Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 02, 2022 | Oct. 20, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 02, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Transition Report | false | |
Entity File Number | 1-11430 | |
Entity Registrant Name | MINERALS TECHNOLOGIES INC. | |
Entity Central Index Key | 0000891014 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 25-1190717 | |
Entity Address, Address Line One | 622 Third Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017-6707 | |
City Area Code | 212 | |
Local Phone Number | 878-1800 | |
Title of 12(b) Security | Common Stock, $0.10 par value | |
Trading Symbol | MTX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,450,263 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ||||
Net sales | $ 541.9 | $ 473.2 | $ 1,617.9 | $ 1,381.4 |
Cost of goods sold | 423.6 | 359.9 | 1,250.6 | 1,040.9 |
Production margin | 118.3 | 113.3 | 367.3 | 340.5 |
Marketing and administrative expenses | 46 | 45.5 | 143.6 | 139.9 |
Research and development expenses | 5.1 | 4.6 | 15.2 | 14.5 |
Acquisition related transaction and integration costs | 0.5 | 1.5 | 4.7 | 1.9 |
Litigation costs | 31.1 | 0 | 32.6 | 0 |
Restructuring and other items, net | 0 | 1.1 | 0 | 1.1 |
Income from operations | 35.6 | 60.6 | 171.2 | 183.1 |
Interest expense, net | (11) | (9.2) | (31.2) | (28.2) |
Debt extinguishment expenses | (6.9) | 0 | (6.9) | 0 |
Non-cash pension settlement charge | (0.2) | (0.8) | (1.7) | (3) |
Other non-operating income (deductions), net | (0.4) | (0.1) | (2) | 0.3 |
Total non-operating deductions, net | (18.5) | (10.1) | (41.8) | (30.9) |
Income before tax and equity in earnings | 17.1 | 50.5 | 129.4 | 152.2 |
Provision for taxes on income | 3.2 | 8.9 | 25.8 | 27.6 |
Equity in earnings of affiliates, net of tax | 0.7 | 0.8 | 1.4 | 1.8 |
Consolidated net income | 14.6 | 42.4 | 105 | 126.4 |
Less: Net income attributable to non-controlling interests | 1.2 | 1 | 2.6 | 3.2 |
Net income attributable to Minerals Technologies Inc. | $ 13.4 | $ 41.4 | $ 102.4 | $ 123.2 |
Earnings per share: | ||||
Basic: Income attributable to Minerals Technologies Inc. (in dollars per share) | $ 0.41 | $ 1.24 | $ 3.12 | $ 3.66 |
Diluted: Income attributable to Minerals Technologies Inc. (in dollars per share) | 0.41 | 1.22 | 3.11 | 3.63 |
Cash dividends declared per common share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 |
Shares used in computation of earnings per share: | ||||
Basic (in shares) | 32.5 | 33.5 | 32.8 | 33.7 |
Diluted (in shares) | 32.6 | 33.8 | 32.9 | 33.9 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Consolidated net income | $ 14.6 | $ 42.4 | $ 105 | $ 126.4 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (52) | (14.9) | (111.5) | (41.8) |
Pension and postretirement plan adjustments | 0.9 | 2.2 | 4.3 | 9 |
Unrealized gains (losses) on derivative instruments | 7.1 | 2.6 | 16.4 | 6.5 |
Total other comprehensive loss, net of tax | (44) | (10.1) | (90.8) | (26.3) |
Total comprehensive income (loss) including non-controlling interests | (29.4) | 32.3 | 14.2 | 100.1 |
Comprehensive (income) loss attributable to non-controlling interests | (0.1) | (1.1) | 0.3 | (3) |
Comprehensive income (loss) attributable to Minerals Technologies Inc. | $ (29.5) | $ 31.2 | $ 14.5 | $ 97.1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Oct. 02, 2022 | [1] | Dec. 31, 2021 | [2] |
Current assets: | ||||
Cash and cash equivalents | $ 224.1 | $ 299.5 | ||
Short-term investments | 2.3 | 4.9 | ||
Accounts receivable, net | 430.6 | 367.8 | ||
Inventories | 344.6 | 297.7 | ||
Prepaid expenses and other current assets | 71.9 | 58.6 | ||
Total current assets | 1,073.5 | 1,028.5 | ||
Property, plant and equipment | 2,251.7 | 2,296.4 | ||
Less accumulated depreciation and depletion | (1,213.4) | (1,247.3) | ||
Property, plant and equipment, net | 1,038.3 | 1,049.1 | ||
Goodwill | 912.2 | 907.5 | ||
Intangible assets | 243.5 | 251.6 | ||
Deferred income taxes | 22.2 | 23 | ||
Other assets and deferred charges | 97.6 | 114.5 | ||
Total assets | 3,387.3 | 3,374.2 | ||
Current liabilities: | ||||
Short-term debt | 118.5 | 80 | ||
Current maturities of long-term debt | 0.7 | 0.8 | ||
Accounts payable | 210.1 | 196.1 | ||
Other current liabilities | 164.2 | 142.9 | ||
Total current liabilities | 493.5 | 419.8 | ||
Long-term debt, net of unamortized discount and deferred financing costs | 944.9 | 936.2 | ||
Deferred income taxes | 194.5 | 188.1 | ||
Accrued pension and post-retirement benefits | 102.2 | 114.3 | ||
Other non-current liabilities | 116.6 | 136.3 | ||
Total liabilities | 1,851.7 | 1,794.7 | ||
Shareholders' equity: | ||||
Common stock | 4.9 | 4.9 | ||
Additional paid-in capital | 483.3 | 474.2 | ||
Retained earnings | 2,266.3 | 2,168.9 | ||
Accumulated other comprehensive loss | (421.4) | (333.6) | ||
Less common stock held in treasury | (831.1) | (775.1) | ||
Total Minerals Technologies Inc. shareholders' equity | 1,502 | 1,539.3 | ||
Non-controlling interests | 33.6 | 40.2 | ||
Total shareholders' equity | 1,535.6 | 1,579.5 | ||
Total liabilities and shareholders' equity | $ 3,387.3 | $ 3,374.2 | ||
[1]Unaudited[2]Condensed from audited financial statements |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | ||
Operating Activities: | |||
Consolidated net income | $ 105 | $ 126.4 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 71.2 | 71 | |
Non-cash pension settlement charge | 1.7 | 3 | |
Reduction of right of use asset | 9.5 | 9.2 | |
Non-cash debt extinguishment expenses | 6.9 | 0 | |
Asset impairment charges | 0 | 0.7 | |
Pension plan funding | (5.3) | (7.6) | |
Other non-cash items | 15.1 | 10.2 | |
Net changes in operating assets and liabilities | (140.5) | (49.8) | |
Net cash provided by operating activities | 63.6 | 163.1 | |
Investing Activities: | |||
Purchases of property, plant and equipment, net | (59.4) | (63) | |
Cash paid for acquisitions, net of cash acquired | (22.4) | (186.9) | |
Proceeds from sale of assets | 1 | 0.4 | |
Proceeds from sale of short-term investments | 6.1 | 7.8 | |
Purchases of short-term investments | (2.8) | (5.2) | |
Other investing activities | 1.6 | 2.2 | |
Net cash used in investing activities | (75.9) | (244.7) | |
Financing Activities: | |||
Long-term debt issuance | 550 | 0 | |
Deferred financing costs | (3.2) | 0 | |
Repayment of long-term debt | (548.7) | (1) | |
Proceeds from issuance of short-term debt | 38.5 | 100.5 | |
Purchase of common stock for treasury | (56) | (62.9) | |
Proceeds from issuance of stock under option plan | 3.5 | 10.6 | |
Excess tax benefits related to stock incentive programs | (3.3) | (2.8) | |
Dividends paid to non-controlling interests | (6.3) | (1.6) | |
Cash dividends paid | (4.9) | (5.1) | |
Net cash provided by (used in) financing activities | (30.4) | 37.7 | |
Effect of exchange rate changes on cash and cash equivalents | (32.7) | (13.9) | |
Net decrease in cash and cash equivalents | (75.4) | (57.8) | |
Cash and cash equivalents at beginning of period | 299.5 | [1] | 367.7 |
Cash and cash equivalents at end of period | 224.1 | 309.9 | |
Supplemental disclosure of cash flow information: | |||
Interest paid | 35.1 | 32.4 | |
Income taxes paid | 28.9 | 34 | |
Non-cash financing activities: | |||
Treasury stock purchases settled after period end | $ 0 | $ 0.6 | |
[1]Condensed from audited financial statements |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Non-controlling Interests [Member] | Total | |
Balance at Dec. 31, 2020 | $ 4.9 | $ 453.3 | $ 2,011.3 | $ (308.3) | $ (700.4) | $ 37.9 | $ 1,498.7 | |
Net income | 0 | 0 | 39.9 | 0 | 0 | 1.1 | 41 | |
Other comprehensive income (loss) | 0 | 0 | 0 | (21) | 0 | (0.5) | (21.5) | |
Dividends declared | 0 | 0 | (1.7) | 0 | 0 | 0 | (1.7) | |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (0.1) | (0.1) | |
Issuance of shares pursuant to employee stock compensation plans | 0 | 5.8 | 0 | 0 | 0 | 0 | 5.8 | |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (20) | 0 | (20) | |
Stock-based compensation | 0 | 2.8 | 0 | 0 | 0 | 0 | 2.8 | |
Conversion of RSU's for tax withholding | 0 | (2.6) | 0 | 0 | 0 | 0 | (2.6) | |
Balance at Apr. 04, 2021 | 4.9 | 459.3 | 2,049.5 | (329.3) | (720.4) | 38.4 | 1,502.4 | |
Balance at Dec. 31, 2020 | 4.9 | 453.3 | 2,011.3 | (308.3) | (700.4) | 37.9 | 1,498.7 | |
Net income | 126.4 | |||||||
Other comprehensive income (loss) | (26.3) | |||||||
Balance at Oct. 03, 2021 | 4.9 | 469.6 | 2,129.5 | (334.4) | (763.3) | 39.3 | 1,545.6 | |
Balance at Apr. 04, 2021 | 4.9 | 459.3 | 2,049.5 | (329.3) | (720.4) | 38.4 | 1,502.4 | |
Net income | 0 | 0 | 41.9 | 0 | 0 | 1.1 | 43 | |
Other comprehensive income (loss) | 0 | 0 | 0 | 5 | 0 | 0.3 | 5.3 | |
Dividends declared | 0 | 0 | (1.7) | 0 | 0 | 0 | (1.7) | |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (0.6) | (0.6) | |
Issuance of shares pursuant to employee stock compensation plans | 0 | 4.6 | 0 | 0 | 0 | 0 | 4.6 | |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (16.9) | 0 | (16.9) | |
Stock-based compensation | 0 | 2.8 | 0 | 0 | 0 | 0 | 2.8 | |
Balance at Jul. 04, 2021 | 4.9 | 466.7 | 2,089.7 | (324.3) | (737.3) | 39.2 | 1,538.9 | |
Net income | 0 | 0 | 41.4 | 0 | 0 | 1 | 42.4 | |
Other comprehensive income (loss) | 0 | 0 | 0 | (10.1) | 0 | 0 | (10.1) | |
Dividends declared | 0 | 0 | (1.6) | 0 | 0 | 0 | (1.6) | |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (0.9) | (0.9) | |
