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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 | |
---|---|---|---|---|---|---|---|---|
3.58 | 3.10% | 118.94 | 119.70 | 116.32 | 116.86 | 177,627 | 01:00:00 |
ý
|
QUARTERLY 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.)
|
|
|
|
6070 Parkland Blvd., Mayfield Hts., Ohio
|
|
44124
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
þ
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
Item 1.
|
Financial Statements
|
|
||
|
Second quarter and six months ended July 1, 2016 and July 3, 2015
|
|
|
|
|
|
||
|
Second quarter and six months ended July 1, 2016 and July 3, 2015
|
|
|
|
|
|
|
|
|
July 1, 2016 and December 31, 2015
|
|
|
|
|
|
||
|
Six months ended July 1, 2016 and July 3, 2015
|
|
|
|
Second Quarter Ended
|
|
Six Months Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
July 1,
|
|
July 3,
|
||||||||
(Thousands, except per share amounts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
|
$
|
249,776
|
|
|
$
|
276,855
|
|
|
$
|
485,287
|
|
|
$
|
566,879
|
|
Cost of sales
|
|
204,470
|
|
|
225,528
|
|
|
396,624
|
|
|
463,197
|
|
||||
Gross margin
|
|
45,306
|
|
|
51,327
|
|
|
88,663
|
|
|
103,682
|
|
||||
Selling, general, and administrative expense
|
|
32,437
|
|
|
34,594
|
|
|
62,924
|
|
|
72,527
|
|
||||
Research and development expense
|
|
3,171
|
|
|
3,586
|
|
|
6,623
|
|
|
6,934
|
|
||||
Other—net
|
|
3,921
|
|
|
36
|
|
|
5,807
|
|
|
(2,122
|
)
|
||||
Operating profit
|
|
5,777
|
|
|
13,111
|
|
|
13,309
|
|
|
26,343
|
|
||||
Interest expense—net
|
|
512
|
|
|
650
|
|
|
927
|
|
|
1,307
|
|
||||
Income before income taxes
|
|
5,265
|
|
|
12,461
|
|
|
12,382
|
|
|
25,036
|
|
||||
Income tax (benefit) expense
|
|
(284
|
)
|
|
3,394
|
|
|
1,465
|
|
|
6,985
|
|
||||
Net income
|
|
$
|
5,549
|
|
|
$
|
9,067
|
|
|
$
|
10,917
|
|
|
$
|
18,051
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income per share of common stock
|
|
$
|
0.28
|
|
|
$
|
0.45
|
|
|
$
|
0.55
|
|
|
$
|
0.90
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income per share of common stock
|
|
$
|
0.27
|
|
|
$
|
0.44
|
|
|
$
|
0.54
|
|
|
$
|
0.88
|
|
Cash dividends per share
|
|
$
|
0.095
|
|
|
$
|
0.090
|
|
|
$
|
0.185
|
|
|
$
|
0.175
|
|
Weighted-average number of shares of common stock outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
20,015
|
|
|
20,153
|
|
|
20,016
|
|
|
20,149
|
|
||||
Diluted
|
|
20,214
|
|
|
20,499
|
|
|
20,220
|
|
|
20,491
|
|
|
|
Second Quarter Ended
|
|
Six Months Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
July 1,
|
|
July 3,
|
||||||||
(Thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
|
$
|
5,549
|
|
|
$
|
9,067
|
|
|
$
|
10,917
|
|
|
$
|
18,051
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
|
1,167
|
|
|
316
|
|
|
2,451
|
|
|
(1,254
|
)
|
||||
Derivative and hedging activity, net of tax
|
|
302
|
|
|
(1,104
|
)
|
|
(621
|
)
|
|
(601
|
)
|
||||
Pension and post-employment benefit adjustment, net of tax
|
|
675
|
|
|
902
|
|
|
2,250
|
|
|
1,804
|
|
||||
Other comprehensive income
|
|
2,144
|
|
|
114
|
|
|
4,080
|
|
|
(51
|
)
|
||||
Comprehensive income
|
|
$
|
7,693
|
|
|
$
|
9,181
|
|
|
$
|
14,997
|
|
|
$
|
18,000
|
|
|
|
(Unaudited)
|
|
|
||||
|
|
July 1,
|
|
Dec. 31,
|
||||
(Thousands)
|
|
2016
|
|
2015
|
||||
Assets
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
20,985
|
|
|
$
|
24,236
|
|
Accounts receivable
|
|
111,752
|
|
|
97,236
|
|
||
Inventories
|
|
211,965
|
|
|
211,820
|
|
||
Prepaid expenses
|
|
13,663
|
|
|
12,799
|
|
||
Total current assets
|
|
358,365
|
|
|
346,091
|
|
||
Long-term deferred income taxes
|
|
27,443
|
|
|
25,743
|
|
||
Property, plant, and equipment
|
|
856,795
|
|
|
833,834
|
|
||
Less allowances for depreciation, depletion, and amortization
|
|
(592,117
|
)
|
|
(570,205
|
)
|
||
Property, plant, and equipment—net
|
|
264,678
|
|
|
263,629
|
|
||
Intangible assets
|
|
10,936
|
|
|
13,389
|
|
||
Other assets
|
|
5,760
|
|
|
6,716
|
|
||
Goodwill
|
|
86,725
|
|
|
86,725
|
|
||
Total Assets
|
|
$
|
