market Semiconductor $ 4,411 $ 155,356 $ 745 $ — $ 160,512 Industrial 39,615 4,175 6,713 — 50,503 Aerospace and defense 31,438 1,491 5,998 — 38,927 Consumer electronics 10,289 195 3,566 — 14,050 Automotive 21,813 1,718 1,876 — 25,407 Energy 12,117 21,810 — — 33,927 Telecom and data center 17,413 45 — — 17,458 Other 45,675 5,940 6,152 — 57,767 Total $ 182,771 $ 190,730 $ 25,050 $ — $ 398,551 Second Quarter 2022 End Market Semiconductor $ 2,446 $ 213,742 $ 1,530 $ — $ 217,718 Industrial 40,970 11,957 7,608 — 60,535 Aerospace and defense 27,615 1,284 3,666 — 32,565 Consumer electronics 16,212 280 5,814 — 22,306 Automotive 24,855 1,465 2,708 — 29,028 Energy 11,410 25,361 — — 36,771 Telecom and data center 16,223 21 — — 16,244 Other 15,158 6,861 8,109 — 30,128 Total $ 154,889 $ 260,971 $ 29,435 $ — $ 445,295 (Thousands) Performance Materials Electronic Materials Precision Optics Other Total First Six Months 2023 End Market Semiconductor $ 7,001 $ 335,972 $ 1,656 $ — $ 344,629 Industrial 79,390 17,144 15,445 — 111,979 Aerospace and defense 61,796 3,568 10,647 — 76,011 Consumer electronics 19,645 382 6,822 — 26,849 Automotive 47,306 3,219 4,484 — 55,009 Energy 25,584 46,761 — — 72,345 Telecom and data center 33,538 58 — — 33,596 Other 95,525 12,445 12,688 — 120,658 Total $ 369,785 $ 419,549 $ 51,742 $ — $ 841,076 First Six Months 2022 End Market Semiconductor $ 4,246 $ 428,664 $ 2,857 $ — $ 435,767 Industrial 81,039 27,823 16,041 — 124,903 Aerospace and defense 51,299 3,898 8,812 — 64,009 Consumer electronics 29,215 605 11,126 — 40,946 Automotive 47,091 3,122 5,026 — 55,239 Energy 22,259 54,481 — — 76,740 Telecom and data center 32,303 65 — — 32,368 Other 37,068 13,149 14,151 — 64,368 Total $ 304,520 $ 531,807 $ 58,013 $ — $ 894,340

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2023 December 31, 2022 $ change % change Accounts receivable, trade $ 188,328 $ 215,726 $ (27,398) (13) % Unbilled receivables 11,340 10,765 575 5 % Unearned revenue 15,306 15,496 (190) (1) %

Other-net (Tables)

Other-net (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Summary of Other-Net Expense	Other-net for the second quarter and first six months of 2023 and 2022 is summarized as follows: Second Quarter Ended Six Months Ended June 30, July 1, June 30, July 1, (Thousands) 2023 2022 2023 2022 Amortization of intangible assets $ 3,130 $ 3,099 $ 6,250 $ 6,230 Metal consignment fees 2,797 2,871 5,726 5,882 Foreign currency (gain) loss 170 28 (38) (305) Other items 95 (70) 28 (6) Total $ 6,192 $ 5,928 $ 11,966 $ 11,801

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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: Second Quarter Ended Six Months Ended June 30, July 1, June 30, July 1, (Thousands, except per share amounts) 2023 2022 2023 2022 Numerator for basic and diluted EPS: Net income $ 24,082 $ 23,255 $ 49,670 $ 37,274 Denominator: Denominator for basic EPS Weighted-average shares outstanding 20,625 20,517 20,596 20,491 Effect of dilutive securities: Stock appreciation rights 91 81 93 86 Restricted stock units 77 82 91 116 Performance-based restricted stock units 103 43 112 50 Diluted potential common shares 271 206 296 252 Denominator for diluted EPS: Adjusted weighted-average shares outstanding 20,896 20,723 20,892 20,743 Basic EPS $ 1.17 $ 1.13 $ 2.41 $ 1.82 Diluted EPS $ 1.15 $ 1.12 $ 2.38 $ 1.80

