Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 30, 2014 | Apr. 10, 2014 | |
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 Common Stock, Shares Outstanding | ' | 34,483,401 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Mar-14 | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ' | ' |
Net sales | $244,396 | $250,513 |
Cost of goods sold | 189,084 | 194,630 |
Production margin | 55,312 | 55,883 |
Marketing and administrative expenses | 21,533 | 22,812 |
Research and development expenses | 5,094 | 4,818 |
Acquisition related transaction costs | 5,101 | 0 |
Income from operations | 23,584 | 28,253 |
Non-operating income (deductions), net | -310 | 133 |
Income from continuing operations before provision for taxes | 23,274 | 28,386 |
Provision for taxes on income | 7,003 | 8,046 |
Income from continuing operations, net of tax | 16,271 | 20,340 |
Income (loss) from discontinued operations, net of tax | 8 | -736 |
Consolidated net income | 16,279 | 19,604 |
Less: Net income attributable to non-controlling interests | 664 | 848 |
Net income attributable to Minerals Technologies Inc. (MTI) | $15,615 | $18,756 |
Basic: | ' | ' |
Income from continuing operations attributable to MTI (in dollars per share) | $0.45 | $0.56 |
Loss from discontinued operations attributable to MTI (in dollars per share) | $0 | ($0.02) |
Basic earnings per share attributable to MTI (in dollars per share) | $0.45 | $0.54 |
Diluted: | ' | ' |
Income from continuing operations attributable to MTI (in dollars per share) | $0.45 | $0.55 |
Loss from discontinued operations attributable to MTI (in dollars per share) | $0 | ($0.02) |
Diluted earnings per share attributable to MTI (in dollars per share) | $0.45 | $0.53 |
Cash dividends declared per common share (in dollars per share) | $0.05 | $0.05 |
Shares used in computation of earnings per share: | ' | ' |
Basic (in shares) | 34,420 | 34,996 |
Diluted (in shares) | 34,680 | 35,253 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Comprehensive Income [Abstract] | ' | ' |
Consolidated net income | $16,279 | $19,604 |
Other comprehensive income, net of tax: | ' | ' |
Foreign currency translation adjustments | 2,087 | -14,785 |
Pension and postretirement plan adjustments | 826 | 1,766 |
Cash flow hedges: | ' | ' |
Net derivative gains (losses) arising during the period | -106 | 586 |
Comprehensive income | 19,086 | 7,171 |
Comprehensive income attributable to non-controlling interest | -431 | -379 |
Comprehensive income attributable to MTI | $18,655 | $6,792 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $493,035 | [1] | $490,267 | [2] |
Short-term investments, at cost which approximates market | 15,690 | [1] | 15,769 | [2] |
Accounts receivable, net | 217,299 | [1] | 204,449 | [2] |
Inventories | 91,614 | [1] | 89,169 | [2] |
Prepaid expenses and other current assets | 17,132 | [1] | 15,463 | [2] |
Total current assets | 834,770 | [1] | 815,117 | [2] |
Property, plant and equipment, less accumulated depreciation and depletion - March 30, 2014 - $988,047; December 31, 2013 - $976,265 | 306,379 | [1] | 306,071 | [2] |
Goodwill | 64,274 | [1] | 64,432 | [2] |
Other assets and deferred charges | 31,821 | [1] | 31,927 | [2] |
Total assets | 1,237,244 | [1] | 1,217,547 | [2] |
Current liabilities: | ' | ' | ||
Short-term debt | 4,753 | [1] | 5,504 | [2] |
Current maturities of long-term debt | 8,200 | [1] | 8,200 | [2] |
Accounts payable | 109,546 | [1] | 94,855 | [2] |
Other current liabilities | 57,823 | [1] | 72,335 | [2] |
Total current liabilities | 180,322 | [1] | 180,894 | [2] |
Long-term debt | 75,000 | [1] | 75,000 | [2] |
Accrued Pension and Post-Retirement Benefits | 58,056 | [1] | 57,893 | [2] |
Other non-current liabilities | 29,180 | [1] | 29,352 | [2] |
Total liabilities | 342,558 | [1] | 343,139 | [2] |
Shareholders' equity: | ' | ' | ||
Common stock | 4,769 | [1] | 4,756 | [2] |
Additional paid-in capital | 364,656 | [1] | 361,460 | [2] |
Retained earnings | 1,120,145 | [1] | 1,106,252 | [2] |
Accumulated other comprehensive loss | -28,224 | [1] | -31,265 | [2] |
Less common stock held in treasury | -593,665 | [1] | -593,665 | [2] |
Total MTI shareholders' equity | 867,681 | [1] | 847,538 | [2] |
Non-controlling interest | 27,005 | [1] | 26,870 | [2] |
Total shareholders' equity | 894,686 | [1] | 874,408 | [2] |
Total liabilities and shareholders' equity | $1,237,244 | [1] | $1,217,547 | [2] |
[1] | Unaudited | |||
[2] | Condensed from audited financial statements |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Accumulated depreciation, depletion and amortization | $988,047 | $976,265 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | |
Operating Activities: | ' | ' | |
Consolidated net income | $16,279 | $19,604 | |
Income (loss) from discontinued operations | 8 | -736 | |
Income from continuing operations | 16,271 | 20,340 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Depreciation, depletion and amortization | 11,906 | 11,588 | |
Other non-cash items | 1,563 | 2,420 | |
Net changes in operating assets and liabilities | -14,662 | -8,394 | |
Net cash provided by continuing operations | 15,078 | 25,954 | |
Net cash used in discontinued operations | 99 | -1,265 | |
Net cash provided by operating activities | 15,177 | 24,689 | |
Investing Activities: | ' | ' | |
Purchases of property, plant and equipment | -11,301 | -8,681 | |
Proceeds from sale of short-term investments | 695 | 0 | |
Purchases of short-term investments | 0 | -941 | |
Net cash used in investing activities | -10,606 | -9,622 | |
Financing Activities: | ' | ' | |
Net repayment of short-term debt | -735 | -81 | |
Purchase of common shares for treasury | 0 | -7,587 | |
Proceeds from issuance of stock under option plan | 1,763 | 2,751 | |
Excess tax benefits related to stock incentive programs | 213 | 184 | |
Dividends paid to non-controlling interest | -296 | -486 | |
Cash dividends paid | -1,722 | -1,754 | |
Net cash used in financing activities | -777 | -6,973 | |
Effect of exchange rate changes on cash and cash equivalents | -1,026 | -7,855 | |
Net increase in cash and cash equivalents | 2,768 | 239 | |
Cash and cash equivalents at beginning of period | 490,267 | [1] | 454,092 |
Cash and cash equivalents at end of period | 493,035 | [2] | 454,331 |
Supplemental disclosure of cash flow information: | ' | ' | |
Interest paid | 59 | 172 | |
Income taxes paid | 5,575 | 5,657 | |
Non-cash financing activities: | ' | ' | |
Treasury stock purchases settled after period-end | $0 | $1,860 | |
[1] | Condensed from audited financial statements | ||
[2] | Unaudited |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Note 1. Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three-month period ended March 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
