Materion (MTRN) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 27, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 2024
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	20,751,282
Entity Central Index Key	0001104657
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Income Statement [Abstract]
Net sales	$ 436,715	$ 403,067	$ 1,247,868	$ 1,244,144
Cost of sales	355,777	314,131	1,014,859	974,817
Gross margin	80,938	88,936	233,009	269,327
Selling, general, and administrative expense	35,009	38,806	104,454	118,053
Research and development expense	7,868	6,322	22,712	21,098
Restructuring expense (income)	1,493	1,077	6,161	3,194
Other—net	5,309	6,211	14,112	18,178
Operating profit	31,259	36,520	85,570	108,804
Other non-operating (income)—net	(642)	(685)	(1,925)	(2,141)
Interest expense—net	8,839	7,678	25,920	22,820
Income before income taxes	23,062	29,527	61,575	88,125
Income tax expense	768	2,963	6,836	11,891
Net income	$ 22,294	$ 26,564	$ 54,739	$ 76,234
Basic earnings per share:
Net income per share of common stock (in dollars per share)	$ 1.07	$ 1.29	$ 2.64	$ 3.70
Diluted earnings per share:
Net income per share of common stock (in dollars per share)	$ 1.07	$ 1.27	$ 2.61	$ 3.65
Weighted-average number of shares of common stock outstanding:
Basic (in shares)	20,749	20,640	20,723	20,611
Diluted (in shares)	20,920	20,905	20,935	20,891

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 22,294	$ 26,564	$ 54,739	$ 76,234
Other comprehensive income (loss):
Foreign currency translation adjustment	7,579	(3,259)	2,030	(1,313)
Derivative and hedging activity, net of tax	(4,452)	2,019	(2,606)	2,860
Pension and post-employment benefit adjustment, net of tax	(62)	(145)	(298)	(466)
Other comprehensive loss	3,065	(1,385)	(874)	1,081
Comprehensive income	$ 25,359	$ 25,179	$ 53,865	$ 77,315

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 17,874	$ 13,294
Accounts receivable, net	214,576	192,747
Inventories, net	476,596	441,597
Prepaid and other current assets	86,314	61,744
Total current assets	795,360	709,382
Deferred income taxes	4,914	4,908
Property, plant, and equipment	1,328,355	1,281,622
Less allowances for depreciation, depletion, and amortization	(802,294)	(766,939)
Property, plant, and equipment, net	526,061	514,683
Operating lease, right-of-use assets	58,871	57,645
Intangible assets, net	124,281	133,571
Other assets	26,384	21,664
Goodwill	321,147	320,873
Total Assets	1,857,018	1,762,726
Current liabilities
Short-term debt	37,542	38,597
Accounts payable	130,310	125,663
Salaries and wages	19,463	25,912
Other liabilities and accrued items	48,850	45,773
Income taxes	1,166	5,207
Unearned revenue	15,497	13,843
Total current liabilities	252,828	254,995
Other long-term liabilities	12,513	13,300
Operating lease liabilities	56,698	53,817
Finance lease liabilities	13,438	13,744
Retirement and post-employment benefits	26,178	26,334
Unearned income	81,553	103,983
Long-term income taxes	4,551	3,815
Deferred income taxes	19,608	20,109
Long-term debt	457,756	387,576
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 September 27th and December 31st)	331,646	309,492
Retained earnings	900,764	854,334
Common stock in treasury	(259,191)	(237,746)
Accumulated other comprehensive loss	(47,822)	(46,948)
Other equity	6,498	5,921
Total shareholders' equity	931,895	885,053
Total Liabilities and Shareholders’ Equity	$ 1,857,018	$ 1,762,726

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Sep. 27, 2024	Dec. 31, 2023
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	9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Cash flows from operating activities:
Net income	$ 54,739	$ 76,234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	51,291	46,524
Amortization of deferred financing costs in interest expense	1,286	1,284
Stock-based compensation expense (non-cash)	7,715	7,578
Deferred income tax expense (benefit)	(9)	(149)
Changes in assets and liabilities:
Accounts receivable	(21,921)	27,832
Inventory	(34,215)	(30,868)
Prepaid and other current assets	(24,646)	(16,175)
Accounts payable and accrued expenses	3,704	(25,533)
Unearned revenue	(17,568)	(12,398)
Interest and taxes payable	(3,233)	(1,730)
Unearned income due to customer prepayments	0	16,676
Other-net	(5,579)	(4,770)
Net cash provided by operating activities	11,564	84,505
Cash flows from investing activities:
Payments for purchase of property, plant, and equipment	(50,730)	(85,251)
Payments for mine development	(10,376)	(9,326)
Proceeds from sale of property, plant, and equipment	561	417
Net cash used in investing activities	(60,545)	(94,160)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities, net	91,057	39,649
Repayment of long-term debt	(22,694)	(11,579)
Principal payments under finance lease obligations	(567)	(1,297)
Cash dividends paid	(8,295)	(7,937)
Payments of withholding taxes for stock-based compensation awards	(6,575)	(5,101)
Net cash provided by financing activities	52,926	13,735
Effects of exchange rate changes	635	(780)
Net change in cash and cash equivalents	4,580	3,300
Cash and cash equivalents at beginning of period	13,294	13,101
Cash and cash equivalents at end of period	$ 17,874	$ 16,401

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, 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	76,234			76,234
Other comprehensive income (loss)	1,081				1,081
Cash dividends declared	(7,937)			(7,937)
Stock-based compensation activity (in shares)		146	(146)
Stock-based compensation activity	7,578	$ 18,416	$ (10,721)	(117)
Payments of withholding taxes for stock-based compensation awards (in shares)		(48)	48
Payments of withholding taxes for stock-based compensation awards	(5,101)		$ (5,101)
Directors' deferred compensation (in shares)		1	(1)
Directors’ deferred compensation	123	$ 77	$ (573)			619
Common stock, ending balance (in shares) at Sep. 29, 2023		20,642
Treasury stock, ending balance (in shares) at Sep. 29, 2023			6,506
Ending balances at Sep. 29, 2023	871,968	$ 306,593	$ (237,259)	837,598	(40,828)	5,864
Common stock, beginning balance (in shares) at Jun. 30, 2023		20,637
Treasury stock, beginning balance (in shares) at Jun. 30, 2023			6,511
Beginning balances at Jun. 30, 2023	847,123	$ 303,390	$ (236,423)	813,793	(39,443)	5,806
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,564			26,564
Other comprehensive income (loss)	(1,385)				(1,385)
Cash dividends declared	(2,683)			(2,683)
Stock-based compensation activity (in shares)		8	(8)
Stock-based compensation activity	2,536	$ 3,174	$ (562)	(76)
Payments of withholding taxes for stock-based compensation awards (in shares)		(3)	3
Payments of withholding taxes for stock-based compensation awards	(229)		$ (229)
Directors’ deferred compensation	42	$ 29	$ (45)			58
Common stock, ending balance (in shares) at Sep. 29, 2023		20,642
Treasury stock, ending balance (in shares) at Sep. 29, 2023			6,506
Ending balances at Sep. 29, 2023	871,968	$ 306,593	$ (237,259)	837,598	(40,828)	5,864
Common stock, beginning balance (in shares) at Dec. 31, 2023		20,646
Treasury stock, beginning balance (in shares) at Dec. 31, 2023			6,502
Beginning balances at Dec. 31, 2023	885,053	$ 309,492	$ (237,746)	854,334	(46,948)	5,921
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	54,739			54,739
Other comprehensive income (loss)	(874)				(874)
Cash dividends declared	(8,295)			(8,295)
Stock-based compensation activity (in shares)		154	(154)
Stock-based compensation activity	7,715	$ 22,058	$ (14,329)	(14)
Payments of withholding taxes for stock-based compensation awards (in shares)		(50)	50
Payments of withholding taxes for stock-based compensation awards	(6,575)		$ (6,575)
Directors' deferred compensation (in shares)		1	(1)
Directors’ deferred compensation	132	$ 96	$ (541)			577
Common stock, ending balance (in shares) at Sep. 27, 2024		20,751
Treasury stock, ending balance (in shares) at Sep. 27, 2024			6,397
Ending balances at Sep. 27, 2024	931,895	$ 331,646	$ (259,191)	900,764	(47,822)	6,498
Common stock, beginning balance (in shares) at Jun. 28, 2024		20,747
Treasury stock, beginning balance (in shares) at Jun. 28, 2024			6,401
Beginning balances at Jun. 28, 2024	907,085	$ 328,836	$ (258,583)	881,284	(50,887)	6,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,294			22,294
Other comprehensive income (loss)	3,065				3,065
Cash dividends declared	(2,802)			(2,802)
Stock-based compensation activity (in shares)		5	(5)
Stock-based compensation activity	2,381	$ 2,774	$ (381)	(12)
Payments of withholding taxes for stock-based compensation awards (in shares)		(1)	1
Payments of withholding taxes for stock-based compensation awards	(173)		$ (173)
Directors’ deferred compensation	45	$ 36	$ (54)			63
Common stock, ending balance (in shares) at Sep. 27, 2024		20,751
Treasury stock, ending balance (in shares) at Sep. 27, 2024			6,397
Ending balances at Sep. 27, 2024	$ 931,895	$ 331,646	$ (259,191)	$ 900,764	$ (47,822)	$ 6,498

