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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Materion Corporation | NYSE:MTRN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.59 | -2.36% | 107.23 | 111.65 | 105.65 | 111.47 | 212,111 | 01:00:00 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Ohio | 34-1919973 | ||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock, no par value | MTRN | New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | ¨ | |||||||||||||||||
Non-accelerated filer |
¨
|
Smaller reporting company |
☐
|
|||||||||||||||||
Emerging growth company |
☐
|
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
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Item 7. | ||||||||
Item 7A. | ||||||||
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Item 9. | ||||||||
Item 9A. | ||||||||
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Item 16. | ||||||||
Location | Owned or Leased |
Approximate Number of
Square Feet
|
||||||
Corporate and Administrative Offices | ||||||||
Mayfield Heights, Ohio (1)(2)
|
Leased | 79,130 | ||||||
Manufacturing Facilities | ||||||||
Albuquerque, New Mexico (2)
|
Owned/Leased | 13,000/63,223 | ||||||
Alzenau, Germany (2)
|
Leased | 136,433 | ||||||
Balzers, Lichtenstein(3)
|
Leased | 83,399 | ||||||
Bloomfield, Connecticut (3)
|
Leased | 44,800 | ||||||
Brewster, New York (2)
|
Leased | 75,000 | ||||||
Buffalo, New York (2)
|
Owned | 97,000 | ||||||
Delta, Utah (1)
|
Owned | 100,836 | ||||||
Elmore, Ohio (1)
|
Owned/Leased | 681,000/191,000 | ||||||
Farnborough, England (1)
|
Leased | 10,000 | ||||||
Jena, Germany (3)
|
Owned | 25,833 | ||||||
Limerick, Ireland (2)
|
Leased | 23,000 | ||||||
Lincoln, Rhode Island (1)
|
Owned/Leased | 130,000/26,451 | ||||||
Lorain, Ohio (1)
|
Owned | 55,000 | ||||||
Milwaukee, Wisconsin (2)
|
Owned | 98,750 | ||||||
Penang, Malaysia (3)
|
Leased | 68,028 | ||||||
Reading, Pennsylvania (1)
|
Owned/Leased | 128,863/287,000 | ||||||
Santa Clara, California (2)
|
Leased | 5,800 | ||||||
Shanghai, China (3)
|
Leased | 101,400 | ||||||
Singapore (1)(2)
|
Leased | 24,500 | ||||||
Subic Bay, Philippines (2)
|
Leased | 5,000 | ||||||
Suzhou, China (2)
|
Leased | 21,743 | ||||||
Taoyuan City, Taiwan (2)
|
Leased | 32,523 | ||||||
Tucson, Arizona (1)
|
Owned | 53,000 | ||||||
Tyngsboro, Massachusetts (3)
|
Leased | 38,000 | ||||||
Westford, Massachusetts (3)
|
Leased | 53,000 | ||||||
Wheatfield, New York (2)
|
Owned | 35,000 | ||||||
Windsor, Connecticut (3)
|
Leased | 34,700 | ||||||
Service, Sales, and Distribution Centers | ||||||||
Elmhurst, Illinois (1)
|
Leased | 28,500 | ||||||
Eschborn, Germany (3)
|
Leased | 538 | ||||||
Maastricht, The Netherlands (2)
|
Leased | 450 | ||||||
Port Charlotte, Florida(3)
|
Leased | 161 | ||||||
Seoul, Korea (2)
|
Leased | 13,654 | ||||||
Stuttgart, Germany (1)
|
Leased | 24,800 | ||||||
Tokyo, Japan (1)
|
Leased | 7,200 |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||||
September 26 through October 30, 2020 | — | $ | — | — | $ | 8,316,239 | ||||||||||||||||||||
October 31 through November 27, 2020 | 39 | 60.19 | — | 8,316,239 | ||||||||||||||||||||||
November 28 through December 31, 2020 | 109 | 60.75 | — | 8,316,239 | ||||||||||||||||||||||
Total | 148 | $ | 60.61 | — | $ | 8,316,239 |
(1) | Represents shares surrendered to the Company by employees to satisfy tax withholding obligations on stock appreciation rights issued under the Company's stock incentive plan. | |||||||
(2) | On January 14, 2014, we announced that our Board of Directors authorized the repurchase of up to $50.0 million of our common stock; this Board authorization does not have an expiration date. During the three months ended December 31, 2020, we did not repurchase any shares under this program. |
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||
Materion Corporation | $ | 172 | $ | 214 | $ | 199 | $ | 265 | $ | 287 | ||||||||||||||||||||||
Russell 2000 | 196 | 225 | 200 | 251 | 301 | |||||||||||||||||||||||||||
S&P SmallCap 600 | 215 | 244 | 223 | 273 | 304 | |||||||||||||||||||||||||||
S&P SmallCap 600 - Materials | 196 | 216 | 168 | 202 | 246 |
(Thousands except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | 1,176,274 | $ | 1,185,424 | $ | 1,207,815 | ||||||||||||||
Value-added sales | 678,567 | 733,689 | 738,958 | |||||||||||||||||
Gross margin | 192,633 | 262,690 | 251,361 | |||||||||||||||||
Gross margin as a % of Value-added sales | 28 | % | 36 | % | 34 | % | ||||||||||||||
Selling, general, and administrative (SG&A) expense
|
133,963 | 147,164 | 153,489 | |||||||||||||||||
SG&A expense as a % of Value-added sales | 20 | % | 20 | % | 21 | % | ||||||||||||||
Research and development (R&D) expense | 20,283 | 18,271 | 15,187 | |||||||||||||||||
R&D expense as a % of Value-added sales | 3 | % | 2 | % | 2 | % | ||||||||||||||
Goodwill impairment charges | 9,053 | 11,560 | — | |||||||||||||||||
Asset impairment charges | 1,419 | 2,581 | — | |||||||||||||||||
Restructuring expense | 11,237 | 785 | 5,599 | |||||||||||||||||
Other — net | 8,463 | 11,783 | 15,334 | |||||||||||||||||
Operating profit | 8,215 | 70,546 | 61,752 | |||||||||||||||||
Other non-operating (income) expense — net | (3,939) | 3,431 | 42,683 | |||||||||||||||||
Interest expense — net | 3,879 | 1,579 | 2,471 | |||||||||||||||||
Income before income taxes | 8,275 | 65,536 | 16,598 | |||||||||||||||||
Income tax (benefit) expense | (7,187) | 12,142 | (4,446) | |||||||||||||||||
Net income | 15,462 | 53,394 | 21,044 | |||||||||||||||||
Diluted earnings per share | 0.75 | 2.59 | 1.02 |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | 394,195 | $ | 500,201 | $ | 500,590 | ||||||||||||||
Value-added sales | 345,335 | 428,084 | 425,471 | |||||||||||||||||
Operating profit | 13,597 | 73,815 | 60,008 |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | 670,867 | $ | 573,763 | $ | 586,643 | ||||||||||||||
Value-added sales | 233,958 | 224,254 | 223,714 | |||||||||||||||||
Operating profit | 22,120 | 25,124 | 16,732 |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | 111,212 | $ | 111,460 | $ | 120,582 | ||||||||||||||
Value-added sales | 101,878 | 87,310 | 94,231 | |||||||||||||||||
Operating (loss) profit | (4,382) | (3,550) | 10,707 |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | — | $ | — | $ | — | ||||||||||||||
Value-added sales | (2,604) | (5,959) | (4,458) | |||||||||||||||||
Operating loss | (23,120) | (24,843) | (25,695) |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | ||||||||||||||||||||
Performance Alloys and Composites | $ | 394,195 | $ | 500,201 | $ | 500,590 | ||||||||||||||
Advanced Materials | 670,867 | 573,763 | 586,643 | |||||||||||||||||
Precision Optics | 111,212 | 111,460 | 120,582 | |||||||||||||||||
Other | — | — | — | |||||||||||||||||
Total | $ | 1,176,274 | $ | 1,185,424 | $ | 1,207,815 | ||||||||||||||
Less: pass-through metal costs | ||||||||||||||||||||
Performance Alloys and Composites | $ | 48,860 | $ | 72,117 | $ | 75,119 | ||||||||||||||
Advanced Materials | 436,909 | 349,509 | 362,929 | |||||||||||||||||
Precision Optics | 9,334 | 24,150 | 26,351 | |||||||||||||||||
Other | 2,604 | 5,959 | 4,458 | |||||||||||||||||
Total | $ | 497,707 | $ | 451,735 | $ | 468,857 | ||||||||||||||
Value-added sales | ||||||||||||||||||||
Performance Alloys and Composites | $ | 345,335 | $ | 428,084 | $ | 425,471 | ||||||||||||||
Advanced Materials | 233,958 | 224,254 | 223,714 | |||||||||||||||||
Precision Optics | 101,878 | 87,310 | 94,231 | |||||||||||||||||
Other | (2,604) | (5,959) | (4,458) | |||||||||||||||||
Total | $ | 678,567 | $ | 733,689 | $ | 738,958 |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Net cash provided by operating activities | $ | 101,057 | $ | 99,222 | $ | 76,374 | ||||||||||||||
Net cash (used in) investing activities
|
(194,707) | (26,484) | (33,828) | |||||||||||||||||
Net cash (used in) financing activities
|
(7,091) | (18,054) | (13,605) | |||||||||||||||||
Effects of exchange rate changes | 1,612 | (322) | (140) | |||||||||||||||||
Net change in cash and cash equivalents | $ | (99,129) | $ | 54,362 | $ | 28,801 |
December 31, | ||||||||||||||
(Thousands) | 2020 | 2019 | ||||||||||||
Cash and cash equivalents | $ | 25,878 | $ | 125,007 | ||||||||||
Total outstanding debt | 38,506 | 2,218 | ||||||||||||
Net (debt) cash | (12,628) | 122,789 | ||||||||||||
Available borrowing capacity | $ | 245,772 | $ | 340,906 |
(Millions) | 2021 | 2022 | 2023 | 2024 | 2025 |
There-
after |
Total | |||||||||||||||||||||||||||||||||||||
Debt (1)
|
$ | 1.9 | $ | 0.5 | $ | 0.4 | $ | 34.4 | $ | 0.4 | $ | 0.9 | $ | 38.5 | ||||||||||||||||||||||||||||||
Interest payments on debt (2)
|
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Finance lease obligations (3)
|
3.9 | 3.8 | 2.5 | 1.6 | 1.5 | 21.9 | 35.2 | |||||||||||||||||||||||||||||||||||||
Non-cancelable lease payments (4)
|
10.7 | 9.4 | 8.8 | 6.6 | 6.3 | 53.0 | 94.8 | |||||||||||||||||||||||||||||||||||||
Pension plan contributions (5)
|
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other long-term liabilities (6)
|
0.9 | 2.5 | 0.3 | 0.5 | 0.6 | 2.4 | 7.2 | |||||||||||||||||||||||||||||||||||||
Purchase obligations | 23.1 | 3.7 | 3.1 | 1.1 | 0.6 | 0.6 | 32.2 | |||||||||||||||||||||||||||||||||||||
Total | $ | 40.5 | $ | 19.9 | $ | 15.1 | $ | 44.2 | $ | 9.4 | $ | 78.8 | $ | 207.9 |
Proven | Probable | Total | ||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||
Tonnage (in thousands) | 7,797 | 962 | 8,759 | |||||||||||||||||
Grade (% beryllium) | 0.246 | % | 0.258 | % | 0.247 | % | ||||||||||||||
Beryllium pounds (in millions) | 38.31 | 4.97 | 43.28 | |||||||||||||||||
As of December 31, 2019 | ||||||||||||||||||||
Tonnage (in thousands) | 7,851 | 962 | 8,813 | |||||||||||||||||
Grade (% beryllium) | 0.246 | % | 0.258 | % | 0.248 | % | ||||||||||||||
