Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 03, 2017 | Jul. 01, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MINERALS TECHNOLOGIES INC | ||
Entity Central Index Key | 891,014 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2 | ||
Entity Common Stock, Shares Outstanding | 35,037,439 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 188.5 | $ 229.4 |
Short-term investments, at cost which approximates market | 2 | 2.6 |
Accounts receivable, less allowance for doubtful accounts - 2016 - $7.9; 2015 -$ 4.4 | 341.3 | 348.7 |
Inventories | 186.9 | 194.9 |
Prepaid expenses | 28 | 24.9 |
Other current assets | 4.4 | 3.1 |
Total current assets | 751.1 | 803.6 |
Property, plant and equipment, less accumulated depreciation and depletion | 1,051.8 | 1,104.3 |
Goodwill | 778.7 | 781.2 |
Intangible assets | 204.4 | 212.7 |
Deferred income taxes | 27.1 | 30.6 |
Other assets and deferred charges | 50.3 | 47.6 |
Total assets | 2,863.4 | 2,980 |
Current liabilities: | ||
Short-term debt | 6.1 | 6.5 |
Current maturities of long-term debt | 6.8 | 3.1 |
Accounts payable | 144.9 | 152.4 |
Income tax payable | 21.5 | 16.7 |
Accrued compensation and related items | 61.3 | 64.5 |
Other current liabilities | 54.9 | 75.4 |
Total current liabilities | 295.5 | 318.6 |
Long-term debt, net of unamortized discount and deferred financing costs | 1,069.9 | 1,255.3 |
Deferred income taxes | 238.8 | 252 |
Accrued pension and postretirement benefits | 147.3 | 141.8 |
Other non-current liabilities | 81 | 74.6 |
Total liabilities | 1,832.5 | 2,042.3 |
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 48,229,826 shares in 2016 and 47,990,136 shares in 2015 | 4.8 | 4.8 |
Additional paid-in capital | 400 | 387.6 |
Retained earnings | 1,419.1 | 1,292.7 |
Accumulated other comprehensive loss | (221.1) | (180.9) |
Less common stock held in treasury, at cost; 13,259,839 shares in 2016 and 13,205,741 shares 2015 | (596.3) | (593.7) |
Total MTI shareholders' equity | 1,006.5 | 910.5 |
Non-controlling interest | 24.4 | 27.2 |
Total shareholders' equity | 1,030.9 | 937.7 |
Total liabilities and shareholders' equity | $ 2,863.4 | $ 2,980 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 7.9 | $ 4.4 |
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) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 48,229,826 | 47,990,136 |
Common stock held in treasury, shares (in shares) | 13,259,839 | 13,205,741 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | |||
Product sales | $ 1,552.1 | $ 1,615.4 | $ 1,514.9 |
Service revenue | 85.9 | 182.2 | 210.1 |
Total net sales | 1,638 | 1,797.6 | 1,725 |
Cost of goods sold | 1,117.7 | 1,190 | 1,141.5 |
Cost of service revenue | 59.9 | 136.6 | 148.1 |
Total cost of sales | 1,177.6 | 1,326.6 | 1,289.6 |
Production margin | 460.4 | 471 | 435.4 |
Marketing and administrative expenses | 179.4 | 190.1 | 182.2 |
Research and development expenses | 23.8 | 23.6 | 24.4 |
Insurance / litigation settlement (gain) | 0 | 0 | (2.3) |
Acquisition related transaction and integration costs | 8 | 11.8 | 19.1 |
Restructuring and other items, net | 28.3 | 45.2 | 43.2 |
Income from operations | 220.9 | 200.3 | 168.8 |
Interest expense, net | (54.4) | (60.9) | (41.8) |
Premium on early extinguishment of debt | 0 | (4.5) | (5.8) |
Other non-operating income (deductions), net | 3.8 | (2.3) | 1.8 |
Total non-operating deductions, net | (50.6) | (67.7) | (45.8) |
Income from continuing operations before provision for taxes and equity in earnings | 170.3 | 132.6 | 123 |
Provision for taxes on income | 35.3 | 22.8 | 30.8 |
Equity in earnings of affiliates, net of tax | 2.1 | 1.8 | 1.2 |
Income from continuing operations, net of tax | 137.1 | 111.6 | 93.4 |
Income from discontinued operations, net of tax | 0 | 0 | 2.1 |
Consolidated net income | 137.1 | 111.6 | 95.5 |
Less: Net income attributable to non-controlling interests | 3.7 | 3.7 | 3.1 |
Net income attributable to Minerals Technologies Inc. (MTI) | $ 133.4 | $ 107.9 | $ 92.4 |
Basic: | |||
Income from continuing operations attributable to MTI (in dollars per share) | $ 3.82 | $ 3.11 | $ 2.62 |