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.135	$ 0.130	$ 0.400	$ 0.385

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 27, 2024
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 material 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 2023 Annual Report on Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year. Certain prior year amounts have been reclassified to conform with the current year presentation. These reclassifications had no effect on the reported results of operations, cash flows or financial position. Specifically, the net sales related to the previously disclosed precision clad strip project have been reclassified from the other end market to the consumer electronics end market within Note B. New Pronouncements Adopted: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07 “Improvements to Reportable Segment Disclosures (Topic 280)”. This ASU updates current reportable segment disclosure requirements to require disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. This ASU will be effective for the annual period ending December 31, 2024. Adoption of this ASU will result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU No. 2023-09 “Improvements to Income Tax Disclosures (Topic 740)”. This ASU updates current income tax disclosure requirements to require disclosures of specific categories of information within the effective tax rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This ASU will be effective for the annual period ending December 31, 2025. Adoption of this ASU will result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows. No other recently issued or effective ASUs had, or are expected to have, a material effect on the Company's results of operations, financial condition, or liquidity.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 27, 2024
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 CODM, 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 and high temperature braze materials. 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 third quarter and first nine months of 2024 and 2023: (Thousands) Third Quarter 2024 Third Quarter 2023 First Nine Months 2024 First Nine Months 2023 Net sales: Performance Materials (1) $ 177,376 $ 184,642 $ 533,534 $ 554,427 Electronic Materials (1) 236,906 192,305 641,564 611,855 Precision Optics 22,433 26,120 72,770 77,862 Other — — — — Net sales 436,715 403,067 1,247,868 1,244,144 Segment EBITDA: Performance Materials $ 44,802 $ 46,366 $ 115,893 $ 134,061 Electronic Materials 12,309 10,155 40,118 37,504 Precision Optics (39) 3,261 1,297 7,654 Other (6,578) (7,497) (18,522) (21,750) Total Segment EBITDA 50,494 52,285 138,786 157,469 Income tax expense 768 2,963 6,836 11,891 Interest expense - net 8,839 7,678 25,920 22,820 Depreciation, depletion and amortization 18,593 15,080 51,291 46,524 Net income $ 22,294 $ 26,564 $ 54,739 $ 76,234 (1) Excludes inter-segment sales of $1.6 million for the third quarter of 2024 and $4.8 million for the first nine months of 2024 for Electronic Materials. Excludes inter-segment sales of $3.2 million for the third quarter of 2023 and $7.3 million for the first nine months of 2023 for Electronic Materials. There were no material inter-segment sales for Performance Materials in 2024 or 2023. Inter-segment sales are eliminated in consolidation. The following table disaggregates revenue for each segment by end market for the third quarter and first nine months of 2024 and 2023: (Thousands) Performance Materials Electronic Materials Precision Optics Other Total Third Quarter 2024 End Market Semiconductor $ 2,097 $ 198,790 $ 798 $ — $ 201,685 Industrial 33,494 7,352 6,254 — 47,100 Aerospace and defense 44,940 975 5,126 — 51,041 Consumer electronics 49,131 172 4,006 — 53,309 Automotive 18,123 1,724 1,780 — 21,627 Energy 12,819 20,810 — — 33,629 Telecom and data center 7,929 75 — — 8,004 Other 8,843 7,008 4,469 — 20,320 Total $ 177,376 $ 236,906 $ 22,433 $ — $ 436,715 Third Quarter 2023 End Market Semiconductor $ 2,712 $ 151,388 $ 624 $ — $ 154,724 Industrial 32,046 7,958 6,954 — 46,958 Aerospace and defense 30,938 1,102 7,124 — 39,164 Consumer electronics 59,486 144 4,254 — 63,884 Automotive 19,447 1,747 2,606 — 23,800 Energy 13,013 25,179 — — 38,192 Telecom and data center 15,685 10 — — 15,695 Other 11,315 4,777 4,558 — 20,650 Total $ 184,642 $ 192,305 $ 26,120 $ — $ 403,067 (Thousands) Performance Materials Electronic Materials Precision Optics Other Total First Nine Months 2024 End Market Semiconductor $ 6,059 $ 533,312 $ 1,877 $ — $ 541,248 Industrial 91,765 25,466 19,399 — 136,630 Aerospace and defense 129,011 4,260 16,980 — 150,251 Consumer electronics 166,797 309 11,272 — 178,378 Automotive 54,190 5,367 5,459 — 65,016 Energy 30,191 53,480 — — 83,671 Telecom and data center 28,913 131 — — 29,044 Other 26,608 19,239 17,783 — 63,630 Total $ 533,534 $ 641,564 $ 72,770 $ — $ 1,247,868 First Nine Months 2023 End Market Semiconductor $ 9,713 $ 487,361 $ 2,279 $ — $ 499,353 Industrial 111,436 25,102 22,400 — 158,938 Aerospace and defense 92,734 4,670 17,771 — 115,175 Consumer electronics 162,180 526 11,075 — 173,781 Automotive 66,753 4,966 7,090 — 78,809 Energy 38,597 71,940 — — 110,537 Telecom and data center 49,223 68 — — 49,291 Other 23,791 17,222 17,247 — 58,260 Total $ 554,427 $ 611,855 $ 77,862 $ — $ 1,244,144

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 27, 2024
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 (ASC) 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 September 27, 2024. 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 September 27, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $39.9 million. Contract Balances : The timing of revenue recognition, billings, and cash collections resulted in the following contract assets and contract liabilities: (Thousands) September 27, 2024 December 31, 2023 $ change % change Accounts receivable, trade $ 215,420 $ 193,345 $ 22,075 11 % Unbilled receivables 38,098 29,524 8,574 29 % Unearned revenue 15,497 13,843 1,654 12 % 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 third quarter of 2024. 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 $13.5 million of the December 31, 2023 short-term unearned amounts as revenue during the first nine months of 2024. 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.

Restructuring

Restructuring	9 Months Ended
	Sep. 27, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The Company implemented various restructuring initiatives across the Performance Materials, Electronic Materials, Precision Optics and Other segments to improve operational efficiency during the three and nine months ended September 27, 2024 and the three and nine months ended September 29, 2023. This resulted in severance and related costs of approximately $1.5 million and $6.2 million during the three months and nine months ended September 27, 2024, respectively, and $1.1 million and $3.2 million during the three months and nine months ended September 29, 2023, respectively. Of the $6.2 million incurred in 2024, approximately $4.8 million of those severance costs were paid as of September 27, 2024.