Beryllium pounds (in millions) | 38.67 | 4.97 | 43.64 |
(Thousands of Pounds of Beryllium) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Domestic ore | 367 | 358 | 368 | 326 | 339 | |||||||||||||||||||||||||||
Purchased ore | — | 3 | — | 12 | 23 | |||||||||||||||||||||||||||
Unyielded total | 367 | 361 | 368 | 338 | 362 | |||||||||||||||||||||||||||
Annual yield | 90 | % | 90 | % | 88 | % | 88 | % | 88 | % | ||||||||||||||||||||||
Beryllium produced | 334 | 324 | 324 | 296 | 318 | |||||||||||||||||||||||||||
% of mill capacity | 52 | % | 50 | % | 50 | % | 47 | % | 42 | % |
Financial Statements | Page | ||||
Management’s Report on Internal Control over Financial Reporting | |||||
Reports of Independent Registered Public Accounting Firm | |||||
Consolidated Statements of Income for the Years Ended December 31, 2020, 2019, and 2018 | |||||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020, 2019, and 2018 | |||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019, and 2018 | |||||
Consolidated Balance Sheets as of December 31, 2020 and 2019 | |||||
Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2020, 2019, and 2018 | |||||
Notes to Consolidated Financial Statements | |||||
Schedule II - Valuation and Qualifying Accounts |
(Thousands except per share amounts) | 2020 | 2019* | 2018* | ||||||||||||||
Net sales | $ | 1,176,274 | $ | 1,185,424 | $ | 1,207,815 | |||||||||||
Cost of sales | 983,641 | 922,734 | 956,454 | ||||||||||||||
Gross margin | 192,633 | 262,690 | 251,361 | ||||||||||||||
Selling, general, and administrative expense | 133,963 | 147,164 | 153,489 | ||||||||||||||
Research and development expense | 20,283 | 18,271 | 15,187 | ||||||||||||||
Goodwill impairment charges (Note N)
|
9,053 | 11,560 | — | ||||||||||||||
Asset impairment charges (Note N)
|
1,419 | 2,581 | — | ||||||||||||||
Restructuring expense (Note E)
|
11,237 | 785 | 5,599 | ||||||||||||||
Other — net (Note F)
|
8,463 | 11,783 | 15,334 | ||||||||||||||
Operating profit | 8,215 | 70,546 | 61,752 | ||||||||||||||
Other non-operating (income) expense — net (Note P)
|
(3,939) | 3,431 | 42,683 | ||||||||||||||
Interest expense — net (Note G)
|
3,879 | 1,579 | 2,471 | ||||||||||||||
Income before income taxes | 8,275 | 65,536 | 16,598 | ||||||||||||||
Income tax (benefit) expense (Note H)
|
(7,187) | 12,142 | (4,446) | ||||||||||||||
Net income | $ | 15,462 | $ | 53,394 | $ | 21,044 | |||||||||||
Basic earnings per share: | |||||||||||||||||
Net income per share of common stock | $ | 0.76 | $ | 2.62 | $ | 1.04 | |||||||||||
Diluted earnings per share: | |||||||||||||||||
Net income per share of common stock | $ | 0.75 | $ | 2.59 | $ | 1.02 | |||||||||||
Weighted-average number of shares of common stock outstanding: | |||||||||||||||||
Basic | 20,338 | 20,365 | 20,212 | ||||||||||||||
Diluted | 20,603 | 20,655 | 20,613 |
(Thousands) | 2020 | 2019* | 2018* | ||||||||||||||
Net income | $ | 15,462 | $ | 53,394 | $ | 21,044 | |||||||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency translation adjustment | 9,030 | (421) | (484) | ||||||||||||||
Derivative and hedging activity, net of tax benefit of $28, $5, and $672, respectively | (80) | (4) | 138 | ||||||||||||||
Pension and post-employment benefit adjustment, net of tax benefit (expense) of $651, ($4,741), and ($13,300), respectively | (2,127) | 13,197 | 45,049 | ||||||||||||||
Other comprehensive income | 6,823 | 12,772 | 44,703 | ||||||||||||||
Comprehensive income | $ | 22,285 | $ | 66,166 | $ | 65,747 |
(Thousands) | 2020 | 2019* | 2018* | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 15,462 | $ | 53,394 | $ | 21,044 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation, depletion, and amortization | 42,384 | 41,116 | 35,524 | ||||||||||||||
Amortization of deferred financing costs in interest expense | 790 | 962 | 1,009 | ||||||||||||||
Stock-based compensation expense (non-cash)
|
5,528 | 7,170 | 5,313 | ||||||||||||||
Amortization of pension and post-retirement costs
|
(151) | 386 | 5,551 | ||||||||||||||
Loss on sale of property, plant, and equipment | 466 | 344 | 518 | ||||||||||||||
Deferred income tax (benefit) expense | (9,850) | 3,945 | (1,912) | ||||||||||||||
Impairment charges | 10,472 | 14,141 | — | ||||||||||||||
Net pension curtailments and settlements | 94 | 3,328 | 41,406 | ||||||||||||||
Changes in assets and liabilities net of acquired assets and liabilities: | |||||||||||||||||
Decrease (increase) in accounts receivable | (707) | (23,933) | (7,219) | ||||||||||||||
Decrease (increase) in inventory | (1,288) | 20,485 | 3,978 | ||||||||||||||
Decrease (increase) in prepaid and other current assets | 2,475 | 869 | 1,814 | ||||||||||||||
Increase (decrease) in accounts payable and accrued expenses | (21,877) | (18,575) | 8,820 | ||||||||||||||
Increase (decrease) in unearned revenue | 2,935 | (2,538) | 477 | ||||||||||||||
Increase (decrease) in interest and taxes payable | (157) | (805) | 435 | ||||||||||||||
Increase (decrease) in unearned income due to customer prepayments | 54,103 | 4,733 | — | ||||||||||||||
Domestic pension plan contributions | — | (4,500) | (42,000) | ||||||||||||||
Other — net | 378 | (1,300) | 1,616 | ||||||||||||||
Net cash provided by operating activities | 101,057 | 99,222 | 76,374 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Payments for acquisition, net of cash acquired | (130,715) | — | — | ||||||||||||||
Payments for purchase of property, plant, and equipment | (67,274) | (24,251) | (27,702) | ||||||||||||||
Payments for mine development | — | (2,277) | (6,558) | ||||||||||||||
Proceeds from settlement of currency exchange contract | 3,249 | — | — | ||||||||||||||
Proceeds from sale of property, plant, and equipment | 33 | 44 | 432 | ||||||||||||||
Net cash used in investing activities | (194,707) | (26,484) | (33,828) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from short-term debt under revolving credit agreement, net | 34,000 | — | — | ||||||||||||||
Repayment of long-term debt | (20,634) | (823) | (777) | ||||||||||||||
Principal payments under finance lease obligations | (2,213) | (1,200) | (861) | ||||||||||||||
Cash dividends paid | (9,257) | (8,856) | (8,389) | ||||||||||||||
Deferred financing costs | — | (2,130) | — | ||||||||||||||
Repurchase of common stock | (6,766) | (199) | (422) | ||||||||||||||
Payments of withholding taxes for stock-based compensation awards | (2,221) | (4,846) | (3,156) | ||||||||||||||
Net cash used in financing activities | (7,091) | (18,054) | (13,605) | ||||||||||||||
Effects of exchange rate changes | 1,612 | (322) | (140) | ||||||||||||||
Net change in cash and cash equivalents | (99,129) | 54,362 | 28,801 | ||||||||||||||
Cash and cash equivalents at beginning of period | 125,007 | 70,645 | 41,844 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 25,878 | $ | 125,007 | $ | 70,645 |
(Thousands) | 2020 | 2019* | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents (Note A)
|
$ | 25,878 | $ | 125,007 | |||||||
Accounts receivable (Note A)
|
166,447 | 154,751 | |||||||||
Inventories, net (Notes A and J)
|
250,778 | 236,253 | |||||||||
Prepaid and other current assets | 20,896 | 21,736 | |||||||||
Total current assets | 463,999 | 537,747 | |||||||||
Deferred income taxes (Notes A and H)
|
3,134 | 1,666 | |||||||||
Property, plant, and equipment (Notes A and K)
|
998,312 | 916,965 | |||||||||
Less allowances for depreciation, depletion, and amortization | (688,626) | (684,689) | |||||||||
Property, plant, and equipment — net | 309,686 | 232,276 | |||||||||
Operating lease, right-of-use asset (Note M)
|
62,089 | 23,413 | |||||||||
Intangible assets (Notes A and N)
|
54,672 | 6,380 | |||||||||
Other assets (Note P)
|
19,364 | 17,937 | |||||||||
Goodwill (Notes A and N)
|
144,916 | 79,011 | |||||||||
Total Assets | $ | 1,057,860 | $ | 898,430 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Short-term debt (Note O)
|
$ | 1,937 | $ | 868 | |||||||
Accounts payable | 55,640 | 43,206 | |||||||||
Salaries and wages | 18,809 | 41,167 | |||||||||
Other liabilities and accrued items | 40,887 | 32,477 | |||||||||
Income taxes (Notes A and H)
|
1,898 | 1,342 | |||||||||
Unearned revenue (Note D)
|
7,713 | 3,380 | |||||||||
Total current liabilities | 126,884 | 122,440 | |||||||||
Other long-term liabilities | 14,313 | 11,560 | |||||||||
Operating lease liabilities (Note M)
|
56,761 | 18,091 | |||||||||
Finance lease liabilities (Note M)
|
20,539 | 17,424 | |||||||||
Retirement and post-employment benefits (Note P)
|
41,877 | 32,466 | |||||||||
Unearned income (Notes A and L)
|
86,761 | 32,891 | |||||||||
Long-term income taxes (Notes A and H)
|
2,689 | 3,451 | |||||||||
Deferred income taxes (Notes A and H)
|
15,864 | 13,104 | |||||||||
Long-term debt (Note O)
|
36,542 | 1,260 | |||||||||
Shareholders’ equity | |||||||||||
Serial preferred stock (no par value; 5,000 authorized shares, none issued) | — | — | |||||||||
Common stock (no par value; 60,000 authorized shares, issued shares of 27,148 for both 2020 and 2019) | 258,642 | 249,674 | |||||||||
Retained earnings | 631,058 | 624,954 | |||||||||
Common stock in treasury (6,820 shares for 2020 and 6,744 shares for 2019) | (199,187) | (186,845) | |||||||||
Accumulated other comprehensive loss (Note Q)
|
(38,639) | (45,462) | |||||||||
Other equity | 3,756 | 3,422 | |||||||||
Total shareholders’ equity | 655,630 | 645,743 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,057,860 | $ | 898,430 |
Common Shares | Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||
(Thousands) | Common Shares | Common Shares Held in Treasury |
Common
Stock |
Retained
Earnings* |
Common
Stock In Treasury |
Accumulated Other
Comprehensive Income (Loss) |
Other
Equity |
