Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 10, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'MINERALS TECHNOLOGIES INC | ' | ' |
Entity Central Index Key | '0000891014 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1.20 |
Entity Common Stock, Shares Outstanding | ' | 34,429,055 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $490,267 | $454,092 |
Short-term investments, at cost which approximates market | 15,769 | 14,178 |
Accounts receivable, less allowance for doubtful accounts:2013 - $1,715; 2012 - $3,837 | 204,449 | 193,328 |
Inventories | 89,169 | 84,569 |
Prepaid expenses and other current assets | 15,463 | 18,318 |
Total current assets | 815,117 | 764,485 |
Property, plant and equipment, less accumulated depreciation and depletion | 306,071 | 317,669 |
Goodwill | 64,432 | 65,829 |
Other assets and deferred charges | 31,927 | 63,206 |
Total assets | 1,217,547 | 1,211,189 |
Current liabilities: | ' | ' |
Short-term debt | 5,504 | 7,111 |
Current maturities of long-term debt | 8,200 | 76,977 |
Accounts payable | 94,855 | 98,371 |
Income taxes payable | 7,103 | 8,862 |
Accrued compensation and related items | 37,868 | 33,603 |
Other current liabilities | 27,364 | 25,174 |
Total current liabilities | 180,894 | 250,098 |
Long-term debt | 75,000 | 8,478 |
Accrued pension and postretirement benefits | 57,893 | 108,035 |
Other non-current liabilities | 29,352 | 30,859 |
Total liabilities | 343,139 | 397,470 |
Commitments and contingent liabilities (Notes 15 and 16) | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, without par value; 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock at par, $0.10 par value; 100,000,000 shares authorized; Issued 47,555,927 shares in 2013 and 47,002,939 shares in 2012 | 4,756 | 4,700 |
Additional paid-in capital | 361,460 | 345,929 |
Retained earnings | 1,106,252 | 1,032,869 |
Accumulated other comprehensive loss | -31,265 | -51,198 |
Less common stock held in treasury, at cost; 13,205,741 shares in 2013 and 12,053,319 shares in 2012 | -593,665 | -541,889 |
Total MTI shareholders' equity | 847,538 | 790,411 |
Non-controlling interest | 26,870 | 23,308 |
Total shareholders' equity | 874,408 | 813,719 |
Total liabilities and shareholders' equity | $1,217,547 | $1,211,189 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Accounts receivable, allowance for doubtful accounts | $1,715 | $3,837 |
Shareholders' equity: | ' | ' |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 47,555,927 | 47,002,939 |
Common stock held in treasury, shares (in shares) | 13,205,741 | 12,053,319 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $1,018,181 | $996,764 | $1,032,933 |
Cost of goods sold | 784,536 | 774,466 | 818,743 |
Production margin | 233,645 | 222,298 | 214,190 |
Marketing and administrative expenses | 89,231 | 88,485 | 91,212 |
Research and development expenses | 20,053 | 20,173 | 19,330 |
Insurance settlement (gain) | -2,491 | 0 | 0 |
Restructuring and other costs | 0 | 0 | -411 |
Income from operations | 126,852 | 113,640 | 104,059 |
Interest income | 3,016 | 3,168 | 3,907 |
Interest expense | -3,263 | -3,221 | -3,254 |
Foreign exchange losses | -2,109 | -1,348 | -1,211 |
Other deductions | -786 | -1,594 | -2,040 |
Non-operating deductions, net | -3,142 | -2,995 | -2,598 |
Income from continuing operations before provision for taxes on income | 123,710 | 110,645 | 101,461 |
Provision for taxes on income | 34,515 | 31,926 | 28,675 |
Income from continuing operations, net of tax | 89,195 | 78,719 | 72,786 |
Loss from discontinued operations, net of tax | -5,744 | -2,450 | -2,532 |
Consolidated net income | 83,451 | 76,269 | 70,254 |
Less: Net income attributable to non-controlling interests | -3,121 | -2,122 | -2,733 |
Net income attributable to Minerals Technologies Inc. (MTI) | $80,330 | $74,147 | $67,521 |
Basic: | ' | ' | ' |
Income from continuing operations attributable to MTI (in dollars per share) | $2.48 | $2.17 | $1.94 |
Loss from discontinued operations attributable to MTI (in dollars per share) | ($0.17) | ($0.07) | ($0.07) |
Basic earnings per share attributable to MTI (in dollars per share) | $2.31 | $2.10 | $1.87 |
Diluted: | ' | ' | ' |
Income from continuing operations attributable to MTI (in dollars per share) | $2.46 | $2.16 | $1.93 |
Loss from discontinued operations attributable to MTI (in dollars per share) | ($0.16) | ($0.07) | ($0.07) |
Diluted earnings per share attributable to MTI (in dollars per share) | $2.30 | $2.09 | $1.86 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive Income [Abstract] | ' | ' | ' |
Consolidated net income | $83,451 | $76,269 | $70,254 |
Other comprehensive income, net of tax: | ' | ' | ' |
Foreign currency translation adjustments | -16,533 | 1,479 | -17,565 |
Pension and postretirement plan adjustments | 34,281 | -7,730 | -25,630 |
Sale of interest in business | ' | ' | -820 |
Cash flow hedges [Abstract] | ' | ' | ' |
Reclassification adjustment | -2 | 11 | 47 |
Net derivative gains (losses) arising during the period | 514 | -204 | 529 |
Comprehensive income | 101,711 | 69,825 | 26,815 |
Comprehensive income attributable to non-controlling interest | -1,448 | -1,545 | -1,035 |
Comprehensive income attributable to MTI | $100,263 | $68,280 | $25,780 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Consolidated net income | $83,451 | $76,269 | $70,254 |
Loss from discontinued operations | -5,744 | -2,450 | -2,532 |
Income from continuing operations | 89,195 | 78,719 | 72,786 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 47,289 | 51,124 | 58,175 |
Loss on disposal of property, plant and equipment | 1,187 | 1,093 | 288 |
Pension amortization and settlement loss | 11,836 | 11,497 | 7,417 |
Deferred income taxes | 4,421 | 1,257 | 1,250 |
Provision for bad debts | 586 | 1,011 | 878 |
Stock-based compensation | 5,249 | 5,476 | 7,237 |
Other non-cash items | 515 | 612 | 41 |
Changes in operating assets and liabilities | ' | ' | ' |
Accounts receivable | -10,460 | -158 | -14,541 |
Inventories | -6,534 | 6,361 | -7,059 |
Prepaid expenses and other current assets | 706 | 3,398 | -5,787 |
Pension plan funding | -11,407 | -16,963 | -6,650 |
Accounts payable | -776 | -4,375 | 25,426 |
Restructuring liabilities | -254 | -1,103 | -2,550 |
Income taxes payable | -1,505 | 3,748 | -712 |
Tax benefits related to stock incentive programs | 485 | 513 | 166 |
Other | 7,015 | -61 | 305 |
Net cash provided by continuing operations | 137,548 | 142,149 | 136,670 |
Net cash used in discontinued operations | -2,751 | -2,231 | -3,011 |
Net cash provided by operating activities | 134,797 | 139,918 | 133,659 |
Investing Activities | ' | ' | ' |
Purchases of property, plant and equipment | -43,831 | -52,130 | -52,060 |
Purchases of short-term investments | -5,407 | -5,390 | -12,423 |
Proceeds from sales of short-term investments | 3,049 | 9,310 | 9,380 |
Proceeds from disposal of property, plant and equipment | 28 | 169 | 78 |
Net cash used in investing activities | -46,161 | -48,041 | -55,025 |
Financing Activities | ' | ' | ' |
Issuance of long-term debt | 75,000 | 0 | 1,596 |
Repayment of long-term debt | -77,277 | -8,558 | -275 |
Net issuance (repayment) of short-term debt | -1,179 | 1,031 | 2,030 |
Purchase of common shares for treasury | -51,776 | -25,884 | -48,004 |
Cash dividends paid | -6,946 | -4,409 | -3,601 |
Proceeds from issuance of stock under option plan | 12,108 | 8,173 | 5,912 |
Excess tax benefits related to stock incentive programs | 2,303 | 313 | 6 |
Dividends to non-controlling shareholders | -2,445 | -4,645 | 0 |
Net cash used in financing activities | -50,212 | -33,979 | -42,336 |
Effect of exchange rate changes on cash and cash equivalents | -2,249 | 1,042 | -8,973 |
Net increase in cash and cash equivalents | 36,175 | 58,940 | 27,325 |
Cash and cash equivalents at beginning of year | 454,092 | 395,152 | 367,827 |
Cash and cash equivalents at end of year | 490,267 | 454,092 | 395,152 |
Non-cash Investing and Financing Activities: | ' | ' | ' |
Treasury stock purchases settled after year-end | $0 | $1,771 | $0 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Non-controlling Interests [Member] | Total |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | $4,659 | $321,473 | $899,211 | ($3,590) | ($466,230) | $27,172 | $782,695 |
Net income | 0 | 0 | 67,521 | 0 | 0 | 2,733 | 70,254 |
Sale of controlling interest | 0 | 0 | 0 | 0 | 0 | -820 | -820 |
Currency translation adjustment | 0 | 0 | 0 | -16,687 | 0 | -878 | -17,565 |
Unamortized losses and prior service cost | 0 | 0 | 0 | -25,630 | 0 | 0 | -25,630 |
Cash flow hedge: | ' | ' | ' | ' | ' | ' | ' |
Net derivative losses arising during the year | 0 | 0 | 0 | 529 | 0 | 0 | 529 |
Reclassification adjustment | 0 | 0 | 0 | 47 | 0 | 0 | 47 |
Dividends declared | ' | ' | -3,602 | ' | ' | ' | -3,602 |
Dividends to non-controlling interests | 0 | 0 | 0 | 0 | 0 | -1,799 | -1,799 |
Employee benefit transactions | 16 | 5,895 | 0 | 0 | 0 | 0 | 5,911 |
Income tax benefit arising from employee stock option plans | 0 | 172 | 0 | 0 | 0 | 0 | 172 |
Stock-based compensation | 0 | 5,832 | 0 | 0 | 0 | 0 | 5,832 |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | -48,004 | 0 | -48,004 |
Balance at Dec. 31, 2011 | 4,675 | 333,372 | 963,130 | -45,331 | -514,234 | 26,408 | 768,020 |
Net income | 0 | 0 | 74,147 | 0 | 0 | 2,122 | 76,269 |
Currency translation adjustment | 0 | 0 | 0 | 2,056 | 0 | -577 | 1,479 |
Unamortized losses and prior service cost | 0 | 0 | 0 | -7,730 | 0 | 0 | -7,730 |
Cash flow hedge: | ' | ' | ' | ' | ' | ' | ' |
Net derivative losses arising during the year | 0 | 0 | 0 | -204 | 0 | 0 | -204 |
Reclassification adjustment | 0 | 0 | 0 | 11 | 0 | 0 | 11 |
Dividends declared | 0 | 0 | -4,408 | 0 | 0 | ' | -4,408 |
Capital contributions by non-controlling interests | 0 | 0 | 0 | 0 | 0 | 808 | 808 |
Dividends to non-controlling interests | 0 | 0 | 0 | 0 | 0 | -5,453 | -5,453 |
Employee benefit transactions | 25 | 8,148 | 0 | 0 | 0 | 0 | 8,173 |
Income tax benefit arising from employee stock option plans | 0 | 826 | 0 | 0 | 0 | 0 | 826 |
Stock-based compensation | 0 | 3,583 | 0 | 0 | 0 | 0 | 3,583 |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | -27,655 | 0 | -27,655 |
Balance at Dec. 31, 2012 | 4,700 | 345,929 | 1,032,869 | -51,198 | -541,889 | 23,308 | 813,719 |
Net income | 0 | 0 | 80,330 | 0 | 0 | 3,121 | 83,451 |
Currency translation adjustment | 0 | 0 | 0 | -14,860 | 0 | -1,673 | -16,533 |
Unamortized losses and prior service cost | 0 | 0 | 0 | 34,281 | 0 | 0 | 34,281 |
Cash flow hedge: | ' | ' | ' | ' | ' | ' | ' |
Net derivative losses arising during the year | 0 | 0 | 0 | 514 | 0 | 0 | 514 |
Reclassification adjustment | 0 | 0 | 0 | -2 | 0 | 0 | -2 |
Dividends declared | 0 | 0 | -6,946 | 0 | 0 | 0 | -6,946 |
Dividends to non-controlling interests | 0 | 0 | 0 | 0 | 0 | -2,445 | -2,445 |
Employee benefit transactions | 56 | 12,052 | 0 | 0 | 0 | 0 | 12,108 |
Equity reclassification adjustment to non-controlling interests | 0 | -4,559 | 0 | 0 | 0 | 4,559 | 0 |
Income tax benefit arising from employee stock option plans | 0 | 2,788 | 0 | 0 | 0 | 0 | 2,788 |
Stock-based compensation | 0 | 5,249 | 0 | 0 | 0 | 0 | 5,249 |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | -51,776 | 0 | -51,776 |
Balance at Dec. 31, 2013 | $4,756 | $361,459 | $1,106,253 | ($31,265) | ($593,665) | $26,870 | $874,408 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Note 1. Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying consolidated financial statements include the accounts of Minerals Technologies Inc. (the "Company") and its wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |
Certain reclassifications were made to prior year amounts to conform to current year presentation. | |
During the second quarter of 2013, the Company ceased its operations at its Paper PCC merchant plant in Walsum, Germany and reclassified such operations as discontinued. All prior periods have been restated to reflect such reclassification. | |
Use of Estimates | |
The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to allowance for doubtful accounts, valuation of inventories, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, income tax, valuation allowances, and litigation and environmental liabilities. Actual results could differ from those estimates. | |
Business | |
The Company is a resource- and technology-based company that develops, produces and markets on a worldwide basis a broad range of specialty mineral, mineral-based products and related systems and technologies. The Company's products are used in the manufacturing processes of the paper and steel industries, as well as by the building materials, polymers, ceramics, paints and coatings, and other manufacturing industries. | |
Cash Equivalents and Short-term Investments | |
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term investments consist of financial instruments with original maturities beyond three months, but less than twelve months. Short-term investments amounted to $15.8 million and $14.2 million at December 31, 2013 and 2012, respectively. | |
Trade Accounts Receivable | |
Trade accounts receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific allowances for bankrupt customers. The Company also analyzes the collection history and financial condition of its other customers, considering current industry conditions and determines whether an allowance needs to be established. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days based on payment terms are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. | |
Inventories | |
Inventories are valued at the lower of cost or market. Cost is determined by the first-in, first-out (FIFO) method. | |
Additionally, items such as idle facility expense, excessive spoilage, freight handling costs, and re-handling costs are recognized as current period charges. The allocation of fixed production overheads to the costs of conversion are based upon the normal capacity of the production facility. Fixed overhead costs associated with idle capacity are expensed as incurred. | |
Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost. Significant improvements are capitalized, while maintenance and repair expenditures are charged to operations as incurred. The Company capitalizes interest cost as a component of construction in progress. In general, the straight-line method of depreciation is used for financial reporting purposes. The annual rates of depreciation are 3% - 6.67% for buildings, 6.67% - 12.5% for machinery and equipment, 8% - 12.5% for furniture and fixtures and 12.5% - 25% for computer equipment and software-related assets. The estimated useful lives of our PCC production facilities and machinery and equipment pertaining to our natural stone mining and processing plants and our chemical plants are 15 years. | |
Property, plant and equipment are depreciated over their useful lives. Useful lives are based on management's estimates of the period that the assets can generate revenue, which does not necessarily coincide with the remaining term of a customer's contractual obligation to purchase products made using those assets. The Company's sales of PCC are predominantly pursuant to long-term evergreen contracts, initially ten years in length, with paper mills at which the Company operates satellite PCC plants. The terms of many of these agreements have been extended, often in connection with an expansion of the satellite PCC plant. Failure of a PCC customer to renew an agreement or continue to purchase PCC from a Company facility could result in an impairment of assets charge or accelerated depreciation at such facility. | |
Depletion of mineral reserves is determined on a unit-of-extraction basis for financial reporting purposes, based upon proven and probable reserves, and on a percentage depletion basis for tax purposes. | |
Stripping Costs Incurred During Production | |
Stripping costs are those costs incurred for the removal of waste materials for the purpose of accessing ore body that will be produced commercially. Stripping costs incurred during the production phase of a mine are variable costs that are included in the costs of inventory produced during the period that the stripping costs are incurred. | |
Accounting for the Impairment of Long-Lived Assets | |
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest), resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset, determined principally using discounted cash flows. | |
Goodwill and Other Intangible Assets | |
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized, but instead assessed for impairment. Intangible assets with estimable useful lives are amortized over their respective estimated lives to the estimated residual values, and reviewed for impairment. | |
The Company performs a qualitative assessment for each of its reporting units to determine if the two step process for impairment testing was required. If the Company determines that it was more likely than not that the fair value of a reporting unit was less than its carrying amount, the Company would then have evaluated the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the fair value for the reporting unit is compared to its book value including goodwill. In the case that the fair value of the reporting unit is less than book value, a second step is performed which compares the fair value of the reporting unit's goodwill to the book value of the goodwill. The fair value for the goodwill is determined based on the difference between the fair values of the reporting unit and the net fair values of the identifiable assets and liabilities of such reporting unit. If the fair value of the goodwill is less than the book value, the difference is recognized as an impairment. | |
Accounting for Asset Retirement Obligations | |
The Company provides for obligations associated with the retirement of long-lived assets and the associated asset retirement costs. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company also provides for legal obligations to perform asset retirement activities where timing or methods of settlement are conditional on future events. | |
Fair Value of Financial Instruments | |
The recorded amounts of cash and cash equivalents, receivables, short-term borrowings, accounts payable, accrued interest, and variable-rate long-term debt approximate fair value because of the short maturity of those instruments or the variable nature of underlying interest rates. Short-term investments are recorded at cost, which approximates fair market value. | |
Derivative Financial Instruments | |
The Company records derivative financial instruments which are used to hedge certain foreign exchange risk at fair value on the balance sheet. See Note 9 for a full description of the Company's hedging activities and related accounting policies. | |
Revenue Recognition | |
Revenue from sale of products is recognized at the time the goods are shipped and title passes to the customer. In most of the Company's PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year. Under those contracts the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to such customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. The Company also has consignment arrangements with certain customers in our Refractories segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer. | |
Revenues from sales of equipment are recorded upon completion of installation and receipt of customer acceptance. Revenues from services are recorded when the services have been performed. | |
Foreign Currency | |
The assets and liabilities of the Company's international subsidiaries are translated into U.S. dollars using exchange rates at the respective balance sheet date. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss) in shareholders' equity. Income statement items are generally translated at monthly average exchange rates prevailing during the period. International subsidiaries operating in highly inflationary economies translate non-monetary assets at historical rates, while net monetary assets are translated at current rates, with the resulting translation adjustments included in net income. At December 31, 2013, the Company had no international subsidiaries operating in highly inflationary economies. | |
Income Taxes | |
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The Company operates in multiple taxing jurisdictions, both within the U.S. and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company regularly assesses its tax position for such transactions and includes reserves for those differences in position. The reserves are utilized or reversed once the statute of limitations has expired or the matter is otherwise resolved. | |
The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax laws and regulations change over time. As such, changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations. The Company's accounting policy is to recognize interest and penalties as part of its provision for income taxes. See Note 5, "Income Taxes," for additional detail on our uncertain tax positions. | |
The accompanying financial statements generally do not include a provision for U.S. income taxes on international subsidiaries' unremitted earnings, which are expected to be permanently reinvested overseas. | |
Research and Development Expenses | |
Research and development expenses are expensed as incurred. | |
Accounting for Stock-Based Compensation | |
The Company recognizes compensation expense for share-based awards based upon the grant date fair value over the vesting period. | |
Pension and Post-retirement Benefits | |
The Company has defined benefit pension plans covering the majority of its employees. The benefits are generally based on years of service and an employee's modified career earnings. | |
The Company also provides post-retirement healthcare benefits for the majority of its retirees and employees in the United States. The Company measures the costs of its obligation based on its best estimate. The net periodic costs are recognized as employees render the services necessary to earn the post-retirement benefits. | |
Environmental | |
Expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when it is probable the Company will be obligated to pay amounts for environmental site evaluation, remediation or related costs, and such amounts can be reasonably estimated. | |
Earnings Per Share | |
Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during the period. | |
Diluted earnings per share have been computed based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. | |
Subsequent events | |
The Company has evaluated for subsequent events through the date of issuance of its financial statements. | |
Stock Split | |
On November 14, 2012 the Company's Board of Directors authorized a two-for-one stock split of the of the Company's outstanding common stock, which was effected in the form of a 100-percent stock distribution payable on December 11, 2012 to shareholders of record on November 27, 2012. Treasury shares were not treated as outstanding shares in the stock split. The par-value of the Company's stock remained at $0.10 per share. Unless otherwise noted, all share amounts and per share calculations have been adjusted for all periods presented to reflect the impact of this split and to provide data on a comparable basis. | |
Recently Issued accounting Standards | |
Comprehensive Income | |
In February 2012, the FASB issued ASU No. 2013-02, "Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("AOCI")" which improves the reporting of reclassifications out of AOCI. This ASU requires an entity to report the effect of significant reclassifications out of AOCI on the respective line items in net income. For other amounts not required to be reclassified to net income, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about these amounts. This ASU became effective January 1, 2013 and the effect of adopting this updated guidance did not have an impact on the Company's financial position or results of operations. | |
Presentation of Unrecognized Tax Benefits | |
In July 2013, the FASB issued ASU No. 2013-11, "Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" which improves the reporting of unrecognized tax benefits. This ASU requires an entity to present an unrecognized tax benefit as a reduction to deferred tax assets for NOLs or tax credit carryforwards, unless the NOL or tax credit carryforward is not available under the tax law or not intended to be used as of the reporting date to settle any additional income taxes that would be due from the disallowance of a tax position. Under that exception, the unrecognized tax benefit should be presented as a liability instead of being netted against deferred tax assets for NOLs or tax credit carryforwards. This ASU is effective for fiscal quarters and years beginning after December 15, 2013. The Company is currently evaluating the impact of adopting ASU No. 2013-11 on the Company's Consolidated Balance Sheet. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Share-Based compensation expense | ' | ||||||||||||||||
Note 2. Stock-Based Compensation | |||||||||||||||||
The Company has a 2001 Stock Award and Incentive Plan (the "Plan"), which provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, stock awards or performance unit awards. The Plan is administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plan generally have a ten year term. The exercise price for stock options are at prices at or above the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years. | |||||||||||||||||
Stock-based compensation expense is recognized in the consolidated financial statements for stock options based on the grant date fair value. | |||||||||||||||||
Net income for years ended 2013, 2012 and 2011 include $2.8 million, $2.0 million and $2.7 million pre-tax compensation costs, respectively, related to stock option expense as a component of marketing and administrative expenses. All stock option expense is recognized in the consolidated statements of operations. The related tax benefit included in the statement of income on the non-qualified stock options was $1.1 million, $0.8 million and $1.1 million for 2013, 2012 and 2011, respectively. | |||||||||||||||||