Certain reclassifications were made to prior year amounts to conform to current year presentation. | |
During the second quarter of 2013, the Company ceased 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. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Note 2. Summary of Significant Accounting Policies | |
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 revenue recognition, allowance for doubtful accounts, valuation of inventories, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, income tax, income tax valuation allowances, and litigation and environmental liabilities. Actual results could differ from those estimates. |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Earnings Per Share (EPS) [Abstract] | ' | ||||||||
Earnings Per Share (EPS) | ' | ||||||||
Note 3. Earnings Per Share (EPS) | |||||||||
Basic earnings per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are 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. | |||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||
Three Months Ended | |||||||||
Basic EPS | 30-Mar-14 | March 31, | |||||||
(in millions, except per share data) | 2013 | ||||||||
Income from continuing operations | |||||||||
attributable to MTI | $ | 15.6 | $ | 19.5 | |||||
Loss from discontinued operations | |||||||||
attributable to MTI | -- | (0.7 | ) | ||||||
Net income attributable to MTI | $ | 15.6 | $ | 18.8 | |||||
Weighted average shares outstanding | 34.4 | 35 | |||||||
30-Mar-14 | March 31, | ||||||||
2013 | |||||||||
Basic earnings per share from continuing operations | |||||||||
attributable to MTI | $ | 0.45 | $ | 0.56 | |||||
Basic loss per share from discontinued operations | |||||||||
attributable to MTI | -- | (0.02 | ) | ||||||
Basic earnings per share attributable to MTI | $ | 0.45 | $ | 0.54 | |||||
Three Months Ended | |||||||||
Diluted EPS | 30-Mar-14 | March 31, | |||||||
(in millions, except per share data) | 2013 | ||||||||
Income from continuing operations | |||||||||
attributable to MTI | $ | 15.6 | $ | 19.5 | |||||
Loss from discontinued operations | |||||||||
attributable to MTI | -- | (0.7 | ) | ||||||
Net income attributable to MTI | $ | 15.6 | $ | 18.8 | |||||
Weighted average shares outstanding | 34.4 | 35 | |||||||
Dilutive effect of stock options and stock units | 0.3 | 0.3 | |||||||
Weighted average shares outstanding, adjusted | 34.7 | 35.3 | |||||||
Diluted earnings per share from continuing operations | |||||||||
attributable to MTI | $ | 0.45 | $ | 0.55 | |||||
Diluted loss per share from discontinued operations | |||||||||
attributable to MTI | -- | (0.02 | ) | ||||||
Diluted earnings per share attributable to | $ | 0.45 | $ | 0.53 | |||||
MTI | |||||||||
Options to purchase 160,180 and 239,770 shares of common stock for the three-month periods ended March 30, 2014 and March 31, 2013, 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. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
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. | |||||||||
Three Months Ended | |||||||||
(millions of dollars) | March 30, | March 31, | |||||||
2014 | 2013 | ||||||||
Net sales | $ | -- | $ | 0.8 | |||||
Production margin | -- | (1.0 | ) | ||||||
Expenses | -- | 0.1 | |||||||
Loss from operations | $ | -- | $ | (1.1 | ) | ||||
Benefit for taxes on income | $ | -- | $ | (0.4 | ) | ||||
Loss from discontinued operations, net of tax | $ | -- | $ | (0.7 | ) |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
Note 5. Income Taxes | |
As of March 30, 2014, the Company had approximately $4.1 million of total unrecognized income tax benefits. Included in this amount were a total of $2.6 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, the Company does not expect the change to have a significant impact on the results of operations or the financial position of the Company. | |
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 a net increase of approximately $0.1 million during the first three months of 2014, and had an accrued balance of $0.7 million of interest and penalties as of March 30, 2014. | |
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 income tax examinations by tax authorities for years prior to 2007. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 6. Inventories | |||||||||
The following is a summary of inventories by major category: | |||||||||
(millions of dollars) | March 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 34 | $ | 35.1 | |||||
Work-in-process | 7.2 | 6.3 | |||||||
Finished goods | 28.1 | 26.3 | |||||||
Packaging and supplies | 22.3 | 21.5 | |||||||
Total inventories | $ | 91.6 | $ | 89.2 |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
Note 7. Goodwill and Other Intangible Assets | |||||||||||||||||
Goodwill and other intangible assets with indefinite lives are not amortized, but instead are assessed for impairment, at least annually. The carrying amount of goodwill was $64.3 million and $64.4 million as of March 30, 2014 and December 31, 2013, respectively. The net change in goodwill since December 31, 2013 was attributable to the effect of foreign exchange. | |||||||||||||||||
Acquired intangible assets subject to amortization included in other assets and deferred charges as of March 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
30-Mar-14 | 31-Dec-13 | ||||||||||||||||
(millions of dollars) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Patents and trademarks | $ | 6.4 | 3.8 | 6.4 | 3.7 | ||||||||||||
Customer lists | 2.9 | 2.7 | 2.9 | 2.6 | |||||||||||||
$ | 9.3 | 6.5 | 9.3 | 6.3 | |||||||||||||
The weighted average amortization period for acquired intangible assets subject to amortization is approximately 15 years. Estimated amortization expense is $0.5 million for 2014, $0.5 million for 2015–2016, $0.3 million for 2017, and $0.1 million for 2018-2019. | |||||||||||||||||
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 PCC satellite 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 $0.1 million was amortized in the first quarter of 2014. Estimated amortization as a reduction of sales is as follows: remainder of 2014 - $0.3 million; 2015 - $0.1 million. | |||||||||||||||||
LongTerm_Debt_and_Commitments
Long-Term Debt and Commitments | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Long-Term Debt and Commitments [Abstract] | ' | ||||||||
Long-Term Debt and Commitments | ' | ||||||||
Note 8. Long-Term Debt and Commitments | |||||||||
The following is a summary of long-term debt: | |||||||||
(millions of dollars) | |||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
3.46% Series A Senior Notes | |||||||||
Due October 7, 2020 | $ | 30 | $ | 30 | |||||
4.13% Series B Senior Notes | |||||||||
Due October 7, 2023 | 45 | 45 | |||||||
Variable/Fixed Rate Industrial | |||||||||