Other-net

Other-net	9 Months Ended
	Sep. 27, 2024
Other Income and Expenses [Abstract]
Other-net	Other-net Other-net for the third quarter and first nine months of 2024 and 2023 is summarized as follows: Third Quarter Ended Nine Months Ended September 27, September 29, September 27, September 29, (Thousands) 2024 2023 2024 2023 Amortization of intangible assets $ 3,217 $ 3,153 $ 9,227 $ 9,403 Metal consignment fees 1,978 2,580 5,896 8,307 Foreign currency (gain) loss 717 609 1,251 571 Other items (603) (131) (2,262) (103) Total $ 5,309 $ 6,211 $ 14,112 $ 18,178

Income Taxes

Income Taxes	9 Months Ended
	Sep. 27, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the third quarter of 2024 and 2023 was 3.3% and 10.0%, respectively, and 11.1% and 13.5% in the first nine months of 2024 and 2023, respectively. The effective tax rate for 2024 is lower than the statutory tax rate primarily due to the impact of percentage depletion, research and development and production tax credits, and the foreign derived intangible income deduction. 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 tax credits, and the foreign derived intangible income deduction. The effective tax rate for the first nine months of 2024 includes a nominal amount of discrete income tax expense primarily consisting of $1.0 million of excess tax benefits from stock-based compensation awards offset by a $1.1 million valuation allowance recorded against deferred tax assets that are not likely to be realized for one of the Company’s foreign subsidiaries. The effective tax rate for the first nine months of 2023 included a net discrete income tax benefit of $3.4 million, primarily related to an optimization of our foreign-derived intangible income deduction benefit, excess tax benefits from stock-based compensation awards, and return to provision adjustments. Government Tax Credits Pursuant to The Inflation Reduction Act of 2022 (IRA), the Company is eligible for the Advanced Manufacturing Production Credit (production credit) beginning in 2023. The production credit provides an annual cash benefit for a portion of the production costs for the sale of certain critical minerals produced in the U.S. and sold during the year. On October 24, 2024, the U.S. Treasury Department published final regulations on the production credit that include clarifying guidance regarding the definition of production costs included in the computation of the production credit. The company is currently in the process of analyzing the final regulations to determine the amount of the production costs eligible for inclusion in the calculation of the production credit for the tax year ended December 31, 2024. The amount of the benefit that the Company is entitled to receive in connection with the production credit will ultimately depend on its analysis of the final regulations. The Company records the production credit 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 the production credits 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. Pillar Two The Organization for Economic Co-operation and Development (OECD) introduced rules to establish a global minimum corporate tax, commonly referred to as Pillar Two. Numerous foreign countries have enacted legislation to implement the Pillar Two rules, effective beginning in 2024, or are expected to enact similar legislation. The Company continues to evaluate the Pillar Two rules but does not expect Pillar Two to have a significant impact on its effective tax rate or consolidated results of operations, financial position, and cash flows.

Earnings Per Share (EPS)

Earnings Per Share (EPS)	9 Months Ended
	Sep. 27, 2024
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	Earnings Per Share (EPS) The following table sets forth the computation of basic and diluted EPS: Third Quarter Ended Nine Months Ended September 27, September 29, September 27, September 29, (Thousands, except per share amounts) 2024 2023 2024 2023 Numerator for basic and diluted EPS: Net income $ 22,294 $ 26,564 $ 54,739 $ 76,234 Denominator: Denominator for basic EPS: Weighted-average shares outstanding 20,749 20,640 20,723 20,611 Effect of dilutive securities: Stock appreciation rights 75 79 83 87 Restricted stock units 44 84 61 89 Performance-based restricted stock units 52 102 68 104 Diluted potential common shares 171 265 212 280 Denominator for diluted EPS: Adjusted weighted-average shares outstanding 20,920 20,905 20,935 20,891 Basic EPS $ 1.07 $ 1.29 $ 2.64 $ 3.70 Diluted EPS $ 1.07 $ 1.27 $ 2.61 $ 3.65 Adjusted weighted-average shares outstanding - diluted exclude securities totaling 148,038 and 47,250 for the quarters ended September 27, 2024 and September 29, 2023, respectively, and 110,555 and 36,927 for the nine months ended September 27, 2024 and September 29, 2023, respectively. These securities are primarily related to restricted stock units (RSUs) and stock appreciation rights (SARs) with fair market values and exercise prices greater than the average market price of the Company's common shares and were excluded from the dilution calculation as the effect would have been anti-dilutive.

Inventories

Inventories	9 Months Ended
	Sep. 27, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories on the Consolidated Balance Sheets are summarized as follows: September 27, December 31, (Thousands) 2024 2023 Raw materials and supplies $ 129,539 $ 117,693 Work in process 276,998 268,717 Finished goods 70,059 55,187 Inventories, net $ 476,596 $ 441,597

Customer Prepayments

Customer Prepayments	9 Months Ended
	Sep. 27, 2024
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. In 2023, the Company received the remaining prepayments related to this amendment, the total of which approximated $38.6 million. As of September 27, 2024 and December 31, 2023, $65.6 million and $84.7 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 September 27, 2024 $7.0 million of the prepayments are classified as Unearned revenue.