753,907
|
|
|
$
|
742,293
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Short-term debt
|
|
$
|
14,823
|
|
|
$
|
8,990
|
|
Accounts payable
|
|
30,213
|
|
|
31,888
|
|
||
Salaries and wages
|
|
21,665
|
|
|
27,494
|
|
||
Other liabilities and accrued items
|
|
23,355
|
|
|
22,035
|
|
||
Income taxes
|
|
4,254
|
|
|
2,373
|
|
||
Unearned revenue
|
|
2,953
|
|
|
3,695
|
|
||
Total current liabilities
|
|
97,263
|
|
|
96,475
|
|
||
Other long-term liabilities
|
|
18,049
|
|
|
18,435
|
|
||
Retirement and post-employment benefits
|
|
86,864
|
|
|
92,794
|
|
||
Unearned income
|
|
43,661
|
|
|
45,953
|
|
||
Long-term income taxes
|
|
1,293
|
|
|
1,293
|
|
||
Deferred income taxes
|
|
167
|
|
|
110
|
|
||
Long-term debt
|
|
13,884
|
|
|
4,276
|
|
||
Shareholders’ equity
|
|
|
|
|
|
|
||
Serial preferred stock
|
|
—
|
|
|
—
|
|
||
Common stock
|
|
211,275
|
|
|
208,967
|
|
||
Retained earnings
|
|
506,872
|
|
|
499,659
|
|
||
Common stock in treasury
|
|
(152,755
|
)
|
|
(148,559
|
)
|
||
Accumulated other comprehensive loss
|
|
(76,625
|
)
|
|
(80,705
|
)
|
||
Other equity transactions
|
|
3,959
|
|
|
3,595
|
|
||
Total shareholders' equity
|
|
492,726
|
|
|
482,957
|
|
||
Total Liabilities and Shareholders’ Equity
|
|
$
|
753,907
|
|
|
$
|
742,293
|
|
|
|
Six Months Ended
|
||||||
|
|
July 1,
|
|
July 3,
|
||||
(Thousands)
|
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
10,917
|
|
|
$
|
18,051
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
|
||||
Depreciation, depletion, and amortization
|
|
23,497
|
|
|
20,117
|
|
||
Amortization of deferred financing costs in interest expense
|
|
281
|
|
|
331
|
|
||
Stock-based compensation expense
|
|
1,919
|
|
|
3,357
|
|
||
(Gain) loss on sale of property, plant, and equipment
|
|
(695
|
)
|
|
308
|
|
||
Deferred income tax (benefit) expense
|
|
(1,489
|
)
|
|
1,931
|
|
||
Changes in assets and liabilities net of acquired assets and liabilities:
|
|
|
|
|
||||
Decrease (increase) in accounts receivable
|
|
(13,013
|
)
|
|
(4,622
|
)
|
||
Decrease (increase) in inventory
|
|
1,153
|
|
|
2,150
|
|
||
Decrease (increase) in prepaid and other current assets
|
|
(782
|
)
|
|
(4,037
|
)
|
||
Increase (decrease) in accounts payable and accrued expenses
|
|
(7,871
|
)
|
|
(16,882
|
)
|
||
Increase (decrease) in unearned revenue
|
|
(743
|
)
|
|
(283
|
)
|
||
Increase (decrease) in interest and taxes payable
|
|
1,310
|
|
|
3,240
|
|
||
Increase (decrease) in long-term liabilities
|
|
(6,221
|
)
|
|
(1,801
|
)
|
||
Other-net
|
|
771
|
|
|
(817
|
)
|
||
Net cash provided by operating activities
|
|
9,034
|
|
|
21,043
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Payments for purchase of property, plant, and equipment
|
|
(14,326
|
)
|
|
(16,564
|
)
|
||
Payments for mine development
|
|
(7,806
|
)
|
|
(10,100
|
)
|
||
Proceeds from sale of property, plant, and equipment
|
|
827
|
|
|
18
|
|
||
Net cash used in investing activities
|
|
(21,305
|
)
|
|
(26,646
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from issuance of short-term debt
|
|
5,805
|
|
|
2,346
|
|
||
Proceeds from issuance of long-term debt
|
|
10,000
|
|
|
51,000
|
|
||
Repayment of long-term debt
|
|
(399
|
)
|
|
(33,110
|
)
|
||
Principal payments under capital lease obligations
|
|
(425
|
)
|
|
(404
|
)
|
||
Cash dividends paid
|
|
(3,704
|
)
|
|
(3,523
|
)
|
||
Repurchase of common stock
|
|
(2,663
|
)
|
|
(2,748
|
)
|
||
Net cash provided by financing activities
|
|
8,614
|
|
|
13,561
|
|
||
Effects of exchange rate changes
|
|
406
|
|
|
(479
|
)
|
||
Net change in cash and cash equivalents
|
|
(3,251
|
)
|
|
7,479
|
|
||
Cash and cash equivalents at beginning of period
|
|
24,236
|
|
|
13,150
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
20,985
|
|
|
$
|
20,629
|
|
|
|
|
|
|
|
Other
|
|
|
||||||||||||||||
(Thousands)
|
|
Performance
Alloys and
Composites
|
|
Advanced Materials
|
|
Other
(1)
|
|
Corporate
(2)
|
|
Subtotal
|
|
Total
|
||||||||||||
Second Quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales
|
|
$
|
97,696
|
|
|
$
|
113,557
|
|
|
$
|
38,523
|
|
|
$
|
—
|
|
|
$
|
38,523
|
|
|
$
|
249,776
|
|
Intersegment sales
(3)
|
|
117
|
|
|
17,429
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,546
|
|
||||||
Value-added sales
|
|
83,350
|
|
|
46,993
|
|
|
25,111
|
|
|
(1,520
|
)
|
|
23,591
|
|
|
153,934
|
|
||||||
Operating profit (loss)
|
|
234
|
|
|
7,320
|
|
|
2,272
|
|
|
(4,049
|
)
|
|
(1,777
|
)
|
|
5,777
|
|
||||||
Second Quarter 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales
|
|
$
|
107,682
|
|
|
$
|
131,370
|
|
|
$
|
38,265
|
|
|
$
|
(462
|
)
|
|
$
|
37,803
|
|
|
$
|
276,855
|
|
Intersegment sales
(3)
|
|
365
|
|
|
16,129
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,494
|
|
||||||
Value-added sales
|
|
91,511
|
|
|
46,705
|
|
|
25,203
|
|
|
(1,060
|
)
|
|
24,143
|
|
|
162,359
|
|
||||||
Operating profit (loss)
|
|
9,327
|
|
|
7,436
|
|
|
564
|
|
|
(4,216
|
)
|
|
(3,652
|
)
|
|
13,111
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
First Six Months 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales
|
|
$
|
188,325
|
|
|
$
|
221,677
|
|
|
$
|
75,285
|
|
|
$
|
—
|
|
|
$
|
75,285
|
|
|
$
|
485,287
|
|
Intersegment sales
(3)
|
|
179
|
|
|
32,605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,784
|
|
||||||
Value-added sales
|
|
161,552
|
|
|
89,059
|
|
|
49,745
|
|
|
(2,564
|
)
|
|
47,181
|
|
|
297,792
|
|
||||||
Operating profit (loss)
|
|
1,746
|
|
|
12,503
|
|
|
6,371
|
|
|
(7,311
|
)
|
|
(940
|
)
|
|
13,309
|
|
||||||
First Six Months 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales
|
|
$
|
210,941
|
|
|
$
|
281,287
|
|
|
$
|
74,882
|
|
|
$
|
(231
|
)
|
|
$
|
74,651
|
|
|
$
|
566,879
|
|
Intersegment sales
(3)
|
|
542
|
|
|
33,514
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,056
|
|
||||||
Value-added sales
|
|
177,101
|
|
|
98,432
|
|
|
49,767
|
|
|
(310
|
)
|
|
49,457
|
|
|
324,990
|
|
||||||
Operating profit (loss)
|
|
16,130
|
|
|
16,339
|
|
|
2,239
|
|
|
(8,365
|
)
|
|
(6,126
|
)
|
|
26,343
|
|
(1)
|
Other represents the Precision Coatings group, which is a business included in the Other reportable segment.
|
(2)
|
Costs associated with the Company's unallocated corporate functions have been shown separately to better illustrate the financial information for the businesses within the Other reportable segment.
|
(3)
|
Intersegment sales are eliminated in consolidation.
|
|
|
Second Quarter Ended
|
|
Six Months Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
July 1,
|
|
July 3,
|
||||||||
(Thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Foreign currency exchange/translation loss (gain)
|
|
$
|
650
|
|
|
$
|
(1,729
|
)
|
|
$
|
641
|
|
|
$
|
(3,313
|
)
|
Amortization of intangible assets
|
|
1,148
|
|
|
1,257
|
|
|
2,296
|
|
|
2,513
|
|
||||
Metal consignment fees
|
|
1,653
|
|
|
1,833
|
|
|
3,186
|
|
|
3,868
|
|
||||
Net loss (gain) on disposal of fixed assets
|
|
25
|
|
|
234
|
|
|
(695
|
)
|
|
308
|
|
||||
Recovery from insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,800
|
)
|
||||
Legal settlements
|
|
—
|
|
|
(1,325
|
)
|
|
—
|
|
|
(1,325
|
)
|
||||
Other items
|
|
445
|
|
|
(234
|
)
|
|
379
|
|
|
(373
|
)
|
||||
Total
|
|
$
|
3,921
|
|
|
$
|
36
|
|
|
$
|
5,807
|
|
|
$
|
(2,122
|
)
|
|
|
Second Quarter Ended
|
|
Six Months Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
July 1,
|
|
July 3,
|
||||||||
(Thousands, except per share amounts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator for basic and diluted EPS:
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
5,549
|
|
|
$
|
9,067
|
|
|
$
|
10,917
|
|
|
$
|
18,051
|
|
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Denominator for basic EPS:
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding
|
|
20,015
|
|
|
20,153
|
|
|
20,016
|
|
|
20,149
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
||||||||
Stock appreciation rights
|
|
63
|
|
|
207
|
|
|
63
|
|
|
198
|
|
||||
Restricted stock units
|
|
75
|
|
|
83
|
|
|
90
|
|
|
95
|
|
||||
Performance-based restricted stock units