Issuance of shares pursuant to employee stock compensation plans | 0 | 0.1 | 0 | 0 | 0 | 0 | 0.1 | |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (26) | 0 | (26) | |
Stock-based compensation | 0 | 2.8 | 0 | 0 | 0 | 0 | 2.8 | |
Balance at Oct. 03, 2021 | 4.9 | 469.6 | 2,129.5 | (334.4) | (763.3) | 39.3 | 1,545.6 | |
Balance at Dec. 31, 2021 | 4.9 | 474.2 | 2,168.9 | (333.6) | (775.1) | 40.2 | 1,579.5 | [1] |
Net income | 0 | 0 | 44.1 | 0 | 0 | 0.8 | 44.9 | |
Other comprehensive income (loss) | 0 | 0 | 0 | (4) | 0 | 0.1 | (3.9) | |
Dividends declared | 0 | 0 | (1.6) | 0 | 0 | 0 | (1.6) | |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (0.1) | (0.1) | |
Issuance of shares pursuant to employee stock compensation plans | 0 | 0.9 | 0 | 0 | 0 | 0 | 0.9 | |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (16.7) | 0 | (16.7) | |
Stock-based compensation | 0 | 2.8 | 0 | 0 | 0 | 0 | 2.8 | |
Conversion of RSU's for tax withholding | 0 | (2.8) | 0 | 0 | 0 | 0 | (2.8) | |
Balance at Apr. 03, 2022 | 4.9 | 475.1 | 2,211.4 | (337.6) | (791.8) | 41 | 1,603 | |
Balance at Dec. 31, 2021 | 4.9 | 474.2 | 2,168.9 | (333.6) | (775.1) | 40.2 | 1,579.5 | [1] |
Net income | 105 | |||||||
Other comprehensive income (loss) | (87.8) | (90.8) | ||||||
Balance at Oct. 02, 2022 | 4.9 | 483.3 | 2,266.3 | (421.4) | (831.1) | 33.6 | 1,535.6 | [2] |
Balance at Apr. 03, 2022 | 4.9 | 475.1 | 2,211.4 | (337.6) | (791.8) | 41 | 1,603 | |
Net income | 0 | 0 | 44.9 | 0 | 0 | 0.6 | 45.5 | |
Other comprehensive income (loss) | 0 | 0 | 0 | (40.9) | 0 | (1.9) | (42.8) | |
Dividends declared | 0 | 0 | (1.6) | 0 | 0 | 0 | (1.6) | |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (6.2) | (6.2) | |
Issuance of shares pursuant to employee stock compensation plans | 0 | 0.2 | 0 | 0 | 0 | 0 | 0.2 | |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (24) | 0 | (24) | |
Stock-based compensation | 0 | 2.8 | 0 | 0 | 0 | 0 | 2.8 | |
Balance at Jul. 03, 2022 | 4.9 | 478.1 | 2,254.7 | (378.5) | (815.8) | 33.5 | 1,576.9 | |
Net income | 0 | 0 | 13.4 | 0 | 0 | 1.2 | 14.6 | |
Other comprehensive income (loss) | 0 | 0 | 0 | (42.9) | 0 | (1.1) | (44) | |
Dividends declared | 0 | 0 | (1.8) | 0 | 0 | 0 | (1.8) | |
Issuance of shares pursuant to employee stock compensation plans | 0 | 2.4 | 0 | 0 | 0 | 0 | 2.4 | |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (15.3) | 0 | (15.3) | |
Stock-based compensation | 0 | 2.8 | 0 | 0 | 0 | 0 | 2.8 | |
Balance at Oct. 02, 2022 | $ 4.9 | $ 483.3 | $ 2,266.3 | $ (421.4) | $ (831.1) | $ 33.6 | $ 1,535.6 | [2] |
[1]Condensed from audited financial statements[2]Unaudited |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 02, 2022 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by management of Minerals Technologies Inc. (the “Company”, “MTI”, “we”, or “us”) 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, 2021. 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 and nine-month periods ended October 2, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Company Operations The Company is a resource- and technology-based company that develops, produces and markets worldwide a broad range of specialty minerals, mineral-based and synthetic mineral products and supporting systems and services. The Company has three reportable segments: Performance Materials, Specialty Minerals and Refractories. – The Performance Materials segment is a leading global supplier of bentonite and bentonite-related products and leonardite. This segment also provides products for non-residential construction, environmental and infrastructure projects worldwide, serving customers engaged in a broad range of construction and remediation projects as well as offers a range of patented and unpatented technologies, products and services to the upstream and downstream oil and gas sector throughout the world. – The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate (“PCC”) and processed mineral product quicklime (“lime”), and mines mineral ores then processes and sells natural mineral products, primarily limestone and talc. – The Refractories segment produces and markets monolithic and shaped refractory materials and specialty products, services and application and measurement equipment, and calcium metal and metallurgical wire products. 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, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances, and pension plan assumptions. Actual results could differ from those estimates. Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. All recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Oct. 02, 2022 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contracts with Customers | Note 2 . Revenue from Contracts with Customers The following table disaggregates our revenue by major source (product line) for the three and nine-month periods ended October 2, 2022 and October 3, 2021: (millions of dollars) Three Months Ended Nine Months Ended Net Sales Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Household, Personal Care & Specialty Products $ 141.5 $ 121.8 $ 424.1 $ 333.9 Metalcasting 85.4 72.9 254.4 235.0 Environmental Products 47.7 39.8 138.0 105.8 Building Materials 15.8 15.9 45.6 45.0 Performance Materials 290.4 250.4 862.1 719.7 Paper PCC 97.7 89.5 286.4 264.9 Specialty PCC 25.5 18.2 77.7 57.1 Ground Calcium Carbonate 28.6 25.0 84.0 74.5 Talc 14.2 14.2 45.2 40.9 Specialty Minerals 166.0 146.9 493.3 437.4 Refractory Products 68.9 58.3 203.9 175.1 Metallurgical Products 16.6 17.6 58.6 49.2 Refractories 85.5 75.9 262.5 224.3 Total $ 541.9 $ 473.2 $ 1,617.9 $ 1,381.4 |
Acquisitions
Acquisitions | 9 Months Ended |
Oct. 02, 2022 | |
Acquisitions [Abstract] | |
Acquisitions | Note 3. Acquisitions Normerica Inc. On July 26, 2021, the Company completed the acquisition of Normerica Inc., a leading North American supplier of premium pet care products. Normerica has production facilities in Canada, the U.S. and Thailand. As a leader in the pet product industry, Normerica provides premium products, both branded and private label to world-class retailers. Its product portfolio consists primarily of bentonite-based cat litter products which are supplied from a network of strategically located manufacturing facilities in Canada and the United States. The results of Normerica are included within our Household, Personal Care & Specialty Products product line in our Performance Materials segment. The fair value of the total consideration transferred, net of cash acquired, was $ million. The acquisition has been accounted for using the acquisition method of accounting, which requires, among other things, that we recognize the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. As of , the purchase price allocation has been finalized. The following table summarizes the Company’s final amounts recognized for assets acquired and liabilities assumed for the Normerica acquisition, which did not change from the amounts previously reported on the Company’s Form 10-K for the year ended December 31, 2021. (millions of dollars) Final Allocation Accounts receivable $ 8.4 Inventories 5.1 Other current assets 1.4 Property, plant and equipment 21.2 Goodwill 104.5 Intangible assets 68.1 Total assets acquired 208.7 Accounts payable 12.8 Accrued expenses 8.4 Total liabilities assumed 21.2 Net assets acquired $ 187.5 The Company used the income, market, or cost approach (or a combination thereof) for the valuation and used valuation inputs and analyses that were based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. For certain items, the carrying value was determined to be a reasonable approximation of fair value based on the information available. Goodwill was calculated as the excess of the consideration transferred over the assets acquired and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill is primarily attributable to fair value of expected synergies from combining the MTI and Normerica businesses and is allocated to the Performance Materials segment. Intangible assets acquired mainly include tradenames and customer relationships. Tradenames have an estimated useful life of approximately 15 years and customer relationships have an estimated useful life of approximately 20 years. The Company incurred $0.5 million and $4.7 million of acquisition related transaction and integration costs during the three and nine-month periods ended October 2, 2022, respectively and $1.5 million and $1.9 million in the three and nine-months period ended October 3, 2021, respectively, which are reflected within the acquisition-related expense line of the Condensed Consolidated Statements of Income. Concept Pet Heimtierprodukte GmbH On April 29, 2022, the Company completed the acquisition of Concept Pet Heimtierprodukte GmbH (“Concept Pet”), a European supplier of pet litter products. The purchase of Concept Pet supports the expansion of our European pet care business, as well as provides additional mineral reserves. The purchase price was $28.0 million and acquisition was financed through cash on hand. The fair value of the total consideration transferred, net of cash acquired, was $22.4 million. The results of Concept Pet are included within our Household, Personal Care & Specialty Products product line in The Company has recorded goodwill of $ million and intangible assets of $ million relating to this acquisition. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Oct. 02, 2022 | |
