Minerals (MTX) 10-Q 25 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 29, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	1-11430
Entity Registrant Name	MINERALS TECHNOLOGIES INC.
Entity Central Index Key	0000891014
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1190717
Entity Address, Address Line One	622 Third Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017-6707
City Area Code	212
Local Phone Number	878-1800
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	MTX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,888,720

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) [Abstract]
Net sales	$ 524.7	$ 547.8	$ 1,600.4	$ 1,645.4
Cost of goods sold	389.5	414.7	1,185.4	1,263.6
Production margin	135.2	133.1	415	381.8
Marketing and administrative expenses	50.1	50.9	156.4	155
Research and development expenses	5.9	5.2	17.3	16.1
Provision for credit losses	0	0	30	0
Restructuring and other items, net	0	0.3	0	6.9
Impairment of assets	0	71.7	0	71.7
Acquisition-related expenses	0	0	0	0.3
Litigation expenses	2.6	12.9	8.9	26.8
Income (loss) from operations	76.6	(7.9)	202.4	105
Interest expense, net	(14)	(15.3)	(43.8)	(44)
Other non-operating income (deductions), net	(3.1)	0.6	(4.4)	(1.9)
Total non-operating deductions, net	(17.1)	(14.7)	(48.2)	(45.9)
Income (loss) before tax and equity in earnings	59.5	(22.6)	154.2	59.1
Provision (benefit) for taxes on income	13.7	(3.5)	43.2	14.5
Equity in earnings of affiliates, net of tax	1.9	1	5.2	3
Net income (loss)	47.7	(18.1)	116.2	47.6
Less: Net income attributable to non-controlling interests	1	1.1	3.1	3.2
Net income (loss) attributable to Minerals Technologies Inc.	$ 46.7	$ (19.2)	$ 113.1	$ 44.4
Earnings (loss) per share:
Basic net income (loss) attributable to Minerals Technologies Inc. (in dollars per share)	$ 1.45	$ (0.59)	$ 3.51	$ 1.37
Diluted net income (loss) attributable to Minerals Technologies Inc. (in dollars per share)	1.45	(0.59)	3.49	1.36
Cash dividends declared per common share (in dollars per share)	$ 0.1	$ 0.05	$ 0.3	$ 0.15
Shares used in computation of earnings per share:
Basic (in shares)	32.1	32.5	32.2	32.5
Diluted (in shares)	32.3	32.5	32.4	32.6

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ 47.7	$ (18.1)	$ 116.2	$ 47.6
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	24.7	(22.1)	(9.7)	(38.2)
Pension and postretirement plan adjustments	0.2	0.4	0.7	1.3
Unrealized gains (losses) on derivative instruments	(2.1)	0.7	(0.6)	(1.2)
Total other comprehensive income (loss), net of tax	22.8	(21)	(9.6)	(38.1)
Total comprehensive income (loss) including non-controlling interests	70.5	(39.1)	106.6	9.5
Comprehensive (income) loss attributable to non-controlling interests	(4.6)	0.5	(5.1)	(0.8)
Comprehensive income (loss) attributable to Minerals Technologies Inc.	$ 65.9	$ (38.6)	$ 101.5	$ 8.7

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 29, 2024	[1]	Dec. 31, 2023	[2]
Current assets:
Cash and cash equivalents	$ 317.1		$ 317.2
Short-term investments	7.4		4.3
Accounts receivable, net	412.5		399.1
Inventories	342.2		325.4
Prepaid expenses and other current assets	61.6		53
Total current assets	1,140.8		1,099
Property, plant and equipment	2,250.5		2,190.1
Less accumulated depreciation and depletion	(1,256.8)		(1,203.3)
Property, plant and equipment, net	993.7		986.8
Goodwill	914.3		913.6
Intangible assets	222.1		231
Deferred income taxes	17.8		16
Other assets and deferred charges	105.3		100.2
Total assets	3,394		3,346.6
Current liabilities:
Short-term debt	60		85.4
Current maturities of long-term debt	28.2		18
Accounts payable	189.8		188.7
Other current liabilities	186		165.2
Total current liabilities	464		457.3
Long-term debt, net of unamortized discount and deferred financing costs	894.7		911.1
Deferred income taxes	137.4		139.3
Accrued pension and post-retirement benefits	42.8		51.7
Other non-current liabilities	110.3		100.5
Total liabilities	1,649.2		1,659.9
Commitments and contingencies
Shareholders' equity:
Common stock	5		4.9
Additional paid-in capital	521		501.2
Retained earnings	2,464		2,360.6
Accumulated other comprehensive loss	(380.9)		(369.4)
Less common stock held in treasury	(903.1)		(845.3)
Total Minerals Technologies Inc. shareholders' equity	1,706		1,652
Non-controlling interests	38.8		34.7
Total shareholders' equity	1,744.8		1,686.7
Total liabilities and shareholders' equity	$ 3,394		$ 3,346.6
[1]Unaudited[2]Condensed from audited financial statements

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2024		Oct. 01, 2023
Operating Activities:
Net income	$ 116.2		$ 47.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	70.6		71.5
Impairment of assets	0		71.7
Reduction of right of use asset	10.6		10.6
Provision for credit losses	30		0
Pension funding	(11.3)		(6.3)
Other non-cash items, net	0.8		(1.1)
Net changes in operating assets and liabilities	(50.9)		(55.7)
Net cash provided by operating activities	166		138.3
Investing Activities:
Purchases of property, plant and equipment, net	(61.4)		(71)
Payments related to acquisition of business, net of cash acquired	(4)		(1.8)
Proceeds from sale of assets	0		0.2
Proceeds from sale of short-term investments	4.2		8.5
Purchases of short-term investments	(7.7)		(12)
Other investing activities	(8.7)		0.3
Net cash used in investing activities	(77.6)		(75.8)
Financing Activities:
Repayment of long-term debt	(7.2)		(11)
Repayment of short-term debt	(25.4)		(10.6)
Purchase of common stock for treasury	(57.4)		0
Proceeds from issuance of stock under option plan	13.9		0.2
Excess tax benefits related to stock incentive programs	(2.8)		(2.8)
Dividends paid to non-controlling interests	(1)		(1)
Cash dividends paid	(9.7)		(4.9)
Net cash used in financing activities	(89.6)		(30.1)
Effect of exchange rate changes on cash and cash equivalents	1.1		(11.2)
Net increase (decrease) in cash and cash equivalents	(0.1)		21.2
Cash and cash equivalents at beginning of period	317.2	[1]	247.2
Cash and cash equivalents at end of period	317.1		268.4
Supplemental disclosure of cash flow information:
Interest paid	51.5		50.3
Income taxes paid	49.8		38.1
Non-cash investing and financing activities:
Property, plant and equipment additions related to asset retirement obligations	7		0
Treasury stock purchases settled after period end	0.2		0
Excise tax charged to equity not paid	$ 0.4		$ 0
[1]Condensed from audited financial statements