|
|
61
|
|
|
56
|
|
|
51
|
|
|
49
|
|
||||
Diluted potential common shares
|
|
199
|
|
|
346
|
|
|
204
|
|
|
342
|
|
||||
Denominator for diluted EPS:
|
|
|
|
|
|
|
|
|
||||||||
Adjusted weighted-average shares outstanding
|
|
20,214
|
|
|
20,499
|
|
|
20,220
|
|
|
20,491
|
|
||||
Basic EPS
|
|
$
|
0.28
|
|
|
$
|
0.45
|
|
|
$
|
0.55
|
|
|
$
|
0.90
|
|
Diluted EPS
|
|
$
|
0.27
|
|
|
$
|
0.44
|
|
|
$
|
0.54
|
|
|
$
|
0.88
|
|
|
|
July 1,
|
|
Dec. 31,
|
||||
(Thousands)
|
|
2016
|
|
2015
|
||||
Raw materials and supplies
|
|
$
|
36,613
|
|
|
$
|
37,463
|
|
Work in process
|
|
176,842
|
|
|
180,458
|
|
||
Finished goods
|
|
41,211
|
|
|
38,135
|
|
||
Subtotal
|
|
$
|
254,666
|
|
|
$
|
256,056
|
|
Less: LIFO reserve balance
|
|
42,701
|
|
|
44,236
|
|
||
Inventories
|
|
$
|
211,965
|
|
|
$
|
211,820
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
|
Second Quarter Ended
|
|
Second Quarter Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
July 1,
|
|
July 3,
|
||||||||
(Thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
1,946
|
|
|
$
|
2,231
|
|
|
$
|
25
|
|
|
$
|
29
|
|
Interest cost
|
|
2,595
|
|
|
2,500
|
|
|
141
|
|
|
138
|
|
||||
Expected return on plan assets
|
|
(3,488
|
)
|
|
(3,354
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service benefit
|
|
(115
|
)
|
|
(112
|
)
|
|
(374
|
)
|
|
(374
|
)
|
||||
Amortization of net loss
|
|
1,430
|
|
|
1,819
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost (benefit)
|
|
$
|
2,368
|
|
|
$
|
3,084
|
|
|
$
|
(208
|
)
|
|
$
|
(207
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
July 1,
|
|
July 3,
|
||||||||
(Thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
3,891
|
|
|
$
|
4,461
|
|
|
$
|
51
|
|
|
$
|
58
|
|
Interest cost
|
|
5,190
|
|
|
5,000
|
|
|
282
|
|
|
276
|
|
||||
Expected return on plan assets
|
|
(6,976
|
)
|
|
(6,708
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service benefit
|
|
(230
|
)
|
|
(224
|
)
|
|
(748
|
)
|
|
(748
|
)
|
||||
Amortization of net loss
|
|
2,861
|
|
|
3,639
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost (benefit)
|
|
$
|
4,736
|
|
|
$
|
6,168
|
|
|
$
|
(415
|
)
|
|
$
|
(414
|
)
|
(Thousands)
|
|
Gains and Losses on Cash Flow Hedges
|
|
Pension and Post-Employment Benefits
|
|
Foreign Currency Translation
|
|
Total
|
||||||||
Balance at April 1, 2016
|
|
$
|
656
|
|
|
$
|
(75,221
|
)
|
|
$
|
(4,204
|
)
|
|
$
|
(78,769
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
98
|
|
|
—
|
|
|
1,167
|
|
|
1,265
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
|
382
|
|
|
1,016
|
|
|
—
|
|
|
1,398
|
|
||||
Net current period other comprehensive income (loss) before tax
|
|
480
|
|
|
1,016
|
|
|
1,167
|
|
|
2,663
|
|
||||
Deferred taxes on current period activity
|
|
178
|
|
|
341
|
|
|
—
|
|
|
519
|
|
||||
Net current period other comprehensive income (loss) after tax
|
|
302
|
|
|
675
|
|
|
1,167
|
|
|
2,144
|
|
||||
Balance at July 1, 2016
|
|
$
|
958
|
|
|
$
|
(74,546
|
)
|
|
$
|
(3,037
|
)
|
|
$
|
(76,625
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at April 3, 2015
|
|
$
|
4,081
|
|
|
$
|
(80,760
|
)
|
|
$
|
(5,723
|
)
|
|
$
|
(82,402
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(197
|
)
|
|
—
|
|
|
316
|
|
|
119
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
|
(1,555
|
)
|
|
1,395
|
|
|
—
|
|
|
(160
|
)
|
||||
Net current period other comprehensive income (loss) before tax
|
|
(1,752
|
)
|
|
1,395
|
|
|
316
|
|
|
(41
|
)
|
||||
Deferred taxes on current period activity
|
|
(648
|
)
|
|
493
|
|
|
—
|
|
|
(155
|
)
|
||||
Net current period other comprehensive income (loss) after tax
|
|
(1,104
|
)
|
|
902
|
|
|
316
|
|
|
114
|
|
||||
Balance at July 3, 2015
|
|
$
|
2,977
|
|
|
$
|
(79,858
|
)
|
|
$
|
(5,407
|
)
|
|
$
|
(82,288
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2015
|
|
$
|
1,579
|
|
|
$
|
(76,796
|
)
|
|
$
|
(5,488
|
)
|
|
$
|
(80,705
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(1,445
|
)
|
|
—
|
|
|
2,451
|
|
|
1,006
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