Development Revenue Bonds Series 1999 Due November 1, 2014 | 8.2 | 8.2 | |||||||
Installment obligations | -- | -- | |||||||
Other borrowings | -- | -- | |||||||
Total | 83.2 | 83.2 | |||||||
Less: Current maturities | 8.2 | 8.2 | |||||||
Long-term debt | $ | 75 | $ | 75 | |||||
As of March 30, 2014, the Company had $189.7 million of uncommitted short-term bank credit lines, of which approximately $4.8 million was in use. |
Benefit_Plans
Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Benefit Plans [Abstract] | ' | ||||||||||||||||
Benefit Plans | ' | ||||||||||||||||
Note 9. Benefit Plans | |||||||||||||||||
The Company and its subsidiaries have pension plans covering the majority of eligible employees on a contributory or non-contributory basis. The Company also provides postretirement health care and life insurance benefits for the majority of its U.S. retired employees. Disclosures for the U.S. plans have been combined with those outside of the U.S. as the international plans do not have significantly different assumptions, and together represent less than 25% of our total benefit obligation. | |||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
(millions of dollars) | 30-Mar-14 | 31-Mar-13 | 30-Mar-14 | 31-Mar-13 | |||||||||||||
Service cost | $ | 2 | $ | 2.3 | $ | 0.1 | $ | 0.2 | |||||||||
Interest cost | 3.1 | 2.8 | 0.1 | 0.1 | |||||||||||||
Expected return on plan assets | (4.3 | ) | (3.7 | ) | -- | -- | |||||||||||
Amortization: | |||||||||||||||||
Prior service cost | 0.3 | 0.3 | (0.8 | ) | (0.8 | ) | |||||||||||
Recognized net actuarial loss | 1.7 | 3.4 | -- | -- | |||||||||||||
Net periodic benefit cost | $ | 2.8 | $ | 5.1 | $ | (0.6 | ) | $ | (0.5 | ) | |||||||
Amortization amounts of prior service costs and recognized net actuarial losses are recorded, net of tax, as increases to accumulated other comprehensive income. | |||||||||||||||||
Employer Contributions | |||||||||||||||||
The Company expects to contribute approximately $10.0 million to its pension plans and $1.0 million to its other post retirement benefit plans in 2014. As of March 30, 2014, $0.8 million has been contributed to the pension plans and approximately $0.2 million has been contributed to the other post retirement benefit plans. |
Comprehensive_Income
Comprehensive Income | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Comprehensive Income [Abstract] | ' | ||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||
Note 10. Comprehensive Income | |||||||||||||||||
The following are the reclassifications out of accumulated other comprehensive income, net of related tax: | |||||||||||||||||
(millions of dollars) | March 30, | ||||||||||||||||
2014 | |||||||||||||||||
Amortization of prior service cost | $ | (0.3 | ) | ||||||||||||||
Amortization of actuarial gains(losses) | 1.1 | ||||||||||||||||
Total reclassifications from accumulated other comprehensive income | $ | 0.8 | |||||||||||||||
The above amounts are included in net periodic pension costs. Please see note 9 to the condensed consolidated financial statements. | |||||||||||||||||
The major components of accumulated other comprehensive income (loss), net of related tax, are as follows: | |||||||||||||||||
(millions of dollars) | Foreign Currency Translation Adjustments | Unrecognized Pension Costs | Net Gain on Cash Flow Hedges | Total | |||||||||||||
Balance as of December 31, 2013 | $ | 17.1 | $ | (51.0 | ) | $ | 2.6 | $ | (31.3 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 2.3 | -- | (0.1 | ) | 2.2 | ||||||||||||
Amounts reclassified from AOCI | -- | 0.8 | -- | 0.8 | |||||||||||||
Net current period other comprehensive income (loss) | 2.3 | 0.8 | (0.1 | ) | 3 | ||||||||||||
Balance as of March 30, 2014 | $ | 19.4 | (50.2 | ) | 2.5 | (28.3 | ) |
Accounting_for_Asset_Retiremen
Accounting for Asset Retirement Obligations | 3 Months Ended | ||||
Mar. 30, 2014 | |||||
Accounting for Asset Retirement Obligations [Abstract] | ' | ||||
Accounting for Asset Retirement Obligations | ' | ||||
Note 11. Accounting for Asset Retirement Obligations | |||||
The Company records asset retirement obligations for situations in which the Company will be required to incur costs 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 legal or contractual 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 March 30, 2014: | |||||
(millions of dollars) | |||||
Asset retirement liability, December 31, 2013 | $ | 14.7 | |||
Accretion expense | 0.2 | ||||
Additions | -- | ||||
Reversals | (0.1 | ) | |||
Foreign currency translation and other | -- | ||||
Asset retirement liability, March 30, 2014 | $ | 14.8 | |||
The current portion of the liability of approximately $0.4 million is included in other current liabilities and the long-term portion of the liability of approximately $14.4 million is included in other non-current liabilities in the Condensed Consolidated Balance Sheet as of March 30, 2014. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 30, 2014 | |
Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
Note 12. Legal Proceedings | |
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. Four new asbestos cases were filed in the first quarter of 2014, and four asbestos cases were dismissed. 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 March 30, 2014. | |
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 March 30, 2014. | |
The Company and its subsidiaries are not party to any other material pending legal proceedings, other than routine litigation incidental to their businesses. | |
NonOperating_Income_and_Deduct
Non-Operating Income and Deductions, Net | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Non-Operating Income and Deductions, Net [Abstract] | ' | ||||||||
Non-Operating Income and Deductions, Net | ' | ||||||||
Note 13. Non-Operating Income and Deductions, Net | |||||||||
Three Months Ended | |||||||||
(millions of dollars) | 30-Mar-14 | 31-Mar-13 | |||||||
Interest income | $ | 0.7 | $ | 0.7 | |||||
Interest expense | (0.8 | ) | (0.8 | ) | |||||
Foreign exchange gains | 0.1 | 0.6 | |||||||
Other deductions | (0.3 | ) | (0.4 | ) | |||||
Non-operating income (deductions), net | $ | (0.3 | ) | $ | 0.1 | ||||
Noncontrolling_interests
Non-controlling interests | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||||||
Non-controlling interests [Abstract] | ' | ||||||||||||||||||||||||||||
Noncontrolling interests | ' | ||||||||||||||||||||||||||||
Note 14. Non-controlling interests | |||||||||||||||||||||||||||||
The following is a reconciliation of beginning and ending total equity, equity attributable to MTI, and equity attributable to non-controlling interests: | |||||||||||||||||||||||||||||
Equity Attributable to MTI | |||||||||||||||||||||||||||||