Total* | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 (previously reported) | 20,107 | 7,042 | $ | 223,484 | $ | 536,116 | $ | (166,128) | $ | (102,937) | $ | 4,446 | $ | 494,981 | |||||||||||||||||||||||||||||||||
Inventory accounting method change* | — | — | — | 32,134 | — | — | — | 32,134 | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018* | 20,107 | 7,042 | 223,484 | 568,250 | (166,128) | (102,937) | 4,446 | 527,115 | |||||||||||||||||||||||||||||||||||||||
Net income* | — | — | — | 21,044 | — | — | — | 21,044 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 2,722 | — | 2,722 | |||||||||||||||||||||||||||||||||||||||
Net pension curtailments and settlements | — | — | — | — | — | 41,406 | — | 41,406 | |||||||||||||||||||||||||||||||||||||||
Tax Cuts and Jobs Act Reclassification | — | — | — | (575) | — | 575 | — | — | |||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | 425 | — | — | — | 425 | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.415 per share) | — | — | — | (8,389) | — | — | — | (8,389) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation activity | 202 | (203) | 11,131 | (49) | (5,768) | — | — | 5,314 | |||||||||||||||||||||||||||||||||||||||
Payments for withholding taxes for stock-based compensation awards | (60) | 60 | — | — | (3,156) | — | — | (3,156) | |||||||||||||||||||||||||||||||||||||||
Repurchase of shares | (10) | 10 | — | — | (422) | — | — | (422) | |||||||||||||||||||||||||||||||||||||||
Directors' deferred compensation | 3 | (3) | 89 | — | 48 | — | 42 | 179 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018* | 20,242 | 6,906 | $ | 234,704 | $ | 580,706 | $ | (175,426) | $ | (58,234) | $ | 4,488 | $ | 586,238 | |||||||||||||||||||||||||||||||||
Net income* | — | — | — | 53,394 | — | — | — | 53,394 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 9,444 | — | 9,444 | |||||||||||||||||||||||||||||||||||||||
Net pension curtailments and settlements | — | — | — | — | — | 3,328 | — | 3,328 | |||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | (179) | — | — | — | (179) | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.435 per share) | — | — | — | (8,856) | — | — | — | (8,856) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation activity | 252 | (252) | 14,876 | (111) | (7,595) | — | — | 7,170 | |||||||||||||||||||||||||||||||||||||||
Payments for withholding taxes for stock-based compensation awards | (89) | 89 | — | — | (4,846) | — | — | (4,846) | |||||||||||||||||||||||||||||||||||||||
Repurchase of shares | (5) | 5 | — | — | (199) | — | — | (199) | |||||||||||||||||||||||||||||||||||||||
Directors’ deferred compensation | 4 | (4) | 94 | — | 1,221 | — | (1,066) | 249 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019* | 20,404 | 6,744 | $ | 249,674 | $ | 624,954 | $ | (186,845) | $ | (45,462) | $ | 3,422 | $ | 645,743 | |||||||||||||||||||||||||||||||||
Net income | — | — | — | 15,462 | — | — | — | 15,462 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 6,729 | — | 6,729 | |||||||||||||||||||||||||||||||||||||||
Net pension curtailments and settlements | — | — | — | — | — | 94 | — | 94 | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.455 per share) | — | — | — | (9,257) | — | — | — | (9,257) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation activity | 117 | (117) | 8,867 | (101) | (3,147) | — | — | 5,619 | |||||||||||||||||||||||||||||||||||||||
Payments for withholding taxes for stock-based compensation awards | (39) | 39 | — | — | (2,221) | — | — | (2,221) | |||||||||||||||||||||||||||||||||||||||
Repurchase of shares | (158) | 158 | — | — | (6,766) | — | — | (6,766) | |||||||||||||||||||||||||||||||||||||||
Directors’ deferred compensation | 4 | (4) | 101 | — | (208) | — | 334 | 227 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 20,328 | 6,820 | $ | 258,642 | $ | 631,058 | $ | (199,187) | $ | (38,639) | $ | 3,756 | $ | 655,630 |
Years | |||||
Land improvements | 10 to 20 | ||||
Buildings | 20 to 40 | ||||
Leasehold improvements | Life of lease | ||||
Machinery and equipment | 3 to 15 | ||||
Furniture and fixtures | 4 to 10 | ||||
Automobiles and trucks | 3 to 8 | ||||
Research equipment | 3 to 10 | ||||
Computer hardware | 3 to 10 | ||||
Computer software | 3 to 10 |
(Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Items | As Computed Under LIFO | As Reported Under FIFO | Difference | Previously Reported | As Adjusted | Adjustment | Previously Reported | As Adjusted | Adjustment | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 16,942 | $ | 15,462 | $ | (1,480) | $ | 50,660 | $ | 53,394 | $ | 2,734 | $ | 20,846 | $ | 21,044 | $ | 198 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | 23,765 | 22,285 | (1,480) | 63,432 | 66,166 | 2,734 | 65,549 | 65,747 | 198 |
(Thousands) | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Selected Items | As Computed Under LIFO | As Reported Under FIFO | Difference | Previously Reported | As Adjusted | Adjustment | ||||||||||||||||||||||||||||||||
Inventories, net | $ | 206,834 | $ | 250,778 | $ | 43,944 | $ | 190,390 | $ | 236,253 | $ | 45,863 | ||||||||||||||||||||||||||
Prepaid and other current assets | 23,470 | 20,896 | (2,574) | 21,839 | 21,736 | (103) | ||||||||||||||||||||||||||||||||
Deferred income taxes (liability) | 8,081 | 15,864 | 7,783 | 2,410 | 13,104 | 10,694 | ||||||||||||||||||||||||||||||||
Retained earnings | 597,471 | 631,058 | 33,587 | 589,888 | 624,954 | 35,066 |
(Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Items | As Computed Under LIFO | As Reported Under FIFO | Difference | Previously Reported | As Adjusted | Adjustment | Previously Reported | As Adjusted | Adjustment | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 16,942 | $ | 15,462 | $ | (1,480) | $ | 50,660 | $ | 53,394 | $ | 2,734 | $ | 20,846 | $ | 21,044 | $ | 198 | ||||||||||||||||||||||||||||||||||||||
Deferred income tax (benefit) expense | (6,940) | (9,850) | (2,910) | 2,584 | 3,945 | 1,361 | (1,318) | (1,912) | (594) | |||||||||||||||||||||||||||||||||||||||||||||||
Decrease (increase) in inventory | (3,207) | (1,288) | 1,919 | 24,031 | 20,485 | (3,546) | 4,234 | 3,978 | (256) | |||||||||||||||||||||||||||||||||||||||||||||||
Decrease (increase) in prepaid and other current assets | 4 | 2,475 | 2,471 | 1,418 | 869 | (549) | 1,162 | 1,814 | 652 |
(Thousands except per share amounts) | ||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | |||||||||||||||||||||||||||||||||||||
Selected Items | Previously Reported | As Adjusted | Adjustment | Previously Reported | As Adjusted | Adjustment | ||||||||||||||||||||||||||||||||
Cost of sales | $ | 232,371 | $ | 233,376 | $ | 1,005 | $ | 223,378 | $ | 224,513 | $ | 1,135 | ||||||||||||||||||||||||||
Gross margin | 45,575 | 44,570 | (1,005) | 48,090 | 46,955 | (1,135) | ||||||||||||||||||||||||||||||||
Operating (loss) profit | (4,563) | (5,568) | (1,005) | 8,706 | 7,571 | (1,135) | ||||||||||||||||||||||||||||||||
(Loss) Income before income taxes | (3,865) | (4,870) | (1,005) | 8,298 | 7,163 | (1,135) | ||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (762) | (992) | (230) | 1,620 | 1,360 | (260) | ||||||||||||||||||||||||||||||||
Net (loss) income | (3,103) | (3,878) | (775) | 6,678 | 5,803 | (875) | ||||||||||||||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||||||||||||||
Net (loss) income per share of common stock | $ | (0.15) | $ | (0.19) | $ | (0.04) | $ | 0.33 | $ | 0.29 | $ | (0.04) | ||||||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||||||||||
Net (loss) income per share of common stock | $ | (0.15) | $ | (0.19) | $ | (0.04) | $ | 0.32 | $ | 0.28 | $ | (0.04) |
(Thousands except per share amounts) | ||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||||||||||||
Selected Items | Previously Reported | As Adjusted | Adjustment | As Computed Under LIFO | As Reported | Difference | ||||||||||||||||||||||||||||||||
Cost of sales | $ | 240,531 | $ | 241,860 | $ | 1,329 | $ | 285,442 | $ | 283,892 | $ | (1,550) | ||||||||||||||||||||||||||
Gross margin | 46,640 | 45,311 | (1,329) | 54,247 | 55,797 | 1,550 | ||||||||||||||||||||||||||||||||
Operating (loss) profit | 713 | (616) | (1,329) | 5,278 | 6,828 | 1,550 | ||||||||||||||||||||||||||||||||
(Loss) Income before income taxes | 455 | (874) | (1,329) | 5,306 | 6,856 | 1,550 | ||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (6,041) | (6,345) | (304) | (1,565) | (1,210) | 355 | ||||||||||||||||||||||||||||||||
Net income | 6,496 | 5,471 | (1,025) | 6,871 | 8,066 | 1,195 | ||||||||||||||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||||||||||||||
Net income per share of common stock | $ | 0.32 | $ | 0.27 | $ | (0.05) | $ | 0.34 | $ | 0.40 | $ | 0.06 | ||||||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||||||||||
Net income per share of common stock | $ | 0.32 | $ | 0.27 | $ | (0.05) | $ | 0.33 | $ | 0.39 | $ | 0.06 |
(Thousands except per share amounts) | ||||||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | |||||||||||||||||||||||||||||||||||||
Selected Items | Previously Reported | As Adjusted | Adjustment | Previously Reported | As Adjusted | Adjustment | ||||||||||||||||||||||||||||||||
Cost of sales | $ | 232,129 | $ | 231,835 | $ | (294) | $ | 228,249 | $ | 225,846 | $ | (2,403) | ||||||||||||||||||||||||||
Gross margin | 69,312 | 69,606 | 294 | 69,594 | 71,997 | 2,403 | ||||||||||||||||||||||||||||||||
Operating profit | 21,387 | 21,681 | 294 | 22,750 | 25,153 | 2,403 | ||||||||||||||||||||||||||||||||
Income before income taxes | 20,676 | 20,970 | 294 | 19,138 | 21,541 | 2,403 | ||||||||||||||||||||||||||||||||
Income tax expense | 3,770 | 3,837 | 67 | 3,598 | 4,148 | 550 | ||||||||||||||||||||||||||||||||
Net income | 16,906 | 17,133 | 227 | 15,540 | 17,393 | 1,853 | ||||||||||||||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||||||||||||||