|
457
|
|
|
2,030
|
|
|
—
|
|
|
2,487
|
|
||||
Net current period other comprehensive income (loss) before tax
|
|
(988
|
)
|
|
2,030
|
|
|
2,451
|
|
|
3,493
|
|
||||
Deferred taxes on current period activity
|
|
(367
|
)
|
|
(220
|
)
|
|
—
|
|
|
(587
|
)
|
||||
Net current period other comprehensive income (loss) after tax
|
|
(621
|
)
|
|
2,250
|
|
|
2,451
|
|
|
4,080
|
|
||||
Balance at July 1, 2016
|
|
$
|
958
|
|
|
$
|
(74,546
|
)
|
|
$
|
(3,037
|
)
|
|
$
|
(76,625
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2014
|
|
$
|
3,578
|
|
|
$
|
(81,662
|
)
|
|
$
|
(4,153
|
)
|
|
$
|
(82,237
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
2,439
|
|
|
14
|
|
|
(1,254
|
)
|
|
1,199
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
|
(3,392
|
)
|
|
2,790
|
|
|
—
|
|
|
(602
|
)
|
||||
Net current period other comprehensive income (loss) before tax
|
|
(953
|
)
|
|
2,804
|
|
|
(1,254
|
)
|
|
597
|
|
||||
Deferred taxes on current period activity
|
|
(352
|
)
|
|
1,000
|
|
|
—
|
|
|
648
|
|
||||
Net current period other comprehensive income (loss) after tax
|
|
(601
|
)
|
|
1,804
|
|
|
(1,254
|
)
|
|
(51
|
)
|
||||
Balance at July 3, 2015
|
|
$
|
2,977
|
|
|
$
|
(79,858
|
)
|
|
$
|
(5,407
|
)
|
|
$
|
(82,288
|
)
|
Risk-free interest rate
|
|
1.25
|
%
|
Dividend yield
|
|
1.4
|
%
|
Volatility
|
|
38.0
|
%
|
Expected term (in years)
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Thousands)
|
|
Total Carrying Value in the Consolidated Balance Sheets
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Deferred compensation investments
|
|
$
|
1,574
|
|
|
$
|
2,524
|
|
|
$
|
1,574
|
|
|
$
|
2,503
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency forward contracts
|
|
176
|
|
|
462
|
|
|
—
|
|
|
—
|
|
|
176
|
|
|
462
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
|
$
|
1,750
|
|
|
$
|
2,986
|
|
|
$
|
1,574
|
|
|
$
|
2,503
|
|
|
$
|
176
|
|
|
$
|
483
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Deferred compensation liability
|
|
$
|
1,574
|
|
|
$
|
2,524
|
|
|
$
|
1,574
|
|
|
$
|
2,503
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency forward contracts
|
|
881
|
|
|
180
|
|
|
—
|
|
|
—
|
|
|
881
|
|
|
180
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
|
$
|
2,455
|
|
|
$
|
2,704
|
|
|
$
|
1,574
|
|
|
$
|
2,503
|
|
|
$
|
881
|
|
|
$
|
201
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
July 1, 2016
|
|
December 31, 2015
|
||||||||||||
(Thousands)
|
|
Notional
Amount
|
|
Fair
Value
|
|
Notional
Amount
|
|
Fair
Value
|
||||||||
Prepaid expenses
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts - yen
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,138
|
|
|
$
|
60
|
|
Foreign currency forward contracts - euro
|
|
11,813
|
|
|
166
|
|
|
18,181
|
|
|
402
|
|
||||
|
|
11,813
|
|
|
166
|
|
|
23,319
|
|
|
462
|
|
||||
Other assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts - yen
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Foreign currency forward contracts - euro
|
|
915
|
|
|
10
|
|
|
—
|
|
|
—
|
|
||||
|
|
915
|
|
|
10
|
|
|
—
|
|
|
—
|
|
||||
Other liabilities and accrued items
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts - yen
|
|
5,242
|
|
|
(714
|
)
|
|
5,102
|
|
|
(94
|
)
|
||||
Foreign currency forward contracts - euro
|
|
7,503
|
|
|
(148
|
)
|
|
10,514
|
|
|
(86
|
)
|
||||
|
|
12,745
|
|
|
(862
|
)
|
|
15,616
|
|
|
(180
|
)
|
||||
Other long-term liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts - yen
|
|
541
|
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
||||
Foreign currency forward contracts - euro
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
541
|
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
26,014
|
|
|
$
|
(705
|
)
|
|
$
|
38,935
|
|
|
$
|
282
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
Second Quarter Ended
|
|||||||||||||
|
|
July 1,
|
|
July 3,
|
|
$
|
|
%
|
|||||||
(Thousands, except per share data)
|
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Net sales
|
|
$
|
249,776
|
|
|
$
|