The benefits of tax deductions in excess of the tax benefit from compensation costs that were recognized or would have been recognized are classified as financing inflows on the consolidated statement of cash flows. | |||||||||||||||||
Stock Options | |||||||||||||||||
The fair value of options granted is estimated on the date of grant using the Black-Scholes valuation model. Compensation expense is recognized only for those options expected to vest, with forfeitures estimated at the date of grant based on the Company's historical experience and future expectations. The forfeiture rate assumption used for the periods ended December 31, 2013 and 2012 was 7.50% and 7.31%, respectively. | |||||||||||||||||
The weighted average grant date fair value for stock options granted during the years ended December 31, 2013, 2012 and 2011 was $15.83, $10.74 and $11.03, respectively. The weighted average grant date fair value for stock options vested during 2013, 2012 and 2011 was $10.29, $8.57 and $7.58, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2013, 2012 and 2011 was $10.0 million, $3.3 million and $1.7 million, respectively. | |||||||||||||||||
The fair value for stock awards was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected life (years) | 6.9 | 6.9 | 6.3 | ||||||||||||||
Interest rate | 1.22 | % | 1.36 | % | 2.46 | % | |||||||||||
Volatility | 37.82 | % | 31.26 | % | 30.93 | % | |||||||||||
Expected dividend yield | 0.48 | % | 0.31 | % | 0.31 | % | |||||||||||
The expected term of the options represents the estimated period of time until exercise and is based on historical experience of similar awards, based upon contractual terms, vesting schedules, and expectations of future employee behavior. The expected stock-price volatility is based upon the historical and implied volatility of the Company's stock. The interest rate is based upon the implied yield on U.S. Treasury bills with an equivalent remaining term. Estimated dividend yield is based upon historical dividends paid by the Company. | |||||||||||||||||
The following table summarizes stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Shares | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||
Balance December 31, 2012 | 1,395,520 | $ | 28.31 | ||||||||||||||
Granted | 239,770 | 41.42 | |||||||||||||||
Exercised | (501,222 | ) | 25.26 | ||||||||||||||
Canceled | (2,653 | ) | 37.24 | ||||||||||||||
Balance December 31, 2013 | 1,131,415 | $ | 32.42 | 6.16 | $ | 31,283 | |||||||||||
Exercisable, December 31, 2013 | 758,014 | $ | 29.67 | 4.95 | $ | 23,046 | |||||||||||
The aggregate intrinsic value above is calculated before applicable income taxes, based on the Company's closing stock price of $60.07 as of the last business day of the period ended December 31, 2013 had all options been exercised on that date. The weighted average intrinsic value of the options exercised during 2013, 2012 and 2011 was $20.03, $10.11 and $7.15 per share, respectively. As of December 31, 2013, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $2.4 million, which is expected to be recognized over a weighted average period of approximately three years. | |||||||||||||||||
The Company issues new shares of common stock upon the exercise of stock options. | |||||||||||||||||
Non-vested stock option activity for the year ended December 31, 2013 is as follows: | |||||||||||||||||
Shares | Weighted Average Exercise Price Per Share | ||||||||||||||||
Non-vested options outstanding at December 31, 2012 | 327,086 | $ | 31.17 | ||||||||||||||
Options granted | 239,770 | 41.42 | |||||||||||||||
Options vested | (190,802 | ) | 30.57 | ||||||||||||||
Options forfeited … | (2,653 | ) | 37.24 | ||||||||||||||
Non-vested options outstanding at December 31, 2013 | 373,401 | $ | 38.01 | ||||||||||||||
The following table summarizes additional information concerning options outstanding at December 31, 2013: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of | Number Outstanding at 12/31/13 | Weighted Average Remaining Contractual Term (Years) | Weighted Average Exercise Price | Number Exercisable | Weighted Average Exercise Price | ||||||||||||
Exercise Prices | at 12/31/13 | ||||||||||||||||
$ | 19.855 | - | $ | 24.753 | 140,018 | 6.1 | $ | 23.13 | 140,018 | $ | 23.13 | ||||||
$ | 26.257 | - | $ | 29.665 | 50,828 | 2 | $ | 27.15 | 48,322 | $ | 27.16 | ||||||
$ | 30.097 | - | $ | 42.415 | 940,569 | 6.4 | $ | 34.09 | 569,674 | $ | 31.49 | ||||||
$ | 19.855 | - | $ | 42.415 | 1,131,415 | 4.8 | $ | 32.42 | 758,014 | $ | 29.67 | ||||||
Restricted Stock | |||||||||||||||||
The Company has granted key employees rights to receive shares of the Company's common stock pursuant to the Plan. The rights will be deferred for a specified number of years of service, subject to restrictions on transfer and other conditions. Compensation expense for these shares is recognized over the vesting period. The Company granted 112,225 shares, 123,446 shares and 136,978 shares for the periods ended December 31, 2013, 2012 and 2011, respectively. The fair value was determined based on the market value of unrestricted shares. As of December 31, 2013, there was unrecognized stock-based compensation related to restricted stock of $3.4 million, which will be recognized over approximately the next three years. The compensation expense amortized with respect to all units was approximately $3.9 million, $3.4 million and $4.6 million for the periods ended December 31, 2013, 2012 and 2011, respectively. In addition, the Company recorded reversals of $0.1 million, $-- million and $0.1 million for periods ended December 31, 2013, 2012 and 2011, respectively, related to restricted stock forfeitures. Such costs and reversals are included in marketing and administrative expenses. There were 107,956 restricted stock shares that vested for the year ended December 31, 2013. | |||||||||||||||||
The following table summarizes the restricted stock activity for the Plan: | |||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Unvested balance at December 31, 2012 | 183,660 | $ | 31.25 | ||||||||||||||
Granted | 112,225 | $ | 41.44 | ||||||||||||||
Vested | (107,956 | ) | $ | 30.71 | |||||||||||||
Canceled | (2,357 | ) | $ | 36.39 | |||||||||||||
Unvested balance at December 31, 2013 | 185,572 | $ | 37.65 |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share (EPS) | ' | ||||||||||||
Note 3. Earnings Per Share (EPS) | |||||||||||||
(thousands, except per share amounts) | |||||||||||||
Basic EPS | 2013 | 2012 | 2011 | ||||||||||
Income from continuing operations attributable to MTI | $ | 86,074 | $ | 76,597 | $ | 70,053 | |||||||
Loss from discontinued operations attributable to MTI | (5,744 | ) | (2,450 | ) | (2,532 | ) | |||||||
Net income attributable to MTI | $ | 80,330 | $ | 74,147 | $ | 67,521 | |||||||
Weighted average shares outstanding | 34,690 | 35,340 | 36,018 | ||||||||||
Basic earnings per share from continuing operations attributable to MTI | $ | 2.48 | $ | 2.17 | $ | 1.94 | |||||||
Basic loss per share from discontinued operations attributable to MTI | (0.17 | ) | (0.07 | ) | (0.07 | ) | |||||||
Basic earnings per share attributable to MTI | $ | 2.31 | $ | 2.1 | $ | 1.87 | |||||||
Diluted EPS | 2013 | 2012 | 2011 | ||||||||||
Income from continuing operations attributable to MTI | $ | 86,074 | $ | 76,597 | $ | 70,053 | |||||||
Loss from discontinued operations attributable to MTI | (5,744 | ) | (2,450 | ) | (2,532 | ) | |||||||
Net income attributable to MTI | $ | 80,330 | $ | 74,147 | $ | 67,521 | |||||||
Weighted average shares outstanding | 34,690 | 35,340 | 36,018 | ||||||||||
Dilutive effect of stock options | 286 | 189 | 218 | ||||||||||
Weighted average shares outstanding, adjusted | 34,976 | 35,529 | 36,236 | ||||||||||
Diluted earnings per share from continuing operations attributable to MTI | $ | 2.46 | $ | 2.16 | $ | 1.93 | |||||||
Diluted loss per share from discontinued operations attributable to MTI | (0.16 | ) | (0.07 | ) | (0.07 | ) | |||||||
Diluted earnings per share attributable to MTI | $ | 2.3 | $ | 2.09 | $ | 1.86 | |||||||
Options to purchase 2,404 shares and 218,064 shares of common stock for the years ended December 31, 2012 and December 31, 2011, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of the common shares. No options were excluded for the year ended December 31, 2013. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Note 4. Discontinued Operations | ||||||||||||||||
During the second quarter of 2013, the Company ceased its operations at its Paper PCC merchant plant in Walsum, Germany and reclassified such operations as discontinued. The remaining assets at this facility are not material and are being disposed. All prior periods have been restated to reflect such reclassification. These operations were part of the Company's Specialty Minerals segment. | ||||||||||||||||
The following table provides selected financial information for the Walsum plant included within discontinued operations in the Consolidated Statements of Income. The amounts exclude general corporate overhead and interest expense which were previously allocated to the entity comprising the discontinued operations. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Net sales | $ | 1.6 | $ | 8.9 | $ | 11.9 | ||||||||||
Production margin | (2.1 | ) | (2.9 | ) | (2.0 | ) | ||||||||||
Expenses | 0.5 | 0.7 | 0.8 | |||||||||||||
Facility closure costs | 5.9 | -- | -- | |||||||||||||
Restructuring costs | -- | -- | 0.9 | |||||||||||||
Loss from operations | $ | (8.5 | ) | $ | (3.6 | ) | $ | (3.7 | ) | |||||||
Benefit for taxes on income | $ | (2.7 | ) | $ | (1.1 | ) | $ | (1.2 | ) | |||||||
Loss from discontinued operations, net of tax | $ | (5.8 | ) | $ | (2.5 | ) | $ | (2.5 | ) | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Income Taxes | ' | |||||||||||||
Note 5. Income Taxes | ||||||||||||||
Income from operations before provision for taxes by domestic and foreign source is as follows: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 66.6 | $ | 56.9 | $ | 47 | ||||||||
Foreign | 57.1 | 53.7 | 54.5 | |||||||||||
Income from operations before provision for | 123.7 | 110.6 | 101.5 | |||||||||||
income taxes | $ | $ | $ | |||||||||||
The provision (benefit) for taxes on income consists of the following: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | 2011 | |||||||||||
Domestic | ||||||||||||||
Taxes currently payable | ||||||||||||||
Federal | $ | 13.7 | $ | 14.9 | $ | 11.8 | ||||||||
State and local | 2.6 | 1.3 | 2.2 | |||||||||||
Deferred income taxes | 2.5 | 3.2 | (1.9 | ) | ||||||||||
Domestic tax provision | 18.8 | 19.4 | 12.1 | |||||||||||
Foreign | ||||||||||||||
Taxes currently payable | 13.8 | 14.3 | 13.1 | |||||||||||
Deferred income taxes | 1.9 | (1.8 | ) | 3.5 | ||||||||||
Foreign tax provision | 15.7 | 12.5 | 16.6 | |||||||||||
Total tax provision | $ | 34.5 | $ | 31.9 | $ | 28.7 | ||||||||
The provision for taxes on income shown in the previous table is classified based on the location of the taxing authority, regardless of the location in which the taxable income is generated. | ||||||||||||||
The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows: | ||||||||||||||
Percentages | 2013 | 2012 | 2011 | |||||||||||
U.S. statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||||
Depletion | (3.6 | ) | (3.8 | ) | (4.0 | ) | ||||||||
Difference between tax provided on foreign earnings | ||||||||||||||
and the U.S. statutory rate | (3.6 | ) | (4.0 | ) | (1.0 | ) | ||||||||
State and local taxes, net of Federal tax benefit | 1.7 | 1.5 | 1.2 | |||||||||||
Tax credits and foreign dividends | (1.7 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Change in valuation allowance | 0.3 | (1.1 | ) | (1.2 | ) | |||||||||
Impact of uncertain tax positions……………………. | (0.6 | ) | 0.9 | (2.7 | ) | |||||||||
Impact of officer's non-deductible compensation | 2.3 | 2.1 | 2.9 | |||||||||||
Other | (1.9 | ) | (1.6 | ) | (1.8 | ) | ||||||||
Consolidated effective tax rate | 27.9 | % | 28.9 | % | 28.3 | % | ||||||||
The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Accrued expenses | $ | 9.4 | $ | 12.2 | ||||||||||
Net operating loss carry forwards | 9.6 | 11.4 | ||||||||||||
Pension and post-retirement benefits costs | 21.6 | 43.8 | ||||||||||||
Other | 14.3 | 12.9 | ||||||||||||
Valuation allowance. | (5.9) | -5.7 | ||||||||||||
Total deferred tax assets | $ | 49 | $ | 74.6 | ||||||||||
Millions of Dollars | 2013 | 2012 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Plant and equipment, principally due to differences in depreciation | $ | 14.3 | $ | 10.3 | ||||||||||
Intangible assets | 13.3 | 12.4 | ||||||||||||
Other | 1.6 | 4.4 | ||||||||||||
Total deferred tax liabilities | 29.2 | 27.1 | ||||||||||||
Net deferred tax assets | $ | 19.8 | $ | 47.5 | ||||||||||
The current and long-term portion of net deferred tax assets is as follows: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | ||||||||||||
Net deferred tax assets, current | $ | 4 | $ | 6.3 | ||||||||||
Net deferred assets, long term | 15.8 | 41.2 | ||||||||||||
$ | 19.8 | $ | 47.5 | |||||||||||
The current portion of the net deferred tax assets is included in prepaid expenses and other current assets. The long-term portion of the net deferred tax assets are included in other assets and deferred charges. | ||||||||||||||
The Company has $4.8 million of deferred tax assets arising from tax loss carry forwards which will be realized through future operations. Carry forwards of approximately $2.3 million expire over the next 20 years, and $2.5 million can be utilized over an indefinite period. | ||||||||||||||
On December 31, 2013, the Company had $3.9 million of total unrecognized tax benefits. Included in this amount were a total of $2.5 million of unrecognized income tax benefits that, if recognized, would affect the Company's effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, we do not expect the change to have a significant impact on the results of operations or the financial position of the Company. | ||||||||||||||
The following table summarizes the activity related to our unrecognized tax benefits: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | ||||||||||||
Balance as of January 1, 2013 | $ | 4.8 | $ | 3.9 | ||||||||||
Increases related to current year positions | 0.6 | 0.7 | ||||||||||||
Increases related to new judgments | -- | 0.2 | ||||||||||||
Decreases related to audit settlements and statute expirations | (1.5 | ) | -- | |||||||||||
Other | -- | -- | ||||||||||||
Balance as of December 31, 2013 | $ | 3.9 | $ | 4.8 | ||||||||||
The Company's accounting policy is to recognize interest and penalties accrued, relating to unrecognized income tax benefits as part of its provision for income taxes. The Company had recorded $0.4 million of interest and penalties during 2013 and had a total accrued balance on December 31, 2013 of $0.6 million. | ||||||||||||||
The Company operates in multiple taxing jurisdictions, both within and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company, with a few exceptions (none of which are material), is no longer subject to U.S. federal, state, local, and European income tax examinations by tax authorities for years prior to 2006. | ||||||||||||||
Net cash paid for income taxes were $25.5 million, $21.5 million and $31.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
The Company has not provided for U.S. federal and foreign withholding taxes on $334.8 million of foreign subsidiaries' undistributed earnings as of December 31, 2013 because such earnings are intended to be permanently reinvested overseas. To the extent the parent company has received foreign earnings as dividends; the foreign taxes paid on those earnings have generated tax credits, which have substantially offset related U.S. income taxes. However, in the event that the entire $334.8 million of foreign earnings were to be repatriated, incremental taxes may be incurred. We do not believe this amount would be more than $46.0 million. | ||||||||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories [Abstract] | ' | |||||||
Inventories | ' | |||||||
Note 6. Inventories | ||||||||
The following is a summary of inventories by major category: | ||||||||
Millions of Dollars | 2013 | 2012 | ||||||
Raw materials | $ | 35.1 | $ | 30.8 | ||||
Work in process | 6.3 | 6.5 | ||||||
Finished goods | 26.3 | 26.5 | ||||||
Packaging and supplies | 21.5 | 20.8 | ||||||
Total inventories | $ | 89.2 | $ | 84.6 |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Note 7. Property, Plant and Equipment | ||||||||
The major categories of property, plant and equipment and accumulated depreciation and depletion are presented below: | ||||||||
Millions of Dollars | 2013 | 2012 | ||||||
Land | $ | 24.1 | $ | 26.5 | ||||
Quarries/mining properties | 39.6 | 39.6 | ||||||
Buildings | 145.7 | 145.1 | ||||||
Machinery and equipment | 956 | 937.6 | ||||||
Construction in progress | 28.6 | 27.8 | ||||||
Furniture and fixtures and other | 88.3 | 85.4 | ||||||
1,282.30 | 1,262.00 | |||||||
Less: Accumulated depreciation and depletion | (976.2 | ) | (944.3 | ) | ||||
Property, plant and equipment, net | $ | 306.1 | $ | 317.7 | ||||
Depreciation and depletion expense for the years ended December 31, 2013, 2012 and 2011 was $44.7 million, $48.7 million and $55.9 million, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | |||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||
Note 8. Goodwill and Other Intangible Assets | ||||||||||||||||
The carrying amount of goodwill was $64.4 million and $65.8 million as of December 31, 2013 and December 31, 2012, respectively. The net change in goodwill since December 31, 2012 was attributable to the effects of foreign exchange. | ||||||||||||||||
Acquired intangible assets subject to amortization included in other assets and deferred charges as of December 31, 2013 and December 31, 2012 was as follows: | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Millions of Dollars | Gross | Accumulated | Gross | Accumulated | ||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Patents and trademarks | $ | 6.4 | 3.7 | $ | 6 | $ | 3.4 | |||||||||
Customer lists | 2.9 | 2.6 | 2.9 | 2.4 | ||||||||||||
$ | 9.3 | 6.3 | $ | 8.9 | $ | 5.8 | ||||||||||
The weighted average amortization period for acquired intangible assets subject to amortization is approximately 15 years. Amortization expense was approximately $0.6 million, $0.6 million and $0.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. The estimated amortization expense is $0.4 million for 2014, $0.4 million for 2015-2016 and $0.3 million for 2017-2018. | ||||||||||||||||
Included in other assets and deferred charges is an additional intangible asset of approximately $0.5 million which represents the non-current unamortized amount paid to a customer in connection with contract extensions at seven satellite PCC facilities. In addition, a current portion of $0.4 million is included in prepaid expenses and other current assets. Such amounts will be amortized as a reduction of sales over the remaining lives of the customer contracts. Approximately $0.4 million, $0.4 million and $0.7 million were amortized in 2013, 2012 and 2011, respectively. Estimated amortization as a reduction of sales is as follows: 2014 - $0.4 million; 2015 - $0.1 million; 2016 - $0.0 million. | ||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Financial Instruments and Hedging Activities [Abstract] | ' | |||||||||||
Derivative Financial Instruments and Hedging Activities | ' | |||||||||||
Note 9. Derivative Financial Instruments and Hedging Activities | ||||||||||||
The Company is exposed to foreign currency exchange rate fluctuations. As part of its risk management strategy, the Company uses forward exchange contracts (FEC) to manage its exposure to foreign currency risk on certain raw material purchases. The Company's objective is to offset gains and losses resulting from these exposures with gains and losses on the derivative contracts used to hedge them. The Company has not entered into derivative instruments for any purpose other than to hedge certain expected cash flows. The Company does not speculate using derivative instruments. | ||||||||||||
By using derivative financial instruments to hedge exposures to changes in interest rates and foreign currencies, the Company exposes itself to credit risk and market risk. Credit risk is the risk that the counterparty will fail to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty, and therefore, it does not face any credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with major financial institutions. | ||||||||||||
Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates, currency exchange rates, or commodity prices. The market risk associated with interest rate and forward exchange contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. | ||||||||||||
Based on established criteria, the Company designated its derivatives as cash flow hedges. The Company uses FEC's designated as cash flow hedges to protect against foreign currency exchange rate risks inherent in its forecasted inventory purchases. The Company had 2 open foreign exchange contracts as of December 31, 2013. | ||||||||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is initially recorded in accumulated other comprehensive income (loss) as a separate component of shareholders' equity and subsequently reclassified into earnings in the period during which the hedged transaction is recognized in earnings. The gains and losses associated with these forward exchange contracts are recognized into cost of sales. Gains and losses and hedge ineffectiveness associated with these derivatives were not significant. | ||||||||||||
The location and amounts of derivative fair values on the Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012 were as follows: | ||||||||||||
Millions of Dollars | Asset Derivatives | Liability Derivatives | ||||||||||
Balance Sheet Location | Dec. 31, 2013 | Dec. 31, 2012 | Balance Sheet Location | Dec. 31, 2013 | Dec. 31, 2012 | |||||||
Foreign Exchange Forward Contracts | Other Current Assets | $ | -- | $ | 3.2 | Other Current Liabilities | $ | -- | $ | -- | ||
Refer to Note 11, "Fair Value of Financial Instruments" for further discussion of the determination of the fair value of derivatives. |
Shortterm_Investments
Short-term Investments | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Short-term Investments [Abstract] | ' | ||||||
Short-term Investments | ' | ||||||
Note 10. Short-term Investments | |||||||
The composition of the Company's short-term investments is as follows: | |||||||
Millions of Dollars | 2013 | 2012 | |||||
Short-term Investments | |||||||
Short-term bank deposits | $ | 15.8 | $ | 14.2 | |||
There were no unrealized holding gains and losses on the short-term bank deposits held at December 31, 2013. | |||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||
Fair Value of Financial Instruments | ' | ||||||||||
Note 11. Fair Value of Financial Instruments | |||||||||||
Fair value is an exchange price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company follows a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||
Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows: | |||||||||||
• | Market approach - prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||||||||||
• | Cost approach - amount that would be required to replace the service capacity of an asset or replacement cost. | ||||||||||
• | Income approach - techniques to convert future amounts to a single present amount based on market expectations, including present value techniques, option-pricing and other models. | ||||||||||
The Company primarily applies the income approach for foreign exchange derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||
As of December 31, 2013, the Company held certain financial assets and liabilities that were required to be measured at fair value on a recurring basis. These consisted of the Company's derivative instruments related to foreign exchange rates and certain investment in money market funds. The fair values of foreign exchange rate derivatives are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets and are categorized as Level 2. The fair values of investments in money market funds are determined by quoted prices in active markets and are categorized as level 1. The Company does not have any financial assets or liabilities measured at fair value on a recurring basis categorized as Level 3 and there were no transfers in or out of Level 3 during the year ended December 31, 2013. There were also no changes to the Company's valuation techniques used to measure asset and liability fair values on a recurring basis. | |||||||||||
The following table sets forth by level within the fair value hierarchy the Company's financial assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2013. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. | |||||||||||
Millions of Dollars | Assets (Liabilities) at Fair Value as of December 31, 2013 | ||||||||||
Quoted Prices | Significant Other | Significant | |||||||||
In Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||
Identical Assets | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Forward exchange contracts | -- | $ | -- | -- | |||||||
$ | $ | ||||||||||
Money market funds | $ | 203.2 | $ | -- | $ | -- | |||||
Total | $ | 203.2 | $ | -- | $ | -- | |||||
The following table sets forth by level within the fair value hierarchy the Company's financial assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2012. | |||||||||||
Millions of Dollars | Assets (Liabilities) at Fair Value as of December 31, 2012 | ||||||||||
Quoted Prices | Significant Other | Significant | |||||||||
In Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||
Identical Assets | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Forward exchange contracts | -- | $ | |||||||||
$ | 3.2 | $ | -- | ||||||||
Money market funds | $ | 174.7 | $ | -- | $ | -- | |||||
Total | $ | 174.7 | $ | 3.2 | $ | -- |
Financial_Instruments_and_Conc
Financial Instruments and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Financial Instruments and Concentrations of Credit Risk [Abstract] | ' |