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Non-controlling Interests [Member]	Total
Balance at Dec. 31, 2022	$ 4.9	$ 487.6	$ 2,284.6	$ (366.5)	$ (831.1)	$ 33.7	$ 1,613.2
Net income (loss)	0	0	37	0	0	1.1	38.1
Other comprehensive income (loss), net	0	0	0	7.7	0	0.4	8.1
Dividends declared	0	0	(1.6)	0	0	0	(1.6)
Issuance of shares pursuant to employee stock compensation plans	0	0.2	0	0	0	0	0.2
Stock-based compensation	0	2.7	0	0	0	0	2.7
Conversion of RSU's for tax withholding	0	(2.7)	0	0	0	0	(2.7)
Balance at Apr. 02, 2023	4.9	487.8	2,320	(358.8)	(831.1)	35.2	1,658
Balance at Dec. 31, 2022	4.9	487.6	2,284.6	(366.5)	(831.1)	33.7	1,613.2
Net income (loss)							47.6
Other comprehensive income (loss), net							(38.1)
Balance at Oct. 01, 2023	4.9	493.4	2,324.1	(402.2)	(831.1)	33.5	1,622.6
Balance at Apr. 02, 2023	4.9	487.8	2,320	(358.8)	(831.1)	35.2	1,658
Net income (loss)	0	0	26.6	0	0	1	27.6
Other comprehensive income (loss), net	0	0	0	(24)	0	(1.2)	(25.2)
Dividends declared	0	0	(1.7)	0	0	0	(1.7)
Stock-based compensation	0	2.8	0	0	0	0	2.8
Balance at Jul. 02, 2023	4.9	490.6	2,344.9	(382.8)	(831.1)	35	1,661.5
Net income (loss)	0	0	(19.2)	0	0	1.1	(18.1)
Other comprehensive income (loss), net	0	0	0	(19.4)	0	(1.6)	(21)
Dividends declared	0	0	(1.6)	0	0	0	(1.6)
Dividends paid to non-controlling interests	0	0	0	0	0	(1)	(1)
Stock-based compensation	0	2.8	0	0	0	0	2.8
Balance at Oct. 01, 2023	4.9	493.4	2,324.1	(402.2)	(831.1)	33.5	1,622.6
Balance at Dec. 31, 2023	4.9	501.2	2,360.6	(369.4)	(845.3)	34.7	1,686.7	[1]
Net income (loss)	0	0	46.7	0	0	0.9	47.6
Other comprehensive income (loss), net	0	0	0	(21.9)	0	(0.8)	(22.7)
Dividends declared	0	0	(3.2)	0	0	0	(3.2)
Issuance of shares pursuant to employee stock compensation plans	0.1	2.3	0	0	0	0	2.4
Purchase of common stock for treasury	0	0	0	0	(15)	0	(15)
Stock-based compensation	0	2.9	0	0	0	0	2.9
Conversion of RSU's for tax withholding	0	(2.8)	0	0	0	0	(2.8)
Balance at Mar. 31, 2024	5	503.6	2,404.1	(391.3)	(860.3)	34.8	1,695.9
Balance at Dec. 31, 2023	4.9	501.2	2,360.6	(369.4)	(845.3)	34.7	1,686.7	[1]
Net income (loss)							116.2
Other comprehensive income (loss), net				(11.5)			(9.6)
Balance at Sep. 29, 2024	5	521	2,464	(380.9)	(903.1)	38.8	1,744.8	[2]
Balance at Mar. 31, 2024	5	503.6	2,404.1	(391.3)	(860.3)	34.8	1,695.9
Net income (loss)	0	0	19.7	0	0	1.2	20.9
Other comprehensive income (loss), net	0	0	0	(8.9)	0	(0.7)	(9.6)
Dividends declared	0	0	(3.3)	0	0	0	(3.3)
Dividends paid to non-controlling interests	0	0	0	0	0	(0.4)	(0.4)
Issuance of shares pursuant to employee stock compensation plans	0	10.7	0	0	0	0	10.7
Purchase of common stock for treasury	0	0	0	0	(19.7)	0	(19.7)
Stock-based compensation	0	3	0	0	0	0	3
Balance at Jun. 30, 2024	5	517.3	2,420.5	(400.2)	(880)	34.9	1,697.5
Net income (loss)	0	0	46.7	0	0	1	47.7
Other comprehensive income (loss), net	0	0	0	19.3	0	3.5	22.8
Dividends declared	0	0	(3.2)	0	0	0	(3.2)
Dividends paid to non-controlling interests	0	0	0	0	0	(0.6)	(0.6)
Issuance of shares pursuant to employee stock compensation plans	0	0.8	0	0	0	0	0.8
Purchase of common stock for treasury	0	0	0	0	(23.1)	0	(23.1)
Stock-based compensation	0	2.9	0	0	0	0	2.9
Balance at Sep. 29, 2024	$ 5	$ 521	$ 2,464	$ (380.9)	$ (903.1)	$ 38.8	$ 1,744.8	[2]
[1]Condensed from audited financial statements[2]Unaudited

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 29, 2024
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by management of Minerals Technologies Inc. (the “Company”, “MTI”, “we”, or “us”) in accordance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three-month and nine-month periods ended September 29, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Company Operations 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, food and pharmaceutical, paper, packaging, automotive, construction, and environmental. The Company has two reportable segments: Consumer & Specialties and Engineered Solutions. – 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 p aper, 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 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. Use of Estimates The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances, contingent liabilities, provision for credit losses, and pension plan assumptions. Actual results could differ from those estimates. Allowance for Credit Losses The allowance for credit losses (ACL) is management's estimate of the current expected credit losses at the balance sheet date. Our credit exposure includes an unfunded loan commitment. For this exposure, we recognized an ACL associated with the unfunded amount, which is reported as a liability in accrued expenses and other current liabilities on our consolidated balance sheet. 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 2023-07, “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 fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2023. 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 2023-09, “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 annual periods beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 29, 2024
Revenue from Contracts with Customers [Abstract]
Revenue from Contracts with Customers	Note 2. Revenue from Contracts with Customers The following table disaggregates our revenue by major source (product line) for the three and nine-month periods ended September 29, 2024 and October 1, 2023: (in millions of dollars) Three Months Ended Nine Months Ended Net Sales Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Household & Personal Care $ 130.9 $ 128.9 $ 396.1 $ 383.6 Specialty Additives 149.4 162.3 465.4 495.2 Consumer & Specialties Segment 280.3 291.2 861.5 878.8 High-Temperature Technologies 174.8 177.4 536.8 538.6 Environmental & Infrastructure 69.6 79.2 202.1 228.0 Engineered Solutions Segment 244.4 256.6 738.9 766.6 Total $ 524.7 $ 547.8 $ 1,600.4 $ 1,645.4

Acquisitions

Acquisitions	9 Months Ended
	Sep. 29, 2024
Acquisitions [Abstract]
Acquisitions	Note 3. Acquisitions 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 2024, an additional $4.0 million was paid, which represents the final hold back consideration. The results of Concept Pet are included within our Household & Personal Care product line in The Company recorded no acquisition related transaction and integration costs in the three month period ended October 1, 2023 and $

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 29, 2024
Earnings (Loss) per Share [Abstract]
Earnings (Loss) per Share	Note 4. Earnings (Loss) per Share (EPS) Basic earnings (loss) per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share are based upon the weighted average number of common shares outstanding during the period, assuming the issuance of common shares for all potentially dilutive common shares outstanding. The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended Nine Months Ended (in millions of dollars, except per share data) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Net income (loss) attributable to Minerals Technologies Inc. $ 46.7 $ (19.2 ) $ 113.1 $ 44.4 Weighted average shares outstanding 32.1 32.5 32.2 32.5 Dilutive effect of stock options and deferred restricted stock units 0.2 — 0.2 0.1 Weighted average shares outstanding, adjusted 32.3 32.5 32.4 32.6 Basic earnings (loss) per share attributable to Minerals Technologies Inc. $ 1.45 $ (0.59 ) $ 3.51 $ 1.37 Diluted earnings (loss) per share attributable to Minerals Technologies Inc. $ 1.45 $ (0.59 ) $ 3.49 $ 1.36 Of the options outstanding of 1,466,366 and 1,604,217 for the three-month and nine-month periods ended September 29, 2024 and October 1, 2023, respectively, options to purchase 660,373 shares and 1,285,619 shares of common stock for the three-month and nine-month periods ending September 29, 2024 and October 1, 2023, respectively, were not included in the computation of diluted earnings (loss) per share because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of the common shares.