276,855
|
|
|
$
|
(27,079
|
)
|
|
(10
|
)%
|
Value-added sales
|
|
153,934
|
|
|
162,359
|
|
|
(8,425
|
)
|
|
(5
|
)%
|
|||
Gross margin
|
|
45,306
|
|
|
51,327
|
|
|
(6,021
|
)
|
|
(12
|
)%
|
|||
Gross margin as a % of value-added sales
|
|
29
|
%
|
|
32
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Selling, general, and administrative (SG&A) expense
|
|
32,437
|
|
|
34,594
|
|
|
(2,157
|
)
|
|
(6
|
)%
|
|||
SG&A expense as a % of value-added sales
|
|
21
|
%
|
|
21
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Research and development (R&D) expense
|
|
3,171
|
|
|
3,586
|
|
|
(415
|
)
|
|
(12
|
)%
|
|||
R&D expense as a % of value-added sales
|
|
2
|
%
|
|
2
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Other—net
|
|
3,921
|
|
|
36
|
|
|
3,885
|
|
|
10,792
|
%
|
|||
Operating profit
|
|
5,777
|
|
|
13,111
|
|
|
(7,334
|
)
|
|
(56
|
)%
|
|||
Interest expense—net
|
|
512
|
|
|
650
|
|
|
(138
|
)
|
|
(21
|
)%
|
|||
Income before income taxes
|
|
5,265
|
|
|
12,461
|
|
|
(7,196
|
)
|
|
(58
|
)%
|
|||
Income tax (benefit) expense
|
|
(284
|
)
|
|
3,394
|
|
|
(3,678
|
)
|
|
(108
|
)%
|
|||
Net income
|
|
$
|
5,549
|
|
|
$
|
9,067
|
|
|
$
|
(3,518
|
)
|
|
(39
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per share
|
|
$
|
0.27
|
|
|
$
|
0.44
|
|
|
$
|
(0.17
|
)
|
|
(39
|
)%
|
|
|
Six Months Ended
|
|||||||||||||
|
|
July 1,
|
|
July 3,
|
|
$
|
|
%
|
|||||||
(Thousands, except per share data)
|
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Net sales
|
|
$
|
485,287
|
|
|
$
|
566,879
|
|
|
$
|
(81,592
|
)
|
|
(14
|
)%
|
Value-added sales
|
|
297,792
|
|
|
324,990
|
|
|
(27,198
|
)
|
|
(8
|
)%
|
|||
Gross margin
|
|
88,663
|
|
|
103,682
|
|
|
(15,019
|
)
|
|
(14
|
)%
|
|||
Gross margin as a % of value-added sales
|
|
30
|
%
|
|
32
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
SG&A expense
|
|
62,924
|
|
|
72,527
|
|
|
(9,603
|
)
|
|
(13
|
)%
|
|||
SG&A expense as a % of value-added sales
|
|
21
|
%
|
|
22
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
R&D expense
|
|
6,623
|
|
|
6,934
|
|
|
(311
|
)
|
|
(4
|
)%
|
|||
R&D expense as a % of value-added sales
|
|
2
|
%
|
|
2
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Other—net
|
|
5,807
|
|
|
(2,122
|
)
|
|
7,929
|
|
|
(374
|
)%
|
|||
Operating profit
|
|
13,309
|
|
|
26,343
|
|
|
(13,034
|
)
|
|
(49
|
)%
|
|||
Interest expense—net
|
|
927
|
|
|
1,307
|
|
|
(380
|
)
|
|
(29
|
)%
|
|||
Income before income taxes
|
|
12,382
|
|
|
25,036
|
|
|
(12,654
|
)
|
|
(51
|
)%
|
|||
Income tax expense
|
|
1,465
|
|
|
6,985
|
|
|
(5,520
|
)
|
|
(79
|
)%
|
|||
Net income
|
|
$
|
10,917
|
|
|
$
|
18,051
|
|
|
$
|
(7,134
|
)
|
|
(40
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per share
|
|
$
|
0.54
|
|
|
$
|
0.88
|
|
|
$
|
(0.34
|
)
|
|
(39
|
)%
|
|
|
Second Quarter Ended
|
|
Six Months Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
July 1,
|
|
July 3,
|
||||||||
(Thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
|
|
|
|
|
|
|
|
||||||||
Performance Alloys and Composites
|
|
$
|
97,696
|
|
|
$
|
107,682
|
|
|
$
|
188,325
|
|
|
$
|
210,941
|
|
Advanced Materials
|
|
113,557
|
|
|
131,370
|
|
|
221,677
|
|
|
281,287
|
|
||||
Other
|
|
38,523
|
|
|
37,803
|
|
|
75,285
|
|
|
74,651
|
|
||||
Total
|
|
$
|
249,776
|
|
|
$
|
276,855
|
|
|
$
|
485,287
|
|
|
$
|
566,879
|
|
|
|
|
|
|
|
|
|
|
||||||||
Less: pass-through metal costs
|
|
|
|
|
|
|
|
|
||||||||
Performance Alloys and Composites
|
|
$
|
14,346
|
|
|
$
|
16,171
|
|
|
$
|
26,773
|
|
|
$
|
33,840
|
|
Advanced Materials
|
|
66,564
|
|
|
84,665
|
|
|
132,618
|
|
|
182,855
|
|
||||
Other
|
|
14,932
|
|
|
13,660
|
|
|
28,104
|
|
|
25,194
|
|
||||
Total
|
|
$
|
95,842
|
|
|
$
|
114,496
|
|
|
$
|
187,495
|
|
|
$
|
241,889
|
|
|
|
|
|
|
|
|
|
|
||||||||
Value-added sales
|
|
|
|
|
|
|
|
|
||||||||
Performance Alloys and Composites
|
|
$
|
83,350
|
|
|
$
|
91,511
|
|
|
$
|
161,552
|
|
|
$
|
177,101
|
|
Advanced Materials
|
|
46,993
|
|
|
46,705
|
|
|
89,059
|
|
|
98,432
|
|
||||
Other
|
|
23,591
|
|
|
24,143