(millions of dollars) | Common Stock | Additional | Retained | Accumulated | Treasury | Non-controlling Interests | Total | ||||||||||||||||||||||
Paid-in Capital | Earnings | Other | Stock | ||||||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 4.7 | $ | 361.5 | $ | 1,106.30 | $ | (31.3 | ) | $ | (593.7 | ) | $ | 26.9 | $ | 874.4 | |||||||||||||
Net income | -- | -- | 15.6 | -- | -- | 0.6 | 16.2 | ||||||||||||||||||||||
Other comprehensive income | -- | -- | -- | 3 | -- | (0.2 | ) | 2.8 | |||||||||||||||||||||
Dividends declared | -- | -- | (1.7 | ) | -- | -- | -- | (1.7 | ) | ||||||||||||||||||||
Dividends to non-controlling interest | -- | -- | -- | -- | -- | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||
Employee benefit transactions | 0.1 | 1.7 | -- | -- | -- | -- | 1.8 | ||||||||||||||||||||||
Income tax benefit arising from employee | |||||||||||||||||||||||||||||
stock option plans | -- | 1.1 | -- | -- | -- | -- | 1.1 | ||||||||||||||||||||||
Purchase of common stock for treasury | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||
Stock based compensation | -- | 0.3 | -- | -- | -- | -- | 0.3 | ||||||||||||||||||||||
Balance as of March 30, 2014 | $ | 4.8 | $ | 364.6 | $ | 1,120.20 | $ | (28.3 | ) | $ | (593.7 | ) | $ | 27 | $ | 894.6 | |||||||||||||
The income attributable to non-controlling interests for the three-month periods ended March 30, 2014 and March 31, 2013 was from continuing operations. The remainder of the income was attributable to MTI. There were no changes in MTI's ownership interest for the period ended March 30, 2014 as compared with December 31, 2013. |
Segment_and_Related_Informatio
Segment and Related Information | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Segment and Related Information [Abstract] | ' | ||||||||
Segment and Related Information | ' | ||||||||
Note 15. Segment and Related Information | |||||||||
Segment information for the three-month periods ended March 30, 2014 and March 31, 2013 was as follows: | |||||||||
Net Sales | |||||||||
(millions of dollars) | Three Months Ended | ||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Specialty Minerals | $ | 159.7 | $ | 166.9 | |||||
Refractories | 84.7 | 83.6 | |||||||
Total | $ | 244.4 | $ | 250.5 | |||||
Income from Operations | |||||||||
(millions of dollars) | Three Months Ended | ||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Specialty Minerals | $ | 21.5 | $ | 23.3 | |||||
Refractories | 9.2 | 6.9 | |||||||
Total | $ | 30.7 | $ | 30.2 | |||||
The carrying amount of goodwill by reportable segment as of March 30, 2014 and December 31, 2013 was as follows: | |||||||||
Goodwill | |||||||||
(millions of dollars) | |||||||||
Three Months Ended | |||||||||
March 30, | 31-Dec-13 | ||||||||
2014 | |||||||||
Specialty Minerals | $ | 14.4 | 14.3 | ||||||
Refractories | 49.9 | 50.1 | |||||||
Total | $ | 64.3 | 64.4 | ||||||
A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows: | |||||||||
Income from operations before provision for taxes on income: | Three Months Ended | ||||||||
(millions of dollars) | March 30, | March 31, | |||||||
2014 | 2013 | ||||||||
Income from operations for reportable segments | $ | 30.7 | $ | 30.2 | |||||
Unallocated corporate expenses | (7.1 | ) | (2.0 | ) | |||||
Consolidated income from operations | 23.6 | 28.2 | |||||||
Non-operating income (deductions) | (0.3 | ) | 0.1 | ||||||
Income from continuing operations | |||||||||
before provision for taxes on income | $ | 23.3 | $ | 28.3 | |||||
The Company's sales by product category are as follows: | |||||||||
Three Months Ended | |||||||||
(millions of dollars) | March 30, | March 31, | |||||||
2014 | 2013 | ||||||||
Paper PCC | $ | 112.8 | $ | 120.5 | |||||
Specialty PCC | 16.3 | 16.8 | |||||||
Talc | 13.4 | 12.4 | |||||||
Ground Calcium Carbonate | 17.2 | 17.2 | |||||||
Refractory Products | 63.1 | 62.4 | |||||||
Metallurgical Products | 21.6 | 21.2 | |||||||
Net sales | $ | 244.4 | $ | 250.5 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 30, 2014 | |
Acquisitions [Abstract] | ' |
Acquisitions | ' |
Note 16. Acquisitions | |
On March 10, 2014, the Company entered into a definitive merger agreement with AMCOL International Corporation. Under the terms of the agreement, the Company will acquire all outstanding shares of AMCOL for $45.75 per share in cash, or a total value of approximately $1.7 billion. The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2014 and is subject to customary closing conditions. The Company expects to finance this transaction with a combination of cash on hand and borrowings. JP Morgan Chase Bank, N.A. has committed to provide senior secured credit facilities consisting of a $200 million revolving credit facility and a $1.56 billion term loan facility. | |
The company incurred $7.5 million of acquisition-related transaction costs in the first quarter, of which $2.4 million were reflected as deferred financing costs. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
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 revenue recognition, allowance for doubtful accounts, valuation of inventories, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, income tax, income tax valuation allowances, and litigation and environmental liabilities. Actual results could differ from those estimates. |
Earnings_Per_Share_EPS_Tables
Earnings Per Share (EPS) (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Earnings Per Share (EPS) [Abstract] | ' | ||||||||
Schedule of basic and diluted earnings per share | ' | ||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||
Three Months Ended | |||||||||
Basic EPS | 30-Mar-14 | March 31, | |||||||
(in millions, except per share data) | 2013 | ||||||||
Income from continuing operations | |||||||||
attributable to MTI | $ | 15.6 | $ | 19.5 | |||||
Loss from discontinued operations | |||||||||
attributable to MTI | -- | (0.7 | ) | ||||||
Net income attributable to MTI | $ | 15.6 | $ | 18.8 | |||||
Weighted average shares outstanding | 34.4 | 35 | |||||||
30-Mar-14 | March 31, | ||||||||
2013 | |||||||||
Basic earnings per share from continuing operations | |||||||||
attributable to MTI | $ | 0.45 | $ | 0.56 | |||||
Basic loss per share from discontinued operations | |||||||||
attributable to MTI | -- | (0.02 | ) | ||||||
Basic earnings per share attributable to MTI | $ | 0.45 | $ | 0.54 | |||||
Three Months Ended | |||||||||
Diluted EPS | 30-Mar-14 | March 31, | |||||||
(in millions, except per share data) | 2013 | ||||||||
Income from continuing operations | |||||||||
attributable to MTI | $ | 15.6 | $ | 19.5 | |||||
Loss from discontinued operations | |||||||||
attributable to MTI | -- | (0.7 | ) | ||||||
Net income attributable to MTI | $ | 15.6 | $ | 18.8 | |||||
Weighted average shares outstanding | 34.4 | 35 | |||||||