Financial Instruments and Concentrations of Credit Risk | ' |
Note 12. Financial Instruments and Concentrations of Credit Risk | |
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | |
Cash and cash equivalents, short-term investments, accounts receivable and payable: The carrying amounts approximate fair value because of the short maturities of these instruments. | |
Short-term debt and other liabilities: The carrying amounts of short-term debt and other liabilities approximate fair value because of the short maturities of these instruments. | |
Long-term debt: The fair value of the long-term debt of the Company is estimated based on the quoted market prices for that debt or similar debt and approximates the carrying amount. | |
Forward exchange contracts: The fair value of forward exchange contracts (used for hedging purposes) is based on information derived from active markets. If appropriate, the Company would enter into forward exchange contracts to mitigate the impact of foreign exchange rate movements on the Company's operating results. It does not engage in speculation. Such foreign exchange contracts would offset losses and gains on the assets, liabilities and transactions being hedged. At December 31, 2013, the Company had 2 open foreign exchange contracts with a financial institution to purchase approximately $0.5 million of foreign currencies. These contracts matured in January 2013. The fair value of these instruments was an asset of less than $0.1 million at December 31, 2013. The fair value of open foreign exchange contracts at December 31, 2012 was an asset of less than $0.1 million. | |
Additionally, the Company has entered into forward contracts to sell 30 million Euros as a hedge of its net investment in Europe. These contracts matured in October 2013 and from inception the Company realized in comprehensive income an after-tax gain of $2.4 million, of which $0.5 million was reflected in 2013. The fair value of these instruments at December 31, 2012 was an asset of $3.2 million. | |
Credit risk: Substantially all of the Company's accounts receivables are due from companies in the paper, construction and steel industries. Credit risk results from the possibility that a loss may occur from the failure of another party to perform according to the terms of the contracts. The Company regularly monitors its credit risk exposures and takes steps to mitigate the likelihood of these exposures resulting in actual loss. The Company's extension of credit is based on an evaluation of the customer's financial condition and collateral is generally not required. | |
The Company's bad debt expense for the years ended December 31, 2013, 2012 and 2011 was $0.6 million, $1.0 million and $0.9 million, respectively. |
LongTerm_Debt_and_Commitments
Long-Term Debt and Commitments | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Long-Term Debt and Commitments [Abstract] | ' | |||||
Long-Term Debt and Commitments | ' | |||||
Note 13. Long-Term Debt and Commitments | ||||||
The following is a summary of long term debt: | ||||||
Millions of Dollars | Dec. 31, | Dec. 31, | ||||
2013 | 2012 | |||||
5.53% Series 2006A Senior Notes | ||||||
Due October 5, 2013 | $ -- | $ 50.0 | ||||
Floating Rate Series 2006A Senior Notes | ||||||
Due October 5, 2013 25,000 | -- | 25 | ||||
3.46% Series A Senior Notes | ||||||
Due October 7, 2020 | 30 | -- | ||||
4.13% Series B Senior Notes | ||||||
Due October 7, 2023 | 45 | -- | ||||
Variable/Fixed Rate Industrial | ||||||
Development Revenue Bonds Series 1999 Due November 1, 2014 | 8.2 | 8.2 | ||||
Installment obligations | ||||||
Due 2013 | -- | 1.4 | ||||
Other Borrowings | ||||||
Due 2014 | -- | 0.9 | ||||
Total | 83.2 | 85.5 | ||||
Less: Current maturities | 8.2 | 77 | ||||
Long-term debt | $ 75.0 | $ 8.5 | ||||
The Variable/Fixed Rate Industrial Development Revenue Bonds due November 1, 2014 are tax-exempt 15-year instruments and were issued on November 30, 1999 to refinance the bonds issued in connection with the construction of a PCC plant in Jackson, Alabama. The bonds bear interest at either a variable rate or fixed rate at the option of the Company. Interest is payable semi-annually under the fixed rate option and monthly under the variable rate option. The Company selected the variable rate option on these borrowings and the average interest rates were approximately 0.13% and 0.22% for the years ended December 31, 2013 and 2012, respectively. | ||||||
On May 31, 2003, the Company acquired land and limestone ore reserves from the Cushenbury Mine Trust for approximately $17.5 million. Approximately $6.1 million was paid at the closing and $11.4 million was financed through an installment obligation. The interest rate on this obligation is approximately 4.25%. This obligation was repaid in 2013. | ||||||
On October 5, 2006, the Company, through private placement, entered into a Note Purchase Agreement and issued $75 million aggregate principal amount unsecured senior notes. These notes consist of two tranches: $50 million aggregate principal amount 5.53% Series 2006A Senior Notes (Tranche 1 Notes); and $25 million aggregate principal amount Floating Rate Series 2006A Senior Notes (Tranche 2 Notes). Tranche 1 Notes bear interest of 5.53% per annum, payable semi-annually. Tranche 2 Notes bear floating rate interest, payable quarterly. The average interest rate on Tranche 2 for the years ended December 31, 2013 and December 31, 2012was 0.73% and 0.92%, respectively. The principal payment for both tranches was due on October 5, 2013. The Company repaid this obligation in 2013. | ||||||
In January 2011, the Company entered into a Renminbi ("RMB") denominated loan agreement at its Refractories facility in China with the Bank of America totaling RMB 10.6 million, or $1.6 million. Principal of this loan was payable in installments over three years. Interest was payable semi-annually and was based upon the official RMB lending rate announced by the People's Bank of China. The average interest rate for the year ended December 31, 2013 was 6.8%. This obligation was repaid in 2013. | ||||||
On October 7, 2013, the Company entered into, through private placement, a Note Purchase Agreement and issued $75 million aggregate principal amount of senior unsecured notes, consisting of (a) $30,000,000 aggregate principal amount 3.46% Senior Notes, Series A, due October 7, 2020 (the "Series A Notes"), and (b) $45,000,000 aggregate principal amount 4.13% Senior Notes, Series B, due October 7, 2023 (the "Series B Notes" and, together with the Series A Notes, the "Notes"). The Company used the proceeds of the Notes to repay its $75 million aggregate principal amount of senior unsecured notes which were due October 5, 2013. | ||||||
The aggregate maturities of long-term debt are as follows: 2014 - $8.2 million; 2015 - $-- million; 2016 - $-- million; 2017 - $-- million; 2018 - $-- million; thereafter - $75.0 million. | ||||||
The Company had available approximately $189.7 million in uncommitted, short-term bank credit lines, of which $5.5 million was in use at December 31, 2013. | ||||||
Short-term borrowings as of December 31, 2013 and 2012 were $5.5 million and $7.1 million, respectively. The weighted average interest rate on short-term borrowings outstanding as of December 31, 2013 and 2012 was 4.8% and 5.8%, respectively. | ||||||
During 2013, 2012 and 2011, respectively, the Company incurred interest costs of $3.4 million, $3.5 million and $3.5 million including $0.1 million, $0.3 million and $0.3 million, respectively, which were capitalized. Interest paid approximated the incurred interest cost. |
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Benefit Plans [Abstract] | ' | |||||||||||||||||||||||
Benefit Plans | ' | |||||||||||||||||||||||
Note 14. Benefit Plans | ||||||||||||||||||||||||
Pension Plans and Other Postretirement Benefit Plans | ||||||||||||||||||||||||
The Company and its subsidiaries have pension plans covering the majority of eligible employees on a contributory or non-contributory basis. | ||||||||||||||||||||||||
Benefits under defined benefit plans are generally based on years of service and an employee's career earnings. Employees generally become fully vested after five years. | ||||||||||||||||||||||||
The Company provides postretirement health care and life insurance benefits for the majority of its U.S. retired employees. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company does not pre-fund these benefits and has the right to modify or terminate the plan in the future. | ||||||||||||||||||||||||
The funded status of the Company's pension plans and other postretirement benefit plans at December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||
Obligations and Funded Status | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 311.4 | $ | 271.9 | $ | 10.6 | $ | 14.4 | ||||||||||||||||
Service cost | 8.4 | 8.1 | 0.6 | 0.6 | ||||||||||||||||||||
Interest cost | 11.3 | 11.6 | 0.3 | 0.4 | ||||||||||||||||||||
Actuarial (gain) loss | (28.0 | ) | 30.4 | (1.1 | ) | (4.3 | ) | |||||||||||||||||
Benefits paid | (14.0 | ) | (12.5 | ) | (0.5 | ) | (0.5 | ) | ||||||||||||||||
Settlements | -- | (0.6 | ) | -- | -- | |||||||||||||||||||
Foreign exchange impact | 0.3 | 1.9 | -- | -- | ||||||||||||||||||||
Other | 0.5 | 0.6 | -- | -- | ||||||||||||||||||||
Benefit obligation at end of year | $ | 289.9 | $ | 311.4 | $ | 9.9 | $ | 10.6 | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets beginning of year | $ | 212 | $ | 187.5 | $ | -- | $ | -- | ||||||||||||||||
Actual return on plan assets | 31 | 17.2 | -- | -- | ||||||||||||||||||||
Employer contributions | 10.9 | 16.4 | 0.5 | 0.5 | ||||||||||||||||||||
Plan participants' contributions | 0.5 | 0.5 | -- | -- | ||||||||||||||||||||
Benefits paid | (14.0 | ) | (12.5 | ) | (0.5 | ) | (0.5 | ) | ||||||||||||||||
Settlements | -- | (0.5 | ) | -- | -- | |||||||||||||||||||
Foreign exchange impact | 0.3 | 3.4 | -- | -- | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 240.7 | $ | 212 | $ | -- | $ | -- | ||||||||||||||||
Funded status | $ | (49.2 | ) | $ | (99.4 | ) | $ | (9.9 | ) | $ | (10.6 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheet consist of: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Current liability | $ | (0.3 | ) | $ | (0.3 | ) | $ | (0.8 | ) | $ | (1.0 | ) | ||||||||||||
Non-current liability | (48.9 | ) | (99.1 | ) | (9.1 | ) | (9.6 | ) | ||||||||||||||||
Recognized liability | $ | (49.2 | ) | $ | (99.4 | ) | $ | (9.9 | ) | $ | (10.6 | ) | ||||||||||||
The current portion of pension liabilities is included in accrued compensation and related items. | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income, net of related tax effects, consist of: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Net actuarial (gain) loss | $ | 58.4 | $ | 93.7 | $ | (1.6 | ) | $ | (10.1 | ) | ||||||||||||||
Prior service cost | 2.2 | 3 | (8.1 | ) | (0.8 | ) | ||||||||||||||||||
Amount recognized end of year | $ | 60.6 | $ | 96.7 | $ | (9.7 | ) | $ | (10.9 | ) | ||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $269.0 million and $287.1 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Changes in the Plan assets and benefit obligations recognized in other comprehensive income: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Current year actuarial gain (loss) | $ | 26.1 | $ | (17.6 | ) | $ | 0.7 | $ | 2.7 | |||||||||||||||
Amortization of actuarial (gain) loss | 8.8 | 8.4 | -- | (0.1 | ) | |||||||||||||||||||
Amortization of prior service credit (gain) loss | 0.6 | 0.7 | (1.9 | ) | (1.8 | ) | ||||||||||||||||||
Total recognized in other comprehensive income | $ | 35.5 | $ | (8.5 | ) | $ | (1.2 | ) | $ | 0.8 | ||||||||||||||
The components of net periodic benefit costs are as follows: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | 8.4 | $ | 8.1 | $ | 7.1 | $ | 0.6 | $ | 0.6 | $ | 0.7 | ||||||||||||
Interest cost | 11.3 | 11.6 | 11.6 | 0.3 | 0.4 | 0.6 | ||||||||||||||||||
Expected return on plan assets | (14.8 | ) | (13.5 | ) | (13.8 | ) | -- | -- | -- | |||||||||||||||
Amortization of prior service cost | 1 | 1.2 | 1.3 | (3.1 | ) | (3.1 | ) | (3.1 | ) | |||||||||||||||
Recognized net actuarial (gain) loss | 13.9 | 13.3 | 8.6 | -- | (0.1 | ) | 0.1 | |||||||||||||||||
Settlement /curtailment loss | -- | 0.2 | 0.5 | -- | -- | -- | ||||||||||||||||||
Net periodic benefit cost | $ | 19.8 | $ | 20.9 | $ | 15.3 | $ | (2.2 | ) | $ | (2.2 | ) | $ | (1.7 | ) | |||||||||
Unrecognized prior service cost is amortized over the average remaining service period of each active employee. | ||||||||||||||||||||||||
The Company's funding policy for U.S. plans generally is to contribute annually into trust funds at a rate that provides for future plan benefits and maintains appropriate funded percentages. Annual contributions to the U.S. qualified plans are at least sufficient to satisfy regulatory funding standards and are not more than the maximum amount deductible for income tax purposes. The funding policies for the international plans conform to local governmental and tax requirements. The plans' assets are invested primarily in stocks and bonds. | ||||||||||||||||||||||||
The 2014 estimated amortization of amounts in other accumulated comprehensive income are as follows: | ||||||||||||||||||||||||
Millions of Dollars | Pension Benefits | Post-Retirement Benefits | ||||||||||||||||||||||
Amortization of prior service credit (gain) loss | $ | 1 | $ | (3.1 | ) | |||||||||||||||||||
Amortization of net (gain) loss | 7.2 | (0.1 | ) | |||||||||||||||||||||
Total costs to be recognized | $ | 8.2 | $ | (3.2 | ) | |||||||||||||||||||
Additional Information | ||||||||||||||||||||||||
The weighted average assumptions used to determine net periodic benefit cost in the accounting for the pension benefit plans and other benefit plans for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 3.8 | % | 4.32 | % | 5.7 | % | ||||||||||||||||||
Expected return on plan assets | 7.18 | % | 7.06 | % | 7.25 | % | ||||||||||||||||||
Rate of compensation increase | 3.16 | % | 3.11 | % | 3.2 | % | ||||||||||||||||||
The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.37 | % | 3.77 | % | 4.3 | % | ||||||||||||||||||
Rate of compensation increase | 3.1 | % | 3.14 | % | 3.1 | % | ||||||||||||||||||
For 2013, 2012 and 2011, the discount rate was based on a Citigroup yield curve of high quality corporate bonds with cash flows matching our plans' expected benefit payments. The expected return on plan assets is based on our asset allocation mix and our historical return, taking into account current and expected market conditions. The actual return on pension assets was approximately 14% in 2013, 9% in 2012 and 2% in 2011. | ||||||||||||||||||||||||
The Company maintains a self-funded health insurance plan for its retirees. This plan provided that the maximum health care cost trend rate would be 5%. Effective June 2010, the Company amended its plan to change the eligibility requirement for retirees and revised its plan so that increases in expected health care costs would be borne by the retiree. | ||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
The Company's pension plan weighted average asset allocation percentages at December 31, 2013 and 2012 by asset category are as follows: | ||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||
Equity securities | 56.4 | % | 56.4 | % | ||||||||||||||||||||
Fixed income securities | 35 | % | 34.9 | % | ||||||||||||||||||||
Real estate | 0.5 | % | 0.5 | % | ||||||||||||||||||||
Other | 8.1 | % | 8.2 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The Company's pension plan fair values at December 31, 2013 and 2012 by asset category are as follows: | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||
Equity securities | $ | 135.9 | $ | 119.5 | ||||||||||||||||||||
Fixed income securities | 84.2 | 74.1 | ||||||||||||||||||||||
Real estate | 1.1 | 1 | ||||||||||||||||||||||
Other | 19.5 | 17.4 | ||||||||||||||||||||||
Total | $ | 240.7 | $ | 212 | ||||||||||||||||||||
The following table presents domestic and foreign pension plan assets information at December 31, 2013, 2012 and 2011 (the measurement date of pension plan assets): | ||||||||||||||||||||||||
U.S. Plans | International Plans | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Fair value of plan assets | $ | 170.6 | $ | 148.2 | $ | 132.2 | $ | 70.1 | $ | 63.8 | $ | 55.3 | ||||||||||||
The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2013: | ||||||||||||||||||||||||
Millions of Dollars | Pension Assets at Fair Value as of December 31, 2013 | |||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||
In Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Identical Assets | ||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
US equities | $ | 116.8 | $ | -- | $ | -- | $ | 116.8 | ||||||||||||||||
Non-US equities | 19 | -- | -- | 19 | ||||||||||||||||||||
Fixed Income Securities | ||||||||||||||||||||||||
Corporate debt instruments | 53.7 | 30.6 | -- | 84.3 | ||||||||||||||||||||
Real estate and other Real estate and other | ||||||||||||||||||||||||
Real estate | -- | -- | 1.1 | 1.1 | ||||||||||||||||||||
Other | -- | -- | 19.5 | 19.5 | ||||||||||||||||||||
Total Assets | $ | 189.5 | $ | 30.6 | $ | 20.6 | $ | 240.7 | ||||||||||||||||
U.S. equities—This class included actively and passively managed common equity securities comprised primarily of large-capitalization stocks with value, core and growth strategies. | ||||||||||||||||||||||||
Non-U.S. equities—This class included actively managed common equity securities comprised primarily of international large-capitalization stocks. | ||||||||||||||||||||||||
Fixed income—This class included debt instruments issued by the US Treasury, and corporate debt instruments. | ||||||||||||||||||||||||
The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2012: | ||||||||||||||||||||||||
Millions of Dollars | Pension Assets at Fair Value as of December 31, 2012 | |||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||
In Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Identical Assets | ||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
US equities | $ | 104.5 | $ | -- | $ | -- | $ | 104.5 | ||||||||||||||||
Non-US equities | 15 | -- | -- | 15 | ||||||||||||||||||||
Fixed Income Securities | ||||||||||||||||||||||||
Corporate debt instruments | 43.1 | 31 | -- | 74.1 | ||||||||||||||||||||
Real estate and other Real estate and other | ||||||||||||||||||||||||
Real estate | -- | -- | 1 | 1 | ||||||||||||||||||||
Other | -- | -- | 17.4 | 17.4 | ||||||||||||||||||||
Total Assets | $ | 162.6 | $ | 31 | $ | 18.4 | $ | 212 | ||||||||||||||||
Contributions | ||||||||||||||||||||||||
The Company expects to contribute $10 million to its pension plans and $1 million to its other post-retirement benefit plan in 2014. | ||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||||||
Millions of Dollars | Pension | Other | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
2014 | $ | 14.1 | $ | 0.8 | ||||||||||||||||||||
2015 | $ | 15.4 | $ | 0.8 | ||||||||||||||||||||
2016 | $ | 17.3 | $ | 0.8 | ||||||||||||||||||||
2017 | $ | 18.1 | $ | 0.7 | ||||||||||||||||||||
2018 | $ | 18 | $ | 0.8 | ||||||||||||||||||||
2019-2023 | $ | 101.4 | $ | 3.4 | ||||||||||||||||||||
Investment Strategies | ||||||||||||||||||||||||
The investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to both preserve and grow plan assets to meet future plan obligations. The Company's average rate of return on assets from inception through December 31, 2013 was over 10%. The Company's assets are strategically allocated among equity, debt and other investments to achieve a diversification level that dampens fluctuations in investment returns. The Company's long-term investment strategy is an investment portfolio mix of approximately 65% in equity securities and 35% in fixed income securities. As of December 31, 2013, the Company had approximately 65% of its pension assets in equity securities and 35% in fixed income securities. | ||||||||||||||||||||||||
Savings and Investment Plans | ||||||||||||||||||||||||
The Company maintains a voluntary Savings and Investment Plan (a 401K plan) for most non-union employees in the U.S. Within prescribed limits, the Company bases its contribution to the Plan on employee contributions. The Company's contributions amounted to $2.8 million for each of the years ended December 31, 2013, 2012 and 2011. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2013 | |
Leases [Abstract] | ' |
Leases | ' |
Note 15. Leases | |
The Company has several non-cancelable operating leases, primarily for office space and equipment. Rent expense amounted to approximately $4.5 million, $5.0 million and $5.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Total future minimum rental commitments under all non-cancelable leases for each of the years 2014 through 2018 and in aggregate thereafter are approximately $3.5 million, $2.6 million, $2.2 million, $1.2 million, $1.1 million, respectively, and $3.9 million thereafter. Total future minimum rentals to be received under non-cancelable subleases were approximately $1.0 million at December 31, 2013. | |
Total future minimum payments to be received under direct financing leases for each of the years 2014 through 2018 and the aggregate thereafter are approximately: $2.0 million, $0.9 million, $0.4 million, $0.1 million, $-- million and $-- million thereafter. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2013 | |
Litigation [Abstract] | ' |
Litigation | ' |
Note 16. Litigation | |
Certain of the Company's subsidiaries are among numerous defendants in a number of cases seeking damages for exposure to silica or to asbestos containing materials. The Company currently has 72 pending silica cases and 15 pending asbestos cases. To date, 1,394 silica cases and 34 asbestos cases have been dismissed. Two new asbestos cases were filed in the fourth quarter of 2013. Most of these claims do not provide adequate information to assess their merits, the likelihood that the Company will be found liable, or the magnitude of such liability, if any. Additional claims of this nature may be made against the Company or its subsidiaries. At this time management anticipates that the amount of the Company's liability, if any, and the cost of defending such claims, will not have a material effect on its financial position or results of operations. | |
The Company has not settled any silica or asbestos lawsuits to date. We are unable to state an amount or range of amounts claimed in any of the lawsuits because state court pleading practices do not require identifying the amount of the claimed damage. The aggregate cost to the Company for the legal defense of these cases since inception continues to be insignificant. The majority of the costs of defense are reimbursed by Pfizer Inc. pursuant to the terms of certain agreements entered into in connection with the Company's initial public offering in 1992. Of the 15 pending asbestos cases, all allege liability based on products sold largely or entirely prior to the initial public offering, and for which the Company is therefore entitled to indemnification pursuant to such agreements. Our experience has been that the Company is not liable to plaintiffs in any of these lawsuits and the Company does not expect to pay any settlements or jury verdicts in these lawsuits. | |
Environmental Matters | |
On April 9, 2003, the Connecticut Department of Environmental Protection issued an administrative consent order relating to our Canaan, Connecticut, plant where both our Refractories segment and Specialty Minerals segment have operations. We agreed to the order, which includes provisions requiring investigation and remediation of contamination associated with historic use of polychlorinated biphenyls ("PCBs") and mercury at a portion of the site. We have completed the required investigations and submitted several reports characterizing the contamination. We are now conducting a site-specific risk assessment required by the regulators. | |
We believe that the most likely form of overall site remediation will be to leave the existing contamination in place (with some limited soil removal), encapsulate it, and monitor the effectiveness of the encapsulation. We anticipate that a substantial portion of the remediation cost will be borne by the United States based on its involvement at the site from 1942 – 1964, as historic documentation indicates that PCBs and mercury were first used at the facility at a time of U.S. government ownership for production of materials needed by the military. Though the cost of the likely remediation remains uncertain pending completion of the phased remediation decision process, we have estimated that the Company's share of the cost of the encapsulation and limited soil removal described above would approximate $0.4 million, which has been accrued as of December 31, 2013. | |
The Company is evaluating options for upgrading the wastewater treatment facilities at its Adams, Massachusetts plant. This work has been undertaken pursuant to an administrative Consent Order originally issued by the Massachusetts Department of Environmental Protection ("DEP") on June 18, 2002. This order was amended on June 1, 2009 and on June 2, 2010. The amended Order includes the investigation by January 1, 2022 of options for ensuring that the facility's wastewater treatment ponds will not result in unpermitted discharge to groundwater. Additional requirements of the amendment include the submittal by July 1, 2022 of a plan for closure of a historic lime solids disposal area. Preliminary engineering reviews completed in 2005 indicate that the estimated cost of wastewater treatment upgrades to operate this facility beyond 2024 may be between $6 million and $8 million. The Company estimates that the remaining remediation costs would approximate $0.4 million, which has been accrued as of December 31, 2013. | |
The Company and its subsidiaries are not party to any other material pending legal proceedings, other than routine litigation incidental to their businesses. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders' Equity [Abstract] | ' | |||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||