Earnings per Share [Abstract] | |
Earnings per Share | Note 4. 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 Nine Months Ended (in millions, except per share data) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Net income attributable to Minerals Technologies Inc. $ 13.4 $ 41.4 $ 102.4 $ 123.2 Weighted average shares outstanding 32.5 33.5 32.8 33.7 Dilutive effect of stock options and stock units 0.1 0.3 0.1 0.2 Weighted average shares outstanding, adjusted 32.6 33.8 32.9 33.9 Basic earnings per share attributable to Minerals Technologies Inc. $ 0.41 $ 1.24 $ 3.12 $ 3.66 Diluted earnings per share attributable to Minerals Technologies Inc. $ 0.41 $ 1.22 $ 3.11 $ 3.63 Of the options outstanding of 1,460,734 and 1,409,110 for the three-month and nine-month periods ended October 2, 2022 and October 3, 2021, respectively, options to purchase 1,106,596 shares and 526,956 shares of common stock for the three-month and nine-month periods ending October 2, 2022 and October 3, 2021, 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. |
Restructuring and Other Items,
Restructuring and Other Items, net | 9 Months Ended |
Oct. 02, 2022 | |
Restructuring and Other Items, net [Abstract] | |
Restructuring and Other Items, net | Note 5. Restructuring and Other Items, net In the third quarter of 2021, PCA Corporation discontinued the use of PCC at their mill in Jackson, Alabama. As a result, the Company recorded a non-cash asset write-down of $0.7 million and $0.4 million in severance related and other closure costs for its Paper PCC satellite facility at this mill. At October 2, 2022, the Company had $1.9 million included within accrued liabilities in the Condensed Consolidated Balance Sheet for cash expenditures needed to satisfy remaining obligations under workforce reduction initiatives. The Company expects to pay these amounts by the end of 2022. The following table is a reconciliation of our restructuring liability balance as of October 2, 2022: (millions of dollars) Restructuring liability, December 31, 2021 $ 2.2 Additional provision — Cash payments (0.3 ) Restructuring liability, October 2, 2022 $ 1.9 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 02, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | Note 6. Income Taxes Provision for taxes was $3.2 million and $25.8 million during the three-month and nine-month periods ended October 2, 2022. Provision for taxes was $8.9 million and $27.6 million for the three-month and nine-month periods ended October 3, 2021. The effective tax rate was 18.7% for the three months ended October 2, 2022 as compared with 17.6% for the three months ended October 3, 2021. The effective tax rate was 19.9% for the nine months ended October 2, 2022, as compared with 18.1% for the nine months ended October 3, 2021. The higher tax rate was primarily due to a change in the mix of earnings and a reduced depletion benefit. As of October 2, 2022, the Company had approximately $5.1 million of total unrecognized income tax benefits. Included in this amount were a total of $3.5 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, 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 three-month period ended October 2, 2022 and an accrued balance of $1.2 million of interest and penalties as of October 2, 2022. 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 2015. |
Inventories
Inventories | 9 Months Ended |
Oct. 02, 2022 | |
Inventories [Abstract] | |
Inventories | Note 7. Inventories The following is a summary of inventories by major category: (millions of dollars) Oct. 2, 2022 Dec. 31, 2021 Raw materials $ 172.5 $ 136.6 Work-in-process 14.8 10.7 Finished goods 103.9 99.4 Packaging and supplies 53.4 51.0 Total inventories $ 344.6 $ 297.7 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Oct. 02, 2022 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 8. 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 $912.2 million and $907.5 million as of October 2, 2022 and December 31, 2021, respectively. The net change in goodwill from December 31, 2021 to October 2, 2022 is attributable to the purchase of Concept Pet (see Note 3 to the Condensed Consolidated Financial Statements) and effects of foreign exchange. Intangible assets subject to amortization as of October 2, 2022 and December 31, 2021 were as follows: Oct. 2, 2022 Dec. 31, 2021 (millions of dollars) Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Tradenames 34 $ 221.0 $ 50.4 $ 221.6 $ 44.9 Technology 13 18.8 12.2 18.8 11.2 Patents and trademarks 19 6.4 6.4 6.4 6.4 Customer relationships 21 76.6 10.3 75.2 7.9 29 $ 322.8 $ 79.3 $ 322.0 $ 70.4 The weighted average amortization period for acquired intangible assets subject to amortization is approximately 29 years. Estimated amortization expense is $3.0 million for the remainder of 2022, $51.2 million for 2023–2026 and $189.3 million thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Oct. 02, 2022 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 9. Derivative Financial Instruments As a multinational corporation with operations throughout the world, the Company is exposed to certain market risks. The Company uses a variety of practices to manage these market risks, including, when considered appropriate, derivative financial instruments. The Company’s objective is to offset gains and losses resulting from interest rates and foreign currency exposures with gains and losses on the derivative contracts used to hedge them. The Company uses derivative financial instruments only for risk management and not for trading or speculative purposes. 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. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders’ equity. The Company subsequently reclassifies the effective portion of gain or loss into earnings in the period during which the hedged transaction is recognized in earnings. The Company utilizes interest rate swaps to limit exposure to market fluctuations on floating-rate debt. In the second quarter of 2018, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this swap is an asset of $1.2 million at October 2, 2022 and is recorded in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheet. This interest rate swap is designated as a cash flow hedge. As a result, the gains and losses associated with this interest rate swap is recorded in accumulated other comprehensive income (loss). Net Investment Hedges For derivative instruments that are designated and qualify as net investment hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders’ equity. To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, the Company from time to time hedges a portion of our net investment in or more of our foreign subsidiaries. During the second quarter of 2018, the Company entered into a cross currency rate swap with a total notional value of $ million to exchange monthly fixed-rate interest payments in U.S. dollars for monthly fixed-rate interest rate payments in Euros. This contract matures in May 2023 and requires the exchange of Euros and U.S. dollar principal payments upon maturity. Changes in the fair value of this financial instrument are recognized in to offset the change in the carrying amount of the net investment being hedged. Amounts are reclassified out of into earnings when the hedged net investment is either sold or substantially liquidated. 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 interest rate 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. The fair value of our interest rate and cross currency rate swap contracts 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. |
Long-Term Debt and Commitments
Long-Term Debt and Commitments | 9 Months Ended |
Oct. 02, 2022 | |
Long-Term Debt and Commitments [Abstract] | |
Long-Term Debt and Commitments | Note 10. Long-Term Debt and Commitments The following is a summary of long-term debt: ( millions of dollars) Oct. 2, 2022 Dec. 31, 2021 Secured Credit Agreement: Term Loan due 2027 3.1 0 $ 546.9 $ 0 Previous Secured Credit Agreement: Term Loan due 2024 0 8.8 0 539.2 Senior Notes: 5.00 2028 5.1 5.4 395.1 394.6 Other debt 3.6 3.2 Total 945.6 937.0 Less: Current maturities 0.7 0.8 Total long-term debt $ 944.9 $ 936.2 On August 11, 2022, the Company entered into a Refinancing Facility Agreement (the “Amendment”) to amend the Company’s previous credit agreement (the “Previous Credit Agreement”; the previous credit agreement, as amended by the Amendment, being the “Amended Credit Agreement”). The Amendment provides for, among other things, a new senior secured revolving credit facility with aggregate commitments of $300 million (the “Revolving Facility”), a portion of which may be used for the issuance of letters of credit and swingline loans, and a new senior secured term loan facility with aggregate commitments of $550 million (the “Term Loan Facility” and, together with the Revolving Facility, the “Senior Secured Credit Facilities”). The Revolving Facility and the Term Loan Facility replace the facilities under the Previous Credit Agreement, which provided for, among other things, a $788 million senior secured floating rate term loan facility and a $300 million senior secured revolving credit facility. The maturity date for loans under the Senior Secured Credit Facilities is August 11, 2027. In the third quarter of 2022, the