Restructuring and Other Items,

Restructuring and Other Items, net	9 Months Ended
	Sep. 29, 2024
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 BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) ("Oldco") and Barretts Ventures Texas LLC ("BVT") 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 Oldco's liabilities associated with the talc claims. See Note 13 to the Condensed Consolidated Financial Statements for further information. In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline its cost structure as a result of organizational efficiencies gained through the Company's resegmentation in the first quarter of 2023. 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. The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segment they relate to: Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Asset Write-Downs Consumer & Specialties $ — $ 71.7 $ — $ 71.7 Total asset write-down charges $ — $ 71.7 $ — $ 71.7 Severance and other costs Consumer & Specialties $ — $ 0.3 $ — $ 0.9 Engineered Solutions — — — 3.2 Corporate — — — 2.8 Total severance and other employee costs $ — $ 0.3 $ — $ 6.9 Total restructuring and other items, net $ — $ 72.0 $ — $ 78.6 At September 29, 2024, the Company had $2.5 million included within other current liabilities in the Condensed Consolidated Balance Sheet for cash expenditures needed to satisfy remaining obligations under workforce reduction initiatives. The Company expects to pay these amounts within the next twelve months. The following table is a reconciliation of our restructuring liability balance as of September 29, 2024: (in millions of dollars) Restructuring liability, December 31, 2023 $ 3.8 Cash payments (1.3 ) Restructuring liability, September 29, 2024 $ 2.5

Income Taxes

Income Taxes	9 Months Ended
	Sep. 29, 2024
Income Taxes [Abstract]
Income Taxes	Note 6. Income Taxes Provision for taxes was $13.7 million and $43.2 million during the three-month and nine-month periods ended September 29, 2024. Provision (benefit) for taxes was $(3.5) million and $14.5 million during the three-month and nine-month periods ended October 1, 2023. The effective tax rate was 23.0% for the three-month period ended September 29, 2024, as compared with a tax benefit for the three-month period ended October 1, 2023 due to non-cash impairment of assets in the prior year. The effective tax rate was 28.0% for the nine-month period ended September 29, 2024, as compared with 24.5% for the nine-month period ended October 1, 2023. The higher tax rate for the current year was primarily due to the expected credit loss in connection with the Debtor-in-Possession Credit Agreement that the Company entered into with its subsidiary Oldco (see Note 13 to the Condensed Consolidated Financial Statements). Such credit loss is not currently deductible as the loans under such agreement are treated as an equity contribution for tax purposes. The current expected credit loss may become fully deductible in a future period. The timing of such deductibility is dependent on developments in the bankruptcy proceedings. As of September 29, 2024, the Company had approximately $3.0 million of total unrecognized income tax benefits. Included in this amount were a total of $2.2 million of unrecognized income tax benefits that, if recognized, would affect the Company’s effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, the Company does not expect the change to have a significant impact on the results of operations or the financial position of the Company. The Company’s accounting policy is to recognize interest and penalties accrued relating to unrecognized income tax or benefit as part of its provision for income taxes. The Company had a net addition of approximately $0.1 million during the three-month period ended September 29, 2024 and had an accrued balance of $0.7 million of interest and penalties as of September 29, 2024. 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 2017. In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released the Pillar Two Model Rules which aim to reform international corporate taxation rules, including the implementation of a global minimum tax rate. The Company began implementation of the Pillar Two Model Rules in the first quarter of 2024. The Company continues to assess the rules in all jurisdictions and does not anticipate a material impact to its financial statements.

Inventories

Inventories	9 Months Ended
	Sep. 29, 2024
Inventories [Abstract]
Inventories	Note 7. Inventories The following is a summary of inventories by major category: (in millions of dollars) Sep. 29, 2024 Dec. 31, 2023 Raw materials $ 166.1 $ 144.3 Work-in-process 12.6 11.7 Finished goods 107.5 113.5 Packaging and supplies 56.0 55.9 Total inventories $ 342.2 $ 325.4

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 29, 2024
Goodwill and Other Intangible Assets [Abstract]
Goodwill and Other Intangible Assets	Note 8. Goodwill and Other Intangible Assets Goodwill and other intangible assets with indefinite lives are not amortized, but instead are assessed for impairment, at least annually. The carrying amount of goodwill was $914.3 million and $913.6 million as of September 29, 2024 and December 31, 2023, respectively. The net change in goodwill from December 31, 2023 to September 29, 2024 is attributable to the effects of foreign exchange. Acquired intangible assets subject to amortization as of September 29, 2024 and December 31, 2023 were as follows: Sep. 29, 2024 Dec. 31, 2023 (in millions of dollars) Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Tradenames 34 $ 221.4 $ 62.8 $ 221.5 $ 59.1 Technology 13 18.8 15.0 18.8 14.2 Patents and trademarks 19 6.4 6.4 6.4 6.4 Customer relationships 21 79.1 19.4 79.0 15.0 29 $ 325.7 $ 103.6 $ 325.7 $ 94.7 The weighted average amortization period for acquired intangible assets subject to amortization is approximately 29 years. Estimated amortization expense is $3.0 million for the remainder of 2024, $46.0 million for 2025–2028 and $173.1 million thereafter.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 29, 2024
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	Note 9. Derivative Financial Instruments As a multinational corporation with operations throughout the world, the Company is exposed to certain market risks. The Company uses a variety of practices to manage these market risks, including, when considered appropriate, derivative financial instruments. The Company’s objective is to offset gains and losses resulting from interest rate 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 2023, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this swap is a liability of $0.9 million at September 29, 2024 and is recorded in other non-current liabilities on the Condensed Consolidated Balance Sheet. This interest rate swap is designated as a cash flow hedge. As a result, the gains and losses associated with this interest rate swap are recorded in accumulated other comprehensive income (loss). Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows: ● Market approach - prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. ● Cost approach - amount that would be required to replace the service capacity of an asset or replacement cost. ● Income approach - techniques to convert future amounts to a single present amount based on market expectations, including present value techniques, option-pricing and other models. The Company primarily applies the income approach for interest rate derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value of our interest rate and cross currency rate swap contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets and are categorized as Level 2.