Dilutive effect of stock options and stock units | 0.3 | 0.3 | |||||||
Weighted average shares outstanding, adjusted | 34.7 | 35.3 | |||||||
Diluted earnings per share from continuing operations | |||||||||
attributable to MTI | $ | 0.45 | $ | 0.55 | |||||
Diluted loss per share from discontinued operations | |||||||||
attributable to MTI | -- | (0.02 | ) | ||||||
Diluted earnings per share attributable to | $ | 0.45 | $ | 0.53 | |||||
MTI | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
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. | |||||||||
Three Months Ended | |||||||||
(millions of dollars) | March 30, | March 31, | |||||||
2014 | 2013 | ||||||||
Net sales | $ | -- | $ | 0.8 | |||||
Production margin | -- | (1.0 | ) | ||||||
Expenses | -- | 0.1 | |||||||
Loss from operations | $ | -- | $ | (1.1 | ) | ||||
Benefit for taxes on income | $ | -- | $ | (0.4 | ) | ||||
Loss from discontinued operations, net of tax | $ | -- | $ | (0.7 | ) |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Summary of inventories by major category | ' | ||||||||
The following is a summary of inventories by major category: | |||||||||
(millions of dollars) | March 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 34 | $ | 35.1 | |||||
Work-in-process | 7.2 | 6.3 | |||||||
Finished goods | 28.1 | 26.3 | |||||||
Packaging and supplies | 22.3 | 21.5 | |||||||
Total inventories | $ | 91.6 | $ | 89.2 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
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 March 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
30-Mar-14 | 31-Dec-13 | ||||||||||||||||
(millions of dollars) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Patents and trademarks | $ | 6.4 | 3.8 | 6.4 | 3.7 | ||||||||||||
Customer lists | 2.9 | 2.7 | 2.9 | 2.6 | |||||||||||||
$ | 9.3 | 6.5 | 9.3 | 6.3 |
LongTerm_Debt_and_Commitments_
Long-Term Debt and Commitments (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Long-Term Debt and Commitments [Abstract] | ' | ||||||||
Summary of long term debt | ' | ||||||||
The following is a summary of long-term debt: | |||||||||
(millions of dollars) | |||||||||
March 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
3.46% Series A Senior Notes | |||||||||
Due October 7, 2020 | $ | 30 | $ | 30 | |||||
4.13% Series B Senior Notes | |||||||||
Due October 7, 2023 | 45 | 45 | |||||||
Variable/Fixed Rate Industrial | |||||||||
Development Revenue Bonds Series 1999 Due November 1, 2014 | 8.2 | 8.2 | |||||||
Installment obligations | -- | -- | |||||||
Other borrowings | -- | -- | |||||||
Total | 83.2 | 83.2 | |||||||
Less: Current maturities | 8.2 | 8.2 | |||||||
Long-term debt | $ | 75 | $ | 75 |
Benefit_Plans_Tables
Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Benefit Plans [Abstract] | ' | ||||||||||||||||
Components of net periodic benefit cost | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
(millions of dollars) | 30-Mar-14 | 31-Mar-13 | 30-Mar-14 | 31-Mar-13 | |||||||||||||
Service cost | $ | 2 | $ | 2.3 | $ | 0.1 | $ | 0.2 | |||||||||
Interest cost | 3.1 | 2.8 | 0.1 | 0.1 | |||||||||||||
Expected return on plan assets | (4.3 | ) | (3.7 | ) | -- | -- | |||||||||||
Amortization: | |||||||||||||||||
Prior service cost | 0.3 | 0.3 | (0.8 | ) | (0.8 | ) | |||||||||||
Recognized net actuarial loss | 1.7 | 3.4 | -- | -- | |||||||||||||
Net periodic benefit cost | $ | 2.8 | $ | 5.1 | $ | (0.6 | ) | $ | (0.5 | ) | |||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Comprehensive Income [Abstract] | ' | ||||||||||||||||
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) | March 30, | ||||||||||||||||
2014 | |||||||||||||||||
Amortization of prior service cost | $ | (0.3 | ) | ||||||||||||||
Amortization of actuarial gains(losses) | 1.1 | ||||||||||||||||
Total reclassifications from accumulated other comprehensive income | $ | 0.8 | |||||||||||||||
Accumulated other comprehensive income, net of related tax | ' | ||||||||||||||||
The major components of accumulated other comprehensive income (loss), net of related tax, are as follows: | |||||||||||||||||
(millions of dollars) | Foreign Currency Translation Adjustments | Unrecognized Pension Costs | Net Gain on Cash Flow Hedges | Total | |||||||||||||
Balance as of December 31, 2013 | $ | 17.1 | $ | (51.0 | ) | $ | 2.6 | $ | (31.3 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 2.3 | -- | (0.1 | ) | 2.2 | ||||||||||||
Amounts reclassified from AOCI | -- | 0.8 | -- | 0.8 | |||||||||||||
Net current period other comprehensive income (loss) | 2.3 | 0.8 | (0.1 | ) | 3 | ||||||||||||
Balance as of March 30, 2014 | $ | 19.4 | (50.2 | ) | 2.5 | (28.3 | ) |
Accounting_for_Asset_Retiremen1
Accounting for Asset Retirement Obligations (Tables) | 3 Months Ended | ||||
Mar. 30, 2014 | |||||
Accounting for Asset Retirement Obligations [Abstract] | ' | ||||
Reconciliation of Asset Retirement Obligations | ' | ||||
The following is a reconciliation of asset retirement obligations as of March 30, 2014: | |||||
(millions of dollars) | |||||
Asset retirement liability, December 31, 2013 | $ | 14.7 | |||
Accretion expense | 0.2 | ||||
Additions | -- | ||||
Reversals | (0.1 | ) | |||
Foreign currency translation and other | -- | ||||
Asset retirement liability, March 30, 2014 | $ | 14.8 |
NonOperating_Income_and_Deduct1
Non-Operating Income and Deductions, Net (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Non-Operating Income and Deductions, Net [Abstract] | ' | ||||||||
Non-operating Income and Deductions, Net | ' | ||||||||
Three Months Ended | |||||||||
(millions of dollars) | 30-Mar-14 | 31-Mar-13 | |||||||
Interest income | $ | 0.7 | $ | 0.7 | |||||
Interest expense | (0.8 | ) | (0.8 | ) | |||||
Foreign exchange gains | 0.1 | 0.6 | |||||||
Other deductions | (0.3 | ) | (0.4 | ) | |||||
Non-operating income (deductions), net | $ | (0.3 | ) | $ | 0.1 | ||||
Noncontrolling_interests_Table
Non-controlling interests (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||||||
Non-controlling interests [Abstract] | ' | ||||||||||||||||||||||||||||
Total equity, equity attributable To MTI, and equity attributable to noncontrolling interests | ' | ||||||||||||||||||||||||||||
The following is a reconciliation of beginning and ending total equity, equity attributable to MTI, and equity attributable to non-controlling interests: | |||||||||||||||||||||||||||||
Equity Attributable to MTI | |||||||||||||||||||||||||||||
(millions of dollars) | Common Stock | Additional | Retained | Accumulated | Treasury | Non-controlling Interests | Total | ||||||||||||||||||||||
Paid-in Capital | Earnings | Other | Stock | ||||||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 4.7 | $ | 361.5 | $ | 1,106.30 | $ | (31.3 | ) | $ | (593.7 | ) | $ | 26.9 | $ | 874.4 | |||||||||||||