Company recorded $6.9 million in non-cash debt extinguishment expenses related to the refinancing of our credit facilities, which represents the difference between the redemption payment and the carrying value of the debt at the refinancing date. All lenders under the previous facility were repaid in full. Loans under the will bear interest at a rate equal to, at the election of the Company, Term SOFR plus a credit spread adjustment equal to plus an applicable margin equal to per annum or a base rate plus an applicable margin equal to per annum, subject in each case to (a) an increase of basis points in the event that, and for so long as, the net leverage ratio (as defined in the Amended Credit Agreement) is greater than or equal to to 1.00 as of the last day of the preceding fiscal quarter, (b) a decrease of basis points in the event that, and for so long as, the net leverage ratio is less than to 1.00 and greater than or equal to to 1.00 as of the last day of the preceding fiscal quarter and (c) an decrease of basis points in the event that, and for so long as, the net leverage ratio is less than to 1.00 as of the last day of the preceding fiscal quarter. The Company will pay certain fees under the Amended Credit Agreement, including (a) a commitment fee of per annum on the undrawn portion of the Revolving Facility (subject to a step-up to and step-downs to and at the same levels described above), (b) a fronting fee of per annum on the average daily undrawn amount of, plus unreimbursed amounts in respect of disbursements under, letters of credit issued under the Revolving Facility and (c) customary annual administration fees. The obligations of the Company under the are unconditionally guaranteed jointly and severally by, subject to certain exceptions, all material domestic subsidiaries of the Company (the “Guarantors”) and secured, subject to certain exceptions, by a security interest in substantially all of the tangible and intangible assets of the Company and the Guarantors. As of October 2, 2022, there were $115.0 million in loans and $10.3 million in letters of credit outstanding under the Revolving Facility. On , the Company issued $ million aggregate principal amount of Senior Notes due (the “Notes”). The Notes were issued pursuant to an indenture, dated as of , between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Indenture”). The Notes bear an interest rate of per annum payable semi-annually on and of each year, beginning on . The Notes are unconditionally guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly owned domestic restricted subsidiaries that is a borrower under or that guarantees the Company’s obligations under its Senior Secured Credit Facilities or that guarantees the Company’s or any of the Company’s wholly owned domestic subsidiaries’ long-term indebtedness in an aggregate amount in excess of $ million. At any time and from time to time prior to , the Company may redeem some or all of the Notes for cash at a redemption price equal to of their principal amount, plus the “make-whole” premium described in the Indenture and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Beginning on , the Company may redeem some or all of the Notes at any time and from time to time at the applicable redemption prices listed in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time and from time to time prior to , the Company may redeem up to of the aggregate principal amount of the Notes with funds from or more equity offerings at a redemption price equal to of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. If the Company experiences a change of control (as defined in the indenture), the Company is required to offer to repurchase the Notes at of the principal amount of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. The Amended Credit Agreement and the Indenture as well as customary events of default as of the last day of any fiscal quarter, As part of the Sivomatic acquisition, the Company assumed $10.7 million in long-term debt, recorded at fair value, consisting of two term loans, one of which matured in the third quarter of 2020 and the other The Company has a committed loan facility in Japan. As of October 2, 2022, $2.0 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.4 million on this facility during the first nine months of 2022. As part of the Concept Pet acquisition, the Company assumed $1.9 million in long-term debt, recorded at fair value, consisting of two terms loans, one that matures in 2025 and one that matures in 2027. Both loans have annual payments and carry a variable interest rate. As of October 2, 2022, the Company had $24.6 million in uncommitted short-term bank credit lines, of which $3.5 million were in use. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Oct. 02, 2022 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note 11. Benefit Plans The Company and its subsidiaries have pension plans covering eligible employees on a contributory or non-contributory basis. The Company also provides postretirement health care and life insurance benefits for eligible 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 22% of our total benefit obligation. Components of Net Periodic Benefit Cost Pension Benefits Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Service cost $ 1.6 $ 1.8 $ 5.2 $ 5.9 Interest cost 3.1 1.9 7.8 5.9 Expected return on plan assets (5.1 ) (5.6 ) (16.5 ) (16.4 ) Amortization: Prior service cost — — 0.1 0.2 Recognized net actuarial loss 1.0 2.2 4.1 9.3 Settlement loss 0.2 0.9 1.7 3.0 Net periodic benefit cost $ 0.8 $ 1.2 $ 2.4 $ 7.9 Post-Retirement Benefits Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Service cost $ — $ — $ — $ 0.1 Interest cost — 0.1 — 0.1 Amortization: Recognized net actuarial (gain) loss (0.1 ) (0.2 ) (0.3 ) (0.6 ) Net periodic benefit cost $ (0.1 ) $ (0.1 ) $ (0.3 ) $ (0.4 ) Amortization amounts of prior service costs and recognized net actuarial losses are recorded, net of tax, as increases to accumulated other comprehensive income. The Company expects to contribute approximately $10.1 million to its pension plans and $0.5 million to its other postretirement benefit plans in 2022. As of October 2, 2022, $5.3 million has been contributed to the pension plans and approximately $0.1 million has been contributed to the other postretirement benefit plans. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Oct. 02, 2022 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | Note 12. Comprehensive Income The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company: Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Amortization of pension items: Pre-tax amount $ 1.1 $ 2.9 $ 5.6 $ 11.9 Tax (0.2 ) (0.7 ) (1.3 ) (2.9 ) Net of tax $ 0.9 $ 2.2 $ 4.3 $ 9.0 The pre-tax amounts in the table above are included within the components of net periodic pension benefit cost (see Note 11 to the Condensed Consolidated Financial Statements) and the tax amounts are included within the provision for taxes on income line within the Condensed Consolidated Statements of Income. The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows: (millions of dollars) Foreign Currency Translation Adjustment Unrecognized Pension Costs Net Gain (Loss) on Derivative Instruments Total Balance as of December 31, 2021 $ (269.8 ) $ (69.6 ) $ 5.8 $ (333.6 ) Other comprehensive income (loss) before reclassifications (108.5 ) — 16.4 (92.1 ) Amounts reclassified from AOCI — 4.3 — 4.3 Net current period other comprehensive income (loss) (108.5 ) 4.3 16.4 (87.8 ) Balance as of October 2, 2022 $ (378.3 ) $ (65.3 ) $ 22.2 $ (421.4 ) |
Contingencies
Contingencies | 9 Months Ended |
Oct. 02, 2022 | |
Contingencies [Abstract] | |
Contingencies | Note 13. Contingencies The Company is party to a number of lawsuits arising in the normal course of our business. The Company and certain of the Company’s subsidiaries are among numerous defendants in a number of cases seeking damages for alleged exposure to asbestos-containing materials related to talc products sold by the Company’s subsidiary Barretts Minerals Inc. As of October 2, 2022, we had 451 open asbestos cases related to certain talc products previously sold by Barretts Minerals Inc., which is an increase in volume from previous years. These claims typically allege various theories of liability, including negligence, gross negligence and strict liability and seek compensatory and, in some cases, punitive damages, but 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. We are unable to state an amount or range of amounts claimed in any of these lawsuits because state court pleading practices do not require the plaintiff to identify the amount of the claimed damage. The Company’s position, as stated publicly, is that the talc products sold by Barretts Minerals Inc. are safe and do not cause cancer. The Company records accruals for loss contingencies associated with legal matters, including talc-related litigation, when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. Amounts accrued for legal contingencies often result from a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions including timing of related payments. The ability to make such estimates and judgments can be affected by various factors, including whether damages sought in the proceedings are unsubstantiated or indeterminate, the stage of the litigation, the factual and