Materion Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Materion Corp. has submitted its annual 10-K filing for the fiscal year ended December 31, 2023, detailing its financial performance and business operations.</b>

AI Summary

MATERION Corp (MTRN) filed a Annual Report (10-K) with the SEC on February 15, 2024. Materion Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 6070 Parkland Blvd., Mayfield Hts., OH 44124. Materion Corp. was formerly known as Brush Engineered Materials Inc. until January 31, 2000. The company is classified under the SIC code 3460 for Metal Forging & Stampings.

Why It Matters

For investors and stakeholders tracking MATERION Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Materion Corp.'s financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's value and future prospects. Understanding the details within this filing, such as financial statements, risk factors, and executive compensation, allows stakeholders to make informed investment decisions and evaluate the company's compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — MATERION Corp shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial and operational information, it does not inherently signal immediate positive or negative performance trends without further analysis of the specific numbers and disclosures.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to identify any significant trends, potential challenges, or opportunities for Materion Corp. in the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Reporting Period)
• 20240215 — Filing Date (Date of Submission)
• 3460 — SIC Code (Industry Classification)
• OH — State of Incorporation (Legal Domicile)

Key Players & Entities

• MATERION Corp (company) — Filer name
• 6070 PARKLAND BLVD. (location) — Business Address
• MAYFIELD HTS. (location) — Business Address City
• OH (location) — Business Address State
• BRUSH ENGINEERED MATERIALS INC (company) — Former Company Name
• 20000131 (date) — Date of Name Change
• 3460 (industry_code) — Standard Industrial Classification
• 20231231 (date) — Fiscal Year End

FAQ

Industry Context

Materion Corp. operates in the Metal Forging & Stampings industry (SIC 3460). This sector involves the shaping of metal through various processes to create components for diverse applications.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet health.
2. Review the 'Risk Factors' section for any new or evolving threats to the company's operations or financial stability.
3. Examine executive compensation details to understand management incentives and alignment with shareholder interests.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-15: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial extraction of key information from the 2023 10-K filing. Comparative data from previous filings would be needed for a direct comparison.

Key Financial Figures

• $1.7 billion — ermal, and structural applications with $1.7 billion in net sales in 2023. The Company was i
• $573.4 m — f December 31, 2023, 2022, and 2021 was $573.4 million, $576.2 million, and $541.1 milli
• $576.2 m — 023, 2022, and 2021 was $573.4 million, $576.2 million, and $541.1 million, respectively
• $541.1 m — was $573.4 million, $576.2 million, and $541.1 million, respectively. Backlog is general

Filing Documents

• mtrn-20231231.htm (10-K) — 2610KB
• mtrn-ex21_20231231.htm (EX-21) — 17KB
• mtrn-ex231_20231231.htm (EX-23.1) — 8KB
• mtrn-ex24_20231231.htm (EX-24) — 12KB
• mtrn-ex311_20231231.htm (EX-31.1) — 17KB
• mtrn-ex312_20231231.htm (EX-31.2) — 17KB
• mtrn-ex32_20231231.htm (EX-32) — 6KB
• mtrn-ex95_20231231.htm (EX-95) — 15KB
• mtrn-ex97_20231231.htm (EX-97) — 28KB
• mtrn-20231231_g1.jpg (GRAPHIC) — 117KB
• 0001104657-24-000019.txt (&nbsp;) — 15449KB
• mtrn-20231231.xsd (EX-101.SCH) — 88KB
• mtrn-20231231_cal.xml (EX-101.CAL) — 130KB
• mtrn-20231231_def.xml (EX-101.DEF) — 451KB
• mtrn-20231231_lab.xml (EX-101.LAB) — 1168KB
• mtrn-20231231_pre.xml (EX-101.PRE) — 817KB
• mtrn-20231231_htm.xml (XML) — 2989KB

Business

Item 1. Business 2

Risk Factors

Item 1A. Risk Factors 6

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 14

Cybersecurity

Item 1C. Cybersecurity 14

Properties

Item 2. Properties 16

Legal Proceedings

Item 3. Legal Proceedings 17

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 17 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18

[Reserved]

Item 6. [Reserved] 20

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 33

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 36

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 77

Controls and Procedures

Item 9A. Controls and Procedures 77

Other Information

Item 9B. Other Information 77

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 78

Executive Compensation

Item 11. Executive Compensation 78

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 79

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 79 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 80

Form 10-K Summary

Item 16. Form 10-K Summary 84

Signatures

Signatures 85 Forward-looking Statements: Portions of the narrative set forth in this document that are not statements of historical or current facts are forward-looking statements. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors. These factors include, in addition to those mentioned elsewhere herein: the global economy, including inflationary pressures, potential future recessionary conditions and the impact of tariffs and trade agreements; the impact of any U.S. Federal Government shutdowns or sequestrations; the condition of the markets which we serve, whether defined geographically or by segment; 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 start-up and completion of any capital projects; other financial and economic factors, including the cost and availability of raw materials (both base and precious metals), physical inventory valuations, metal consignment fees, tax rates, exchange rates, interest rates, pension costs and required cash contributions and other employee benefit costs, energy costs, regulatory compliance costs, the cost and availability of insurance, credit availability, and the impact of the Company's stock price on the cost of incentive compensation plans; the uncertainties related to the impact of war, terrorist activities, and ac

BUSINESS

Item 1. BUSINESS THE COMPANY Materion Corporation (referred to herein as the Company, our, we, or us), through its wholly owned subsidiaries, is an integrated producer of high-performance advanced engineered materials used in a variety of electrical, electronic, thermal, and structural applications with $1.7 billion in net sales in 2023. The Company was incorporated in Ohio in 1931. Our products are sold into numerous end markets, including semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics, and telecom and data center. SEGMENT INFORMATION Our businesses are organized under four reportable segments: Performance Materials, Electronic Materials, Precision Optics, and Other. Our Other reportable segment includes unallocated corporate costs. Additional information regarding our segments and business is presented below. Performance Materials 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 produced at manufacturing facilities located throughout the United States and Europe and sold through distribution global hubs. This segment operates the world's largest bertrandite ore mine and refinery, which is located in Utah, providing feedstock hydroxide for our beryllium businesses and external sale. In addition to the products described below, this segment globally provides engineering and product development services to help our customers and partners with product design, including delivering prototype parts and other data to demonstrate that the products will perform under the required design specifications. Performance Materials operates through three global product lines: Advanced Alloys, Specialty Materials, and Performance Solutions, as described below: Advanced Alloys manufactures and globally provides to our customers three upstream (primary) product l