Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 05, 2024 | Jul. 02, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
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, Address Line Two | 38th Floor | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.3 | ||
Entity Common Stock, Shares Outstanding | 32,362,702 | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | New York, NY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 317.2 | $ 247.2 |
Short-term investments, at cost which approximates market | 4.3 | 5.6 |
Accounts receivable | 399.1 | 404 |
Inventories | 325.4 | 348.8 |
Prepaid expenses | 45 | 43.3 |
Other current assets | 8 | 21.6 |
Total current assets | 1,099 | 1,070.5 |
Property, plant and equipment, less accumulated depreciation and depletion | 986.8 | 1,050.4 |
Goodwill | 913.6 | 914.8 |
Intangible assets | 231 | 241.9 |
Deferred income taxes | 16 | 24.4 |
Other assets and deferred charges | 100.2 | 99.6 |
Total assets | 3,346.6 | 3,401.6 |
Current liabilities: | ||
Short-term debt | 85.4 | 119.7 |
Current maturities of long-term debt | 18 | 14.5 |
Accounts payable | 188.7 | 193.8 |
Income tax payable | 14 | 9.5 |
Accrued compensation and related items | 59.2 | 55.3 |
Other current liabilities | 92 | 109.8 |
Total current liabilities | 457.3 | 502.6 |
Long-term debt, net of unamortized discount and deferred financing costs | 911.1 | 928.1 |
Deferred income taxes | 139.3 | 180.4 |
Accrued pension and postretirement benefits | 51.7 | 63.5 |
Other non-current liabilities | 100.5 | 113.8 |
Total liabilities | 1,659.9 | 1,788.4 |
Shareholders' equity: | ||
Preferred stock, without par value; 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock, par value at $0.10 per share; 100,000,000 shares authorized; Issued 49,657,464 shares in 2023 and 49,528,306 shares in 2022 | 4.9 | 4.9 |
Additional paid-in capital | 501.2 | 487.6 |
Retained earnings | 2,360.6 | 2,284.6 |
Accumulated other comprehensive loss | (369.4) | (366.5) |
Less common stock held in treasury, at cost; 17,252,743 shares in 2023 and 17,033,040 shares in 2022 | (845.3) | (831.1) |
Total Minerals Technologies Inc. shareholders' equity | 1,652 | 1,579.5 |
Non-controlling interests | 34.7 | 33.7 |
Total shareholders' equity | 1,686.7 | 1,613.2 |
Total liabilities and shareholders' equity | $ 3,346.6 | $ 3,401.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Shareholders' equity: | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 49,657,464 | 49,528,306 |
Common stock held in treasury, shares (in shares) | 17,252,743 | 17,033,040 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) [Abstract] | |||
Net sales | $ 2,169.9 | $ 2,125.5 | $ 1,858.3 |
Cost of goods sold | 1,662.8 | 1,660.5 | 1,411.8 |
Production margin | 507.1 | 465 | 446.5 |
Marketing and administrative expenses | 206 | 192.1 | 186.2 |
Research and development expenses | 21.2 | 20.4 | 19.5 |
Impairment of assets | 71.7 | 0 | 0 |
Acquisition-related expenses | 0.3 | 5.1 | 4 |
Litigation expenses, net | 29.2 | 32.6 | 0 |
Restructuring and other items, net | 6.9 | 0 | 1.1 |
Income from operations | 171.8 | 214.8 | 235.7 |
Interest expense, net | (59.2) | (43.9) | (37.2) |
Debt extinguishment expenses | 0 | (6.9) | 0 |
Non-cash pension settlement charge | 0 | (3.5) | (1.8) |
Other non-operating deductions, net | (4.9) | (3.8) | 5.6 |
Total non-operating deductions, net | (64.1) | (58.1) | (33.4) |
Income before tax and equity in earnings | 107.7 | 156.7 | 202.3 |
Provision for taxes on income | 23.7 | 32.1 | 36.6 |
Equity in earnings of affiliates, net of tax | 4.3 | 1.7 | 2.8 |
Net income | 88.3 | 126.3 | 168.5 |
Less: Net income attributable to non-controlling interests | 4.2 | 4.1 | 4.1 |
Net income attributable to Minerals Technologies Inc. (MTI) | $ 84.1 | $ 122.2 | $ 164.4 |
Earnings per share: | |||
Basic income from operations attributable to MTI (in dollars per share) | $ 2.59 | $ 3.74 | $ 4.89 |
Diluted income from operations attributable to MTI (in dollars per share) | 2.58 | 3.73 | 4.86 |
Cash dividends declared per common share (in dollars per share) | $ 0.25 | $ 0.2 | $ 0.2 |
Shares used in computation of earnings per share: | |||
Basic (in shares) | 32.5 | 32.7 | 33.6 |
Diluted (in shares) | 32.6 | 32.8 | 33.8 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | |||
Net income | $ 88.3 | $ 126.3 | $ 168.5 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (6.1) | (78.9) | (78.9) |
Pension and postretirement plan adjustments | 5.6 | 35.3 | 45.2 |
Unrealized gain (loss) on cash flow hedges | (3.3) | 7.8 | 8.4 |
Total other comprehensive loss, net of tax | (3.8) | (35.8) | (25.3) |
Total comprehensive income including non-controlling interests | 84.5 | 90.5 | 143.2 |
Less: Net income attributable to non-controlling interests | 4.2 | 4.1 | 4.1 |
Less: Foreign currency translation adjustments attributable to non-controlling interests | (0.9) | (2.9) | (0.1) |
Comprehensive income attributable to non-controlling interests | 3.3 | 1.2 | 4 |
Comprehensive income attributable to Minerals Technologies Inc. | $ 81.2 | $ 89.3 | $ 139.2 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities: | |||
Net income | $ 88.3 | $ 126.3 | $ 168.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 95 | 94.2 | 94.6 |
Loss (gain) on disposal of property, plant and equipment | 2 | (0.1) | 0.4 |
Deferred income taxes | (34.8) | (17.2) | 2.1 |
Pension amortization and settlement loss | 2.3 | 8.4 | 13.1 |
Provision for bad debts | 2.8 | 4.1 | 0.9 |
Stock-based compensation | 11.3 | 10.4 | 10.7 |
Impairment of assets | 71.7 | 0 | 0.7 |
Reduction of right of use asset | 14.1 | 12.8 | 12.3 |
Non-cash debt extinguishment expenses | 0 | 6.9 | 0 |
Restructuring costs | 6.9 | 0 | 0.4 |
Other non-cash items | (4.3) | (1.7) | (3.2) |
Changes in operating assets and liabilities | |||
Accounts receivable | 1.8 | (48.3) | (7.2) |
Inventories | 18.7 | (66.1) | (58.2) |
Pension plan funding | (9.9) | (9.1) | (11.1) |
Accounts payable | (2.9) | 7.2 | 43 |
Restructuring liabilities | (2.8) | (0.7) | (1.4) |
Income taxes payable | 6.7 | 11.7 | (6) |
Prepaid expenses and other | (33.3) | (33.1) | (27.2) |
Net cash provided by operating activities | 233.6 | 105.7 | 232.4 |
Investing Activities: | |||
Purchases of property, plant and equipment | (93.5) | (82.3) | (86) |
Cash paid for acquisitions, net of cash acquired | (1.8) | (22.4) | (194.4) |
Proceeds from sale of assets | 0.2 | 1 | 0.7 |
Purchases of short-term investments | (17.9) | (6.6) | (9.4) |
Proceeds from sale of short-term investments | 20 | 6.7 | 8.3 |
Other investing activities | 1.3 | 2 | 2.2 |
Net cash used in investing activities | (91.7) | (101.6) | (278.6) |
Financing Activities: | |||
Long-term debt issuance | 0 | 550 | 0 |
Debt issuance costs | 0 | (3.3) | 0 |
Repayment of long-term debt | (14.8) | (552.3) | (1.2) |
Proceeds from issuance of short-term debt | 0 | 39.3 | 100.5 |
Repayment of short-term debt | (34.5) | 0 | (20.5) |
Purchase of common stock for treasury | (14.2) | (56) | (74.7) |
Proceeds from issuance of stock under option plan | 5.1 | 5.7 | 12.8 |
Tax withholding payments for stock-based compensation | (2.8) | (3.3) | (2.7) |
Dividends paid to non-controlling interests | (2.4) | (7.7) | (1.8) |
Cash dividends paid | (8.1) | (6.5) | (6.8) |
Net cash provided by (used in) financing activities | (71.7) | (34.1) | 5.6 |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | (22.3) | (27.6) |
Net increase (decrease) in cash and cash equivalents | 70 | (52.3) | (68.2) |
Cash and cash equivalents at beginning of period | 247.2 | 299.5 | 367.7 |
Cash and cash equivalents at end of period | 317.2 | 247.2 | 299.5 |
Non-cash financing activities | |||
Treasury stock purchases settled after period end | $ 0.6 | $ 0 | $ 0.5 |
CONSOLIDATED STATEMENTS OF CHAN
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 | 164.4 | 0 | 0 | 4.1 | 168.5 |
Other comprehensive loss | 0 | 0 | 0 | (25.3) | 0 | 0 | (25.3) |
Dividends declared | 0 | 0 | (6.8) | 0 | 0 | 0 | (6.8) |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (1.8) | (1.8) |
Issuance of shares pursuant to employee stock compensation plans | 0 | 12.8 | 0 | 0 | 0 | 0 | 12.8 |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (74.7) | 0 | (74.7) |
Stock-based compensation | 0 | 10.7 | 0 | 0 | 0 | 0 | 10.7 |
Conversion of RSU's for tax withholding | 0 | (2.6) | 0 | 0 | 0 | 0 | (2.6) |
Balance at Dec. 31, 2021 | 4.9 | 474.2 | 2,168.9 | (333.6) | (775.1) | 40.2 | 1,579.5 |
Net income | 0 | 0 | 122.2 | 0 | 0 | 4.1 | 126.3 |
Other comprehensive loss | 0 | 0 | 0 | (32.9) | 0 | (2.9) | (35.8) |
Dividends declared | 0 | 0 | (6.5) | 0 | 0 | 0 | (6.5) |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (7.7) | (7.7) |
Issuance of shares pursuant to employee stock compensation plans | 0 | 5.7 | 0 | 0 | 0 | 0 | 5.7 |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (56) | 0 | (56) |
Stock-based compensation | 0 | 10.4 | 0 | 0 | 0 | 0 | 10.4 |
Conversion of RSU's for tax withholding | 0 | (2.7) | 0 | 0 | 0 | 0 | (2.7) |
Balance at Dec. 31, 2022 | 4.9 | 487.6 | 2,284.6 | (366.5) | (831.1) | 33.7 | 1,613.2 |
Net income | 0 | 0 | 84.1 | 0 | 0 | 4.2 | 88.3 |
Other comprehensive loss | 0 | 0 | 0 | (2.9) | 0 | (0.9) | (3.8) |
Dividends declared | 0 | 0 | (8.1) | 0 | 0 | 0 | (8.1) |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (2.3) | (2.3) |
Issuance of shares pursuant to employee stock compensation plans | 0 | 5.1 | 0 | 0 | 0 | 0 | 5.1 |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (14.2) | 0 | (14.2) |
Stock-based compensation | 0 | 11.3 | 0 | 0 | 0 | 0 | 11.3 |
Conversion of RSU's for tax withholding | 0 | (2.8) | 0 | 0 | 0 | 0 | (2.8) |
Balance at Dec. 31, 2023 | $ 4.9 | $ 501.2 | $ 2,360.6 | $ (369.4) | $ (845.3) | $ 34.7 | $ 1,686.7 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Business Minerals Technologies Inc. (the “Company”) is a leading, technology-driven specialty minerals company that develops, produces, and markets a broad range of mineral and mineral-based products, related systems and services. The Company serves globally a wide range of consumer and industrial markets, including household and personal care, paper and packaging, food and pharmaceutical, automotive, construction, steel and foundry, environmental, and infrastructure. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, its wholly and majority-owned subsidiaries, as well as variable interest entities for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. 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 valuation of long-lived assets, goodwill and other intangible assets, certain pension plan assumptions, valuation of deferred income tax assets, and litigation and environmental liabilities. Actual results could differ from those estimates. Cash Equivalents and Short-term Investments The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term investments consist of financial instruments, mainly bank deposits, with original maturities beyond three months, but less than twelve months. Short-term investments amounted to $4.3 million and $5.6 million at December 31, 2023 and 2022, respectively. There were no unrealized holding gains and losses on the short-term bank investments held at December 31, 2023. Trade Accounts Receivable Trade accounts receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific allowances for bankrupt customers. The Company also analyzes the collection history and financial condition of its other customers, considering current industry conditions and determines whether an allowance needs to be established. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days based on payment terms are reviewed individually for collectability. Allowance for doubtful accounts was $20.3 million and $15.1 million at December 31, 2023 and 2022, respectively. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. Inventories Inventories are valued at the lower of cost or market. Cost is determined by the first-in, first-out (FIFO) method. Additionally, items such as idle facility expense, freight handling costs, and re-handling costs are recognized as current period charges. The allocation of fixed production overheads to the costs of conversion are based upon the normal capacity of the production facility. Fixed overhead costs associated with idle capacity are expensed as incurred. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant improvements are capitalized, while maintenance and repair expenditures are charged to operations as incurred. The Company capitalizes interest cost as a component of construction in progress. The straight-line method of depreciation is used for substantially all the assets for financial reporting purposes, except for mining related equipment which uses units-of-production method. The annual rates of depreciation are 3% - 6.67% for buildings, 6.67% - 12.5% for machinery and equipment, 8% - 12.5% for furniture and fixtures and 12.5% - 25% for computer equipment and software-related assets. The estimated useful lives of our PCC production facilities and machinery and equipment pertaining to our natural stone mining and processing plants and our chemical plants are 15 years. Property, plant and equipment are depreciated over their useful lives. Useful lives are based on management’s estimates of the period that the assets can generate revenue, which does not necessarily coincide with the remaining term of a customer’s contractual obligation to purchase products made using those assets. The Company’s sales of PCC are predominantly pursuant to long-term evergreen contracts, initially ten years in length, with paper mills at which the Company operates satellite PCC plants. The terms of many of these agreements have been extended, often in connection with an expansion of the satellite PCC plant. Failure of a PCC customer to renew an agreement or continue to purchase PCC from a Company facility could result in an impairment of assets charge or accelerated depreciation at such facility. Depletion of mineral reserves is determined on a unit-of-extraction basis for financial reporting purposes, based upon proven and probable reserves, and generally on a percentage depletion basis for tax purposes. Stripping Costs Incurred During Production Stripping costs are those costs incurred for the removal of waste materials for the purpose of accessing ore body that will be produced commercially. Stripping costs incurred during the production phase of a mine are variable costs that are included in the costs of inventory produced during the period that the stripping costs are incurred. Accounting for the Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest), resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset, determined principally using discounted cash flows. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized, but instead assessed for impairment. Intangible assets with estimable useful lives are amortized on a straight-line basis over their respective estimated lives to the estimated residual values and reviewed for impairment. The Company performs a qualitative assessment for each of its reporting units to determine if the two-step process for impairment testing is required. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would then evaluate the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the fair value for the reporting unit is compared to its book value including goodwill. In the case that the fair value of the reporting unit is less than book value, a second step is performed which compares the fair value of the reporting unit’s goodwill to the book value of the goodwill. The fair value for the goodwill is determined based on the difference between the fair values of the reporting unit and the net fair values of the identifiable assets and liabilities of such reporting unit. If the fair value of the goodwill is less than the book value, the difference is recognized as impairment. In addition to the assessment of goodwill impairment, the Company also reviews its other identifiable intangibles for impairment. Each year, the Company reviews whether events or changes in circumstances could indicate that a long-lived asset’s carrying amount may not be recoverable. Should such events occur, the value of intangibles not recoverable would be recognized as impairment. Investment in Joint Ventures The Company uses the equity method of accounting to record the results of its investments in companies in which it has significant influence but does not control; and cost method of accounting in companies in which it cannot exercise significant control. The Company records the equity in earnings of its investments in joint ventures on a one-month lag. At December 31, 2023 and 2022, the book value of the Company’s equity method investments was $20.0 million and $16.5 million. Accounting for Asset Retirement Obligations The Company provides for obligations associated with the retirement of long-lived assets and the associated asset retirement costs. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company also provides for legal obligations to perform asset retirement activities where timing or methods of settlement are conditional on future events. The Company also records liabilities related to land reclamation as a part of the asset retirement obligations. The Company mines land for various minerals using a surface-mining process that requires the removal of overburden. In many instances, the Company is obligated to restore the land upon completion of the mining activity. As the overburden is removed, the Company recognizes this liability for land reclamation based on the estimated fair value of the obligation. The obligation is adjusted to reflect the passage of time and changes in estimated future cash outflows. Fair Value of Financial Instruments The recorded amounts of cash and cash equivalents, receivables, short-term borrowings, accounts payable, accrued interest, and variable-rate long-term debt approximate fair value because of the short maturity of those instruments or the variable nature of underlying interest rates. Short-term investments are recorded at cost, which approximates fair market value. Derivative Financial Instruments The Company records derivative financial instruments which are used to hedge certain foreign exchange risk at fair value on the balance sheet. See Note 12 for a full description of the Company’s hedging activities and related accounting policies. Revenue Recognition Revenue is recognized at the point in time when the customer obtains control of the promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. The Company’s revenues are primarily derived from the sale of products. Our primary performance obligation is satisfied upon shipment or delivery to our customer based on written sales terms, which is also when control is transferred. Revenues from sales of equipment are recorded upon completion of installation and transfer of control to the customer. Revenue where our performance obligations are satisfied in phases is recognized over time using certain input measures based on the measurement of the value transferred to the customer, including milestones achieved. Revenues from services are recorded when the services are performed. In most of our PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year. Under those contracts, the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to the customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. There were no significant revenue adjustments in the fourth quarter of 2023 and 2022, respectively. We have consignment arrangements with certain customers in our Engineered Solutions segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer. Foreign Currency The assets and liabilities of the Company’s international subsidiaries are translated into U.S. dollars using exchange rates at the respective balance sheet date. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Income statement items are generally translated at monthly average exchange rates prevailing during the period. International subsidiaries operating in highly inflationary economies translate non-monetary assets at historical rates, while net monetary assets are translated at current rates, with the resulting translation adjustments included in net income. At December 31, 2023, the Company had no international subsidiaries operating in highly inflationary economies, with the exception of its subsidiaries in Turkey. Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company operates in multiple taxing jurisdictions, both within the U.S. and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company regularly assesses its tax position for such transactions and includes reserves for those differences in position. The reserves are utilized or reversed once the statute of limitations has expired or the matter is otherwise resolved. The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax laws and regulations change over time. As such, changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations. The Company’s accounting policy is to recognize interest and penalties as part of its provision for income taxes. See Note 8 for additional detail on our uncertain tax positions. The accompanying financial statements do not include a provision for foreign withholding taxes on international subsidiaries’ unremitted earnings, which are expected to be permanently reinvested overseas. Research and Development Research and development costs are expensed as incurred. Accounting for Stock-Based Compensation The Company recognizes compensation expense for share-based awards based upon the grant date fair value over the vesting period. Pension and Post-retirement Benefits The Company has defined benefit pension plans covering the majority of its eligible employees. The benefits are generally based on years of service and an employee’s modified career earnings. The Company also provides post-retirement healthcare benefits for the majority of its retirees and employees in the United States. The Company measures the costs of its obligation based on its best estimate. The net periodic costs are recognized as employees render the services necessary to earn the post-retirement benefits. Environmental Expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when it is probable the Company will be obligated to pay amounts for environmental site evaluation, remediation or related costs, and such amounts can be reasonably estimated. Earnings Per Share Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share have been computed based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. Subsequent Events The Company has evaluated for subsequent events through the date of issuance of its financial statements. 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. ASUs not listed below 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. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2024-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure, as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The new standard is effective for interim and annual periods beginning on or after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2024-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The new standard is effective for interim and annual periods beginning on or after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 2. Leases The Company determines if an arrangement is a lease at inception. The Company has operating leases for premises, equipment, rail cars and automobiles. Our leases have remaining lease terms of 1 year to 50 years, some of which may include options to extend the leases further. The Company considers these options in determining the lease term used to establish the right-of-use assets and lease liabilities. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based upon the information available at commencement date, or as of implementation of ASC 842, in determining the present value of lease payments. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements contain both lease and non-lease components. We account for lease components together with non-lease components. Operating lease cost was $16.8 million, $15.7 million and $15.3 for the years ended December 31, 2023 , December 31, 2022 and December 31, 2021, respectively. The components of lease costs are as follows: December 31, (millions of dollars) 2023 2022 2021 Operating lease cost $ 16.7 $ 15.6 $ 15.2 Short-term lease cost 0.1 0.1 0.1 Total $ 16.8 $ 15.7 $ 15.3 Supplemental cash flow information and non-cash activity related to our leases are as follows: (millions of dollars) December 31, Operating cash flows information: Cash paid for amounts included in the measurement of lease liabilities $ 16.8 Non-cash activity: Right-of-use assets obtained in the exchange for operating lease liabilities $ 10.0 Weighted average remaining lease term, and weighted average discount rates related to the Company’s leases were as follows: Weighted-average remaining operating lease term (in years) 5.55 Weighted-average operating leases discount rate 5.1 % The following table summarizes the Company’s outstanding lease assets and liabilities and their classification on the Consolidated Balance Sheet: December 31, (millions of dollars) Balance Sheet Classification 2023 2022 Right-of-use-asset Other assets and deferred charges $ 44.1 $ 49.1 Lease liability - current Other current liabilities 13.5 13.5 Lease liability - non-current Other non-current liabilities 37.9 43.9 Future minimum lease payments under the Company’s leases as of were as follows: (millions of dollars) December 31, 2024 $ 15.7 2025 12.5 2026 10.6 2027 7.3 2028 5.9 Thereafter 7.6 Total future minimum lease payments 59.6 Less imputed interest (8.2 ) Total $ 51.4 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contracts with Customers | Note 3. Revenue from Contracts with Customers On a regular basis the Company reviews its segments and the approach used by the chief decision maker to assess performance and allocate resources. Effective January 1, 2023, the Company realigned its business reporting structure and reorganized into two reportable segments, Consumer & Specialties and Engineered Solutions. Our primary performance obligation (the sale of products) is satisfied upon shipment or delivery to our customers based on written sales terms, which is also when control is transferred. In most of our contracts in our Specialty Additives product line, which is in our Consumer & Specialties segment, the price per ton is based upon the total number of tons sold to the customer during the year. Under these contracts, the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to such customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. Revenue from sales of equipment, primarily in our High-Temperature Technologies product line within our Engineered Solutions segment, is recorded upon completion of installation and control is transferred to the customer. Revenue from services is recorded when the services have been performed. Included within our High-Temperature Technologies product line are certain consignment arrangements with certain customers in our Engineered Solutions segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer and control is transferred. Revenue where our performance obligations are satisfied in phases is recognized over time using certain input measures based on the measurement of the value transferred to the customer, including milestones achieved. The following table disaggregates our revenue by major source (product line) for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (millions of dollars) 2023 2022 2021 Net Sales Household & Personal Care $ 517.6 $ 476.2 $ 383.7 Specialty Additives 642.6 648.4 578.9 Consumer & Specialties Segment 1,160.2 1,124.6 962.6 High-Temperature Technologies 720.9 702.5 642.7 Environmental & Infrastructure 288.8 298.4 253.0 Engineered Solutions 1,009.7 1,000.9 895.7 Total $ 2,169.9 $ 2,125.5 $ 1,858.3 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Acquisitions [Abstract] | |
Acquisitions | Note 4. Acquisitions Normerica Inc. On July 26, 2021, the Company completed the acquisition of Normerica Inc. (“Normerica”), 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 product line in our Consumer & Specialties segment. The fair value of the total consideration transferred, net of cash acquired, was $187.5 million. The acquisition was 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 July 26, 2022, the purchase price allocation had been finalized. 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 was allocated to the Consumer & Specialties 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 did not present pro forma and other financial information for the Normerica acquisition, as this is not considered to be a material business acquisition. 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 providing additional mineral reserves. The purchase price was $28.0 million and the acquisition was financed through cash on hand. The fair value of the total consideration transferred, net of cash acquired, was $22.4 million. In the second quarter of 2023, an additional $1.8 million of hold back consideration was paid. The results of Concept Pet are included within our Household & Personal Care product line in our Consumer & Specialties Other In November 2021, the Company acquired Specialty PCC assets from a company in the Midwest United States for $6.9 million. The Company incurred $0.3 million, $5.1 million and $4.0 million of acquisition-related costs during 2023, 2022 and 2021, respectively, which are reflected within the acquisition-related expenses line of the Consolidated Statements of Income. |
Restructuring and Other Items,
Restructuring and Other Items, net | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Other Items, net [Abstract] | |
Restructuring and Other Items, net | Note 5. Restructuring and Other Items, net In the third quarter of 2023, the Company recorded a $71.7 million non-cash impairment of long-lived assets charge related to its subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas LLC within the Consumer & Specialties segment. This impairment was triggered by increased claims and continued increases in legal costs, which led to the voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code to address and comprehensively resolve Barretts Minerals Inc.’s liabilities associated with the talc claims. See Note 17 for further information. In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline our cost structure as a result of organizational efficiencies gained through our recent resegmentation. As a result, the Company recorded a charge of $6.6 million for restructuring and other charges related to severance and other costs. In the third quarter of 2023, an incremental charge of $0.3 million was recorded relating to this program. 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 $ million and $ million in severance related and other closure costs for its Paper PCC satellite facility at this mill. The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segments they relate to: Restructuring and Other Items, net Year Ended December 31, (millions of dollars) 2023 2022 2021 Asset Write-Downs Consumer & Specialties $ 71.7 $ — $ 0.7 Total asset write-down charges $ 71.7 $ — $ 0.7 Severance and other employee costs Consumer & Specialties $ 0.9 $ — $ 0.4 Engineered Solutions 3.2 — — Corporate 2.8 — — Total severance and other employee costs $ 6.9 $ — $ 0.4 Total restructuring and other items, net $ 78.6 $ — $ 1.1 At December 31, 2023 and 2022, the Company had $3.8 million and $0 million, respectively, included within other current liabilities within our Consolidated Balance Sheets for cash expenditures needed to satisfy remaining obligations under these reorganization initiatives. The Company expects to pay these remaining restructuring obligations by the end of the second quarter of 2024. The following table is a reconciliation of our restructuring liability balance as of December 31, 2023 and 2022: December 31, (millions of dollars) 2023 2022 Restructuring liability, beginning of period $ — $ 2.2 Additional provisions 6.9 — Cash payments (2.8 ) (0.7 ) Other (0.3 ) (1.5 ) Restructuring liability, end of period $ 3.8 $ — |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 6. Stock-Based Compensation The Company’s 2015 Stock Award and Incentive Plan provides for grants of incentive and non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards and performance unit awards (the 2015 Stock Award and Incentive Plan, as amended, referred to herein as the “Plan” and together with its predecessor for awards granted prior to May 2015, the 2001 Stock Award and Incentive Plan, as amended and restated, the “Plans”). The Plans are administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plans generally have a ten year term. The exercise price for stock options are at prices at or above the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years. Stock-based compensation expense is recognized in the consolidated financial statements for stock options based on the grant date fair value. Net income for years ended 2023, 2022 and 2021 include $5.2 million, $4.8 million and $4.9 million pre-tax compensation costs, respectively, related to stock option expense as a component of marketing and administrative expenses. All stock option expense is recognized in the consolidated statements of operations. The related tax benefit included in the statement of income on the non-qualified stock options was $1.4 million, $1.3 million and $1.3 million for 2023, 2022 and 2021, respectively. Stock Options The fair value of options granted is estimated on the date of grant using the Black-Scholes valuation model. Compensation expense is recognized only for those options expected to vest, with forfeitures estimated at the date of grant based on the Company’s historical experience and future expectations. The forfeiture rate assumption used for the periods ended December 31, 2023, 2022 and 2021 was 7.91%, 8.09% and 8.38%, respectively. The weighted average grant date fair value for stock options granted during the years ended December 31, 2023, 2022 and 2021 was $25.11, $24.26 and $21.62, respectively. The weighted average grant date fair value for stock options vested during 2023, 2022 and 2021 was $21.56, $19.82 and $20.56, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2023, 2022 and 2021 was $1.0 million, $2.0 million and $6.1 million, respectively. The fair value for stock awards was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Expected life (in years) 6.4 6.7 6.9 Interest rate 3.51 % 1.70 % 0.71 % Volatility 32.05 % 31.92 % 32.04 % Expected dividend yield 0.30 % 0.28 % 0.31 % The expected term of the options represents the estimated period of time until exercised and is based on historical experience of similar awards, based upon contractual terms, vesting schedules, and expectations of future employee behavior. The expected stock-price volatility is based upon the historical and implied volatility of the Company’s stock. The interest rate is based upon the implied yield on U.S. Treasury bills with an equivalent remaining term. Estimated dividend yield is based upon historical dividends paid by the Company. The following table summarizes stock option activity for the year ended December 31, 2023: Awards Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Millions) Awards outstanding at December 31, 2022 1,363,418 $ 62.22 Granted 255,620 66.08 Exercised (91,604 ) 56.82 Canceled (12,972 ) 67.54 Expired — — Awards outstanding at December 31, 2023 1,514,462 $ 63.15 5.87 $ 13.8 Awards exercisable at December 31, 2023 1,054,321 $ 61.39 4.74 $ 11.9 The aggregate intrinsic value above is calculated before applicable income taxes, based on the Company’s closing stock price of $71.31 as of the last business day of the period ended December 31, 2023 had all options been exercised on that date. The weighted average intrinsic value of the options exercised during 2023, 2022 and 2021 was $7.78, $16.34 and $24.43 per share, respectively. As of December 31, 2023, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $5.6 million, which is expected to be recognized over a weighted average period of approximately three years. The Company issues new shares of common stock upon the exercise of stock options. Non-vested stock option activity for the year ended December 31, 2023 is as follows: Awards Weighted Average Grant Date Fair Value per Share Nonvested awards outstanding at December 31, 2022 436,082 $ 66.41 Granted 255,620 66.08 Vested (220,676 ) 64.34 Canceled (10,885 ) 67.65 Nonvested awards outstanding at December 31, 2023 460,141 $ 67.18 Deferred Restricted Stock Units The Company has granted key employees units consisting of rights to receive shares of the Company’s common stock pursuant to the Plans. The rights will be deferred for a specified number of years of service, subject to restrictions on transfer and other conditions. Compensation expense for these shares is recognized over the vesting period. The Company granted units consisting of rights to receive 102,843 shares, 98,464 shares and 102,309 shares for the periods ended December 31, 2023, 2022 and 2021, respectively. The fair value was determined based on the market value of unrestricted shares. As of December 31, 2023, there was unrecognized stock-based compensation related to deferred restricted stock units of $6.9 million, which will be recognized over approximately the next three years. The compensation expense amortized with respect to all units was approximately $6.0 million, $5.7 million and $5.9 million for the periods ended December 31, 2023, 2022 and 2021, respectively. In addition, the Company recorded reversals of $2.7 million, $2.7 million and $2.6 million for periods ended December 31, 2023, 2022 and 2021, respectively, related mostly to the conversion of units for tax withholding purposes. Such costs and reversals are included in marketing and administrative expenses. The following table summarizes the deferred restricted stock unit activity for the Plan: Awards Weighted Average Grant Date Fair Value per Share Unvested balance at December 31, 2022 176,594 $ 66.32 Granted 102,843 66.01 Vested (46,141 ) 64.25 Canceled (45,946 ) 64.33 Unvested balance at December 31, 2023 187,350 $ 67.15 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 7. Earnings Per Share (EPS) Year Ended December 31, (in millions, except per share data) 2023 2022 2021 Net income attributable to MTI $ 84.1 $ 122.2 $ 164.4 Weighted average shares outstanding 32.5 32.7 33.6 Dilutive effect of stock options and deferred restricted stock units 0.1 0.1 0.2 Weighted average shares outstanding, adjusted 32.6 32.8 33.8 Basic earnings per share attributable to MTI $ 2.59 $ 3.74 $ 4.89 Diluted earnings per share attributable to MTI $ 2.58 $ 3.73 $ 4.86 Of the options outstanding of 1,514,462, 1,363,418 and 1,330,002 for the years ended December 31, 2023, 2022 and 2021, respectively, options to purchase 917,177 shares, 754,867 shares and 510,683 shares of common stock for the years ended December 31, 2023, 2022 and 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 8. Income Taxes Income (loss) from operations before provision for taxes by domestic and foreign source is as follows: Year Ended December 31, (millions of dollars) 2023 2022 2021 Income (loss) from operations before income taxes and income from affiliates and joint ventures: Domestic $ (38.9 ) $ 39.3 $ 66.0 Foreign 146.6 117.4 136.3 $ 107.7 $ 156.7 $ 202.3 The provision (benefit) for taxes on income consists of the following: Year Ended December 31, (millions of dollars) 2023 2022 2021 Domestic Taxes currently payable Federal $ 9.5 $ 16.3 $ (5.3 ) State and local 6.7 3.3 0.4 Deferred income taxes (31.5 ) (16.0 ) 7.8 Domestic tax provision (benefit) (15.3 ) 3.6 2.9 Foreign Taxes currently payable 42.2 29.8 33.4 Deferred income taxes (3.2 ) (1.3 ) 0.3 Foreign tax provision 39.0 28.5 33.7 Total tax provision $ 23.7 $ 32.1 $ 36.6 The provision (benefit) for taxes on income shown in the previous table is classified based on the location of the taxing authority, regardless of the location in which the taxable income is generated. The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows: Year Ended December 31, 2023 2022 2021 U.S. statutory rate 21.0 % 21.0 % 21.0 % Depletion (10.3 )% (6.1 )% (5.4 )% Difference between tax provided on foreign earnings and the U.S. statutory rate 7.7 % 2.4 % 2.6 % Global Intangible Low-Tax Income (GILTI) 1.0 % 2.3 % 0.7 % Foreign Derived Intangible Income (2.5 )% — (1.4 )% State and local taxes, net of federal tax benefit (0.1 )% (0.4 )% 0.7 % Tax credits (0.6 )% (0.4 )% (0.4 )% Impact of uncertain tax positions 0.2 % (1.3 )% (1.1 )% Impact of officer’s non-deductible compensation 1.9 % 1.3 % 0.8 % Foreign Withholding Tax 2.0 % 1.2 % 1.1 % Other 1.7 % 0.5 % (0.5 )% Consolidated effective tax rate 22.0 % 20.5 % 18.1 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, (millions of dollars) 2023 2022 Deferred tax assets attributable to: Accrued liabilities $ 26.8 $ 28.6 Net operating loss carry forwards 32.8 35.5 Pension and post-retirement benefits costs 16.0 18.6 Other 38.1 29.7 Valuation allowance (25.2 ) (24.0 ) Total deferred tax assets 88.5 88.4 Deferred tax liabilities attributable to: Plant and equipment, principally due to differences in depreciation 146.0 167.0 Intangible assets 53.6 67.8 Other 12.2 9.6 Total deferred tax liabilities 211.8 244.4 Net deferred tax asset (liability) $ (123.3 ) $ (156.0 ) Net deferred tax assets and net deferred tax liabilities are classified as follows: December 31, (millions of dollars) 2023 2022 Net deferred tax asset, long-term $ 16.0 $ 24.4 Net deferred tax liability, long-term 139.3 180.4 Net deferred tax liability, long-term $ (123.3 ) $ (156.0 ) The Company has $32.8 million of deferred tax assets arising from tax loss carry forwards which will be realized through future operations. Carry forwards of approximately $21.7 million expire over the next 20 years, and $11.1 million can be utilized over an indefinite period. On December 31, 2023, the Company had $2.8 million of total unrecognized tax benefits. Included in this amount were a total of $2.1 million of unrecognized income tax benefits that, if recognized, would affect the Company’s effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, we do not expect the change to have a significant impact on the results of operations or the financial position of the Company. The following table summarizes the activity related to our unrecognized tax benefits: (millions of dollars) 2023 2022 Balance at beginning of the year $ 2.6 $ 5.1 Increases related to current year tax positions 0.5 0.4 Decreases related to audit settlements and statute expirations (0.3 ) (2.9 ) Balance at the end of the year $ 2.8 $ 2.6 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 recorded a benefit of $0.1 million in interest and penalties during 2023 and had a total accrued balance on December 31, 2023 of $0.5 million. The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The Company operates in multiple taxing jurisdictions, both within and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company, with a few exceptions (none of which are material), is no longer subject to U.S. federal, state, local, and international income tax examinations by tax authorities for years prior to 2015. Net cash paid for income taxes were $53.8 million, $44.0 million and $42.