legal matters in dispute, the ability to achieve comprehensive settlements, the availability of co-defendants with substantial resources and assets participating in the litigation, and our evaluation of the unique attributes of each claim. While costs relating to the defense of talc-related cases has increased concurrently with the volume, the majority of these costs have historically been borne by Pfizer Inc. pursuant to the terms of certain agreements entered into in connection with the Company’s initial public offering in 1992. The Company is entitled to indemnification, pursuant to agreement, for liabilities related to sales prior to the initial public offering. The Company continues to receive information with respect to potential costs associated with the defense and/or settlement of talc-related cases not subject to indemnification from Pfizer. Although the Company believes that the talc products are safe and that claims to the contrary are without merit, Barretts Minerals Inc. opportunistically settled certain talc-related cases in the third quarter and fourth quarter of 2022. As a result of these settlements and defense costs incurred to date, the Company reviewed its estimates of the probability and amount of losses in connection with its talc-related cases and recorded $31 million for litigation costs in the third quarter of 2022 to defend against, opportunistically settle, and establish a reserve for claims associated with certain talc products from Barretts Minerals Inc. |
Segment and Related Information
Segment and Related Information | 9 Months Ended |
Oct. 02, 2022 | |
Segment and Related Information [Abstract] | |
Segment and Related Information | Note 14. Segment and Related Information The Company has three reportable segments: Performance Materials, Specialty Minerals and Refractories. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and nine-month periods ended October 2, 2022 and October 3, 2021 is as follows: Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Net Sales Performance Materials $ 290.4 $ 250.4 $ 862.1 $ 719.7 Specialty Minerals 166.0 146.9 493.3 437.4 Refractories 85.5 75.9 262.5 224.3 Total $ 541.9 $ 473.2 $ 1,617.9 $ 1,381.4 Income (loss) from Operations Performance Materials $ 37.9 $ 32.0 $ 108.5 $ 96.5 Specialty Minerals (14.2 ) 17.3 24.4 58.4 Refractories 12.4 13.2 45.1 36.9 Total $ 36.1 $ 62.5 $ 178.0 $ 191.8 A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows: Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Income from operations for reportable segments $ 36.1 $ 62.5 $ 178.0 $ 191.8 Acquisition related transaction and integration costs (0.5 ) (0.9 ) (4.7 ) (1.3 ) Litigation costs — — (1.5 ) — Unallocated and other corporate expenses — (1.0 ) (0.6 ) (7.4 ) Consolidated income from operations 35.6 60.6 171.2 183.1 Non-operating deductions, net (18.5 ) (10.1 ) (41.8 ) (30.9 ) Income before tax and equity in earnings $ 17.1 $ 50.5 $ 129.4 $ 152.2 The Company’s sales by product category are as follows: Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Household, Personal Care & Specialty Products $ 141.5 $ 121.8 $ 424.1 $ 333.9 Metalcasting 85.4 72.9 254.4 235.0 Environmental Products 47.7 39.8 138.0 105.8 Building Materials 15.8 15.9 45.6 45.0 Paper PCC 97.7 89.5 286.4 264.9 Specialty PCC 25.5 18.2 77.7 57.1 Ground Calcium Carbonate 28.6 25.0 84.0 74.5 Talc 14.2 14.2 45.2 40.9 Refractory Products 68.9 58.3 203.9 175.1 Metallurgical Products 16.6 17.6 58.6 49.2 Total $ 541.9 $ 473.2 $ 1,617.9 $ 1,381.4 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 02, 2022 | |
Basis of Presentation and 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, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances, and pension plan assumptions. Actual results could differ from those estimates. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. All recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Revenue from Contracts with Customers [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our revenue by major source (product line) for the three and nine-month periods ended October 2, 2022 and October 3, 2021: (millions of dollars) Three Months Ended Nine Months Ended Net Sales Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Household, Personal Care & Specialty Products $ 141.5 $ 121.8 $ 424.1 $ 333.9 Metalcasting 85.4 72.9 254.4 235.0 Environmental Products 47.7 39.8 138.0 105.8 Building Materials 15.8 15.9 45.6 45.0 Performance Materials 290.4 250.4 862.1 719.7 Paper PCC 97.7 89.5 286.4 264.9 Specialty PCC 25.5 18.2 77.7 57.1 Ground Calcium Carbonate 28.6 25.0 84.0 74.5 Talc 14.2 14.2 45.2 40.9 Specialty Minerals 166.0 146.9 493.3 437.4 Refractory Products 68.9 58.3 203.9 175.1 Metallurgical Products 16.6 17.6 58.6 49.2 Refractories 85.5 75.9 262.5 224.3 Total $ 541.9 $ 473.2 $ 1,617.9 $ 1,381.4 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Acquisitions [Abstract] | |
Final Purchase Price Allocation for Normerica Acquisition | The following table summarizes the Company’s final amounts recognized for assets acquired and liabilities assumed for the Normerica acquisition, which did not change from the amounts previously reported on the Company’s Form 10-K for the year ended December 31, 2021. (millions of dollars) Final Allocation Accounts receivable $ 8.4 Inventories 5.1 Other current assets 1.4 Property, plant and equipment 21.2 Goodwill 104.5 Intangible assets 68.1 Total assets acquired 208.7 Accounts payable 12.8 Accrued expenses 8.4 Total liabilities assumed 21.2 Net assets acquired $ 187.5 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Earnings per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended (in millions, except per share data) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Net income attributable to Minerals Technologies Inc. $ 13.4 $ 41.4 $ 102.4 $ 123.2 Weighted average shares outstanding 32.5 33.5 32.8 33.7 Dilutive effect of stock options and stock units 0.1 0.3 0.1 0.2 Weighted average shares outstanding, adjusted 32.6 33.8 32.9 33.9 Basic earnings per share attributable to Minerals Technologies Inc. $ 0.41 $ 1.24 $ 3.12 $ 3.66 Diluted earnings per share attributable to Minerals Technologies Inc. $ 0.41 $ 1.22 $ 3.11 $ 3.63 |
Restructuring and Other Items_2
Restructuring and Other Items, net (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Restructuring and Other Items, net [Abstract] | |
Reconciliation of Restructuring Liability | The following table is a reconciliation of our restructuring liability balance as of October 2, 2022: (millions of dollars) Restructuring liability, December 31, 2021 $ 2.2 Additional provision — Cash payments (0.3 ) Restructuring liability, October 2, 2022 $ 1.9 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Inventories [Abstract] | |
Inventories by Major Category | The following is a summary of inventories by major category: (millions of dollars) Oct. 2, 2022 Dec. 31, 2021 Raw materials $ 172.5 $ 136.6 Work-in-process 14.8 10.7 Finished goods 103.9 99.4 Packaging and supplies 53.4 51.0 Total inventories $ 344.6 $ 297.7 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Goodwill and Other Intangible Assets [Abstract] | |
Intangible Assets Subject to Amortization | Intangible assets subject to amortization as of October 2, 2022 and December 31, 2021 were as follows: Oct. 2, 2022 Dec. 31, 2021 (millions of dollars) Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Tradenames 34 $ 221.0 $ 50.4 $ 221.6 $ 44.9 Technology 13 18.8 12.2 18.8 11.2 Patents and trademarks 19 6.4 6.4 6.4 6.4 Customer relationships 21 76.6 10.3 75.2 7.9 29 $ 322.8 $ 79.3 $ 322.0 $ 70.4 |
Long-Term Debt and Commitments
Long-Term Debt and Commitments (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Long-Term Debt and Commitments [Abstract] | |
Long Term Debt | The following is a summary of long-term debt: ( millions of dollars) Oct. 2, 2022 Dec. 31, 2021 Secured Credit Agreement: Term Loan due 2027 3.1 0 $ 546.9 $ 0 Previous Secured Credit Agreement: Term Loan due 2024 0 8.8 0 539.2 Senior Notes: 5.00 2028 5.1 5.4 395.1 394.6 Other debt 3.6 3.2 Total 945.6 937.0 Less: Current maturities 0.7 0.8 Total long-term debt $ 944.9 $ 936.2 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Benefit Plans [Abstract] | |
Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost Pension Benefits Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Service cost $ 1.6 $ 1.8 $ 5.2 $ 5.9 Interest cost 3.1 1.9 7.8 5.9 Expected return on plan assets (5.1 ) (5.6 ) (16.5 ) (16.4 ) Amortization: Prior service cost — — 0.1 0.2 Recognized net actuarial loss 1.0 2.2 4.1 9.3 Settlement loss 0.2 0.9 1.7 3.0 Net periodic benefit cost $ 0.8 $ 1.2 $ 2.4 $ 7.9 Post-Retirement Benefits Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Service cost $ — $ — $ — $ 0.1 Interest cost — 0.1 — 0.1 Amortization: Recognized net actuarial (gain) loss (0.1 ) (0.2 ) (0.3 ) (0.6 ) Net periodic benefit cost $ (0.1 ) $ (0.1 ) $ (0.3 ) $ (0.4 ) |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Comprehensive Income [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company: Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Amortization of pension items: Pre-tax amount $ 1.1 $ 2.9 $ 5.6 $ 11.9 Tax (0.2 ) (0.7 ) (1.3 ) (2.9 ) Net of tax $ 0.9 $ 2.2 $ 4.3 $ 9.0 |