Note 17. Stockholders' Equity | ||||||||||||||||||||
Capital Stock | ||||||||||||||||||||
The Company's authorized capital stock consists of 100 million shares of common stock, par value $0.10 per share, of which 34,350,186 shares and 34,949,620 shares were outstanding at December 31, 2013 and 2012, respectively, and 1,000,000 shares of preferred stock, none of which were issued and outstanding. | ||||||||||||||||||||
On November 14, 2012, the Company's Board of Directors approved a two-for-one stock split of the Company's outstanding common stock in the form of a 100-percent stock distribution payable on December 11, 2012 to shareholders of record on November 27, 2012. The stock split resulted in an increase of 17.6 million shares of common stock outstanding. Treasury shares were not affected by the stock split. | ||||||||||||||||||||
Cash Dividends | ||||||||||||||||||||
Cash dividends of $6.9 million or $0.20 per common share were paid during 2013. In January 2014, a cash dividend of approximately $1.7 million or $0.05 per share, was declared, payable in the first quarter of 2014. | ||||||||||||||||||||
Stock Award and Incentive Plan | ||||||||||||||||||||
The Company has adopted its 2001 Stock Award and Incentive Plan (the "Plan"), which provides for grants of incentive and non-qualified stock options, stock appreciation rights, stock awards or performance unit awards. The Plan is administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plan have a term not in excess of ten years. The exercise price for stock options will not be less than the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years. | ||||||||||||||||||||
The following table summarizes stock option and restricted stock activity for the Plan: | ||||||||||||||||||||
Stock Options | Restricted Stock | |||||||||||||||||||
Shares Available for Grant | Shares | Weighted Average Exercise Price Per Share ($) | Shares | Weighted Average Exercise Price Per Share ($) | ||||||||||||||||
Balance January 1, 2011 | 1,898,578 | 1,640,060 | 27.05 | 300,540 | 23.6 | |||||||||||||||
Granted | (381,624 | ) | 244,646 | 32.06 | 136,978 | 32.08 | ||||||||||||||
Exercised/vested | -- | (241,196 | ) | 25.01 | (94,246 | ) | 31.99 | |||||||||||||
Canceled | 160,784 | (69,536 | ) | 26.8 | (91,248 | ) | 30.22 | |||||||||||||
Balance December 31, 2011 | 1,677,738 | 1,573,974 | 27.1 | 252,024 | 27.21 | |||||||||||||||
Granted | (345,696 | ) | 222,250 | 32.04 | 123,446 | 32.04 | ||||||||||||||
Exercised/vested | -- | (330,158 | ) | 25.15 | (102,424 | ) | 25.9 | |||||||||||||
Canceled | 159,932 | (70,546 | ) | 27.76 | (89,386 | ) | 27.08 | |||||||||||||
Balance December 31, 2012 | 1,491,974 | 1,395,520 | 28.31 | 183,660 | 31.25 | |||||||||||||||
Granted | (351,995 | ) | 239,770 | 41.42 | 112,225 | 41.44 | ||||||||||||||
Exercised/vested | -- | (501,222 | ) | 25.26 | (107,956 | ) | 30.71 | |||||||||||||
Canceled | 5,010 | (2,653 | ) | 37.24 | (2,357 | ) | 36.39 | |||||||||||||
Balance December 31, 2013 | 1,144,989 | 1,131,415 | 32.42 | 185,572 | 37.65 |
Comprehensive_Income
Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Comprehensive Income [Abstract] | ' | ||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||
Note 18. Comprehensive Income | |||||||||||||||||
Comprehensive income includes changes in the fair value of certain financial derivative instruments that qualify for hedge accounting to the extent they are effective, the recognition of deferred pension costs, and cumulative foreign currency translation adjustments. | |||||||||||||||||
The following table reflects the accumulated balances of other comprehensive income (loss): | |||||||||||||||||
Millions of Dollars | Currency Translation Adjustment | Unrecognized Pension | Net Gain (Loss) On Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Costs | |||||||||||||||||
Balance at January 1, 2011 | $ | 46.6 | $ | (51.9 | ) | $ | 1.7 | $ | (3.6 | ) | |||||||
Current year net change | (16.7 | ) | (25.6 | ) | 0.6 | (41.7 | ) | ||||||||||
Balance at December 31, 2011 | $ | 29.9 | $ | (77.5 | ) | $ | 2.3 | $ | (45.3 | ) | |||||||
Current year net change | 2.1 | (7.8 | ) | (0.2 | ) | (5.9 | ) | ||||||||||
Balance at December 31, 2012 | $ | 32 | $ | (85.3 | ) | $ | 2.1 | $ | (51.2 | ) | |||||||
Current year net change | (14.9 | ) | 34.3 | 0.5 | 19.9 | ||||||||||||
Balance at December 31, 2013 | $ | 17.1 | $ | (51.0 | ) | $ | 2.6 | $ | (31.3 | ) | |||||||
The income tax expense (benefit) associated with items included in other comprehensive income (loss) was approximately $22.6 million, $(1.3) million and $(15.5) million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The following are the reclassifications out of accumulated other comprehensive income, net of related tax: | |||||||||||||||||
(millions of dollars) | Year Ended Dec. 31, | ||||||||||||||||
2013 | |||||||||||||||||
Amortization of prior service cost | $ | (1.2 | ) | ||||||||||||||
Amortization of actuarial gains (losses) | 8.8 | ||||||||||||||||
Total reclassifications from accumulated other comprehensive income | $ | 7.6 | |||||||||||||||
The above amounts are included in net periodic pension costs. Please see note 14 to the condensed consolidated financial statements. |
Accounting_for_Asset_Retiremen
Accounting for Asset Retirement Obligations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting for Asset Retirement Obligations [Abstract] | ' | |||||||
Accounting for Asset Retirement Obligations | ' | |||||||
Note 19. Accounting for Asset Retirement Obligations | ||||||||
The Company records asset retirement obligations in which the Company will be required to retire tangible long-lived assets. These are primarily related to its PCC satellite facilities and mining operations. The Company has also recorded the provisions related to conditional asset retirement obligations at its facilities. The Company has recorded asset retirement obligations at all of its facilities except where there are no contractual or legal obligations. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. | ||||||||
The following is a reconciliation of asset retirement obligations as of December 31, 2013 and 2012: | ||||||||
Millions of Dollars | 2013 | 2012 | ||||||
Asset retirement liability, beginning of period | $ | 15 | $ | 14.7 | ||||
Accretion expense | 0.7 | 0.7 | ||||||
Additional obligations | 0.2 | 0.1 | ||||||
Reversal of obligations | (0.4 | ) | (0.2 | ) | ||||
Payments | (0.6 | ) | (0.3 | ) | ||||
Foreign currency translation | (0.2 | ) | -- | |||||
Asset retirement liability, end of period | $ | 14.7 | $ | 15 | ||||
The current portion of the liability of approximately $0.4 million is included in other current liabilities. The long-term portion of the liability of approximately $14.3 million is included in other non-current liabilities. | ||||||||
Accretion expense is included in cost of goods sold in the Company's Consolidated Statements of Income. |
NonOperating_Income_and_Deduct
Non-Operating Income and Deductions | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Non-Operating Income and Deductions [Abstract] | ' | ||||||||||||||
Non-Operating Income and Deductions | ' | ||||||||||||||
Note 20. Non-Operating Income and Deductions | |||||||||||||||
Millions of Dollars | Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Interest income | $ | 3 | $ | 3.2 | $ | 3.9 | |||||||||
Interest expense | (3.3 | ) | (3.2 | ) | (3.3 | ) | |||||||||
Foreign exchange losses | (2.1 | ) | (1.4 | ) | (1.2 | ) | |||||||||
Foreign currency translation loss upon deconsolidation of a foreign entity | -- | -- | (1.4 | ||||||||||||
) | |||||||||||||||
Other deductions | (0.8 | ) | (1.6 | ) | (0.6 | ) | |||||||||
Non-operating deductions, net | $ | (3.2 | ) | $ | (3.0 | ) | $ | (2.6 | ) | ||||||
During the third quarter to 2011, the Company recognized currency translation losses of $1.4 million upon the sale of a 50% interest in and deconsolidation of its previously controlled joint venture in Korea. |
Segment_and_Related_Informatio
Segment and Related Information | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment and Related Information [Abstract] | ' | |||||||||||||
Segment and Related Information | ' | |||||||||||||
Note 21. Segment and Related Information | ||||||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company's operating segments are strategic business units that offer different products and serve different markets. They are managed separately and require different technology and marketing strategies. | ||||||||||||||
The Company has two reportable segments: Specialty Minerals and Refractories. The Specialty Minerals segment produces and sells precipitated calcium carbonate and lime, and mines, processes and sells the natural mineral products limestone and talc. This segment's products are used principally in the paper, building materials, paints and coatings, glass, ceramic, polymers, food, automotive, and pharmaceutical industries. The Refractories segment produces and markets monolithic and shaped refractory products and systems used primarily by the steel, cement and glass industries as well as metallurgical products used primarily in the steel industry. | ||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on the operating income of the respective business units. Depreciation expense related to corporate assets is allocated to the business segments and is included in their income from operations. However, such corporate depreciable assets are not included in the segment assets. Intersegment sales and transfers are not significant. | ||||||||||||||
Segment information for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||
2013 | ||||||||||||||
Millions of Dollars | Specialty Minerals | Refractories | Total | |||||||||||
Net sales | $ | 669.8 | $ | 348.4 | $ | 1,018.20 | ||||||||
Income from operations | 98.4 | 35.9 | 134.3 | |||||||||||
Depreciation, depletion and amortization | 38.6 | 8.7 | 47.3 | |||||||||||
Segment assets | 605.6 | 378.1 | 983.7 | |||||||||||
Capital expenditures | 33.6 | 8.3 | 41.9 | |||||||||||
2012 | ||||||||||||||
Millions of Dollars | Specialty Minerals | Refractories | Total | |||||||||||
Net sales | $ | 653.4 | $ | 343.4 | $ | 996.8 | ||||||||
Income from operations | 87.7 | 32.6 | 120.3 | |||||||||||
Depreciation, depletion and amortization | 40.8 | 10.3 | 51.1 | |||||||||||
Segment assets | 617 | 355.5 | 972.5 | |||||||||||
Capital expenditures | 41 | 8 | 49 | |||||||||||
2011 | ||||||||||||||
Millions of Dollars | Specialty Minerals | Refractories | Total | |||||||||||
Net sales | $ | 664.1 | $ | 368.8 | $ | 1,032.90 | ||||||||
Income from operations | 76.6 | 33.2 | 109.8 | |||||||||||
Restructuring and other charges | 0.2 | (0.6 | ) | (0.4 | ) | |||||||||
Depreciation, depletion and amortization | 47.6 | 10.6 | 58.2 | |||||||||||
Segment assets | 603.8 | 355.8 | 959.6 | |||||||||||
Capital expenditures | 41.7 | 8 | 49.7 | |||||||||||
A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows: | ||||||||||||||
Millions of Dollars | ||||||||||||||
Income from continuing operations before | ||||||||||||||
provision for taxes: | 2013 | 2012 | 2011 | |||||||||||
Income from operations for reportable segments | $ | 134.3 | $ | 120.3 | $ | 109.8 | ||||||||
Unallocated corporate expenses | (7.4 | ) | (6.7 | ) | (5.7 | ) | ||||||||
Interest income | 3 | 3.2 | 3.9 | |||||||||||
Interest expense | (3.3 | ) | (3.2 | ) | (3.3 | ) | ||||||||
Other deductions | (2.8 | ) | (3.0 | ) | (3.2 | ) | ||||||||
Income from continuing operations before provision for taxes | $ | 123.8 | $ | 110.6 | $ | 101.5 | ||||||||
Total assets | 2013 | 2012 | 2011 | |||||||||||
Total segment assets | $ | 983.7 | $ | 972.5 | $ | 959.6 | ||||||||
Corporate assets | 233.8 | 238.7 | 205.4 | |||||||||||
Consolidated total assets | $ | 1,217.50 | $ | 1,211.20 | $ | 1,165.00 | ||||||||
Capital expenditures | 2013 | 2012 | 2011 | |||||||||||
Total segment capital expenditures | $ | 41.9 | $ | 49 | $ | 49.7 | ||||||||
Corporate capital expenditures | 1.9 | 3.1 | 2.4 | |||||||||||
Consolidated total capital expenditures | $ | 43.8 | $ | 52.1 | $ | 52.1 | ||||||||
The carrying amount of goodwill by reportable segment as of December 31, 2013 and December 31, 2012 was as follows: | ||||||||||||||
Goodwill | ||||||||||||||
Millions of Dollars | December 31, | 31-Dec-12 | ||||||||||||
2013 | ||||||||||||||
Specialty Minerals | $ | 14.3 | $ | 14.1 | ||||||||||
Refractories | 50.1 | 51.7 | ||||||||||||
Total | $ | 64.4 | $ | 65.8 | ||||||||||
The net change in goodwill since December 31, 2012 is attributable to the effect of foreign exchange. | ||||||||||||||
Financial information relating to the Company's operations by geographic area was as follows: | ||||||||||||||
Millions of Dollars | ||||||||||||||
Net Sales | 2013 | 2012 | 2011 | |||||||||||
United States | $ | 563.5 | $ | 562.5 | $ | 557.5 | ||||||||
Canada/Latin America | 70.3 | 72.5 | 74.3 | |||||||||||
Europe/Africa | 269.2 | 248.2 | 286.4 | |||||||||||
Asia | 115.2 | 113.6 | 114.7 | |||||||||||
Total International | 454.7 | 434.3 | 475.4 | |||||||||||
Consolidated total net sales | $ | 1,018.20 | $ | 996.8 | $ | 1,032.90 | ||||||||
Millions of Dollars | ||||||||||||||
Long-lived assets | 2013 | 2012 | 2011 | |||||||||||
United States | $ | 235.2 | $ | 235.8 | $ | 239.8 | ||||||||
Canada/Latin America | 12.1 | 14.5 | 14.6 | |||||||||||
Europe/Africa | 64.9 | 69 | 72 | |||||||||||
Asia | 60.5 | 67.3 | 59.8 | |||||||||||
Total International | 137.5 | 150.8 | 146.4 | |||||||||||
Consolidated total long-lived assets | $ | 372.7 | $ | 386.6 | $ | 386.2 | ||||||||
Net sales and long-lived assets are attributed to countries and geographic areas based on the location of the legal entity. No individual foreign country represents more than 10% of consolidated net sales or consolidated long-lived assets. | ||||||||||||||
The Company's sales by product category are as follows: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | 2011 | |||||||||||
Paper PCC | $ | 480 | $ | 471.5 | $ | 485 | ||||||||
Specialty PCC | 67.2 | 65.9 | 63.6 | |||||||||||
Talc | 50.9 | 48.1 | 46.9 | |||||||||||
GCC | 71.7 | 67.9 | 68.6 | |||||||||||
Refractory Products | 264 | 264.1 | 287.4 | |||||||||||
Metallurgical Products | 84.4 | 79.3 | 81.4 | |||||||||||
Net sales | $ | 1,018.20 | $ | 996.8 | $ | 1,032.90 |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data (unaudited) | ' | |||||||||||||||||||
Note 22. Quarterly Financial Data (unaudited) | ||||||||||||||||||||
Millions of Dollars, Except Per Share Amounts | ||||||||||||||||||||
2013 Quarters | First | Second | Third | Fourth | ||||||||||||||||
Net Sales by Major Product Line | ||||||||||||||||||||
PCC | $ | 137.2 | $ | 135.6 | $ | 135.9 | $ | 138.3 | ||||||||||||
Processed Minerals | 29.6 | 32.7 | 31.5 | 28.8 | ||||||||||||||||
Specialty Minerals Segment | 166.8 | 168.3 | 167.4 | 167.1 | ||||||||||||||||
Refractories Segment | 83.6 | 88.5 | 86.8 | 89.5 | ||||||||||||||||
Net sales | 250.4 | 256.8 | 254.2 | 256.6 | ||||||||||||||||
Gross profit | 56 | 58.8 | 59.9 | 59 | ||||||||||||||||
Income from operations | 28.2 | 32.4 | 32.8 | 33.5 | ||||||||||||||||
Income from continuing operations | 20.3 | 22.7 | 22.6 | 23.6 | ||||||||||||||||
Loss from discontinued operations | (0.7 | ) | (5.0 | ) | -- | -- | ||||||||||||||
Net income attributable to MTI….. | $ | 18.7 | $ | 17.1 | $ | 21.9 | $ | 22.6 | ||||||||||||
Basic EPS: | ||||||||||||||||||||
Income from continuing operations attributable to MTI | $ | 0.56 | $ | 0.63 | $ | 0.63 | $ | 0.66 | ||||||||||||
Loss from discontinued operations attributable to MTI | $ | (0.02 | ) | $ | (0.14 | ) | $ | -- | $ | -- | ||||||||||
Net Income attributable to MTI common shareholders | $ | 0.54 | $ | 0.49 | $ | 0.63 | $ | 0.66 | ||||||||||||
Diluted EPS: | ||||||||||||||||||||
Income from continuing operations attributable to MTI | $ | 0.55 | $ | 0.63 | $ | 0.63 | $ | 0.65 | ||||||||||||
Loss from discontinued operations attributable to MTI | $ | (0.02 | ) | $ | (0.14 | ) | $ | -- | $ | -- | ||||||||||
Net Income attributable to MTI common shareholders | $ | 0.53 | $ | 0.49 | $ | 0.63 | $ | 0.65 | ||||||||||||
Market price range per share of common stock: | ||||||||||||||||||||
High | $ | 43.04 | $ | 43.12 | $ | 49.03 | $ | 60.4 | ||||||||||||
Low | $ | 39.54 | $ | 38.43 | $ | 42.53 | $ | 49.28 | ||||||||||||
Close | $ | 41.51 | $ | 41.34 | $ | 48.95 | $ | 60.07 | ||||||||||||
Dividends paid per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | ||||||||||||
2012 Quarters | First | Second | Third | Fourth | ||||||||||||||||
Net Sales by Major Product Line | ||||||||||||||||||||
PCC | $ | 135.5 | $ | 133.7 | $ | 134.5 | $ | 133.7 | ||||||||||||
Processed Minerals | 29.6 | 31.8 | 28.6 | 26 | ||||||||||||||||
Specialty Minerals Segment | 165.1 | 165.5 | 163.1 | 159.7 | ||||||||||||||||
Refractories Segment | 89.4 | 85.9 | 84.7 | 83.4 | ||||||||||||||||
Net sales | 254.5 | 251.4 | 247.8 | 243.1 | ||||||||||||||||
Gross profit | 55.6 | 56.8 | 55.6 | 54.3 | ||||||||||||||||
Income from operations | 27.9 | 30.1 | 28.6 | 27 | ||||||||||||||||
Income from continuing operations | 19.2 | 20.7 | 19.7 | 19.1 | ||||||||||||||||
Loss from discontinued operations | (0.6 | ) | (0.5 | ) | (0.5 | ) | (0.9 | ) | ||||||||||||
Net income attributable to MTI | $ | 18 | $ | 19.7 | $ | 18.6 | $ | 17.7 | ||||||||||||
Basic EPS: | ||||||||||||||||||||
Income from continuing operations attributable to MTI | $ | 0.53 | $ | 0.57 | $ | 0.54 | $ | 0.53 | ||||||||||||
Loss from discontinued operations attributable to MTI | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||
Net Income attributable to MTI common shareholders | $ | 0.51 | $ | 0.56 | $ | 0.53 | $ | 0.5 | ||||||||||||
Diluted EPS: | ||||||||||||||||||||
Income from continuing operations attributable to MTI | $ | 0.53 | $ | 0.57 | $ | 0.54 | $ | 0.53 | ||||||||||||
Loss from discontinued operations attributable to MTI | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||
Net Income attributable to MTI common shareholders | $ | 0.51 | $ | 0.56 | $ | 0.53 | $ | 0.5 | ||||||||||||
Market price range per share of common stock: | ||||||||||||||||||||
High | $ | 33.96 | $ | 33.6 | $ | 36.99 | $ | 39.92 | ||||||||||||
Low | $ | 28.78 | $ | 30.81 | $ | 30.5 | $ | 34.25 | ||||||||||||
Close | $ | 32.7 | $ | 31.89 | $ | 35.46 | $ | 39.92 | ||||||||||||
Dividends paid per common share | $ | 0.025 | $ | 0.025 | $ | 0.025 | $ | 0.05 |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Abstract] | ' |
Subsequent Event | ' |
Note 23. Subsequent Event | |
The Company announced on February 14, 2014 that it has made a proposal to acquire all outstanding shares of AMCOL International Corporation, a company publicly traded on the New York Stock Exchange, for $42 per share in cash. The Company is confident in its ability to finance the transaction. If the proposal is accepted, the transaction would be expected to close in the first half of 2014 and would be conditioned upon customary closing conditions. |
SCHEDULE_IIVALUATION_AND_QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS [Abstract] | ' | ||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||
MINERALS TECHNOLOGIES INC. & SUBSIDIARY COMPANIES | |||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
(thousands of dollars) | |||||||||||||||||
Description | Balance at Beginning of Period | Additions Charged to Costs, Provisions and Expenses | Deductions (a) | Balance at End of Period | |||||||||||||
(b) | |||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Valuation and qualifying accounts deducted from assets to which they apply: | |||||||||||||||||
Allowance for doubtful accounts | $ | 3,837 | 586 | (2,708 | ) | 1,715 | |||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Valuation and qualifying accounts deducted from assets to which they apply: | |||||||||||||||||
Allowance for doubtful accounts | $ | 3,009 | $ | 1,011 | (183 | ) | 3,837 | ||||||||||
Year ended December 31, 2011 | |||||||||||||||||
Valuation and qualifying accounts deducted from assets to which they apply: | |||||||||||||||||
Allowance for doubtful accounts | $ | 2,440 | $ | 877 | $ | (308 | ) | $ | 3,009 | ||||||||
(a) | Includes impact of translation of foreign currencies. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying consolidated financial statements include the accounts of Minerals Technologies Inc. (the "Company") and its wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |
Certain reclassifications were made to prior year amounts to conform to current year presentation. | |
During the second quarter of 2013, the Company ceased its operations at its Paper PCC merchant plant in Walsum, Germany and reclassified such operations as discontinued. All prior periods have been restated to reflect such reclassification. | |
Use of Estimates | ' |
Use of Estimates | |
The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to allowance for doubtful accounts, valuation of inventories, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, income tax, valuation allowances, and litigation and environmental liabilities. Actual results could differ from those estimates. | |
Cash Equivalents and Short-term Investments | ' |
Cash Equivalents and Short-term Investments | |
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term investments consist of financial instruments with original maturities beyond three months, but less than twelve months. Short-term investments amounted to $15.8 million and $14.2 million at December 31, 2013 and 2012, respectively. | |
Trade Accounts Receivable | ' |
Trade Accounts Receivable | |
Trade accounts receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific allowances for bankrupt customers. The Company also analyzes the collection history and financial condition of its other customers, considering current industry conditions and determines whether an allowance needs to be established. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days based on payment terms are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. | |
Inventories | ' |
Inventories | |
Inventories are valued at the lower of cost or market. Cost is determined by the first-in, first-out (FIFO) method. | |
Additionally, items such as idle facility expense, excessive spoilage, freight handling costs, and re-handling costs are recognized as current period charges. The allocation of fixed production overheads to the costs of conversion are based upon the normal capacity of the production facility. Fixed overhead costs associated with idle capacity are expensed as incurred. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost. Significant improvements are capitalized, while maintenance and repair expenditures are charged to operations as incurred. The Company capitalizes interest cost as a component of construction in progress. In general, the straight-line method of depreciation is used for financial reporting purposes. The annual rates of depreciation are 3% - 6.67% for buildings, 6.67% - 12.5% for machinery and equipment, 8% - 12.5% for furniture and fixtures and 12.5% - 25% for computer equipment and software-related assets. The estimated useful lives of our PCC production facilities and machinery and equipment pertaining to our natural stone mining and processing plants and our chemical plants are 15 years. | |
Property, plant and equipment are depreciated over their useful lives. Useful lives are based on management's estimates of the period that the assets can generate revenue, which does not necessarily coincide with the remaining term of a customer's contractual obligation to purchase products made using those assets. The Company's sales of PCC are predominantly pursuant to long-term evergreen contracts, initially ten years in length, with paper mills at which the Company operates satellite PCC plants. The terms of many of these agreements have been extended, often in connection with an expansion of the satellite PCC plant. Failure of a PCC customer to renew an agreement or continue to purchase PCC from a Company facility could result in an impairment of assets charge or accelerated depreciation at such facility. | |
Depletion of mineral reserves is determined on a unit-of-extraction basis for financial reporting purposes, based upon proven and probable reserves, and on a percentage depletion basis for tax purposes. | |
Stripping Costs Incurred During Production | ' |
Stripping Costs Incurred During Production | |
Stripping costs are those costs incurred for the removal of waste materials for the purpose of accessing ore body that will be produced commercially. Stripping costs incurred during the production phase of a mine are variable costs that are included in the costs of inventory produced during the period that the stripping costs are incurred. | |
Accounting for the Impairment of Long-Lived Assets | ' |
Accounting for the Impairment of Long-Lived Assets | |
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest), resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset, determined principally using discounted cash flows. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets | |
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized, but instead assessed for impairment. Intangible assets with estimable useful lives are amortized over their respective estimated lives to the estimated residual values, and reviewed for impairment. | |
The Company performs a qualitative assessment for each of its reporting units to determine if the two step process for impairment testing was required. If the Company determines that it was more likely than not that the fair value of a reporting unit was less than its carrying amount, the Company would then have evaluated the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the fair value for the reporting unit is compared to its book value including goodwill. In the case that the fair value of the reporting unit is less than book value, a second step is performed which compares the fair value of the reporting unit's goodwill to the book value of the goodwill. The fair value for the goodwill is determined based on the difference between the fair values of the reporting unit and the net fair values of the identifiable assets and liabilities of such reporting unit. If the fair value of the goodwill is less than the book value, the difference is recognized as an impairment. | |