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories on the Consolidated Balance Sheets are summarized as follows: June 30, December 31, (Thousands) 2023 2022 Raw materials and supplies $ 114,942 $ 113,694 Work in process 263,604 249,105 Finished goods 76,797 60,281 Inventories, net $ 455,343 $ 423,080

Pensions and Other Post-emplo_2

Pensions and Other Post-employment Benefits (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The following is a summary of the net periodic benefit cost for the second quarter and first six months ended June 30, 2023 and July 1, 2022, respectively, for the pension plans as shown below. The Pension Benefits column aggregates defined benefit pension plans in the U.S., Germany, Liechtenstein, 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 Second Quarter Ended Second Quarter Ended June 30, July 1, June 30, July 1, (Thousands) 2023 2022 2023 2022 Components of net periodic benefit (credit) cost Service cost $ 211 $ 292 $ 13 $ 20 Interest cost 1,970 1,213 68 39 Expected return on plan assets (2,422) (2,378) — — Amortization of prior service (benefit) cost (21) (18) (139) (374) Amortization of net loss (gain) (75) 420 (95) (68) Net periodic benefit (credit) cost $ (337) $ (471) $ (153) $ (383) Pension Benefits Other Benefits Six Months Ended Six Months Ended June 30, July 1, June 30, July 1, (Thousands) 2023 2022 2023 2022 Components of net periodic benefit (credit) cost Service cost $ 433 $ 610 $ 25 $ 42 Interest cost 3,943 2,436 136 78 Expected return on plan assets (4,861) (4,778) — — Amortization of prior service (benefit) cost (44) (38) (278) (748) Amortization of net loss (gain) (156) 850 (190) (136) Net periodic benefit (credit) cost $ (685) $ (920) $ (307) $ (764)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 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 second quarter and first six months 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 March 31, 2023 $ 1,165 $ 4,141 $ (570) $ 4,736 $ (40,295) $ (6,067) $ (41,626) Other comprehensive income (loss) before reclassifications 163 4,830 79 5,072 — (743) 4,329 Amounts reclassified from accumulated other comprehensive income (loss) — (1,028) 85 (943) (207) — (1,150) Net current period other comprehensive (loss) income before tax 163 3,802 164 4,129 (207) (743) 3,179 Deferred taxes 38 874 37 949 47 — 996 Net current period other comprehensive (loss) income after tax 125 2,928 127 3,180 (254) (743) 2,183 Balance at June 30, 2023 $ 1,290 $ 7,069 $ (443) $ 7,916 $ (40,549) $ (6,810) $ (39,443) Balance at April 1, 2022 $ 2,451 $ 2,485 $ (246) $ 4,690 $ (39,942) $ (4,934) $ (40,186) Other comprehensive (loss) income before reclassifications 1,117 756 467 2,340 — (6,343) (4,003) Amounts reclassified from accumulated other comprehensive income (loss) (110) 238 (8) 120 (10) — 110 Net current period other comprehensive (loss) income before tax 1,007 994 459 2,460 (10) (6,343) (3,893) Deferred taxes 232 229 105 566 (26) — 540 Net current period other comprehensive (loss) income after tax 775 765 354 1,894 16 (6,343) (4,433) Balance at July 1, 2022 $ 3,226 $ 3,250 $ 108 $ 6,584 $ (39,926) $ (11,277) $ (44,619) 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 96 3,127 (396) 2,827 — 1,946 4,773 Amounts reclassified from accumulated other comprehensive income (loss) (35) (1,810) 110 (1,735) (545) — (2,280) Net current period other comprehensive (loss) income before tax 61 1,317 (286) 1,092 (545) 1,946 2,493 Deferred taxes 14 303 (66) 251 (224) — 27 Net current period other comprehensive (loss) income after tax 47 1,014 (220) 841 (321) 1,946 2,466 Balance at June 30, 2023 $ 1,290 $ 7,069 $ (443) $ 7,916 $ (40,549) $ (6,810) $ (39,443) Balance at December 31, 2021 $ 2,348 $ — $ — $ 72 $ 2,420 $ (39,702) $ (2,887) $ (40,169) Other comprehensive (loss) income before reclassifications 1,270 3,868 3,868 (53) 5,085 — (8,390) (3,305) Amounts reclassified from accumulated other comprehensive income (loss) (130) 353 353 99 322 (1,011) — (689) Net current period other comprehensive (loss) income before tax 1,140 4,221 46 5,407 (1,011) (8,390) (3,994) Deferred taxes 262 971 10 1,243 (787) — 456 Net current period other comprehensive (loss) income after tax 878 3,250 36 4,164 (224) (8,390) (4,450) Balance at July 1, 2022 $ 3,226 $ 3,250 $ 108 $ 6,584 $ (39,926) $ (11,277) $ (44,619)