Accumulated Other Comprehensive Loss, Net of Related Tax | The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows: (millions of dollars) Foreign Currency Translation Adjustment Unrecognized Pension Costs Net Gain (Loss) on Derivative Instruments Total Balance as of December 31, 2021 $ (269.8 ) $ (69.6 ) $ 5.8 $ (333.6 ) Other comprehensive income (loss) before reclassifications (108.5 ) — 16.4 (92.1 ) Amounts reclassified from AOCI — 4.3 — 4.3 Net current period other comprehensive income (loss) (108.5 ) 4.3 16.4 (87.8 ) Balance as of October 2, 2022 $ (378.3 ) $ (65.3 ) $ 22.2 $ (421.4 ) |
Segment and Related Informati_2
Segment and Related Information (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Segment and Related Information [Abstract] | |
Segment Information | The Company has three reportable segments: Performance Materials, Specialty Minerals and Refractories. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and nine-month periods ended October 2, 2022 and October 3, 2021 is as follows: Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Net Sales Performance Materials $ 290.4 $ 250.4 $ 862.1 $ 719.7 Specialty Minerals 166.0 146.9 493.3 437.4 Refractories 85.5 75.9 262.5 224.3 Total $ 541.9 $ 473.2 $ 1,617.9 $ 1,381.4 Income (loss) from Operations Performance Materials $ 37.9 $ 32.0 $ 108.5 $ 96.5 Specialty Minerals (14.2 ) 17.3 24.4 58.4 Refractories 12.4 13.2 45.1 36.9 Total $ 36.1 $ 62.5 $ 178.0 $ 191.8 |
Reconciliation of Income from Operations | A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows: Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Income from operations for reportable segments $ 36.1 $ 62.5 $ 178.0 $ 191.8 Acquisition related transaction and integration costs (0.5 ) (0.9 ) (4.7 ) (1.3 ) Litigation costs — — (1.5 ) — Unallocated and other corporate expenses — (1.0 ) (0.6 ) (7.4 ) Consolidated income from operations 35.6 60.6 171.2 183.1 Non-operating deductions, net (18.5 ) (10.1 ) (41.8 ) (30.9 ) Income before tax and equity in earnings $ 17.1 $ 50.5 $ 129.4 $ 152.2 |
Sales by Product Category | The Company’s sales by product category are as follows: Three Months Ended Nine Months Ended (millions of dollars) Oct. 2, 2022 Oct. 3, 2021 Oct. 2, 2022 Oct. 3, 2021 Household, Personal Care & Specialty Products $ 141.5 $ 121.8 $ 424.1 $ 333.9 Metalcasting 85.4 72.9 254.4 235.0 Environmental Products 47.7 39.8 138.0 105.8 Building Materials 15.8 15.9 45.6 45.0 Paper PCC 97.7 89.5 286.4 264.9 Specialty PCC 25.5 18.2 77.7 57.1 Ground Calcium Carbonate 28.6 25.0 84.0 74.5 Talc 14.2 14.2 45.2 40.9 Refractory Products 68.9 58.3 203.9 175.1 Metallurgical Products 16.6 17.6 58.6 49.2 Total $ 541.9 $ 473.2 $ 1,617.9 $ 1,381.4 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Oct. 02, 2022 Segment | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Number of reportable segments | 3 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Disaggregation of Revenue [Abstract] | ||||
Net sales | $ 541.9 | $ 473.2 | $ 1,617.9 | $ 1,381.4 |
Household, Personal Care & Specialty Products [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 141.5 | 121.8 | 424.1 | 333.9 |
Metalcasting [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 85.4 | 72.9 | 254.4 | 235 |
Environmental Products [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 47.7 | 39.8 | 138 | 105.8 |
Building Materials [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 15.8 | 15.9 | 45.6 | 45 |
Paper PCC [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 97.7 | 89.5 | 286.4 | 264.9 |
Specialty PCC [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 25.5 | 18.2 | 77.7 | 57.1 |
Ground Calcium Carbonate [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 28.6 | 25 | 84 | 74.5 |
Talc [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 14.2 | 14.2 | 45.2 | 40.9 |
Refractory Products [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 68.9 | 58.3 | 203.9 | 175.1 |
Metallurgical Products [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 16.6 | 17.6 | 58.6 | 49.2 |
Performance Materials [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 290.4 | 250.4 | 862.1 | 719.7 |
Performance Materials [Member] | Household, Personal Care & Specialty Products [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 141.5 | 121.8 | 424.1 | 333.9 |
Performance Materials [Member] | Metalcasting [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 85.4 | 72.9 | 254.4 | 235 |
Performance Materials [Member] | Environmental Products [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 47.7 | 39.8 | 138 | 105.8 |
Performance Materials [Member] | Building Materials [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 15.8 | 15.9 | 45.6 | 45 |
Specialty Minerals [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 166 | 146.9 | 493.3 | 437.4 |
Specialty Minerals [Member] | Paper PCC [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 97.7 | 89.5 | 286.4 | 264.9 |
Specialty Minerals [Member] | Specialty PCC [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 25.5 | 18.2 | 77.7 | 57.1 |
Specialty Minerals [Member] | Ground Calcium Carbonate [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 28.6 | 25 | 84 | 74.5 |
Specialty Minerals [Member] | Talc [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 14.2 | 14.2 | 45.2 | 40.9 |
Refractories [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 85.5 | 75.9 | 262.5 | 224.3 |
Refractories [Member] | Refractory Products [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | 68.9 | 58.3 | 203.9 | 175.1 |
Refractories [Member] | Metallurgical Products [Member] | ||||
Disaggregation of Revenue [Abstract] | ||||
Net sales | $ 16.6 | $ 17.6 | $ 58.6 | $ 49.2 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Apr. 29, 2022 | Jul. 26, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | Dec. 31, 2021 | [2] | |||
Acquisitions [Abstract] | ||||||||||
Total consideration transferred, net of cash acquired | $ 22.4 | $ 186.9 | ||||||||
Final Purchase Price Allocation [Abstract] | ||||||||||
Goodwill | $ 912.2 | [1] | $ 912.2 | [1] | $ 907.5 | |||||
Estimated useful life of intangible assets acquired | 29 years | |||||||||
Acquisition related transaction and integration costs | 0.5 | $ 1.5 | $ 4.7 | $ 1.9 | ||||||
Normerica [Member] | ||||||||||
Acquisitions [Abstract] | ||||||||||
Total consideration transferred, net of cash acquired | $ 187.5 | |||||||||
Final Purchase Price Allocation [Abstract] | ||||||||||
Accounts receivable | 8.4 | 8.4 | ||||||||
Inventories | 5.1 | 5.1 | ||||||||
Other current assets | 1.4 | 1.4 | ||||||||
Property, plant and equipment | 21.2 | 21.2 | ||||||||
Goodwill | 104.5 | 104.5 | ||||||||
Intangible assets | 68.1 | 68.1 | ||||||||
Total assets acquired | 208.7 | 208.7 | ||||||||
Accounts payable | 12.8 | 12.8 | ||||||||
Accrued expenses | 8.4 | 8.4 | ||||||||
Total liabilities assumed | 21.2 | 21.2 | ||||||||
Net assets acquired | $ 187.5 | $ 187.5 | ||||||||
Normerica [Member] | Trade Names [Member] | ||||||||||
Final Purchase Price Allocation [Abstract] | ||||||||||
Estimated useful life of intangible assets acquired | 15 years | |||||||||
Normerica [Member] | Customer Relationships [Member] | ||||||||||
Final Purchase Price Allocation [Abstract] | ||||||||||
Estimated useful life of intangible assets acquired | 20 years | |||||||||
Concept Pet [Member] | ||||||||||
Acquisitions [Abstract] | ||||||||||
Purchase price | $ 28 | |||||||||
Total consideration transferred, net of cash acquired | 22.4 | |||||||||
Final Purchase Price Allocation [Abstract] | ||||||||||
Goodwill | 9.2 | |||||||||
Intangible assets | $ 4.3 | |||||||||
[1]Unaudited[2]Condensed from audited financial statements |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Earnings per Share [Abstract] | ||||
Net income attributable to Minerals Technologies Inc. | $ 13.4 | $ 41.4 | $ 102.4 | $ 123.2 |
Weighted average shares outstanding (in shares) | 32,500,000 | 33,500,000 | 32,800,000 | 33,700,000 |
Dilutive effect of stock options and stock units (in shares) | 100,000 | 300,000 | 100,000 | 200,000 |
Weighted average shares outstanding, adjusted (in shares) | 32,600,000 | 33,800,000 | 32,900,000 | 33,900,000 |
Basic earnings per share attributable to Minerals Technologies Inc. (in dollars per share) | $ 0.41 | $ 1.24 | $ 3.12 | $ 3.66 |
Diluted earnings per share attributable to Minerals Technologies Inc. (in dollars per share) | $ 0.41 | $ 1.22 | $ 3.11 | $ 3.63 |
Stock Options [Member] | ||||
Earnings per Share [Abstract] | ||||
Options outstanding (in shares) | 1,460,734 | 1,409,110 | 1,460,734 | 1,409,110 |
Anti-dilutive securities not included in computation of diluted earnings per share (in shares) | 1,106,596 | 526,956 | 1,106,596 | 526,956 |
Restructuring and Other Items_3
Restructuring and Other Items, net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Restructuring and Other Items, net [Abstract] | |||
Asset write-down charges | $ 0 | $ 0.7 | |
Restructuring Liability [Roll Forward] | |||
Restructuring liability, beginning of period | 2.2 | ||
Additional provision | 0 | ||
Cash payments | (0.3) | ||
Restructuring liability, end of period | $ 1.9 | ||
Paper PCC [Member] | |||
Restructuring and Other Items, net [Abstract] | |||
Asset write-down charges | $ 0.7 | ||
Severance and other related costs | $ 0.4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Income Taxes [Abstract] | ||||
Provision for taxes on income | $ 3.2 | $ 8.9 | $ 25.8 | $ 27.6 |
Effective income tax rate | 18.70% | 17.60% | 19.90% | 18.10% |