Net income per share of common stock | $ | 0.83 | $ | 0.85 | $ | 0.02 | $ | 0.76 | $ | 0.85 | $ | 0.09 | ||||||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||||||||||
Net income per share of common stock | $ | 0.82 | $ | 0.83 | $ | 0.01 | $ | 0.75 | $ | 0.84 | $ | 0.09 |
(Thousands except per share amounts) | ||||||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||
Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||||||||||||
Selected Items | Previously Reported | As Adjusted | Adjustment | Previously Reported | As Adjusted | Adjustment | ||||||||||||||||||||||||||||||||
Cost of sales | $ | 240,748 | $ | 239,374 | $ | (1,374) | $ | 225,154 | $ | 225,679 | $ | 525 | ||||||||||||||||||||||||||
Gross margin | 65,231 | 66,605 | 1,374 | 55,007 | 54,482 | (525) | ||||||||||||||||||||||||||||||||
Operating profit | 6,289 | 7,663 | 1,374 | 16,574 | 16,049 | (525) | ||||||||||||||||||||||||||||||||
Income before income taxes | 5,726 | 7,100 | 1,374 | 16,450 | 15,925 | (525) | ||||||||||||||||||||||||||||||||
Income tax expense | 2,263 | 2,578 | 315 | 1,699 | 1,579 | (120) | ||||||||||||||||||||||||||||||||
Net income | 3,463 | 4,522 | 1,059 | 14,751 | 14,346 | (405) | ||||||||||||||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||||||||||||||
Net income per share of common stock | $ | 0.17 | $ | 0.22 | $ | 0.05 | $ | 0.72 | $ | 0.70 | $ | (0.02) | ||||||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||||||||||||||
Net income per share of common stock | $ | 0.17 | $ | 0.22 | $ | 0.05 | $ | 0.71 | $ | 0.69 | $ | (0.02) |
(Thousands) | July 17, 2020 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 5,390 | ||||||
Accounts receivable | 8,484 | |||||||
Inventories | 10,715 | |||||||
Prepaid and other current assets | 937 | |||||||
Property, plant, and equipment | 46,791 | |||||||
Operating lease, right-of-use assets | 13,357 | |||||||
Intangible assets | 49,300 | |||||||
Goodwill | 70,639 | |||||||
Total assets acquired | $ | 205,613 | ||||||
Liabilities: | ||||||||
Short-term debt | $ | 600 | ||||||
Accounts payable | 2,851 | |||||||
Salaries and wages | 4,392 | |||||||
Other liabilities and accrued items | 3,678 | |||||||
Income taxes | 61 | |||||||
Unearned revenue | 1,259 | |||||||
Other long-term liabilities | 207 | |||||||
Operating lease liabilities | 12,356 | |||||||
Finance lease liabilities | 2,642 | |||||||
Retirement and post-employment benefits | 6,586 | |||||||
Unearned income | 1,835 | |||||||
Long-term income taxes | 181 | |||||||
Deferred income taxes | 10,934 | |||||||
Long-term debt | 21,926 | |||||||
Total liabilities assumed | $ | 69,508 | ||||||
Net assets acquired | $ | 136,105 |
(Thousands) | Value at Acquisition | Weighted Average Life | ||||||||||||
Customer relationships | $ | 40,141 | 18 years | |||||||||||
Technology | 4,059 | 5 years | ||||||||||||
Licenses and other | 5,100 | 5 years | ||||||||||||
Total | $ | 49,300 |
(Thousands) |
Performance
Alloys and Composites |
Advanced Materials | Precision Optics | Other | Total | |||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Net sales | $ | 394,195 | $ | 670,867 | $ | 111,212 | $ | — | $ | 1,176,274 | ||||||||||||||||||||||
Intersegment sales | 6 | 35,912 | — | — | 35,918 | |||||||||||||||||||||||||||
Operating profit (loss) | 13,597 | 22,120 | (4,382) | (23,120) | 8,215 | |||||||||||||||||||||||||||
Depreciation, depletion, and amortization | 25,782 | 8,061 | 6,564 | 1,977 | 42,384 | |||||||||||||||||||||||||||
Expenditures for long-lived assets | 53,841 | 9,003 | 908 | 3,522 | 67,274 | |||||||||||||||||||||||||||
Total Assets | 477,892 | 251,637 | 268,004 | 60,327 | 1,057,860 | |||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Net sales | $ | 500,201 | $ | 573,763 | $ | 111,460 | $ | — | $ | 1,185,424 | ||||||||||||||||||||||
Intersegment sales | 38 | 70,047 | — | — | 70,085 | |||||||||||||||||||||||||||
Operating profit (loss) | 73,815 | 25,124 | (3,550) | (24,843) | 70,546 | |||||||||||||||||||||||||||
Depreciation, depletion, and amortization | 24,437 | 8,955 | 5,695 | 2,029 | 41,116 | |||||||||||||||||||||||||||
Expenditures for long-lived assets | 15,520 | 7,572 | 1,045 | 2,391 | 26,528 | |||||||||||||||||||||||||||
Total Assets | 442,885 | 214,961 | 78,981 | 161,603 | 898,430 | |||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||
Net sales | $ | 500,590 | $ | 586,643 | $ | 120,582 | $ | — | $ | 1,207,815 | ||||||||||||||||||||||
Intersegment sales | 37 | 50,460 | — | — | 50,497 | |||||||||||||||||||||||||||
Operating profit (loss) | 60,008 | 16,732 | 10,707 | (25,695) | 61,752 | |||||||||||||||||||||||||||
Depreciation, depletion, and amortization | 17,434 | 8,575 | 7,066 | 2,449 | 35,524 | |||||||||||||||||||||||||||
Expenditures for long-lived assets | 15,396 | 15,523 | 1,983 | 1,358 | 34,260 | |||||||||||||||||||||||||||
Total Assets | 453,345 | 206,393 | 90,537 | 93,035 | 843,310 |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Total operating profit for reportable segments | 8,215 | 70,546 | 61,752 | |||||||||||||||||
Other non-operating (income) expense - net | (3,939) | 3,431 | 42,683 | |||||||||||||||||
Interest expense - net | 3,879 | 1,579 | 2,471 | |||||||||||||||||
Income before income taxes | $ | 8,275 | $ | 65,536 | $ | 16,598 |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | ||||||||||||||||||||
United States | $ | 641,727 | $ | 743,345 | $ | 726,881 | ||||||||||||||
Asia | 329,968 | 256,114 | 270,672 | |||||||||||||||||
Europe | 189,281 | 169,132 | 186,081 | |||||||||||||||||
All other | 15,298 | 16,833 | 24,181 | |||||||||||||||||
Total | $ | 1,176,274 | $ | 1,185,424 | $ | 1,207,815 | ||||||||||||||
Property, plant, and equipment, net by country deployed | ||||||||||||||||||||
United States | $ | 223,340 | $ | 194,596 | $ | 215,395 | ||||||||||||||
All other | 86,346 | 37,680 | 35,623 | |||||||||||||||||
Total | $ | 309,686 | $ | 232,276 | $ | 251,018 |
(Thousands) | Performance Alloys and Composites | Advanced Materials | Precision Optics | Other | Total | |||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
End Market | ||||||||||||||||||||||||||||||||
Semiconductor | $ | 4,626 | $ | 526,553 | $ | 456 | $ | — | $ | 531,635 | ||||||||||||||||||||||
Industrial | 90,884 | 38,052 | 18,096 | — | 147,032 | |||||||||||||||||||||||||||
Aerospace and Defense | 67,173 | 6,241 | 19,539 | — | 92,953 | |||||||||||||||||||||||||||
Consumer Electronics | 47,983 | 479 | 21,566 | — | 70,028 | |||||||||||||||||||||||||||
Automotive | 66,489 | 6,262 | 3,532 | — | 76,283 | |||||||||||||||||||||||||||
Energy | 20,587 | 75,768 | — | — | 96,355 | |||||||||||||||||||||||||||
Telecom and Data Center | 44,313 | 2,183 | — | — | 46,496 | |||||||||||||||||||||||||||
Other | 52,140 | 15,329 | 48,023 | — | 115,492 | |||||||||||||||||||||||||||
Total | $ | 394,195 | $ | 670,867 | $ | 111,212 | $ | — | $ | 1,176,274 | ||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
End Market | ||||||||||||||||||||||||||||||||
Semiconductor | $ | 5,353 | $ | 432,658 | $ | 711 | $ | — | $ | 438,722 | ||||||||||||||||||||||
Industrial | 106,334 | 29,917 | 14,253 | — | 150,504 | |||||||||||||||||||||||||||
Aerospace and Defense | 109,717 | 5,647 | 20,731 | — | 136,095 | |||||||||||||||||||||||||||
Consumer Electronics | 72,360 | 1,254 | 18,201 | — | 91,815 | |||||||||||||||||||||||||||
Automotive | 69,057 | 8,179 | 969 | — | 78,205 | |||||||||||||||||||||||||||
Energy | 41,101 | 74,613 | — | — | 115,714 | |||||||||||||||||||||||||||
Telecom and Data Center | 61,344 | 2,981 | — | — | 64,325 | |||||||||||||||||||||||||||
Other | 34,935 | 18,514 | 56,595 | — | 110,044 | |||||||||||||||||||||||||||
Total | $ | 500,201 | $ | 573,763 | $ | 111,460 | $ | — | $ | 1,185,424 |
(Thousands) | December 31, 2020 | December 31, 2019 | $ change | % change | ||||||||||||||||||||||
Accounts receivable, trade
|
$ | 156,821 | $ | 141,168 | $ | 15,653 | 11 | % | ||||||||||||||||||
Unbilled receivables
|
8,832 | 13,583 | (4,751) | (35) | % | |||||||||||||||||||||
Unearned revenue
|
7,713 | 3,380 | 4,333 | 128 | % |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Performance Alloys and Composites | $ | 8,763 | $ | — | $ | — | ||||||||||||||
Advanced Materials | — | — | 5,599 | |||||||||||||||||
Precision Optics | 2,052 | 328 | — | |||||||||||||||||
Other | 422 | 457 | — | |||||||||||||||||
Total | $ | 11,237 | $ | 785 | $ | 5,599 |
(Income) Expense | ||||||||||||||||||||
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Metal consignment fees | $ | 8,587 | $ | 9,247 | $ | 10,999 | ||||||||||||||
Amortization of intangible assets | 2,377 | 1,400 | 2,265 | |||||||||||||||||
Foreign currency (gain) loss | (2,569) | 666 | 1,487 | |||||||||||||||||
Net loss on disposal of fixed assets | 466 | 344 | 518 | |||||||||||||||||
Rental income | — | (87) | (416) | |||||||||||||||||
Other items | (398) | 213 | 481 | |||||||||||||||||
Total other-net | $ | 8,463 | $ | 11,783 | $ | 15,334 |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Interest incurred, net | $ | 3,889 | $ | 1,641 | $ | 2,870 | ||||||||||||||
Less: Capitalized interest | 10 | 62 | 399 | |||||||||||||||||
Total net expense | $ | 3,879 | $ | 1,579 | $ | 2,471 | ||||||||||||||
Interest paid | $ | 3,442 | $ | 1,799 | $ | 1,436 |
(Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Income (loss) before income taxes: | ||||||||||||||||||||
Domestic | $ | (1,153) | $ | 60,271 | $ | 20,528 | ||||||||||||||
Foreign | 9,428 | 5,265 | (3,930) | |||||||||||||||||
Total income before income taxes | $ | 8,275 | $ | 65,536 | $ | 16,598 | ||||||||||||||
Income tax expense: | ||||||||||||||||||||
Current income tax expense (benefit): | ||||||||||||||||||||
Domestic | $ | 812 | $ | 6,995 | $ | (5,244) | ||||||||||||||
Foreign | 1,851 | 1,202 | 2,710 | |||||||||||||||||
Total current | $ | 2,663 | $ | 8,197 | $ | (2,534) | ||||||||||||||