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company had approximately $509.2 million of foreign subsidiaries’ undistributed earnings as of December 31, 2023. We intend to continue to permanently reinvest these earnings overseas for the foreseeable future and while U.S. federal tax expense has been recognized as a result of recent U.S. tax code changes, no deferred tax liabilities with respect to foreign withholding taxes or state taxes have been recognized. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventories | Note 9. Inventories The following is a summary of inventories by major category: December 31, (millions of dollars) 2023 2022 Raw materials $ 144.3 $ 163.4 Work-in-process 11.7 15.6 Finished goods 113.5 114.0 Packaging and supplies 55.9 55.8 Total inventories $ 325.4 $ 348.8 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 10. Property, Plant and Equipment The major categories of property, plant and equipment and accumulated depreciation and depletion are presented below: December 31, (millions of dollars) 2023 2022 Mineral rights and reserves $ 552.6 $ 604.9 Land 44.5 47.3 Buildings 207.3 209.8 Machinery and equipment 1,201.1 1,248.0 Furniture and fixtures and other 140.0 137.1 Construction in progress 44.6 41.5 2,190.1 2,288.6 Less: accumulated depreciation and depletion (1,203.3 ) (1,238.2 ) Property, plant and equipment, net $ 986.8 $ 1,050.4 In the third quarter of 2023, the Company recorded a $71.7 million non-cash impairment of long-lived assets charge related to its subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas LLC within the Consumer & Specialties segment. See Note 17 for further information. Depreciation and depletion expense for the years ended December 31, 2023, 2022 and 2021 was $79.4 million, $76.3 million and $77.4 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 11. 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 $913.6 million and $914.8 million as of December 31, 2023 and December 31, 2022, respectively. The net change in goodwill since December 31, 2023 was attributable to the effects of foreign exchange. As a result of the reorganization of the Company’s segments in the first quarter of 2023, we were required to reallocate our goodwill amongst the new operating segments. The allocation of goodwill was based on the fair value of each reporting unit under both our old and new management structures and the portions being transferred. This was completed in the third quarter of 2023 and is included below. The balance of goodwill by reporting unit and the activity occurring in the past two fiscal years is as follows: (millions of dollars) Consumer & Specialties Engineered Solutions Consolidated Balance at December 31, 2021 $ 337.9 $ 569.6 $ 907.5 Change in goodwill relating to: Concept Pet acquisition 9.2 — 9.2 Foreign exchange translation (0.7 ) (1.2 ) (1.9 ) Total Changes $ 8.5 $ (1.2 ) $ 7.3 Balance at December 31, 2022 $ 346.4 $ 568.4 $ 914.8 Change in goodwill relating to: Foreign exchange translation (1.2 ) — (1.2 ) Total Changes $ (1.2 ) $ — $ (1.2 ) Balance at December 31, 2023 $ 345.2 $ 568.4 $ 913.6 Acquired intangible assets subject to amortization as of December 31, 2023 and December 31, 2022 were as follows: December 31, 2023 December 31, 2022 Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Tradenames 34 $ 221.5 $ 59.1 $ 221.2 $ 52.2 Technology 13 18.8 14.2 18.8 12.6 Patents and trademarks 19 6.4 6.4 6.4 6.4 Customer relationships 21 79.0 15.0 78.4 11.7 29 $ 325.7 $ 94.7 $ 324.8 $ 82.9 The weighted average amortization period of the acquired intangible assets subject to amortization is approximately 29 years. Amortization expense was approximately $12.7 million, $12.7 million and $10.6 million for the years ended December 31, 2023, 2022 and 2021, respectively and is recorded within the Marketing and administrative expenses line within the Consolidated Statements of Income. The estimated amortization expense is as follows: 2024 - $12.9 million; 2025 -$12.0; 2026 - $11.5; 2027 -$11.5 million; 2028 - $11.5 million and $171.6 million thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Financial Instruments and Hedging Activities [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 12. Derivative Financial Instruments and Hedging Activities 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. This interest rate swap matured in May 2023. In the second quarter of 2023, the Company entered into a new floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this swap is a liability of $0.1 million at December 31, 2023 and is recorded in other non-current liabilities on the 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 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 quarter of , 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 matured in and required the exchange of Euros and U.S. dollar principal payments upon maturity. Changes in the fair value of this instrument are recognized in to offset the change in the carrying amount of the net investment being hedged. At maturity, the Company realized, in comprehensive income, from inception, an after-tax gain of Amounts are reclassified out of into earnings when the hedged net investment is either sold or substantially liquidated. Other The Company is exposed to potential gains or losses from foreign currency fluctuations affecting net investments and earnings denominated in foreign currencies. The Company is particularly sensitive to currency exchange rate fluctuations for the following currencies: British pound sterling (GBP), Chinese renminbi (CNY), Euro, Malaysian ringgit (MYR), Polish zloty (PLN), South African Rand (ZAR), Thai baht (THB) and Turkish lira (TRY). When considered appropriate, the Company enters into foreign exchange derivative contracts to mitigate the risk of fluctuations on these exposures. The Company does not designate these contracts for hedge accounting treatment and the changes in fair value of these contracts are recorded in earnings. The Company recorded losses of $0.1 million, $0.8 million and $0.7 million in other non-operating income (deductions), net within the Consolidated Statements of Income for the years ended 2023, 2022 and 2021 respectively. There were no open contracts at December 31, 2023 and December 31, 2022. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 13. Fair Value of Financial Instruments Fair value is an exchange price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company follows a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows: ● Market approach – ● Cost approach – ● Income approach – The Company primarily applies the income approach for foreign exchange derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities accounted for at fair value on a recurring basis at the end of each of the past two years. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. (millions of dollars) Fair Value Measurements Using Asset / (Liability) Balance at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2023 (Level 1) (Level 2) (Level 3) Deferred compensation plan assets $ 13.7 $ — $ 13.7 $ — Supplementary pension plan assets 15.5 — 15.5 — Interest rate swap (0.1 ) — (0.1 ) — Fair Value Measurements Using Asset / (Liability) Balance at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2022 (Level 1) (Level 2) (Level 3) Deferred compensation plan assets $ 13.6 $ — $ 13.6 $ — Supplementary pension plan assets 13.5 — 13.5 — Cross currency rate swap 13.8 — 13.8 — Interest rate swap 1.0 — 1.0 — The fair value of foreign exchange contracts is 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. Deferred compensation and supplementary pension plan assets related to the Company’s 2014 acquisition of AMCOL International Corporation are valued using quoted prices for similar assets in active markets. The Company does not have any financial assets or liabilities measured at fair value on a recurring basis categorized as Level 3, except for pension assets discussed in Note 16, and there were no transfers in or out of Level 3 during the year ended December 31, 2023 and 2022. There were also no changes to the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis. |
Financial Instruments and Conce
Financial Instruments and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Concentrations of Credit Risk [Abstract] | |
Financial Instruments and Concentrations of Credit Risk | Note 14. Financial Instruments and Concentrations of Credit Risk The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents, short-term investments, accounts receivable and payable Short-term debt and other liabilities Long-term debt Forward exchange contracts Credit risk The Company’s bad debt expense for the years ended December 31, 2023, 2022 and 2021 was $2.8 million, $4.1 million and $0.9 million, respectively. |
Long-Term Debt and Commitments
Long-Term Debt and Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt and Commitments [Abstract] | |
Long-Term Debt and Commitments | Note 15. Long-Term Debt and Commitments The following is a summary of long-term debt: December 31, (millions of dollars) 2023 2022 Secured Credit Agreement: Term Loan due 2027 2.4 3.1 $ 530.4 $ 543.5 Senior Notes: 5.00 2028 3.9 4.7 396.1 395.3 Other debt 2.6 3.8 Total $ 929.1 $ 942.6 Less: Current maturities 18.0 14.5 Long-term debt $ 911.1 $ 928.1 On , 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 $ 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 $ 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 $ million senior secured floating rate term loan facility and a $ million senior secured revolving credit facility. The maturity date for loans under the Senior Secured Credit Facilities is . In the quarter of , the Company recorded $ 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 Senior Secured Credit Facilities 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 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 and greater than or equal to to 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 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 Senior Secured Credit Facilities 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. In the third quarter of 2023, the Company’s subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas LLC were removed as borrowers under, and Guarantors of, the Senior Secured Credit Facilities. As of December 31, 2023, there were $85.0 million in loans and $9.1 million in letters of credit outstanding under the Revolving Facility. On June 30, 2020, the Company issued $400 million aggregate principal amount of 5.0% Senior Notes due 2028 (the “Notes”). The Notes were issued pursuant to an indenture, dated as of June 30, 2020 , 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 January 1 and July 1 of each year, beginning on January 1, 2021 . 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. 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. 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 both contain certain customary affirmative and negative covenants that limit or restrict the ability of the Company and its restricted subsidiaries to enter into certain transactions or take certain actions, as well as customary events of default. In addition, the Amended Credit Agreement contains financial covenants that require the Company to maintain, as of the last day of any fiscal quarter, (x) a maximum net leverage ratio (as defined in the Amended Credit Agreement) of to 1.00 for the fiscal quarter period preceding such day (subject to an increase to to 1.00 for quarters in connection with certain significant acquisitions) and (y) a minimum interest coverage ratio (as defined in the Amended Credit Agreement) of to 1.00 . The Company is in compliance with all the covenants contained in the Amended Credit Agreement throughout the period covered by this report. The Company has a committed loan facility in Japan. As of December 31, 2023, there was an outstanding balance of $1.4 million on this facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.5 million on this loan in 2023. 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. The Company repaid $0.6 million on these loans during 2023. As of December 31, 2023, the Company had $25.5 million in uncommitted short-term bank credit lines, $0.4 million of which were in use. There were $85.4 million and $119.7 million short-term borrowings as of December 31, 2023 and 2022, respectively. The weighted average interest rates on short-term borrowings outstanding was 6.9% and 3.8% as of December 21, 2023 and 2022, respectively. The aggregate maturities of long-term debt are as follows: $18.0 million in 2024; $31.8 million in 2025; $42.0 million in 2026, $443.7 million in 2027; $400.0 million in 2028 and $0.0 million thereafter. During 2023, 2022 and 2021, respectively, the Company incurred interest costs of $64.1 million, $48.6 million and $42.1 million, including $1.0 million, $1.3 million and $1.5 million, respectively, which were capitalized. Interest paid approximated the incurred interest cost. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note 16. Benefit Plans Pension Plans and Other Postretirement Benefit Plans The Company and its subsidiaries have pension plans covering the majority of eligible employees on a contributory or non-contributory basis. Benefits under defined benefit plans are generally based on years of service and an employee’s career earnings. Employees generally become fully vested after five years. The Company also provides postretirement health care and life insurance benefits for the majority of its U.S. retired employees. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company does not pre-fund these benefits and has the right to modify or terminate the plan in the future. The Company’s 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 approximately 21% of our total benefit obligation. The following table set forth Company’s pension obligation and funded status at December 31: Pension Benefits Post-Retirement Benefits (millions of dollars) 2023 2022 2023 2022 Change in benefit obligations: Beginning projected benefit obligation $ 348.9 $ 495.0 $ 1.8 $ 2.3 Service cost 4.5 6.6 — — Interest cost 16.0 11.0 0.1 — Actuarial loss (gain) 11.4 (124.2 ) 0.1 (0.4 ) Benefits paid (15.0 ) (12.4 ) — (0.1 ) Settlements (0.5 ) (18.4 ) — — Foreign exchange impact 3.3 (9.0 ) — — Other 0.3 0.3 — — Ending projected benefit obligation 368.9 348.9 2.0 1.8 Change in plan assets: Beginning fair value 285.4 381.4 — — Actual return (loss) on plan assets 34.4 (61.6 ) — — Employer contributions 9.9 9.0 — 0.1 Plan participants’ contributions 0.3 0.3 — — Benefits paid (15.0 ) (12.4 ) — (0.1 ) Settlements (0.5 ) (24.2 ) — — Foreign exchange impact 2.9 (7.1 ) — — Ending fair value 317.4 285.4 — — Funded status $ (51.5 ) $ (63.5 ) $ (2.0 ) $ (1.8 ) Amounts recognized in the consolidated balance sheet consist of: Pension Benefits Post-Retirement Benefits (millions of dollars) 2023 2022 2023 2022 Current liability $ (1.8 ) $ (1.7 ) $ (0.1 ) $ (0.1 ) Non-current liability (49.7 ) (61.8 ) (1.9 ) (1.7 ) Recognized liability $ (51.5 ) $ (63.5 ) $ (2.0 ) $ (1.8 ) The current portion of pension liabilities is included in accrued compensation and related items. Amounts recognized in accumulated other comprehensive loss, net of related tax effects, consist of: Pension Benefits Post-Retirement Benefits (millions of dollars) 2023 2022 2023 2022 Net actuarial (gain) loss $ 32.0 $ 38.0 $ (3.3 ) $ (3.8 ) Prior service cost 0.1 0.1 — — Amount recognized end of year $ 32.1 $ 38.1 $ (3.3 ) $ (3.8 ) The accumulated benefit obligation for all defined benefit pension plans was $350.3 million and $297.4 million at December 31, 2023 and 2022, respectively. The accumulated benefit obligations and projected benefit obligations are in excess of the plan assets for primarily all of the Company’s defined benefit plans. Changes in the Plan assets and benefit obligations recognized in other comprehensive income: Pension Benefits Post-Retirement Benefits (millions of dollars) 2023 2022 2023 2022 Current year actuarial gain (loss) $ 3.8 $ 31.2 $ (0.1 ) $ 0.4 Amortization of actuarial (gain) loss 2.2 4.0 (0.3 ) (0.3 ) Total recognized in other comprehensive income $ 6.0 $ 35.2 $ (0.4 ) $ 0.1 The components of net periodic benefit costs are as follows: Pension Benefits Post-Retirement Benefits (millions of dollars) 2023 2022 2021 2023 2022 2021 Service cost $ 4.5 $ 6.6 $ 7.7 $ — $ — $ 0.1 Interest cost 16.0 11.0 7.9 0.1 — 0.1 Expected return on plan assets (17.8 ) (21.5 ) (22.0 ) — — — Recognized net actuarial (gain) loss 2.9 5.3 12.1 (0.5 ) (0.4 ) (0.8 ) Settlement/curtailment (gain) loss 0.1 3.5 3.4 — — (1.6 ) Net periodic benefit cost $ 5.7 $ 4.9 $ 9.1 $ (0.4 ) $ (0.4 ) $ (2.2 ) Unrecognized prior service cost is amortized over the average remaining service period of each active employee. The Company’s funding policy for U.S. plans generally is to contribute annually into trust funds at a rate that provides for future plan benefits and maintains appropriate funded percentages. Annual contributions to the U.S. qualified plans are at least sufficient to satisfy regulatory funding standards and are not more than the maximum amount deductible for income tax purposes. The funding policies for the international plans conform to local governmental and tax requirements. The plans’ assets are invested primarily in stocks and bonds. Additional Information The weighted average assumptions used to determine net periodic benefit cost in the accounting for the pension benefit plans and other benefit plans for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 Discount rate 4.84 % 4.30 % 2.01 % Expected return on plan assets 6.53 % 6.34 % 6.28 % Rate of compensation increase 2.77 % 2.74 % 2.72 % Interest crediting rate 2.25 % 2.25 % 2.25 % The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 Discount rate 4.63 % 4.84 % 2.42 % Rate of compensation increase 2.76 % 2.76 % 2.74 % For 2023, 2022 and 2021, the discount rate was based on the FTSE Pension Discount Curve, a yield curve of high quality corporate bonds with cash flows matching our plans’ expected benefit payments. The expected return on plan assets is based on our asset allocation mix and our historical return, taking into account current and expected market conditions. The actual return/(loss) on pension assets was approximately 11% in 2023, (22)% in 2022 and 12% in 2021. The Company maintains a self-funded health insurance plan for its retirees. This plan provided that the maximum health care cost trend rate would be 5%. Effective June 2010, the Company amended its plan to change the eligibility requirement for retirees and revised its plan so that increases in expected health care costs would be borne by the retiree. Effective January 1, 2022, the plan was closed to new retirees. Plan Assets The Company’s pension plan weighted average asset allocation percentages at December 31, 2023 and 2022 by asset category are as follows: December 31, 2023 2022 Asset Category Equity securities 51.3 % 54.3 % Fixed income securities 35.3 % 32.2 % Real estate 0.3 % 0.3 % Other 13.1 % 13.2 % Total 100.0 % 100.0 % The Company’s pension plan fair values at December 31, 2023 and 2022 by asset category are as follows: December 31, (millions of dollars) 2023 2022 Asset Category Equity securities $ 162.9 $ 155.0 Fixed income securities 112.0 91.9 Real estate 0.8 0.8 Other 41.7 37.7 Total $ 317.4 $ 285.4 The following table presents domestic and foreign pension plan assets information at December 31, 2023, 2022 and 2021 (the measurement date of pension plan assets): U.S. Plans International Plans (millions of dollars) 2023 2022 2021 2023 2022 2021 Fair value of plan assets $ 251.4 $ 226.4 $ 293.8 $ 66.0 $ 59.0 $ 87.6 The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2023: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (millions of dollars) (Level 1) (Level 2) (Level 3) Total Pension Assets Fair Value as of December 31, 2023 Equity securities US equities $ 142.5 $ — $ — $ 142.5 Non-US equities 20.4 — — 20.4 Fixed income securities Corporate debt instruments 98.0 14.0 — 112.0 Real estate and other Real estate — — 0.8 0.8 Other 0.4 35.0 6.3 41.7 Total assets $ 261.3 $ 49.0 $ 7.1 $ 317.4 The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2022: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (millions of dollars) (Level 1) (Level 2) (Level 3) Total Pension Assets Fair Value as of December 31, 2022 Equity securities US equities $ 135.7 $ — $ — $ 135.7 Non-US equities 19.3 — — 19.3 Fixed income securities Corporate debt instruments 79.6 12.3 — 91.9 Real estate and other Real estate — — 0.8 0.8 Other 0.3 30.6 6.8 37.7 Total assets $ 234.9 $ 42.9 $ 7.6 $ 285.4 U.S. equities – Non-U.S. equities – Fixed income – Real Estate and other – Asset classified as Level 1 are valued using quoted prices on major stock exchange on which individual assets are traded. Our Level 2 assets are valued using net asset value. The net asset value is quoted on a private market that is not active; however, the unit price is based on the underlying investments that are traded on an active market. Our Level 3 assets are estimated at fair value based on the most recent financial information available for the underlying securities, which are not traded on active market, and represents significant unobservable input. The following is a reconciliation of changes in fair value measurement of plan assets using significant unobservable inputs (Level 3): (millions of dollars) Beginning balance at December 31, 2021 $ 6.0 Purchases, sales, settlements — Actual return on plan assets still held at reporting date 1.8 Foreign exchange impact (0.2 ) Ending balance at December 31, 2022 $ 7.6 Purchases, sales, settlements — Actual (loss) return on plan assets still held at reporting date (0.6 ) Foreign exchange impact 0.1 Ending balance at December 31, 2023 $ 7.1 There were no transfers in or out of Level 3 during the year ended December 31, 2023 and 2022. Contributions The Company expects to contribute $13.2 million to its pension plans and $0.1 million to its other post-retirement benefit plan in 2024. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (millions of dollars) Pension Benefits Other Benefits 2024 $ 23.9 $ 0.1 2025 $ 24.0 $ 0.1 2026 $ 24.8 $ 0.2 2027 $ 25.5 $ 0.2 2028 $ 25.9 $ 0.2 2029 2033 $ 123.9 $ 0.9 Investment Strategies The investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to both preserve and grow plan assets to meet future plan obligations. The Company’s average rate of return on assets from inception through December 31, 2023 was approximately 9%. The Company’s assets are strategically allocated among equity, debt and other investments to achieve a diversification level that dampens fluctuations in investment returns. The Company’s long-term investment strategy is an investment portfolio mix of approximately 55%-65% in equity securities, 30%-35% in fixed income securities and 0%-15% in other securities. Savings and Investment Plan The Company maintains a voluntary Savings and Investment Plan (a 401(k) plan) for most non-union employees in the U.S. Within prescribed limits, the Company bases its contribution to the Savings and Investment Plan on employee contributions. The Company’s contributions amounted to $6.2 million, $5.7 million and $5.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Contingencies [Abstract] | |