Pensions and Other Post-employm

Pensions and Other Post-employment Benefits	9 Months Ended
	Sep. 27, 2024
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 third quarter and first nine months ended September 27, 2024 and September 29, 2023, 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 Third Quarter Ended Third Quarter Ended September 27, September 29, September 27, September 29, (Thousands) 2024 2023 2024 2023 Components of net periodic benefit (credit) cost Service cost $ 279 $ 209 $ 12 $ 13 Interest cost 1,916 1,966 58 68 Expected return on plan assets (2,541) (2,421) — — Amortization of prior service (benefit) cost (22) (21) — (139) Amortization of net loss (gain) 32 (75) (87) (95) Net periodic benefit (credit) cost $ (336) $ (342) $ (17) $ (153) Pension Benefits Other Benefits Nine Months Ended Nine Months Ended September 27, September 29, September 27, September 29, (Thousands) 2024 2023 2024 2023 Components of net periodic benefit (credit) cost Service cost $ 813 $ 642 $ 37 $ 38 Interest cost 5,728 5,909 175 205 Expected return on plan assets (7,600) (7,282) — — Amortization of prior service (benefit) cost (64) (65) — (417) Amortization of net loss (gain) 96 (231) (262) (285) Net periodic benefit (credit) cost $ (1,027) $ (1,027) $ (50) $ (459) The Company did not make any contributions to its domestic defined benefit plan in the third quarter or first nine months of 2024 or 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 27, 2024
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 third quarter and first nine months of 2024 and 2023 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 June 28, 2024 $ 1,718 $ 5,709 $ (323) $ 7,104 $ (48,894) $ (9,097) $ (50,887) Other comprehensive income (loss) before reclassifications (695) (3,805) (148) (4,648) — 7,579 2,931 Amounts reclassified from accumulated other comprehensive income (loss) (135) (1,294) 295 (1,134) (77) — (1,211) Net current period other comprehensive (loss) income before tax (830) (5,099) 147 (5,782) (77) 7,579 1,720 Deferred taxes (191) (1,173) 34 (1,330) (15) — (1,345) Net current period other comprehensive (loss) income after tax (639) (3,926) 113 (4,452) (62) 7,579 3,065 Balance at September 27, 2024 $ 1,079 $ 1,783 $ (210) $ 2,652 $ (48,956) $ (1,518) $ (47,822) Balance at June 30, 2023 $ 1,290 $ 7,069 $ (443) $ 7,916 $ (40,549) $ (6,810) $ (39,443) Other comprehensive (loss) income before reclassifications 766 2,398 515 3,679 — (3,259) 420 Amounts reclassified from accumulated other comprehensive income (loss) — (1,140) 83 (1,057) (299) — (1,356) Net current period other comprehensive (loss) income before tax 766 1,258 598 2,622 (299) (3,259) (936) Deferred taxes 176 289 138 603 (154) — 449 Net current period other comprehensive (loss) income after tax 590 969 460 2,019 (145) (3,259) (1,385) Balance at September 29, 2023 $ 1,880 $ 8,038 $ 17 $ 9,935 $ (40,694) $ (10,069) $ (40,828) 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, 2023 $ 1,201 $ 4,156 $ (99) $ 5,258 $ (48,658) $ (3,548) $ (46,948) Other comprehensive income (loss) before reclassifications 177 774 (708) 243 — 2,030 2,273 Amounts reclassified from accumulated other comprehensive income (loss) (335) (3,856) 564 (3,627) (266) — (3,893) Net current period other comprehensive (loss) income before tax (158) (3,082) (144) (3,384) (266) 2,030 (1,620) Deferred taxes (36) (709) (33) (778) 32 — (746) Net current period other comprehensive (loss) income after tax (122) (2,373) (111) (2,606) (298) 2,030 (874) Balance at September 27, 2024 $ 1,079 $ 1,783 $ (210) $ 2,652 $ (48,956) $ (1,518) $ (47,822) Balance at December 31, 2022 $ 1,243 $ 6,055 $ (223) $ 7,075 $ (40,228) $ (8,756) $ (41,909) Other comprehensive income (loss) before reclassifications 862 5,525 119 6,506 — (1,313) 5,193 Amounts reclassified from accumulated other comprehensive income (loss) (35) (2,950) 193 (2,792) (844) — (3,636) Net current period other comprehensive (loss) income before tax 827 2,575 312 3,714 (844) (1,313) 1,557 Deferred taxes 190 592 72 854 (378) — 476 Net current period other comprehensive (loss) income after tax 637 1,983 240 2,860 (466) (1,313) 1,081 Balance at September 29, 2023 $ 1,880 $ 8,038 $ 17 $ 9,935 $ (40,694) $ (10,069) $ (40,828) 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	9 Months Ended
	Sep. 27, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation Expense	Stock-based Compensation Expense Stock-based compensation expense, which includes awards settled in shares and in cash, was $2.4 million and $7.7 million in the third quarter and first nine months of 2024, respectively, compared to $2.6 million and $7.8 million, respectively, in the same periods of 2023. The Company granted 36,919 SARs to certain employees during the first nine months of 2024. The weighted-average exercise price per share and weighted-average fair value per share of the SARs granted during the nine months ended September 27, 2024 were $135.58 and $50.46, 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 4.17 % Dividend yield 0.38 % Volatility 38.3 % Expected term (in years) 4.6 The Company granted 50,873 stock-settled RSUs to certain employees during the first nine months of 2024. 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 $130.31 for stock-settled RSUs granted to employees during the nine months ended September 27, 2024. 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 nine months of 2024. The weighted-average fair value of the stock-settled PRSUs was $164.40 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	9 Months Ended
	Sep. 27, 2024
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 September 27, 2024 and December 31, 2023: (Thousands) Total Carrying Value in the Consolidated Balance Sheets Quoted Prices Significant Significant 2024 2023 2024 2023 2024 2023 2024 2023 Financial Assets Deferred compensation investments $ 5,654 $ 4,899 $ 5,654 $ 4,899 $ — $ — $ — $ — Foreign currency forward contracts 1,163 615 — — 1,163 615 — — Interest rate swap 3,601 6,492 — — 3,601 6,492 — — Precious metal swaps 104 353 — — 104 353 — — Total $ 10,522 $ 12,359 $ 5,654 $ 4,899 $ 4,868 $ 7,460 $ — $ — Financial Liabilities Deferred compensation liability $ 5,654 $ 4,899 $ 5,654 $ 4,899 $ — $ — $ — $ — Foreign currency forward contracts 1,777 1,500 — — 1,777 1,500 — — Interest Rate Swap 1,287 1,096 1,287 1,096 — Precious metal swaps 380 485 — — 380 485 — — Total $ 9,098 $ 7,980 $ 5,654 $ 4,899 $ 3,444 $ 3,081 $ — $ — 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 September 27, 2024 and December 31, 2023. 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	9 Months Ended
	Sep. 27, 2024
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 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 September 27, 2024 and December 31, 2023: September 27, 2024 December 31, 2023 (Thousands) Notional Fair Notional Fair Foreign currency forward contracts Prepaid and other current assets $ 31,145 $ 1,150 $ 23,122 $ 558 Other liabilities and accrued items 27,343 1,343 25,853 1,180 These outstanding foreign currency derivatives were related to balance sheet hedges and intercompany loans. Other-net included $0.2 million of foreign currency losses and $0.2 million of foreign currency gains related to derivatives in the third quarter and first nine months of 2024, respectively, compared to less than $0.1 million of foreign currency losses in the third quarter and $0.4 million of foreign currency losses in the first nine months of 2023. 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 September 27, 2024 and December 31, 2023: September 27, 2024 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 $ 1,830 $ 13 $ — $ 73 $ — Foreign currency forward contracts - euro 13,931 — — 361 — Precious metal swaps 265 104 — 380 — Interest rate swap 200,000 2,271 1,330 322 965 Total $ 216,026 $ 2,388 $ 1,330 $ 1,136 $ 965 December 31, 2023 Fair Value Notional Prepaid and other current assets Other assets Other liabilities and accrued items Other long-term liabilities Foreign currency forward contracts - yen $ 2,167 $ 32 $ — $ 20 $ — Foreign currency forward contracts - euro 23,064 25 — 300 — Precious metal swaps 15,717 353 — 485 — Interest rate swap 200,000 3,658 2,834 — 1,096 Total $ 240,948 $ 4,068 $ 2,834 $ 805 $ 1,096 All of the contracts summarized above were designated and effective as cash flow hedges. We expect to reclassify $1.3 million of net gains into earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. At September 27, 2024, 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 third quarter and first nine months of 2024 and 2023: Third Quarter Ended (Thousands) September 27, 2024 September 29, 2023 Hedging relationship Line item Foreign currency forward contracts Net sales $ (135) $ — Precious metal swaps Cost of sales 295 83 Interest rate swap Interest expense - net (1,294) (1,140) Total $ (1,134) $ (1,057) Nine Months Ended (Thousands) September 27, 2024 September 29, 2023 Hedging relationship Line item Foreign currency forward contracts Net sales $ (335) $ (35) Precious metal swaps Cost of sales 564 193 Interest rate swap Interest expense - net (3,856) (2,950) Total $ (3,627) $ (2,792)

Contingencies

Contingencies	9 Months Ended
	Sep. 27, 2024
Loss Contingency [Abstract]
Contingencies	Contingencies Legal Proceedings . 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. 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 $4.6 million at September 27, 2024 and December 31, 2023, 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	9 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
Debt	Debt (Thousands) September 27, 2024 December 31, 2023 Borrowings under Credit Agreement $ 241,375 $ 149,250 Borrowings under the Term Loan Facility 247,500 270,000 Overdraft Sweep Facility — 3,825 Foreign debt 8,499 5,918 Total debt outstanding 497,374 428,993 Current portion of long-term debt (37,542) (38,597) Gross long-term debt 459,832 390,396 Unamortized deferred financing fees (2,076) (2,820) Long-term debt $ 457,756 $ 387,576 As of September 27, 2024 and December 31, 2023, the Company had $241.4 million outstanding at an average interest rate of 6.90% and $149.3 million outstanding at an average interest rate of 6.96%, respectively, under its revolving credit facility. The available borrowing capacity under the revolving credit facility as of September 27, 2024 was $127.0 million. The Company has the option to repay or borrow additional funds under the revolving credit facility until the maturity date in 2026. The amended and restated credit agreement governing the revolving credit facility (Credit Agreement) includes covenants subject to a maximum leverage ratio and a minimum fixed charge coverage ratio. We were in compliance with all of our debt covenants as of September 27, 2024. The balance outstanding on the term loan facility as of September 27, 2024 and December 31, 2023 was $247.5 million and $270.0 million, respectively. At September 27, 2024 and December 31, 2023, there was $6.7 million and $47.0 million, respectively, outstanding against the letters of credit sub-facility.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 27, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 20, 2024, the Company entered into an agreement to sell the assets of the target manufacturing operations at the Company’s Albuquerque facility (“Target assets”). The transaction subsequently closed on October 25, 2024. Based on the facts and circumstances as of September 27, 2024, the Company determined that not all criteria were met to classify the Target assets as held for sale as of September 27, 2024. Approximately $5 million of net assets were included in the transaction. Based on the final purchase price, the Company estimates that a loss will be recorded in the fourth quarter of 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Pay vs Performance Disclosure
Net income	$ 22,294	$ 26,564	$ 54,739	$ 76,234