Deferred income tax (benefit) expense: | ||||||||||||||||||||
Domestic | $ | (5,641) | $ | 2,687 | $ | (4,677) | ||||||||||||||
Foreign | (4,209) | 1,258 | 2,765 | |||||||||||||||||
Total deferred | $ | (9,850) | $ | 3,945 | $ | (1,912) | ||||||||||||||
Total income tax (benefit) expense | $ | (7,187) | $ | 12,142 | $ | (4,446) |
December 31, | ||||||||||||||
(Thousands) | 2020 | 2019 | ||||||||||||
Asset (liability) | ||||||||||||||
Post-employment benefits other than pensions | $ | 1,564 | $ | 1,626 | ||||||||||
Other reserves | 226 | 543 | ||||||||||||
Deferred compensation | 3,322 | 3,314 | ||||||||||||
Environmental reserves | 1,301 | 1,384 | ||||||||||||
Lease liabilities | 10,469 | 4,614 | ||||||||||||
Pensions | 7,456 | 5,149 | ||||||||||||
Accrued compensation expense | 2,683 | 5,364 | ||||||||||||
Net operating loss and credit carryforwards | 12,685 | 13,513 | ||||||||||||
Research and development tax credit carryforward | 26 | 25 | ||||||||||||
Subtotal | 39,732 | 35,532 | ||||||||||||
Valuation allowance | (14,134) | (17,676) | ||||||||||||
Total deferred tax assets | 25,598 | 17,856 | ||||||||||||
Depreciation | (12,112) | (10,780) | ||||||||||||
Lease assets | (10,261) | (4,428) | ||||||||||||
Inventory | (3,532) | (7,954) | ||||||||||||
Amortization | (10,754) | (2,426) | ||||||||||||
Mine development | (1,669) | (3,706) | ||||||||||||
Total deferred tax liabilities | (38,328) | (29,294) | ||||||||||||
Net deferred tax liabilities | $ | (12,730) | $ | (11,438) |
(Thousands) | 2020 | 2019 | ||||||||||||
Balance at January 1 | $ | 3,221 | $ | 2,883 | ||||||||||
Additions to tax provisions related to the current year | 191 | — | ||||||||||||
Additions to tax positions related to prior years | — | 399 | ||||||||||||
Reduction to tax positions related to prior years | (349) | — | ||||||||||||
Lapses on statutes of limitations | (703) | (61) | ||||||||||||
Balance at December 31 | $ | 2,360 | $ | 3,221 |
(Thousands except per share amounts) | 2020 | 2019* | 2018* | |||||||||||||||||
Numerator for basic and diluted EPS: | ||||||||||||||||||||
Net income | $ | 15,462 | $ | 53,394 | $ | 21,044 | ||||||||||||||
Denominator: | ||||||||||||||||||||
Denominator for basic EPS: | ||||||||||||||||||||
Weighted-average shares outstanding | 20,338 | 20,365 | 20,212 | |||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||
Stock appreciation rights | 39 | 72 | 170 | |||||||||||||||||
Restricted stock units | 102 | 75 | 85 | |||||||||||||||||
Performance-based restricted stock units | 124 | 143 | 146 | |||||||||||||||||
Diluted potential common shares | 265 | 290 | 401 | |||||||||||||||||
Denominator for diluted EPS: | ||||||||||||||||||||
Adjusted weighted-average shares outstanding | 20,603 | 20,655 | 20,613 | |||||||||||||||||
Basic EPS | $ | 0.76 | $ | 2.62 | $ | 1.04 | ||||||||||||||
Diluted EPS | $ | 0.75 | $ | 2.59 | $ | 1.02 |
December 31, | ||||||||||||||
(Thousands) | 2020 | 2019* | ||||||||||||
Raw materials and supplies | $ | 42,905 | $ | 35,612 | ||||||||||
Work in process | 200,741 | 175,135 | ||||||||||||
Finished goods | 7,132 | 25,506 | ||||||||||||
Inventories, net | 250,778 | 236,253 |
December 31, | ||||||||||||||
(Thousands) | 2020 | 2019 | ||||||||||||
Land | $ | 5,686 | $ | 4,874 | ||||||||||
Buildings | 165,144 | 150,323 | ||||||||||||
Machinery and equipment | 645,195 | 639,310 | ||||||||||||
Software | 43,652 | 44,652 | ||||||||||||
Construction in progress | 69,297 | 16,699 | ||||||||||||
Allowances for depreciation | (662,724) | (669,250) | ||||||||||||
Subtotal | 266,250 | 186,608 | ||||||||||||
Finance leases | 34,301 | 26,069 | ||||||||||||
Allowances for depreciation | (4,914) | (3,569) | ||||||||||||
Subtotal | 29,387 | 22,500 | ||||||||||||
Mineral resources | 4,979 | 4,980 | ||||||||||||
Mine development | 30,058 | 30,058 | ||||||||||||
Allowances for amortization and depletion | (20,988) | (11,870) | ||||||||||||
Subtotal | 14,049 | 23,168 | ||||||||||||
Property, plant, and equipment — net | $ | 309,686 | $ | 232,276 |
(Thousands) | 2020 | 2019 | ||||||||||||
Components of lease expense | ||||||||||||||
Operating lease cost | $ | 10,602 | $ | 9,835 | ||||||||||
Finance lease cost | ||||||||||||||
Amortization of right-of-use assets | 1,324 | 1,414 | ||||||||||||
Interest on lease liabilities | 1,021 | 1,028 | ||||||||||||
Total lease cost | $ | 12,947 | $ | 12,277 |
(Thousands, except lease term and discount rate) | 2020 | 2019 | ||||||||||||
Supplemental balance sheet information | ||||||||||||||
Operating Leases | ||||||||||||||
Operating lease right-of-use assets
|
$ | 62,089 | $ | 23,413 | ||||||||||
Other liabilities and accrued items | 6,908 | 6,542 | ||||||||||||
Operating lease liabilities | 56,761 | 18,091 | ||||||||||||
Finance Leases | ||||||||||||||
Property, plant, and equipment
|
$ | 34,301 | $ | 26,069 | ||||||||||
Allowances for depreciation, depletion, and amortization
|
(4,914) | (3,570) | ||||||||||||
Finance lease assets, net | $ | 29,387 | $ | 22,499 | ||||||||||
Other liabilities and accrued items | $ | 2,925 | $ | 1,265 | ||||||||||
Finance lease liabilities | 20,539 | 17,424 | ||||||||||||
Total principal payable on finance leases | $ | 23,464 | $ | 18,689 | ||||||||||
Weighted Average Remaining Lease Term | ||||||||||||||
Operating leases
|
12.72 | 4.69 | ||||||||||||
Finance leases
|
16.59 | 19.47 | ||||||||||||
Weighted Average Discount Rate | ||||||||||||||
Operating leases
|
6.46% | 5.91% | ||||||||||||
Finance leases
|
4.88% | 5.31% |
Finance | Operating | |||||||||||||
(Thousands) | Leases | Leases | ||||||||||||
2021 | $ | 3,877 | $ | 10,707 | ||||||||||
2022 | 3,827 | 9,415 | ||||||||||||
2023 | 2,536 | 8,750 | ||||||||||||
2024 | 1,595 | 6,608 | ||||||||||||
2025 | 1,432 | 6,278 | ||||||||||||
2026 and thereafter | 21,906 | 53,041 | ||||||||||||
Total lease payments | 35,173 | 94,799 | ||||||||||||
Less amount of lease payment representing interest | 11,709 | 31,130 | ||||||||||||
Total present value of lease payments
|
$ | 23,464 | $ | 63,669 |
(Thousands) | 2020 | 2019 | ||||||||||||
Supplemental cash flow information | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | 16,216 | $ | 15,841 | ||||||||||
Operating cash flows from finance leases | 1,021 | 1,028 | ||||||||||||
Financing cash flows from finance leases | 2,213 | 1,200 | ||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||
Operating leases | 43,037 | 32,534 | ||||||||||||
Finance leases | 6,736 | 3,919 |
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(Thousands) | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||
Customer relationships | $ | 81,231 | $ | (38,773) | $ | 42,458 | $ | 39,601 | $ | (37,692) | $ | 1,909 | ||||||||||||||||||||||||||
Technology | 16,915 | (13,290) | 3,625 | 13,377 | (12,816) | 561 | ||||||||||||||||||||||||||||||||
Licenses and other | 11,457 | (4,840) | 6,617 | 4,257 | (3,046) | 1,211 | ||||||||||||||||||||||||||||||||
Total | $ | 109,603 | $ | (56,903) | $ | 52,700 | $ | 57,235 | $ | (53,554) | $ | 3,681 |
Amortization | ||||||||
(Thousands) | Expense | |||||||
2021 | 4,596 | |||||||
2022 | 4,585 | |||||||
2023 | 4,565 | |||||||
2024 | 4,563 | |||||||
2025 | 4,084 |
(Thousands) | Performance Alloys and Composites | Advanced Materials | Precision Optics | Total | ||||||||||||||||||||||
Balance at December 31, 2018 | $ | 1,899 | $ | 50,276 | $ | 38,482 | $ | 90,657 | ||||||||||||||||||
Impairment charge | — | — | (11,560) | (11,560) | ||||||||||||||||||||||
Other | — | (86) | — | (86) | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | 1,899 | $ | 50,190 | $ | 26,922 | $ | 79,011 | ||||||||||||||||||
Acquisition | — | — | 70,577 | 70,577 | ||||||||||||||||||||||
Impairment charge | — | — | (9,053) | (9,053) | ||||||||||||||||||||||
Other | — | 337 | 4,044 | 4,381 | ||||||||||||||||||||||
Balance at December 31, 2020 | $ | 1,899 | 50,527 | $ | 92,490 | $ | 144,916 | |||||||||||||||||||
December 31, | ||||||||||||||
(Thousands) | 2020 | 2019 | ||||||||||||
Borrowings under Credit Agreement with average interest rate of 1.65% at December 31, 2020 | $ | 34,000 | $ | — | ||||||||||
Foreign debt | 3,157 | — | ||||||||||||
Fixed rate industrial development revenue bonds | 1,322 | 2,218 | ||||||||||||
Total long-term debt outstanding | 38,479 | 2,218 | ||||||||||||
Current portion of long-term debt | (1,937) | (868) | ||||||||||||
Gross long-term debt | 36,542 | 1,350 | ||||||||||||
Unamortized deferred financing fees | — | (90) | ||||||||||||
Long-term debt | $ | 36,542 | $ | 1,260 |
(Thousands) | |||||
2021 | $ | 1,937 | |||
2022 | 500 | ||||
2023 | 387 | ||||
2024 | 34,387 | ||||
2025 | 387 | ||||
2026 and thereafter | 881 | ||||
Total | $ | 38,479 |
Pension Benefits | Other Benefits | |||||||||||||||||||||||||
(Thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 186,760 | $ | 170,136 | $ | 8,681 | $ | 11,375 | ||||||||||||||||||
Service cost | 1,403 | 5,918 | 59 | 67 | ||||||||||||||||||||||
Interest cost | 5,234 | 6,292 | 213 | 399 | ||||||||||||||||||||||
Net pension curtailments and settlements | (609) | (12,212) | — | — | ||||||||||||||||||||||
Acquisition | 30,360 | — | — | — | ||||||||||||||||||||||
Plan amendments | (799) | — | — | — | ||||||||||||||||||||||
Actuarial loss (gain) | 24,259 | 20,409 | 224 | (2,192) | ||||||||||||||||||||||
Benefit payments | (4,612) | (3,170) | (989) | (981) | ||||||||||||||||||||||
Foreign currency exchange rate changes and other | 4,111 | (613) | 2 | 13 | ||||||||||||||||||||||
Benefit obligation at end of year | 246,107 | 186,760 | 8,190 | 8,681 | ||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 174,046 | 145,046 | — | — | ||||||||||||||||||||||
Plan settlements | — | — | — | — | ||||||||||||||||||||||
Acquisition | 23,774 | — | — | — | ||||||||||||||||||||||
Actual return on plan assets | 30,330 | 27,264 | — | — | ||||||||||||||||||||||