Stock-based Compensation Expe_2

Stock-based Compensation Expense (Tables)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 4,451 $ 3,001 $ 4,451 $ 3,001 $ — $ — $ — $ — Foreign currency forward contracts 512 1,291 — — 512 1,291 — — Interest rate swap 9,736 7,863 — — 9,736 7,863 — — Precious metal swaps 1 118 — — 1 118 — — Total $ 14,700 $ 12,273 $ 4,451 $ 3,001 $ 10,249 $ 9,272 $ — $ — Financial Liabilities Deferred compensation liability $ 4,451 $ 3,001 $ 4,451 $ 3,001 $ — $ — $ — $ — Foreign currency forward contracts 946 1,757 — — 946 1,757 — — Interest rate swap 556 — — — 556 — — — Precious metal swaps 580 411 — — 580 411 — — Total $ 6,533 $ 5,169 $ 4,451 $ 3,001 $ 2,082 $ 2,168 $ — $ —

Derivative Instruments and He_2

Derivative Instruments and Hedging Activity (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments NonHedging	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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (Thousands) Notional Fair Notional Fair Foreign currency forward contracts Prepaid and other current assets $ 21,807 $ 235 $ 12,242 $ 791 Other liabilities and accrued items 27,995 521 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 balance sheet classification as of June 30, 2023 and December 31, 2022: June 30, 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 $ 2,369 $ 142 $ 6 $ 1 $ 1 Foreign currency forward contracts - euro 29,155 120 9 411 12 Precious metal swaps 7,125 1 — 580 — Interest rate swap 200,000 4,922 4,814 — 556 Total $ 238,649 $ 5,185 $ 4,829 $ 992 $ 569 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 relating to the Company’s outstanding derivatives designated as cash flow hedges and associated income statement classification as of the second quarter and first six months of 2023 and 2022: Second Quarter Ended (Thousands) June 30, 2023 July 1, 2022 Hedging relationship Line item Foreign currency forward contracts Net sales $ — $ (110) Precious metal swaps Cost of sales 85 (8) Interest rate swap Interest expense - net (1,028) 238 Total $ (943) $ 120 Six Months Ended (Thousands) June 30, 2023 July 1, 2022 Hedging relationship Line item Foreign currency forward contracts Net sales $ (35) $ (130) Precious metal swaps Cost of sales 110 99 Interest rate swap Interest expense - net (1,810) 353 Total $ (1,735) $ 322

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	(Thousands) June 30, 2023 December 31, 2022 Borrowings under Credit Agreement $ 159,750 $ 143,250 Borrowings under the Term Loan Facility 277,500 285,000 Overdraft Sweep Facility 495 — Foreign debt 5,774 7,541 Total debt outstanding 443,519 435,791 Current portion of long-term debt (27,471) (21,105) Gross long-term debt 416,048 414,686 Unamortized deferred financing fees (3,315) (3,810) Long-term debt $ 412,733 $ 410,876