Long-Term Debt and Commitments

Long-Term Debt and Commitments	9 Months Ended
	Sep. 29, 2024
Long-Term Debt and Commitments [Abstract]
Long-Term Debt and Commitments	Note 10. Long-Term Debt and Commitments The following is a summary of long-term debt: ( in millions of dollars) Sep. 29, 2024 Dec. 31, 2023 Secured Credit Agreement: Term Loan due 2027 1.9 2.6 $ 524.0 $ 530.4 Senior Notes: 5.00 2028 3.4 4.1 396.6 396.1 Other debt 2.3 2.6 Total 922.9 929.1 Less: Current maturities 28.2 18.0 Total long-term debt $ 894.7 $ 911.1 On August 11, 2022, the Company entered into a Refinancing Facility Agreement (the “Amendment”) to amend the Company’s previous credit agreement (the “Previous Credit Agreement”; the previous credit agreement, as amended by the Amendment, being the “Amended Credit Agreement”). The Amendment provides for, among other things, a new senior secured revolving credit facility with aggregate commitments of $300 million (the “Revolving Facility”), a portion of which may be used for the issuance of letters of credit and swingline loans, and a new senior secured term loan facility with aggregate commitments of $550 million (the “Term Loan Facility” and, together with the Revolving Facility, the “Senior Secured Credit Facilities”). The Revolving Facility and the Term Loan Facility replaced the facilities under the Previous Credit Agreement, which provided for, among other things, a $788 million senior secured floating rate term loan facility and a $300 million senior secured revolving credit facility. The maturity date for loans under the Senior Secured Credit Facilities is August 11, 2027. Loans under the will bear interest at a rate equal to, at the election of the Company, Term SOFR plus a credit spread adjustment equal to plus an applicable margin equal to per annum or a base rate plus an applicable margin equal to per annum, subject in each case to (a) an increase of basis points in the event that, and for so long as, the net leverage ratio (as defined in the Amended Credit Agreement) is greater than or equal to to 1.00 as of the last day of the preceding fiscal quarter, (b) a decrease of basis points in the event that, and for so long as, the net leverage ratio is less than to 1.00 and greater than or equal to to 1.00 as of the last day of the preceding fiscal quarter and (c) an decrease of basis points in the event that, and for so long as, the net leverage ratio is less than to 1.00 as of the last day of the preceding fiscal quarter. The Company will pay certain fees under the Amended Credit Agreement, including (a) a commitment fee of per annum on the undrawn portion of the Revolving Facility (subject to a step-up to and step-downs to and at the same levels described above), (b) a fronting fee of per annum on the average daily undrawn amount of, plus unreimbursed amounts in respect of disbursements under, letters of credit issued under the Revolving Facility and (c) customary annual administration fees. The obligations of the Company under the are unconditionally guaranteed jointly and severally by, subject to certain exceptions, all material domestic subsidiaries of the Company (the “Guarantors”) and secured, subject to certain exceptions, by a security interest in substantially all of the tangible and intangible assets of the Company and the Guarantors. In the third quarter of 2023, the Company's subsidiaries Oldco and BVT were removed as borrowers under, and Guarantors of, the Senior Secured Credit Facilities. As of September 29, 2024, there were $60.0 million in loans and $9.2 million in letters of credit outstanding under the Revolving Facility. On , the Company issued $ million aggregate principal amount of Senior Notes due (the “Notes”). The Notes were issued pursuant to an indenture, dated as of , between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Indenture”). The Notes bear an interest rate of per annum payable semi-annually on and of each year, beginning on . The Notes are unconditionally guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly owned domestic restricted subsidiaries that is a borrower under or that guarantees the Company’s obligations under its Senior Secured Credit Facilities or that guarantees the Company’s or any of the Company’s wholly owned domestic subsidiaries’ long-term indebtedness in an aggregate amount in excess of $ million. In the quarter of , the Company’s subsidiaries Oldco and BVT were removed as guarantors of the Notes. 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 as well as customary events of default as of the last day of any fiscal quarter, The Company has a committed loan facility in Japan. As of September 29, 2024, $1.1 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.1 million on this facility during 2024. As part of the acquisition of Concept Pet Heimtierprodukte GmbH ("Concept Pet") in 2022, 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 $0.1 million on these loans during 2024. As of September 29, 2024, the Company had $25.5 million in uncommitted short-term bank credit lines, of which none were in use.

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 29, 2024
Benefit Plans [Abstract]
Benefit Plans	Note 11. Benefit Plans The Company and its subsidiaries have pension plans covering the majority of its eligible employees on a contributory or non-contributory basis. The Company also provides postretirement health care and life insurance benefits for the majority of its eligible U.S. retired employees. Disclosures for the U.S. plans have been combined with those outside of the U.S. as the international plans do not have significantly different assumptions, and together represent less than 21% of our total benefit obligation. Components of Net Periodic Benefit Cost Pension Benefits Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Service cost $ 1.0 $ 1.2 $ 3.3 $ 3.5 Interest cost 4.0 4.0 12.0 11.9 Expected return on plan assets (5.0 ) (4.7 ) (14.9 ) (13.8 ) Amortization: Prior service cost — — — 0.1 Recognized net actuarial loss 0.4 0.7 1.2 1.9 Net periodic benefit cost $ 0.4 $ 1.2 $ 1.6 $ 3.6 Post-Retirement Benefits Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Service cost $ — $ — $ — $ — Interest cost — 0.1 — 0.1 Amortization: Recognized net actuarial gain (0.1 ) (0.1 ) (0.3 ) (0.3 ) Net periodic benefit cost $ (0.1 ) $ — $ (0.3 ) $ (0.2 ) Amortization amounts of prior service costs and recognized net actuarial losses are recorded, net of tax, as increases to accumulated other comprehensive income. The Company expects to contribute approximately $12.0 million to its pension plans and $0.1 million to its other postretirement benefit plans in 2024. As of September 29, 2024, $11.3 million has been contributed to the pension plans and no contributions have been made to the other postretirement benefit plans.

Comprehensive Income

Comprehensive Income	9 Months Ended
	Sep. 29, 2024
Comprehensive Income [Abstract]
Comprehensive Income	Note 12. Comprehensive Income The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company: Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Amortization of pension items: Pre-tax amount $ 0.3 $ 0.6 $ 0.9 $ 1.7 Tax (0.1 ) (0.2 ) (0.2 ) (0.4 ) Net of tax $ 0.2 $ 0.4 $ 0.7 $ 1.3 The pre-tax amounts in the table above are included within the components of net periodic pension benefit cost (see Note 11 to the Condensed Consolidated Financial Statements) and the tax amounts are included within the provision for taxes on income line within the Condensed Consolidated Statements of Income. The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows: (in millions of dollars) Foreign Currency Translation Adjustment Unrecognized Pension Costs Net Gain (Loss) on Derivative Instruments Total Balance as of December 31, 2023 $ (350.9 ) $ (28.8 ) $ 10.3 $ (369.4 ) Other comprehensive income (loss) before reclassifications (11.6 ) — (0.6 ) (12.2 ) Amounts reclassified from AOCI — 0.7 — 0.7 Net current period other comprehensive income (loss) (11.6 ) 0.7 (0.6 ) (11.5 ) Balance as of September 29, 2024 $ (362.5 ) $ (28.1 ) $ 9.7 $ (380.9 )

Contingencies

Contingencies	9 Months Ended
	Sep. 29, 2024
Contingencies [Abstract]
Contingencies	Note 13. Contingencies The Company is party to a number of lawsuits arising in the normal course of our business. The Company and certain of the Company’s subsidiaries are among numerous defendants in a number of cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by the Company’s subsidiary . On October 2, 2023 (the “Petition Date”), notwithstanding the Company’s confidence in the safety of Oldco’s talc products, the Company’s subsidiaries, Oldco and Barretts Ventures Texas LLC ("BVT" and, together with Oldco, the “Chapter 11 Debtors”), filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Chapter 11 Cases”) to address and comprehensively resolve Oldco’s liabilities associated with talc. Minerals Technologies Inc. and the Company’s other subsidiaries were not included in the Chapter 11 filing. The Chapter 11 Debtors’ 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 of the Bankruptcy Code to establish a trust that will address all current and future talc-related claims. In January 2024, the Chapter 11 Debtors and Minerals Technologies Inc. commenced a court-approved mediation process with the Official Committee of Unsecured Creditors (appointed in the Chapter 11 Cases as the representative of current talc claimants) (the “Committee”) and the Future Claimants Representative (appointed in the Chapter 11 Cases as the representative of future talc claimants) regarding the terms of a potential consensual plan of reorganization and the ultimate amount to be contributed to any trust. The mediation process is ongoing, and was recently extended through December 11, 2024 (subject to further extensions). As of , we had open cases related to certain talc products previously sold by Oldco, which is an increase in volume from previous years. The following table details case activity related to talc products previously sold by Oldco: Three Months Ended Nine Months Ended (number of claims) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Claims pending, beginning of period 638 507 574 439 Claims filed 39 60 118 181 Claims dismissed, settled or otherwise resolved 14 5 29 58 Claims pending, end of period 663 562 663 562 During the pendency of the Chapter 11 Cases, the Company anticipates that the Chapter 11 Debtors will benefit from the operation of the automatic stay, which stays ongoing litigation in connection with talc-related claims against the Chapter 11 Debtors. In addition, subject to certain exceptions, the filing or continued prosecution of all talc-related claims against the Chapter 11 Debtors’ non-debtor affiliates is temporarily stayed through December 11, 2024 (subject to further extensions), the date on which a hearing is scheduled on the status of the Chapter 11 Cases. 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 Oldco 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. ("Pfizer") 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 (subject to certain exceptions), 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. On May 22, 2024, Pfizer filed a motion in the Chapter 11 Cases seeking permission to file a lawsuit against the Company related to the 1992 agreement. That motion has been adjourned, and Pfizer and the Company have agreed to mediate their disputes. The Company continues to receive information from Pfizer 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, Oldco opportunistically settled certain talc-related cases in 2022 and 2023. None of such settlements have been material to the Company. In the second quarter of 2024, Oldco sold its talc assets under section 363 of the Bankruptcy Code. In addition, in the second quarter of 2024, the Company entered into a Debtor-in-Possession Credit Agreement with Oldco (the “DIP Credit Agreement”) and recorded a provision for credit loss of $30 million for the maximum principal amount under such Credit Agreement. Proceeds of the sale of Oldco’s talc assets and funds drawn by Oldco under the DIP Credit Agreement will be used to fund the Chapter 11 Cases. Following the Chapter 11 filing, the activities of the Chapter 11 Debtors are now subject to review and oversight by the bankruptcy court. As a result, the Chapter 11 Debtors were deconsolidated as of the Petition Date, and their assets and liabilities were derecognized from the Company’s consolidated financial statements on a prospective basis. On June 25, 2024, the Committee filed a motion to dismiss the Chapter 11 Cases. A hearing on the motion to dismiss, which has been adjourned three times while the parties continue to explore a consensual resolution of issues through the court-approved mediation process, is scheduled to commence on December 10, 2024 (subject to further adjournments). The Chapter 11 Cases remain pending. 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 how the Bankruptcy Court will rule on the pending motion to dismiss, 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 the Chapter 11 Debtors, taking into account the portion of such hypothetical claims that may be subject to indemnification by Pfizer, as well as the inability to estimate the amount that may be necessary to fully and finally resolve all of the Chapter 11 Debtors’ 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. While possible losses associated with future talc claims are not reasonably estimable at this time based on our current knowledge, in light of the uncertainties involved in such matters, the resolution of, or recognition of additional liabilities in connection with, current or future talc claims could have a material adverse effect on the Company’s results of operations, cash flows and financial condition.