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 27, 2024
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)	9 Months Ended
	Sep. 27, 2024
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 material adjustments were of a normal and recurring nature.
Reclassification	Certain prior year amounts have been reclassified to conform with the current year presentation. These reclassifications had no effect on the reported results of operations, cash flows or financial position. Specifically, the net sales related to the previously disclosed precision clad strip project have been reclassified from the other end market to the consumer electronics end market within Note B.
New Pronouncements Adopted	New Pronouncements Adopted: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07 “Improvements to Reportable Segment Disclosures (Topic 280)”. This ASU updates current reportable segment disclosure requirements to require disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. This ASU will be effective for the annual period ending December 31, 2024. Adoption of this ASU will result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU No. 2023-09 “Improvements to Income Tax Disclosures (Topic 740)”. This ASU updates current income tax disclosure requirements to require disclosures of specific categories of information within the effective tax rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This ASU will be effective for the annual period ending December 31, 2025. Adoption of this ASU will result in additional disclosure, but it will not impact the Company’s consolidated financial position, results of operations or cash flows. No other recently issued or effective ASUs had, or are expected to have, a material effect on the Company's results of operations, financial condition, or liquidity.
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 (ASC) 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 September 27, 2024. 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 September 27, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $39.9 million.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 27, 2024
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 third quarter and first nine months of 2024 and 2023: (Thousands) Third Quarter 2024 Third Quarter 2023 First Nine Months 2024 First Nine Months 2023 Net sales: Performance Materials (1) $ 177,376 $ 184,642 $ 533,534 $ 554,427 Electronic Materials (1) 236,906 192,305 641,564 611,855 Precision Optics 22,433 26,120 72,770 77,862 Other — — — — Net sales 436,715 403,067 1,247,868 1,244,144 Segment EBITDA: Performance Materials $ 44,802 $ 46,366 $ 115,893 $ 134,061 Electronic Materials 12,309 10,155 40,118 37,504 Precision Optics (39) 3,261 1,297 7,654 Other (6,578) (7,497) (18,522) (21,750) Total Segment EBITDA 50,494 52,285 138,786 157,469 Income tax expense 768 2,963 6,836 11,891 Interest expense - net 8,839 7,678 25,920 22,820 Depreciation, depletion and amortization 18,593 15,080 51,291 46,524 Net income $ 22,294 $ 26,564 $ 54,739 $ 76,234 (1) Excludes inter-segment sales of $1.6 million for the third quarter of 2024 and $4.8 million for the first nine months of 2024 for Electronic Materials. Excludes inter-segment sales of $3.2 million for the third quarter of 2023 and $7.3 million for the first nine months of 2023 for Electronic Materials. There were no material inter-segment sales for Performance Materials in 2024 or 2023. Inter-segment sales are eliminated in consolidation.
Disaggregation of Revenue	The following table disaggregates revenue for each segment by end market for the third quarter and first nine months of 2024 and 2023: (Thousands) Performance Materials Electronic Materials Precision Optics Other Total Third Quarter 2024 End Market Semiconductor $ 2,097 $ 198,790 $ 798 $ — $ 201,685 Industrial 33,494 7,352 6,254 — 47,100 Aerospace and defense 44,940 975 5,126 — 51,041 Consumer electronics 49,131 172 4,006 — 53,309 Automotive 18,123 1,724 1,780 — 21,627 Energy 12,819 20,810 — — 33,629 Telecom and data center 7,929 75 — — 8,004 Other 8,843 7,008 4,469 — 20,320 Total $ 177,376 $ 236,906 $ 22,433 $ — $ 436,715 Third Quarter 2023 End Market Semiconductor $ 2,712 $ 151,388 $ 624 $ — $ 154,724 Industrial 32,046 7,958 6,954 — 46,958 Aerospace and defense 30,938 1,102 7,124 — 39,164 Consumer electronics 59,486 144 4,254 — 63,884 Automotive 19,447 1,747 2,606 — 23,800 Energy 13,013 25,179 — — 38,192 Telecom and data center 15,685 10 — — 15,695 Other 11,315 4,777 4,558 — 20,650 Total $ 184,642 $ 192,305 $ 26,120 $ — $ 403,067 (Thousands) Performance Materials Electronic Materials Precision Optics Other Total First Nine Months 2024 End Market Semiconductor $ 6,059 $ 533,312 $ 1,877 $ — $ 541,248 Industrial 91,765 25,466 19,399 — 136,630 Aerospace and defense 129,011 4,260 16,980 — 150,251 Consumer electronics 166,797 309 11,272 — 178,378 Automotive 54,190 5,367 5,459 — 65,016 Energy 30,191 53,480 — — 83,671 Telecom and data center 28,913 131 — — 29,044 Other 26,608 19,239 17,783 — 63,630 Total $ 533,534 $ 641,564 $ 72,770 $ — $ 1,247,868 First Nine Months 2023 End Market Semiconductor $ 9,713 $ 487,361 $ 2,279 $ — $ 499,353 Industrial 111,436 25,102 22,400 — 158,938 Aerospace and defense 92,734 4,670 17,771 — 115,175 Consumer electronics 162,180 526 11,075 — 173,781 Automotive 66,753 4,966 7,090 — 78,809 Energy 38,597 71,940 — — 110,537 Telecom and data center 49,223 68 — — 49,291 Other 23,791 17,222 17,247 — 58,260 Total $ 554,427 $ 611,855 $ 77,862 $ — $ 1,244,144

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 27, 2024
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) September 27, 2024 December 31, 2023 $ change % change Accounts receivable, trade $ 215,420 $ 193,345 $ 22,075 11 % Unbilled receivables 38,098 29,524 8,574 29 % Unearned revenue 15,497 13,843 1,654 12 %

Other-net (Tables)

Other-net (Tables)	9 Months Ended
	Sep. 27, 2024
Other Income and Expenses [Abstract]
Summary of Other-Net Expense	Other-net for the third quarter and first nine months of 2024 and 2023 is summarized as follows: Third Quarter Ended Nine Months Ended September 27, September 29, September 27, September 29, (Thousands) 2024 2023 2024 2023 Amortization of intangible assets $ 3,217 $ 3,153 $ 9,227 $ 9,403 Metal consignment fees 1,978 2,580 5,896 8,307 Foreign currency (gain) loss 717 609 1,251 571 Other items (603) (131) (2,262) (103) Total $ 5,309 $ 6,211 $ 14,112 $ 18,178

Earnings Per Share (EPS) (Table

Earnings Per Share (EPS) (Tables)	9 Months Ended
	Sep. 27, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted EPS: Third Quarter Ended Nine Months Ended September 27, September 29, September 27, September 29, (Thousands, except per share amounts) 2024 2023 2024 2023 Numerator for basic and diluted EPS: Net income $ 22,294 $ 26,564 $ 54,739 $ 76,234 Denominator: Denominator for basic EPS: Weighted-average shares outstanding 20,749 20,640 20,723 20,611 Effect of dilutive securities: Stock appreciation rights 75 79 83 87 Restricted stock units 44 84 61 89 Performance-based restricted stock units 52 102 68 104 Diluted potential common shares 171 265 212 280 Denominator for diluted EPS: Adjusted weighted-average shares outstanding 20,920 20,905 20,935 20,891 Basic EPS $ 1.07 $ 1.29 $ 2.64 $ 3.70 Diluted EPS $ 1.07 $ 1.27 $ 2.61 $ 3.65

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 27, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories on the Consolidated Balance Sheets are summarized as follows: September 27, December 31, (Thousands) 2024 2023 Raw materials and supplies $ 129,539 $ 117,693 Work in process 276,998 268,717 Finished goods 70,059 55,187 Inventories, net $ 476,596 $ 441,597