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Segment Reporting Information [Line Items]
Net sales	$ 398,551	$ 445,295	$ 841,076	$ 894,340
Total Segment EBITDA	52,422	45,919	105,184	79,874
Income tax expense	4,347	5,072	8,928	8,093
Interest expense—net	7,641	4,701	15,142	8,437
Depreciation, depletion, and amortization	16,352	12,891	31,444	26,070
Net income	24,082	23,255	49,670	37,274
Performance Materials
Segment Reporting Information [Line Items]
Net sales	182,771	154,889	369,785	304,520
Total Segment EBITDA	44,925	27,229	87,695	52,021
Performance Materials | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales		200		500
Electronic Materials
Segment Reporting Information [Line Items]
Net sales	190,730	260,971	419,549	531,807
Total Segment EBITDA	13,394	22,337	27,349	34,484
Electronic Materials | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	1,000	2,700	4,100	8,200
Precision Optics
Segment Reporting Information [Line Items]
Net sales	25,050	29,435	51,742	58,013
Total Segment EBITDA	1,701	3,544	4,393	5,735
Other
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Total Segment EBITDA	$ (7,598)	$ (7,191)	$ (14,253)	$ (12,366)

Segment Reporting - Disaggregat

Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 398,551	$ 445,295	$ 841,076	$ 894,340
Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	160,512	217,718	344,629	435,767
Industrial
Disaggregation of Revenue [Line Items]
Net sales	50,503	60,535	111,979	124,903
Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	38,927	32,565	76,011	64,009
Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	14,050	22,306	26,849	40,946
Automotive
Disaggregation of Revenue [Line Items]
Net sales	25,407	29,028	55,009	55,239
Energy
Disaggregation of Revenue [Line Items]
Net sales	33,927	36,771	72,345	76,740
Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	17,458	16,244	33,596	32,368
Other
Disaggregation of Revenue [Line Items]
Net sales	57,767	30,128	120,658	64,368
Performance Materials
Disaggregation of Revenue [Line Items]
Net sales	182,771	154,889	369,785	304,520
Performance Materials | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	4,411	2,446	7,001	4,246
Performance Materials | Industrial
Disaggregation of Revenue [Line Items]
Net sales	39,615	40,970	79,390	81,039
Performance Materials | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	31,438	27,615	61,796	51,299
Performance Materials | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	10,289	16,212	19,645	29,215
Performance Materials | Automotive
Disaggregation of Revenue [Line Items]
Net sales	21,813	24,855	47,306	47,091
Performance Materials | Energy
Disaggregation of Revenue [Line Items]
Net sales	12,117	11,410	25,584	22,259
Performance Materials | Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	17,413	16,223	33,538	32,303
Performance Materials | Other
Disaggregation of Revenue [Line Items]
Net sales	45,675	15,158	95,525	37,068
Electronic Materials
Disaggregation of Revenue [Line Items]
Net sales	190,730	260,971	419,549	531,807
Electronic Materials | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	155,356	213,742	335,972	428,664
Electronic Materials | Industrial
Disaggregation of Revenue [Line Items]
Net sales	4,175	11,957	17,144	27,823
Electronic Materials | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	1,491	1,284	3,568	3,898
Electronic Materials | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	195	280	382	605
Electronic Materials | Automotive
Disaggregation of Revenue [Line Items]
Net sales	1,718	1,465	3,219	3,122
Electronic Materials | Energy
Disaggregation of Revenue [Line Items]
Net sales	21,810	25,361	46,761	54,481
Electronic Materials | Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	45	21	58	65
Electronic Materials | Other
Disaggregation of Revenue [Line Items]
Net sales	5,940	6,861	12,445	13,149
Precision Optics
Disaggregation of Revenue [Line Items]
Net sales	25,050	29,435	51,742	58,013
Precision Optics | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	745	1,530	1,656	2,857
Precision Optics | Industrial
Disaggregation of Revenue [Line Items]
Net sales	6,713	7,608	15,445	16,041
Precision Optics | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	5,998	3,666	10,647	8,812
Precision Optics | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	3,566	5,814	6,822	11,126
Precision Optics | Automotive
Disaggregation of Revenue [Line Items]
Net sales	1,876	2,708	4,484	5,026
Precision Optics | Energy
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Precision Optics | Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Precision Optics | Other
Disaggregation of Revenue [Line Items]
Net sales	6,152	8,109	12,688	14,151
Other
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other | Industrial
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other | Automotive
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other | Energy
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other | Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other | Other
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 64.1
Contract with customer, liability, revenue recognized	$ 11.7

