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Segment Reporting and Geographic Information
 12 Months Ended
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)20222021
Net sales:
Performance Materials(1)
$671,525 $511,874 
Electronic Materials(1)
$971,902 866,816 
Precision Optics113,682 131,954 
Other— — 
Net sales1,757,109 1,510,644 
Segment EBITDA:
Performance Materials$125,227 89,028 
Electronic Materials67,806 $44,852 
Precision Optics13,753 25,854 
Other(28,345)(33,371)
Total Segment EBITDA178,441 126,363 
Income tax expense17,110 4,851 
Interest expense - net21,905 4,901 
Depreciation, depletion and amortization53,436 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)202220212020
Net sales
United States$867,053 $794,862 $641,727 
Asia519,395 426,303 329,968 
Europe355,691 270,213 189,281 
All other14,970 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 other75,986 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 MaterialsElectronic MaterialsPrecision OpticsOtherTotal
2022
End Market
Semiconductor$8,666 $784,517 $5,107 $— $798,290 
Industrial168,012 47,407 31,948 — 247,367 
Aerospace and Defense110,884 5,882 16,988 — 133,754 
Consumer Electronics49,859 1,144 22,666 — 73,669 
Automotive93,581 7,590 9,922 — 111,093 
Energy50,021 98,844 — — 148,865 
Telecom and Data Center65,230 149 — — 65,379 
Other125,272 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 
Industrial123,337 45,025 32,779 — 201,141 
Aerospace and Defense86,046 5,509 23,622 — 115,177 
Consumer Electronics41,694 1,184 32,485 — 75,363 
Automotive105,466 7,321 8,356 — 121,143 
Energy23,913 99,330 — — 123,243 
Telecom and Data Center53,510 173 — — 53,683 
Other69,427 25,189 32,140 — 126,756 
    Total$511,874 $866,816 $131,954 $— $1,510,644