Pensions and Other Post-emplo_2

Pensions and Other Post-employment Benefits (Tables)	9 Months Ended
	Sep. 27, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The following is a summary of the net periodic benefit cost for the third quarter and first nine months ended September 27, 2024 and September 29, 2023, 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 Third Quarter Ended Third Quarter Ended September 27, September 29, September 27, September 29, (Thousands) 2024 2023 2024 2023 Components of net periodic benefit (credit) cost Service cost $ 279 $ 209 $ 12 $ 13 Interest cost 1,916 1,966 58 68 Expected return on plan assets (2,541) (2,421) — — Amortization of prior service (benefit) cost (22) (21) — (139) Amortization of net loss (gain) 32 (75) (87) (95) Net periodic benefit (credit) cost $ (336) $ (342) $ (17) $ (153) Pension Benefits Other Benefits Nine Months Ended Nine Months Ended September 27, September 29, September 27, September 29, (Thousands) 2024 2023 2024 2023 Components of net periodic benefit (credit) cost Service cost $ 813 $ 642 $ 37 $ 38 Interest cost 5,728 5,909 175 205 Expected return on plan assets (7,600) (7,282) — — Amortization of prior service (benefit) cost (64) (65) — (417) Amortization of net loss (gain) 96 (231) (262) (285) Net periodic benefit (credit) cost $ (1,027) $ (1,027) $ (50) $ (459)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 27, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	Changes in the components of accumulated other comprehensive income, including the amounts reclassified, for the third quarter and first nine months of 2024 and 2023 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 June 28, 2024 $ 1,718 $ 5,709 $ (323) $ 7,104 $ (48,894) $ (9,097) $ (50,887) Other comprehensive income (loss) before reclassifications (695) (3,805) (148) (4,648) — 7,579 2,931 Amounts reclassified from accumulated other comprehensive income (loss) (135) (1,294) 295 (1,134) (77) — (1,211) Net current period other comprehensive (loss) income before tax (830) (5,099) 147 (5,782) (77) 7,579 1,720 Deferred taxes (191) (1,173) 34 (1,330) (15) — (1,345) Net current period other comprehensive (loss) income after tax (639) (3,926) 113 (4,452) (62) 7,579 3,065 Balance at September 27, 2024 $ 1,079 $ 1,783 $ (210) $ 2,652 $ (48,956) $ (1,518) $ (47,822) Balance at June 30, 2023 $ 1,290 $ 7,069 $ (443) $ 7,916 $ (40,549) $ (6,810) $ (39,443) Other comprehensive (loss) income before reclassifications 766 2,398 515 3,679 — (3,259) 420 Amounts reclassified from accumulated other comprehensive income (loss) — (1,140) 83 (1,057) (299) — (1,356) Net current period other comprehensive (loss) income before tax 766 1,258 598 2,622 (299) (3,259) (936) Deferred taxes 176 289 138 603 (154) — 449 Net current period other comprehensive (loss) income after tax 590 969 460 2,019 (145) (3,259) (1,385) Balance at September 29, 2023 $ 1,880 $ 8,038 $ 17 $ 9,935 $ (40,694) $ (10,069) $ (40,828) 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, 2023 $ 1,201 $ 4,156 $ (99) $ 5,258 $ (48,658) $ (3,548) $ (46,948) Other comprehensive income (loss) before reclassifications 177 774 (708) 243 — 2,030 2,273 Amounts reclassified from accumulated other comprehensive income (loss) (335) (3,856) 564 (3,627) (266) — (3,893) Net current period other comprehensive (loss) income before tax (158) (3,082) (144) (3,384) (266) 2,030 (1,620) Deferred taxes (36) (709) (33) (778) 32 — (746) Net current period other comprehensive (loss) income after tax (122) (2,373) (111) (2,606) (298) 2,030 (874) Balance at September 27, 2024 $ 1,079 $ 1,783 $ (210) $ 2,652 $ (48,956) $ (1,518) $ (47,822) Balance at December 31, 2022 $ 1,243 $ 6,055 $ (223) $ 7,075 $ (40,228) $ (8,756) $ (41,909) Other comprehensive income (loss) before reclassifications 862 5,525 119 6,506 — (1,313) 5,193 Amounts reclassified from accumulated other comprehensive income (loss) (35) (2,950) 193 (2,792) (844) — (3,636) Net current period other comprehensive (loss) income before tax 827 2,575 312 3,714 (844) (1,313) 1,557 Deferred taxes 190 592 72 854 (378) — 476 Net current period other comprehensive (loss) income after tax 637 1,983 240 2,860 (466) (1,313) 1,081 Balance at September 29, 2023 $ 1,880 $ 8,038 $ 17 $ 9,935 $ (40,694) $ (10,069) $ (40,828)

Stock-based Compensation Expe_2

Stock-based Compensation Expense (Tables)	9 Months Ended
	Sep. 27, 2024
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 4.17 % Dividend yield 0.38 % Volatility 38.3 % Expected term (in years) 4.6

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 27, 2024
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 September 27, 2024 and December 31, 2023: (Thousands) Total Carrying Value in the Consolidated Balance Sheets Quoted Prices Significant Significant 2024 2023 2024 2023 2024 2023 2024 2023 Financial Assets Deferred compensation investments $ 5,654 $ 4,899 $ 5,654 $ 4,899 $ — $ — $ — $ — Foreign currency forward contracts 1,163 615 — — 1,163 615 — — Interest rate swap 3,601 6,492 — — 3,601 6,492 — — Precious metal swaps 104 353 — — 104 353 — — Total $ 10,522 $ 12,359 $ 5,654 $ 4,899 $ 4,868 $ 7,460 $ — $ — Financial Liabilities Deferred compensation liability $ 5,654 $ 4,899 $ 5,654 $ 4,899 $ — $ — $ — $ — Foreign currency forward contracts 1,777 1,500 — — 1,777 1,500 — — Interest Rate Swap 1,287 1,096 1,287 1,096 — Precious metal swaps 380 485 — — 380 485 — — Total $ 9,098 $ 7,980 $ 5,654 $ 4,899 $ 3,444 $ 3,081 $ — $ —

Derivative Instruments and He_2

Derivative Instruments and Hedging Activity (Tables)	9 Months Ended
	Sep. 27, 2024
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 September 27, 2024 and December 31, 2023: September 27, 2024 December 31, 2023 (Thousands) Notional Fair Notional Fair Foreign currency forward contracts Prepaid and other current assets $ 31,145 $ 1,150 $ 23,122 $ 558 Other liabilities and accrued items 27,343 1,343 25,853 1,180
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 September 27, 2024 and December 31, 2023: September 27, 2024 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 $ 1,830 $ 13 $ — $ 73 $ — Foreign currency forward contracts - euro 13,931 — — 361 — Precious metal swaps 265 104 — 380 — Interest rate swap 200,000 2,271 1,330 322 965 Total $ 216,026 $ 2,388 $ 1,330 $ 1,136 $ 965 December 31, 2023 Fair Value Notional Prepaid and other current assets Other assets Other liabilities and accrued items Other long-term liabilities Foreign currency forward contracts - yen $ 2,167 $ 32 $ — $ 20 $ — Foreign currency forward contracts - euro 23,064 25 — 300 — Precious metal swaps 15,717 353 — 485 — Interest rate swap 200,000 3,658 2,834 — 1,096 Total $ 240,948 $ 4,068 $ 2,834 $ 805 $ 1,096
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 third quarter and first nine months of 2024 and 2023: Third Quarter Ended (Thousands) September 27, 2024 September 29, 2023 Hedging relationship Line item Foreign currency forward contracts Net sales $ (135) $ — Precious metal swaps Cost of sales 295 83 Interest rate swap Interest expense - net (1,294) (1,140) Total $ (1,134) $ (1,057) Nine Months Ended (Thousands) September 27, 2024 September 29, 2023 Hedging relationship Line item Foreign currency forward contracts Net sales $ (335) $ (35) Precious metal swaps Cost of sales 564 193 Interest rate swap Interest expense - net (3,856) (2,950) Total $ (3,627) $ (2,792)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	(Thousands) September 27, 2024 December 31, 2023 Borrowings under Credit Agreement $ 241,375 $ 149,250 Borrowings under the Term Loan Facility 247,500 270,000 Overdraft Sweep Facility — 3,825 Foreign debt 8,499 5,918 Total debt outstanding 497,374 428,993 Current portion of long-term debt (37,542) (38,597) Gross long-term debt 459,832 390,396 Unamortized deferred financing fees (2,076) (2,820) Long-term debt $ 457,756 $ 387,576

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Segment Reporting Information [Line Items]
Net sales	$ 436,715	$ 403,067	$ 1,247,868	$ 1,244,144
Total Segment EBITDA	50,494	52,285	138,786	157,469
Income tax expense	768	2,963	6,836	11,891
Interest expense—net	8,839	7,678	25,920	22,820
Depreciation, depletion, and amortization	18,593	15,080	51,291	46,524
Net income	22,294	26,564	54,739	76,234
Performance Materials
Segment Reporting Information [Line Items]
Net sales	177,376	184,642	533,534	554,427
Total Segment EBITDA	44,802	46,366	115,893	134,061
Electronic Materials
Segment Reporting Information [Line Items]
Net sales	236,906	192,305	641,564	611,855
Total Segment EBITDA	12,309	10,155	40,118	37,504
Electronic Materials | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	1,600	3,200	4,800	7,300
Precision Optics
Segment Reporting Information [Line Items]
Net sales	22,433	26,120	72,770	77,862
Total Segment EBITDA	(39)	3,261	1,297	7,654
Other
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Total Segment EBITDA	$ (6,578)	$ (7,497)	$ (18,522)	$ (21,750)