|
|
|
47,181
|
|
|
49,457
|
|
||||
Total
|
|
$
|
153,934
|
|
|
$
|
162,359
|
|
|
$
|
297,792
|
|
|
$
|
324,990
|
|
|
|
Second Quarter Ended
|
|||||||||||||
|
|
July 1,
|
|
July 3,
|
|
$
|
|
%
|
|||||||
(Thousands)
|
|
2016
|
|
2015
|
|
Change
|
|
Change
|
|||||||
Net sales
|
|
$
|
97,696
|
|
|
$
|
107,682
|
|
|
$
|
(9,986
|
)
|
|
(9
|
)%
|
Value-added sales
|
|
83,350
|
|
|
91,511
|
|
|
(8,161
|
)
|
|
(9
|
)%
|
|||
Operating profit
|
|
234
|
|
|
9,327
|
|
|
(9,093
|
)
|
|
(97
|
)%
|
|
|
Six Months Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
$
|
|
%
|
||||||
(Thousands)
|
|
2016
|
|
2015
|
|
Change
|
|
Change
|
||||||
Net sales
|
|
$
|
188,325
|
|
|
$
|
210,941
|
|
|
(22,616
|
)
|
|
(11
|
)%
|
Value-added sales
|
|
161,552
|
|
|
177,101
|
|
|
(15,549
|
)
|
|
(9
|
)%
|
||
Operating profit
|
|
1,746
|
|
|
16,130
|
|
|
(14,384
|
)
|
|
(89
|
)%
|
|
|
Second Quarter Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
$
|
|
%
|
||||||
(Thousands)
|
|
2016
|
|
2015
|
|
Change
|
|
Change
|
||||||
Net sales
|
|
$
|
113,557
|
|
|
$
|
131,370
|
|
|
(17,813
|
)
|
|
(14
|
)%
|
Value-added sales
|
|
46,993
|
|
|
46,705
|
|
|
288
|
|
|
1
|
%
|
||
Operating profit
|
|
7,320
|
|
|
7,436
|
|
|
(116
|
)
|
|
(2
|
)%
|
|
|
Six Months Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
$
|
|
%
|
||||||
(Thousands)
|
|
2016
|
|
2015
|
|
Change
|
|
Change
|
||||||
Net sales
|
|
$
|
221,677
|
|
|
$
|
281,287
|
|
|
(59,610
|
)
|
|
(21
|
)%
|
Value-added sales
|
|
89,059
|
|
|
98,432
|
|
|
(9,373
|
)
|
|
(10
|
)%
|
||
Operating profit
|
|
12,503
|
|
|
16,339
|
|
|
(3,836
|
)
|
|
(23
|
)%
|
(Thousands)
|
|
Second Quarter Ended
|
||||||||||||
July 1,
|
|
July 3,
|
|
$
|
|
%
|
||||||||
2016
|
|
2015
|
|
Change
|
|
Change
|
||||||||
Net sales
|
|
$
|
38,523
|
|
|
$
|
37,803
|
|
|
720
|
|
|
2
|
%
|
Value-added sales
|
|
23,591
|
|
|
24,143
|
|
|
(552
|
)
|
|
(2
|
)%
|
||
Operating profit (loss)
|
|
(1,777
|
)
|
|
(3,652
|
)
|
|
1,875
|
|
|
(51
|
)%
|
(Thousands)
|
|
Six Months Ended
|
||||||||||||
|
|
July 1,
|
|
July 3,
|
|
$
|
|
%
|
||||||
|
|
2016
|
|
2015
|
|
Change
|
|
Change
|
||||||
Net sales
|
|
$
|
75,285
|
|
|
$
|
74,651
|
|
|
634
|
|
|
1
|
%
|
Value-added sales
|
|
47,181
|
|
|
49,457
|
|
|
(2,276
|
)
|
|
(5
|
)%
|
||
Operating profit (loss)
|
|
(940
|
)
|
|
(6,126
|
)
|
|
5,186
|
|
|
(85
|
)%
|
|
|
Six Months Ended
|
||||||||||
|
|
July 1,
|
|
July 3,
|
|
$
|
||||||
(Thousands)
|
|
2016
|
|
2015
|
|
Change
|
||||||
Net cash provided by (used in) operating activities
|
|
$
|
9,034
|
|
|
$
|
21,043
|
|
|
$
|
(12,009
|
)
|
Net cash used in investing activities
|
|
(21,305
|
)
|
|
(26,646
|
)
|
|
5,341
|
|
|||
Net cash provided by financing activities
|
|
8,614
|
|
|
13,561
|
|
|
(4,947
|
)
|
|||
Effects of exchange rate changes
|
|
406
|
|
|
(479
|
)
|
|
885
|
|
|||
Net change in cash and cash equivalents
|
|
$
|
(3,251
|
)
|
|
$
|
7,479
|
|
|
$
|
(10,730
|
)
|
|
|
July 1,
|
|
December 31,
|
||||
(Thousands)
|
|
2016
|
|
2015
|
||||
Total outstanding debt
|
|
$
|
28,707
|
|
|
$
|
13,266
|
|
Cash
|
|
20,985
|
|
|
24,236
|
|
||
Net debt (cash)
|
|
7,722
|
|
|
(10,970
|
)
|
||
Available borrowing capacity
|
|
$
|
188.6
|
|
|
$
|
221.8
|
|
Debt-to-debt-plus-equity ratio
|
|
6
|
%
|
|
3
|
%
|
▪
|
Actual net sales, operating rates, and margins for 2016;
|
▪
|
The global economy;
|
▪
|
The impact of any U.S. Federal Government shutdowns and sequestrations;
|
▪
|
The condition of the markets which we serve, whether defined geographically or by segment, with the major market segments being: consumer electronics, industrial components, medical, automotive electronics, defense, telecommunications infrastructure, energy, commercial aerospace, and science;
|
▪
|
Our ability to successfully complete negotiations with our largest customer regarding the sales of beryllium hydroxide;
|
▪
|
Changes in product mix and the financial condition of customers;
|
▪
|
Our success in developing and introducing new products and new product ramp-up rates;
|
▪
|