Accounting for Asset Retirement Obligations | ' |
Accounting for Asset Retirement Obligations | |
The Company provides for obligations associated with the retirement of long-lived assets and the associated asset retirement costs. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company also provides for legal obligations to perform asset retirement activities where timing or methods of settlement are conditional on future events. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The recorded amounts of cash and cash equivalents, receivables, short-term borrowings, accounts payable, accrued interest, and variable-rate long-term debt approximate fair value because of the short maturity of those instruments or the variable nature of underlying interest rates. Short-term investments are recorded at cost, which approximates fair market value. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
The Company records derivative financial instruments which are used to hedge certain foreign exchange risk at fair value on the balance sheet. See Note 9 for a full description of the Company's hedging activities and related accounting policies. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenue from sale of products is recognized at the time the goods are shipped and title passes to the customer. In most of the Company's PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year. Under those contracts the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to such customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. The Company also has consignment arrangements with certain customers in our Refractories segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer. | |
Revenues from sales of equipment are recorded upon completion of installation and receipt of customer acceptance. Revenues from services are recorded when the services have been performed. | |
Foreign Currency | ' |
Foreign Currency | |
The assets and liabilities of the Company's international subsidiaries are translated into U.S. dollars using exchange rates at the respective balance sheet date. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss) in shareholders' equity. Income statement items are generally translated at monthly average exchange rates prevailing during the period. International subsidiaries operating in highly inflationary economies translate non-monetary assets at historical rates, while net monetary assets are translated at current rates, with the resulting translation adjustments included in net income. At December 31, 2013, the Company had no international subsidiaries operating in highly inflationary economies. | |
Income Taxes | ' |
Income Taxes | |
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The Company operates in multiple taxing jurisdictions, both within the U.S. and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company regularly assesses its tax position for such transactions and includes reserves for those differences in position. The reserves are utilized or reversed once the statute of limitations has expired or the matter is otherwise resolved. | |
The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax laws and regulations change over time. As such, changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations. The Company's accounting policy is to recognize interest and penalties as part of its provision for income taxes. See Note 5, "Income Taxes," for additional detail on our uncertain tax positions. | |
The accompanying financial statements generally do not include a provision for U.S. income taxes on international subsidiaries' unremitted earnings, which are expected to be permanently reinvested overseas. | |
Research and Development Expenses | ' |
Research and Development Expenses | |
Research and development expenses are expensed as incurred. | |
Accounting for Stock-Based Compensation | ' |
Accounting for Stock-Based Compensation | |
The Company recognizes compensation expense for share-based awards based upon the grant date fair value over the vesting period. | |
Pension and Post-retirement Benefits | ' |
Pension and Post-retirement Benefits | |
The Company has defined benefit pension plans covering the majority of its employees. The benefits are generally based on years of service and an employee's modified career earnings. | |
The Company also provides post-retirement healthcare benefits for the majority of its retirees and employees in the United States. The Company measures the costs of its obligation based on its best estimate. The net periodic costs are recognized as employees render the services necessary to earn the post-retirement benefits. | |
Environmental | ' |
Environmental | |
Expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when it is probable the Company will be obligated to pay amounts for environmental site evaluation, remediation or related costs, and such amounts can be reasonably estimated. | |
Earnings Per Share | ' |
Earnings Per Share | |
Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during the period. | |
Diluted earnings per share have been computed based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. | |
Subsequent events | ' |
Subsequent events | |
The Company has evaluated for subsequent events through the date of issuance of its financial statements. | |
Stock Split | ' |
Stock Split | |
On November 14, 2012 the Company's Board of Directors authorized a two-for-one stock split of the of the Company's outstanding common stock, which was effected in the form of a 100-percent stock distribution payable on December 11, 2012 to shareholders of record on November 27, 2012. Treasury shares were not treated as outstanding shares in the stock split. The par-value of the Company's stock remained at $0.10 per share. Unless otherwise noted, all share amounts and per share calculations have been adjusted for all periods presented to reflect the impact of this split and to provide data on a comparable basis. | |
Recently Issued accounting Standards | ' |
Recently Issued accounting Standards | |
Comprehensive Income | |
In February 2012, the FASB issued ASU No. 2013-02, "Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("AOCI")" which improves the reporting of reclassifications out of AOCI. This ASU requires an entity to report the effect of significant reclassifications out of AOCI on the respective line items in net income. For other amounts not required to be reclassified to net income, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about these amounts. This ASU became effective January 1, 2013 and the effect of adopting this updated guidance did not have an impact on the Company's financial position or results of operations. | |
Presentation of Unrecognized Tax Benefits | |
In July 2013, the FASB issued ASU No. 2013-11, "Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" which improves the reporting of unrecognized tax benefits. This ASU requires an entity to present an unrecognized tax benefit as a reduction to deferred tax assets for NOLs or tax credit carryforwards, unless the NOL or tax credit carryforward is not available under the tax law or not intended to be used as of the reporting date to settle any additional income taxes that would be due from the disallowance of a tax position. Under that exception, the unrecognized tax benefit should be presented as a liability instead of being netted against deferred tax assets for NOLs or tax credit carryforwards. This ASU is effective for fiscal quarters and years beginning after December 15, 2013. The Company is currently evaluating the impact of adopting ASU No. 2013-11 on the Company's Consolidated Balance Sheet. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Weighted average assumptions used to determine fair value for stock awards | ' | ||||||||||||||||
The fair value for stock awards was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected life (years) | 6.9 | 6.9 | 6.3 | ||||||||||||||
Interest rate | 1.22 | % | 1.36 | % | 2.46 | % | |||||||||||
Volatility | 37.82 | % | 31.26 | % | 30.93 | % | |||||||||||
Expected dividend yield | 0.48 | % | 0.31 | % | 0.31 | % | |||||||||||
Summary of stock option activity | ' | ||||||||||||||||
The following table summarizes stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Shares | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||
Balance December 31, 2012 | 1,395,520 | $ | 28.31 | ||||||||||||||
Granted | 239,770 | 41.42 | |||||||||||||||
Exercised | (501,222 | ) | 25.26 | ||||||||||||||
Canceled | (2,653 | ) | 37.24 | ||||||||||||||
Balance December 31, 2013 | 1,131,415 | $ | 32.42 | 6.16 | $ | 31,283 | |||||||||||
Exercisable, December 31, 2013 | 758,014 | $ | 29.67 | 4.95 | $ | 23,046 | |||||||||||
Non-vested stock option activity | ' | ||||||||||||||||
Non-vested stock option activity for the year ended December 31, 2013 is as follows: | |||||||||||||||||
Shares | Weighted Average Exercise Price Per Share | ||||||||||||||||
Non-vested options outstanding at December 31, 2012 | 327,086 | $ | 31.17 | ||||||||||||||
Options granted | 239,770 | 41.42 | |||||||||||||||
Options vested | (190,802 | ) | 30.57 | ||||||||||||||
Options forfeited … | (2,653 | ) | 37.24 | ||||||||||||||
Non-vested options outstanding at December 31, 2013 | 373,401 | $ | 38.01 | ||||||||||||||
Summary of outstanding options by exercise price | ' | ||||||||||||||||
The following table summarizes additional information concerning options outstanding at December 31, 2013: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of | Number Outstanding at 12/31/13 | Weighted Average Remaining Contractual Term (Years) | Weighted Average Exercise Price | Number Exercisable | Weighted Average Exercise Price | ||||||||||||
Exercise Prices | at 12/31/13 | ||||||||||||||||
$ | 19.855 | - | $ | 24.753 | 140,018 | 6.1 | $ | 23.13 | 140,018 | $ | 23.13 | ||||||
$ | 26.257 | - | $ | 29.665 | 50,828 | 2 | $ | 27.15 | 48,322 | $ | 27.16 | ||||||
$ | 30.097 | - | $ | 42.415 | 940,569 | 6.4 | $ | 34.09 | 569,674 | $ | 31.49 | ||||||
$ | 19.855 | - | $ | 42.415 | 1,131,415 | 4.8 | $ | 32.42 | 758,014 | $ | 29.67 | ||||||
Summary of restricted stock activity | ' | ||||||||||||||||
The following table summarizes the restricted stock activity for the Plan: | |||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Unvested balance at December 31, 2012 | 183,660 | $ | 31.25 | ||||||||||||||
Granted | 112,225 | $ | 41.44 | ||||||||||||||
Vested | (107,956 | ) | $ | 30.71 | |||||||||||||
Canceled | (2,357 | ) | $ | 36.39 | |||||||||||||
Unvested balance at December 31, 2013 | 185,572 | $ | 37.65 |
Earnings_Per_Share_EPS_Tables
Earnings Per Share (EPS) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of basic and diluted earnings per share | ' | ||||||||||||
Note 3. Earnings Per Share (EPS) | |||||||||||||
(thousands, except per share amounts) | |||||||||||||
Basic EPS | 2013 | 2012 | 2011 | ||||||||||
Income from continuing operations attributable to MTI | $ | 86,074 | $ | 76,597 | $ | 70,053 | |||||||
Loss from discontinued operations attributable to MTI | (5,744 | ) | (2,450 | ) | (2,532 | ) | |||||||
Net income attributable to MTI | $ | 80,330 | $ | 74,147 | $ | 67,521 | |||||||
Weighted average shares outstanding | 34,690 | 35,340 | 36,018 | ||||||||||
Basic earnings per share from continuing operations attributable to MTI | $ | 2.48 | $ | 2.17 | $ | 1.94 | |||||||
Basic loss per share from discontinued operations attributable to MTI | (0.17 | ) | (0.07 | ) | (0.07 | ) | |||||||
Basic earnings per share attributable to MTI | $ | 2.31 | $ | 2.1 | $ | 1.87 | |||||||
Diluted EPS | 2013 | 2012 | 2011 | ||||||||||
Income from continuing operations attributable to MTI | $ | 86,074 | $ | 76,597 | $ | 70,053 | |||||||
Loss from discontinued operations attributable to MTI | (5,744 | ) | (2,450 | ) | (2,532 | ) | |||||||
Net income attributable to MTI | $ | 80,330 | $ | 74,147 | $ | 67,521 | |||||||
Weighted average shares outstanding | 34,690 | 35,340 | 36,018 | ||||||||||
Dilutive effect of stock options | 286 | 189 | 218 | ||||||||||
Weighted average shares outstanding, adjusted | 34,976 | 35,529 | 36,236 | ||||||||||
Diluted earnings per share from continuing operations attributable to MTI | $ | 2.46 | $ | 2.16 | $ | 1.93 | |||||||
Diluted loss per share from discontinued operations attributable to MTI | (0.16 | ) | (0.07 | ) | (0.07 | ) | |||||||
Diluted earnings per share attributable to MTI | $ | 2.3 | $ | 2.09 | $ | 1.86 | |||||||
Options to purchase 2,404 shares and 218,064 shares of common stock for the years ended December 31, 2012 and December 31, 2011, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of the common shares. No options were excluded for the year ended December 31, 2013. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||||||
Selected financial information | ' | |||||||||||||||
The following table provides selected financial information for the Walsum plant included within discontinued operations in the Consolidated Statements of Income. The amounts exclude general corporate overhead and interest expense which were previously allocated to the entity comprising the discontinued operations. | ||||||||||||||||
Millions of Dollars | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Net sales | $ | 1.6 | $ | 8.9 | $ | 11.9 | ||||||||||
Production margin | (2.1 | ) | (2.9 | ) | (2.0 | ) | ||||||||||
Expenses | 0.5 | 0.7 | 0.8 | |||||||||||||
Facility closure costs | 5.9 | -- | -- | |||||||||||||
Restructuring costs | -- | -- | 0.9 | |||||||||||||
Loss from operations | $ | (8.5 | ) | $ | (3.6 | ) | $ | (3.7 | ) | |||||||
Benefit for taxes on income | $ | (2.7 | ) | $ | (1.1 | ) | $ | (1.2 | ) | |||||||
Loss from discontinued operations, net of tax | $ | (5.8 | ) | $ | (2.5 | ) | $ | (2.5 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Income (loss) from continuing operations before provision (benefit) for taxes and discontinued operations by domestic and foreign source | ' | |||||||||||||
Income from operations before provision for taxes by domestic and foreign source is as follows: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 66.6 | $ | 56.9 | $ | 47 | ||||||||
Foreign | 57.1 | 53.7 | 54.5 | |||||||||||
Income from operations before provision for | 123.7 | 110.6 | 101.5 | |||||||||||
income taxes | $ | $ | $ | |||||||||||
Provision (benefit) for taxes on income | ' | |||||||||||||
The provision (benefit) for taxes on income consists of the following: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | 2011 | |||||||||||
Domestic | ||||||||||||||
Taxes currently payable | ||||||||||||||
Federal | $ | 13.7 | $ | 14.9 | $ | 11.8 | ||||||||
State and local | 2.6 | 1.3 | 2.2 | |||||||||||
Deferred income taxes | 2.5 | 3.2 | (1.9 | ) | ||||||||||
Domestic tax provision | 18.8 | 19.4 | 12.1 | |||||||||||
Foreign | ||||||||||||||
Taxes currently payable | 13.8 | 14.3 | 13.1 | |||||||||||
Deferred income taxes | 1.9 | (1.8 | ) | 3.5 | ||||||||||
Foreign tax provision | 15.7 | 12.5 | 16.6 | |||||||||||
Total tax provision | $ | 34.5 | $ | 31.9 | $ | 28.7 | ||||||||
Reconciliation of statutory federal tax rate to effective federal tax rate | ' | |||||||||||||
The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows: | ||||||||||||||
Percentages | 2013 | 2012 | 2011 | |||||||||||
U.S. statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||||
Depletion | (3.6 | ) | (3.8 | ) | (4.0 | ) | ||||||||
Difference between tax provided on foreign earnings | ||||||||||||||
and the U.S. statutory rate | (3.6 | ) | (4.0 | ) | (1.0 | ) | ||||||||
State and local taxes, net of Federal tax benefit | 1.7 | 1.5 | 1.2 | |||||||||||
Tax credits and foreign dividends | (1.7 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Change in valuation allowance | 0.3 | (1.1 | ) | (1.2 | ) | |||||||||
Impact of uncertain tax positions……………………. | (0.6 | ) | 0.9 | (2.7 | ) | |||||||||
Impact of officer's non-deductible compensation | 2.3 | 2.1 | 2.9 | |||||||||||
Other | (1.9 | ) | (1.6 | ) | (1.8 | ) | ||||||||
Consolidated effective tax rate | 27.9 | % | 28.9 | % | 28.3 | % | ||||||||
Deferred tax assets and liabilities | ' | |||||||||||||
The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Accrued expenses | $ | 9.4 | $ | 12.2 | ||||||||||
Net operating loss carry forwards | 9.6 | 11.4 | ||||||||||||
Pension and post-retirement benefits costs | 21.6 | 43.8 | ||||||||||||
Other | 14.3 | 12.9 | ||||||||||||
Valuation allowance. | (5.9) | -5.7 | ||||||||||||
Total deferred tax assets | $ | 49 | $ | 74.6 | ||||||||||
Millions of Dollars | 2013 | 2012 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Plant and equipment, principally due to differences in depreciation | $ | 14.3 | $ | 10.3 | ||||||||||
Intangible assets | 13.3 | 12.4 | ||||||||||||
Other | 1.6 | 4.4 | ||||||||||||
Total deferred tax liabilities | 29.2 | 27.1 | ||||||||||||
Net deferred tax assets | $ | 19.8 | $ | 47.5 | ||||||||||
The current and long-term portion of net deferred tax assets is as follows: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | ||||||||||||
Net deferred tax assets, current | $ | 4 | $ | 6.3 | ||||||||||
Net deferred assets, long term | 15.8 | 41.2 | ||||||||||||
$ | 19.8 | $ | 47.5 | |||||||||||
Activity related to unrecognized tax benefits | ' | |||||||||||||
The following table summarizes the activity related to our unrecognized tax benefits: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | ||||||||||||
Balance as of January 1, 2013 | $ | 4.8 | $ | 3.9 | ||||||||||
Increases related to current year positions | 0.6 | 0.7 | ||||||||||||
Increases related to new judgments | -- | 0.2 | ||||||||||||
Decreases related to audit settlements and statute expirations | (1.5 | ) | -- | |||||||||||
Other | -- | -- | ||||||||||||
Balance as of December 31, 2013 | $ | 3.9 | $ | 4.8 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories [Abstract] | ' | |||||||
Inventories by major category | ' | |||||||
The following is a summary of inventories by major category: | ||||||||
Millions of Dollars | 2013 | 2012 | ||||||
Raw materials | $ | 35.1 | $ | 30.8 | ||||
Work in process | 6.3 | 6.5 | ||||||
Finished goods | 26.3 | 26.5 | ||||||
Packaging and supplies | 21.5 | 20.8 | ||||||
Total inventories | $ | 89.2 | $ | 84.6 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Major categories of property, plant and equipment and accumulated depreciation and depletion | ' | |||||||
The major categories of property, plant and equipment and accumulated depreciation and depletion are presented below: | ||||||||
Millions of Dollars | 2013 | 2012 | ||||||
Land | $ | 24.1 | $ | 26.5 | ||||
Quarries/mining properties | 39.6 | 39.6 | ||||||
Buildings | 145.7 | 145.1 | ||||||
Machinery and equipment | 956 | 937.6 | ||||||
Construction in progress | 28.6 | 27.8 | ||||||
Furniture and fixtures and other | 88.3 | 85.4 | ||||||
1,282.30 | 1,262.00 | |||||||
Less: Accumulated depreciation and depletion | (976.2 | ) | (944.3 | ) | ||||
Property, plant and equipment, net | $ | 306.1 | $ | 317.7 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | |||||||||||||||
Acquired intangible assets subject to amortization | ' | |||||||||||||||
Acquired intangible assets subject to amortization included in other assets and deferred charges as of December 31, 2013 and December 31, 2012 was as follows: | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Millions of Dollars | Gross | Accumulated | Gross | Accumulated | ||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Patents and trademarks | $ | 6.4 | 3.7 | $ | 6 | $ | 3.4 | |||||||||
Customer lists | 2.9 | 2.6 | 2.9 | 2.4 | ||||||||||||
$ | 9.3 | 6.3 | $ | 8.9 | $ | 5.8 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Financial Instruments and Hedging Activities [Abstract] | ' | |||||||||||
Derivative fair values by balance sheet location | ' | |||||||||||
The location and amounts of derivative fair values on the Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012 were as follows: | ||||||||||||
Millions of Dollars | Asset Derivatives | Liability Derivatives | ||||||||||
Balance Sheet Location | Dec. 31, 2013 | Dec. 31, 2012 | Balance Sheet Location | Dec. 31, 2013 | Dec. 31, 2012 | |||||||
Foreign Exchange Forward Contracts | Other Current Assets | $ | -- | $ | 3.2 | Other Current Liabilities | $ | -- | $ | -- | ||
Shortterm_Investments_Tables
Short-term Investments (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Short-term Investments [Abstract] | ' | ||||||
Composition of short term investments | ' | ||||||
The composition of the Company's short-term investments is as follows: | |||||||
Millions of Dollars | 2013 | 2012 | |||||
Short-term Investments | |||||||
Short-term bank deposits | $ | 15.8 | $ | 14.2 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||
Fair value of financial assets and liabilities on a recurring basis | ' | ||||||||||
The following table sets forth by level within the fair value hierarchy the Company's financial assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2013. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. | |||||||||||
Millions of Dollars | Assets (Liabilities) at Fair Value as of December 31, 2013 | ||||||||||
Quoted Prices | Significant Other | Significant | |||||||||
In Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||
Identical Assets | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Forward exchange contracts | -- | $ | -- | -- | |||||||
$ | $ | ||||||||||
Money market funds | $ | 203.2 | $ | -- | $ | -- | |||||
Total | $ | 203.2 | $ | -- | $ | -- | |||||
The following table sets forth by level within the fair value hierarchy the Company's financial assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2012. | |||||||||||
Millions of Dollars | Assets (Liabilities) at Fair Value as of December 31, 2012 | ||||||||||
Quoted Prices | Significant Other | Significant | |||||||||
In Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||
Identical Assets | |||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||
Forward exchange contracts | -- | $ | |||||||||
$ | 3.2 | $ | -- | ||||||||
Money market funds | $ | 174.7 | $ | -- | $ | -- | |||||
Total | $ | 174.7 | $ | 3.2 | $ | -- |
LongTerm_Debt_and_Commitments_
Long-Term Debt and Commitments (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Long-Term Debt and Commitments [Abstract] | ' | |||||
Summary of long term debt | ' | |||||
The following is a summary of long term debt: | ||||||
Millions of Dollars | Dec. 31, | Dec. 31, | ||||
2013 | 2012 | |||||
5.53% Series 2006A Senior Notes | ||||||
Due October 5, 2013 | $ -- | $ 50.0 | ||||
Floating Rate Series 2006A Senior Notes | ||||||
Due October 5, 2013 25,000 | -- | 25 | ||||
3.46% Series A Senior Notes | ||||||
Due October 7, 2020 | 30 | -- | ||||
4.13% Series B Senior Notes | ||||||
Due October 7, 2023 | 45 | -- | ||||
Variable/Fixed Rate Industrial | ||||||
Development Revenue Bonds Series 1999 Due November 1, 2014 | 8.2 | 8.2 | ||||
Installment obligations | ||||||
Due 2013 | -- | 1.4 | ||||
Other Borrowings | ||||||
Due 2014 | -- | 0.9 | ||||
Total | 83.2 | 85.5 | ||||
Less: Current maturities | 8.2 | 77 | ||||
Long-term debt | $ 75.0 | $ 8.5 |
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Benefit Plans [Abstract] | ' | |||||||||||||||||||||||
Obligations and funded status of pension and other postretirement benefit plans | ' | |||||||||||||||||||||||
Obligations and Funded Status | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 311.4 | $ | 271.9 | $ | 10.6 | $ | 14.4 | ||||||||||||||||
Service cost | 8.4 | 8.1 | 0.6 | 0.6 | ||||||||||||||||||||
Interest cost | 11.3 | 11.6 | 0.3 | 0.4 | ||||||||||||||||||||
Actuarial (gain) loss | (28.0 | ) | 30.4 | (1.1 | ) | (4.3 | ) | |||||||||||||||||
Benefits paid | (14.0 | ) | (12.5 | ) | (0.5 | ) | (0.5 | ) | ||||||||||||||||
Settlements | -- | (0.6 | ) | -- | -- | |||||||||||||||||||
Foreign exchange impact | 0.3 | 1.9 | -- | -- | ||||||||||||||||||||
Other | 0.5 | 0.6 | -- | -- | ||||||||||||||||||||
Benefit obligation at end of year | $ | 289.9 | $ | 311.4 | $ | 9.9 | $ | 10.6 | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets beginning of year | $ | 212 | $ | 187.5 | $ | -- | $ | -- | ||||||||||||||||
Actual return on plan assets | 31 | 17.2 | -- | -- | ||||||||||||||||||||
Employer contributions | 10.9 | 16.4 | 0.5 | 0.5 | ||||||||||||||||||||
Plan participants' contributions | 0.5 | 0.5 | -- | -- | ||||||||||||||||||||
Benefits paid | (14.0 | ) | (12.5 | ) | (0.5 | ) | (0.5 | ) | ||||||||||||||||
Settlements | -- | (0.5 | ) | -- | -- | |||||||||||||||||||
Foreign exchange impact | 0.3 | 3.4 | -- | -- | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 240.7 | $ | 212 | $ | -- | $ | -- | ||||||||||||||||
Funded status | $ | (49.2 | ) | $ | (99.4 | ) | $ | (9.9 | ) | $ | (10.6 | ) | ||||||||||||
Amounts recognized in the consolidated balance sheet | ' | |||||||||||||||||||||||
Amounts recognized in the consolidated balance sheet consist of: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Current liability | $ | (0.3 | ) | $ | (0.3 | ) | $ | (0.8 | ) | $ | (1.0 | ) | ||||||||||||
Non-current liability | (48.9 | ) | (99.1 | ) | (9.1 | ) | (9.6 | ) | ||||||||||||||||
Recognized liability | $ | (49.2 | ) | $ | (99.4 | ) | $ | (9.9 | ) | $ | (10.6 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive income | ' | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income, net of related tax effects, consist of: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Net actuarial (gain) loss | $ | 58.4 | $ | 93.7 | $ | (1.6 | ) | $ | (10.1 | ) | ||||||||||||||
Prior service cost | 2.2 | 3 | (8.1 | ) | (0.8 | ) | ||||||||||||||||||
Amount recognized end of year | $ | 60.6 | $ | 96.7 | $ | (9.7 | ) | $ | (10.9 | ) | ||||||||||||||
Change in plan assets and benefit obligations recognized in other comprehensive income | ' | |||||||||||||||||||||||
Changes in the Plan assets and benefit obligations recognized in other comprehensive income: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Current year actuarial gain (loss) | $ | 26.1 | $ | (17.6 | ) | $ | 0.7 | $ | 2.7 | |||||||||||||||
Amortization of actuarial (gain) loss | 8.8 | 8.4 | -- | (0.1 | ) | |||||||||||||||||||