Net income | -- | -- | 15.6 | -- | -- | 0.6 | 16.2 | ||||||||||||||||||||||
Other comprehensive income | -- | -- | -- | 3 | -- | (0.2 | ) | 2.8 | |||||||||||||||||||||
Dividends declared | -- | -- | (1.7 | ) | -- | -- | -- | (1.7 | ) | ||||||||||||||||||||
Dividends to non-controlling interest | -- | -- | -- | -- | -- | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||
Employee benefit transactions | 0.1 | 1.7 | -- | -- | -- | -- | 1.8 | ||||||||||||||||||||||
Income tax benefit arising from employee | |||||||||||||||||||||||||||||
stock option plans | -- | 1.1 | -- | -- | -- | -- | 1.1 | ||||||||||||||||||||||
Purchase of common stock for treasury | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||
Stock based compensation | -- | 0.3 | -- | -- | -- | -- | 0.3 | ||||||||||||||||||||||
Balance as of March 30, 2014 | $ | 4.8 | $ | 364.6 | $ | 1,120.20 | $ | (28.3 | ) | $ | (593.7 | ) | $ | 27 | $ | 894.6 |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Segment and Related Information [Abstract] | ' | ||||||||
Segment and Related Information, Net Sales | ' | ||||||||
Segment information for the three-month periods ended March 30, 2014 and March 31, 2013 was as follows: | |||||||||
Net Sales | |||||||||
(millions of dollars) | Three Months Ended | ||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Specialty Minerals | $ | 159.7 | $ | 166.9 | |||||
Refractories | 84.7 | 83.6 | |||||||
Total | $ | 244.4 | $ | 250.5 | |||||
Segment and Related Information, Income From Operations | ' | ||||||||
Income from Operations | |||||||||
(millions of dollars) | Three Months Ended | ||||||||
30-Mar-14 | 31-Mar-13 | ||||||||
Specialty Minerals | $ | 21.5 | $ | 23.3 | |||||
Refractories | 9.2 | 6.9 | |||||||
Total | $ | 30.7 | $ | 30.2 | |||||
Segment and Related Information, Goodwill | ' | ||||||||
The carrying amount of goodwill by reportable segment as of March 30, 2014 and December 31, 2013 was as follows: | |||||||||
Goodwill | |||||||||
(millions of dollars) | |||||||||
Three Months Ended | |||||||||
March 30, | 31-Dec-13 | ||||||||
2014 | |||||||||
Specialty Minerals | $ | 14.4 | 14.3 | ||||||
Refractories | 49.9 | 50.1 | |||||||
Total | $ | 64.3 | 64.4 | ||||||
Segment and Related Information, Reconciliation of Operating Income Before Income Taxes | ' | ||||||||
Income from operations before provision for taxes on income: | Three Months Ended | ||||||||
(millions of dollars) | March 30, | March 31, | |||||||
2014 | 2013 | ||||||||
Income from operations for reportable segments | $ | 30.7 | $ | 30.2 | |||||
Unallocated corporate expenses | (7.1 | ) | (2.0 | ) | |||||
Consolidated income from operations | 23.6 | 28.2 | |||||||
Non-operating income (deductions) | (0.3 | ) | 0.1 | ||||||
Income from continuing operations | |||||||||
before provision for taxes on income | $ | 23.3 | $ | 28.3 | |||||
Segment and Related Information, Sales By Product Category | ' | ||||||||
The Company's sales by product category are as follows: | |||||||||
Three Months Ended | |||||||||
(millions of dollars) | March 30, | March 31, | |||||||
2014 | 2013 | ||||||||
Paper PCC | $ | 112.8 | $ | 120.5 | |||||
Specialty PCC | 16.3 | 16.8 | |||||||
Talc | 13.4 | 12.4 | |||||||
Ground Calcium Carbonate | 17.2 | 17.2 | |||||||
Refractory Products | 63.1 | 62.4 | |||||||
Metallurgical Products | 21.6 | 21.2 | |||||||
Net sales | $ | 244.4 | $ | 250.5 |
Earnings_Per_Share_EPS_Details
Earnings Per Share (EPS) (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Basic EPS [Abstract] | ' | ' |
Income from continuing operations attributable to MTI | $15,600,000 | $19,500,000 |
Loss from discontinued operations attributable to MTI | 8,000 | -736,000 |
Net income attributable to Minerals Technologies Inc. (MTI) | 15,615,000 | 18,756,000 |
Weighted average shares outstanding (in shares) | 34,420,000 | 34,996,000 |
Basic earnings per share from continuing operations attributable to MTI (in dollars per share) | $0.45 | $0.56 |
Basic loss per share from discontinued operations attributable to MTI (in dollars per share) | $0 | ($0.02) |
Basic earnings per share attributable to MTI (in dollars per share) | $0.45 | $0.54 |
Diluted EPS [Abstract] | ' | ' |
Income from continuing operations attributable to MTI | 15,600,000 | 19,500,000 |
Loss from discontinued operations attributable to MTI | 8,000 | -736,000 |
Net income attributable to Minerals Technologies Inc. (MTI) | $15,615,000 | $18,756,000 |
Weighted average shares outstanding (in shares) | 34,420,000 | 34,996,000 |
Dilutive effect of stock options and stock units (in shares) | 300,000 | 300,000 |
Weighted average shares outstanding, adjusted (in shares) | 34,680,000 | 35,253,000 |
Diluted earnings per share from continuing operations attributable to MTI (in dollars per share) | $0.45 | $0.55 |
Diluted loss per share from discontinued operations attributable to MTI (in dollars per share) | $0 | ($0.02) |
Diluted earnings per share attributable to MTI (in dollars per share) | $0.45 | $0.53 |
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) | 160,180 | 239,770 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Discontinued Operations [Abstract] | ' | ' |
Net sales | $0 | $800,000 |
Production margin | 0 | -1,000,000 |
Expenses | 0 | 100,000 |
Loss from operations | 0 | -1,100,000 |
Benefit for taxes on income | 0 | -400,000 |
Loss from discontinued operations, net of tax | $8,000 | ($736,000) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 |
Income Taxes [Abstract] | ' |
Amount of unrecognized tax benefits | $4.10 |
Unrecognized tax benefits that would impact effective tax rate | 2.6 |
Unrecognized tax benefits, net increase in penalties and interest expense | 0.1 |
Unrecognized tax benefits, accrued interest and penalties | $0.70 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 | ||
Inventories [Abstract] | ' | ' | ||
Raw materials | $34,000,000 | $35,100,000 | ||
Work-in-process | 7,200,000 | 6,300,000 | ||
Finished goods | 28,100,000 | 26,300,000 | ||
Packaging and supplies | 22,300,000 | 21,500,000 | ||
Total inventories | $91,614,000 | [1] | $89,169,000 | [2] |
[1] | Unaudited | |||
[2] | Condensed from audited financial statements |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 30, 2014 | Dec. 31, 2013 | |||
Goodwill [Abstract] | ' | ' | ||
Goodwill | $64,274,000 | [1] | $64,432,000 | [2] |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | 9,300,000 | 9,300,000 | ||
Accumulated Amortization | 6,500,000 | 6,300,000 | ||
Customer Contracts [Member] | ' | ' | ||
Intangible assets, Finite-lived [Abstract] | ' | ' | ||
Estimated amortization expense, 2014 | 300,000 | ' | ||
Estimated amortization expense, 2015 | 100,000 | ' | ||
Finite-lived intangible assets, gross, non-current | 500,000 | ' | ||
Number of PCC satellite facilities | 7 | ' | ||