Segment Reporting - Disaggregat

Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 436,715	$ 403,067	$ 1,247,868	$ 1,244,144
Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	201,685	154,724	541,248	499,353
Industrial
Disaggregation of Revenue [Line Items]
Net sales	47,100	46,958	136,630	158,938
Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	51,041	39,164	150,251	115,175
Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	53,309	63,884	178,378	173,781
Automotive
Disaggregation of Revenue [Line Items]
Net sales	21,627	23,800	65,016	78,809
Energy
Disaggregation of Revenue [Line Items]
Net sales	33,629	38,192	83,671	110,537
Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	8,004	15,695	29,044	49,291
Other
Disaggregation of Revenue [Line Items]
Net sales	20,320	20,650	63,630	58,260
Performance Materials
Disaggregation of Revenue [Line Items]
Net sales	177,376	184,642	533,534	554,427
Performance Materials | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	2,097	2,712	6,059	9,713
Performance Materials | Industrial
Disaggregation of Revenue [Line Items]
Net sales	33,494	32,046	91,765	111,436
Performance Materials | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	44,940	30,938	129,011	92,734
Performance Materials | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	49,131	59,486	166,797	162,180
Performance Materials | Automotive
Disaggregation of Revenue [Line Items]
Net sales	18,123	19,447	54,190	66,753
Performance Materials | Energy
Disaggregation of Revenue [Line Items]
Net sales	12,819	13,013	30,191	38,597
Performance Materials | Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	7,929	15,685	28,913	49,223
Performance Materials | Other
Disaggregation of Revenue [Line Items]
Net sales	8,843	11,315	26,608	23,791
Electronic Materials
Disaggregation of Revenue [Line Items]
Net sales	236,906	192,305	641,564	611,855
Electronic Materials | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	198,790	151,388	533,312	487,361
Electronic Materials | Industrial
Disaggregation of Revenue [Line Items]
Net sales	7,352	7,958	25,466	25,102
Electronic Materials | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	975	1,102	4,260	4,670
Electronic Materials | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	172	144	309	526
Electronic Materials | Automotive
Disaggregation of Revenue [Line Items]
Net sales	1,724	1,747	5,367	4,966
Electronic Materials | Energy
Disaggregation of Revenue [Line Items]
Net sales	20,810	25,179	53,480	71,940
Electronic Materials | Telecom and data center
Disaggregation of Revenue [Line Items]
Net sales	75	10	131	68
Electronic Materials | Other
Disaggregation of Revenue [Line Items]
Net sales	7,008	4,777	19,239	17,222
Precision Optics
Disaggregation of Revenue [Line Items]
Net sales	22,433	26,120	72,770	77,862
Precision Optics | Semiconductor
Disaggregation of Revenue [Line Items]
Net sales	798	624	1,877	2,279
Precision Optics | Industrial
Disaggregation of Revenue [Line Items]
Net sales	6,254	6,954	19,399	22,400
Precision Optics | Aerospace and defense
Disaggregation of Revenue [Line Items]
Net sales	5,126	7,124	16,980	17,771
Precision Optics | Consumer electronics
Disaggregation of Revenue [Line Items]
Net sales	4,006	4,254	11,272	11,075
Precision Optics | Automotive
Disaggregation of Revenue [Line Items]
Net sales	1,780	2,606	5,459	7,090
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	4,469	4,558	17,783	17,247
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	9 Months Ended
	Sep. 27, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 39.9
Contract with customer, liability, revenue recognized	$ 13.5

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2024	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Unearned revenue	$ 7,000
Accounts receivable, trade
Capitalized Contract Cost [Line Items]
Change in accounts receivable, trade	$ 22,075
Contract asset percent change	11%
Unbilled receivables
Capitalized Contract Cost [Line Items]
Change in unbilled receivables	$ 8,574
Contract asset percent change	29%
Unearned revenue
Capitalized Contract Cost [Line Items]
Change in unearned revenue	$ 1,654
Contract liability percent change	12%
Accounts receivable, trade
Capitalized Contract Cost [Line Items]
Accounts receivable, trade	$ 215,420	$ 193,345
Unbilled receivables
Capitalized Contract Cost [Line Items]
Unbilled receivables	38,098	29,524
Unearned revenue
Capitalized Contract Cost [Line Items]
Unearned revenue	$ 15,497	$ 13,843

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Restructuring and Related Activities [Abstract]
Severance costs		$ 1.5	$ 1.1	$ 6.2	$ 3.2
Payments for restructuring	$ 4.8

Other-net (Details)

Other-net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Other Income and Expenses [Abstract]
Amortization of intangible assets	$ 3,217	$ 3,153	$ 9,227	$ 9,403
Metal consignment fees	1,978	2,580	5,896	8,307
Foreign currency (gain) loss	717	609	1,251	571
Other items	(603)	(131)	(2,262)	(103)
Total	$ 5,309	$ 6,211	$ 14,112	$ 18,178

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	3.30%	10%	11.10%	13.50%
Excess tax benefits form stock-based compensation			$ 1	$ 3.4
Deferred Tax Assets, Valuation Allowance	$ 1.1		$ 1.1

Earnings Per Share (EPS) - Sche

Earnings Per Share (EPS) - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Numerator for basic and diluted EPS:
Net income	$ 22,294	$ 26,564	$ 54,739	$ 76,234
Denominator for basic EPS:
Weighted-average shares outstanding (in shares)	20,749	20,640	20,723	20,611
Effect of dilutive securities:
Diluted potential common shares (in shares)	171	265	212	280
Denominator for diluted EPS:
Adjusted weighted-average shares outstanding (in shares)	20,920	20,905	20,935	20,891
Basic EPS (in USD per share)	$ 1.07	$ 1.29	$ 2.64	$ 3.70
Diluted EPS (in USD per share)	$ 1.07	$ 1.27	$ 2.61	$ 3.65
Stock appreciation rights
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	75	79	83	87
Restricted stock units
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	44	84	61	89
Performance-based restricted stock units
Effect of dilutive securities:
Dilutive effect of share-based compensation (in shares)	52	102	68	104

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Out-of-The-Money
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from diluted EPS calculation (in shares)	148,038	47,250	110,555	36,927

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 129,539	$ 117,693
Work in process	276,998	268,717
Finished goods	70,059	55,187
Inventories, net	$ 476,596	$ 441,597

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 27, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Notional amount of nonderivative instruments	$ 385.7	$ 351.5

Customer Prepayments (Details)

Customer Prepayments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Sep. 27, 2024
Customer Prepayments [Abstract]
Prepayments from customers	$ 38.6
Deferred income	$ 84.7	$ 65.6
Unearned revenue		$ 7

Pensions and Other Post-emplo_3

Pensions and Other Post-employment Benefits (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
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	279,000	209,000	813,000	642,000
Interest cost	1,916,000	1,966,000	5,728,000	5,909,000
Expected return on plan assets	(2,541,000)	(2,421,000)	(7,600,000)	(7,282,000)
Amortization of prior service (benefit) cost	(22,000)	(21,000)	(64,000)	(65,000)
Amortization of net loss (gain)	32,000	(75,000)	96,000	(231,000)
Net periodic benefit (credit) cost	(336,000)	(342,000)	(1,027,000)	(1,027,000)
Other Benefits
Components of net periodic benefit (credit) cost
Service cost	12,000	13,000	37,000	38,000
Interest cost	58,000	68,000	175,000	205,000
Expected return on plan assets	0	0	0	0
Amortization of prior service (benefit) cost	0	(139,000)	0	(417,000)
Amortization of net loss (gain)	(87,000)	(95,000)	(262,000)	(285,000)
Net periodic benefit (credit) cost	$ (17,000)	$ (153,000)	$ (50,000)	$ (459,000)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	$ 907,085	$ 847,123	$ 885,053	$ 799,990
Other comprehensive income (loss) before reclassifications	2,931	420	2,273	5,193
Amounts reclassified from accumulated other comprehensive income (loss)	(1,211)	(1,356)	(3,893)	(3,636)
Net current period other comprehensive (loss) income before tax	1,720	(936)	(1,620)	1,557
Deferred taxes	(1,345)	449	(746)	476
Net current period other comprehensive (loss) income after tax	3,065	(1,385)	(874)	1,081
Ending balances	931,895	871,968	931,895	871,968
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(50,887)	(39,443)	(46,948)	(41,909)
Net current period other comprehensive (loss) income after tax	3,065	(1,385)	(874)	1,081
Ending balances	(47,822)	(40,828)	(47,822)	(40,828)
Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	7,104	7,916	5,258	7,075
Other comprehensive income (loss) before reclassifications	(4,648)	3,679	243	6,506
Amounts reclassified from accumulated other comprehensive income (loss)	(1,134)	(1,057)	(3,627)	(2,792)
Net current period other comprehensive (loss) income before tax	(5,782)	2,622	(3,384)	3,714
Deferred taxes	(1,330)	603	(778)	854
Net current period other comprehensive (loss) income after tax	(4,452)	2,019	(2,606)	2,860
Ending balances	2,652	9,935	2,652	9,935
Pension and Post-Employment Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(48,894)	(40,549)	(48,658)	(40,228)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	(77)	(299)	(266)	(844)
Net current period other comprehensive (loss) income before tax	(77)	(299)	(266)	(844)
Deferred taxes	(15)	(154)	32	(378)
Net current period other comprehensive (loss) income after tax	(62)	(145)	(298)	(466)
Ending balances	(48,956)	(40,694)	(48,956)	(40,694)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(9,097)	(6,810)	(3,548)	(8,756)
Other comprehensive income (loss) before reclassifications	7,579	(3,259)	2,030	(1,313)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Net current period other comprehensive (loss) income before tax	7,579	(3,259)	2,030	(1,313)
Deferred taxes	0	0	0	0
Net current period other comprehensive (loss) income after tax	7,579	(3,259)	2,030	(1,313)
Ending balances	(1,518)	(10,069)	(1,518)	(10,069)
Foreign Currency | Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	1,718	1,290	1,201	1,243
Other comprehensive income (loss) before reclassifications	(695)	766	177	862
Amounts reclassified from accumulated other comprehensive income (loss)	(135)	0	(335)	(35)
Net current period other comprehensive (loss) income before tax	(830)	766	(158)	827
Deferred taxes	(191)	176	(36)	190
Net current period other comprehensive (loss) income after tax	(639)	590	(122)	637
Ending balances	1,079	1,880	1,079	1,880
Interest rate swap | Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	5,709	7,069	4,156	6,055
Other comprehensive income (loss) before reclassifications	(3,805)	2,398	774	5,525
Amounts reclassified from accumulated other comprehensive income (loss)	(1,294)	(1,140)	(3,856)	(2,950)
Net current period other comprehensive (loss) income before tax	(5,099)	1,258	(3,082)	2,575
Deferred taxes	(1,173)	289	(709)	592
Net current period other comprehensive (loss) income after tax	(3,926)	969	(2,373)	1,983
Ending balances	1,783	8,038	1,783	8,038
Precious Metals | Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(323)	(443)	(99)	(223)
Other comprehensive income (loss) before reclassifications	(148)	515	(708)	119
Amounts reclassified from accumulated other comprehensive income (loss)	295	83	564	193
Net current period other comprehensive (loss) income before tax	147	598	(144)	312
Deferred taxes	34	138	(33)	72
Net current period other comprehensive (loss) income after tax	113	460	(111)	240
Ending balances	$ (210)	$ 17	$ (210)	$ 17