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Unearned revenue	$ 6,700
Change in unearned revenue	(9,222)	$ (141)
Accounts receivable, trade
Capitalized Contract Cost [Line Items]
Accounts receivable, trade	188,328		$ 215,726
Change in accounts receivable, trade	$ (27,398)
Contract asset percent change	(13.00%)
Unbilled receivables
Capitalized Contract Cost [Line Items]
Unbilled receivables	$ 11,340		10,765
Change in unbilled receivables	$ 575
Contract asset percent change	5%
Unearned revenue
Capitalized Contract Cost [Line Items]
Unearned revenue	$ 15,306		$ 15,496
Change in unearned revenue	$ (190)
Contract liability percent change	(1.00%)

Other-net (Detail)

Other-net (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Other Income and Expenses [Abstract]
Amortization of intangible assets	$ 3,130	$ 3,099	$ 6,250	$ 6,230
Metal consignment fees	2,797	2,871	5,726	5,882
Foreign currency (gain) loss	170	28	(38)	(305)
Other items	95	(70)	28	(6)
Total	$ 6,192	$ 5,928	$ 11,966	$ 11,801

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Restructuring and Related Activities [Abstract]
Severance costs	$ 1,500		$ 2,100
Restructuring expense (income)	$ 1,454	$ 0	$ 2,118	$ 1,076

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Dec. 31, 2023
Income Tax Contingency [Line Items]
Effective income tax rate, percent	15.30%	17.90%	15.20%	17.80%
Effective income tax rate, amount			$ 1	$ 0.4
Forecast
Income Tax Contingency [Line Items]
Cash savings					$ 8

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Numerator for basic and diluted EPS:
Net income	$ 24,082	$ 23,255	$ 49,670	$ 37,274
Denominator for basic EPS
Weighted-average shares outstanding (in shares)	20,625	20,517	20,596	20,491
Effect of dilutive securities:
Diluted potential common shares (in shares)	271	206	296	252
Denominator for diluted EPS:
Adjusted weighted-average shares outstanding (in shares)	20,896	20,723	20,892	20,743
Basic EPS (in USD per share)	$ 1.17	$ 1.13	$ 2.41	$ 1.82
Diluted EPS (in USD per share)	$ 1.15	$ 1.12	$ 2.38	$ 1.80
Stock appreciation rights
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	91	81	93	86
Restricted stock units
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	77	82	91	116
Performance-based restricted stock units
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	103	43	112	50

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 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)	47,084	119,744	69,716	79,949

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 114,942	$ 113,694
Work in process	263,604	249,105
Finished goods	76,797	60,281
Inventories, net	$ 455,343	$ 423,080

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Notional amount of nonderivative instruments	$ 321.3	$ 373.1

Customer Prepayments (Details)

Customer Prepayments (Details) - USD ($) $ in Millions	6 Months Ended	15 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Customer Prepayments [Abstract]
Prepayments from customers	$ 15.1	$ 37
Deferred income	91.4	91.4	$ 85.9
Unearned revenue	$ 6.7	$ 6.7