Our success in passing through the costs of raw materials to customers or otherwise mitigating fluctuating prices for those materials, including the impact of fluctuating prices on inventory values;
|
▪
|
Our success in identifying acquisition candidates and in acquiring and integrating such businesses;
|
▪
|
The impact of the results of acquisitions on our ability to fully achieve the strategic and financial objectives related to these acquisitions;
|
▪
|
Our success in implementing our strategic plans and the timely and successful completion and start-up of any capital projects;
|
▪
|
The availability of adequate lines of credit and the associated interest rates;
|
▪
|
Other financial factors, including the cost and availability of raw materials (both base and precious metals), physical inventory valuations, metal financing fees, tax rates, exchange rates, pension costs and required cash contributions and other employee benefit costs, energy costs, regulatory compliance costs, the cost and availability of insurance, and the impact of our stock price on the cost of incentive compensation plans;
|
▪
|
Our ability to strengthen our internal control over financial reporting and disclosure controls and procedures;
|
▪
|
The uncertainties related to the impact of war, terrorist activities, and acts of God;
|
▪
|
Changes in government regulatory requirements and the enactment of new legislation that impacts our obligations and operations;
|
•
|
The conclusion of pending litigation matters in accordance with our expectation that there will be no material adverse effects;
|
•
|
The success of the realignment of our businesses; and
|
•
|
The risk factors set forth in Part 1, Item 1A of our Form 10-K for the year ended
December 31, 2015
.
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid per Share (1)
|
|
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)
|
||||||
April 2 through May 6, 2016
|
|
17,125
|
|
|
$
|
27.48
|
|
|
17,125
|
|
|
$
|
19,655,858
|
|
May 7 through June 3, 2016
|
|
57,620
|
|
|
24.06
|
|
|
57,620
|
|
|
18,269,357
|
|
||
June 4 through July 1, 2016
|
|
14,028
|
|
|
25.11
|
|
|
13,700
|
|
|
17,925,294
|
|
||
Total
|
|
88,773
|
|
|
$
|
24.89
|
|
|
88,445
|
|
|
$
|
17,925,294
|
|
(1)
|
Includes 328 shares surrendered to the Company in June by an employee 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 had authorized the repurchase of up to $50.0 million of our common stock. As of July 1, 2016, $17.9 million may still be purchased under the program. During the three months ended July 1, 2016, we repurchased 88,445 shares at an average price of $24.89 per share, or $2.2 million in the aggregate.
|
Item 4.
|
Mine Safety Disclosures
|
Item 6.
|
Exhibits
|
31.1
|
|
Certification of Chief Executive Officer required by Rule 13a-14(a) or 15d-14(a).
|
31.2
|
|
Certification of Chief Financial Officer required by Rule 13a-14(a) or 15d-14(a).
|
32
|
|
Certifications of Chief Executive Officer and Chief Financial Officer required by 18 U.S.C. Section 1350.
|
95
|
|
Mine Safety Disclosure Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act for the period ended July 1, 2016.
|
101.INS
|
|
XBRL Instance Document.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
|
|
|
|
|
MATERION CORPORATION
|
|
|
|
||
Dated: July 28, 2016
|
|
|
|
|
|
|
|
|
/s/
JOSEPH P. KELLEY
|
|
|
|
|
Joseph P. Kelley
|
|
|
|
|
Vice President, Finance and Chief Financial Officer
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
31.1
|
|
Certification of Chief Executive Officer required by Rule 13a-14(a) or 15d-14(a).
|
31.2
|
|
Certification of Chief Financial Officer required by Rule 13a-14(a) or 15d-14(a).
|
32
|
|
Certifications of Chief Executive Officer and Chief Financial Officer required by 18 U.S.C. Section 1350.
|
95
|
|
Mine Safety Disclosure Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act for the period ended July 1, 2016.
|
101.INS
|
|
XBRL Instance Document.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
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