Segment and Related Information

Segment and Related Information	9 Months Ended
	Sep. 29, 2024
Segment and Related Information [Abstract]
Segment and Related Information	Note 14. Segment and Related Information The Company has two reportable segments: Consumer & Specialties and Engineered Solutions. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and nine-month periods ended September 29, 2024 and October 1, 2023 is as follows: Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Net Sales Consumer & Specialties $ 280.3 $ 291.2 $ 861.5 $ 878.8 Engineered Solutions 244.4 256.6 738.9 766.6 Total $ 524.7 $ 547.8 $ 1,600.4 $ 1,645.4 Income (loss) from Operations Consumer & Specialties $ 41.7 $ (46.6 ) $ 127.6 $ 5.0 Engineered Solutions 38.8 40.6 122.0 111.1 Total $ 80.5 $ (6.0 ) $ 249.6 $ 116.1 A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows: Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Income (loss) from operations for reportable segments $ 80.5 $ (6.0 ) $ 249.6 $ 116.1 Provision for credit losses — — (30.0 ) — Restructuring and other items, net — — — (2.8 ) Acquisition-related expenses — — — (0.3 ) Litigation expenses (2.6 ) — (8.9 ) — Unallocated and other corporate expenses (1.3 ) (1.9 ) (8.3 ) (8.0 ) Consolidated income (loss) from operations 76.6 (7.9 ) 202.4 105.0 Non-operating deductions, net (17.1 ) (14.7 ) (48.2 ) (45.9 ) Income (loss) before tax and equity in earnings $ 59.5 $ (22.6 ) $ 154.2 $ 59.1 The Company’s sales by product category are as follows: Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Household & Personal Care $ 130.9 $ 128.9 $ 396.1 $ 383.6 Specialty Additives 149.4 162.3 465.4 495.2 High-Temperature Technologies 174.8 177.4 536.8 538.6 Environmental & Infrastructure 69.6 79.2 202.1 228.0 Total $ 524.7 $ 547.8 $ 1,600.4 $ 1,645.4

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 29, 2024
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

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 29, 2024
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances, contingent liabilities, provision for credit losses, and pension plan assumptions. Actual results could differ from those estimates.
Allowance for Credit Losses	Allowance for Credit Losses The allowance for credit losses (ACL) is management's estimate of the current expected credit losses at the balance sheet date. Our credit exposure includes an unfunded loan commitment. For this exposure, we recognized an ACL associated with the unfunded amount, which is reported as a liability in accrued expenses and other current liabilities on our consolidated balance sheet.
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 2023-07, “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 fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2023. 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 2023-09, “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 annual periods beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial statements.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 29, 2024
Revenue from Contracts with Customers [Abstract]
Disaggregation of Revenue by Major Source	The following table disaggregates our revenue by major source (product line) for the three and nine-month periods ended September 29, 2024 and October 1, 2023: (in millions of dollars) Three Months Ended Nine Months Ended Net Sales Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Household & Personal Care $ 130.9 $ 128.9 $ 396.1 $ 383.6 Specialty Additives 149.4 162.3 465.4 495.2 Consumer & Specialties Segment 280.3 291.2 861.5 878.8 High-Temperature Technologies 174.8 177.4 536.8 538.6 Environmental & Infrastructure 69.6 79.2 202.1 228.0 Engineered Solutions Segment 244.4 256.6 738.9 766.6 Total $ 524.7 $ 547.8 $ 1,600.4 $ 1,645.4

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 29, 2024
Earnings (Loss) per Share [Abstract]
Computation of Basic and Diluted Earnings (Loss) per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended Nine Months Ended (in millions of dollars, except per share data) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Net income (loss) attributable to Minerals Technologies Inc. $ 46.7 $ (19.2 ) $ 113.1 $ 44.4 Weighted average shares outstanding 32.1 32.5 32.2 32.5 Dilutive effect of stock options and deferred restricted stock units 0.2 — 0.2 0.1 Weighted average shares outstanding, adjusted 32.3 32.5 32.4 32.6 Basic earnings (loss) per share attributable to Minerals Technologies Inc. $ 1.45 $ (0.59 ) $ 3.51 $ 1.37 Diluted earnings (loss) per share attributable to Minerals Technologies Inc. $ 1.45 $ (0.59 ) $ 3.49 $ 1.36

Restructuring and Other Items_2

Restructuring and Other Items, net (Tables)	9 Months Ended
	Sep. 29, 2024
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 segment they relate to: Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Asset Write-Downs Consumer & Specialties $ — $ 71.7 $ — $ 71.7 Total asset write-down charges $ — $ 71.7 $ — $ 71.7 Severance and other costs Consumer & Specialties $ — $ 0.3 $ — $ 0.9 Engineered Solutions — — — 3.2 Corporate — — — 2.8 Total severance and other employee costs $ — $ 0.3 $ — $ 6.9 Total restructuring and other items, net $ — $ 72.0 $ — $ 78.6
Reconciliation of Restructuring Liability	The following table is a reconciliation of our restructuring liability balance as of September 29, 2024: (in millions of dollars) Restructuring liability, December 31, 2023 $ 3.8 Cash payments (1.3 ) Restructuring liability, September 29, 2024 $ 2.5

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 29, 2024
Inventories [Abstract]
Inventories by Major Category	The following is a summary of inventories by major category: (in millions of dollars) Sep. 29, 2024 Dec. 31, 2023 Raw materials $ 166.1 $ 144.3 Work-in-process 12.6 11.7 Finished goods 107.5 113.5 Packaging and supplies 56.0 55.9 Total inventories $ 342.2 $ 325.4

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 29, 2024
Goodwill and Other Intangible Assets [Abstract]
Intangible Assets Subject to Amortization	Acquired intangible assets subject to amortization as of September 29, 2024 and December 31, 2023 were as follows: Sep. 29, 2024 Dec. 31, 2023 (in millions of dollars) Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Tradenames 34 $ 221.4 $ 62.8 $ 221.5 $ 59.1 Technology 13 18.8 15.0 18.8 14.2 Patents and trademarks 19 6.4 6.4 6.4 6.4 Customer relationships 21 79.1 19.4 79.0 15.0 29 $ 325.7 $ 103.6 $ 325.7 $ 94.7