Pensions and Other Post-emplo_3

Pensions and Other Post-employment Benefits (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Components of net periodic benefit (credit) cost
Contributions by employer	$ 0	$ 0	$ 0	$ 0
Pension Benefits
Components of net periodic benefit (credit) cost
Service cost	211,000	292,000	433,000	610,000
Interest cost	1,970,000	1,213,000	3,943,000	2,436,000
Expected return on plan assets	(2,422,000)	(2,378,000)	(4,861,000)	(4,778,000)
Amortization of prior service (benefit) cost	(21,000)	(18,000)	(44,000)	(38,000)
Amortization of net loss (gain)	(75,000)	420,000	(156,000)	850,000
Net periodic benefit (credit) cost	(337,000)	(471,000)	(685,000)	(920,000)
Other Benefits
Components of net periodic benefit (credit) cost
Service cost	13,000	20,000	25,000	42,000
Interest cost	68,000	39,000	136,000	78,000
Expected return on plan assets	0	0	0	0
Amortization of prior service (benefit) cost	(139,000)	(374,000)	(278,000)	(748,000)
Amortization of net loss (gain)	(95,000)	(68,000)	(190,000)	(136,000)
Net periodic benefit (credit) cost	$ (153,000)	$ (383,000)	$ (307,000)	$ (764,000)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	$ 821,994	$ 730,964	$ 799,990	$ 720,440
Other comprehensive income (loss) before reclassifications	4,329	(4,003)	4,773	(3,305)
Amounts reclassified from accumulated other comprehensive income (loss)	(1,150)	110	(2,280)	(689)
Net current period other comprehensive (loss) income before tax	3,179	(3,893)	2,493	(3,994)
Deferred taxes	996	540	27	456
Other comprehensive income (loss)	2,183	(4,433)	2,466	(4,450)
Ending balances	847,123	749,154	847,123	749,154
Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	4,736	4,690	7,075	2,420
Other comprehensive income (loss) before reclassifications	5,072	2,340	2,827	5,085
Amounts reclassified from accumulated other comprehensive income (loss)	(943)	120	(1,735)	322
Net current period other comprehensive (loss) income before tax	4,129	2,460	1,092	5,407
Deferred taxes	949	566	251	1,243
Other comprehensive income (loss)	3,180	1,894	841	4,164
Ending balances	7,916	6,584	7,916	6,584
Pension and Post-Employment Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(40,295)	(39,942)	(40,228)	(39,702)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(207)	(10)	(545)	(1,011)
Net current period other comprehensive (loss) income before tax	(207)	(10)	(545)	(1,011)
Deferred taxes	47	(26)	(224)	(787)
Other comprehensive income (loss)	(254)	16	(321)	(224)
Ending balances	(40,549)	(39,926)	(40,549)	(39,926)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(6,067)	(4,934)	(8,756)	(2,887)
Other comprehensive income (loss) before reclassifications	(743)	(6,343)	1,946	(8,390)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Net current period other comprehensive (loss) income before tax	(743)	(6,343)	1,946	(8,390)
Deferred taxes	0	0	0	0
Other comprehensive income (loss)	(743)	(6,343)	1,946	(8,390)
Ending balances	(6,810)	(11,277)	(6,810)	(11,277)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(41,626)	(40,186)	(41,909)	(40,169)
Other comprehensive income (loss)	2,183	(4,433)	2,466	(4,450)
Ending balances	(39,443)	(44,619)	(39,443)	(44,619)
Foreign currency forward contracts | Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	1,165	2,451	1,243	2,348
Other comprehensive income (loss) before reclassifications	163	1,117	96	1,270
Amounts reclassified from accumulated other comprehensive income (loss)	0	(110)	(35)	(130)
Net current period other comprehensive (loss) income before tax	163	1,007	61	1,140
Deferred taxes	38	232	14	262
Other comprehensive income (loss)	125	775	47	878
Ending balances	1,290	3,226	1,290	3,226
Interest rate swap | Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	4,141	2,485	6,055	0
Other comprehensive income (loss) before reclassifications	4,830	756	3,127	3,868
Amounts reclassified from accumulated other comprehensive income (loss)	(1,028)	238	(1,810)	353
Net current period other comprehensive (loss) income before tax	3,802	994	1,317	4,221
Deferred taxes	874	229	303	971
Other comprehensive income (loss)	2,928	765	1,014	3,250
Ending balances	7,069	3,250	7,069	3,250
Precious Metals | Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(570)	(246)	(223)	72
Other comprehensive income (loss) before reclassifications	79	467	(396)	(53)
Amounts reclassified from accumulated other comprehensive income (loss)	85	(8)	110	99
Net current period other comprehensive (loss) income before tax	164	459	(286)	46
Deferred taxes	37	105	(66)	10
Other comprehensive income (loss)	127	354	(220)	36
Ending balances	$ (443)	$ 108	$ (443)	$ 108