Amortization of prior service credit (gain) loss | 0.6 | 0.7 | (1.9 | ) | (1.8 | ) | ||||||||||||||||||
Total recognized in other comprehensive income | $ | 35.5 | $ | (8.5 | ) | $ | (1.2 | ) | $ | 0.8 | ||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||||||||||
The components of net periodic benefit costs are as follows: | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | 8.4 | $ | 8.1 | $ | 7.1 | $ | 0.6 | $ | 0.6 | $ | 0.7 | ||||||||||||
Interest cost | 11.3 | 11.6 | 11.6 | 0.3 | 0.4 | 0.6 | ||||||||||||||||||
Expected return on plan assets | (14.8 | ) | (13.5 | ) | (13.8 | ) | -- | -- | -- | |||||||||||||||
Amortization of prior service cost | 1 | 1.2 | 1.3 | (3.1 | ) | (3.1 | ) | (3.1 | ) | |||||||||||||||
Recognized net actuarial (gain) loss | 13.9 | 13.3 | 8.6 | -- | (0.1 | ) | 0.1 | |||||||||||||||||
Settlement /curtailment loss | -- | 0.2 | 0.5 | -- | -- | -- | ||||||||||||||||||
Net periodic benefit cost | $ | 19.8 | $ | 20.9 | $ | 15.3 | $ | (2.2 | ) | $ | (2.2 | ) | $ | (1.7 | ) | |||||||||
Estimated amortization of amounts in other comprehensive income to be recognized in next fiscal year | ' | |||||||||||||||||||||||
The 2014 estimated amortization of amounts in other accumulated comprehensive income are as follows: | ||||||||||||||||||||||||
Millions of Dollars | Pension Benefits | Post-Retirement Benefits | ||||||||||||||||||||||
Amortization of prior service credit (gain) loss | $ | 1 | $ | (3.1 | ) | |||||||||||||||||||
Amortization of net (gain) loss | 7.2 | (0.1 | ) | |||||||||||||||||||||
Total costs to be recognized | $ | 8.2 | $ | (3.2 | ) | |||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost and benefit obligation | ' | |||||||||||||||||||||||
The weighted average assumptions used to determine net periodic benefit cost in the accounting for the pension benefit plans and other benefit plans for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 3.8 | % | 4.32 | % | 5.7 | % | ||||||||||||||||||
Expected return on plan assets | 7.18 | % | 7.06 | % | 7.25 | % | ||||||||||||||||||
Rate of compensation increase | 3.16 | % | 3.11 | % | 3.2 | % | ||||||||||||||||||
The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Discount rate | 4.37 | % | 3.77 | % | 4.3 | % | ||||||||||||||||||
Rate of compensation increase | 3.1 | % | 3.14 | % | 3.1 | % | ||||||||||||||||||
Weighted average asset allocation percentages | ' | |||||||||||||||||||||||
The Company's pension plan weighted average asset allocation percentages at December 31, 2013 and 2012 by asset category are as follows: | ||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||
Equity securities | 56.4 | % | 56.4 | % | ||||||||||||||||||||
Fixed income securities | 35 | % | 34.9 | % | ||||||||||||||||||||
Real estate | 0.5 | % | 0.5 | % | ||||||||||||||||||||
Other | 8.1 | % | 8.2 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
Fair value of plan assets by category | ' | |||||||||||||||||||||||
The Company's pension plan fair values at December 31, 2013 and 2012 by asset category are as follows: | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||
Equity securities | $ | 135.9 | $ | 119.5 | ||||||||||||||||||||
Fixed income securities | 84.2 | 74.1 | ||||||||||||||||||||||
Real estate | 1.1 | 1 | ||||||||||||||||||||||
Other | 19.5 | 17.4 | ||||||||||||||||||||||
Total | $ | 240.7 | $ | 212 | ||||||||||||||||||||
Fair value of plan assets by geographic location | ' | |||||||||||||||||||||||
The following table presents domestic and foreign pension plan assets information at December 31, 2013, 2012 and 2011 (the measurement date of pension plan assets): | ||||||||||||||||||||||||
U.S. Plans | International Plans | |||||||||||||||||||||||
Millions of Dollars | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Fair value of plan assets | $ | 170.6 | $ | 148.2 | $ | 132.2 | $ | 70.1 | $ | 63.8 | $ | 55.3 | ||||||||||||
Defined benefit pension plan assets measured at fair value | ' | |||||||||||||||||||||||
The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2013: | ||||||||||||||||||||||||
Millions of Dollars | Pension Assets at Fair Value as of December 31, 2013 | |||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||
In Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Identical Assets | ||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
US equities | $ | 116.8 | $ | -- | $ | -- | $ | 116.8 | ||||||||||||||||
Non-US equities | 19 | -- | -- | 19 | ||||||||||||||||||||
Fixed Income Securities | ||||||||||||||||||||||||
Corporate debt instruments | 53.7 | 30.6 | -- | 84.3 | ||||||||||||||||||||
Real estate and other Real estate and other | ||||||||||||||||||||||||
Real estate | -- | -- | 1.1 | 1.1 | ||||||||||||||||||||
Other | -- | -- | 19.5 | 19.5 | ||||||||||||||||||||
Total Assets | $ | 189.5 | $ | 30.6 | $ | 20.6 | $ | 240.7 | ||||||||||||||||
The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2012: | ||||||||||||||||||||||||
Millions of Dollars | Pension Assets at Fair Value as of December 31, 2012 | |||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||
In Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Identical Assets | ||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
US equities | $ | 104.5 | $ | -- | $ | -- | $ | 104.5 | ||||||||||||||||
Non-US equities | 15 | -- | -- | 15 | ||||||||||||||||||||
Fixed Income Securities | ||||||||||||||||||||||||
Corporate debt instruments | 43.1 | 31 | -- | 74.1 | ||||||||||||||||||||
Real estate and other Real estate and other | ||||||||||||||||||||||||
Real estate | -- | -- | 1 | 1 | ||||||||||||||||||||
Other | -- | -- | 17.4 | 17.4 | ||||||||||||||||||||
Total Assets | $ | 162.6 | $ | 31 | $ | 18.4 | $ | 212 | ||||||||||||||||
Estimated future benefit payments | ' | |||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||||||
Millions of Dollars | Pension | Other | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
2014 | $ | 14.1 | $ | 0.8 | ||||||||||||||||||||
2015 | $ | 15.4 | $ | 0.8 | ||||||||||||||||||||
2016 | $ | 17.3 | $ | 0.8 | ||||||||||||||||||||
2017 | $ | 18.1 | $ | 0.7 | ||||||||||||||||||||
2018 | $ | 18 | $ | 0.8 | ||||||||||||||||||||
2019-2023 | $ | 101.4 | $ | 3.4 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders' Equity [Abstract] | ' | |||||||||||||||||||
Stock option and restricted stock activity | ' | |||||||||||||||||||
The following table summarizes stock option and restricted stock activity for the Plan: | ||||||||||||||||||||
Stock Options | Restricted Stock | |||||||||||||||||||
Shares Available for Grant | Shares | Weighted Average Exercise Price Per Share ($) | Shares | Weighted Average Exercise Price Per Share ($) | ||||||||||||||||
Balance January 1, 2011 | 1,898,578 | 1,640,060 | 27.05 | 300,540 | 23.6 | |||||||||||||||
Granted | (381,624 | ) | 244,646 | 32.06 | 136,978 | 32.08 | ||||||||||||||
Exercised/vested | -- | (241,196 | ) | 25.01 | (94,246 | ) | 31.99 | |||||||||||||
Canceled | 160,784 | (69,536 | ) | 26.8 | (91,248 | ) | 30.22 | |||||||||||||
Balance December 31, 2011 | 1,677,738 | 1,573,974 | 27.1 | 252,024 | 27.21 | |||||||||||||||
Granted | (345,696 | ) | 222,250 | 32.04 | 123,446 | 32.04 | ||||||||||||||
Exercised/vested | -- | (330,158 | ) | 25.15 | (102,424 | ) | 25.9 | |||||||||||||
Canceled | 159,932 | (70,546 | ) | 27.76 | (89,386 | ) | 27.08 | |||||||||||||
Balance December 31, 2012 | 1,491,974 | 1,395,520 | 28.31 | 183,660 | 31.25 | |||||||||||||||
Granted | (351,995 | ) | 239,770 | 41.42 | 112,225 | 41.44 | ||||||||||||||
Exercised/vested | -- | (501,222 | ) | 25.26 | (107,956 | ) | 30.71 | |||||||||||||
Canceled | 5,010 | (2,653 | ) | 37.24 | (2,357 | ) | 36.39 | |||||||||||||
Balance December 31, 2013 | 1,144,989 | 1,131,415 | 32.42 | 185,572 | 37.65 |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Comprehensive Income [Abstract] | ' | ||||||||||||||||
Accumulated other comprehensive income, net of related tax | ' | ||||||||||||||||
The following table reflects the accumulated balances of other comprehensive income (loss): | |||||||||||||||||
Millions of Dollars | Currency Translation Adjustment | Unrecognized Pension | Net Gain (Loss) On Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Costs | |||||||||||||||||
Balance at January 1, 2011 | $ | 46.6 | $ | (51.9 | ) | $ | 1.7 | $ | (3.6 | ) | |||||||
Current year net change | (16.7 | ) | (25.6 | ) | 0.6 | (41.7 | ) | ||||||||||
Balance at December 31, 2011 | $ | 29.9 | $ | (77.5 | ) | $ | 2.3 | $ | (45.3 | ) | |||||||
Current year net change | 2.1 | (7.8 | ) | (0.2 | ) | (5.9 | ) | ||||||||||
Balance at December 31, 2012 | $ | 32 | $ | (85.3 | ) | $ | 2.1 | $ | (51.2 | ) | |||||||
Current year net change | (14.9 | ) | 34.3 | 0.5 | 19.9 | ||||||||||||
Balance at December 31, 2013 | $ | 17.1 | $ | (51.0 | ) | $ | 2.6 | $ | (31.3 | ) | |||||||
Reclassifications out of accumulated other comprehensive income, net of related tax | ' | ||||||||||||||||
The following are the reclassifications out of accumulated other comprehensive income, net of related tax: | |||||||||||||||||
(millions of dollars) | Year Ended Dec. 31, | ||||||||||||||||
2013 | |||||||||||||||||
Amortization of prior service cost | $ | (1.2 | ) | ||||||||||||||
Amortization of actuarial gains (losses) | 8.8 | ||||||||||||||||
Total reclassifications from accumulated other comprehensive income | $ | 7.6 | |||||||||||||||
Accounting_for_Asset_Retiremen1
Accounting for Asset Retirement Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting for Asset Retirement Obligations [Abstract] | ' | |||||||
Reconciliation of Asset Retirement Obligations | ' | |||||||
The following is a reconciliation of asset retirement obligations as of December 31, 2013 and 2012: | ||||||||
Millions of Dollars | 2013 | 2012 | ||||||
Asset retirement liability, beginning of period | $ | 15 | $ | 14.7 | ||||
Accretion expense | 0.7 | 0.7 | ||||||
Additional obligations | 0.2 | 0.1 | ||||||
Reversal of obligations | (0.4 | ) | (0.2 | ) | ||||
Payments | (0.6 | ) | (0.3 | ) | ||||
Foreign currency translation | (0.2 | ) | -- | |||||
Asset retirement liability, end of period | $ | 14.7 | $ | 15 |
NonOperating_Income_and_Deduct1
Non-Operating Income and Deductions (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Non-Operating Income and Deductions [Abstract] | ' | ||||||||||||||
Non-operating Income and Deductions | ' | ||||||||||||||
Millions of Dollars | Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Interest income | $ | 3 | $ | 3.2 | $ | 3.9 | |||||||||
Interest expense | (3.3 | ) | (3.2 | ) | (3.3 | ) | |||||||||
Foreign exchange losses | (2.1 | ) | (1.4 | ) | (1.2 | ) | |||||||||
Foreign currency translation loss upon deconsolidation of a foreign entity | -- | -- | (1.4 | ||||||||||||
) | |||||||||||||||
Other deductions | (0.8 | ) | (1.6 | ) | (0.6 | ) | |||||||||
Non-operating deductions, net | $ | (3.2 | ) | $ | (3.0 | ) | $ | (2.6 | ) |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment and Related Information [Abstract] | ' | |||||||||||||
Segment information | ' | |||||||||||||
Segment information for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||
2013 | ||||||||||||||
Millions of Dollars | Specialty Minerals | Refractories | Total | |||||||||||
Net sales | $ | 669.8 | $ | 348.4 | $ | 1,018.20 | ||||||||
Income from operations | 98.4 | 35.9 | 134.3 | |||||||||||
Depreciation, depletion and amortization | 38.6 | 8.7 | 47.3 | |||||||||||
Segment assets | 605.6 | 378.1 | 983.7 | |||||||||||
Capital expenditures | 33.6 | 8.3 | 41.9 | |||||||||||
2012 | ||||||||||||||
Millions of Dollars | Specialty Minerals | Refractories | Total | |||||||||||
Net sales | $ | 653.4 | $ | 343.4 | $ | 996.8 | ||||||||
Income from operations | 87.7 | 32.6 | 120.3 | |||||||||||
Depreciation, depletion and amortization | 40.8 | 10.3 | 51.1 | |||||||||||
Segment assets | 617 | 355.5 | 972.5 | |||||||||||
Capital expenditures | 41 | 8 | 49 | |||||||||||
2011 | ||||||||||||||
Millions of Dollars | Specialty Minerals | Refractories | Total | |||||||||||
Net sales | $ | 664.1 | $ | 368.8 | $ | 1,032.90 | ||||||||
Income from operations | 76.6 | 33.2 | 109.8 | |||||||||||
Restructuring and other charges | 0.2 | (0.6 | ) | (0.4 | ) | |||||||||
Depreciation, depletion and amortization | 47.6 | 10.6 | 58.2 | |||||||||||
Segment assets | 603.8 | 355.8 | 959.6 | |||||||||||
Capital expenditures | 41.7 | 8 | 49.7 | |||||||||||
Reconciliation of operating income before income taxes from segments to consolidated | ' | |||||||||||||
A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows: | ||||||||||||||
Millions of Dollars | ||||||||||||||
Income from continuing operations before | ||||||||||||||
provision for taxes: | 2013 | 2012 | 2011 | |||||||||||
Income from operations for reportable segments | $ | 134.3 | $ | 120.3 | $ | 109.8 | ||||||||
Unallocated corporate expenses | (7.4 | ) | (6.7 | ) | (5.7 | ) | ||||||||
Interest income | 3 | 3.2 | 3.9 | |||||||||||
Interest expense | (3.3 | ) | (3.2 | ) | (3.3 | ) | ||||||||
Other deductions | (2.8 | ) | (3.0 | ) | (3.2 | ) | ||||||||
Income from continuing operations before provision for taxes | $ | 123.8 | $ | 110.6 | $ | 101.5 | ||||||||
Reconciliation of assets from segments to consolidated | ' | |||||||||||||
Total assets | 2013 | 2012 | 2011 | |||||||||||
Total segment assets | $ | 983.7 | $ | 972.5 | $ | 959.6 | ||||||||
Corporate assets | 233.8 | 238.7 | 205.4 | |||||||||||
Consolidated total assets | $ | 1,217.50 | $ | 1,211.20 | $ | 1,165.00 | ||||||||
Reconciliation of capital expenditures from segments to consolidated | ' | |||||||||||||
Capital expenditures | 2013 | 2012 | 2011 | |||||||||||
Total segment capital expenditures | $ | 41.9 | $ | 49 | $ | 49.7 | ||||||||
Corporate capital expenditures | 1.9 | 3.1 | 2.4 | |||||||||||
Consolidated total capital expenditures | $ | 43.8 | $ | 52.1 | $ | 52.1 | ||||||||
Carrying amount of goodwill by reportable segment | ' | |||||||||||||
The carrying amount of goodwill by reportable segment as of December 31, 2013 and December 31, 2012 was as follows: | ||||||||||||||
Goodwill | ||||||||||||||
Millions of Dollars | December 31, | 31-Dec-12 | ||||||||||||
2013 | ||||||||||||||
Specialty Minerals | $ | 14.3 | $ | 14.1 | ||||||||||
Refractories | 50.1 | 51.7 | ||||||||||||
Total | $ | 64.4 | $ | 65.8 | ||||||||||
Financial information related to operations by geographic area | ' | |||||||||||||
Financial information relating to the Company's operations by geographic area was as follows: | ||||||||||||||
Millions of Dollars | ||||||||||||||
Net Sales | 2013 | 2012 | 2011 | |||||||||||
United States | $ | 563.5 | $ | 562.5 | $ | 557.5 | ||||||||
Canada/Latin America | 70.3 | 72.5 | 74.3 | |||||||||||
Europe/Africa | 269.2 | 248.2 | 286.4 | |||||||||||
Asia | 115.2 | 113.6 | 114.7 | |||||||||||
Total International | 454.7 | 434.3 | 475.4 | |||||||||||
Consolidated total net sales | $ | 1,018.20 | $ | 996.8 | $ | 1,032.90 | ||||||||
Millions of Dollars | ||||||||||||||
Long-lived assets | 2013 | 2012 | 2011 | |||||||||||
United States | $ | 235.2 | $ | 235.8 | $ | 239.8 | ||||||||
Canada/Latin America | 12.1 | 14.5 | 14.6 | |||||||||||
Europe/Africa | 64.9 | 69 | 72 | |||||||||||
Asia | 60.5 | 67.3 | 59.8 | |||||||||||
Total International | 137.5 | 150.8 | 146.4 | |||||||||||
Consolidated total long-lived assets | $ | 372.7 | $ | 386.6 | $ | 386.2 | ||||||||
Sales by product category | ' | |||||||||||||
The Company's sales by product category are as follows: | ||||||||||||||
Millions of Dollars | 2013 | 2012 | 2011 | |||||||||||
Paper PCC | $ | 480 | $ | 471.5 | $ | 485 | ||||||||
Specialty PCC | 67.2 | 65.9 | 63.6 | |||||||||||
Talc | 50.9 | 48.1 | 46.9 | |||||||||||
GCC | 71.7 | 67.9 | 68.6 | |||||||||||
Refractory Products | 264 | 264.1 | 287.4 | |||||||||||
Metallurgical Products | 84.4 | 79.3 | 81.4 | |||||||||||
Net sales | $ | 1,018.20 | $ | 996.8 | $ | 1,032.90 |
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||||||
Millions of Dollars, Except Per Share Amounts | ||||||||||||||||||||
2013 Quarters | First | Second | Third | Fourth | ||||||||||||||||
Net Sales by Major Product Line | ||||||||||||||||||||
PCC | $ | 137.2 | $ | 135.6 | $ | 135.9 | $ | 138.3 | ||||||||||||
Processed Minerals | 29.6 | 32.7 | 31.5 | 28.8 | ||||||||||||||||
Specialty Minerals Segment | 166.8 | 168.3 | 167.4 | 167.1 | ||||||||||||||||
Refractories Segment | 83.6 | 88.5 | 86.8 | 89.5 | ||||||||||||||||
Net sales | 250.4 | 256.8 | 254.2 | 256.6 | ||||||||||||||||
Gross profit | 56 | 58.8 | 59.9 | 59 | ||||||||||||||||
Income from operations | 28.2 | 32.4 | 32.8 | 33.5 | ||||||||||||||||
Income from continuing operations | 20.3 | 22.7 | 22.6 | 23.6 | ||||||||||||||||
Loss from discontinued operations | (0.7 | ) | (5.0 | ) | -- | -- | ||||||||||||||
Net income attributable to MTI….. | $ | 18.7 | $ | 17.1 | $ | 21.9 | $ | 22.6 | ||||||||||||
Basic EPS: | ||||||||||||||||||||
Income from continuing operations attributable to MTI | $ | 0.56 | $ | 0.63 | $ | 0.63 | $ | 0.66 | ||||||||||||
Loss from discontinued operations attributable to MTI | $ | (0.02 | ) | $ | (0.14 | ) | $ | -- | $ | -- | ||||||||||
Net Income attributable to MTI common shareholders | $ | 0.54 | $ | 0.49 | $ | 0.63 | $ | 0.66 | ||||||||||||
Diluted EPS: | ||||||||||||||||||||
Income from continuing operations attributable to MTI | $ | 0.55 | $ | 0.63 | $ | 0.63 | $ | 0.65 | ||||||||||||
Loss from discontinued operations attributable to MTI | $ | (0.02 | ) | $ | (0.14 | ) | $ | -- | $ | -- | ||||||||||
Net Income attributable to MTI common shareholders | $ | 0.53 | $ | 0.49 | $ | 0.63 | $ | 0.65 | ||||||||||||
Market price range per share of common stock: | ||||||||||||||||||||
High | $ | 43.04 | $ | 43.12 | $ | 49.03 | $ | 60.4 | ||||||||||||
Low | $ | 39.54 | $ | 38.43 | $ | 42.53 | $ | 49.28 | ||||||||||||
Close | $ | 41.51 | $ | 41.34 | $ | 48.95 | $ | 60.07 | ||||||||||||
Dividends paid per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | ||||||||||||
2012 Quarters | First | Second | Third | Fourth | ||||||||||||||||
Net Sales by Major Product Line | ||||||||||||||||||||
PCC | $ | 135.5 | $ | 133.7 | $ | 134.5 | $ | 133.7 | ||||||||||||
Processed Minerals | 29.6 | 31.8 | 28.6 | 26 | ||||||||||||||||
Specialty Minerals Segment | 165.1 | 165.5 | 163.1 | 159.7 | ||||||||||||||||
Refractories Segment | 89.4 | 85.9 | 84.7 | 83.4 | ||||||||||||||||
Net sales | 254.5 | 251.4 | 247.8 | 243.1 | ||||||||||||||||
Gross profit | 55.6 | 56.8 | 55.6 | 54.3 | ||||||||||||||||
Income from operations | 27.9 | 30.1 | 28.6 | 27 | ||||||||||||||||
Income from continuing operations | 19.2 | 20.7 | 19.7 | 19.1 | ||||||||||||||||
Loss from discontinued operations | (0.6 | ) | (0.5 | ) | (0.5 | ) | (0.9 | ) | ||||||||||||
Net income attributable to MTI | $ | 18 | $ | 19.7 | $ | 18.6 | $ | 17.7 | ||||||||||||
Basic EPS: | ||||||||||||||||||||
Income from continuing operations attributable to MTI | $ | 0.53 | $ | 0.57 | $ | 0.54 | $ | 0.53 | ||||||||||||
Loss from discontinued operations attributable to MTI | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||
Net Income attributable to MTI common shareholders | $ | 0.51 | $ | 0.56 | $ | 0.53 | $ | 0.5 | ||||||||||||
Diluted EPS: | ||||||||||||||||||||
Income from continuing operations attributable to MTI | $ | 0.53 | $ | 0.57 | $ | 0.54 | $ | 0.53 | ||||||||||||
Loss from discontinued operations attributable to MTI | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||
Net Income attributable to MTI common shareholders | $ | 0.51 | $ | 0.56 | $ | 0.53 | $ | 0.5 | ||||||||||||
Market price range per share of common stock: | ||||||||||||||||||||
High | $ | 33.96 | $ | 33.6 | $ | 36.99 | $ | 39.92 | ||||||||||||
Low | $ | 28.78 | $ | 30.81 | $ | 30.5 | $ | 34.25 | ||||||||||||
Close | $ | 32.7 | $ | 31.89 | $ | 35.46 | $ | 39.92 | ||||||||||||
Dividends paid per common share | $ | 0.025 | $ | 0.025 | $ | 0.025 | $ | 0.05 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Equivalents and Short-term Investments [Abstract] | ' | ' |
Short-term investments | $15,769 | $14,178 |
Trade Accounts Receivable [Abstract] | ' | ' |
Past due threshold for individual collectability review | '90 days | ' |
Property, Plant and Equipment [Abstract] | ' | ' |
Initial term of long term evergreen contracts | '10 years | ' |
Stock Split [Abstract] | ' | ' |
Stock split | ' | 'Board of Directors authorized a two-for-one stock split of the of the Company's outstanding common stock |
Conversion ratio (in hundredths) | ' | 100.00% |
Common stock par value (in dollars per share) | $0.10 | $0.10 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' |
Annual rates of depreciation, minimum (in hundredths) | 3.00% | ' |
Annual rates of depreciation, maximum (in hundredths) | 6.67% | ' |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' |
Annual rates of depreciation, minimum (in hundredths) | 6.67% | ' |
Annual rates of depreciation, maximum (in hundredths) | 12.50% | ' |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' |
Annual rates of depreciation, minimum (in hundredths) | 8.00% | ' |
Annual rates of depreciation, maximum (in hundredths) | 12.50% | ' |
Computer equipment and software-related assets [Member] | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' |
Annual rates of depreciation, minimum (in hundredths) | 12.50% | ' |
Annual rates of depreciation, maximum (in hundredths) | 25.00% | ' |
PCC production facilities [Member] | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' |
Estimated useful life | '15 years | ' |
Machinery and equipment for natural stone mining and processing plants and chemical plants [Member] | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' |
Estimated useful life | '15 years | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of stock options granted under Plan | '10 years | ' | ' |
Vesting period, generally, for stock options granted under the plan | '3 years | ' | ' |
Share based compensation costs | $2,800,000 | $2,000,000 | $2,700,000 |
Tax benefit of share-based compensation | 1,100,000 | 800,000 | 1,100,000 |
Forfeiture rate assumed (in hundredths) | 7.50% | 7.31% | ' |
Weighted average grant date fair value for stock options granted (in dollars per share) | $15.83 | $10.74 | $11.03 |
Weighted average grant date fair value for stock options vested (in dollars per share) | $10.29 | $8.57 | $7.58 |
Total intrinsic value of stock options exercised | 10,000,000 | 3,300,000 | 1,700,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Exercise price range, lower limit | $19.86 | ' | ' |
Exercise price range, upper limit | $42.41 | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' |
Number outstanding at end of period (in shares) | 1,131,415 | ' | ' |
Weighted average remaining contractual term (in years) | '4 years 9 months 18 days | ' | ' |
Weighted average exercise price (in dollars per share) | $32.42 | ' | ' |
Options Exercisable [Abstract] | ' | ' | ' |
Number exercisable at end of period (in shares) | 758,014 | ' | ' |
Weighted average exercise price (in dollars per share) | $29.67 | ' | ' |
$19.855 to $24.753 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Exercise price range, lower limit | $19.86 | ' | ' |
Exercise price range, upper limit | $24.75 | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' |
Number outstanding at end of period (in shares) | 140,018 | ' | ' |
Weighted average remaining contractual term (in years) | '6 years 1 month 6 days | ' | ' |
Weighted average exercise price (in dollars per share) | $23.13 | ' | ' |
Options Exercisable [Abstract] | ' | ' | ' |
Number exercisable at end of period (in shares) | 140,018 | ' | ' |
Weighted average exercise price (in dollars per share) | $23.13 | ' | ' |
$26.257 to $29.665 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Exercise price range, lower limit | $26.26 | ' | ' |
Exercise price range, upper limit | $29.66 | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' |
Number outstanding at end of period (in shares) | 50,828 | ' | ' |
Weighted average remaining contractual term (in years) | '2 years | ' | ' |
Weighted average exercise price (in dollars per share) | $27.15 | ' | ' |
Options Exercisable [Abstract] | ' | ' | ' |
Number exercisable at end of period (in shares) | 48,322 | ' | ' |
Weighted average exercise price (in dollars per share) | $27.16 | ' | ' |
$30.097 to $34.657 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Exercise price range, lower limit | $30.10 | ' | ' |
Exercise price range, upper limit | $42.41 | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' |
Number outstanding at end of period (in shares) | 940,569 | ' | ' |
Weighted average remaining contractual term (in years) | '6 years 4 months 24 days | ' | ' |
Weighted average exercise price (in dollars per share) | $34.09 | ' | ' |
Options Exercisable [Abstract] | ' | ' | ' |
Number exercisable at end of period (in shares) | 569,674 | ' | ' |
Weighted average exercise price (in dollars per share) | $31.49 | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected life (years) | '6 years 10 months 24 days | '6 years 10 months 24 days | '6 years 3 months 18 days |
Interest rate (in hundredths) | 1.22% | 1.36% | 2.46% |
Volatility (in hundredths) | 37.82% | 31.26% | 30.93% |
Expected dividend yield (in hundredths) | 0.48% | 0.31% | 0.31% |
Stock Options [Roll Forward] | ' | ' | ' |
Balance, beginning of year (in shares) | 1,395,520 | ' | ' |
Granted (in shares) | 239,770 | ' | ' |
Exercised (in shares) | -501,222 | ' | ' |
Forfeited/canceled (in shares) | -2,653 | ' | ' |
Balance, end of year (in shares) | 1,131,415 | 1,395,520 | ' |
Exercisable, end of year (in shares) | 758,014 | ' | ' |
Weighted Average Exercise Price Per Share [Abstract] | ' | ' | ' |
Balance, beginning of year (in dollars per share) | $28.31 | ' | ' |
Granted (in dollars per share) | $41.42 | ' | ' |
Exercised (in dollars per share) | $25.26 | ' | ' |
Forfeited/canceled (in dollars per share) | $37.24 | ' | ' |
Balance, end of year (in dollars per share) | $32.42 | $28.31 | ' |
Exercisable, end of year (in dollars per share) | $29.67 | ' | ' |
Weighted Average Remaining Contractual Life [Abstract] | ' | ' | ' |
Outstanding options, end of year (in years) | '6 years 1 month 28 days | ' | ' |
Exercisable options, end of year (in years) | '4 years 11 months 12 days | ' | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' |
Outstanding options, end of year | 31,283,000 | ' | ' |