Employer contributions | 614 | 4,702 | — | — | ||||||||||||||||||||||
Employee contributions | 498 | 124 | — | — | ||||||||||||||||||||||
Benefit payments from fund | (4,720) | (2,933) | — | — | ||||||||||||||||||||||
Expenses paid from assets | (234) | (391) | — | — | ||||||||||||||||||||||
Foreign currency exchange rate changes and other | 1,868 | 234 | — | — | ||||||||||||||||||||||
Fair value of plan assets at end of year | 226,176 | 174,046 | — | — | ||||||||||||||||||||||
Funded status at end of year | $ | (19,931) | $ | (12,714) | $ | (8,190) | $ | (8,681) | ||||||||||||||||||
Amounts recognized in the Consolidated
Balance Sheets consist of: |
||||||||||||||||||||||||||
Other assets | $ | 13,074 | $ | 11,298 | $ | — | $ | — | ||||||||||||||||||
Other liabilities and accrued items | (470) | (997) | (866) | (1,012) | ||||||||||||||||||||||
Retirement and post-employment benefits | (32,535) | (23,015) | (7,324) | (7,669) | ||||||||||||||||||||||
Net amount recognized | $ | (19,931) | $ | (12,714) | $ | (8,190) | $ | (8,681) |
Pension Benefits | Other Benefits | |||||||||||||||||||||||||
(Thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Amounts recognized in other comprehensive income (before tax) consist of: | ||||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 49,472 | $ | 48,073 | $ | (3,973) | $ | (4,529) | ||||||||||||||||||
Net prior service cost (credit) | (799) | — | (3,552) | (5,049) | ||||||||||||||||||||||
Net amount recognized | $ | 48,673 | $ | 48,073 | $ | (7,525) | $ | (9,578) |
Pension Benefits | Other Benefits | |||||||||||||||||||||||||
(Thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Additional information | ||||||||||||||||||||||||||
Accumulated benefit obligation for all defined benefit pension plans | $ | 243,953 | $ | 185,402 | $ | — | $ | — | ||||||||||||||||||
For defined benefit pension plans with benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||
Aggregate benefit obligation | 62,012 | 25,640 | — | — | ||||||||||||||||||||||
Aggregate fair value of plan assets | 29,938 | 3,045 | — | — | ||||||||||||||||||||||
For defined benefit pension plans with accumulated benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||
Aggregate accumulated benefit obligation | 59,858 | 24,482 | — | — | ||||||||||||||||||||||
Aggregate fair value of plan assets | 29,938 | 3,045 | — | — |
|
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||||||||||
(Thousands) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net benefit cost | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | 1,403 | $ | 5,918 | $ | 6,953 | $ | 59 | $ | 67 | $ | 111 | ||||||||||||||||||||||||||
Interest cost | 5,234 | 6,292 | 9,554 | 213 | 399 | 396 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (9,333) | (8,777) | (14,231) | — | — | — | ||||||||||||||||||||||||||||||||
Amortization of prior service credit | — | 483 | (123) | (1,497) | (1,497) | (1,497) | ||||||||||||||||||||||||||||||||
Recognized net actuarial loss (gain) | 1,678 | 3,304 | 7,171 | (332) | (93) | — | ||||||||||||||||||||||||||||||||
Net periodic benefit (credit) cost | (1,018) | 7,220 | 9,324 | (1,557) | (1,124) | (990) | ||||||||||||||||||||||||||||||||
Net pension curtailments and settlements | 94 | 3,328 | 41,406 | — | — | — | ||||||||||||||||||||||||||||||||
Total net benefit (credit) cost | $ | (924) | $ | 10,548 | $ | 50,730 | $ | (1,557) | $ | (1,124) | $ | (990) |
|
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
(Thousands) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
Change in other comprehensive income | |||||||||||||||||||||||||||||||||||
OCI at beginning of year | $ | 48,073 | $ | 65,409 | $ | 122,802 | $ | (9,578) | $ | (8,976) | $ | (8,020) | |||||||||||||||||||||||
Increase (decrease) in OCI: | |||||||||||||||||||||||||||||||||||
Recognized during year — prior service cost (credit) | — | (3,811) | 123 | 1,497 | 1,497 | 1,497 | |||||||||||||||||||||||||||||
Recognized during year — net actuarial (losses) gains | (1,678) | (3,304) | (7,171) | 332 | 93 | — | |||||||||||||||||||||||||||||
Occurring during year — prior service cost | (799) | — | — | — | — | — | |||||||||||||||||||||||||||||
Occurring during year — net actuarial losses (gains) | 3,146 | 2,062 | (8,997) | 224 | (2,192) | (2,453) | |||||||||||||||||||||||||||||
Other adjustments | (94) | (12,212) | (41,406) | — | — | — | |||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 25 | (71) | 58 | — | — | — | |||||||||||||||||||||||||||||
OCI at end of year | $ | 48,673 | $ | 48,073 | $ | 65,409 | $ | (7,525) | $ | (9,578) | $ | (8,976) |
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at fiscal year end | ||||||||||||||||||||||||||||||||||||||
Discount rate | 2.14 | % | 3.12 | % | 4.07 | % | 2.45 | % | 3.20 | % | 4.11 | % | ||||||||||||||||||||||||||
Rate of compensation increase | 2.22 | % | 3.00 | % | 3.87 | % | 3.00 | % | 3.00 | % | 4.00 | % | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine net cost for the fiscal year | ||||||||||||||||||||||||||||||||||||||
Discount rate | 8.37 | % | 4.16 | % | 3.63 | % | 3.20 | % | 4.11 | % | 3.43 | % | ||||||||||||||||||||||||||
Expected long-term return on plan assets | 5.70 | % | 6.06 | % | 6.63 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||
Rate of compensation increase | 2.87 | % | 2.99 | % | 3.98 | % | 3.00 | % | 4.00 | % | 4.00 | % |
Assumed health care trend rates at fiscal year end | 2020 | 2019 | ||||||||||||
Health care trend rate assumed for next year | 6.00% | 6.25% | ||||||||||||
Rate that the trend rate gradually declines to (ultimate trend rate) | 5.00% | 5.00% | ||||||||||||
Year that the rate reaches the ultimate trend rate | 2025 | 2025 |
December 31, 2020 | ||||||||||||||||||||||||||
(Thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Cash | $ | 2,204 | $ | 2,204 | $ | — | $ | — | ||||||||||||||||||
Equity securities (a) | 49,293 | 49,293 | — | — | ||||||||||||||||||||||
Fixed-income securities (b) | 20,375 | 20,375 | — | — | ||||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||||
Real estate fund (c) | 6,105 | 6,105 | — | — | ||||||||||||||||||||||
Total | 77,977 | 77,977 | — | — | ||||||||||||||||||||||
Investments measured at NAV: (d) | ||||||||||||||||||||||||||
Pooled investment fund (e) | 143,503 | |||||||||||||||||||||||||
Multi-strategy hedge funds (f) | 4,624 | |||||||||||||||||||||||||
Private equity funds | 72 | |||||||||||||||||||||||||
Total assets at fair value | $ | 226,176 | ||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
(Thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Cash | $ | 1,718 | $ | 1,718 | $ | — | $ | — | ||||||||||||||||||
Equity securities (a) | 47,722 | 47,722 | — | — | ||||||||||||||||||||||
Fixed-income securities (b) | 3,923 | 3,923 | — | — | ||||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||||
Real estate fund (c) | 3,121 | 3,121 | — | — | ||||||||||||||||||||||
Total | 56,484 | 56,484 | — | — | ||||||||||||||||||||||
Investments measured at NAV: (d) | ||||||||||||||||||||||||||
Pooled investment fund (e) | 113,187 | |||||||||||||||||||||||||
Multi-strategy hedge funds (f) | 4,277 | |||||||||||||||||||||||||
Private equity funds | 98 | |||||||||||||||||||||||||
Total assets at fair value | $ | 174,046 |
Other Benefits | ||||||||||||||||||||
(Thousands) | Pension Benefits |
Gross Benefit
Payment |
Net of
Medicare Part D Subsidy |
|||||||||||||||||
2021 | 4,987 | 867 | 853 | |||||||||||||||||
2022 | 5,854 | 812 | 800 | |||||||||||||||||
2023 | 7,401 | 746 | 736 | |||||||||||||||||
2024 | 8,689 | 667 | 659 | |||||||||||||||||
2025 | 8,924 | 603 | 596 | |||||||||||||||||
2026 through 2030 | 54,116 | 2,140 | 2,120 |
Gains and Losses
On Cash Flow Hedges |
Pension and Post- Employment Benefits | Foreign Currency Translation | ||||||||||||||||||||||||||||||||||||||||||
(Thousands) | Foreign Currency | Precious Metals | Copper | Total | Total | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | 959 | $ | (196) | $ | — | $ | 763 | $ | (99,592) | $ | (4,108) | $ | (102,937) | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (333) | 467 | (569) | (435) | 11,396 | (484) | 10,477 | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 10 | (109) | — | (99) | 46,953 | — | 46,854 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before tax | (323) | 358 | (569) | (534) | 58,349 | (484) | 57,331 | |||||||||||||||||||||||||||||||||||||
Deferred taxes on current period activity | (627) | 83 | (128) | (672) | 13,300 | — | 12,628 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) after tax | 304 | 275 | (441) | 138 | 45,049 | (484) | 44,703 | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 1,263 | $ | 79 | $ | (441) | $ | 901 | $ | (54,543) | $ | (4,592) | $ | (58,234) | ||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 1,263 | $ | 79 | $ | (441) | $ | 901 | $ | (54,543) | $ | (4,592) | $ | (58,234) | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 108 | (1,285) | 209 | (968) | 9,085 | (421) | 7,696 | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (29) | 595 | 393 | 959 | 8,853 | — | 9,812 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before tax | 79 | (690) | 602 | (9) | 17,938 | (421) | 17,508 | |||||||||||||||||||||||||||||||||||||
Deferred taxes on current period activity | 18 | (159) | 136 | (5) | 4,741 | — | 4,736 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) after tax | 61 | (531) | 466 | (4) | 13,197 | (421) | 12,772 | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 1,324 | $ | (452) | $ | 25 | $ | 897 | $ | (41,346) | $ | (5,013) | $ | (45,462) | ||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 1,324 | $ | (452) | $ | 25 | $ | 897 | $ | (41,346) | $ | (5,013) | $ | (45,462) | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (1,268) | (1,675) | 218 | (2,725) | (2,721) | 9,030 | 3,584 | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 222 | 2,041 | 354 | 2,617 | (57) | — | 2,560 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before tax | (1,046) | 366 | 572 | (108) | (2,778) | 9,030 | 6,144 | |||||||||||||||||||||||||||||||||||||