Contingencies | Note 17. 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-contaminated talc products sold by the Company’s subsidiary Barretts Minerals Inc. (“BMI”). the date on which a hearing is scheduled on the status of the Chapter 11 Cases As of , we had open cases related to certain talc products previously sold by BMI, which is an increase in volume from previous years. As a result of the Chapter 11 Cases, these cases are stayed. The following table details case activity related to talc products previously sold by BMI: Three Months Ended Twelve Months Ended (number of claims) Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2022 Claims pending, beginning of period 562 468 439 345 Claims filed 75 24 256 208 Claims dismissed, settled or otherwise resolved 63 53 121 114 Claims pending, end of period 574 439 574 439 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 BMI 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 talc-related cases have increased concurrently with the volume, the majority of these costs have historically been borne by Pfizer Inc. in connection with certain agreements entered into in connection with the Company’s initial public offering in 1992, and as long as the litigation is subject to the stay under the Chapter 11 Cases, the Company will not be required to make any payments in respect thereof. The Company is entitled to indemnification, pursuant to agreement, for liabilities arising from sales prior to the initial public offering. The Company continues to receive information from Pfizer Inc. with respect to potential costs associated with the defense and/or settlement of talc-related cases that Pfizer alleges are not subject to indemnification. Although the Company believes that the talc products are safe and that claims to the contrary are without merit, BMI opportunistically settled certain talc-related cases in 2022 and 2023. None of such settlements have been material to the Company. For the twelve months ended December 31, 2023, the Company recorded a charge of $29.2 million of litigation expenses in connection with the Chapter 11 Cases and by BMI to defend against and restore its reserve for claims associated with certain talc products sold by BMI. In the Chapter 11 Cases, BMI intends to pursue a sale of its talc assets under section 363 of the Bankruptcy Code. Proceeds of the sale will be used to fund the Chapter 11 Cases. BMI’s ultimate goal in the Chapter 11 Cases is to confirm a plan of reorganization under Section 524(g) of the U.S. Bankruptcy Code and utilize this provision to establish a trust that will address all current and future talc-related claims. Following the Chapter 11 filing, the activities of Barretts are now subject to review and oversight by the bankruptcy court. As a result, Barretts was deconsolidated as of the Petition Date, and its assets and liabilities were derecognized from the Company’s consolidated financial statements on a prospective basis. The broader litigation and regulatory environments for talc-related claims continue to evolve. Moreover, although the Chapter 11 Cases are progressing, it is not possible at this time to predict the form of any ultimate resolution or when an ultimate resolution might occur. Given the foregoing factors, it is reasonably possible that the Company will incur a loss for liabilities associated with future talc claims in excess of the amount currently recognized. This risk is based on the potential for new talc-related claims that could eventually be asserted together with their associated disposition cost and related legal costs, despite the automatic stay with respect to claims against BMI, taking into account the portion of such hypothetical claims that may be subject to indemnification by Pfizer Inc., as well as the inability to estimate the amount that may be necessary to fully and finally resolve all of BMI’s future talc-related claims in connection with a confirmed Chapter 11 plan of reorganization. Accordingly, the Company is currently unable to provide an estimate or range of the magnitude of any potential loss related to future talc claims. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 18. Stockholders’ Equity Capital Stock The Company’s authorized capital stock consists of 100 million shares of common stock, par value $0.10 per share, of which 32,404,721 shares and 32,495,266 shares were outstanding at December 31, 2023 and 2022, respectively, and 1,000,000 shares of preferred stock, none of which were issued and outstanding. Cash Dividends Cash dividends of $8.1 million or $0.25 per common share were paid during 2023. In January 2024, a cash dividend of approximately $3.3 million or $0.10 per share, was declared, payable in the first quarter of 2024. Stock Award and Incentive Plan The Company’s 2015 Stock Award and Incentive Plan provides for grants of incentive and non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards and performance unit awards (the 2015 Stock Award and Incentive Plan, as amended, referred to herein as the “Plan” and together with its predecessor for awards granted prior to May 2015, the 2001 Stock Award and Incentive Plan, as amended and restated, the “Plans”). The Plans are administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plans generally have a ten year term. The exercise price for stock options are at prices at or above the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years. The following table summarizes stock option and restricted stock unit activity for the Plans: Stock Options Restricted Stock Units Shares Available for Grant Shares Weighted Average Exercise Price per Share ($) Shares Weighted Average Exercise Price per Share ($) Balance January 1, 2021 1,532,246 1,363,366 $ 57.29 201,985 $ 58.07 Granted (358,078 ) 255,769 66.00 102,309 66.20 Exercised/vested — (251,195 ) 51.12 (51,497 ) 60.40 Canceled 94,602 (37,938 ) 64.92 (56,664 ) 60.98 Balance December 31, 2021 1,268,770 1,330,002 59.91 196,133 60.87 Granted (341,187 ) 242,723 69.81 98,464 69.70 Exercised/vested — (121,992 ) 46.81 (52,441 ) 58.92 Canceled 152,877 (87,315 ) 69.49 (65,562 ) 61.00 Balance December 31, 2022 1,080,460 1,363,418 62.22 176,594 66.32 Granted (358,463 ) 255,620 66.08 102,843 66.01 Exercised/vested — (91,604 ) 56.82 (46,141 ) 64.25 Canceled 58,918 (12,972 ) 67.54 (45,946 ) 64.33 Balance December 31, 2023 780,915 1,514,462 $ 63.15 187,350 $ 67.15 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 19. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) at December 31 comprised of the following components: December 31, (millions of dollars) 2023 2022 Cumulative foreign currency translation $ (350.9 ) $ (345.7 ) Unrecognized pension costs (net of tax benefit of $ 8.9 2023 9.9 2022 (28.8 ) (34.4 ) Unrealized gain on cash flow hedges (net of tax (benefit) expense of $( 1.2 2023 2.8 2022 10.3 13.6 $ (369.4 ) $ (366.5 ) The following table summarizes the changes in other comprehensive income (loss) by component: Year Ended December 31, 2023 2022 2021 (millions of dollars) Pre-Tax Amount Tax (Expense) Benefit Net-of- Tax Amount Pre-Tax Amount Tax (Expense) Benefit Net-of- Tax Amount Pre-Tax Amount Tax (Expense) Benefit Net-of- Tax Amount Foreign currency translation adjustment $ (6.1 ) $ — $ (6.1 ) $ (78.9 ) $ — $ (78.9 ) $ (78.9 ) $ — $ (78.9 ) Pension plans: Net actuarial gains (losses) and prior service costs arising during the period 5.1 (1.4 ) 3.7 41.4 (9.8 ) 31.6 49.3 (12.5 ) 36.8 Amortization of net actuarial (gains) losses and prior service costs 2.5 (0.6 ) 1.9 4.9 (1.2 ) 3.7 11.3 (2.9 ) 8.4 Unrealized gains (losses) on cash flow hedges (4.5 ) 1.2 (3.3 ) 10.6 (2.8 ) 7.8 11.4 (3.0 ) 8.4 Total other comprehensive income (loss) $ (3.0 ) $ (0.8 ) $ (3.8 ) $ (22.0 ) $ (13.8 ) $ (35.8 ) $ (6.9 ) $ (18.4 ) $ (25.3 ) The pre-tax amortization amounts of pension plans in the table above are included within the components of net periodic pension benefit costs (see Note 16) and the related tax amounts are included within provision (benefit) for taxes on income line within Consolidated Statements of Income. |
Accounting for Asset Retirement
Accounting for Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Accounting for Asset Retirement Obligations [Abstract] | |
Accounting for Asset Retirement Obligations | Note 20. Accounting for Asset Retirement Obligations The Company records asset retirement obligations in which the Company will be required to retire tangible long-lived assets. These are primarily related to its PCC satellite facilities and mining operations. The Company has also recorded the provisions related to conditional asset retirement obligations at its facilities. The Company has recorded asset retirement obligations at all of its facilities except where there are no contractual or legal obligations. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The following is a reconciliation of asset retirement obligations as of December 31, 2023 and 2022: December 31, (millions of dollars) 2023 2022 Asset retirement obligation, beginning of period $ 23.8 $ 24.4 Accretion expense 1.1 1.5 Other (3.8 ) 1.4 Payments (0.1 ) (2.9 ) Foreign currency translation (0.2 ) (0.6 ) Asset retirement obligation, end of period $ 20.8 $ 23.8 The Company mines various minerals using a surface mining process that requires the removal of overburden. In certain areas and under various governmental regulations, the Company is obligated to restore the land comprising each mining site to its original condition at the completion of the mining activity. This liability will be adjusted to reflect the passage of time, mining activities, and changes in estimated future cash outflows. The current portion of the liability of approximately $0.5 million is included in other current liabilities and the long-term portion of the liability of approximately $20.3 million is included in other non-current liabilities in the Consolidated Balance Sheet as of December 31, 2023. Accretion expense is included in cost of goods sold in the Company’s Consolidated Statements of Income. |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment and Related Information [Abstract] | |
Segment and Related Information | Note 21. Segment and Related Information The Company determines its operating segments based on the discrete financial information that is regularly evaluated by its chief operating decision maker, our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The Company’s operating segments are strategic business units that offer different products and serve different markets. They are managed separately and require different technology and marketing strategies. Effective January 1, 2023, the Company realigned its business reporting structure and reorganized into two segments, Consumer & Specialties and Engineered Solutions. Following the realignment, the two new segments consist of the following businesses: The Consumer & Specialties segment serves consumer end markets directly and provides mineral-based solutions and technologies that are essential to our customers’ products. The two product lines in this segment are Household & Personal Care - our mineral-to-shelf product line that serves pet care, personal and household care, fluid purification and other consumer oriented markets, and Specialty Additives, delivering specialty mineral additives to a variety of consumer and industrial end markets including paper, packaging, construction, automotive, and food and pharmaceuticals. The Engineered Solutions segment combines all engineered systems, mineral blends, and technologies that are designed to aid in customer processes and projects. The two product lines in this segment are High-Temperature Technologies – combining all of our mineral-based blends, technologies, and systems serving the foundry, steel, glass, aluminum and other high-temperature processing industries, and Environmental & Infrastructure, which includes environmental and remediation solutions such as geosynthetic clay lining systems, water remediation technologies as well as drilling, commercial building and infrastructure-related products. We believe the new structure better aligns our businesses and technologies with our customers and end markets and creates a more efficient and effective management structure that reflects the way performance is evaluated and resources are allocated. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on the operating income of the respective business units. The costs deducted to arrive at operating profit do not include several items, such as net interest or income tax expense. Depreciation expense related to corporate assets is allocated to the business segments and is included in their income from operations. However, such corporate depreciable assets are not included in the segment assets. Intersegment sales and transfers are not significant. Segment information for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (millions of dollars) 2023 2022 2021 Net Sales Consumer & Specialties $ 1,160.2 $ 1,124.6 $ 962.6 Engineered Solutions 1,009.7 1,000.9 895.7 Total 2,169.9 2,125.5 1,858.3 Income from Operations Consumer & Specialties 41.6 79.0 119.5 Engineered Solutions 147.8 147.1 127.7 Total 189.4 226.1 247.2 Depreciation, Depletion and Amortization Consumer & Specialties 47.2 48.0 45.1 Engineered Solutions 47.7 46.2 49.5 Total 94.9 94.2 94.6 Segment Assets Consumer & Specialties 1,244.8 1,107.5 1,062.8 Engineered Solutions 2,028.5 2,187.5 2,229.4 Total 3,273.3 3,295.0 3,292.2 Capital Expenditures Consumer & Specialties 56.8 44.3 55.7 Engineered Solutions 31.2 34.0 26.6 Total 88.0 78.3 82.3 A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows: Year Ended December 31, (millions of dollars) 2023 2022 2021 Income from Operations before Provision for Taxes on Income Income from operations for reportable segments $ 189.4 $ 226.1 $ 247.2 Restructuring and other items, net (2.8 ) — — Acquisition-related expenses (0.3 ) (5.1 ) (4.0 ) Litigation expenses (2.4 ) (1.5 ) — Unallocated corporate expenses (14.9 ) (4.7 ) (7.5 ) Consolidated income from operations $ 171.8 $ 214.8 $ 235.7 Non-operating deductions, net (64.1 ) (58.1 ) (33.4 ) Income before tax and equity in earnings $ 107.7 $ 156.7 $ 202.3 Total Assets Total segment assets 3,273.3 3,295.0 3,292.2 Corporate assets 73.3 106.6 82.0 Consolidated total assets $ 3,346.6 $ 3,401.6 $ 3,374.2 Capital Expenditures Total segment capital expenditures 88.0 78.3 82.3 Corporate capital expenditures 5.5 4.0 3.7 Consolidated capital expenditures $ 93.5 $ 82.3 $ 86.0 Financial information relating to the Company’s operations by geographic area was as follows: Year Ended December 31, (millions of dollars) 2023 2022 2021 Net Sales United States $ 1,144.0 $ 1,135.6 $ 959.6 Canada/Latin America 150.2 148.3 99.8 Europe/Africa 525.5 496.8 441.9 Asia 350.2 344.8 357.0 Total International $ 1,025.9 $ 989.9 $ 898.7 Consolidated net sales $ 2,169.9 $ 2,125.5 $ 1,858.3 Long-Lived Assets United States $ 1,842.0 $ 1,915.8 $ 1,925.9 Canada/Latin America 17.7 16.4 10.6 Europe/Africa 157.0 162.8 151.1 Asia 114.7 112.1 120.6 Total International $ 289.4 $ 291.3 $ 282.3 Consolidated long-lived assets $ 2,131.4 $ 2,207.1 $ 2,208.2 Net sales and long-lived assets are attributed to countries and geographic areas based on the location of the legal entity. No individual foreign country represents more than 10% of consolidated net sales or consolidated long-lived assets. The Company’s sales by product category are as follows: Year Ended December 31, (millions of dollars) 2023 2022 2021 Household & Personal Care $ 517.6 $ 476.2 $ 383.7 Specialty Additives 642.6 648.4 578.9 High-Temperature Technologies 720.9 702.5 642.7 Environmental & Infrastructure 288.8 298.4 253.0 Total $ 2,169.9 $ 2,125.5 $ 1,858.3 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | MINERALS TECHNOLOGIES INC. & SUBSIDIARY COMPANIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (millions of dollars) Description Balance at Beginning of Period Additions Charged to Costs, Provisions and Expenses Deductions (a) Balance at End of Period Year Ended December 31, 2023 Valuation and qualifying accounts deducted from assets to which they apply: Allowance for doubtful accounts $ 15.1 2.8 2.4 $ 20.3 Year Ended December 31, 2022 Valuation and qualifying accounts deducted from assets to which they apply: Allowance for doubtful accounts $ 15.0 4.1 (4.0 ) $ 15.1 Year Ended December 31, 2021 Valuation and qualifying accounts deducted from assets to which they apply: Allowance for doubtful accounts $ 15.0 0.9 (0.9 ) $ 15.0 (a) Includes impact of write-offs, translation of foreign currencies and reclassifications for presentation purposes. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, its wholly and majority-owned subsidiaries, as well as variable interest entities for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. |
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 valuation of long-lived assets, goodwill and other intangible assets, certain pension plan assumptions, valuation of deferred income tax assets, and litigation and environmental liabilities. Actual results could differ from those estimates. |
Cash Equivalents and Short-term Investments | Cash Equivalents and Short-term Investments The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term investments consist of financial instruments, mainly bank deposits, with original maturities beyond three months, but less than twelve months. Short-term investments amounted to $4.3 million and $5.6 million at December 31, 2023 and 2022, respectively. There were no unrealized holding gains and losses on the short-term bank investments held at December 31, 2023. |
Trade Accounts Receivable | Trade Accounts Receivable Trade accounts receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific allowances for bankrupt customers. The Company also analyzes the collection history and financial condition of its other customers, considering current industry conditions and determines whether an allowance needs to be established. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days based on payment terms are reviewed individually for collectability. Allowance for doubtful accounts was $20.3 million and $15.1 million at December 31, 2023 and 2022, respectively. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. |