Income from discontinued operations attributable to MTI (in dollars per share) | 0 | 0 | 0.06 |
Basic earnings per share attributable to MTI (in dollars per share) | 3.82 | 3.11 | 2.68 |
Diluted: | |||
Income from continuing operations attributable to MTI (in dollars per share) | 3.79 | 3.08 | 2.59 |
Income from discontinued operations attributable to MTI (in dollars per share) | 0 | 0 | 0.06 |
Diluted earnings per share attributable to MTI (in dollars per share) | 3.79 | 3.08 | 2.65 |
Cash dividends declared per common share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 |
Shares used in computation of earnings per share: | |||
Basic (in shares) | 34.9 | 34.7 | 34.5 |
Diluted (in shares) | 35.2 | 35 | 34.8 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Consolidated net income | $ 137.1 | $ 111.6 | $ 95.5 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (40.2) | (76.6) | (51.5) |
Pension and postretirement plan adjustments | (3.2) | 7.3 | (31.1) |
Unrealized gains on cash flow hedges | 1.6 | 0 | 0 |
Total other comprehensive loss, net of tax | (41.8) | (69.3) | (82.6) |
Total comprehensive income including non-controlling interests | 95.3 | 42.3 | 12.9 |
Less: Net income attributable to non-controlling interest | 3.7 | 3.7 | 3.1 |
Less: Foreign currency translation adjustments attributable to non-controlling interest | (1.6) | (1.3) | (1) |
Comprehensive income attributable to non-controlling interest | 2.1 | 2.4 | 2.1 |
Comprehensive income attributable to MTI | $ 93.2 | $ 39.9 | $ 10.8 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | |||
Consolidated net income | $ 137.1 | $ 111.6 | $ 95.5 |
Gain from discontinued operations | 0 | 0 | 2.1 |
Income from continuing operations | 137.1 | 111.6 | 93.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 91.9 | 98.3 | 84.4 |
Loss on disposal of property, plant and equipment | 1.9 | 0.1 | 0.5 |
Pension amortization and settlement loss | 7.9 | 9.9 | 5.1 |
Deferred income taxes | (10.9) | (2.5) | (21.1) |
Provision for bad debts | 6.2 | 2.6 | 2.4 |
Stock-based compensation | 6.3 | 11.2 | 5.9 |
Asset impairment charge | 18.5 | 34.2 | 23.7 |
Other non-cash (income) items | (3.1) | (0.2) | |
Other non-cash expense items | 7.5 | ||
Changes in operating assets and liabilities | |||
Accounts receivable | (4.9) | 36.6 | 5.2 |
Inventories | 3.1 | 3.1 | 19.5 |
Pension plan funding | (10.5) | (10.4) | (7.6) |
Accounts payable | (4.8) | (9.7) | 16 |
Restructuring liabilities | (4.3) | (3) | 14.6 |
Income taxes payable | 5.4 | (15.4) | 51 |
Tax benefits related to stock incentive programs | 0.3 | 0.4 | 3.7 |
Prepaid expenses and other | (15) | 3.2 | 9.9 |
Net cash provided by continuing operations | 225.1 | 270 | 314.1 |
Net cash used in discontinued operations | 0 | 0 | (3.3) |
Net cash provided by operating activities | 225.1 | 270 | 310.8 |
Investing Activities: | |||
Acquisition of business, net of cash acquired | 0 | 0 | (1,802.3) |
Purchases of property, plant and equipment | (62.4) | (86) | (81.8) |
Proceeds from sale of assets | 1.4 | 5 | 9.4 |
Purchases of short-term investments | (6.7) | (4.7) | (6.3) |
Proceeds from sale of short-term investments | 8 | 1.1 | 18.7 |
Other | (1.9) | 0 | (0.7) |
Net cash used in investing activities | (61.6) | (84.6) | (1,863) |
Financing Activities: | |||
Proceeds from issuance of long-term debt | 7.2 | 11.8 | 1,546.1 |
Debt issuance and settlement costs | 0 | 0 | (38.2) |
Repayment of long-term debt | (193.2) | (191.8) | (175) |
Net issuance (repayment) of short-term debt | (0.1) | 1.3 | 0.1 |
Purchase of common shares for treasury | (2.6) | 0 | 0 |
Proceeds from issuance of stock under option plan | 5.5 | 2.5 | 3.4 |
Excess tax benefits related to stock incentive programs | 0.3 | 0.5 | 0.7 |
Purchase of non-controlling interest share | 0 | 0 | (2.1) |
Dividends paid to non-controlling interest | (4.9) | (1.1) | (3.3) |
Cash dividends paid | (7) | (7) | (6.9) |
Net cash provided by (used in) financing activities | (194.8) | (183.8) | 1,324.8 |
Effect of exchange rate changes on cash and cash equivalents | (9.6) | (21.8) | (13.3) |
Net decrease in cash and cash equivalents | (40.9) | (20.2) | (240.7) |
