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Segment Reporting and Geographic Information | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment Reporting and Geographic Information | Segment Reporting and Geographic Information The Company changed two segment names during the first quarter of 2022: Performance Alloys and Composites became Performance Materials, and Advanced Materials became Electronic Materials. The Company believes these names better represent the markets served and the advanced next-generation product solutions provided to our customers. Other than the name changes, there were no changes in the composition or structure of the Company's reportable segments in 2022. The Company has the following operating segments: Performance Materials, Electronic Materials, Precision Optics, and Other. The Company’s operating segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, the Company's Chief Operating Decision Maker, in determining how to allocate the Company’s resources and evaluate performance. The segments are determined based on several factors, including the availability of discrete financial information and the Company’s organizational and management structure. Performance Materials provides advanced engineered solutions comprised of beryllium and non-beryllium containing alloy systems and custom engineered parts in strip, bulk, rod, plate, bar, tube, and other customized shapes. Electronic Materials produces advanced chemicals, microelectronics packaging, precious metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal preforms, high temperature braze materials, and ultra-fine wire. Precision Optics produces thin film coatings, optical filter materials, sputter-coated, and precision-converted thin film materials. The Other reportable segment includes unallocated corporate costs and assets. Beginning with the first quarter of 2022, the Company began using earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) as the main operating income metric used by management to measure the financial performance of the Company and each segment. The Company made this change because recent acquisitions have resulted in increased purchase accounting amortization expense, which in turn has affected the comparability of results across periods and when compared to other companies. Management believes EBITDA is useful to investors as it better represents the Company's performance, excluding the effect of the recent acquisition of significant intangible assets that are now being amortized. EBITDA is not a measurement of financial performance under U.S. GAAP. Although the Company uses EBITDA to assess the performance of its business and for various other purposes, the use of this non-GAAP financial measure as an analytical tool has limitations, and it should not be considered in isolation or as a substitute for analysis of the Company’s results of operations as reported in accordance with U.S. GAAP. The below table presents financial information for each segment and a reconciliation of EBITDA to Net Income (the most directly comparable GAAP financial measure) for 2022 and 2021:
(Thousands) |  | 2022 |  | 2021
Net sales: |  |  |  |
Performance Materials(1) |  | $ | 671,525 |  |  | $ | 511,874 |
Electronic Materials(1) |  | $ | 971,902 |  |  | 866,816 |
Precision Optics |  | 113,682 |  |  | 131,954 |
Other |  | — |  |  | — |
Net sales |  | 1,757,109 |  |  | 1,510,644 |
Segment EBITDA: |  |  |  |
Performance Materials |  | $ | 125,227 |  |  | 89,028 |
Electronic Materials |  | 67,806 |  |  | $ | 44,852 |
Precision Optics |  | 13,753 |  |  | 25,854 |
Other |  | (28,345) |  |  | (33,371) |
Total Segment EBITDA |  | 178,441 |  |  | 126,363 |
Income tax expense |  | 17,110 |  |  | 4,851 |
Interest expense - net |  | 21,905 |  |  | 4,901 |
Depreciation, depletion and amortization |  | 53,436 |  |  | 44,137 |
Net income |  | $ | 85,990 |  |  | $ | 72,474 |
(1) Excludes inter-segment sales of $0.7 million for Performance Materials and $14.0 million for Electronic Materials for 2022 and $0.2 million for Performance Materials and $13.9 million for Electronic Materials for 2021. Inter-segment sales are eliminated in consolidation. Other geographic information includes the following:
(Thousands) |  | 2022 |  | 2021 |  | 2020
Net sales |  |  |  |  |  |
United States |  | $ | 867,053 |  |  | $ | 794,862 |  |  | $ | 641,727 |
Asia |  | 519,395 |  |  | 426,303 |  |  | 329,968 |
Europe |  | 355,691 |  |  | 270,213 |  |  | 189,281 |
All other |  | 14,970 |  |  | 19,266 |  |  | 15,298 |
Total |  | $ | 1,757,109 |  |  | $ | 1,510,644 |  |  | $ | 1,176,274 |
Property, plant, and equipment, net by country deployed |  |  |  |  |  |
United States |  | $ | 372,779 |  |  | $ | 327,969 |  |  | $ | 223,340 |
All other |  | 75,986 |  |  | 81,006 |  |  | 86,346 |
Total |  | $ | 448,765 |  |  | $ | 408,975 |  |  | $ | 309,686 |
International sales include sales from international operations and direct exports from our U.S. operations. No individual country, other than the United States, or customer accounted for 10% or more of the Company’s net sales for the years presented. The following table disaggregates revenue for each segment by end market for 2022 and 2021:
(Thousands) |  | Performance Materials |  | Electronic Materials |  | Precision Optics |  | Other |  | Total
2022 |  |  |  |  |  |  |  |  |  |
End Market |  |  |  |  |  |  |  |  |  |
Semiconductor |  | $ | 8,666 |  |  | $ | 784,517 |  |  | $ | 5,107 |  |  | $ | — |  |  | $ | 798,290 |
Industrial |  | 168,012 |  |  | 47,407 |  |  | 31,948 |  |  | — |  |  | 247,367 |
Aerospace and Defense |  | 110,884 |  |  | 5,882 |  |  | 16,988 |  |  | — |  |  | 133,754 |
Consumer Electronics |  | 49,859 |  |  | 1,144 |  |  | 22,666 |  |  | — |  |  | 73,669 |
Automotive |  | 93,581 |  |  | 7,590 |  |  | 9,922 |  |  | — |  |  | 111,093 |
Energy |  | 50,021 |  |  | 98,844 |  |  | — |  |  | — |  |  | 148,865 |
Telecom and Data Center |  | 65,230 |  |  | 149 |  |  | — |  |  | — |  |  | 65,379 |
Other |  | 125,272 |  |  | 26,369 |  |  | 27,051 |  |  | — |  |  | 178,692 |
Total |  | $ | 671,525 |  |  | $ | 971,902 |  |  | $ | 113,682 |  |  | $ | — |  |  | $ | 1,757,109 |
2021 |  |  |  |  |  |  |  |  |  |
End Market |  |  |  |  |  |  |  |  |  |
Semiconductor |  | $ | 8,481 |  |  | $ | 683,085 |  |  | $ | 2,572 |  |  | $ | — |  |  | $ | 694,138 |
Industrial |  | 123,337 |  |  | 45,025 |  |  | 32,779 |  |  | — |  |  | 201,141 |
Aerospace and Defense |  | 86,046 |  |  | 5,509 |  |  | 23,622 |  |  | — |  |  | 115,177 |
Consumer Electronics |  | 41,694 |  |  | 1,184 |  |  | 32,485 |  |  | — |  |  | 75,363 |
Automotive |  | 105,466 |  |  | 7,321 |  |  | 8,356 |  |  | — |  |  | 121,143 |
Energy |  | 23,913 |  |  | 99,330 |  |  | — |  |  | — |  |  | 123,243 |
Telecom and Data Center |  | 53,510 |  |  | 173 |  |  | — |  |  | — |  |  | 53,683 |
Other |  | 69,427 |  |  | 25,189 |  |  | 32,140 |  |  | — |  |  | 126,756 |
Total |  | $ | 511,874 |  |  | $ | 866,816 |  |  | $ | 131,954 |  |  | $ | — |  |  | $ | 1,510,644 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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