Inventories | Inventories Inventories are valued at the lower of cost or market. Cost is determined by the first-in, first-out (FIFO) method. Additionally, items such as idle facility expense, freight handling costs, and re-handling costs are recognized as current period charges. The allocation of fixed production overheads to the costs of conversion are based upon the normal capacity of the production facility. Fixed overhead costs associated with idle capacity are expensed as incurred. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant improvements are capitalized, while maintenance and repair expenditures are charged to operations as incurred. The Company capitalizes interest cost as a component of construction in progress. The straight-line method of depreciation is used for substantially all the assets for financial reporting purposes, except for mining related equipment which uses units-of-production method. The annual rates of depreciation are 3% - 6.67% for buildings, 6.67% - 12.5% for machinery and equipment, 8% - 12.5% for furniture and fixtures and 12.5% - 25% for computer equipment and software-related assets. The estimated useful lives of our PCC production facilities and machinery and equipment pertaining to our natural stone mining and processing plants and our chemical plants are 15 years. Property, plant and equipment are depreciated over their useful lives. Useful lives are based on management’s estimates of the period that the assets can generate revenue, which does not necessarily coincide with the remaining term of a customer’s contractual obligation to purchase products made using those assets. The Company’s sales of PCC are predominantly pursuant to long-term evergreen contracts, initially ten years in length, with paper mills at which the Company operates satellite PCC plants. The terms of many of these agreements have been extended, often in connection with an expansion of the satellite PCC plant. Failure of a PCC customer to renew an agreement or continue to purchase PCC from a Company facility could result in an impairment of assets charge or accelerated depreciation at such facility. Depletion of mineral reserves is determined on a unit-of-extraction basis for financial reporting purposes, based upon proven and probable reserves, and generally on a percentage depletion basis for tax purposes. |
Stripping Costs Incurred During Production | Stripping Costs Incurred During Production Stripping costs are those costs incurred for the removal of waste materials for the purpose of accessing ore body that will be produced commercially. Stripping costs incurred during the production phase of a mine are variable costs that are included in the costs of inventory produced during the period that the stripping costs are incurred. |
Accounting for the Impairment of Long-Lived Assets | Accounting for the Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest), resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset, determined principally using discounted cash flows. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized, but instead assessed for impairment. Intangible assets with estimable useful lives are amortized on a straight-line basis over their respective estimated lives to the estimated residual values and reviewed for impairment. The Company performs a qualitative assessment for each of its reporting units to determine if the two-step process for impairment testing is required. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would then evaluate the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the fair value for the reporting unit is compared to its book value including goodwill. In the case that the fair value of the reporting unit is less than book value, a second step is performed which compares the fair value of the reporting unit’s goodwill to the book value of the goodwill. The fair value for the goodwill is determined based on the difference between the fair values of the reporting unit and the net fair values of the identifiable assets and liabilities of such reporting unit. If the fair value of the goodwill is less than the book value, the difference is recognized as impairment. In addition to the assessment of goodwill impairment, the Company also reviews its other identifiable intangibles for impairment. Each year, the Company reviews whether events or changes in circumstances could indicate that a long-lived asset’s carrying amount may not be recoverable. Should such events occur, the value of intangibles not recoverable would be recognized as impairment. |
Investment in Joint Ventures | Investment in Joint Ventures The Company uses the equity method of accounting to record the results of its investments in companies in which it has significant influence but does not control; and cost method of accounting in companies in which it cannot exercise significant control. The Company records the equity in earnings of its investments in joint ventures on a one-month lag. At December 31, 2023 and 2022, the book value of the Company’s equity method investments was $20.0 million and $16.5 million. |
Accounting for Asset Retirement Obligations | Accounting for Asset Retirement Obligations The Company provides for obligations associated with the retirement of long-lived assets and the associated asset retirement costs. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company also provides for legal obligations to perform asset retirement activities where timing or methods of settlement are conditional on future events. The Company also records liabilities related to land reclamation as a part of the asset retirement obligations. The Company mines land for various minerals using a surface-mining process that requires the removal of overburden. In many instances, the Company is obligated to restore the land upon completion of the mining activity. As the overburden is removed, the Company recognizes this liability for land reclamation based on the estimated fair value of the obligation. The obligation is adjusted to reflect the passage of time and changes in estimated future cash outflows. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The recorded amounts of cash and cash equivalents, receivables, short-term borrowings, accounts payable, accrued interest, and variable-rate long-term debt approximate fair value because of the short maturity of those instruments or the variable nature of underlying interest rates. Short-term investments are recorded at cost, which approximates fair market value. |
Derivative Financial Instruments | Derivative Financial Instruments The Company records derivative financial instruments which are used to hedge certain foreign exchange risk at fair value on the balance sheet. See Note 12 for a full description of the Company’s hedging activities and related accounting policies. |
Revenue Recognition | Revenue Recognition Revenue is recognized at the point in time when the customer obtains control of the promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. The Company’s revenues are primarily derived from the sale of products. Our primary performance obligation is satisfied upon shipment or delivery to our customer based on written sales terms, which is also when control is transferred. Revenues from sales of equipment are recorded upon completion of installation and transfer of control to the customer. Revenue where our performance obligations are satisfied in phases is recognized over time using certain input measures based on the measurement of the value transferred to the customer, including milestones achieved. Revenues from services are recorded when the services are performed. In most of our PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year. Under those contracts, the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to the customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. There were no significant revenue adjustments in the fourth quarter of 2023 and 2022, respectively. We have consignment arrangements with certain customers in our Engineered Solutions segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer. |
Foreign Currency | Foreign Currency The assets and liabilities of the Company’s international subsidiaries are translated into U.S. dollars using exchange rates at the respective balance sheet date. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Income statement items are generally translated at monthly average exchange rates prevailing during the period. International subsidiaries operating in highly inflationary economies translate non-monetary assets at historical rates, while net monetary assets are translated at current rates, with the resulting translation adjustments included in net income. At December 31, 2023, the Company had no international subsidiaries operating in highly inflationary economies, with the exception of its subsidiaries in Turkey. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company operates in multiple taxing jurisdictions, both within the U.S. and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company regularly assesses its tax position for such transactions and includes reserves for those differences in position. The reserves are utilized or reversed once the statute of limitations has expired or the matter is otherwise resolved. The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax laws and regulations change over time. As such, changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations. The Company’s accounting policy is to recognize interest and penalties as part of its provision for income taxes. See Note 8 for additional detail on our uncertain tax positions. The accompanying financial statements do not include a provision for foreign withholding taxes on international subsidiaries’ unremitted earnings, which are expected to be permanently reinvested overseas. |
Research and Development | Research and Development Research and development costs are expensed as incurred. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation The Company recognizes compensation expense for share-based awards based upon the grant date fair value over the vesting period. |
Pension and Post-retirement Benefits | Pension and Post-retirement Benefits The Company has defined benefit pension plans covering the majority of its eligible employees. The benefits are generally based on years of service and an employee’s modified career earnings. The Company also provides post-retirement healthcare benefits for the majority of its retirees and employees in the United States. The Company measures the costs of its obligation based on its best estimate. The net periodic costs are recognized as employees render the services necessary to earn the post-retirement benefits. |
Environmental | Environmental Expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when it is probable the Company will be obligated to pay amounts for environmental site evaluation, remediation or related costs, and such amounts can be reasonably estimated. |
Earnings Per Share | Earnings Per Share Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share have been computed based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. |
Subsequent Events | Subsequent Events The Company has evaluated for subsequent events through the date of issuance of its financial statements. |
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. ASUs not listed below 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. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2024-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure, as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The new standard is effective for interim and annual periods beginning on or after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2024-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The new standard is effective for interim and annual periods beginning on or after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of Lease Costs | Operating lease cost was $16.8 million, $15.7 million and $15.3 for the years ended December 31, 2023 , December 31, 2022 and December 31, 2021, respectively. The components of lease costs are as follows: December 31, (millions of dollars) 2023 2022 2021 Operating lease cost $ 16.7 $ 15.6 $ 15.2 Short-term lease cost 0.1 0.1 0.1 Total $ 16.8 $ 15.7 $ 15.3 |
Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases | Supplemental cash flow information and non-cash activity related to our leases are as follows: (millions of dollars) December 31, Operating cash flows information: Cash paid for amounts included in the measurement of lease liabilities $ 16.8 Non-cash activity: Right-of-use assets obtained in the exchange for operating lease liabilities $ 10.0 |
Weighted Average Remaining Lease Term and Discount Rates | Weighted average remaining lease term, and weighted average discount rates related to the Company’s leases were as follows: Weighted-average remaining operating lease term (in years) 5.55 Weighted-average operating leases discount rate 5.1 % |
Outstanding Lease Assets and Liabilities | The following table summarizes the Company’s outstanding lease assets and liabilities and their classification on the Consolidated Balance Sheet: December 31, (millions of dollars) Balance Sheet Classification 2023 2022 Right-of-use-asset Other assets and deferred charges $ 44.1 $ 49.1 Lease liability - current Other current liabilities 13.5 13.5 Lease liability - non-current Other non-current liabilities 37.9 43.9 |
Future Minimum Lease Payments | Future minimum lease payments under the Company’s leases as of were as follows: (millions of dollars) December 31, 2024 $ 15.7 2025 12.5 2026 10.6 2027 7.3 2028 5.9 Thereafter 7.6 Total future minimum lease payments 59.6 Less imputed interest (8.2 ) Total $ 51.4 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contracts with Customers [Abstract] | |
Disaggregation of Revenue by Product Line | The following table disaggregates our revenue by major source (product line) for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (millions of dollars) 2023 2022 2021 Net Sales Household & Personal Care $ 517.6 $ 476.2 $ 383.7 Specialty Additives 642.6 648.4 578.9 Consumer & Specialties Segment 1,160.2 1,124.6 962.6 High-Temperature Technologies 720.9 702.5 642.7 Environmental & Infrastructure 288.8 298.4 253.0 Engineered Solutions 1,009.7 1,000.9 895.7 Total $ 2,169.9 $ 2,125.5 $ 1,858.3 |
Restructuring and Other Items_2
Restructuring and Other Items, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Other Items, net [Abstract] | |
Restructuring Charges by Segment | The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segments they relate to: Restructuring and Other Items, net Year Ended December 31, (millions of dollars) 2023 2022 2021 Asset Write-Downs Consumer & Specialties $ 71.7 $ — $ 0.7 Total asset write-down charges $ 71.7 $ — $ 0.7 Severance and other employee costs Consumer & Specialties $ 0.9 $ — $ 0.4 Engineered Solutions 3.2 — — Corporate 2.8 — — Total severance and other employee costs $ 6.9 $ — $ 0.4 Total restructuring and other items, net $ 78.6 $ — $ 1.1 |
Reconciliation of Restructuring Liability | The following table is a reconciliation of our restructuring liability balance as of December 31, 2023 and 2022: December 31, (millions of dollars) 2023 2022 Restructuring liability, beginning of period $ — $ 2.2 Additional provisions 6.9 — Cash payments (2.8 ) (0.7 ) Other (0.3 ) (1.5 ) Restructuring liability, end of period $ 3.8 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Weighted Average Assumptions Used to Determine Fair Value for Stock Awards | The fair value for stock awards was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Expected life (in years) 6.4 6.7 6.9 Interest rate 3.51 % 1.70 % 0.71 % Volatility 32.05 % 31.92 % 32.04 % Expected dividend yield 0.30 % 0.28 % 0.31 % |
Stock Option Activity | The following table summarizes stock option activity for the year ended December 31, 2023: Awards Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Millions) Awards outstanding at December 31, 2022 1,363,418 $ 62.22 Granted 255,620 66.08 Exercised (91,604 ) 56.82 Canceled (12,972 ) 67.54 Expired — — Awards outstanding at December 31, 2023 1,514,462 $ 63.15 5.87 $ 13.8 Awards exercisable at December 31, 2023 1,054,321 $ 61.39 4.74 $ 11.9 |
Non-vested Stock Option Activity | Non-vested stock option activity for the year ended December 31, 2023 is as follows: Awards Weighted Average Grant Date Fair Value per Share Nonvested awards outstanding at December 31, 2022 436,082 $ 66.41 Granted 255,620 66.08 Vested (220,676 ) 64.34 Canceled (10,885 ) 67.65 Nonvested awards outstanding at December 31, 2023 460,141 $ 67.18 |
Deferred Restricted Stock Units Activity | The following table summarizes the deferred restricted stock unit activity for the Plan: Awards Weighted Average Grant Date Fair Value per Share Unvested balance at December 31, 2022 176,594 $ 66.32 Granted 102,843 66.01 Vested (46,141 ) 64.25 Canceled (45,946 ) 64.33 Unvested balance at December 31, 2023 187,350 $ 67.15 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | Year Ended December 31, (in millions, except per share data) 2023 2022 2021 Net income attributable to MTI $ 84.1 $ 122.2 $ 164.4 Weighted average shares outstanding 32.5 32.7 33.6 Dilutive effect of stock options and deferred restricted stock units 0.1 0.1 0.2 Weighted average shares outstanding, adjusted 32.6 32.8 33.8 Basic earnings per share attributable to MTI $ 2.59 $ 3.74 $ 4.89 Diluted earnings per share attributable to MTI $ 2.58 $ 3.73 $ 4.86 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income from Operations Before Provision for Taxes by Domestic and Foreign Source | Income (loss) from operations before provision for taxes by domestic and foreign source is as follows: Year Ended December 31, (millions of dollars) 2023 2022 2021 Income (loss) from operations before income taxes and income from affiliates and joint ventures: Domestic $ (38.9 ) $ 39.3 $ 66.0 Foreign 146.6 117.4 136.3 $ 107.7 $ 156.7 $ 202.3 |
Provision (Benefit) for Taxes on Income | The provision (benefit) for taxes on income consists of the following: Year Ended December 31, (millions of dollars) 2023 2022 2021 Domestic Taxes currently payable Federal $ 9.5 $ 16.3 $ (5.3 ) State and local 6.7 3.3 0.4 Deferred income taxes (31.5 ) (16.0 ) 7.8 Domestic tax provision (benefit) (15.3 ) 3.6 2.9 Foreign Taxes currently payable 42.2 29.8 33.4 Deferred income taxes (3.2 ) (1.3 ) 0.3 Foreign tax provision 39.0 28.5 33.7 Total tax provision $ 23.7 $ 32.1 $ 36.6 |
Reconciliation of Statutory to Effective Federal Tax Rate | The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows: Year Ended December 31, 2023 2022 2021 U.S. statutory rate 21.0 % 21.0 % 21.0 % Depletion (10.3 )% (6.1 )% (5.4 )% Difference between tax provided on foreign earnings and the U.S. statutory rate 7.7 % 2.4 % 2.6 % Global Intangible Low-Tax Income (GILTI) 1.0 % 2.3 % 0.7 % Foreign Derived Intangible Income (2.5 )% — (1.4 )% State and local taxes, net of federal tax benefit (0.1 )% (0.4 )% 0.7 % Tax credits (0.6 )% (0.4 )% (0.4 )% Impact of uncertain tax positions 0.2 % (1.3 )% (1.1 )% Impact of officer’s non-deductible compensation 1.9 % 1.3 % 0.8 % Foreign Withholding Tax 2.0 % 1.2 % 1.1 % Other 1.7 % 0.5 % (0.5 )% Consolidated effective tax rate 22.0 % 20.5 % 18.1 % |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, (millions of dollars) 2023 2022 Deferred tax assets attributable to: Accrued liabilities $ 26.8 $ 28.6 Net operating loss carry forwards 32.8 35.5 Pension and post-retirement benefits costs 16.0 18.6 Other 38.1 29.7 Valuation allowance (25.2 ) (24.0 ) Total deferred tax assets 88.5 88.4 Deferred tax liabilities attributable to: Plant and equipment, principally due to differences in depreciation 146.0 167.0 Intangible assets 53.6 67.8 Other 12.2 9.6 Total deferred tax liabilities 211.8 244.4 Net deferred tax asset (liability) $ (123.3 ) $ (156.0 ) Net deferred tax assets and net deferred tax liabilities are classified as follows: December 31, (millions of dollars) 2023 2022 Net deferred tax asset, long-term $ 16.0 $ 24.4 Net deferred tax liability, long-term 139.3 180.4 Net deferred tax liability, long-term $ (123.3 ) $ (156.0 ) |
Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits: (millions of dollars) 2023 2022 Balance at beginning of the year $ 2.6 $ 5.1 Increases related to current year tax positions 0.5 0.4 Decreases related to audit settlements and statute expirations (0.3 ) (2.9 ) Balance at the end of the year $ 2.8 $ 2.6 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventories by Major Category | The following is a summary of inventories by major category: December 31, (millions of dollars) 2023 2022 Raw materials $ 144.3 $ 163.4 Work-in-process 11.7 15.6 Finished goods 113.5 114.0 Packaging and supplies 55.9 55.8 Total inventories $ 325.4 $ 348.8 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Major Categories of Property, Plant and Equipment and Accumulated Depreciation and Depletion | The major categories of property, plant and equipment and accumulated depreciation and depletion are presented below: December 31, (millions of dollars) 2023 2022 Mineral rights and reserves $ 552.6 $ 604.9 Land 44.5 47.3 Buildings 207.3 209.8 Machinery and equipment 1,201.1 1,248.0 Furniture and fixtures and other 140.0 137.1 Construction in progress 44.6 41.5 2,190.1 2,288.6 Less: accumulated depreciation and depletion (1,203.3 ) (1,238.2 ) Property, plant and equipment, net $ 986.8 $ 1,050.4 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill | The balance of goodwill by reporting unit and the activity occurring in the past two fiscal years is as follows: (millions of dollars) Consumer & Specialties Engineered Solutions Consolidated Balance at December 31, 2021 $ 337.9 $ 569.6 $ 907.5 Change in goodwill relating to: Concept Pet acquisition 9.2 — 9.2 Foreign exchange translation (0.7 ) (1.2 ) (1.9 ) Total Changes $ 8.5 $ (1.2 ) $ 7.3 Balance at December 31, 2022 $ 346.4 $ 568.4 $ 914.8 Change in goodwill relating to: Foreign exchange translation (1.2 ) — (1.2 ) Total Changes $ (1.2 ) $ — $ (1.2 ) Balance at December 31, 2023 $ 345.2 $ 568.4 $ 913.6 |
Acquired Intangible Assets Subject to Amortization | Acquired intangible assets subject to amortization as of December 31, 2023 and December 31, 2022 were as follows: December 31, 2023 December 31, 2022 Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Tradenames 34 $ 221.5 $ 59.1 $ 221.2 $ 52.2 Technology 13 18.8 14.2 18.8 12.6 Patents and trademarks 19 6.4 6.4 6.4 6.4 Customer relationships 21 79.0 15.0 78.4 11.7 29 $ 325.7 $ 94.7 $ 324.8 $ 82.9 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Assets and Liabilities on a Recurring Basis | The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities accounted for at fair value on a recurring basis at the end of each of the past two years. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. (millions of dollars) Fair Value Measurements Using Asset / (Liability) Balance at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2023 (Level 1) (Level 2) (Level 3) Deferred compensation plan assets $ 13.7 $ — $ 13.7 $ — Supplementary pension plan assets 15.5 — 15.5 — Interest rate swap (0.1 ) — (0.1 ) — Fair Value Measurements Using Asset / (Liability) Balance at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2022 (Level 1) (Level 2) (Level 3) Deferred compensation plan assets $ 13.6 $ — $ 13.6 $ — Supplementary pension plan assets 13.5 — 13.5 — Cross currency rate swap 13.8 — 13.8 — Interest rate swap 1.0 — 1.0 — |
Long-Term Debt and Commitments
Long-Term Debt and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt and Commitments [Abstract] | |
Long Term Debt | The following is a summary of long-term debt: December 31, (millions of dollars) 2023 2022 Secured Credit Agreement: Term Loan due 2027 2.4 3.1 $ 530.4 $ 543.5 Senior Notes: 5.00 2028 3.9 4.7 396.1 395.3 Other debt 2.6 3.8 Total $ 929.1 $ 942.6 Less: Current maturities 18.0 14.5 Long-term debt $ 911.1 $ 928.1 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Benefit Plans [Abstract] | |
Pension Obligation and Funded Status | The following table set forth Company’s pension obligation and funded status at December 31: Pension Benefits Post-Retirement Benefits (millions of dollars) 2023 2022 2023 2022 Change in benefit obligations: Beginning projected benefit obligation $ 348.9 $ 495.0 $ 1.8 $ 2.3 Service cost 4.5 6.6 — — Interest cost 16.0 11.0 0.1 — Actuarial loss (gain) 11.4 (124.2 ) 0.1 (0.4 ) Benefits paid (15.0 ) (12.4 ) — (0.1 ) Settlements (0.5 ) (18.4 ) — — Foreign exchange impact 3.3 (9.0 ) — — Other 0.3 0.3 — — Ending projected benefit obligation 368.9 348.9 2.0 1.8 Change in plan assets: Beginning fair value 285.4 381.4 — — Actual return (loss) on plan assets 34.4 (61.6 ) — — Employer contributions 9.9 9.0 — 0.1 Plan participants’ contributions 0.3 0.3 — — Benefits paid (15.0 ) (12.4 ) — (0.1 ) Settlements (0.5 ) (24.2 ) — — Foreign exchange impact 2.9 (7.1 ) — — Ending fair value 317.4 285.4 — — Funded status $ (51.5 ) $ (63.5 ) $ (2.0 ) $ (1.8 ) |
Amounts Recognized in Consolidated Balance Sheet | Amounts recognized in the consolidated balance sheet consist of: Pension Benefits Post-Retirement Benefits (millions of dollars) 2023 2022 2023 2022 Current liability $ (1.8 ) $ (1.7 ) $ (0.1 ) $ (0.1 ) Non-current liability (49.7 ) (61.8 ) (1.9 ) (1.7 ) Recognized liability $ (51.5 ) $ (63.5 ) $ (2.0 ) $ (1.8 ) |
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss, net of related tax effects, consist of: Pension Benefits Post-Retirement Benefits (millions of dollars) 2023 2022 2023 2022 Net actuarial (gain) loss $ 32.0 $ 38.0 $ (3.3 ) $ (3.8 ) Prior service cost 0.1 0.1 — — Amount recognized end of year $ 32.1 $ 38.1 $ (3.3 ) $ (3.8 ) |
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Changes in the Plan assets and benefit obligations recognized in other comprehensive income: Pension Benefits Post-Retirement Benefits (millions of dollars) 2023 2022 2023 2022 Current year actuarial gain (loss) $ 3.8 $ 31.2 $ (0.1 ) $ 0.4 Amortization of actuarial (gain) loss 2.2 4.0 (0.3 ) (0.3 ) Total recognized in other comprehensive income $ 6.0 $ 35.2 $ (0.4 ) $ 0.1 |
Net Periodic Benefit Cost | The components of net periodic benefit costs are as follows: Pension Benefits Post-Retirement Benefits (millions of dollars) 2023 2022 2021 2023 2022 2021 Service cost $ 4.5 $ 6.6 $ 7.7 $ — $ — $ 0.1 Interest cost 16.0 11.0 7.9 0.1 — 0.1 Expected return on plan assets (17.8 ) (21.5 ) (22.0 ) — — — Recognized net actuarial (gain) loss 2.9 5.3 12.1 (0.5 ) (0.4 ) (0.8 ) Settlement/curtailment (gain) loss 0.1 3.5 3.4 — — (1.6 ) Net periodic benefit cost $ 5.7 $ 4.9 $ 9.1 $ (0.4 ) $ (0.4 ) $ (2.2 ) |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligation | The weighted average assumptions used to determine net periodic benefit cost in the accounting for the pension benefit plans and other benefit plans for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 Discount rate 4.84 % 4.30 % 2.01 % Expected return on plan assets 6.53 % 6.34 % 6.28 % Rate of compensation increase 2.77 % 2.74 % 2.72 % Interest crediting rate 2.25 % 2.25 % 2.25 % The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 Discount rate 4.63 % 4.84 % 2.42 % Rate of compensation increase 2.76 % 2.76 % 2.74 % |
Weighted Average Asset Allocation Percentages | The Company’s pension plan weighted average asset allocation percentages at December 31, 2023 and 2022 by asset category are as follows: December 31, 2023 2022 Asset Category Equity securities 51.3 % 54.3 % Fixed income securities 35.3 % 32.2 % Real estate 0.3 % 0.3 % Other 13.1 % 13.2 % Total 100.0 % 100.0 % |
Fair Value of Plan Assets | The Company’s pension plan fair values at December 31, 2023 and 2022 by asset category are as follows: December 31, (millions of dollars) 2023 2022 Asset Category Equity securities $ 162.9 $ 155.0 Fixed income securities 112.0 91.9 Real estate 0.8 0.8 Other 41.7 37.7 Total $ 317.4 $ 285.4 The following table presents domestic and foreign pension plan assets information at December 31, 2023, 2022 and 2021 (the measurement date of pension plan assets): U.S. Plans International Plans (millions of dollars) 2023 2022 2021 2023 2022 2021 Fair value of plan assets $ 251.4 $ 226.4 $ 293.8 $ 66.0 $ 59.0 $ 87.6 |
Defined Benefit Pension Plan Assets Measured at Fair Value | The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2023: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (millions of dollars) (Level 1) (Level 2) (Level 3) Total Pension Assets Fair Value as of December 31, 2023 Equity securities US equities $ 142.5 $ — $ — $ 142.5 Non-US equities 20.4 — — 20.4 Fixed income securities Corporate debt instruments 98.0 14.0 — 112.0 Real estate and other Real estate — — 0.8 0.8 Other 0.4 35.0 6.3 41.7 Total assets $ 261.3 $ 49.0 $ 7.1 $ 317.4 The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2022: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (millions of dollars) (Level 1) (Level 2) (Level 3) Total Pension Assets Fair Value as of December 31, 2022 Equity securities US equities $ 135.7 $ — $ — $ 135.7 Non-US equities 19.3 — — 19.3 Fixed income securities Corporate debt instruments 79.6 12.3 — 91.9 Real estate and other Real estate — — 0.8 0.8 Other 0.3 30.6 6.8 37.7 Total assets $ 234.9 $ 42.9 $ 7.6 $ 285.4 |
Reconciliation of Changes in Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs | The following is a reconciliation of changes in fair value measurement of plan assets using significant unobservable inputs (Level 3): (millions of dollars) Beginning balance at December 31, 2021 $ 6.0 Purchases, sales, settlements — Actual return on plan assets still held at reporting date 1.8 Foreign exchange impact (0.2 ) Ending balance at December 31, 2022 $ 7.6 Purchases, sales, settlements — Actual (loss) return on plan assets still held at reporting date (0.6 ) Foreign exchange impact 0.1 Ending balance at December 31, 2023 $ 7.1 |
Estimated Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (millions of dollars) Pension Benefits Other Benefits 2024 $ 23.9 $ 0.1 2025 $ 24.0 $ 0.1 2026 $ 24.8 $ 0.2 2027 $ 25.5 $ 0.2 2028 $ 25.9 $ 0.2 2029 2033 $ 123.9 $ 0.9 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Contingencies [Abstract] | |
Case Activity Related to Talc Products Previously Sold by BMI | The following table details case activity related to talc products previously sold by BMI: Three Months Ended Twelve Months Ended (number of claims) Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2022 Claims pending, beginning of period 562 468 439 345 Claims filed 75 24 256 208 Claims dismissed, settled or otherwise resolved 63 53 121 114 Claims pending, end of period 574 439 574 439 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Stock Option and Restricted Stock Unit Activity | The following table summarizes stock option and restricted stock unit activity for the Plans: Stock Options Restricted Stock Units Shares Available for Grant Shares Weighted Average Exercise Price per Share ($) Shares Weighted Average Exercise Price per Share ($) Balance January 1, 2021 1,532,246 1,363,366 $ 57.29 201,985 $ 58.07 Granted (358,078 ) 255,769 66.00 102,309 66.20 Exercised/vested — (251,195 ) 51.12 (51,497 ) 60.40 Canceled 94,602 (37,938 ) 64.92 (56,664 ) 60.98 Balance December 31, 2021 1,268,770 1,330,002 59.91 196,133 60.87 Granted (341,187 ) 242,723 69.81 98,464 69.70 Exercised/vested — (121,992 ) 46.81 (52,441 ) 58.92 Canceled 152,877 (87,315 ) 69.49 (65,562 ) 61.00 Balance December 31, 2022 1,080,460 1,363,418 62.22 176,594 66.32 Granted (358,463 ) 255,620 66.08 102,843 66.01 Exercised/vested — (91,604 ) 56.82 (46,141 ) 64.25 Canceled 58,918 (12,972 ) 67.54 (45,946 ) 64.33 Balance December 31, 2023 780,915 1,514,462 $ 63.15 187,350 $ 67.15 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) at December 31 comprised of the following components: December 31, (millions of dollars) 2023 2022 Cumulative foreign currency translation $ (350.9 ) $ (345.7 ) Unrecognized pension costs (net of tax benefit of $ 8.9 2023 9.9 2022 (28.8 ) (34.4 ) Unrealized gain on cash flow hedges (net of tax (benefit) expense of $( 1.2 2023 2.8 2022 10.3 13.6 $ (369.4 ) $ (366.5 ) |
Changes in Other Comprehensive Income (Loss) by Component | The following table summarizes the changes in other comprehensive income (loss) by component: Year Ended December 31, 2023 2022 2021 (millions of dollars) Pre-Tax Amount Tax (Expense) Benefit Net-of- Tax Amount Pre-Tax Amount Tax (Expense) Benefit Net-of- Tax Amount Pre-Tax Amount Tax (Expense) Benefit Net-of- Tax Amount Foreign currency translation adjustment $ (6.1 ) $ — $ (6.1 ) $ (78.9 ) $ — $ (78.9 ) $ (78.9 ) $ — $ (78.9 ) Pension plans: Net actuarial gains (losses) and prior service costs arising during the period 5.1 (1.4 ) 3.7 41.4 (9.8 ) 31.6 49.3 (12.5 ) 36.8 Amortization of net actuarial (gains) losses and prior service costs 2.5 (0.6 ) 1.9 4.9 (1.2 ) 3.7 11.3 (2.9 ) 8.4 Unrealized gains (losses) on cash flow hedges (4.5 ) 1.2 (3.3 ) 10.6 (2.8 ) 7.8 11.4 (3.0 ) 8.4 Total other comprehensive income (loss) $ (3.0 ) $ (0.8 ) $ (3.8 ) $ (22.0 ) $ (13.8 ) $ (35.8 ) $ (6.9 ) $ (18.4 ) $ (25.3 ) |
Accounting for Asset Retireme_2
Accounting for Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting for Asset Retirement Obligations [Abstract] | |
Reconciliation of Asset Retirement Obligations | The following is a reconciliation of asset retirement obligations as of December 31, 2023 and 2022: December 31, (millions of dollars) 2023 2022 Asset retirement obligation, beginning of period $ 23.8 $ 24.4 Accretion expense 1.1 1.5 Other (3.8 ) 1.4 Payments (0.1 ) (2.9 ) Foreign currency translation (0.2 ) (0.6 ) Asset retirement obligation, end of period $ 20.8 $ 23.8 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment and Related Information [Abstract] | |
Segment Information | Segment information for the years ended December 31, 2023, 2022 and 2021 was as follows: Year Ended December 31, (millions of dollars) 2023 2022 2021 Net Sales Consumer & Specialties $ 1,160.2 $ 1,124.6 $ 962.6 Engineered Solutions 1,009.7 1,000.9 895.7 Total 2,169.9 2,125.5 1,858.3 Income from Operations Consumer & Specialties 41.6 79.0 119.5 Engineered Solutions 147.8 147.1 127.7 Total 189.4 226.1 247.2 Depreciation, Depletion and Amortization Consumer & Specialties 47.2 48.0 45.1 Engineered Solutions 47.7 46.2 49.5 Total 94.9 94.2 94.6 Segment Assets Consumer & Specialties 1,244.8 1,107.5 1,062.8 Engineered Solutions 2,028.5 2,187.5 2,229.4 Total 3,273.3 3,295.0 3,292.2 Capital Expenditures Consumer & Specialties 56.8 44.3 55.7 Engineered Solutions 31.2 34.0 26.6 Total 88.0 78.3 82.3 |
Reconciliation of Significant Items from Segments to Consolidated Totals | A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows: Year Ended December 31, (millions of dollars) 2023 2022 2021 Income from Operations before Provision for Taxes on Income Income from operations for reportable segments $ 189.4 $ 226.1 $ 247.2 Restructuring and other items, net (2.8 ) — — Acquisition-related expenses (0.3 ) (5.1 ) (4.0 ) Litigation expenses (2.4 ) (1.5 ) — Unallocated corporate expenses (14.9 ) (4.7 ) (7.5 ) Consolidated income from operations $ 171.8 $ 214.8 $ 235.7 Non-operating deductions, net (64.1 ) (58.1 ) (33.4 ) Income before tax and equity in earnings $ 107.7 $ 156.7 $ 202.3 Total Assets Total segment assets 3,273.3 3,295.0 3,292.2 Corporate assets 73.3 106.6 82.0 Consolidated total assets $ 3,346.6 $ 3,401.6 $ 3,374.2 Capital Expenditures Total segment capital expenditures 88.0 78.3 82.3 Corporate capital expenditures 5.5 4.0 3.7 Consolidated capital expenditures $ 93.5 $ 82.3 $ 86.0 |
Financial Information Related to Operations by Geographic Area | Financial information relating to the Company’s operations by geographic area was as follows: Year Ended December 31, (millions of dollars) 2023 2022 2021 Net Sales United States $ 1,144.0 $ 1,135.6 $ 959.6 Canada/Latin America 150.2 148.3 99.8 Europe/Africa 525.5 496.8 441.9 Asia 350.2 344.8 357.0 Total International $ 1,025.9 $ 989.9 $ 898.7 Consolidated net sales $ 2,169.9 $ 2,125.5 $ 1,858.3 Long-Lived Assets United States $ 1,842.0 $ 1,915.8 $ 1,925.9 Canada/Latin America 17.7 16.4 10.6 Europe/Africa 157.0 162.8 151.1 Asia 114.7 112.1 120.6 Total International $ 289.4 $ 291.3 $ 282.3 Consolidated long-lived assets $ 2,131.4 $ 2,207.1 $ 2,208.2 |
Sales by Product Category | The Company’s sales by product category are as follows: Year Ended December 31, (millions of dollars) 2023 2022 2021 Household & Personal Care $ 517.6 $ 476.2 $ 383.7 Specialty Additives 642.6 648.4 578.9 High-Temperature Technologies 720.9 702.5 642.7 Environmental & Infrastructure 288.8 298.4 253.0 Total $ 2,169.9 $ 2,125.5 $ 1,858.3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
Cash Equivalents and Short-term Investments [Abstract] | |||
Short-term investments | $ 4.3 | $ 5.6 | $ 4.3 |
Unrealized holding gains and losses on short-term bank investments | $ 0 | ||
Trade Accounts Receivable [Abstract] | |||
Past due threshold for individual collectability review | 90 days | ||
Allowance for doubtful accounts | 20.3 | 15.1 | $ 20.3 |
Property, Plant and Equipment [Abstract] | |||
Initial term of long term evergreen contracts | 10 years | ||
Investment in Joint Ventures [Abstract] | |||
Equity method investment | 20 | 16.5 | $ 20 |
Revenue Recognition [Abstract] | |||
Revenue adjustments | $ 0 | $ 0 | |
Buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 3% | ||
Buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 6.67% | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 6.67% | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 12.50% | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 8% | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 12.50% | ||
Computer Equipment and Software-related Assets [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 12.50% | ||
Computer Equipment and Software-related Assets [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 25% | ||
PCC Production Facilities [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful life | 15 years | 15 years | |
Machinery and Equipment for Natural Stone Mining and Processing Plants and Chemical Plants [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful life | 15 years | 15 years |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease Cost [Abstract] | |||
Operating lease cost | $ 16.7 | $ 15.6 | $ 15.2 |
Short-term lease cost | 0.1 | 0.1 | 0.1 |
Total | 16.8 | 15.7 | $ 15.3 |
Operating cash flows information [Abstract] | |||
Cash paid for amounts included in the measurement of lease liabilities | 16.8 | ||
Non-cash activity [Abstract] | |||
Right-of-use assets obtained in the exchange for operating lease liabilities | $ 10 | ||
Weighted Average Remaining Lease Term and Discount Rates [Abstract] | |||
Weighted-average remaining operating lease term | 5 years 6 months 18 days | ||
Weighted-average operating leases discount rate | 5.10% | ||
Outstanding Lease Assets and Liabilities [Abstract] | |||
Right-of-use asset | $ 44.1 | $ 49.1 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent | |
Lease liability - current | $ 13.5 | $ 13.5 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | Other Liabilities, Current | |
Lease liability - non-current | $ 37.9 | $ 43.9 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Future Minimum Lease Payments [Abstract] | |||
2024 | $ 15.7 | ||
2025 | 12.5 | ||
2026 | 10.6 | ||
2027 | 7.3 | ||
2028 | 5.9 | ||
Thereafter | 7.6 | ||
Total future minimum lease payments | 59.6 | ||
Less imputed interest | (8.2) | ||
Total | $ 51.4 | ||
Minimum [Member] | |||
Leases [Abstract] | |||
Remaining lease term | 1 year | ||
Maximum [Member] | |||
Leases [Abstract] | |||
Remaining lease term | 50 years |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Revenue from Contracts with Customers [Abstract] | |||
Number of reportable segments | Segment | 2 | ||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 2,169.9 | $ 2,125.5 | $ 1,858.3 |
Household & Personal Care [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 517.6 | 476.2 | 383.7 |
Specialty Additives [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 642.6 | 648.4 | 578.9 |
High-Temperature Technologies [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 720.9 | 702.5 | 642.7 |
Environmental & Infrastructure [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 288.8 | 298.4 | 253 |
Consumer & Specialties [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 1,160.2 | 1,124.6 | 962.6 |
Consumer & Specialties [Member] | Household & Personal Care [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 517.6 | 476.2 | 383.7 |
Consumer & Specialties [Member] | Specialty Additives [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 642.6 | 648.4 | 578.9 |
Engineered Solutions [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 1,009.7 | 1,000.9 | 895.7 |
Engineered Solutions [Member] | High-Temperature Technologies [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 720.9 | 702.5 | 642.7 |
Engineered Solutions [Member] | Environmental & Infrastructure [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 288.8 | $ 298.4 | $ 253 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 29, 2022 | Jul. 26, 2021 | Nov. 30, 2021 | Jul. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Acquisitions [Abstract] | |||||||
Cash paid for acquisitions, net of cash acquired | $ 1.8 | $ 22.4 | $ 194.4 | ||||
Estimated useful life of intangible assets acquired | 29 years | ||||||
Goodwill | $ 913.6 | 914.8 | 907.5 | ||||
Acquisition-related expenses | $ 0.3 | $ 5.1 | $ 4 | ||||
Normerica [Member] | |||||||
Acquisitions [Abstract] | |||||||
Cash paid for acquisitions, net of cash acquired | $ 187.5 | ||||||
Normerica [Member] | Trade Names [Member] | |||||||
Acquisitions [Abstract] | |||||||
Estimated useful life of intangible assets acquired | 15 years | ||||||
Normerica [Member] | Customer Relationships [Member] | |||||||
Acquisitions [Abstract] | |||||||
Estimated useful life of intangible assets acquired | 20 years | ||||||
Concept Pet [Member] | |||||||
Acquisitions [Abstract] | |||||||
Purchase price | $ 28 | ||||||
Cash paid for acquisitions, net of cash acquired | 22.4 | $ 1.8 | |||||
Goodwill | 9.3 | ||||||