Long-Term Debt and Commitments

Long-Term Debt and Commitments (Tables)	9 Months Ended
	Sep. 29, 2024
Long-Term Debt and Commitments [Abstract]
Long Term Debt	The following is a summary of long-term debt: ( in millions of dollars) Sep. 29, 2024 Dec. 31, 2023 Secured Credit Agreement: Term Loan due 2027 1.9 2.6 $ 524.0 $ 530.4 Senior Notes: 5.00 2028 3.4 4.1 396.6 396.1 Other debt 2.3 2.6 Total 922.9 929.1 Less: Current maturities 28.2 18.0 Total long-term debt $ 894.7 $ 911.1

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 29, 2024
Benefit Plans [Abstract]
Net Periodic Benefit Cost	Components of Net Periodic Benefit Cost Pension Benefits Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Service cost $ 1.0 $ 1.2 $ 3.3 $ 3.5 Interest cost 4.0 4.0 12.0 11.9 Expected return on plan assets (5.0 ) (4.7 ) (14.9 ) (13.8 ) Amortization: Prior service cost — — — 0.1 Recognized net actuarial loss 0.4 0.7 1.2 1.9 Net periodic benefit cost $ 0.4 $ 1.2 $ 1.6 $ 3.6 Post-Retirement Benefits Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Service cost $ — $ — $ — $ — Interest cost — 0.1 — 0.1 Amortization: Recognized net actuarial gain (0.1 ) (0.1 ) (0.3 ) (0.3 ) Net periodic benefit cost $ (0.1 ) $ — $ (0.3 ) $ (0.2 )

Comprehensive Income (Tables)

Comprehensive Income (Tables)	9 Months Ended
	Sep. 29, 2024
Comprehensive Income [Abstract]
Reclassifications Out of Accumulated Other Comprehensive Loss	The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company: Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Amortization of pension items: Pre-tax amount $ 0.3 $ 0.6 $ 0.9 $ 1.7 Tax (0.1 ) (0.2 ) (0.2 ) (0.4 ) Net of tax $ 0.2 $ 0.4 $ 0.7 $ 1.3
Accumulated Other Comprehensive Loss	The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows: (in millions of dollars) Foreign Currency Translation Adjustment Unrecognized Pension Costs Net Gain (Loss) on Derivative Instruments Total Balance as of December 31, 2023 $ (350.9 ) $ (28.8 ) $ 10.3 $ (369.4 ) Other comprehensive income (loss) before reclassifications (11.6 ) — (0.6 ) (12.2 ) Amounts reclassified from AOCI — 0.7 — 0.7 Net current period other comprehensive income (loss) (11.6 ) 0.7 (0.6 ) (11.5 ) Balance as of September 29, 2024 $ (362.5 ) $ (28.1 ) $ 9.7 $ (380.9 )

Contingencies (Tables)

Contingencies (Tables)	9 Months Ended
	Sep. 29, 2024
Contingencies [Abstract]
Case Activity Related to Talc Products Previously Sold by Oldco	As of , we had open cases related to certain talc products previously sold by Oldco, which is an increase in volume from previous years. The following table details case activity related to talc products previously sold by Oldco: Three Months Ended Nine Months Ended (number of claims) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Claims pending, beginning of period 638 507 574 439 Claims filed 39 60 118 181 Claims dismissed, settled or otherwise resolved 14 5 29 58 Claims pending, end of period 663 562 663 562

Segment and Related Informati_2

Segment and Related Information (Tables)	9 Months Ended
	Sep. 29, 2024
Segment and Related Information [Abstract]
Segment Information	The Company has two reportable segments: Consumer & Specialties and Engineered Solutions. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and nine-month periods ended September 29, 2024 and October 1, 2023 is as follows: Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Net Sales Consumer & Specialties $ 280.3 $ 291.2 $ 861.5 $ 878.8 Engineered Solutions 244.4 256.6 738.9 766.6 Total $ 524.7 $ 547.8 $ 1,600.4 $ 1,645.4 Income (loss) from Operations Consumer & Specialties $ 41.7 $ (46.6 ) $ 127.6 $ 5.0 Engineered Solutions 38.8 40.6 122.0 111.1 Total $ 80.5 $ (6.0 ) $ 249.6 $ 116.1
Reconciliation of Income (Loss) from Operations	A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows: Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Income (loss) from operations for reportable segments $ 80.5 $ (6.0 ) $ 249.6 $ 116.1 Provision for credit losses — — (30.0 ) — Restructuring and other items, net — — — (2.8 ) Acquisition-related expenses — — — (0.3 ) Litigation expenses (2.6 ) — (8.9 ) — Unallocated and other corporate expenses (1.3 ) (1.9 ) (8.3 ) (8.0 ) Consolidated income (loss) from operations 76.6 (7.9 ) 202.4 105.0 Non-operating deductions, net (17.1 ) (14.7 ) (48.2 ) (45.9 ) Income (loss) before tax and equity in earnings $ 59.5 $ (22.6 ) $ 154.2 $ 59.1
Sales by Product Category	The Company’s sales by product category are as follows: Three Months Ended Nine Months Ended (in millions of dollars) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Household & Personal Care $ 130.9 $ 128.9 $ 396.1 $ 383.6 Specialty Additives 149.4 162.3 465.4 495.2 High-Temperature Technologies 174.8 177.4 536.8 538.6 Environmental & Infrastructure 69.6 79.2 202.1 228.0 Total $ 524.7 $ 547.8 $ 1,600.4 $ 1,645.4

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 29, 2024 ProductLine Segment
Company Operations [Abstract]
Number of reportable segments | Segment	2
Consumer & Specialties [Member]
Company Operations [Abstract]
Number of product lines in segment	2
Engineered Solutions [Member]
Company Operations [Abstract]
Number of product lines in segment	2

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Revenue from Contracts with Customers [Abstract]
Net sales	$ 524.7	$ 547.8	$ 1,600.4	$ 1,645.4
Household & Personal Care [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	130.9	128.9	396.1	383.6
Specialty Additives [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	149.4	162.3	465.4	495.2
High-Temperature Technologies [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	174.8	177.4	536.8	538.6
Environmental & Infrastructure [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	69.6	79.2	202.1	228
Consumer & Specialties [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	280.3	291.2	861.5	878.8
Consumer & Specialties [Member] | Household & Personal Care [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	130.9	128.9	396.1	383.6
Consumer & Specialties [Member] | Specialty Additives [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	149.4	162.3	465.4	495.2
Engineered Solutions [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	244.4	256.6	738.9	766.6
Engineered Solutions [Member] | High-Temperature Technologies [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	174.8	177.4	536.8	538.6
Engineered Solutions [Member] | Environmental & Infrastructure [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	$ 69.6	$ 79.2	$ 202.1	$ 228

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
	Apr. 29, 2022	Sep. 29, 2024	Jun. 30, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Acquisitions [Abstract]
Payments related to acquisition of business, net of cash acquired					$ 4	$ 1.8
Acquisition-related expenses		$ 0		$ 0	0	0.3
Concept Pet [Member]
Acquisitions [Abstract]
Purchase price	$ 28
Payments related to acquisition of business, net of cash acquired	$ 22.4		$ 4
Acquisition-related expenses		$ 0		$ 0	$ 0	$ 0.3