Amount of unrecognized tax benefits | $ 5.1 | $ 5.1 | ||
Unrecognized tax benefits that would impact effective tax rate | 3.5 | 3.5 | ||
Unrecognized tax benefits, net increase in interest and penalties | 0.1 | |||
Unrecognized tax benefits, accrued interest and penalties | $ 1.2 | $ 1.2 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Oct. 02, 2022 | Dec. 31, 2021 | ||
Inventories [Abstract] | ||||
Raw materials | $ 172.5 | $ 136.6 | ||
Work-in-process | 14.8 | 10.7 | ||
Finished goods | 103.9 | 99.4 | ||
Packaging and supplies | 53.4 | 51 | ||
Total inventories | $ 344.6 | [1] | $ 297.7 | [2] |
[1]Unaudited[2]Condensed from audited financial statements |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Oct. 02, 2022 | Dec. 31, 2021 | |||
Goodwill and Other Intangible Assets [Abstract] | ||||
Goodwill | $ 912.2 | [1] | $ 907.5 | [2] |
Intangible Assets Subject to Amortization [Abstract] | ||||
Weighted average useful life | 29 years | |||
Gross carrying amount | $ 322.8 | 322 | ||
Accumulated amortization | $ 79.3 | 70.4 | ||
Future Amortization Expense [Abstract] | ||||
Weighted average amortization period | 29 years | |||
Estimated amortization expense, remainder of 2022 | $ 3 | |||
Estimated amortization expense, 2023 | 51.2 | |||
Estimated amortization expense, 2024 | 51.2 | |||
Estimated amortization expense, 2025 | 51.2 | |||
Estimated amortization expense, 2026 | 51.2 | |||
Estimated amortization expense, thereafter | $ 189.3 | |||
Tradenames [Member] | ||||
Intangible Assets Subject to Amortization [Abstract] | ||||
Weighted average useful life | 34 years | |||
Gross carrying amount | $ 221 | 221.6 | ||
Accumulated amortization | $ 50.4 | 44.9 | ||
Technology [Member] | ||||
Intangible Assets Subject to Amortization [Abstract] | ||||
Weighted average useful life | 13 years | |||
Gross carrying amount | $ 18.8 | 18.8 | ||
Accumulated amortization | $ 12.2 | 11.2 | ||
Patents and Trademarks [Member] | ||||
Intangible Assets Subject to Amortization [Abstract] | ||||
Weighted average useful life | 19 years | |||
Gross carrying amount | $ 6.4 | 6.4 | ||
Accumulated amortization | $ 6.4 | 6.4 | ||
Customer Relationships [Member] | ||||
Intangible Assets Subject to Amortization [Abstract] | ||||
Weighted average useful life | 21 years | |||
Gross carrying amount | $ 76.6 | 75.2 | ||
Accumulated amortization | $ 10.3 | $ 7.9 | ||
[1]Unaudited[2]Condensed from audited financial statements |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) $ in Millions | Oct. 02, 2022 USD ($) Subsidiary | Jul. 01, 2018 USD ($) |
Minimum [Member] | ||
Derivative Financial Instruments [Abstract] | ||
Number of foreign subsidiaries in which portion of net investment is hedged | Subsidiary | 1 | |
Cash Flow Hedge [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Financial Instruments [Abstract] | ||
Notional amount | $ 150 | |
Cash Flow Hedge [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Financial Instruments [Abstract] | ||
Fair value of derivative asset | $ 1.2 | |
Net Investment Hedge [Member] | Cross Currency Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Financial Instruments [Abstract] | ||
Notional amount | $ 150 | |
Net Investment Hedge [Member] | Cross Currency Rate Swap [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Financial Instruments [Abstract] | ||
Fair value of derivative asset | $ 25.3 |
Long-Term Debt and Commitments,
Long-Term Debt and Commitments, Summary of Long-Term Debt (Details) - USD ($) | 9 Months Ended | |||
Oct. 02, 2022 | Dec. 31, 2021 | |||
Long-Term Debt and Commitments [Abstract] | ||||
Long-term debt | $ 945,600,000 | $ 937,000,000 | ||
Less: Current maturities | 700,000 | [1] | 800,000 | [2] |
Total long-term debt | 944,900,000 | [1] | 936,200,000 | [2] |
Term Loan due 2027 [Member] | ||||
Long-Term Debt and Commitments [Abstract] | ||||
Long-term debt | $ 546,900,000 | 0 | ||
Maturity date | Feb. 11, 2027 | |||
Unamortized deferred financing costs | $ 3,100,000 | 0 | ||
Term Loan due 2024 [Member] | ||||
Long-Term Debt and Commitments [Abstract] | ||||
Long-term debt | $ 0 | 539,200,000 | ||
Maturity date | Feb. 14, 2024 | |||
Unamortized discount and deferred financing costs | $ 0 | 8,800,000 | ||
Senior Notes due 2028 [Member] | ||||
Long-Term Debt and Commitments [Abstract] | ||||
Total long-term debt | $ 395,100,000 | $ 394,600,000 | ||
Interest rate | 5% | 5% | ||
Maturity date | Jun. 30, 2028 | |||
Unamortized deferred financing costs | $ 5,100,000 | $ 5,400,000 | ||
Other Debt [Member] | ||||
Long-Term Debt and Commitments [Abstract] | ||||
Long-term debt | $ 3,600,000 | $ 3,200,000 | ||
[1]Unaudited[2]Condensed from audited financial statements |
Long-Term Debt and Commitment_2
Long-Term Debt and Commitments, Long-Term Debt (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 29, 2022 USD ($) Loan | Apr. 30, 2018 USD ($) Loan | Oct. 02, 2022 USD ($) | Apr. 03, 2022 USD ($) Loan | Oct. 03, 2021 USD ($) | Sep. 27, 2020 Loan | Oct. 02, 2022 USD ($) Offering qtr | Oct. 03, 2021 USD ($) | Dec. 31, 2027 Loan | Dec. 31, 2025 Loan | Aug. 11, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2020 USD ($) | Apr. 18, 2018 USD ($) | Feb. 14, 2017 USD ($) | ||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Non-cash debt extinguishment expenses | $ 6,900,000 | $ 0 | $ 6,900,000 | $ 0 | ||||||||||||||
Long-term debt | 945,600,000 | 945,600,000 | $ 937,000,000 | |||||||||||||||
Repayment of long-term debt | 548,700,000 | $ 1,000,000 | ||||||||||||||||
Short-term debt | 118,500,000 | [1] | $ 118,500,000 | [1] | 80,000,000 | [2] | ||||||||||||
Senior Secured Credit Facilities [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Number of quarters to maintain net leverage ratio under financial covenant | qtr | 4 | |||||||||||||||||
Senior Secured Credit Facilities [Member] | Minimum [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Interest coverage ratio | 3 | |||||||||||||||||
Senior Secured Credit Facilities [Member] | Maximum [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Net leverage ratio under financial covenant | 4 | |||||||||||||||||
Net leverage ratio under financial covenant in connection with certain significant acquisitions | 5 | |||||||||||||||||
Term Loan due 2027 [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Face amount | $ 550,000,000 | |||||||||||||||||
Adjustment to applicable margin, Category a | 0.25% | |||||||||||||||||
Adjustment to applicable margin, Category b | (0.125%) | |||||||||||||||||
Adjustment to applicable margin, Category c | (0.25%) | |||||||||||||||||
Long-term debt | 546,900,000 | $ 546,900,000 | 0 | |||||||||||||||
Term Loan due 2027 [Member] | Minimum [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Net leverage ratio, Category a | 3 | |||||||||||||||||
Net leverage ratio, Category b | 1 | |||||||||||||||||
Term Loan due 2027 [Member] | Maximum [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Net leverage ratio, Category b | 2 | |||||||||||||||||
Net leverage ratio, Category c | 1 | |||||||||||||||||
Term Loan due 2027 [Member] | SOFR [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Credit spread adjustment | 0.10% | |||||||||||||||||
Applicable margin | 1.50% | |||||||||||||||||
Term Loan due 2027 [Member] | Base Rate [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Applicable margin | 0.50% | |||||||||||||||||
Revolving Facility [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Maximum borrowing capacity | $ 300,000,000 | |||||||||||||||||
Commitment fee | 0.25% | |||||||||||||||||
Commitment fee, Category a | 0.30% | |||||||||||||||||
Commitment fee, Category b | 0.175% | |||||||||||||||||
Commitment fee, Category c | 0.15% | |||||||||||||||||
Fronting fee | 0.125% | |||||||||||||||||
Long-term debt | 115,000,000 | $ 115,000,000 | ||||||||||||||||
Letters of credit outstanding | 10,300,000 | 10,300,000 | ||||||||||||||||
Term Loan due 2024 [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Face amount | $ 788,000,000 | |||||||||||||||||
Long-term debt | $ 0 | $ 0 | $ 539,200,000 | |||||||||||||||
Revolving Facility [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Maximum borrowing capacity | $ 300,000,000 | |||||||||||||||||
Senior Notes due 2028 [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Face amount | $ 400,000,000 | |||||||||||||||||
Interest rate | 5% | 5% | 5% | |||||||||||||||
Guarantee amount | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||
Percentage of aggregate principal amount that can be redeemed | 40% | |||||||||||||||||
Number of equity offerings where funds can be used to redeem percentage of aggregate principal amount | Offering | 1 | |||||||||||||||||
Senior Notes due 2028 [Member] | Redemption of Notes for Cash Prior to July 1, 2023 [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Redemption price percentage | 100% | |||||||||||||||||
Senior Notes due 2028 [Member] | Redemption of Notes with Funds from One or More Equity Offerings Prior to July 1, 2023 [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Redemption price percentage | 105% | |||||||||||||||||
Senior Notes due 2028 [Member] | Redemption of Notes if Company Experiences Change of Control [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Redemption price percentage | 101% | |||||||||||||||||
Netherlands Term Loans [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Number of term loans assumed | Loan | 2 | |||||||||||||||||