Intangible assets | $ 4.3 | ||||||
Specialty PCC Assets from Company in Midwest United States [Member] | |||||||
Acquisitions [Abstract] | |||||||
Acquisition of assets | $ 6.9 |
Restructuring and Other Items_3
Restructuring and Other Items, net (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Oct. 01, 2023 | Jul. 02, 2023 | Oct. 03, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Charges [Abstract] | ||||||
Asset write-down charges | $ 0.7 | $ 71.7 | $ 0 | $ 0.7 | ||
Severance and other employee costs | $ 0.3 | $ 6.6 | $ 0.4 | 6.9 | 0 | 0.4 |
Total restructuring and other items, net | 78.6 | 0 | 1.1 | |||
Restructuring Liability [Roll Forward] | ||||||
Restructuring liability, beginning of period | 0 | 2.2 | ||||
Additional provisions | 6.9 | 0 | 1.1 | |||
Cash payments | (2.8) | (0.7) | ||||
Other | (0.3) | (1.5) | ||||
Restructuring liability, end of period | 3.8 | 0 | 2.2 | |||
Corporate [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Severance and other employee costs | 2.8 | 0 | 0 | |||
Consumer & Specialties [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Asset write-down charges | $ 71.7 | 71.7 | 0 | 0.7 | ||
Severance and other employee costs | 0.9 | 0 | 0.4 | |||
Engineered Solutions [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Severance and other employee costs | $ 3.2 | $ 0 | $ 0 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Award and Incentive Plan and Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |||
Share based compensation costs | $ 11.3 | $ 10.4 | $ 10.7 |
Stock Options [Member] | |||
Stock-Based Compensation [Abstract] | |||
Term of stock options granted under Plan | 10 years | ||
Vesting period | 3 years | ||
Share based compensation costs | $ 5.2 | 4.8 | 4.9 |
Tax benefit of share-based compensation | $ 1.4 | $ 1.3 | $ 1.3 |
Forfeiture rate assumed | 7.91% | 8.09% | 8.38% |
Weighted average grant date fair value for stock options granted (in dollars per share) | $ 25.11 | $ 24.26 | $ 21.62 |
Weighted average grant date fair value for stock options vested (in dollars per share) | $ 21.56 | $ 19.82 | $ 20.56 |
Total intrinsic value of stock options exercised | $ 1 | $ 2 | $ 6.1 |
Weighted Average Assumptions [Abstract] | |||
Expected life | 6 years 4 months 24 days | 6 years 8 months 12 days | 6 years 10 months 24 days |
Interest rate | 3.51% | 1.70% | 0.71% |
Volatility | 32.05% | 31.92% | 32.04% |
Expected dividend yield | 0.30% | 0.28% | 0.31% |
Stock Options [Roll Forward] | |||
Balance, beginning of year (in shares) | 1,363,418 | ||
Granted (in shares) | 255,620 | ||
Exercised (in shares) | (91,604) | ||
Canceled (in shares) | (12,972) | ||
Expired (in shares) | 0 | ||
Balance, end of year (in shares) | 1,514,462 | 1,363,418 | |
Exercisable, end of year (in shares) | 1,054,321 | ||
Weighted Average Exercise Price Per Share [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 62.22 | ||
Granted (in dollars per share) | 66.08 | ||
Exercised (in dollars per share) | 56.82 | ||
Canceled (in dollars per share) | 67.54 | ||
Expired (in dollars per share) | 0 | ||
Balance, end of year (in dollars per share) | 63.15 | $ 62.22 | |
Exercisable, end of year (in dollars per share) | $ 61.39 | ||
Weighted Average Remaining Contractual Life [Abstract] | |||
Outstanding options, end of year | 5 years 10 months 13 days | ||
Exercisable options, end of year | 4 years 8 months 26 days | ||
Aggregate Intrinsic Value [Abstract] | |||
Outstanding options, end of year | $ 13.8 | ||
Exercisable options, end of year | $ 11.9 | ||
Additional Information [Abstract] | |||
Closing stock price on last business day of the period (in dollars per share) | $ 71.31 | ||
Weighted average intrinsic value of options exercised (in dollars per share) | $ 7.78 | $ 16.34 | $ 24.43 |
Unrecognized stock-based compensation expense | $ 5.6 | ||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized | 3 years | ||
Nonvested Stock Options [Member] | |||
Stock Options [Roll Forward] | |||
Balance, beginning of year (in shares) | 436,082 | ||
Granted (in shares) | 255,620 | ||
Vested (in shares) | (220,676) | ||
Canceled (in shares) | (10,885) | ||
Balance, end of year (in shares) | 460,141 | 436,082 | |
Weighted Average Exercise Price Per Share [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 66.41 | ||
Granted (in dollars per share) | 66.08 | ||
Vested (in dollars per share) | 64.34 | ||
Canceled (in dollars per share) | 67.65 | ||
Balance, end of year (in dollars per share) | $ 67.18 | $ 66.41 |
Stock-Based Compensation, Defer
Stock-Based Compensation, Deferred Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |||
Share based compensation costs | $ 11.3 | $ 10.4 | $ 10.7 |
Deferred Restricted Stock Unit [Member] | |||
Stock-Based Compensation [Abstract] | |||
Unrecognized stock-based compensation expense | $ 6.9 | ||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized | 3 years | ||
Share based compensation costs | $ 6 | 5.7 | 5.9 |
Reversals of compensation expense related to restricted stock forfeitures | $ 2.7 | $ 2.7 | $ 2.6 |
Restricted Stock [Roll Forward] | |||
Balance, beginning of year (in shares) | 176,594 | 196,133 | 201,985 |
Granted (in shares) | 102,843 | 98,464 | 102,309 |
Vested (in shares) | (46,141) | (52,441) | (51,497) |
Canceled (in shares) | (45,946) | (65,562) | (56,664) |
Balance, end of year (in shares) | 187,350 | 176,594 | 196,133 |
Weighted Average Grant Date Fair Value [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 66.32 | $ 60.87 | $ 58.07 |
Granted (in dollars per share) | 66.01 | 69.7 | 66.2 |
Vested (in dollars per share) | 64.25 | 58.92 | 60.4 |
Canceled (in dollars per share) | 64.33 | 61 | 60.98 |
Balance, end of year (in dollars per share) | $ 67.15 | $ 66.32 | $ 60.87 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income attributable to MTI | $ 84.1 | $ 122.2 | $ 164.4 |
Weighted average shares outstanding (in shares) | 32,500,000 | 32,700,000 | 33,600,000 |
Dilutive effect of stock options and deferred restricted stock units (in shares) | 100,000 | 100,000 | 200,000 |
Weighted average shares outstanding, adjusted (in shares) | 32,600,000 | 32,800,000 | 33,800,000 |
Basic earnings per share attributable to MTI (in dollars per share) | $ 2.59 | $ 3.74 | $ 4.89 |
Diluted earnings per share attributable to MTI (in dollars per share) | $ 2.58 | $ 3.73 | $ 4.86 |
Stock Options [Member] | |||
Earnings Per Share [Abstract] | |||
Options outstanding (in shares) | 1,514,462 | 1,363,418 | 1,330,002 |
Anti-dilutive securities not included in computation of diluted earnings per share (in shares) | 917,177 | 754,867 | 510,683 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (Loss) from Operations Before Provision for Taxes [Abstract] | |||
Domestic | $ (38.9) | $ 39.3 | $ 66 |
Foreign | 146.6 | 117.4 | 136.3 |
Income before tax and equity in earnings | 107.7 | 156.7 | 202.3 |
Domestic [Abstract] | |||
Taxes currently payable, Federal | 9.5 | 16.3 | (5.3) |
Taxes currently payable, State and local | 6.7 | 3.3 | 0.4 |
Deferred income taxes | (31.5) | (16) | 7.8 |
Domestic tax provision (benefit) | (15.3) | 3.6 | 2.9 |
Foreign [Abstract] | |||
Taxes currently payable | 42.2 | 29.8 | 33.4 |
Deferred income taxes | (3.2) | (1.3) | 0.3 |
Foreign tax provision | 39 | 28.5 | 33.7 |
Total tax provision | $ 23.7 | $ 32.1 | $ 36.6 |
Reconciliation of Statutory to Effective Tax Rate [Abstract] | |||
U.S. statutory rate | 21% | 21% | 21% |
Depletion | (10.30%) | (6.10%) | (5.40%) |
Difference between tax provided on foreign earnings and the U.S. statutory rate | 7.70% | 2.40% | 2.60% |
Global Intangible Low-Tax Income (GILTI) | 1% | 2.30% | 0.70% |
Foreign Derived Intangible Income | (2.50%) | 0% | (1.40%) |
State and local taxes, net of federal tax benefit | (0.10%) | (0.40%) | 0.70% |
Tax credits | (0.60%) | (0.40%) | (0.40%) |
Impact of uncertain tax positions | 0.20% | (1.30%) | (1.10%) |
Impact of officer's non-deductible compensation | 1.90% | 1.30% | 0.80% |
Foreign Withholding Tax | 2% | 1.20% | 1.10% |
Other | 1.70% | 0.50% | (0.50%) |
Consolidated effective tax rate | 22% | 20.50% | 18.10% |
Deferred Tax Assets [Abstract] | |||
Accrued liabilities | $ 26.8 | $ 28.6 | |
Net operating loss carry forwards | 32.8 | 35.5 | |
Pension and post-retirement benefits costs | 16 | 18.6 | |
Other | 38.1 | 29.7 | |
Valuation allowance | (25.2) | (24) | |
Total deferred tax assets | 88.5 | 88.4 | |
Deferred Tax Liabilities [Abstract] | |||
Plant and equipment, principally due to differences in depreciation | 146 | 167 | |
Intangible assets | 53.6 | 67.8 | |
Other | 12.2 | 9.6 | |
Total deferred tax liabilities | 211.8 | 244.4 | |
Net deferred tax asset (liability), long-term | (123.3) | (156) | |
Net Deferred Tax Assets and Liabilities [Abstract] | |||
Net deferred tax asset, long-term | 16 | 24.4 | |
Net deferred tax liability, long-term | 139.3 | 180.4 | |
Net deferred tax asset (liability), long-term | (123.3) | (156) | |
Operating Loss Carryforwards [Abstract] | |||
Operating loss carry forwards | 32.8 | 35.5 | |
Operating loss carryforwards subject to expiration | 21.7 | ||
Operating loss carryforwards not subject to expiration | $ 11.1 | ||
Expiration period of operating loss carryforwards | 20 years | ||
Unrecognized Tax Benefits [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate if recognized | $ 2.1 | ||
Unrecognized Tax Benefits [Roll forward] | |||
Balance at beginning of the year | 2.6 | 5.1 | |
Increases related to current year tax positions | 0.5 | 0.4 | |
Decreases related to audit settlements and statute expirations | (0.3) | (2.9) | |
Balance at the end of the year | 2.8 | 2.6 | $ 5.1 |
Income Tax Penalties and Interest Expense [Abstract] | |||
Unrecognized tax benefits, interest and penalties | 0.1 | ||
Unrecognized tax benefits, accrued interest and penalties | 0.5 | ||
Cash Paid for Income Taxes [Abstract] | |||
Net cash paid for income taxes | 53.8 | $ 44 | $ 42.5 |
Undistributed Earnings of Foreign Subsidiaries [Abstract] | |||
Foreign subsidiaries' undistributed earnings | 509.2 | ||
Deferred tax liabilities with respect to foreign withholding taxes or state taxes have been recognized | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories [Abstract] | ||
Raw materials | $ 144.3 | $ 163.4 |
Work-in-process | 11.7 | 15.6 |
Finished goods | 113.5 | 114 |
Packaging and supplies | 55.9 | 55.8 |
Total inventories | $ 325.4 | $ 348.8 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Oct. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | $ 2,190.1 | $ 2,288.6 | ||
Less: accumulated depreciation and depletion | (1,203.3) | (1,238.2) | ||
Property, plant and equipment, net | 986.8 | 1,050.4 | ||
Property, Plant and Equipment [Abstract] | ||||
Non-cash impairment of long-lived assets charge | 71.7 | 0 | $ 0 | |
Depreciation and depletion expense | 79.4 | 76.3 | $ 77.4 | |
Consumer & Specialties [Member] | ||||
Property, Plant and Equipment [Abstract] | ||||
Non-cash impairment of long-lived assets charge | $ 71.7 | |||
Mineral Rights and Reserves [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | 552.6 | 604.9 | ||
Land [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | 44.5 | 47.3 | ||
Buildings [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | 207.3 | 209.8 | ||
Machinery and Equipment [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | 1,201.1 | 1,248 | ||
Furniture and Fixtures and Other [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | 140 | 137.1 | ||
Construction in Progress [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | $ 44.6 | $ 41.5 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance Beginning | $ 914.8 | $ 907.5 |
Change in Goodwill Relating to [Abstract] | ||
Concept Pet acquisition | 9.2 | |
Foreign exchange translation | (1.2) | (1.9) |
Total changes | (1.2) | 7.3 |
Balance Ending | 913.6 | 914.8 |
Consumer & Specialties [Member] | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 346.4 | 337.9 |
Change in Goodwill Relating to [Abstract] | ||
Concept Pet acquisition | 9.2 | |
Foreign exchange translation | (1.2) | (0.7) |
Total changes | (1.2) | 8.5 |
Balance Ending | 345.2 | 346.4 |
Engineered Solutions [Member] | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 568.4 | 569.6 |
Change in Goodwill Relating to [Abstract] | ||
Concept Pet acquisition | 0 | |
Foreign exchange translation | 0 | (1.2) |
Total changes | 0 | (1.2) |
Balance Ending | $ 568.4 | $ 568.4 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Acquired Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets Subject to Amortization [Abstract] | |||
Weighted average useful life | 29 years | ||
Gross carrying amount | $ 325.7 | $ 324.8 | |
Accumulated amortization | $ 94.7 | 82.9 | |
Future Amortization Expense [Abstract] | |||
Weighted average amortization period | 29 years | ||
Amortization expense | $ 12.7 | 12.7 | $ 10.6 |
Estimated amortization expense, 2024 | 12.9 | ||
Estimated amortization expense, 2025 | 12 | ||
Estimated amortization expense, 2026 | 11.5 | ||
Estimated amortization expense, 2027 | 11.5 | ||
Estimated amortization expense, 2028 | 11.5 | ||
Estimated amortization expense, thereafter | $ 171.6 | ||
Tradenames [Member] | |||
Intangible Assets Subject to Amortization [Abstract] | |||
Weighted average useful life | 34 years | ||
Gross carrying amount | $ 221.5 | 221.2 | |
Accumulated amortization | $ 59.1 | 52.2 | |
Technology [Member] | |||
Intangible Assets Subject to Amortization [Abstract] | |||
Weighted average useful life | 13 years | ||
Gross carrying amount | $ 18.8 | 18.8 | |
Accumulated amortization | $ 14.2 | 12.6 | |
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 | $ 79 | 78.4 | |
Accumulated amortization | $ 15 | $ 11.7 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) Contract Subsidiary | Dec. 31, 2022 USD ($) Contract | Dec. 31, 2021 USD ($) | Jul. 02, 2023 USD ($) | May 31, 2023 USD ($) | Jul. 01, 2018 USD ($) | |
Minimum [Member] | ||||||
Derivative, Fair Value [Abstract] | ||||||
Number of foreign subsidiaries in which portion of net investment is hedged | Subsidiary | 1 | |||||
Foreign Exchange Forward [Member] | ||||||
Derivative, Fair Value [Abstract] | ||||||
Number of contracts | Contract | 0 | 0 | ||||
Loss on derivatives | $ (0.1) | $ (0.8) | $ (0.7) | |||
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fair Value [Abstract] | ||||||
Notional amount | $ 150 | $ 150 | ||||
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Non-current Liabilities [Member] | ||||||
Derivative, Fair Value [Abstract] | ||||||
Fair value of derivative liability | $ 0.1 | |||||
Net Investment Hedge [Member] | Designated as Hedging Instrument [Member] | Cross Currency Rate Swap [Member] | ||||||
Derivative, Fair Value [Abstract] | ||||||
Notional amount | $ 150 | |||||
After-tax accumulated gain on net investment hedge | $ 7.6 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Additional Fair Value Elements [Abstract] | ||
Transfers in or out of Level 3 | $ 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Deferred compensation plan assets | 13.7 | 13.6 |
Supplementary pension plan assets | 15.5 | 13.5 |
Cross currency rate swap | 13.8 | |
Interest rate swap | (0.1) | 1 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Deferred compensation plan assets | 0 | 0 |
Supplementary pension plan assets | 0 | 0 |
Cross currency rate swap | 0 | |
Interest rate swap | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Deferred compensation plan assets | 13.7 | 13.6 |
Supplementary pension plan assets | 15.5 | 13.5 |
Cross currency rate swap | 13.8 | |
Interest rate swap | (0.1) | 1 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Deferred compensation plan assets | 0 | 0 |
Supplementary pension plan assets | 0 | 0 |
Cross currency rate swap | 0 | |
Interest rate swap | $ 0 | $ 0 |
Financial Instruments and Con_2
Financial Instruments and Concentrations of Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments and Concentrations of Credit Risk [Abstract] | |||
Bad debt expense | $ 2.8 | $ 4.1 | $ 0.9 |
Long-Term Debt and Commitments,
Long-Term Debt and Commitments, Summary of Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Long-Term Debt and Commitments [Abstract] | ||
Long-term debt | $ 929.1 | $ 942.6 |
Less: Current maturities | 18 | 14.5 |
Total long-term debt | 911.1 | 928.1 |
Term Loan due 2027 [Member] | ||
Long-Term Debt and Commitments [Abstract] | ||
Long-term debt | $ 530.4 | 543.5 |
Maturity date | Feb. 11, 2027 | |
Unamortized deferred financing cost | $ 2.4 | 3.1 |
Senior Notes due 2028 [Member] | ||
Long-Term Debt and Commitments [Abstract] | ||
Long-term debt | $ 396.1 | $ 395.3 |
Interest rate | 5% | 5% |
Maturity date | Jun. 30, 2028 | |
Unamortized deferred financing cost | $ 3.9 | $ 4.7 |
Other Debt [Member] | ||
Long-Term Debt and Commitments [Abstract] | ||
Long-term debt | $ 2.6 | $ 3.8 |
Long-Term Debt and Commitment_2
Long-Term Debt and Commitments, Long-Term Debt (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 29, 2022 USD ($) Loan | Oct. 02, 2022 USD ($) | Dec. 31, 2027 Loan | Dec. 31, 2025 Loan | Dec. 31, 2023 USD ($) qtr | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 11, 2022 USD ($) | Jun. 30, 2020 USD ($) | Apr. 18, 2018 USD ($) | Feb. 14, 2017 USD ($) | |
Long-Term Debt and Commitments [Abstract] | |||||||||||
Non-cash debt extinguishment expenses | $ 6.9 | $ 0 | $ 6.9 | $ 0 | |||||||
Long-term debt | 929.1 | 942.6 | |||||||||
Repayment of long-term debt | 14.8 | 552.3 | 1.2 | ||||||||
Short-term debt | $ 85.4 | $ 119.7 | |||||||||
Weighted average interest rate on short-term borrowings | 6.90% | 3.80% | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
2024 | $ 18 | ||||||||||
2025 | 31.8 | ||||||||||
2026 | 42 | ||||||||||
2027 | 443.7 | ||||||||||
2028 | 400 | ||||||||||
Thereafter | 0 | ||||||||||
Interest Costs [Abstract] | |||||||||||
Interest costs | 64.1 | $ 48.6 | 42.1 | ||||||||
Capitalized interest cost | $ 1 | 1.3 | $ 1.5 | ||||||||
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 | ||||||||||
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 | $ 530.4 | 543.5 | |||||||||
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 | ||||||||||
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 | $ 85 | ||||||||||
Letters of credit outstanding | 9.1 | ||||||||||
Term Loan due 2024 [Member] | |||||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||||
Face amount | $ 788 | ||||||||||
Revolving Facility [Member] | |||||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||||
Maximum borrowing capacity | $ 300 | ||||||||||
Senior Notes due 2028 [Member] | |||||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||||
Face amount | $ 400 | ||||||||||
Long-term debt | $ 396.1 | $ 395.3 | |||||||||
Interest rate | 5% | 5% | |||||||||
Guarantee amount | $ 50 | ||||||||||
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% | ||||||||||
Japan Loan Facility [Member] | |||||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||||
Long-term debt | $ 1.4 | ||||||||||
Repayment of long-term debt | 0.5 | ||||||||||
Austria and Slovakia Term Loans [Member] | |||||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||||
Number of term loans assumed | Loan | 2 | ||||||||||
Repayment of long-term debt | 0.6 | ||||||||||
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 | $ 1.9 | ||||||||||
Uncommitted Short-Term Bank Credit Lines [Member] | |||||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||||
Maximum borrowing capacity | 25.5 | ||||||||||
Short-term debt | $ 0.4 |
Benefit Plans, Pension Obligati
Benefit Plans, Pension Obligation and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Benefit Plans [Abstract] | |||
Employee vesting period for defined benefit plans | 5 years | ||
Employer Contributions [Abstract] | |||
Percentage of total benefit obligation represented by international pension plans | 21% | ||
Change in Plan Assets [Roll Forward] | |||
Beginning fair value | $ 285.4 | ||
Ending fair value | 317.4 | $ 285.4 | |
Pension Benefits [Member] | |||
Change in Benefit Obligations [Roll Forward] | |||
Beginning projected benefit obligation | 348.9 | 495 | |
Service cost | 4.5 | 6.6 | $ 7.7 |
Interest cost | 16 | 11 | 7.9 |
Actuarial loss (gain) | 11.4 | (124.2) | |
Benefits paid | (15) | (12.4) | |
Settlements | (0.5) | (18.4) | |
Foreign exchange impact | 3.3 | (9) | |
Other | 0.3 | 0.3 | |
Ending projected benefit obligation | 368.9 | 348.9 | 495 |
Change in Plan Assets [Roll Forward] | |||
Beginning fair value | 285.4 | 381.4 | |
Actual return (loss) on plan assets | 34.4 | (61.6) | |
Employer contributions | 9.9 | 9 | |
Plan participants' contributions | 0.3 | 0.3 | |
Benefits paid | (15) | (12.4) | |
Settlements | (0.5) | (24.2) | |
Foreign exchange impact | 2.9 | (7.1) | |
Ending fair value | 317.4 | 285.4 | 381.4 |
Funded Status [Abstract] | |||
Funded status | (51.5) | (63.5) | |
Post-Retirement Benefits [Member] | |||
Change in Benefit Obligations [Roll Forward] | |||
Beginning projected benefit obligation | 1.8 | 2.3 | |
Service cost | 0 | 0 | 0.1 |
Interest cost | 0.1 | 0 | 0.1 |
Actuarial loss (gain) | 0.1 | (0.4) | |
Benefits paid | 0 | (0.1) | |
Settlements | 0 | 0 | |
Foreign exchange impact | 0 | 0 | |
Other | 0 | 0 | |
Ending projected benefit obligation | 2 | 1.8 | 2.3 |
Change in Plan Assets [Roll Forward] | |||