Finite-lived intangible assets, gross, current | 400,000 | ' | ||
Amortization expense | 100,000 | ' | ||
Acquired Finite-Lived Intangible Assets [Member] | ' | ' | ||
Intangible assets, Finite-lived [Abstract] | ' | ' | ||
Weighted average amortization period for acquired intangible assets subject to amortization | '15 years | ' | ||
Estimated amortization expense, 2014 | 500,000 | ' | ||
Estimated amortization expense, 2015 | 500,000 | ' | ||
Estimated amortization expense, 2016 | 500,000 | ' | ||
Estimated amortization expense, 2017 | 300,000 | ' | ||
Estimated amortization expense, 2018 | 100,000 | ' | ||
Estimated amortization expense, 2019 | 100,000 | ' | ||
Patents & Trademarks [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | 6,400,000 | 6,400,000 | ||
Accumulated Amortization | 3,800,000 | 3,700,000 | ||
Customer Lists [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Gross Carrying Amount | 2,900,000 | 2,900,000 | ||
Accumulated Amortization | $2,700,000 | $2,600,000 | ||
[1] | Unaudited | |||
[2] | Condensed from audited financial statements |
LongTerm_Debt_and_Commitments_1
Long-Term Debt and Commitments (Details) (USD $) | 3 Months Ended | |||
Mar. 30, 2014 | Dec. 31, 2013 | |||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, gross | $83,200,000 | $83,200,000 | ||
Less: Current maturities | 8,200,000 | [1] | 8,200,000 | [2] |
Long-term debt | 75,000,000 | [1] | 75,000,000 | [2] |
Short-term Borrowings [Abstract] | ' | ' | ||
Uncommitted short-term bank credit lines, maximum borrowing capacity | 189,700,000 | ' | ||
Uncommitted short-term bank credit lines, amount outstanding | 4,800,000 | ' | ||
Series A Senior Notes Due 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, gross | 30,000,000 | 30,000,000 | ||
Maturity date | 7-Oct-20 | ' | ||
Series B Senior Notes Due 2023 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, gross | 45,000,000 | 45,000,000 | ||
Maturity date | 7-Oct-23 | ' | ||
Variable/Fixed Rate Industrial Development Revenue Bonds Series 1999 Due 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, gross | 8,200,000 | 8,200,000 | ||
Maturity date | 1-Nov-14 | ' | ||
Installment Obligations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, gross | 0 | 0 | ||
Other Borrowings [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt, gross | $0 | $0 | ||
[1] | Unaudited | |||
[2] | Condensed from audited financial statements |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Employer Contributions [Abstract] | ' | ' |
Maximum percentage of total benefit obligation for international pension plans (in hundredths) | 25.00% | ' |
Pension Benefits [Member] | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' |
Service cost | $2 | $2.30 |
Interest cost | 3.1 | 2.8 |
Expected return on plan assets | -4.3 | -3.7 |
Amortization [Abstract] | ' | ' |
Prior service cost | 0.3 | 0.3 |
Recognized net actuarial loss | 1.7 | 3.4 |
Net periodic benefit cost | 2.8 | 5.1 |
Employer Contributions [Abstract] | ' | ' |
Expected company contribution to its benefit plans | 10 | ' |
Company contribution to benefit plans | 0.8 | ' |
Other Benefits [Member] | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' |
Service cost | 0.1 | 0.2 |
Interest cost | 0.1 | 0.1 |
Expected return on plan assets | 0 | 0 |
Amortization [Abstract] | ' | ' |
Prior service cost | -0.8 | -0.8 |
Recognized net actuarial loss | 0 | 0 |
Net periodic benefit cost | -0.6 | -0.5 |
Employer Contributions [Abstract] | ' | ' |
Expected company contribution to its benefit plans | 1 | ' |
Company contribution to benefit plans | $0.20 | ' |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | ||
Reclassifications out of accumulated other comprehensive income, net of related tax [Abstract] | ' | |
Amortization of prior service cost | ($300,000) | |
Amortization of actuarial gains (losses) | 1,100,000 | |
Total reclassifications from accumulated other comprehensive income | 800,000 | |
Accumulated Other Comprehensive Income (Loss), Currency Translation Adjustment [Roll Forward] | ' | |
Balance at beginning of year | 17,100,000 | |
Other comprehensive income (loss) before reclassifications | 2,300,000 | |
Amounts reclassified from AOCI | 0 | |
Net current period other comprehensive income (loss) | 2,300,000 | |
Balance at end of year | 19,400,000 | |
Accumulated Other Comprehensive Income (Loss), Unrecognized Pension Costs [Roll Forward] | ' | |
Balance at beginning of year | -51,000,000 | |
Other comprehensive income (loss) before reclassifications | 0 | |
Amounts reclassified from AOCI | 800,000 | |
Net current period other comprehensive income (loss) | 800,000 | |
Balance at end of year | -50,200,000 | |
Accumulated Other Comprehensive Income (Loss), Net Gain (Loss) On Cash Flow Hedges [Roll Forward] | ' | |
Balance at beginning of year | 2,600,000 | |
Other comprehensive income (loss) before reclassifications | -100,000 | |
Amounts reclassified from AOCI | 0 | |
Net current period other comprehensive income (loss) | -100,000 | |
Balance at end of year | 2,500,000 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | |
Balance at beginning of year | -31,265,000 | [1] |
Other comprehensive income (loss) before reclassifications | 2,200,000 | |
Amounts reclassified from AOCI | 800,000 | |
Net current period other comprehensive income (loss) | 3,000,000 | |
Balance at end of year | ($28,224,000) | [2] |
[1] | Condensed from audited financial statements | |
[2] | Unaudited |
Accounting_for_Asset_Retiremen2
Accounting for Asset Retirement Obligations (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 |
Accounting for Asset Retirement Obligations [Abstract] | ' |
Asset retirement liability, beginning balance | $14.70 |
Accretion expense | 0.2 |
Additions | 0 |
Reversals | -0.1 |
Foreign currency translation and other | 0 |
Asset retirement liability, ending balance | 14.8 |
Asset retirement obligation current portion | 0.4 |
Asset retirement obligation noncurrent portion | $14.40 |
Legal_Proceedings_Details
Legal Proceedings (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 |
Loss Contingencies [Line Items] | ' |
Claims for products sold prior to initial public offering | 15 |
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 | $0.40 |
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 |
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 |
Number of cases dismissed to date | 1,394 |
Asbestos Cases [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of pending cases | 15 |
Number of cases dismissed to date | 34 |
Number of new cases | 4 |
Number of cases dismissed | 4 |
NonOperating_Income_and_Deduct2
Non-Operating Income and Deductions, Net (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Non-Operating Income and Deductions, Net [Abstract] | ' | ' |