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Earnings (Loss) per Share [Abstract]
Net income (loss) attributable to Minerals Technologies Inc.	$ 46.7	$ (19.2)	$ 113.1	$ 44.4
Weighted average shares outstanding (in shares)	32,100,000	32,500,000	32,200,000	32,500,000
Dilutive effect of stock options and deferred restricted stock units (in shares)	200,000	0	200,000	100,000
Weighted average shares outstanding, adjusted (in shares)	32,300,000	32,500,000	32,400,000	32,600,000
Basic earnings (loss) per share attributable to Minerals Technologies Inc. (in dollars per share)	$ 1.45	$ (0.59)	$ 3.51	$ 1.37
Diluted earnings (loss) per share attributable to Minerals Technologies Inc. (in dollars per share)	$ 1.45	$ (0.59)	$ 3.49	$ 1.36
Stock Options [Member]
Earnings (Loss) per Share [Abstract]
Options outstanding (in shares)	1,466,366	1,604,217	1,466,366	1,604,217
Anti-dilutive securities not included in computation of diluted earnings per share (in shares)	660,373	1,285,619	660,373	1,285,619

Restructuring and Other Items_3

Restructuring and Other Items, net (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Jul. 02, 2023	Sep. 29, 2024	Oct. 01, 2023
Restructuring and Other Items, net [Abstract]
Asset write-down charges	$ 0	$ 71.7		$ 0	$ 71.7
Severance and other employee costs	0	0.3		0	6.9
Total restructuring and other items, net	0	72		0	78.6
Restructuring and other items, net			$ 6.6
Restructuring Liability [Roll Forward]
Restructuring liability, beginning of period				3.8
Cash payments				(1.3)
Restructuring liability, end of period	2.5			2.5
Other Current Liabilities [Member]
Restructuring and Other Items, net [Abstract]
Restructuring liability	2.5			2.5
Corporate [Member]
Restructuring and Other Items, net [Abstract]
Severance and other employee costs	0	0		0	2.8
Consumer & Specialties [Member]
Restructuring and Other Items, net [Abstract]
Asset write-down charges	0	71.7		0	71.7
Severance and other employee costs	0	0.3		0	0.9
Engineered Solutions [Member]
Restructuring and Other Items, net [Abstract]
Severance and other employee costs	$ 0	$ 0		$ 0	$ 3.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Income Taxes [Abstract]
Provision (benefit) for taxes on income	$ 13.7	$ (3.5)	$ 43.2	$ 14.5
Effective income tax rate	23%		28%	24.50%
Amount of unrecognized tax benefits	$ 3		$ 3
Unrecognized tax benefits that would impact effective tax rate	2.2		2.2
Unrecognized tax benefits, net increase in interest and penalties	0.1
Unrecognized tax benefits, accrued interest and penalties	$ 0.7		$ 0.7

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 29, 2024		Dec. 31, 2023
Inventories [Abstract]
Raw materials	$ 166.1		$ 144.3
Work-in-process	12.6		11.7
Finished goods	107.5		113.5
Packaging and supplies	56		55.9
Total inventories	$ 342.2	[1]	$ 325.4	[2]
[1]Unaudited[2]Condensed from audited financial statements

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2024		Dec. 31, 2023
Goodwill and Other Intangible Assets [Abstract]
Goodwill	$ 914.3	[1]	$ 913.6	[2]
Intangible Assets Subject to Amortization [Abstract]
Weighted average useful life	29 years
Gross carrying amount	$ 325.7		325.7
Accumulated amortization	$ 103.6		94.7
Future Amortization Expense [Abstract]
Weighted average amortization period	29 years
Estimated amortization expense, remainder of 2024	$ 3
Estimated amortization expense, 2025-2028	46
Estimated amortization expense, thereafter	$ 173.1
Tradenames [Member]
Intangible Assets Subject to Amortization [Abstract]
Weighted average useful life	34 years
Gross carrying amount	$ 221.4		221.5
Accumulated amortization	$ 62.8		59.1
Technology [Member]
Intangible Assets Subject to Amortization [Abstract]
Weighted average useful life	13 years
Gross carrying amount	$ 18.8		18.8
Accumulated amortization	$ 15		14.2
Patents and Trademarks [Member]
Intangible Assets Subject to Amortization [Abstract]
Weighted average useful life	19 years
Gross carrying amount	$ 6.4		6.4
Accumulated amortization	$ 6.4		6.4
Customer Relationships [Member]
Intangible Assets Subject to Amortization [Abstract]
Weighted average useful life	21 years
Gross carrying amount	$ 79.1		79
Accumulated amortization	$ 19.4		$ 15
[1]Unaudited[2]Condensed from audited financial statements

Derivative Financial Instrume_2

Derivative Financial Instruments (Details) - Cash Flow Hedge [Member] - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Sep. 29, 2024	Jul. 02, 2023
Derivative Financial Instruments [Abstract]
Notional amount		$ 150
Other Non-current Liabilities [Member]
Derivative Financial Instruments [Abstract]
Fair value of derivative liability	$ 0.9

Long-Term Debt and Commitments,

Long-Term Debt and Commitments, Summary of Long-Term Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2024		Dec. 31, 2023
Long-Term Debt and Commitments [Abstract]
Long-term debt	$ 922.9		$ 929.1
Less: Current maturities	28.2	[1]	18	[2]
Total long-term debt	894.7	[1]	911.1	[2]
Term Loan due 2027 [Member]
Long-Term Debt and Commitments [Abstract]
Long-term debt	$ 524		530.4
Maturity date	Aug. 11, 2027
Unamortized deferred financing costs	$ 1.9		2.6
Senior Notes due 2028 [Member]
Long-Term Debt and Commitments [Abstract]
Total long-term debt	$ 396.6		$ 396.1
Interest rate	5%		5%
Maturity date	Jun. 30, 2028
Unamortized deferred financing costs	$ 3.4		$ 4.1
Other Debt [Member]
Long-Term Debt and Commitments [Abstract]
Long-term debt	$ 2.3		$ 2.6
[1]Unaudited[2]Condensed from audited financial statements

Long-Term Debt and Commitment_2

Long-Term Debt and Commitments, Long-Term Debt (Details) $ in Millions

9 Months Ended

12 Months Ended

Apr. 29, 2022 USD ($) Loan

Sep. 29, 2024 USD ($) qtr

Oct. 01, 2023 USD ($)

Dec. 31, 2027 Loan

Dec. 31, 2025 Loan

Dec. 31, 2023 USD ($)

Aug. 11, 2022 USD ($)

Jun. 30, 2020 USD ($)

Apr. 18, 2018 USD ($)

Feb. 14, 2017 USD ($)

Long-Term Debt and Commitments [Abstract]

Long-term debt

$ 922.9

$ 929.1

Repayment of long-term debt

7.2

$ 11

Short-term debt

$ 60

[1]

85.4

[2]

Senior Secured Credit Facilities [Member]

Long-Term Debt and Commitments [Abstract]

Number of quarters to maintain net leverage ratio under financial covenant | qtr

4

Senior Secured Credit Facilities [Member] | Minimum [Member]

Long-Term Debt and Commitments [Abstract]

Interest coverage ratio

3

Senior Secured Credit Facilities [Member] | Maximum [Member]

Long-Term Debt and Commitments [Abstract]

Net leverage ratio under financial covenant

4

Net leverage ratio under financial covenant in connection with certain significant acquisitions

5

Term Loan due 2027 [Member]

Long-Term Debt and Commitments [Abstract]

Face amount

$ 550

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

$ 524

$ 530.4

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

$ 60

Letters of credit outstanding

$ 9.2

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

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

$ 1.1

Repayment of long-term debt

0.1

Austria and Slovakia Term Loans [Member]

Long-Term Debt and Commitments [Abstract]

Number of term loans assumed | Loan

2

Austria and Slovakia Term Loans [Member] | Plan [Member]

Long-Term Debt and Commitments [Abstract]

Number of term loans that mature | Loan

1

1

Austria and Slovakia Term Loans [Member] | Concept Pet [Member]

Long-Term Debt and Commitments [Abstract]

Long-term debt assumed as part of acquisition

$ 1.9

Repayment of long-term debt

0.1

Uncommitted Short-Term Bank Credit Lines [Member]

Long-Term Debt and Commitments [Abstract]