Beginning fair value | 0 | 0 | |
Actual return (loss) on plan assets | 0 | 0 | |
Employer contributions | 0 | 0.1 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | 0 | (0.1) | |
Settlements | 0 | 0 | |
Foreign exchange impact | 0 | 0 | |
Ending fair value | 0 | 0 | $ 0 |
Funded Status [Abstract] | |||
Funded status | $ (2) | $ (1.8) |
Benefit Plans, Amounts Recogniz
Benefit Plans, Amounts Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Amounts Recognized in Balance Sheet [Abstract] | ||
Current liability | $ (59.2) | $ (55.3) |
Non-current liability | (51.7) | (63.5) |
Pension Benefits [Member] | ||
Amounts Recognized in Balance Sheet [Abstract] | ||
Current liability | (1.8) | (1.7) |
Non-current liability | (49.7) | (61.8) |
Recognized liability | (51.5) | (63.5) |
Post-Retirement Benefits [Member] | ||
Amounts Recognized in Balance Sheet [Abstract] | ||
Current liability | (0.1) | (0.1) |
Non-current liability | (1.9) | (1.7) |
Recognized liability | $ (2) | $ (1.8) |
Benefit Plans, Amounts Recogn_2
Benefit Plans, Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ||
Amount recognized end of year | $ 28.8 | $ 34.4 |
Accumulated benefit obligation | 350.3 | 297.4 |
Pension Benefits [Member] | ||
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ||
Net actuarial (gain) loss | 32 | 38 |
Prior service cost | 0.1 | 0.1 |
Amount recognized end of year | 32.1 | 38.1 |
Post-Retirement Benefits [Member] | ||
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ||
Net actuarial (gain) loss | (3.3) | (3.8) |
Prior service cost | 0 | 0 |
Amount recognized end of year | $ (3.3) | $ (3.8) |
Benefit Plans, Changes in Plan
Benefit Plans, Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income [Abstract] | |||
Total recognized in other comprehensive income | $ (5.6) | $ (35.3) | $ (45.2) |
Pension Benefits [Member] | |||
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income [Abstract] | |||
Current year actuarial gain (loss) | 3.8 | 31.2 | |
Amortization of actuarial (gain) loss | 2.2 | 4 | |
Total recognized in other comprehensive income | 6 | 35.2 | |
Post-Retirement Benefits [Member] | |||
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income [Abstract] | |||
Current year actuarial gain (loss) | (0.1) | 0.4 | |
Amortization of actuarial (gain) loss | (0.3) | (0.3) | |
Total recognized in other comprehensive income | $ (0.4) | $ 0.1 |
Benefit Plans, Net Periodic Ben
Benefit Plans, Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 4.5 | $ 6.6 | $ 7.7 |
Interest cost | 16 | 11 | 7.9 |
Expected return on plan assets | (17.8) | (21.5) | (22) |
Recognized net actuarial (gain) loss | 2.9 | 5.3 | 12.1 |
Settlement/curtailment (gain) loss | 0.1 | 3.5 | 3.4 |
Net periodic benefit cost | 5.7 | 4.9 | 9.1 |
Post-Retirement Benefits [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0 | 0 | 0.1 |
Interest cost | 0.1 | 0 | 0.1 |
Expected return on plan assets | 0 | 0 | 0 |
Recognized net actuarial (gain) loss | (0.5) | (0.4) | (0.8) |
Settlement/curtailment (gain) loss | 0 | 0 | (1.6) |
Net periodic benefit cost | $ (0.4) | $ (0.4) | $ (2.2) |
Benefit Plans, Weighted Average
Benefit Plans, Weighted Average Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Assumptions used to Determine Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.84% | 4.30% | 2.01% |
Expected return on plan assets | 6.53% | 6.34% | 6.28% |
Rate of compensation increase | 2.77% | 2.74% | 2.72% |
Interest crediting rate | 2.25% | 2.25% | 2.25% |
Weighted Average Assumptions used to Determine Benefit Obligation [Abstract] | |||
Discount rate | 4.63% | 4.84% | 2.42% |
Rate of compensation increase | 2.76% | 2.76% | 2.74% |
Actual return/(loss) on pension assets | 11% | (22.00%) | 12% |
Maximum health care cost trend rate | 5% |
Benefit Plans, Weighted Avera_2
Benefit Plans, Weighted Average Asset Allocation Percentages (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted Average Asset Allocations [Abstract] | ||
Weighted average asset allocation percentage | 100% | 100% |
Equity Securities [Member] | ||
Weighted Average Asset Allocations [Abstract] | ||
Weighted average asset allocation percentage | 51.30% | 54.30% |
Fixed Income Securities [Member] | ||
Weighted Average Asset Allocations [Abstract] | ||
Weighted average asset allocation percentage | 35.30% | 32.20% |
Real Estate [Member] | ||
Weighted Average Asset Allocations [Abstract] | ||
Weighted average asset allocation percentage | 0.30% | 0.30% |
Other [Member] | ||
Weighted Average Asset Allocations [Abstract] | ||
Weighted average asset allocation percentage | 13.10% | 13.20% |
Benefit Plans, Fair Values by A
Benefit Plans, Fair Values by Asset Category (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value of Plan Assets [Abstract] | ||
Fair value of plan assets | $ 317.4 | $ 285.4 |
Equity Securities [Member] | ||
Fair Value of Plan Assets [Abstract] | ||
Fair value of plan assets | 162.9 | 155 |
Fixed Income Securities [Member] | ||
Fair Value of Plan Assets [Abstract] | ||
Fair value of plan assets | 112 | 91.9 |
Real Estate [Member] | ||
Fair Value of Plan Assets [Abstract] | ||
Fair value of plan assets | 0.8 | 0.8 |
Other [Member] | ||
Fair Value of Plan Assets [Abstract] | ||
Fair value of plan assets | $ 41.7 | $ 37.7 |
Benefit Plans, Defined Benefit
Benefit Plans, Defined Benefit Pension Plan Assets Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | $ 317.4 | $ 285.4 | |
U.S. Plans [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 251.4 | 226.4 | $ 293.8 |
International Plans [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 66 | 59 | $ 87.6 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 261.3 | 234.9 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 49 | 42.9 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 7.1 | 7.6 | |
Equity Securities [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 162.9 | 155 | |
US Equities [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 142.5 | 135.7 | |
US Equities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 142.5 | 135.7 | |
US Equities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
US Equities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non-US Equities [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 20.4 | 19.3 | |
Non-US Equities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 20.4 | 19.3 | |
Non-US Equities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non-US Equities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 112 | 91.9 | |
Corporate Debt Instruments [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 112 | 91.9 | |
Corporate Debt Instruments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 98 | 79.6 | |
Corporate Debt Instruments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 14 | 12.3 | |
Corporate Debt Instruments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 0.8 | 0.8 | |
Real Estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 0.8 | 0.8 | |
Other [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 41.7 | 37.7 | |
Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 0.4 | 0.3 | |
Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | 35 | 30.6 | |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value of Plan Assets [Abstract] | |||
Fair value of plan assets | $ 6.3 | $ 6.8 |
Benefit Plans, Reconciliation o
Benefit Plans, Reconciliation of Changes in Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs (Details) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Changes in Fair Value Measurement of Plan Assets [Roll Forward] | ||
Beginning balance | $ 7.6 | $ 6 |
Purchases, sales, settlements | 0 | 0 |
Actual (loss) return on plan assets still held at reporting date | (0.6) | 1.8 |
Foreign exchange impact | 0.1 | (0.2) |
Ending balance | 7.1 | 7.6 |
Fair Value Transfers [Abstract] | ||
Fair value, assets, Level 3 transfers in, amount | 0 | 0 |
Fair value, assets, Level 3 transfers out, amount | $ 0 | $ 0 |
Benefit Plans, Contributions (D
Benefit Plans, Contributions (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Benefits [Member] | |
Employer Contributions [Abstract] | |
Expected company contribution in 2024 | $ 13.2 |
Post-Retirement Benefits [Member] | |
Employer Contributions [Abstract] | |
Expected company contribution in 2024 | $ 0.1 |
Benefit Plans, Estimated Future
Benefit Plans, Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Benefits [Member] | |
Estimated Future Benefit Payments [Abstract] | |
2024 | $ 23.9 |
2025 | 24 |
2026 | 24.8 |
2027 | 25.5 |
2028 | 25.9 |
2029-2033 | 123.9 |
Post-Retirement Benefits [Member] | |
Estimated Future Benefit Payments [Abstract] | |
2024 | 0.1 |
2025 | 0.1 |
2026 | 0.2 |
2027 | 0.2 |
2028 | 0.2 |
2029-2033 | $ 0.9 |
Benefit Plans, Investment Strat
Benefit Plans, Investment Strategies (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Strategies [Abstract] | |
Average rate of return on assets | 9% |
Equity Securities [Member] | Minimum [Member] | |
Investment Strategies [Abstract] | |
Target long-term investment portfolio mix | 55% |
Equity Securities [Member] | Maximum [Member] | |
Investment Strategies [Abstract] | |
Target long-term investment portfolio mix | 65% |
Fixed Income Securities [Member] | Minimum [Member] | |
Investment Strategies [Abstract] | |
Target long-term investment portfolio mix | 30% |
Fixed Income Securities [Member] | Maximum [Member] | |
Investment Strategies [Abstract] | |
Target long-term investment portfolio mix | 35% |
Other Securities [Member] | Minimum [Member] | |
Investment Strategies [Abstract] | |
Target long-term investment portfolio mix | 0% |
Other Securities [Member] | Maximum [Member] | |
Investment Strategies [Abstract] | |
Target long-term investment portfolio mix | 15% |
Benefit Plans, Savings and Inve
Benefit Plans, Savings and Investment Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Benefit Plans [Abstract] | |||
Company's contributions to employee voluntary savings and investment plan | $ 6.2 | $ 5.7 | $ 5.3 |
Contingencies (Details)
Contingencies (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 Claim | Dec. 31, 2022 Claim | Dec. 31, 2023 USD ($) Claim | Dec. 31, 2022 USD ($) Claim | Dec. 31, 2021 USD ($) Claim | |
Contingencies [Abstract] | |||||
Litigation expenses, net | $ | $ 29.2 | $ 32.6 | $ 0 | ||
Talc-Related Cases [Member] | |||||
Contingencies [Abstract] | |||||
Claims pending, beginning of period | 562 | 468 | 439 | 345 | |
Claims filed | 75 | 24 | 256 | 208 | |
Claims dismissed, settled or otherwise resolved | 63 | 53 | 121 | 114 | |
Claims pending, end of period | 574 | 439 | 574 | 439 | 345 |
Litigation expenses, net | $ | $ 29.2 |
Stockholders' Equity, Capital S
Stockholders' Equity, Capital Stock and Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2024 | |
Capital Stock [Abstract] | ||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 | ||
Common stock, shares outstanding (in shares) | 32,404,721 | 32,495,266 | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | ||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Cash Dividends [Abstract] | ||||
Cash dividends paid | $ 8.1 | $ 6.5 | $ 6.8 | |
Cash dividends paid (in dollars per share) | $ 0.25 | $ 0.2 | $ 0.2 | |
Subsequent Event [Member] | Dividend Declared 2024-Q1 [Member] | ||||
Cash Dividends [Abstract] | ||||
Cash dividend declared | $ 3.3 | |||
Cash dividend declared (in dollars per share) | $ 0.1 |
Stockholders' Equity, Stock Awa
Stockholders' Equity, Stock Award and Incentive Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares Available for Grant [Roll Forward] | |||
Balance, beginning of year (in shares) | 1,080,460 | 1,268,770 | 1,532,246 |
Granted (in shares) | (358,463) | (341,187) | (358,078) |
Exercised/vested (in shares) | 0 | 0 | 0 |
Canceled (in shares) | 58,918 | 152,877 | 94,602 |
Balance, end of year (in shares) | 780,915 | 1,080,460 | 1,268,770 |
Stock Options [Member] | |||
Stock Award and Incentive Plan [Abstract] | |||
Term of stock options granted under Plan | 10 years | ||
Vesting period | 3 years | ||
Stock Options [Roll Forward] | |||
Balance, beginning of year (in shares) | 1,363,418 | 1,330,002 | 1,363,366 |
Granted (in shares) | 255,620 | 242,723 | 255,769 |
Exercised/vested (in shares) | (91,604) | (121,992) | (251,195) |
Canceled (in shares) | (12,972) | (87,315) | (37,938) |
Balance, end of year (in shares) | 1,514,462 | 1,363,418 | 1,330,002 |
Weighted Average Exercise Price Per Share [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 62.22 | $ 59.91 | $ 57.29 |
Granted (in dollars per share) | 66.08 | 69.81 | 66 |
Exercised/vested (in dollars per share) | 56.82 | 46.81 | 51.12 |
Canceled (in dollars per share) | 67.54 | 69.49 | 64.92 |
Balance, end of year (in dollars per share) | $ 63.15 | $ 62.22 | $ 59.91 |
Restricted Stock Units [Member] | |||
Restricted Stock [Roll Forward] | |||
Balance, beginning of year (in shares) | 176,594 | 196,133 | 201,985 |
Granted (in shares) | 102,843 | 98,464 | 102,309 |
Exercised/vested (in shares) | (46,141) | (52,441) | (51,497) |
Canceled (in shares) | (45,946) | (65,562) | (56,664) |
Balance, end of year (in shares) | 187,350 | 176,594 | 196,133 |
Weighted Average Exercise Price Per Share [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 66.32 | $ 60.87 | $ 58.07 |
Granted (in dollars per share) | 66.01 | 69.7 | 66.2 |
Exercised/vested (in dollars per share) | 64.25 | 58.92 | 60.4 |
Canceled (in dollars per share) | 64.33 | 61 | 60.98 |
Balance, end of year (in dollars per share) | $ 67.15 | $ 66.32 | $ 60.87 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Cumulative foreign currency translation | $ (350.9) | $ (345.7) | |
Unrecognized pension costs (net of tax benefit of $8.9 in 2023 and $9.9 in 2022) | (28.8) | (34.4) | |
Unrealized gain on cash flow hedges (net of tax (benefit) expense of $(1.2) in 2023 and $2.8 in 2022) | 10.3 | 13.6 | |
Total accumulated other comprehensive income (loss) | (369.4) | (366.5) | |
Unrecognized pension costs, tax benefit | 8.9 | 9.9 | |
Unrealized gain on cash flow hedges, tax (benefit) expense | (1.2) | 2.8 | |
Foreign currency translation adjustment [Abstract] | |||
Foreign currency translation adjustment, pre-tax amount | (6.1) | (78.9) | $ (78.9) |
Foreign currency translation adjustment, tax (expense) benefit | 0 | 0 | 0 |
Foreign currency translation adjustments, net-of-tax amount | (6.1) | (78.9) | (78.9) |
Pension plans [Abstract] | |||
Net actuarial gains (losses) and prior service costs arising during the period, pre-tax amount | 5.1 | 41.4 | 49.3 |
Net actuarial gains (losses) and prior service costs arising during the period, tax (expense) benefit | (1.4) | (9.8) | (12.5) |
Net actuarial gains (losses) and prior service costs arising during the period, net-of-tax amount | 3.7 | 31.6 | 36.8 |
Amortization of net actuarial (gains) losses and prior service costs, pre-tax amount | 2.5 | 4.9 | 11.3 |
Amortization of net actuarial (gains) losses and prior service costs, tax (expense) benefit | (0.6) | (1.2) | (2.9) |
Amortization of net actuarial (gains) losses and prior service costs, net-of-tax amount | 1.9 | 3.7 | 8.4 |
Unrealized gains (losses) on cash flow hedges [Abstract] | |||
Unrealized gains (losses) on cash flow hedges, pre-tax amount | (4.5) | 10.6 | 11.4 |
Unrealized gains (losses) on cash flow hedges, tax (expense) benefit | 1.2 | (2.8) | (3) |
Unrealized gains (losses) on cash flow hedges, net-of-tax amount | (3.3) | 7.8 | 8.4 |
Total other comprehensive income (loss), pre-tax amount | (3) | (22) | (6.9) |
Total other comprehensive income (loss), tax | (0.8) | (13.8) | (18.4) |
Total other comprehensive loss, net of tax | $ (3.8) | $ (35.8) | $ (25.3) |
Accounting for Asset Retireme_3
Accounting for Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset retirement obligation [Roll Forward] | ||
Asset retirement obligation, beginning of period | $ 23.8 | $ 24.4 |
Accretion expense | 1.1 | 1.5 |
Other | (3.8) | 1.4 |
Payments | (0.1) | (2.9) |
Foreign currency translation | (0.2) | (0.6) |
Asset retirement obligation, end of period | 20.8 | $ 23.8 |
Asset retirement obligation [Abstract] | ||
Asset retirement obligation, current portion | 0.5 | |
Asset retirement obligation, noncurrent portion | $ 20.3 |
Segment and Related Informati_3
Segment and Related Information, Segment Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ProductLine Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Abstract] | |||
Number of reportable segments | Segment | 2 | ||
Net sales | $ 2,169.9 | $ 2,125.5 | $ 1,858.3 |
Income from operations | 171.8 | 214.8 | 235.7 |
Depreciation, depletion and amortization | 95 | 94.2 | 94.6 |
Segment assets | 3,346.6 | 3,401.6 | 3,374.2 |
Capital expenditures | 93.5 | 82.3 | 86 |
Acquisition related transaction and integration costs | (0.3) | (5.1) | (4) |
Litigation expenses | (29.2) | (32.6) | 0 |
Restructuring and other items, net | 6.9 | 0 | 1.1 |
Non-operating deductions, net | (64.1) | (58.1) | (33.4) |
Income before tax and equity in earnings | $ 107.7 | 156.7 | 202.3 |
Consumer & Specialties [Member] | |||
Segment Reporting Information [Abstract] | |||
Number of product lines in segment | ProductLine | 2 | ||
Net sales | $ 1,160.2 | 1,124.6 | 962.6 |
Engineered Solutions [Member] | |||
Segment Reporting Information [Abstract] | |||
Number of product lines in segment | ProductLine | 2 | ||
Net sales | $ 1,009.7 | 1,000.9 | 895.7 |
Reportable Segments [Member] | |||
Segment Reporting Information [Abstract] | |||
Net sales | 2,169.9 | 2,125.5 | 1,858.3 |
Income from operations | 189.4 | 226.1 | 247.2 |
Depreciation, depletion and amortization | 94.9 | 94.2 | 94.6 |
Segment assets | 3,273.3 | 3,295 | 3,292.2 |
Capital expenditures | 88 | 78.3 | 82.3 |
Reportable Segments [Member] | Consumer & Specialties [Member] | |||
Segment Reporting Information [Abstract] | |||
Net sales | 1,160.2 | 1,124.6 | 962.6 |
Income from operations | 41.6 | 79 | 119.5 |
Depreciation, depletion and amortization | 47.2 | 48 | 45.1 |
Segment assets | 1,244.8 | 1,107.5 | 1,062.8 |
Capital expenditures | 56.8 | 44.3 | 55.7 |
Reportable Segments [Member] | Engineered Solutions [Member] | |||
Segment Reporting Information [Abstract] | |||
Net sales | 1,009.7 | 1,000.9 | 895.7 |
Income from operations | 147.8 | 147.1 | 127.7 |
Depreciation, depletion and amortization | 47.7 | 46.2 | 49.5 |
Segment assets | 2,028.5 | 2,187.5 | 2,229.4 |
Capital expenditures | 31.2 | 34 | 26.6 |
Reconciling Item [Member] | |||
Segment Reporting Information [Abstract] | |||
Acquisition related transaction and integration costs | (0.3) | (5.1) | (4) |
Litigation expenses | (2.4) | (1.5) | 0 |
Restructuring and other items, net | (2.8) | 0 | 0 |
Corporate [Member] | |||
Segment Reporting Information [Abstract] | |||
Segment assets | 73.3 | 106.6 | 82 |
Capital expenditures | 5.5 | 4 | 3.7 |
Unallocated corporate expenses | $ (14.9) | $ (4.7) | $ (7.5) |
Segment and Related Informati_4
Segment and Related Information, Financial Information Related to Operations by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Abstract] | |||
Net sales | $ 2,169.9 | $ 2,125.5 | $ 1,858.3 |
Long-lived assets | 2,131.4 | 2,207.1 | 2,208.2 |
Total International [Member] | |||
Segment Reporting Information [Abstract] | |||
Net sales | 1,025.9 | 989.9 | 898.7 |
Long-lived assets | 289.4 | 291.3 | 282.3 |
Reportable Geographical Components [Member] | United States [Member] | |||
Segment Reporting Information [Abstract] | |||
Net sales | 1,144 | 1,135.6 | 959.6 |
Long-lived assets | 1,842 | 1,915.8 | 1,925.9 |
Reportable Geographical Components [Member] | Canada/Latin America [Member] | |||
Segment Reporting Information [Abstract] | |||
Net sales | 150.2 | 148.3 | 99.8 |
Long-lived assets | 17.7 | 16.4 | 10.6 |
Reportable Geographical Components [Member] | Europe/Africa [Member] | |||
Segment Reporting Information [Abstract] | |||
Net sales | 525.5 | 496.8 | 441.9 |
Long-lived assets | 157 | 162.8 | 151.1 |
Reportable Geographical Components [Member] | Asia [Member] | |||
Segment Reporting Information [Abstract] | |||
Net sales | 350.2 | 344.8 | 357 |
Long-lived assets | $ 114.7 | $ 112.1 | $ 120.6 |
Segment and Related Informati_5
Segment and Related Information, Sales by Product Category (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment and Related Information [Abstract] | |||
Net sales | $ 2,169.9 | $ 2,125.5 | $ 1,858.3 |
Household & Personal Care [Member] | |||
Segment and Related Information [Abstract] | |||
Net sales | 517.6 | 476.2 | 383.7 |
Specialty Additives [Member] | |||
Segment and Related Information [Abstract] | |||
Net sales | 642.6 | 648.4 | 578.9 |
High-Temperature Technologies [Member] | |||
Segment and Related Information [Abstract] | |||
Net sales | 720.9 | 702.5 | 642.7 |
Environmental & Infrastructure [Member] | |||
Segment and Related Information [Abstract] | |||
Net sales | $ 288.8 | $ 298.4 | $ 253 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Valuation and Qualifying Accounts Disclosure [Roll Forward] | ||||
Balance at beginning of period | $ 15.1 | $ 15 | $ 15 | |
Additions charged to costs, provisions and expenses | 2.8 | 4.1 | 0.9 | |
Deductions | [1] | 2.4 | (4) | (0.9) |
Balance at end of period | $ 20.3 | $ 15.1 | $ 15 | |
[1] Includes impact of write-offs, translation of foreign currencies and reclassifications for presentation purposes. |