Number of term loans that matured | Loan | 1 | 1 | ||||||||||||||||
Repayment of long-term debt | $ 200,000 | |||||||||||||||||
Netherlands Term Loans [Member] | Sivomatic [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Long-term debt assumed as part of acquisition | $ 10,700,000 | |||||||||||||||||
Japan Loan Facility [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Long-term debt | 2,000,000 | $ 2,000,000 | ||||||||||||||||
Repayment of long-term debt | 400,000 | |||||||||||||||||
Austria and Slovakia Term Loans [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Number of term loans assumed | Loan | 2 | |||||||||||||||||
Austria and Slovakia Term Loans [Member] | Plan [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Number of term loans that mature | Loan | 1 | 1 | ||||||||||||||||
Austria and Slovakia Term Loans [Member] | Concept Pet [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Long-term debt assumed as part of acquisition | $ 1,900,000 | |||||||||||||||||
Uncommitted Short-Term Bank Credit Lines [Member] | ||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||
Maximum borrowing capacity | 24,600,000 | 24,600,000 | ||||||||||||||||
Short-term debt | $ 3,500,000 | $ 3,500,000 | ||||||||||||||||
[1]Unaudited[2]Condensed from audited financial statements |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Benefit Plans [Abstract] | ||||
Maximum percentage of total benefit obligation represented by international pension plans | 22% | 22% | ||
Pension Benefits [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 1.6 | $ 1.8 | $ 5.2 | $ 5.9 |
Interest cost | 3.1 | 1.9 | 7.8 | 5.9 |
Expected return on plan assets | (5.1) | (5.6) | (16.5) | (16.4) |
Amortization of prior service cost | 0 | 0 | 0.1 | 0.2 |
Amortization of recognized net actuarial (gain) loss | 1 | 2.2 | 4.1 | 9.3 |
Settlement loss | 0.2 | 0.9 | 1.7 | 3 |
Net periodic benefit cost | 0.8 | 1.2 | 2.4 | 7.9 |
Employer Contributions [Abstract] | ||||
Expected company contribution in 2022 | 10.1 | 10.1 | ||
Employer contributions to benefit plans | 5.3 | |||
Post-Retirement Benefits [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0 | 0 | 0 | 0.1 |
Interest cost | 0 | 0.1 | 0 | 0.1 |
Amortization of recognized net actuarial (gain) loss | (0.1) | (0.2) | (0.3) | (0.6) |
Net periodic benefit cost | (0.1) | $ (0.1) | (0.3) | $ (0.4) |
Employer Contributions [Abstract] | ||||
Expected company contribution in 2022 | $ 0.5 | 0.5 | ||
Employer contributions to benefit plans | $ 0.1 |
Comprehensive Income, Reclassif
Comprehensive Income, Reclassification Out of Accumulated Other Comprehensive Loss (Details) - Pension Costs [Member] - Reclassification out of Accumulated Other Comprehensive Loss [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Amortization of pension items [Abstract] | ||||
Pre-tax amount | $ 1.1 | $ 2.9 | $ 5.6 | $ 11.9 |
Tax | (0.2) | (0.7) | (1.3) | (2.9) |
Net of tax | $ 0.9 | $ 2.2 | $ 4.3 | $ 9 |
Comprehensive Income, Accumulat
Comprehensive Income, Accumulated Other Comprehensive Loss, Net of Related Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Oct. 02, 2022 | Jul. 03, 2022 | Apr. 03, 2022 | Oct. 03, 2021 | Jul. 04, 2021 | Apr. 04, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | ||
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | [1] | $ 1,539.3 | $ 1,539.3 | ||||||
Total other comprehensive loss, net of tax | $ (44) | $ (42.8) | (3.9) | $ (10.1) | $ 5.3 | $ (21.5) | (90.8) | $ (26.3) | |
Balance at end of period | [2] | 1,502 | 1,502 | ||||||
Accumulated Other Comprehensive Loss [Member] | |||||||||
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (333.6) | (333.6) | |||||||
Other comprehensive income (loss) before reclassifications | (92.1) | ||||||||
Amounts reclassified from AOCI | 4.3 | ||||||||
Total other comprehensive loss, net of tax | (42.9) | $ (40.9) | (4) | $ (10.1) | $ 5 | $ (21) | (87.8) | ||
Balance at end of period | (421.4) | (421.4) | |||||||
Foreign Currency Translation Adjustment [Member] | |||||||||
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (269.8) | (269.8) | |||||||
Other comprehensive income (loss) before reclassifications | (108.5) | ||||||||
Amounts reclassified from AOCI | 0 | ||||||||
Total other comprehensive loss, net of tax | (108.5) | ||||||||
Balance at end of period | (378.3) | (378.3) | |||||||
Unrecognized Pension Costs [Member] | |||||||||
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (69.6) | (69.6) | |||||||
Other comprehensive income (loss) before reclassifications | 0 | ||||||||
Amounts reclassified from AOCI | 4.3 | ||||||||
Total other comprehensive loss, net of tax | 4.3 | ||||||||
Balance at end of period | (65.3) | (65.3) | |||||||
Net Gain (Loss) on Derivative Instruments [Member] | |||||||||
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | $ 5.8 | 5.8 | |||||||
Other comprehensive income (loss) before reclassifications | 16.4 | ||||||||
Amounts reclassified from AOCI | 0 | ||||||||
Total other comprehensive loss, net of tax | 16.4 | ||||||||
Balance at end of period | $ 22.2 | $ 22.2 | |||||||
[1]Condensed from audited financial statements[2]Unaudited |
Contingencies (Details)
Contingencies (Details) $ in Millions | 3 Months Ended |
Oct. 02, 2022 USD ($) Case | |
Asbestos Cases [Member] | |
Contingencies [Abstract] | |
Number of open cases | Case | 451 |
Talc-Related Cases [Member] | |
Contingencies [Abstract] | |
Accrual for loss contingencies | $ | $ 31 |
Segment and Related Informati_3
Segment and Related Information, Segment Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 USD ($) | Oct. 03, 2021 USD ($) | Oct. 02, 2022 USD ($) Segment | Oct. 03, 2021 USD ($) | |
Segment and Related Information [Abstract] | ||||
Number of reportable segments | Segment | 3 | |||
Net sales | $ 541.9 | $ 473.2 | $ 1,617.9 | $ 1,381.4 |
Income (loss) from operations | 35.6 | 60.6 | 171.2 | 183.1 |
Performance Materials [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 290.4 | 250.4 | 862.1 | 719.7 |
Specialty Minerals [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 166 | 146.9 | 493.3 | 437.4 |
Refractories [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 85.5 | 75.9 | 262.5 | 224.3 |
Reportable Segments [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 541.9 | 473.2 | 1,617.9 | 1,381.4 |
Income (loss) from operations | 36.1 | 62.5 | 178 | 191.8 |
Reportable Segments [Member] | Performance Materials [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 290.4 | 250.4 | 862.1 | 719.7 |
Income (loss) from operations | 37.9 | 32 | 108.5 | 96.5 |
Reportable Segments [Member] | Specialty Minerals [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 166 | 146.9 | 493.3 | 437.4 |
Income (loss) from operations | (14.2) | 17.3 | 24.4 | 58.4 |
Reportable Segments [Member] | Refractories [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 85.5 | 75.9 | 262.5 | 224.3 |
Income (loss) from operations | $ 12.4 | $ 13.2 | $ 45.1 | $ 36.9 |
Segment and Related Informati_4
Segment and Related Information, Reconciliation of Income from Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Segment and Related Information [Abstract] | ||||
Income from operations | $ 35.6 | $ 60.6 | $ 171.2 | $ 183.1 |
Acquisition related transaction and integration costs | (0.5) | (1.5) | (4.7) | (1.9) |
Litigation costs | (31.1) | 0 | (32.6) | 0 |
Non-operating deductions, net | (18.5) | (10.1) | (41.8) | (30.9) |
Income before tax and equity in earnings | 17.1 | 50.5 | 129.4 | 152.2 |
Reportable Segments [Member] | ||||
Segment and Related Information [Abstract] | ||||
Income from operations | 36.1 | 62.5 | 178 | 191.8 |
Reconciling Item [Member] | ||||
Segment and Related Information [Abstract] | ||||
Acquisition related transaction and integration costs | (0.5) | (0.9) | (4.7) | (1.3) |
Litigation costs | 0 | 0 | (1.5) | 0 |
Non-operating deductions, net | (18.5) | (10.1) | (41.8) | (30.9) |
Unallocated and Other Corporate Expenses [Member] | ||||
Segment and Related Information [Abstract] | ||||
Income from operations | $ 0 | $ (1) | $ (0.6) | $ (7.4) |
Segment and Related Informati_5
Segment and Related Information, Sales By Product Category (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Segment and Related Information [Abstract] | ||||
Net sales | $ 541.9 | $ 473.2 | $ 1,617.9 | $ 1,381.4 |
Household, Personal Care & Specialty Products [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 141.5 | 121.8 | 424.1 | 333.9 |
Metalcasting [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 85.4 | 72.9 | 254.4 | 235 |
Environmental Products [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 47.7 | 39.8 | 138 | 105.8 |
Building Materials [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 15.8 | 15.9 | 45.6 | 45 |
Paper PCC [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 97.7 | 89.5 | 286.4 | 264.9 |
Specialty PCC [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 25.5 | 18.2 | 77.7 | 57.1 |
Ground Calcium Carbonate [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 28.6 | 25 | 84 | 74.5 |
Talc [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 14.2 | 14.2 | 45.2 | 40.9 |
Refractory Products [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 68.9 | 58.3 | 203.9 | 175.1 |
Metallurgical Products [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | $ 16.6 | $ 17.6 | $ 58.6 | $ 49.2 |