Stock-based Compensation Expe_3

Stock-based Compensation Expense - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2.8	$ 2	$ 5.2	$ 3.8
Unamortized compensation cost	$ 20.7		$ 20.7
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)			53,906
Grant date fair value per unit (in usd per share)			$ 112.61
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	6 Months Ended
	Jun. 30, 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	Jun. 30, 2023	Dec. 31, 2022
Financial Assets
Deferred compensation investments	$ 4,451	$ 3,001
Foreign currency forward contracts	512	1,291
Total	14,700	12,273
Financial Liabilities
Deferred compensation liability	4,451	3,001
Foreign currency forward contracts	946	1,757
Total	6,533	5,169
Interest rate swap
Financial Assets
Interest rate swap	9,736	7,863
Financial Liabilities
Derivative liabilities	556	0
Precious metal swaps
Financial Assets
Precious metal swaps	1	118
Financial Liabilities
Derivative liabilities	580	411
Quoted Prices in  Active Markets  for Identical Assets (Level 1)
Financial Assets
Deferred compensation investments	4,451	3,001
Foreign currency forward contracts	0	0
Total	4,451	3,001
Financial Liabilities
Deferred compensation liability	4,451	3,001
Foreign currency forward contracts	0	0
Total	4,451	3,001
Quoted Prices in  Active Markets  for Identical Assets (Level 1) | Interest rate swap
Financial Assets
Interest rate swap	0	0
Financial Liabilities
Derivative liabilities	0	0
Quoted Prices in  Active Markets  for Identical Assets (Level 1) | Precious metal swaps
Financial Assets
Precious metal swaps	0	0
Financial Liabilities
Derivative liabilities	0	0
Significant Other Observable Inputs (Level 2)
Financial Assets
Deferred compensation investments	0	0
Foreign currency forward contracts	512	1,291
Total	10,249	9,272
Financial Liabilities
Deferred compensation liability	0	0
Foreign currency forward contracts	946	1,757
Total	2,082	2,168
Significant Other Observable Inputs (Level 2) | Interest rate swap
Financial Assets
Interest rate swap	9,736	7,863
Financial Liabilities
Derivative liabilities	556	0
Significant Other Observable Inputs (Level 2) | Precious metal swaps
Financial Assets
Precious metal swaps	1	118
Financial Liabilities
Derivative liabilities	580	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
Interest rate swap	0	0
Financial Liabilities
Derivative liabilities	0	0
Significant Unobservable Inputs (Level 3) | Precious metal swaps
Financial Assets
Precious metal swaps	0	0
Financial Liabilities
Derivative liabilities	$ 0	$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activity - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Mar. 21, 2023 USD ($) derivative	Mar. 04, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Foreign currency gain (loss) related to derivatives	$ 0.2	$ 0.1	$ 0.4	$ 0.7
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 4.1
Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative, term of contract			4 years
Letter of Credit | Interest rate swap | Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Notional amount total					$ 50	$ 100
Number of interest rate swaps entered in to | derivative					2