Deferred taxes on current period activity | (241) | 84 | 129 | (28) | (651) | — | (679) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) after tax | (805) | 282 | 443 | (80) | (2,127) | 9,030 | 6,823 | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 519 | $ | (170) | $ | 468 | $ | 817 | $ | (43,473) | $ | 4,017 | $ | (38,639) |
(Shares in thousands) |
Number of
SARs |
Weighted-
average Exercise Price Per Share |
Aggregate
Intrinsic Value (thousands) |
Weighted-
average Remaining Term (Years) |
||||||||||||||||||||||
Outstanding at December 31, 2019 | 250 | $ | 44.95 | |||||||||||||||||||||||
Granted | 65 | 50.95 | ||||||||||||||||||||||||
Exercised | (29) | 40.70 | ||||||||||||||||||||||||
Cancelled | (32) | 51.43 | ||||||||||||||||||||||||
Outstanding at December 31, 2020 | 254 | 46.18 | $ | 4,454 | 4.2 | |||||||||||||||||||||
Vested and expected to vest as of December 31, 2020 | 254 | 46.18 | 4,454 | 4.2 | ||||||||||||||||||||||
Exercisable at December 31, 2020 | 148 | 41.00 | 3,368 | 3.4 |
(Shares in thousands) |
Number of
SARs |
Weighted-
average Grant Date Fair Value |
||||||||||||
Nonvested as of December 31, 2019 | 178 | $ | 14.72 | |||||||||||
Granted | 65 | 13.67 | ||||||||||||
Vested | (109) | 13.21 | ||||||||||||
Cancelled | (28) | 15.50 | ||||||||||||
Nonvested as of December 31, 2020 | 106 | $ | 15.46 |
2020 | 2019 | 2018 | ||||||||||||||||||
Risk-free interest rate | 1.41 | % | 2.47 | % | 2.58 | % | ||||||||||||||
Dividend yield | 0.9 | % | 0.7 | % | 0.8 | % | ||||||||||||||
Volatility | 31.8 | % | 31.7 | % | 31.9 | % | ||||||||||||||
Expected lives (in years) | 4.8 | 5.2 | 5.5 |
(Shares in thousands) |
Number of
Shares |
Weighted-
average Grant Date Fair Value |
||||||||||||
Outstanding at December 31, 2019 | 145 | $ | 50.79 | |||||||||||
Granted | 84 | 51.55 | ||||||||||||
Vested | (33) | 36.39 | ||||||||||||
Forfeited | (35) | 53.52 | ||||||||||||
Outstanding at December 31, 2020 | 161 | $ | 53.50 |
(Shares in thousands) |
Number of
Shares |
Weighted-
average Grant Date Fair Value |
||||||||||||
Outstanding at December 31, 2019 | 169 | $ | 52.74 | |||||||||||
Granted | 46 | 57.65 | ||||||||||||
Vested | (63) | 30.28 | ||||||||||||
Forfeited | (26) | 63.59 | ||||||||||||
Outstanding at December 31, 2020 | 126 | $ | 63.61 |
Fair Value Measurements | ||||||||||||||||||||||||||
(Thousands) | Total |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
Significant
Observable Inputs (Level 2) |
Other
Significant Unobservable Inputs (Level 3) |
||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Deferred compensation investments | $ | 3,802 | $ | 3,802 | $ | — | $ | — | ||||||||||||||||||
Foreign currency forward contracts | 107 | — | 107 | — | ||||||||||||||||||||||
Precious metal swaps | 127 | — | 127 | — | ||||||||||||||||||||||
Copper swaps | 632 | — | 632 | — | ||||||||||||||||||||||
Total | $ | 4,668 | $ | 3,802 | $ | 866 | $ | — | ||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||
Deferred compensation liability | $ | 3,802 | $ | 3,802 | $ | — | $ | — | ||||||||||||||||||
Foreign currency forward contracts | 1,203 | — | 1,203 | — | ||||||||||||||||||||||
Precious metal swaps | 349 | — | 349 | — | ||||||||||||||||||||||
Copper swaps | 27 | — | 27 | — | ||||||||||||||||||||||
Total | $ | 5,381 | $ | 3,802 | $ | 1,579 | $ | — | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Deferred compensation investments | $ | 3,391 | $ | 3,391 | $ | — | $ | — | ||||||||||||||||||
Foreign currency forward contracts | 188 | — | 188 | — | ||||||||||||||||||||||
Precious metal swaps | 35 | — | 35 | — | ||||||||||||||||||||||
Copper swaps | 61 | — | 61 | — | ||||||||||||||||||||||
Total | $ | 3,675 | $ | 3,391 | $ | 284 | $ | — | ||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||
Deferred compensation liability | $ | 3,391 | $ | 3,391 | $ | — | $ | — | ||||||||||||||||||
Foreign currency forward contracts | 211 | — | 211 | — | ||||||||||||||||||||||
Precious metal swaps | 623 | — | 623 | — | ||||||||||||||||||||||
Copper swaps | 28 | — | 28 | — | ||||||||||||||||||||||
Total | $ | 4,253 | $ | 3,391 | $ | 862 | $ | — |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(Thousands) |
Notional
Amount |
Fair
Value |
Notional
Amount |
Fair
Value |
||||||||||||||||||||||
Foreign currency forward contracts | ||||||||||||||||||||||||||
Prepaid expenses | $ | 62,012 | $ | 107 | $ | 13,734 | $ | 95 | ||||||||||||||||||
Other liabilities and accrued items | 7,695 | 55 | 5,757 | 16 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(Thousands) |
Notional
Amount |
Fair
Value |
Notional
Amount |
Fair
Value |
||||||||||||||||||||||
Prepaid expenses | ||||||||||||||||||||||||||
Foreign currency forward contracts - yen | $ | — | $ | — | $ | 1,025 | $ | 10 | ||||||||||||||||||
Foreign currency forward contracts - euro | — | — | 3,466 | 83 | ||||||||||||||||||||||
Precious metal swaps | 2,155 | 127 | 1,116 | 34 | ||||||||||||||||||||||
Copper swaps | 6,225 | 632 | 1,951 | 61 | ||||||||||||||||||||||
8,380 | 759 | 7,558 | 188 | |||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||
Precious metal swaps | — | — | 157 | 1 | ||||||||||||||||||||||
Other liabilities and accrued items | ||||||||||||||||||||||||||
Foreign currency forward contracts - yen | 2,668 | 59 | 2,355 | 12 | ||||||||||||||||||||||
Foreign currency forward contracts - euro | 17,611 | 1,089 | 15,686 | 183 | ||||||||||||||||||||||
Precious metal swaps | 4,964 | 349 | 7,034 | 618 | ||||||||||||||||||||||
Copper swaps | 2,445 | 27 | 1,266 | 28 | ||||||||||||||||||||||
27,688 | 1,524 | 26,341 | 841 | |||||||||||||||||||||||
Other long-term liabilities | ||||||||||||||||||||||||||
Precious metal swaps | — | — | 149 | 5 | ||||||||||||||||||||||
Total | $ | 36,068 | $ | 765 | $ | 34,205 | $ | 657 |
(Thousands) | 2020 | 2019 | ||||||||||||||||||
Hedging relationship | Line item | |||||||||||||||||||
Foreign currency forward contracts | Net sales | $ | 222 | $ | (29) | |||||||||||||||
Precious metal swaps | Cost of sales | 2,041 | 595 | |||||||||||||||||
Copper swaps | Cost of sales | 354 | 393 | |||||||||||||||||
Total | $ | 2,617 | $ | 959 |
(Thousands) | 2020 | 2019 | ||||||||||||
Reserve balance at beginning of year | $ | 5,937 | $ | 6,521 | ||||||||||
Expensed | 288 | 482 | ||||||||||||
Paid | (749) | (1,066) | ||||||||||||
Reserve balance at end of year | $ | 5,476 | $ | 5,937 | ||||||||||
Ending balance recorded in: | ||||||||||||||
Other liabilities and accrued items | $ | 845 | $ | 982 | ||||||||||
Other long-term liabilities | 4,631 | 4,955 |
(Thousands) | 2020 | 2019 | ||||||||||||
Asset retirement obligation at beginning of period | $ | 1,421 | $ | 1,257 | ||||||||||
Accretion expense | 137 | 164 | ||||||||||||
Change in liability | 207 | — | ||||||||||||
Asset retirement obligation at end of period | $ | 1,765 | $ | 1,421 |
|
2020 | |||||||||||||||||||||||||||||||
(Thousands except per share amounts) |
First
Quarter* |
Second
Quarter* |
Third
Quarter* |
Fourth
Quarter |
Total | |||||||||||||||||||||||||||
Net sales | $ | 277,946 | $ | 271,468 | $ | 287,171 | $ | 339,689 | $ | 1,176,274 | ||||||||||||||||||||||
Gross margin | 44,570 | 46,955 | 45,311 | 55,797 | 192,633 | |||||||||||||||||||||||||||
Percent of net sales | 16.0 | % | 17.3 | % | 15.8 | % | 16.4 | % | 16.4 | % | ||||||||||||||||||||||
Net (loss) income(1)
|
$ | (3,878) | $ | 5,803 | $ | 5,471 | $ | 8,066 | $ | 15,462 | ||||||||||||||||||||||
Net (loss) income per share of common stock: | ||||||||||||||||||||||||||||||||
Basic | $ | (0.19) | $ | 0.29 | $ | 0.27 | $ | 0.40 | 0.76 | |||||||||||||||||||||||
Diluted(2)
|
(0.19) | 0.28 | 0.27 | 0.39 | 0.75 | |||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
First
Quarter* |
Second
Quarter* |
Third
Quarter* |
Fourth
Quarter* |
Total | ||||||||||||||||||||||||||||
Net sales | $ | 301,441 | $ | 297,843 | $ | 305,979 | $ | 280,161 | $ | 1,185,424 | ||||||||||||||||||||||
Gross margin | 69,606 | 71,997 | 66,605 | 54,482 | 262,690 | |||||||||||||||||||||||||||
Percent of net sales | 23.1 | % | 24.2 | % | 21.8 | % | 19.4 | % | 22.2 | % | ||||||||||||||||||||||
Net income(3)
|
$ | 17,133 | $ | 17,393 | $ | 4,522 | $ | 14,346 | $ | 53,394 | ||||||||||||||||||||||
Net income per share of common stock: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.85 | $ | 0.85 | $ | 0.22 | $ | 0.70 | $ | 2.62 | ||||||||||||||||||||||
Diluted | 0.83 | 0.84 | 0.22 | 0.69 | 2.59 |
Name | Age | Positions and Offices Held | ||||||||||||
Jugal K. Vijayvargiya | 52 |
President and Chief Executive Officer (March 2017-Present); President Delphi Electronics and Safety, a global technology solutions provider to the automotive and transportation sectors (prior to March 2017)
|
||||||||||||
Shelly M. Chadwick | 49 | Vice President, Finance and Chief Financial Officer (November 2020-Present); Vice President Finance and Chief Accounting Officer at The Timken Company, a world leader in engineered bearings and power transmission products (November 2016-November 2020); Vice President, Treasury and Investor Relations at The Timken Company (prior to November 2016) | ||||||||||||
Gregory R. Chemnitz | 63 |
Vice President, General Counsel and Secretary (January 2017-Present); Vice President, General Counsel (prior to January 2017)
|
10.1 |
Metals Consignment Agreement, dated as of August 27, 2019, among Materion Corporation, certain of its subsidiaries and Bank of Montreal (filed as Exhibit 10.1 to the Company's Form 8-K Filed on August 29, 2019), incorporated herein by reference.