Maximum borrowing capacity

25.5

Short-term debt

$ 0

[1]Unaudited[2]Condensed from audited financial statements

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Benefit Plans [Abstract]
Percentage of total benefit obligation represented by international pension plans	21%		21%
Pension Benefits [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	$ 1	$ 1.2	$ 3.3	$ 3.5
Interest cost	4	4	12	11.9
Expected return on plan assets	(5)	(4.7)	(14.9)	(13.8)
Amortization of prior service cost	0	0	0	0.1
Amortization of recognized net actuarial (gain) loss	0.4	0.7	1.2	1.9
Net periodic benefit cost	0.4	1.2	1.6	3.6
Employer Contributions [Abstract]
Expected company contribution in 2024	12		12
Employer contributions to benefit plans			11.3
Post-Retirement Benefits [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	0	0	0	0
Interest cost	0	0.1	0	0.1
Amortization of recognized net actuarial (gain) loss	(0.1)	(0.1)	(0.3)	(0.3)
Net periodic benefit cost	(0.1)	$ 0	(0.3)	$ (0.2)
Employer Contributions [Abstract]
Expected company contribution in 2024	$ 0.1		0.1
Employer contributions to benefit plans			$ 0

Comprehensive Income, Reclassif

Comprehensive Income, Reclassification Out of Accumulated Other Comprehensive Loss (Details) - Pension Costs [Member] - Reclassification out of Accumulated Other Comprehensive Loss [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Amortization of pension items [Abstract]
Pre-tax amount	$ 0.3	$ 0.6	$ 0.9	$ 1.7
Tax	(0.1)	(0.2)	(0.2)	(0.4)
Net of tax	$ 0.2	$ 0.4	$ 0.7	$ 1.3

Comprehensive Income, Accumulat

Comprehensive Income, Accumulated Other Comprehensive Loss, Net of Related Tax (Details) - USD ($) $ in Millions		3 Months Ended						9 Months Ended
		Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Oct. 01, 2023	Jul. 02, 2023	Apr. 02, 2023	Sep. 29, 2024	Oct. 01, 2023
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period	[1]			$ 1,652				$ 1,652
Total other comprehensive income (loss), net of tax		$ 22.8	$ (9.6)	(22.7)	$ (21)	$ (25.2)	$ 8.1	(9.6)	$ (38.1)
Balance at end of period	[2]	1,706						1,706
Accumulated Other Comprehensive Loss [Member]
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period				(369.4)				(369.4)
Other comprehensive income (loss) before reclassifications								(12.2)
Amounts reclassified from AOCI								0.7
Total other comprehensive income (loss), net of tax		19.3	$ (8.9)	(21.9)	$ (19.4)	$ (24)	$ 7.7	(11.5)
Balance at end of period		(380.9)						(380.9)
Foreign Currency Translation Adjustment [Member]
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period				(350.9)				(350.9)
Other comprehensive income (loss) before reclassifications								(11.6)
Amounts reclassified from AOCI								0
Total other comprehensive income (loss), net of tax								(11.6)
Balance at end of period		(362.5)						(362.5)
Unrecognized Pension Costs [Member]
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period				(28.8)				(28.8)
Other comprehensive income (loss) before reclassifications								0
Amounts reclassified from AOCI								0.7
Total other comprehensive income (loss), net of tax								0.7
Balance at end of period		(28.1)						(28.1)
Net Gain (Loss) on Derivative Instruments [Member]
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period				$ 10.3				10.3
Other comprehensive income (loss) before reclassifications								(0.6)
Amounts reclassified from AOCI								0
Total other comprehensive income (loss), net of tax								(0.6)
Balance at end of period		$ 9.7						$ 9.7
[1]Condensed from audited financial statements[2]Unaudited

Contingencies (Details)

Contingencies (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024 Claim Adjournment	Oct. 01, 2023 Claim	Sep. 29, 2024 Claim Adjournment	Oct. 01, 2023 Claim	Jun. 30, 2024 USD ($)
Talc-Related Cases [Member]
Contingencies [Abstract]
Claims pending, beginning of period	638	507	574	439
Claims filed	39	60	118	181
Claims dismissed, settled or otherwise resolved	14	5	29	58
Claims pending, end of period	663	562	663	562
Chapter 11 Cases [Member]
Contingencies [Abstract]
Number of adjournments | Adjournment	3		3
DIP Credit Agreement [Member]
Contingencies [Abstract]
Maximum borrowing capacity | $					$ 30

Segment and Related Informati_3

Segment and Related Information, Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024 USD ($)	Oct. 01, 2023 USD ($)	Sep. 29, 2024 USD ($) Segment	Oct. 01, 2023 USD ($)
Segment and Related Information [Abstract]
Number of reportable segments | Segment			2
Net sales	$ 524.7	$ 547.8	$ 1,600.4	$ 1,645.4
Income (loss) from operations	76.6	(7.9)	202.4	105
Consumer & Specialties [Member]
Segment and Related Information [Abstract]
Net sales	280.3	291.2	861.5	878.8
Engineered Solutions [Member]
Segment and Related Information [Abstract]
Net sales	244.4	256.6	738.9	766.6
Reportable Segments [Member]
Segment and Related Information [Abstract]
Net sales	524.7	547.8	1,600.4	1,645.4
Income (loss) from operations	80.5	(6)	249.6	116.1
Reportable Segments [Member] | Consumer & Specialties [Member]
Segment and Related Information [Abstract]
Net sales	280.3	291.2	861.5	878.8
Income (loss) from operations	41.7	(46.6)	127.6	5
Reportable Segments [Member] | Engineered Solutions [Member]
Segment and Related Information [Abstract]
Net sales	244.4	256.6	738.9	766.6
Income (loss) from operations	$ 38.8	$ 40.6	$ 122	$ 111.1

Segment and Related Informati_4

Segment and Related Information, Reconciliation of Income (Loss) from Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Segment and Related Information [Abstract]
Income (loss) from operations	$ 76.6	$ (7.9)	$ 202.4	$ 105
Provision for credit losses	0	0	30	0
Restructuring and other items, net	0	0.3	0	6.9
Acquisition-related expenses	0	0	0	(0.3)
Litigation expenses	(2.6)	(12.9)	(8.9)	(26.8)
Non-operating deductions, net	(17.1)	(14.7)	(48.2)	(45.9)
Income (loss) before tax and equity in earnings	59.5	(22.6)	154.2	59.1
Reportable Segments [Member]
Segment and Related Information [Abstract]
Income (loss) from operations	80.5	(6)	249.6	116.1
Reconciling Item [Member]
Segment and Related Information [Abstract]
Provision for credit losses	0	0	(30)	0
Restructuring and other items, net	0	0	0	(2.8)
Acquisition-related expenses	0	0	0	(0.3)
Litigation expenses	(2.6)	0	(8.9)	0
Non-operating deductions, net	(17.1)	(14.7)	(48.2)	(45.9)
Unallocated and Corporate [Member]
Segment and Related Information [Abstract]
Income (loss) from operations	(1.3)	(1.9)	(8.3)	(8)
Restructuring and other items, net	$ 0	$ 0	$ 0	$ 2.8

Segment and Related Informati_5

Segment and Related Information, Sales By Product Category (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Segment and Related Information [Abstract]
Net sales	$ 524.7	$ 547.8	$ 1,600.4	$ 1,645.4
Household & Personal Care [Member]
Segment and Related Information [Abstract]
Net sales	130.9	128.9	396.1	383.6
Specialty Additives [Member]
Segment and Related Information [Abstract]
Net sales	149.4	162.3	465.4	495.2
High-Temperature Technologies [Member]
Segment and Related Information [Abstract]
Net sales	174.8	177.4	536.8	538.6
Environmental & Infrastructure [Member]
Segment and Related Information [Abstract]
Net sales	$ 69.6	$ 79.2	$ 202.1	$ 228