Derivative Instruments and He_4

Derivative Instruments and Hedging Activity - Derivative Instruments NonHedging (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 238,649	$ 137,455
Foreign currency forward contracts | Designated as hedging instrument | Yen
Derivative [Line Items]
Notional Amount	2,369	2,985
Foreign currency forward contracts | Designated as hedging instrument | Euro
Derivative [Line Items]
Notional Amount	29,155	25,712
Prepaid and other current assets | Designated as hedging instrument
Derivative [Line Items]
Fair value, asset	5,185	3,732
Prepaid and other current assets | Foreign currency forward contracts | Not designated as hedging instrument
Derivative [Line Items]
Notional Amount	21,807	12,242
Fair value, asset	235	791
Prepaid and other current assets | Foreign currency forward contracts | Designated as hedging instrument | Yen
Derivative [Line Items]
Fair value, asset	142	145
Prepaid and other current assets | Foreign currency forward contracts | Designated as hedging instrument | Euro
Derivative [Line Items]
Fair value, asset	120	355
Other liabilities and accrued items | Designated as hedging instrument
Derivative [Line Items]
Fair value, liability	992	957
Other liabilities and accrued items | Foreign currency forward contracts | Not designated as hedging instrument
Derivative [Line Items]
Notional amount, liability	27,995	17,061
Fair value, liability	521	1,048
Other liabilities and accrued items | Foreign currency forward contracts | Designated as hedging instrument | Yen
Derivative [Line Items]
Fair value, liability	1	74
Other liabilities and accrued items | Foreign currency forward contracts | Designated as hedging instrument | Euro
Derivative [Line Items]
Fair value, liability	$ 411	$ 472

Derivative Instruments and He_5

Derivative Instruments and Hedging Activity - Fair Value Measurements, Recurring and Nonrecurring (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	$ 238,649	$ 137,455
Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	7,125	8,758
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	200,000	100,000
Prepaid and other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	5,185	3,732
Prepaid and other current assets | Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	1	118
Prepaid and other current assets | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	4,922	3,114
Other assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	4,829	4,749
Other assets | Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	0	0
Other assets | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	4,814	4,749
Other liabilities and accrued items
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	992	957
Other liabilities and accrued items | Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	580	411
Other liabilities and accrued items | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	0	0
Other long-term liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	569	163
Other long-term liabilities | Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	0	0
Other long-term liabilities | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	556	0
Yen | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	2,369	2,985
Yen | Prepaid and other current assets | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	142	145
Yen | Other assets | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	6	0
Yen | Other liabilities and accrued items | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	1	74
Yen | Other long-term liabilities | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	1	26
Euro | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	29,155	25,712
Euro | Prepaid and other current assets | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	120	355
Euro | Other assets | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	9	0
Euro | Other liabilities and accrued items | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	411	472
Euro | Other long-term liabilities | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	$ 12	$ 137

Derivative Instruments and He_6

Derivative Instruments and Hedging Activity - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
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	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax
Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of sales	Cost of sales	Cost of sales	Cost of sales
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense—net	Interest expense—net	Interest expense—net	Interest expense—net
Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ (943)	$ 120	$ (1,735)	$ 322
Designated as hedging instrument | Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	0	(110)	(35)	(130)
Designated as hedging instrument | Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	85	(8)	110	99
Designated as hedging instrument | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ (1,028)	$ 238	$ (1,810)	$ 353

Contingencies (Detail)

Contingencies (Detail) $ in Millions	Jun. 30, 2023 USD ($) claim	Dec. 31, 2022 USD ($)
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	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Borrowings under Credit Agreement	$ 159,750	$ 143,250
Foreign debt	5,774	7,541
Total debt outstanding	443,519	435,791
Current portion of long-term debt	(27,471)	(21,105)
Gross long-term debt	416,048	414,686
Unamortized deferred financing fees	(3,315)	(3,810)
Long-term debt	412,733	410,876
Line of Credit | Borrowings under the Term Loan Facility
Debt Disclosure [Abstract]
Borrowings under the Term Loan Facility	277,500	285,000
Line of Credit Facility [Line Items]
Borrowings under the Term Loan Facility	277,500	285,000
Line of Credit | Overdraft Sweep Facility
Debt Disclosure [Abstract]
Borrowings under the Term Loan Facility	495	0
Line of Credit Facility [Line Items]
Borrowings under the Term Loan Facility	$ 495	$ 0

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Borrowings under Credit Agreement	$ 159,750	$ 143,250
Line of credit facility, interest rate at period end	6.71%	6.08%
Line of credit facility, remaining borrowing capacity	$ 168,900
Long-term line of credit, noncurrent	277,500	$ 285,000
Line of Credit | Overdraft Sweep Facility
Line of Credit Facility [Line Items]
Borrowings under the Term Loan Facility	495	0
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	$ 46,300	$ 46,500