|
|||||||
10.2 |
The Bank of Nova Scotia Consignment Agreement with Materion Advanced Materials Germany GMBH dated as of February 28, 2017 (filed as Exhibit 99.1 to the Company's Form 8-K filed on March 1, 2017), incorporated herein by reference.
|
|||||||
10.3 |
Form of Indemnification Agreement entered into by the Company and its executive officers (filed as Exhibit 10a to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008), incorporated herein by reference.
|
|||||||
10.4 |
Form of Indemnification Agreement entered into by the Company and its directors (filed as Exhibit 10b to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008), incorporated herein by reference.
|
|||||||
10.5* |
Amended and Restated Form of Severance Agreement for Executive Officers (filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended June 27, 2008), incorporated herein by reference.
|
|||||||
10.6* |
Amendment No. 1 to Amended and Restated Severance Agreement, dated May 4, 2011 (filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended July 1, 2011), incorporated herein by reference.
|
|||||||
10.7* |
Amended and Restated Form of Severance Agreement for Key Employees (filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended June 27, 2008), incorporated herein by reference.
|
|||||||
10.8* |
Form of Severance Agreement for Key Employees (filed as Exhibit 10f to the Company's Annual Report on Form 10-K for the year ended December 31, 2015), incorporated herein by reference.
|
|||||||
10.9* |
Severance Agreement for Jugal Vijayvargiya dated as of March 3, 2017 (filed as Exhibit 10.2 to the Company's Form 8-K filed on March 3, 2017), incorporated herein by reference.
|
10.10* |
CEO Offer Letter for Jugal Vijayvargiya dated as of March 1, 2017 (filed as Exhibit 10.1 to the Company's Form 8-K filed on March 3, 2017), incorporated herein by reference.
|
|||||||
10.11*# |
Severance Agreement for Shelly M. Chadwick dated as of December 15, 2020.
|
|||||||
10.12*# |
CFO Offer Letter for Shelly M. Chadwick dated as of October 24, 2020.
|
|||||||
10.13* | Form of Trust Agreement between the Company and Key Trust Company of Ohio, N.A. (formerly Ameritrust Company National Association) on behalf of the Company’s executive officers (filed as Exhibit 10e to the Company’s Annual Report on Form 10-K for the year ended December 31, 1994), incorporated herein by reference. | |||||||
10.14* |
2019 Management Incentive Plan (filed as Exhibit 10.12 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019), incorporated herein by reference.
|
|||||||
10.15* |
Materion and Subsidiaries Management Incentive Plan for the 2020 Plan Year (filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended March 27, 2020), incorporated herein by reference.
|
|||||||
10.16* |
Materion Corporation 2006 Stock Incentive Plan (as Amended and Restated as of May 3, 2017) (filed as Exhibit 4.3 to the Registration Statement on Form S-8 (Registration No. 333-217633), incorporated herein by reference.
|
|||||||
10.17* |
Form of 2018 Restricted Stock Unit Agreement covering grants made in 2018 and 2019 (filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended March 30, 2018), incorporated herein by reference.
|
|||||||
10.18* |
Form of 2020 Restricted Stock Unit Agreement (Stock-Settled) under the Materion Corporation 2006 Stock Incentive Plan (As Amended and Restated as of May 3, 2017), covering grants made in 2020 (filed as Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the period ended March 27, 2020), incorporated herein by reference.
|
|||||||
10.19* |
Form of 2018 Performance-Based Restricted Stock Unit Agreement covering grants made in 2018 and 2019 (filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the period ended March 30, 2018), incorporated herein by reference.
|
|||||||
10.20* |
Form of 2020 Performance-Based Restricted Stock Units Agreement under the Materion Corporation 2006 Stock Incentive Plan (As Amended and Restated as of May 3, 2017), covering grants made in 2020 (filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the period ended March 27, 2020), incorporated herein by reference.
|
|||||||
10.21* |
Form of 2010 Stock Appreciation Rights Agreement (filed as Exhibit 10.34 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009), incorporated herein by reference.
|
|||||||
10.22* |
Form of 2016 Stock Appreciation Rights Agreement (filed as Exhibit 10ad to the Company's Annual Report on Form 10-K for the year ended December 31, 2015), incorporated herein by reference.
.
|
|||||||
10.23* |
Form of 2020 Appreciation Rights Agreement under the Materion Corporation 2006 Stock Incentive Plan (As Amended and Restated as of May 3, 2017), covering grants made in 2020 (filed as Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the period ended March 27, 2020), incorporated herein by reference.
|
|||||||
10.24* |
Materion Corporation Supplemental Retirement Benefit Plan (filed as Exhibit 10.1 to the Company’s Form 8-K filed on September 19, 2011), incorporated herein by reference.
|
|||||||
10.25* |
Amendment No. 1 to the Supplemental Retirement Benefit Plan (filed as Exhibit 10al to the Company's Annual Report on Form 10-K for the year ended December 31, 2012), incorporated herein by reference.
|
|||||||
10.26* |
Amendment No. 2 to the Supplemental Retirement Benefit Plan (filed as Exhibit 10ah to the Company's Annual Report on Form 10-K for the year ended December 31, 2013), incorporated herein by reference.
|
|||||||
10.27* |
Materion Corporation 2006 Non-employee Director Equity Plan (as Amended and Restated as of May 3, 2017) (filed as Exhibit 4.3 to the Registration Statement on Form S-8 (Registration No. 333-217618), incorporated herein by reference.
|
|||||||
10.28* |
Form of 2020 Non-Employee Directors Restricted Stock Unit Agreement (filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended June 26, 2020), incorporated herein by reference.
|
|||||||
10.29* |
Amended and Restated Executive Deferred Compensation Plan II (filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended March 28, 2008), incorporated herein by reference.
|
|||||||
10.30* |
Amendment No. 1 to the Amended and Restated Executive Deferred Compensation Plan II (filed as Exhibit 10bf to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008), incorporated herein by reference.
|
|||||||
10.31* |
Amendment No. 2 to the Amended and Restated Executive Deferred Compensation Plan II (filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended July 3, 2009), incorporated herein by reference.
|
10.32* |
Amendment No. 3 to the Amended and Restated Executive Deferred Compensation Plan II, dated July 6, 2011 (filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the period ended July 1, 2011), incorporated herein by reference.
|
|||||||
10.33* |
Materion Corporation Restoration & Deferred Compensation Plan, dated March 4, 2015 (filed as Exhibit 10.1 to the Company's Form 8-K filed on March 10, 2015), incorporated herein by reference.
|
|||||||
10.34* |
Trust Agreement between the Company and Fidelity Investments dated September 26, 2006 for certain deferred compensation plans for Non-employee Directors of the Company (filed as Exhibit 99.4 to the Current Report on Form 8-K filed by the Company on September 29, 2006), incorporated herein by reference.
|
|||||||
10.35* |
Trust Agreement between the Company and Fidelity Management Trust Company, dated June 25, 2009 relating to the Executive Deferred Compensation Plan II (filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended July 3, 2009), incorporated herein by reference.
|
|||||||
(18.1)# | ||||||||
(21)# | ||||||||
(23)# | ||||||||
(24)# | ||||||||
(31.1)# | ||||||||
(31.2)# | ||||||||
(32)# | ||||||||
(95)# |
(101.INS)# | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
(101.SCH)# | Inline XBRL Taxonomy Extension Schema Document. | |||||||
(101.CAL)# | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
(101.DEF)# | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
(101.LAB)# | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
(101.PRE)# | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
(104)# | Cover Page Interactive Data File (formatted in Inline XBRL and contained in the Exhibit 101 attachments) | |||||||
* | Denotes a compensatory plan or arrangement. | |||||||
# | Filed or furnished herewith. |
MATERION CORPORATION | |||||||||||
By: | /s/ Jugal K. Vijayvargiya | ||||||||||
Jugal K. Vijayvargiya | |||||||||||
President and Chief Executive Officer |
* | Shelly M. Chadwick, by signing her name hereto, does sign and execute this report on behalf of each of the above-named officers and directors of Materion Corporation, pursuant to Powers of Attorney executed by each such officer and director filed with the Securities and Exchange Commission. |
By: | /s/ Shelly M. Chadwick | |||||||||||||
Shelly M. Chadwick | ||||||||||||||
February 18, 2021 | Attorney-in-Fact |
(Thousands) | ||||||||||||||||||||
Allowance for uncollectible accounts: | 2020 | 2019 | 2018 | |||||||||||||||||
Balance at Beginning of Period | $ | 392 | $ | 616 | $ | 640 | ||||||||||||||
Additions: | ||||||||||||||||||||
Charged to Costs and Expenses (1) | 224 | (39) | 271 | |||||||||||||||||
Deductions (2) | (80) | (185) | (295) | |||||||||||||||||
Balance at End of Period | $ | 536 | $ | 392 | $ | 616 | ||||||||||||||
Allowance for inventory reserves: | 2020 | 2019* | 2018* | |||||||||||||||||
Balance at Beginning of Period | $ | 14,697 | $ | 13,065 | $ | 14,381 | ||||||||||||||
Additions: | ||||||||||||||||||||
Charged to Costs and Expenses (3) | 9,282 | 2,367 | 3,175 | |||||||||||||||||
Deductions (4) | (1,830) | (735) | (4,491) | |||||||||||||||||
Balance at End of Period | $ | 22,149 | $ | 14,697 | $ | 13,065 | ||||||||||||||
Valuation allowance on deferred tax assets: | 2020 | 2019 | 2018 | |||||||||||||||||
Balance at Beginning of Period | $ | 17,676 | $ | 15,917 | $ | 16,246 | ||||||||||||||
Additions: | ||||||||||||||||||||
Charged to Costs and Expenses (5) | 884 | 2,475 | 9,700 | |||||||||||||||||
Deductions (6) | (4,426) | (716) | (10,029) | |||||||||||||||||
Balance at End of Period | $ | 14,134 | $ | 17,676 | $ | 15,917 |
1 Year Materion Chart |
1 Month Materion Chart |
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