Exercisable options, end of year | 23,046,000 | ' | ' |
Closing stock price on last business day of the period (in dollars per share) | $60.07 | ' | ' |
Weighted average intrinsic value of options exercised (in dollars per share) | $20.03 | $10.11 | $7.15 |
Unrecognized stock-based compensation expense | 2,400,000 | ' | ' |
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized | '3 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based compensation costs | 3,900,000 | 3,400,000 | 4,600,000 |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' |
Unrecognized stock-based compensation expense | 3,400,000 | ' | ' |
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized | '3 years | ' | ' |
Restricted Stock [Roll Forward] | ' | ' | ' |
Balance, beginning of year (in shares) | 183,660 | 252,024 | 300,540 |
Granted (in shares) | 112,225 | 123,446 | 136,978 |
Vested (in shares) | -107,956 | -102,424 | -94,246 |
Canceled (in shares) | -2,357 | -89,386 | -91,248 |
Balance, end of year (in shares) | 185,572 | 183,660 | 252,024 |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Balance, beginning of year (in dollars per share) | $31.25 | $27.21 | $23.60 |
Granted (in dollars per share) | $41.44 | $32.04 | $32.08 |
Vested (in dollars per share) | $30.71 | $25.90 | $31.99 |
Canceled (in dollars per share) | $36.39 | $27.08 | $30.22 |
Balance, end of year (in dollars per share) | $37.65 | $31.25 | $27.21 |
Reversals of compensation expense related to restricted stock forfeitures | $100,000 | $0 | $100,000 |
Nonvested Stock Options [Member] | ' | ' | ' |
Stock Options [Roll Forward] | ' | ' | ' |
Balance, beginning of year (in shares) | 327,086 | ' | ' |
Granted (in shares) | 239,770 | ' | ' |
Vested (in shares) | -190,802 | ' | ' |
Forfeited/canceled (in shares) | -2,653 | ' | ' |
Balance, end of year (in shares) | 373,401 | ' | ' |
Weighted Average Exercise Price Per Share [Abstract] | ' | ' | ' |
Balance, beginning of year (in dollars per share) | $31.17 | ' | ' |
Granted (in dollars per share) | $41.42 | ' | ' |
Vested (in dollars per share) | $30.57 | ' | ' |
Forfeited/canceled (in dollars per share) | $37.24 | ' | ' |
Balance, end of year (in dollars per share) | $38.01 | ' | ' |
Earnings_Per_Share_EPS_Details
Earnings Per Share (EPS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic EPS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations attributable to MTI | $23,600 | $22,600 | $22,700 | $20,300 | $19,100 | $19,700 | $20,700 | $19,200 | $86,074 | $76,597 | $70,053 |
Loss from discontinued operations attributable to MTI | 0 | 0 | -5,000 | -700 | -900 | -500 | -500 | -600 | -5,744 | -2,450 | -2,532 |
Net income attributable to Minerals Technologies Inc. (MTI) | 22,600 | 21,900 | 17,100 | 18,700 | 17,700 | 18,600 | 19,700 | 18,000 | 80,330 | 74,147 | 67,521 |
Weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,690,000 | 35,340,000 | 36,018,000 |
Basic earnings per share from continuing operations attributable to MTI (in dollars per share) | $0.66 | $0.63 | $0.63 | $0.56 | $0.53 | $0.54 | $0.57 | $0.53 | $2.48 | $2.17 | $1.94 |
Basic loss per share from discontinued operations attributable to MTI (in dollars per share) | $0 | $0 | ($0.14) | ($0.02) | ($0.03) | ($0.01) | ($0.01) | ($0.02) | ($0.17) | ($0.07) | ($0.07) |
Basic earnings per share attributable to MTI (in dollars per share) | $0.66 | $0.63 | $0.49 | $0.54 | $0.50 | $0.53 | $0.56 | $0.51 | $2.31 | $2.10 | $1.87 |
Diluted EPS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations attributable to MTI | 23,600 | 22,600 | 22,700 | 20,300 | 19,100 | 19,700 | 20,700 | 19,200 | 86,074 | 76,597 | 70,053 |
Loss from discontinued operations attributable to MTI | 0 | 0 | -5,000 | -700 | -900 | -500 | -500 | -600 | -5,744 | -2,450 | -2,532 |
Net income (loss) attributable to MTI | $22,600 | $21,900 | $17,100 | $18,700 | $17,700 | $18,600 | $19,700 | $18,000 | $80,330 | $74,147 | $67,521 |
Weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,690,000 | 35,340,000 | 36,018,000 |
Dilutive effect of stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 286,000 | 189,000 | 218,000 |
Weighted average shares outstanding, adjusted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,976,000 | 35,529,000 | 36,236,000 |
Diluted earnings per share from continuing operations attributable to MTI (in dollars per share) | $0.65 | $0.63 | $0.63 | $0.55 | $0.53 | $0.54 | $0.57 | $0.53 | $2.46 | $2.16 | $1.93 |
Diluted loss per share from discontinued operations attributable to MTI (in dollars per share) | $0 | $0 | ($0.14) | ($0.02) | ($0.03) | ($0.01) | ($0.01) | ($0.02) | ($0.16) | ($0.07) | ($0.07) |
Diluted earnings per share attributable to MTI (in dollars per share) | $0.65 | $0.63 | $0.49 | $0.53 | $0.50 | $0.53 | $0.56 | $0.51 | $2.30 | $2.09 | $1.86 |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anti-dilutive securities not included in the weighted average commons shares outstanding calculation (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,404 | 218,064 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Discontinued Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000 | $8,900,000 | $11,900,000 |
Production margin | ' | ' | ' | ' | ' | ' | ' | ' | -2,100,000 | -2,900,000 | -2,000,000 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 700,000 | 800,000 |
Facility closure costs | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | 0 | 0 |
Restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 900,000 |
Loss from operations | ' | ' | ' | ' | ' | ' | ' | ' | -8,500,000 | -3,600,000 | -3,700,000 |
Benefit for taxes on income | ' | ' | ' | ' | ' | ' | ' | ' | -2,700,000 | -1,100,000 | -1,200,000 |
Loss from discontinued operations, net of tax | $0 | $0 | ($5,000,000) | ($700,000) | ($900,000) | ($500,000) | ($500,000) | ($600,000) | ($5,744,000) | ($2,450,000) | ($2,532,000) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $66,600,000 | $56,900,000 | $47,000,000 |
Foreign | 57,100,000 | 53,700,000 | 54,500,000 |
Income from continuing operations before provision for taxes on income | 123,710,000 | 110,645,000 | 101,461,000 |
Domestic [Abstract] | ' | ' | ' |
Taxes currently payable, Federal | 13,700,000 | 14,900,000 | 11,800,000 |
Taxes currently payable, State and local | 2,600,000 | 1,300,000 | 2,200,000 |
Deferred income taxes | 2,500,000 | 3,200,000 | -1,900,000 |
Domestic tax provision (benefit) | 18,800,000 | 19,400,000 | 12,100,000 |
Foreign [Abstract] | ' | ' | ' |
Taxes currently payable | 13,800,000 | 14,300,000 | 13,100,000 |
Deferred income taxes | 1,900,000 | -1,800,000 | 3,500,000 |
Foreign tax provision | 15,700,000 | 12,500,000 | 16,600,000 |
Total tax provision (benefit) | 34,515,000 | 31,926,000 | 28,675,000 |
Reconciliation of U. S. federal statutory tax rate to effective tax rate [Abstract] | ' | ' | ' |
U.S. statutory tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Depletion (in hundredths) | -3.60% | -3.80% | -4.00% |
Difference between tax provided on foreign earnings (in hundredths) | -3.60% | -4.00% | -1.00% |
State and local taxes, net of Federal tax benefit (in hundredths) | 1.70% | 1.50% | 1.20% |
Tax credits and foreign dividends (in hundredths) | -1.70% | -0.10% | -0.10% |
Change in valuation allowance (in hundredths) | 0.30% | -1.10% | -1.20% |
Impact of uncertain tax positions (in hundredths) | -0.60% | 0.90% | -2.70% |
Impact of officer's non-deductible compensation | 2.30% | 2.10% | 2.90% |
Other (in hundredths) | -1.90% | -1.60% | -1.80% |
Consolidated effective tax rate (in hundredths) | 27.90% | 28.90% | 28.30% |
Deferred tax assets [Abstract] | ' | ' | ' |
Accrued expenses | 9,400,000 | 12,200,000 | ' |
Net operating loss carry forwards | 9,600,000 | 11,400,000 | ' |
Pension and post-retirement benefits costs | 21,600,000 | 43,800,000 | ' |
Other | 14,300,000 | 12,900,000 | ' |
Valuation allowance | -5,900,000 | -5,700,000 | ' |
Total deferred tax assets | 49,000,000 | 74,600,000 | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Plant and equipment, principally due to differences in depreciation | 14,300,000 | 10,300,000 | ' |
Intangible assets | 13,300,000 | 12,400,000 | ' |
Other | 1,600,000 | 4,400,000 | ' |
Total deferred tax liabilities | 29,200,000 | 27,100,000 | ' |
Net deferred tax (assets) liabilities | 19,800,000 | 47,500,000 | ' |
Net deferred tax assets, current | 4,000,000 | 6,300,000 | ' |
Net deferred assets, long term | 15,800,000 | 41,200,000 | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Deferred tax assets arising from tax loss carry forwards which will be realized through future operations | 4,800,000 | ' | ' |
Expiration period (in years) | '20 years | ' | ' |
Unrecognized tax benefits [Abstract] | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 2,500,000 | ' | ' |
Unrecognized tax benefits [Roll forward] | ' | ' | ' |
Balance as of beginning of year | 4,800,000 | 3,900,000 | ' |
Increases related to current year positions | 600,000 | 700,000 | ' |
Increases related to new judgments | 0 | 200,000 | ' |
Decreases related to audit settlements and statute expirations | -1,500,000 | 0 | ' |
Other | 0 | 0 | ' |
Balance as of end of year | 3,900,000 | 4,800,000 | 3,900,000 |
Unrecognized tax benefits, net reversal of accrued interest and penalties | 400,000 | ' | ' |
Unrecognized tax benefits, accrued interest and penalties | 600,000 | ' | ' |
Cash paid for income taxes [Abstract] | ' | ' | ' |
Net cash paid for income taxes | 25,500,000 | 21,500,000 | 31,900,000 |
Undistributed earnings of foreign subsidiaries [Abstract] | ' | ' | ' |
Foreign subsidiaries' undistributed earnings for which the company has not provided for withholding taxes | 334,800,000 | ' | ' |
Estimated incremental taxes that may be incurred on foreign subsidiaries' undistributed earnings were the earnings to be repatriated | 46,000,000 | ' | ' |
Indefinite lived tax loss carry forwards [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Deferred tax assets arising from tax loss carry forwards which will be realized through future operations | 2,500,000 | ' | ' |
Finite lived tax loss carry forwards [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Deferred tax assets arising from tax loss carry forwards which will be realized through future operations | $2,300,000 | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories [Abstract] | ' | ' |
Raw materials | $35,100,000 | $30,800,000 |
Work in process | 6,300,000 | 6,500,000 |
Finished goods | 26,300,000 | 26,500,000 |
Packaging and supplies | 21,500,000 | 20,800,000 |
Total inventories | $89,169,000 | $84,569,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $1,282,300,000 | $1,262,000,000 | ' |
Accumulated Depreciation and Depletion | -976,200,000 | -944,300,000 | ' |
Property, plant and equipment, net | 306,071,000 | 317,669,000 | ' |
Depreciation and depletion expense | 44,700,000 | 48,700,000 | 55,900,000 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 24,100,000 | 26,500,000 | ' |
Quarries/mining properties [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 39,600,000 | 39,600,000 | ' |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 145,700,000 | 145,100,000 | ' |
Machinery and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 956,000,000 | 937,600,000 | ' |
Construction in progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 28,600,000 | 27,800,000 | ' |
Furniture and fixtures and other [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $88,300,000 | $85,400,000 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill [Abstract] | ' | ' | ' |
Goodwill | $64,432,000 | $65,829,000 | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 9,300,000 | 8,900,000 | ' |
Accumulated amortization | 6,300,000 | 5,800,000 | ' |
Acquired Finite-Lived Intangible Assets [Member] | ' | ' | ' |
Intangible assets, Finite-lived [Abstract] | ' | ' | ' |
Weighted average amortization period for acquired intangible assets subject to amortization (in years) | '15 years | ' | ' |
Amortization expense | 600,000 | 600,000 | 800,000 |
Estimated amortization expense, 2014 | 400,000 | ' | ' |
Estimated amortization expense, 2015 | 400,000 | ' | ' |
Estimated amortization expense, 2016 | 400,000 | ' | ' |
Estimated amortization expense, 2017 | 300,000 | ' | ' |
Estimated amortization expense, 2018 | 300,000 | ' | ' |
Customer Contracts [Member] | ' | ' | ' |
Intangible assets, Finite-lived [Abstract] | ' | ' | ' |
Amortization expense | 400,000 | 400,000 | 700,000 |
Estimated amortization expense, 2014 | 400,000 | ' | ' |
Estimated amortization expense, 2015 | 100,000 | ' | ' |
Estimated amortization expense, 2016 | 0 | ' | ' |
Finite-lived intangible assets, gross, non-current | 500,000 | ' | ' |
Number of PCC satellite facilities | 7 | ' | ' |
Finite-lived intangible assets, gross, current | 400,000 | ' | ' |
Patents & Trademarks [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 6,400,000 | 6,000,000 | ' |
Accumulated amortization | 3,700,000 | 3,400,000 | ' |
Customer Lists [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 2,900,000 | 2,900,000 | ' |
Accumulated amortization | $2,600,000 | $2,400,000 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Number of contracts held | 2 | ' |
Foreign Exchange Forward [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number of contracts held | 2 | ' |
Foreign Exchange Forward [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Exchange Forwards Contracts - Assets | $0 | $3.20 |
Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Exchange Forwards Contracts - Liability | $0 | $0 |
Shortterm_Investments_Details
Short-term Investments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Short-term Investments [Abstract] | ' | ' |
Short-term bank deposits | $15,769,000 | $14,178,000 |
Unrealized holding gains and losses on the short-term bank deposits | $0 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Technique | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of valuation techniques | 3 | ' | ' | ' | ' | ' | ' |
Transfers in or out of Level 3 | $0 | ' | ' | ' | ' | ' | ' |
Forward exchange contracts | ' | 0 | 0 | 0 | 3,200,000 | 0 | 0 |
Money market funds | ' | 203,200,000 | 174,700,000 | 0 | 0 | 0 | 0 |
Total | ' | $203,200,000 | $174,700,000 | $0 | $3,200,000 | $0 | $0 |
Financial_Instruments_and_Conc1
Financial Instruments and Concentrations of Credit Risk (Details) | 12 Months Ended | 12 Months Ended | 22 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | |
Contract | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||
USD ($) | USD ($) | EUR (€) | USD ($) | ||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of contracts held | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange contracts to purchase foreign currencies | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' |
Forward exchange contracts, maturity date | ' | ' | ' | 31-Jan-13 | ' | 31-Oct-13 | ' | ' | ' |
Fair value of derivative instruments, liability | ' | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' |
Forward contract to sell foreign currency | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' |
After-tax gain in comprehensive income | 514,000 | -204,000 | 529,000 | ' | ' | 500,000 | 2,400,000 | ' | ' |
Fair value of derivative instruments, asset | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 |
Bad debt expense | $586,000 | $1,011,000 | $878,000 | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_and_Commitments_1
Long-Term Debt and Commitments (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 05, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 05, 2006 | Dec. 31, 2013 | Oct. 07, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 07, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2011 | Jan. 31, 2011 | Dec. 31, 2013 | Oct. 07, 2013 | Oct. 05, 2006 | |
USD ($) | USD ($) | USD ($) | Series 2006 A Senior Notes Due 2013 [Member] | Series 2006 A Senior Notes Due 2013 [Member] | Series 2006 A Senior Notes Due 2013 [Member] | Floating Rate Series 2006 A Senior Notes Due 2013 [Member] | Floating Rate Series 2006 A Senior Notes Due 2013 [Member] | Floating Rate Series 2006 A Senior Notes Due 2013 [Member] | Series A Senior Notes Due 2020 [Member] | Series A Senior Notes Due 2020 [Member] | Series A Senior Notes Due 2020 [Member] | Series B Senior Notes Due 2023 [Member] | Series B Senior Notes Due 2023 [Member] | Series B Senior Notes Due 2023 [Member] | Variable/Fixed Rate Industrial Development Revenue Bonds Series 1999 Due 2014 [Member] | Variable/Fixed Rate Industrial Development Revenue Bonds Series 1999 Due 2014 [Member] | Installment Obligations [Member] | Installment Obligations [Member] | Other Borrowings [Member] | Other Borrowings [Member] | Other Borrowings [Member] | Other Borrowings [Member] | Note Purchase Agreement [Member] | Note Purchase Agreement [Member] | Note Purchase Agreement [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, gross | $83,200,000 | $85,500,000 | ' | $0 | $50,000,000 | $50,000,000 | $0 | $25,000,000 | $25,000,000 | $30,000,000 | $30,000,000 | $0 | $45,000,000 | $45,000,000 | $0 | $8,200,000 | $8,200,000 | $0 | $1,400,000 | $0 | $900,000 | $10,600,000 | 1,600,000 | ' | $75,000,000 | $75,000,000 |
Less: Current maturities | 8,200,000 | 76,977,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 75,000,000 | 8,478,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt instrument (in hundredths) | ' | ' | ' | 5.53% | ' | ' | ' | ' | ' | 3.46% | ' | ' | 4.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | 5-Oct-13 | ' | ' | 5-Oct-13 | ' | ' | 7-Oct-20 | ' | ' | 7-Oct-23 | ' | ' | 1-Nov-14 | ' | 31-Dec-13 | ' | 31-Dec-14 | ' | ' | ' | ' | ' | ' |
Term of debt instrument (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Average interest rates (in hundredths) | ' | ' | ' | ' | ' | ' | 0.73% | 0.92% | ' | 3.46% | ' | ' | 4.13% | ' | ' | 0.13% | 0.22% | 4.25% | ' | 6.80% | ' | ' | ' | ' | ' | ' |
Cost of land and limestone ore reserves acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid on closing of land and limestone ore reserves acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt at issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long-term debt | 77,277,000 | 8,558,000 | 275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' |
Long-term debt maturities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Borrowings [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uncommitted short-term bank credit lines, maximum borrowing capacity | 189,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uncommitted short-term bank credit lines, amount outstanding | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt | 5,504,000 | 7,111,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate on short-term borrowings (in hundredths) | 4.80% | 5.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest costs | 3,400,000 | 3,500,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest cost | $100,000 | $300,000 | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Benefit Plans [Abstract] | ' | ' | ' |
Employee vesting period for defined benefit plans (in years) | '5 years | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets beginning of year | $212,000,000 | ' | ' |
Fair value of plan assets at end of year | 240,700,000 | 212,000,000 | ' |
Amounts recognized in Balance Sheet [Abstract] | ' | ' | ' |
Non-current liability | -57,893,000 | -108,035,000 | ' |
Amounts recognized in accumulated other comprehensive income [Abstract] | ' | ' | ' |
Accumulated benefit obligation | 269,000,000 | 287,100,000 | ' |
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 3.80% | 4.32% | 5.70% |
Expected return on plan assets (in hundredths) | 7.18% | 7.06% | 7.25% |
Rate of compensation increase (in hundredths) | 3.16% | 3.11% | 3.20% |
Weighted average assumptions used to determine benefit obligation [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 4.37% | 3.77% | 4.30% |
Rate of compensation increase (in hundredths) | 3.10% | 3.14% | 3.10% |
Actual return (loss) on pension assets (in hundredths) | 14.00% | 9.00% | 2.00% |
Maximum health care cost trend rate (in hundredths) | 5.00% | ' | ' |
Weighted average asset allocations [Abstract] | ' | ' | ' |
Weighted average asset allocation percentages, Total (in hundredths) | 100.00% | 100.00% | ' |
Weighted average asset allocations value [Abstract] | ' | ' | ' |
Total value | 240,700,000 | 212,000,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 240,700,000 | 212,000,000 | ' |
Fair value of plan assets | 240,700,000 | 212,000,000 | ' |
Estimated future benefit payments [Abstract] | ' | ' | ' |
Average rate of return on assets (in hundredths) | 10.00% | ' | ' |
Company's contributions to employee voluntary savings and investment plan | 2,800,000 | 2,800,000 | 2,800,000 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 189,500,000 | 162,600,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 189,500,000 | 162,600,000 | ' |
Fair value of plan assets | 189,500,000 | 162,600,000 | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 30,600,000 | 31,000,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 30,600,000 | 31,000,000 | ' |
Fair value of plan assets | 30,600,000 | 31,000,000 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 20,600,000 | 18,400,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 20,600,000 | 18,400,000 | ' |
Fair value of plan assets | 20,600,000 | 18,400,000 | ' |
Equity Securities [Member] | ' | ' | ' |
Weighted average asset allocations [Abstract] | ' | ' | ' |
Weighted average asset allocation percentages, Total (in hundredths) | 56.40% | 56.40% | ' |
Weighted average asset allocations value [Abstract] | ' | ' | ' |
Total value | 135,900,000 | 119,500,000 | ' |
Estimated future benefit payments [Abstract] | ' | ' | ' |
Target long-term investment portfolio mix (in hundredths) | 65.00% | ' | ' |
Actual investment portfolio mix (in hundredths) | 65.00% | ' | ' |
Equity Securities [Member] | US Equities [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 116,800,000 | 104,500,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 116,800,000 | 104,500,000 | ' |
Fair value of plan assets | 116,800,000 | 104,500,000 | ' |
Equity Securities [Member] | US Equities [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 116,800,000 | 104,500,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 116,800,000 | 104,500,000 | ' |
Fair value of plan assets | 116,800,000 | 104,500,000 | ' |
Equity Securities [Member] | US Equities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity Securities [Member] | US Equities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity Securities [Member] | Non-US Equities [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 19,000,000 | 15,000,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 19,000,000 | 15,000,000 | ' |
Fair value of plan assets | 19,000,000 | 15,000,000 | ' |
Equity Securities [Member] | Non-US Equities [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 19,000,000 | 15,000,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 19,000,000 | 15,000,000 | ' |
Fair value of plan assets | 19,000,000 | 15,000,000 | ' |
Equity Securities [Member] | Non-US Equities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity Securities [Member] | Non-US Equities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed Income Securities [Member] | ' | ' | ' |
Weighted average asset allocations [Abstract] | ' | ' | ' |
Weighted average asset allocation percentages, Total (in hundredths) | 35.00% | 34.90% | ' |
Weighted average asset allocations value [Abstract] | ' | ' | ' |
Total value | 84,200,000 | 74,100,000 | ' |
Estimated future benefit payments [Abstract] | ' | ' | ' |
Target long-term investment portfolio mix (in hundredths) | 35.00% | ' | ' |
Actual investment portfolio mix (in hundredths) | 35.00% | ' | ' |
Fixed Income Securities [Member] | Corporate Debt Instruments [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 84,300,000 | 74,100,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 84,300,000 | 74,100,000 | ' |
Fair value of plan assets | 84,300,000 | 74,100,000 | ' |
Fixed Income Securities [Member] | Corporate Debt Instruments [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 53,700,000 | 43,100,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 53,700,000 | 43,100,000 | ' |
Fair value of plan assets | 53,700,000 | 43,100,000 | ' |
Fixed Income Securities [Member] | Corporate Debt Instruments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 30,600,000 | 31,000,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 30,600,000 | 31,000,000 | ' |
Fair value of plan assets | 30,600,000 | 31,000,000 | ' |
Fixed Income Securities [Member] | Corporate Debt Instruments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fair value of plan assets | 0 | 0 | ' |
Real Estate [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 1,100,000 | 1,000,000 | ' |
Weighted average asset allocations [Abstract] | ' | ' | ' |
Weighted average asset allocation percentages, Total (in hundredths) | 0.50% | 0.50% | ' |
Weighted average asset allocations value [Abstract] | ' | ' | ' |
Total value | 1,100,000 | 1,000,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,100,000 | 1,000,000 | ' |
Fair value of plan assets | 1,100,000 | 1,000,000 | ' |
Real Estate [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fair value of plan assets | 0 | 0 | ' |
Real Estate [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fair value of plan assets | 0 | 0 | ' |
Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 1,100,000 | 1,000,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,100,000 | 1,000,000 | ' |
Fair value of plan assets | 1,100,000 | 1,000,000 | ' |
Other [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 19,500,000 | 17,400,000 | ' |
Weighted average asset allocations [Abstract] | ' | ' | ' |
Weighted average asset allocation percentages, Total (in hundredths) | 8.10% | 8.20% | ' |
Weighted average asset allocations value [Abstract] | ' | ' | ' |
Total value | 19,500,000 | 17,400,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 19,500,000 | 17,400,000 | ' |
Fair value of plan assets | 19,500,000 | 17,400,000 | ' |
Other [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fair value of plan assets | 0 | 0 | ' |
Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fair value of plan assets | 0 | 0 | ' |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 19,500,000 | 17,400,000 | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 19,500,000 | 17,400,000 | ' |
Fair value of plan assets | 19,500,000 | 17,400,000 | ' |
Pension Benefits [Member] | ' | ' | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 311,400,000 | 271,900,000 | ' |
Service cost | 8,400,000 | 8,100,000 | 7,100,000 |
Interest cost | 11,300,000 | 11,600,000 | 11,600,000 |
Actuarial (gain) loss | -28,000,000 | 30,400,000 | ' |
Benefits paid | -14,000,000 | -12,500,000 | ' |
Settlements | 0 | -600,000 | ' |
Foreign exchange impact | 300,000 | 1,900,000 | ' |
Other | 500,000 | 600,000 | ' |
Benefit obligation at end of year | 289,900,000 | 311,400,000 | 271,900,000 |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets beginning of year | 212,000,000 | 187,500,000 | ' |
Actual return on plan assets | 31,000,000 | 17,200,000 | ' |
Employer contributions | 10,900,000 | 16,400,000 | ' |
Plan participants' contributions | 500,000 | 500,000 | ' |
Benefits paid | -14,000,000 | -12,500,000 | ' |
Settlements | 0 | -500,000 | ' |
Foreign exchange impact | 300,000 | 3,400,000 | ' |
Fair value of plan assets at end of year | 240,700,000 | 212,000,000 | 187,500,000 |
Funded status | -49,200,000 | -99,400,000 | ' |
Amounts recognized in Balance Sheet [Abstract] | ' | ' | ' |
Current liability | -300,000 | -300,000 | ' |
Non-current liability | -48,900,000 | -99,100,000 | ' |
Recognized liability | -49,200,000 | -99,400,000 | ' |
Amounts recognized in accumulated other comprehensive income [Abstract] | ' | ' | ' |
Net actuarial (gain) loss | 58,400,000 | 93,700,000 | ' |
Prior service cost | 2,200,000 | 3,000,000 | ' |
Amount recognized end of year | 60,600,000 | 96,700,000 | ' |
Changes in Plan assets and benefit obligations recognized in other comprehensive income [Abstract] | ' | ' | ' |
Current year actuarial gain (loss) | 26,100,000 | -17,600,000 | ' |
Amortization of actuarial (gain) loss | 8,800,000 | 8,400,000 | ' |
Amortization of prior service credit (gain) loss | 600,000 | 700,000 | ' |
Total recognized in other comprehensive income | 35,500,000 | -8,500,000 | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | 8,400,000 | 8,100,000 | 7,100,000 |
Interest cost | 11,300,000 | 11,600,000 | 11,600,000 |
Expected return on plan assets | -14,800,000 | -13,500,000 | -13,800,000 |
Amortization of prior service cost | 1,000,000 | 1,200,000 | 1,300,000 |
Recognized net actuarial (gain) loss | 13,900,000 | 13,300,000 | 8,600,000 |
Settlement /curtailment loss | 0 | 200,000 | 500,000 |
Net periodic benefit cost | 19,800,000 | 20,900,000 | 15,300,000 |
Amounts that will be amortized from Accumulated other comprehensive income (loss) in next fiscal year [Abstract] | ' | ' | ' |
Amortization of prior service credit (gain) loss | 1,000,000 | ' | ' |
Amortization of net (gain) loss | 7,200,000 | ' | ' |
Total costs to be recognized | 8,200,000 | ' | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 240,700,000 | 212,000,000 | 187,500,000 |
Fair value of plan assets | 240,700,000 | 212,000,000 | 187,500,000 |
Expected company contribution to its benefit plans | 10,000,000 | ' | ' |
Estimated future benefit payments [Abstract] | ' | ' | ' |
2014 | 14,100,000 | ' | ' |
2015 | 15,400,000 | ' | ' |
2016 | 17,300,000 | ' | ' |
2017 | 18,100,000 | ' | ' |
2018 | 18,000,000 | ' | ' |
2019-2023 | 101,400,000 | ' | ' |
Post-retirement Benefits [Member] | ' | ' | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 10,600,000 | 14,400,000 | ' |
Service cost | 600,000 | 600,000 | 700,000 |
Interest cost | 300,000 | 400,000 | 600,000 |
Actuarial (gain) loss | -1,100,000 | -4,300,000 | ' |
Benefits paid | -500,000 | -500,000 | ' |
Settlements | 0 | 0 | ' |
Foreign exchange impact | 0 | 0 | ' |
Other | 0 | 0 | ' |
Benefit obligation at end of year | 9,900,000 | 10,600,000 | 14,400,000 |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 500,000 | 500,000 | ' |
Plan participants' contributions | 0 | 0 | ' |
Benefits paid | -500,000 | -500,000 | ' |
Settlements | 0 | 0 | ' |
Foreign exchange impact | 0 | 0 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status | -9,900,000 | -10,600,000 | ' |
Amounts recognized in Balance Sheet [Abstract] | ' | ' | ' |
Current liability | -800,000 | -1,000,000 | ' |
Non-current liability | -9,100,000 | -9,600,000 | ' |
Recognized liability | -9,900,000 | -10,600,000 | ' |
Amounts recognized in accumulated other comprehensive income [Abstract] | ' | ' | ' |
Net actuarial (gain) loss | -1,600,000 | -10,100,000 | ' |
Prior service cost | -8,100,000 | -800,000 | ' |
Amount recognized end of year | -9,700,000 | -10,900,000 | ' |
Changes in Plan assets and benefit obligations recognized in other comprehensive income [Abstract] | ' | ' | ' |
Current year actuarial gain (loss) | 700,000 | 2,700,000 | ' |
Amortization of actuarial (gain) loss | 0 | -100,000 | ' |
Amortization of prior service credit (gain) loss | -1,900,000 | -1,800,000 | ' |
Total recognized in other comprehensive income | -1,200,000 | 800,000 | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' |
Service cost | 600,000 | 600,000 | 700,000 |
Interest cost | 300,000 | 400,000 | 600,000 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | -3,100,000 | -3,100,000 | -3,100,000 |
Recognized net actuarial (gain) loss | 0 | -100,000 | 100,000 |
Settlement /curtailment loss | 0 | 0 | 0 |
Net periodic benefit cost | -2,200,000 | -2,200,000 | -1,700,000 |
Amounts that will be amortized from Accumulated other comprehensive income (loss) in next fiscal year [Abstract] | ' | ' | ' |
Amortization of prior service credit (gain) loss | -3,100,000 | ' | ' |
Amortization of net (gain) loss | -100,000 | ' | ' |
Total costs to be recognized | -3,200,000 | ' | ' |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | 0 |
Fair value of plan assets | 0 | 0 | 0 |
Expected company contribution to its benefit plans | 1,000,000 | ' | ' |
Estimated future benefit payments [Abstract] | ' | ' | ' |
2014 | 800,000 | ' | ' |
2015 | 800,000 | ' | ' |
2016 | 800,000 | ' | ' |
2017 | 700,000 | ' | ' |
2018 | 800,000 | ' | ' |
2019-2023 | 3,400,000 | ' | ' |
U.S. Plans [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 170,600,000 | 148,200,000 | 132,200,000 |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 170,600,000 | 148,200,000 | 132,200,000 |
Fair value of plan assets | 170,600,000 | 148,200,000 | 132,200,000 |
International Plans [Member] | ' | ' | ' |
Change in plan assets [Roll Foward] | ' | ' | ' |
Fair value of plan assets at end of year | 70,100,000 | 63,800,000 | 55,300,000 |
Fair value of plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 70,100,000 | 63,800,000 | 55,300,000 |
Fair value of plan assets | $70,100,000 | $63,800,000 | $55,300,000 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Rent expense | $4.50 | $5 | $5.30 |
Future minimum rental commitments under non-cancelable operating leases [Abstract] | ' | ' | ' |
2014 | 3.5 | ' | ' |
2015 | 2.6 | ' | ' |
2016 | 2.2 | ' | ' |
2017 | 1.2 | ' | ' |
2018 | 1.1 | ' | ' |
Thereafter | 3.9 | ' | ' |
Future minimum rentals to be received under non-cancelable subleases | 1 | ' | ' |
Future minimum payments to be received under direct financing leases [Abstract] | ' | ' | ' |
2014 | 2 | ' | ' |
2015 | 0.9 | ' | ' |
2016 | 0.4 | ' | ' |
2017 | 0.1 | ' | ' |
2018 | 0 | ' | ' |
Thereafter | $0 | ' | ' |
Litigation_Details
Litigation (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Case | Case | |
Administrative Consent Order For Contamination Associated with Historic Use of PCBs [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Location of plant | ' | 'Canaan, Connecticut |
Estimated accrued remediation cost | 0.4 | 0.4 |
Administrative Consent Order For Installation of Groundwater Contamination System [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Location of plant | ' | 'Adams, Massachusetts plant |
Estimated accrued remediation cost | 0.4 | 0.4 |
Estimated cost of wastewater treatment upgrades, lower range | ' | 6 |
Estimated cost of wastewater treatment upgrades, upper range | ' | 8 |
Silica Cases [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Number of pending cases | 72 | 72 |
Number of cases dismissed to date | ' | 1,394 |
Asbestos Cases [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Number of pending cases | 15 | 15 |
Number of cases dismissed to date | ' | 34 |
Number of new cases | 2 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capital Stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (in shares) | 100,000,000 | ' | ' | ' | 100,000,000 | ' | ' | ' | 100,000,000 | 100,000,000 | ' |
Common stock, par value (in dollars per share) | $0.10 | ' | ' | ' | $0.10 | ' | ' | ' | $0.10 | $0.10 | ' |
Common stock, shares outstanding (in shares) | 34,350,186 | ' | ' | ' | 34,949,620 | ' | ' | ' | 34,350,186 | 34,949,620 | ' |
Preferred stock, authorized (in shares) | 1,000,000 | ' | ' | ' | 1,000,000 | ' | ' | ' | 1,000,000 | 1,000,000 | ' |
Preferred stock, issued (in shares) | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Preferred stock, outstanding (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Stock split | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Board of Directors authorized a two-for-one stock split of the of the Company's outstanding common stock | ' |
Conversion ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Increase in stock outstanding related to stock split (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 17,600,000 | ' | ' |
Cash Dividends [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | $6.90 | ' | ' |
Cash dividends paid (in dollars per share) | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.03 | $0.03 | $0.03 | $0.20 | ' | ' |
Cash dividend declared | $1.70 | ' | ' | ' | ' | ' | ' | ' | $1.70 | ' | ' |
Cash dividend declared (in dollars per share) | $0.05 | ' | ' | ' | ' | ' | ' | ' | $0.05 | ' | ' |
Stock Award and Incentive Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of stock options granted under Plan | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Vesting period, generally, for stock options granted under the plan | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Shares available for grant [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year (in shares) | ' | ' | ' | 1,491,974 | ' | ' | ' | 1,677,738 | 1,491,974 | 1,677,738 | 1,898,578 |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -351,995 | -345,696 | -381,624 |
Exercised/vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Canceled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 5,010 | 159,932 | 160,784 |
Balance, end of year (in shares) | 1,144,989 | ' | ' | ' | 1,491,974 | ' | ' | ' | 1,144,989 | 1,491,974 | 1,677,738 |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year (in shares) | ' | ' | ' | 1,395,520 | ' | ' | ' | 1,573,974 | 1,395,520 | 1,573,974 | 1,640,060 |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 239,770 | 222,250 | 244,646 |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -501,222 | -330,158 | -241,196 |
Canceled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -2,653 | -70,546 | -69,536 |
Balance, end of year (in shares) | 1,131,415 | ' | ' | ' | 1,395,520 | ' | ' | ' | 1,131,415 | 1,395,520 | 1,573,974 |
Weighted average exercise price per share, Stock options [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year (in dollars per share) | ' | ' | ' | $28.31 | ' | ' | ' | $27.10 | $28.31 | $27.10 | 27.05 |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $41.42 | $32.04 | 32.06 |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $25.26 | $25.15 | 25.01 |
Canceled (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $37.24 | $27.76 | 26.8 |
Balance, end of year (in dollars per share) | $32.42 | ' | ' | ' | $28.31 | ' | ' | ' | $32.42 | $28.31 | 27.1 |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year (in shares) | ' | ' | ' | 183,660 | ' | ' | ' | 252,024 | 183,660 | 252,024 | 300,540 |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 112,225 | 123,446 | 136,978 |
Exercised/vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -107,956 | -102,424 | -94,246 |
Canceled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -2,357 | -89,386 | -91,248 |
Balance, end of year (in shares) | 185,572 | ' | ' | ' | 183,660 | ' | ' | ' | 185,572 | 183,660 | 252,024 |
Weighted average grant date fair value per share, Restricted stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year (in dollars per share) | ' | ' | ' | $31.25 | ' | ' | ' | $27.21 | $31.25 | $27.21 | 23.6 |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $41.44 | $32.04 | 32.08 |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $30.71 | $25.90 | 31.99 |
Canceled (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $36.39 | $27.08 | 30.22 |
Balance, end of year (in dollars per share) | $37.65 | ' | ' | ' | $31.25 | ' | ' | ' | $37.65 | $31.25 | 27.21 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income (Loss), Currency Translation Adjustment [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $32,000,000 | $29,900,000 | $46,600,000 |
Current year net change | -14,900,000 | 2,100,000 | -16,700,000 |
Balance at end of year | 17,100,000 | 32,000,000 | 29,900,000 |
Accumulated Other Comprehensive Income (Loss), Unrecognized Pension Costs [Roll Forward] | ' | ' | ' |
Balance at beginning of year | -85,300,000 | -77,500,000 | -51,900,000 |
Current year net change | 34,300,000 | -7,800,000 | -25,600,000 |
Balance at end of year | -51,000,000 | -85,300,000 | -77,500,000 |
Accumulated Other Comprehensive Income (Loss), Net Gain (Loss) On Cash Flow Hedges [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 2,100,000 | 2,300,000 | 1,700,000 |
Current year net change | 500,000 | -200,000 | 600,000 |
Balance at end of year | 2,600,000 | 2,100,000 | 2,300,000 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at beginning of year | -51,198,000 | -45,300,000 | -3,600,000 |
Current year net change | 19,900,000 | -5,900,000 | -41,700,000 |
Balance at end of year | -31,265,000 | -51,198,000 | -45,300,000 |
Income tax expense (benefit) associated with items included in other comprehensive income (loss) | 22,600,000 | -1,300,000 | 15,500,000 |
Reclassifications out of accumulated other comprehensive income, net of related tax [Abstract] | ' | ' | ' |
Amortization of prior service cost | -1,200,000 | ' | ' |
Amortization of actuarial gains (losses) | 8,800,000 | ' | ' |
Total reclassifications from accumulated other comprehensive income | $7,600,000 | ' | ' |
Accounting_for_Asset_Retiremen2
Accounting for Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting for Asset Retirement Obligations [Abstract] | ' | ' |
Asset retirement liability, beginning balance | $15 | $14.70 |
Accretion expense | 0.7 | 0.7 |
Additional obligations | 0.2 | 0.1 |
Reversal of Obligation | -0.4 | -0.2 |
Payments | -0.6 | -0.3 |
Foreign currency translation | -0.2 | 0 |
Asset retirement liability, ending balance | 14.7 | 15 |
Asset retirement obligation current portion | 0.4 | ' |
Asset retirement obligation noncurrent portion | $14.30 | ' |
NonOperating_Income_and_Deduct2
Non-Operating Income and Deductions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Non-Operating Income and Deductions [Abstract] | ' | ' | ' |
Interest income | $3,000,000 | $3,200,000 | $3,900,000 |
Interest expense | -3,263,000 | -3,221,000 | -3,254,000 |
Foreign exchange losses | -2,109,000 | -1,348,000 | -1,211,000 |
Foreign currency translation loss upon deconsolidation of a foreign entity | 0 | 0 | -1,400,000 |
Other deductions | -800,000 | -1,600,000 | -600,000 |
Non-operating deductions, net | ($3,142,000) | ($2,995,000) | ($2,598,000) |
Percentage of interest in the joint venture sold (in hundredths) | 50.00% | ' | ' |
Segment_and_Related_Informatio2
Segment and Related Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | |||||||||||
Segment and Related Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $256,600,000 | $254,200,000 | $256,800,000 | $250,400,000 | $243,100,000 | $247,800,000 | $251,400,000 | $254,500,000 | $1,018,181,000 | $996,764,000 | $1,032,933,000 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 134,300,000 | 120,300,000 | 109,800,000 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -411,000 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 47,289,000 | 51,124,000 | 58,175,000 |
Segment assets | 1,217,547,000 | ' | ' | ' | 1,211,189,000 | ' | ' | ' | 1,217,547,000 | 1,211,189,000 | 1,165,000,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 43,831,000 | 52,130,000 | 52,060,000 |
Goodwill | 64,432,000 | ' | ' | ' | 65,829,000 | ' | ' | ' | 64,432,000 | 65,829,000 | ' |
Income from operations before provision for taxes on income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations for reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 134,300,000 | 120,300,000 | 109,800,000 |
Unallocated corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | -7,400,000 | -6,700,000 | -5,700,000 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 3,200,000 | 3,900,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -3,263,000 | -3,221,000 | -3,254,000 |
Other deductions | ' | ' | ' | ' | ' | ' | ' | ' | -2,800,000 | -3,000,000 | -3,200,000 |
Income from continuing operations before provision for taxes | ' | ' | ' | ' | ' | ' | ' | ' | 123,710,000 | 110,645,000 | 101,461,000 |
Specialty Minerals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 167,100,000 | 167,400,000 | 168,300,000 | 166,800,000 | 159,700,000 | 163,100,000 | 165,500,000 | 165,100,000 | 669,800,000 | 653,400,000 | 664,100,000 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 98,400,000 | 87,700,000 | 76,600,000 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 38,600,000 | 40,800,000 | 47,600,000 |
Segment assets | 605,600,000 | ' | ' | ' | 617,000,000 | ' | ' | ' | 605,600,000 | 617,000,000 | 603,800,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 33,600,000 | 41,000,000 | 41,700,000 |
Goodwill | 14,300,000 | ' | ' | ' | 14,100,000 | ' | ' | ' | 14,300,000 | 14,100,000 | ' |
Income from operations before provision for taxes on income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations for reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 98,400,000 | 87,700,000 | 76,600,000 |
Refractories [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 89,500,000 | 86,800,000 | 88,500,000 | 83,600,000 | 83,400,000 | 84,700,000 | 85,900,000 | 89,400,000 | 348,400,000 | 343,400,000 | 368,800,000 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 35,900,000 | 32,600,000 | 33,200,000 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -600,000 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 8,700,000 | 10,300,000 | 10,600,000 |
Segment assets | 378,100,000 | ' | ' | ' | 355,500,000 | ' | ' | ' | 378,100,000 | 355,500,000 | 355,800,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | 8,000,000 | 8,000,000 |
Goodwill | 50,100,000 | ' | ' | ' | 51,700,000 | ' | ' | ' | 50,100,000 | 51,700,000 | ' |
Income from operations before provision for taxes on income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations for reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 35,900,000 | 32,600,000 | 33,200,000 |
Total Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment assets | 983,700,000 | ' | ' | ' | 972,500,000 | ' | ' | ' | 983,700,000 | 972,500,000 | 959,600,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 41,900,000 | 49,000,000 | 49,700,000 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment assets | 233,800,000 | ' | ' | ' | 238,700,000 | ' | ' | ' | 233,800,000 | 238,700,000 | 205,400,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $1,900,000 | $3,100,000 | $2,400,000 |
Segment_and_Related_Informatio3
Segment and Related Information, Sales By Region Category (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $256,600,000 | $254,200,000 | $256,800,000 | $250,400,000 | $243,100,000 | $247,800,000 | $251,400,000 | $254,500,000 | $1,018,181,000 | $996,764,000 | $1,032,933,000 |
Long-lived assets | 372,700,000 | ' | ' | ' | 386,600,000 | ' | ' | ' | 372,700,000 | 386,600,000 | 386,200,000 |
Portion of consolidated net sales that no individual foreign country's sales exceed (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Portion of consolidated long-lived assets that no individual foreign country's long-lived assets exceed (in hundredths) | 10.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 563,500,000 | 562,500,000 | 557,500,000 |
Long-lived assets | 235,200,000 | ' | ' | ' | 235,800,000 | ' | ' | ' | 235,200,000 | 235,800,000 | 239,800,000 |
Canada/Latin America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 70,300,000 | 72,500,000 | 74,300,000 |
Long-lived assets | 12,100,000 | ' | ' | ' | 14,500,000 | ' | ' | ' | 12,100,000 | 14,500,000 | 14,600,000 |
Europe/Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 269,200,000 | 248,200,000 | 286,400,000 |
Long-lived assets | 64,900,000 | ' | ' | ' | 69,000,000 | ' | ' | ' | 64,900,000 | 69,000,000 | 72,000,000 |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 115,200,000 | 113,600,000 | 114,700,000 |
Long-lived assets | 60,500,000 | ' | ' | ' | 67,300,000 | ' | ' | ' | 60,500,000 | 67,300,000 | 59,800,000 |
Total International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 454,700,000 | 434,300,000 | 475,400,000 |
Long-lived assets | $137,500,000 | ' | ' | ' | $150,800,000 | ' | ' | ' | $137,500,000 | $150,800,000 | $146,400,000 |
Segment_and_Related_Informatio4
Segment and Related Information, by Product (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $256,600 | $254,200 | $256,800 | $250,400 | $243,100 | $247,800 | $251,400 | $254,500 | $1,018,181 | $996,764 | $1,032,933 |
Paper PCC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 480,000 | 471,500 | 485,000 |
Specialty PCC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 67,200 | 65,900 | 63,600 |
Talc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 50,900 | 48,100 | 46,900 |
GCC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 71,700 | 67,900 | 68,600 |
Refractory Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 264,000 | 264,100 | 287,400 |
Metallurgical Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $84,400 | $79,300 | $81,400 |
Quarterly_Financial_Data_unaud2
Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $256,600 | $254,200 | $256,800 | $250,400 | $243,100 | $247,800 | $251,400 | $254,500 | $1,018,181 | $996,764 | $1,032,933 |
Gross profit | 59,000 | 59,900 | 58,800 | 56,000 | 54,300 | 55,600 | 56,800 | 55,600 | 233,645 | 222,298 | 214,190 |
Income from operations | 33,500 | 32,800 | 32,400 | 28,200 | 27,000 | 28,600 | 30,100 | 27,900 | 126,852 | 113,640 | 104,059 |
Income from continuing operations | 23,600 | 22,600 | 22,700 | 20,300 | 19,100 | 19,700 | 20,700 | 19,200 | 86,074 | 76,597 | 70,053 |
Loss from discontinued operations | 0 | 0 | -5,000 | -700 | -900 | -500 | -500 | -600 | -5,744 | -2,450 | -2,532 |
Net income attributable to MTI | 22,600 | 21,900 | 17,100 | 18,700 | 17,700 | 18,600 | 19,700 | 18,000 | 80,330 | 74,147 | 67,521 |
Basic EPS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations attributable to MTI (in dollars per share) | $0.66 | $0.63 | $0.63 | $0.56 | $0.53 | $0.54 | $0.57 | $0.53 | $2.48 | $2.17 | $1.94 |
Loss from discontinued operations attributable to MTI (in dollars per share) | $0 | $0 | ($0.14) | ($0.02) | ($0.03) | ($0.01) | ($0.01) | ($0.02) | ($0.17) | ($0.07) | ($0.07) |
Net Income attributable to MTI common shareholders (in dollars per share) | $0.66 | $0.63 | $0.49 | $0.54 | $0.50 | $0.53 | $0.56 | $0.51 | $2.31 | $2.10 | $1.87 |
Diluted EPS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations attributable to MTI (in dollars per share) | $0.65 | $0.63 | $0.63 | $0.55 | $0.53 | $0.54 | $0.57 | $0.53 | $2.46 | $2.16 | $1.93 |
Loss from discontinued operations attributable to MTI (in dollars per share) | $0 | $0 | ($0.14) | ($0.02) | ($0.03) | ($0.01) | ($0.01) | ($0.02) | ($0.16) | ($0.07) | ($0.07) |
Net Income attributable to MTI common shareholders (in dollars per share) | $0.65 | $0.63 | $0.49 | $0.53 | $0.50 | $0.53 | $0.56 | $0.51 | $2.30 | $2.09 | $1.86 |
Market price range per share of common stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High (in dollars per share) | $60.40 | $49.03 | $43.12 | $43.04 | $39.92 | $36.99 | $33.60 | $33.96 | ' | ' | ' |
Low (in dollars per share) | $49.28 | $42.53 | $38.43 | $39.54 | $34.25 | $30.50 | $30.81 | $28.78 | ' | ' | ' |
Close (in dollars per share) | $60.07 | $48.95 | $41.34 | $41.51 | $39.92 | $35.46 | $31.89 | $32.70 | $60.07 | $39.92 | ' |
Dividends paid per common share (in dollars per share) | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.03 | $0.03 | $0.03 | $0.20 | ' | ' |
PCC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 138,300 | 135,900 | 135,600 | 137,200 | 133,700 | 134,500 | 133,700 | 135,500 | ' | ' | ' |
Processed Minerals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 28,800 | 31,500 | 32,700 | 29,600 | 26,000 | 28,600 | 31,800 | 29,600 | ' | ' | ' |
Specialty Minerals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 167,100 | 167,400 | 168,300 | 166,800 | 159,700 | 163,100 | 165,500 | 165,100 | 669,800 | 653,400 | 664,100 |
Refractories [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $89,500 | $86,800 | $88,500 | $83,600 | $83,400 | $84,700 | $85,900 | $89,400 | $348,400 | $343,400 | $368,800 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], AMCOL International Corporation [Member], USD $) | Feb. 14, 2014 |
Subsequent Event [Member] | AMCOL International Corporation [Member] | ' |
Subsequent Event [Line Items] | ' |
Acquisition price (in dollars per share) | $42 |
SCHEDULE_IIVALUATION_AND_QUALI1
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $3,837 | $3,009 | $2,440 | |||
Additions Charged to Costs, Provisions and Expenses | 586 | 1,011 | 877 | |||
Deductions | -2,708 | [1] | -183 | [1] | -308 | [1] |
Balance at End of Period | $1,715 | $3,837 | $3,009 | |||
[1] | Includes impact of translation of foreign currencies. |