Stock-based Compensation Expe_3

Stock-based Compensation Expense - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2.4	$ 2.6	$ 7.7	$ 7.8
Unamortized compensation cost	$ 19.3		$ 19.3
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (in shares)			36,919
Weighted average exercise price on SARs granted in period (in usd per share)			$ 135.58
Grant date fair value per unit (in usd per share)			$ 50.46
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted in period (in shares)			50,873
Grant date fair value per unit (in usd per share)			$ 130.31
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)			$ 164.40
Vesting period			3 years

Stock-based Compensation Expe_4

Stock-based Compensation Expense - Schedule Of Share Based Payment Award SARs Valuation Assumptions (Details) - Stock appreciation rights	9 Months Ended
	Sep. 27, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.17%
Dividend yield	0.38%
Volatility	38.30%
Expected term (in years)	4 years 7 months 6 days

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Financial Assets
Deferred compensation investments	$ 5,654	$ 4,899
Foreign currency forward contracts	1,163	615
Total	10,522	12,359
Financial Liabilities
Deferred compensation liability	5,654	4,899
Foreign currency forward contracts	1,777	1,500
Total	9,098	7,980
Interest rate swap
Financial Assets
Interest rate swap	3,601	6,492
Financial Liabilities
Precious metal swaps	1,287	1,096
Precious metal swaps
Financial Assets
Interest rate swap	104	353
Financial Liabilities
Precious metal swaps	380	485
Quoted Prices in  Active Markets  for Identical Assets (Level 1)
Financial Assets
Deferred compensation investments	5,654	4,899
Foreign currency forward contracts	0	0
Total	5,654	4,899
Financial Liabilities
Deferred compensation liability	5,654	4,899
Foreign currency forward contracts	0	0
Total	5,654	4,899
Quoted Prices in  Active Markets  for Identical Assets (Level 1) | Interest rate swap
Financial Assets
Interest rate swap	0	0
Financial Liabilities
Precious metal swaps
Quoted Prices in  Active Markets  for Identical Assets (Level 1) | Precious metal swaps
Financial Assets
Interest rate swap	0	0
Financial Liabilities
Precious metal swaps	0	0
Significant Other Observable Inputs (Level 2)
Financial Assets
Deferred compensation investments	0	0
Foreign currency forward contracts	1,163	615
Total	4,868	7,460
Financial Liabilities
Deferred compensation liability	0	0
Foreign currency forward contracts	1,777	1,500
Total	3,444	3,081
Significant Other Observable Inputs (Level 2) | Interest rate swap
Financial Assets
Interest rate swap	3,601	6,492
Financial Liabilities
Precious metal swaps	1,287	1,096
Significant Other Observable Inputs (Level 2) | Precious metal swaps
Financial Assets
Interest rate swap	104	353
Financial Liabilities
Precious metal swaps	380	485
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
Precious metal swaps		0
Significant Unobservable Inputs (Level 3) | Precious metal swaps
Financial Assets
Interest rate swap	0	0
Financial Liabilities
Precious metal swaps	$ 0	$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activity - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024 USD ($)	Sep. 29, 2023 USD ($)	Sep. 27, 2024 USD ($)	Sep. 29, 2023 USD ($)	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)	$ 0.2	$ (0.4)
Cash flow hedge gain (loss) to be reclassified within twelve months			$ 1.3
Derivative, term (maximum)			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) - Foreign currency forward contracts - Not designated as hedging instrument - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Prepaid and other current assets
Derivative [Line Items]
Notional amount, asset	$ 31,145	$ 23,122
Fair value, asset	1,150	558
Other liabilities and accrued items
Derivative [Line Items]
Notional amount, liability	27,343	25,853
Fair value, liability	$ 1,343	$ 1,180

Derivative Instruments and He_5

Derivative Instruments and Hedging Activity - Fair Value Measurements, Recurring and Nonrecurring (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount, asset	$ 216,026	$ 240,948
Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount, asset	265	15,717
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount, asset	200,000	200,000
Prepaid and other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	2,388	4,068
Prepaid and other current assets | Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	104	353
Prepaid and other current assets | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	2,271	3,658
Other assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	1,330	2,834
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	1,330	2,834
Other liabilities and accrued items
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	1,136	805
Other liabilities and accrued items | Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	380	485
Other liabilities and accrued items | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	322	0
Other long-term liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	965	1,096
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	965	1,096
Yen | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount, asset	1,830	2,167
Yen | Prepaid and other current assets | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	13	32
Yen | Other assets | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	0	0
Yen | Other liabilities and accrued items | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	73	20
Yen | Other long-term liabilities | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	0	0
Euro | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount, asset	13,931	23,064
Euro | Prepaid and other current assets | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	0	25
Euro | Other assets | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, asset	0	0
Euro | Other liabilities and accrued items | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	361	300
Euro | Other long-term liabilities | Foreign Currency
Derivative Instruments, Gain (Loss) [Line Items]
Fair value, liability	$ 0	$ 0

Derivative Instruments and He_6

Derivative Instruments and Hedging Activity - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
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	$ (1,134)	$ (1,057)	$ (3,627)	$ (2,792)
Designated as hedging instrument | Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	(135)	0	(335)	(35)
Designated as hedging instrument | Precious metal swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	295	83	564	193
Designated as hedging instrument | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss) on derivative, net	$ (1,294)	$ (1,140)	$ (3,856)	$ (2,950)

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 31, 2023
Loss Contingency [Abstract]
Undiscounted reserve balance	$ 4.4	$ 4.6

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Borrowings under Credit Agreement	$ 241,375	$ 149,250
Borrowings under the Term Loan Facility	247,500	270,000
Overdraft Sweep Facility	0	3,825
Foreign debt	8,499	5,918
Total debt outstanding	497,374	428,993
Current portion of long-term debt	(37,542)	(38,597)
Gross long-term debt	459,832	390,396
Unamortized deferred financing fees	(2,076)	(2,820)
Long-term debt	$ 457,756	$ 387,576

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Borrowings under Credit Agreement	$ 241,375	$ 149,250
Line of credit facility, remaining borrowing capacity	127,000
Long-term line of credit, noncurrent	247,500	270,000
Line of Credit
Line of Credit Facility [Line Items]
Borrowings under Credit Agreement	$ 241,400	$ 149,300
Line of credit facility, interest rate at period end	6.90%	6.96%
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	$ 6,700	$ 47,000

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Sep. 27, 2024 USD ($)
Subsequent Events [Abstract]
Assets held for sale, transaction	$ 5