Interest income | $700,000 | $700,000 |
Interest expense | -800,000 | -800,000 |
Foreign exchange gains | 100,000 | 600,000 |
Other deductions | -300,000 | -400,000 |
Non-operating income (deductions), net | ($310,000) | $133,000 |
Noncontrolling_interests_Detai
Non-controlling interests (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | ||
Balance | $874,408,000 | [1] | ' |
Net income | 16,279,000 | 19,604,000 | |
Other Comprehensive Income | 2,800,000 | ' | |
Dividends declared | -1,700,000 | ' | |
Dividends to non-controlling interest | -296,000 | -486,000 | |
Employee benefit transactions | 1,800,000 | ' | |
Income tax benefit arising from employee stock option plans | 1,100,000 | ' | |
Purchase of common stock for treasury | 0 | ' | |
Stock based compensation | 300,000 | ' | |
Balance | 894,686,000 | [2] | ' |
Common Stock [Member] | ' | ' | |
Balance | 4,700,000 | ' | |
Net income | 0 | ' | |
Other Comprehensive Income | 0 | ' | |
Dividends declared | 0 | ' | |
Dividends to non-controlling interest | 0 | ' | |
Employee benefit transactions | 100,000 | ' | |
Income tax benefit arising from employee stock option plans | 0 | ' | |
Purchase of common stock for treasury | 0 | ' | |
Stock based compensation | 0 | ' | |
Balance | 4,800,000 | ' | |
Additional Paid-in Capital [Member] | ' | ' | |
Balance | 361,500,000 | ' | |
Net income | 0 | ' | |
Other Comprehensive Income | 0 | ' | |
Dividends declared | 0 | ' | |
Dividends to non-controlling interest | 0 | ' | |
Employee benefit transactions | 1,700,000 | ' | |
Income tax benefit arising from employee stock option plans | 1,100,000 | ' | |
Purchase of common stock for treasury | 0 | ' | |
Stock based compensation | 300,000 | ' | |
Balance | 364,600,000 | ' | |
Retained Earnings [Member] | ' | ' | |
Balance | 1,106,300,000 | ' | |
Net income | 15,600,000 | ' | |
Other Comprehensive Income | 0 | ' | |
Dividends declared | -1,700,000 | ' | |
Dividends to non-controlling interest | 0 | ' | |
Employee benefit transactions | 0 | ' | |
Income tax benefit arising from employee stock option plans | 0 | ' | |
Purchase of common stock for treasury | 0 | ' | |
Stock based compensation | 0 | ' | |
Balance | 1,120,200,000 | ' | |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | |
Balance | -31,300,000 | ' | |
Net income | 0 | ' | |
Other Comprehensive Income | 3,000,000 | ' | |
Dividends declared | 0 | ' | |
Dividends to non-controlling interest | 0 | ' | |
Employee benefit transactions | 0 | ' | |
Income tax benefit arising from employee stock option plans | 0 | ' | |
Purchase of common stock for treasury | 0 | ' | |
Stock based compensation | 0 | ' | |
Balance | -28,300,000 | ' | |
Treasury Stock [Member] | ' | ' | |
Balance | -593,700,000 | ' | |
Net income | 0 | ' | |
Other Comprehensive Income | 0 | ' | |
Dividends declared | 0 | ' | |
Dividends to non-controlling interest | 0 | ' | |
Employee benefit transactions | 0 | ' | |
Income tax benefit arising from employee stock option plans | 0 | ' | |
Purchase of common stock for treasury | 0 | ' | |
Stock based compensation | 0 | ' | |
Balance | -593,700,000 | ' | |
Noncontrolling Interest [Member] | ' | ' | |
Balance | 26,900,000 | ' | |
Net income | 600,000 | ' | |
Other Comprehensive Income | -200,000 | ' | |
Dividends declared | 0 | ' | |
Dividends to non-controlling interest | -300,000 | ' | |
Employee benefit transactions | 0 | ' | |
Income tax benefit arising from employee stock option plans | 0 | ' | |
Purchase of common stock for treasury | 0 | ' | |
Stock based compensation | 0 | ' | |
Balance | $27,000,000 | ' | |
[1] | Condensed from audited financial statements | ||
[2] | Unaudited |
Segment_and_Related_Informatio2
Segment and Related Information (Details) (USD $) | 3 Months Ended | ||||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Net sales | $244,396,000 | $250,513,000 | ' | ||
Income from operations | 30,700,000 | 30,200,000 | ' | ||
Goodwill | 64,274,000 | [1] | ' | 64,432,000 | [2] |
Income from operations before provision for taxes on income [Abstract] | ' | ' | ' | ||
Income from operations for reportable segments | 30,700,000 | 30,200,000 | ' | ||
Unallocated corporate expenses | -7,100,000 | -2,000,000 | ' | ||
Consolidated income from operations | 23,584,000 | 28,253,000 | ' | ||
Non-operating income (deductions), net | -310,000 | 133,000 | ' | ||
Income from continuing operations before provision for taxes | 23,274,000 | 28,386,000 | ' | ||
Specialty Minerals [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Net sales | 159,700,000 | 166,900,000 | ' | ||
Income from operations | 21,500,000 | 23,300,000 | ' | ||
Goodwill | 14,400,000 | ' | 14,300,000 | ||
Income from operations before provision for taxes on income [Abstract] | ' | ' | ' | ||
Income from operations for reportable segments | 21,500,000 | 23,300,000 | ' | ||
Refractories [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Net sales | 84,700,000 | 83,600,000 | ' | ||
Income from operations | 9,200,000 | 6,900,000 | ' | ||
Goodwill | 49,900,000 | ' | 50,100,000 | ||
Income from operations before provision for taxes on income [Abstract] | ' | ' | ' | ||
Income from operations for reportable segments | $9,200,000 | $6,900,000 | ' | ||
[1] | Unaudited | ||||
[2] | Condensed from audited financial statements |
Segment_and_Related_Informatio3
Segment and Related Information, Sales By Product Category (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | $244,396 | $250,513 |
Paper PCC [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | 112,800 | 120,500 |
Specialty PCC [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | 16,300 | 16,800 |
Talc [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | 13,400 | 12,400 |
Ground Calcium Carbonate [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | 17,200 | 17,200 |
Refractory Products [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | 63,100 | 62,400 |
Metallurgical Products [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net sales | $21,600 | $21,200 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Business Acquisition [Line Items] | ' | ' |
Acquisition related transaction costs | $5,101,000 | $0 |
AMCOL International Corporation [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Share price (in dollars per share) | $45.75 | ' |
Amount of acquired outstanding shares total value | 1,700,000,000 | ' |
Acquisition related transaction costs | 7,500,000 | ' |
Deferred financing costs | 2,400,000 | ' |
AMCOL International Corporation [Member] | Revolving Credit Facility [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Face amount | 200,000,000 | ' |
AMCOL International Corporation [Member] | Credit Facilities Term Loan [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Face amount | $1,560,000,000 | ' |