Cash and cash equivalents at beginning of period | 229.4 | 249.6 | 490.3 |
Cash and cash equivalents at end of period | $ 188.5 | $ 229.4 | $ 249.6 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF 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, 2013 | $ 4.7 | $ 361.5 | $ 1,106.3 | $ (31.3) | $ (593.7) | $ 26.9 | $ 874.4 |
Net income | 0 | 0 | 92.4 | 0 | 0 | 3.1 | 95.5 |
Other comprehensive income (loss) | 0 | 0 | 0 | (81.6) | 0 | (1) | (82.6) |
Dividends declared | 0 | 0 | (6.9) | 0 | 0 | 0 | (6.9) |
Dividends to non-controlling interest | 0 | 0 | 0 | 0 | 0 | (3.3) | (3.3) |
Purchase of non-controlling interest shares | 0 | (2.1) | 0 | 0 | 0 | 0 | (2.1) |
Acquisition of AMCOL | 0 | 0 | 0 | 0 | 0 | 0.2 | 0.2 |
Issuance of shares pursuant to employee stock compensation plans | 0.1 | 3.3 | 0 | 0 | 0 | 0 | 3.4 |
Income tax benefit arising from employee stock compensation plans | 0 | 4.4 | 0 | 0 | 0 | 0 | 4.4 |
Stock based compensation | 0 | 5.9 | 0 | 0 | 0 | 0 | 5.9 |
Balance at Dec. 31, 2014 | 4.8 | 373 | 1,191.8 | (112.9) | (593.7) | 25.9 | 888.9 |
Net income | 0 | 0 | 107.9 | 0 | 0 | 3.7 | 111.6 |
Other comprehensive income (loss) | 0 | 0 | 0 | (68) | 0 | (1.3) | (69.3) |
Dividends declared | 0 | 0 | (7) | 0 | 0 | 0 | (7) |
Dividends to non-controlling interest | 0 | 0 | 0 | 0 | 0 | (1.1) | (1.1) |
Issuance of shares pursuant to employee stock compensation plans | 0 | 2.4 | 0 | 0 | 0 | 0 | 2.4 |
Income tax benefit arising from employee stock compensation plans | 0 | 1 | 0 | 0 | 0 | 0 | 1 |
Stock based compensation | 0 | 11.2 | 0 | 0 | 0 | 0 | 11.2 |
Balance at Dec. 31, 2015 | 4.8 | 387.6 | 1,292.7 | (180.9) | (593.7) | 27.2 | 937.7 |
Net income | 0 | 0 | 133.4 | 0 | 0 | 3.7 | 137.1 |
Other comprehensive income (loss) | 0 | 0 | 0 | (40.2) | 0 | (1.6) | (41.8) |
Dividends declared | 0 | 0 | (7) | 0 | 0 | 0 | (7) |
Dividends to non-controlling interest | 0 | 0 | 0 | 0 | 0 | (4.9) | (4.9) |
Issuance of shares pursuant to employee stock compensation plans | 0 | 5.5 | 0 | 0 | 0 | 0 | 5.5 |
Income tax benefit arising from employee stock compensation plans | 0 | 0.6 | 0 | 0 | 0 | 0 | 0.6 |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (2.6) | 0 | (2.6) |
Stock based compensation | 0 | 6.3 | 0 | 0 | 0 | 0 | 6.3 |
Balance at Dec. 31, 2016 | $ 4.8 | $ 400 | $ 1,419.1 | $ (221.1) | $ (596.3) | $ 24.4 | $ 1,030.9 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Business The Company is a resource- and technology-based company that develops, produces and markets on a worldwide basis a broad range of specialty mineral, mineral-based and synthetic mineral products and supporting systems and services. Basis of Presentation The accompanying consolidated financial statements include the accounts of Minerals Technologies Inc. (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. On May 9, 2014, the Company acquired AMCOL International Corporation (“AMCOL”), see Note 2. The accompanying Consolidated Statements of Income include the results of operations of the acquired AMCOL businesses from May 9, 2014, through December 31, 2014. 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 accounts receivables, valuation of inventories, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, valuation of product liability and asset retirement obligation, income tax, income tax valuation allowances, 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 $2.0 were no unrealized holding gains and losses on the short-term bank investments held at . Trade Accounts Receivable Trade accounts receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific allowances for bankrupt customers. The Company also analyzes the collection history and financial condition of its other customers, considering current industry conditions and determines whether an allowance needs to be established. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days based on payment terms are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. Inventories Inventories are valued at the lower of cost or market. Cost is determined by the first-in, first-out (FIFO) method. Additionally, items such as idle facility expense, excessive spoilage, freight handling costs, and re-handling costs are recognized as current period charges. The allocation of fixed production overheads to the costs of conversion are based upon the normal capacity of the production facility. Fixed overhead costs associated with idle capacity are expensed as incurred. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant improvements are capitalized, while maintenance and repair expenditures are charged to operations as incurred. The Company capitalizes interest cost as a component of construction in progress. The straight-line method of depreciation is used for substantially for all of 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 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. Investment in joint ventures The Company uses the equity method of accounting to incorporate 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, 2016, the book value of Company’s equity method investment was $14.4 million. The Company had no cost method investments at December 31, 2016. 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 11 for a full description of the Company's hedging activities and related accounting policies. Revenue Recognition Revenue from sale of products is recognized when title passes to the customer, the customer assumes the risks and rewards of ownership, and collectability is reasonably assured; generally, this occurs when the goods are shipped to the customer. In most of the Company's PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year. Under those contracts the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to such customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. The Company also has consignment arrangements with certain customers in our Refractories segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer. Revenue from sales of equipment is recorded upon completion of installation and receipt of customer acceptance. Revenue from services is recorded when the services have been performed and collectability is reasonably assured. Revenue from long-term construction contracts is recorded using the percentage-of-completion method. Progress is generally based upon costs incurred to date as compared to the total estimated costs to complete the work under the contract or the amount of product installed in relation to the total amount expected to be installed. All known or anticipated losses on contracts are provided when they become evident. Cost adjustments that are in the process of being negotiated with customers for extra work or changes in scope of work are included in revenue when collection is reasonably assured. 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, 2016, the Company had no international subsidiaries operating in highly inflationary economies. Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company operates in multiple taxing jurisdictions, both within the U.S. and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company regularly assesses its tax position for such transactions and includes reserves for those differences in position. The reserves are utilized or reversed once the statute of limitations has expired or the matter is otherwise resolved. The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax laws and regulations change over time. As such, changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations. The Company's accounting policy is to recognize interest and penalties as part of its provision for income taxes. See Note 7 for additional detail on our uncertain tax positions. The accompanying financial statements do not include a provision for U.S. income taxes on international subsidiaries' unremitted earnings, which are expected to be permanently reinvested overseas. Research and Development 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 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. The Company assumed AMCOL’s qualified defined benefit pension plan which covers substantially all of AMCOL domestic employees hired before January 1, 2004, and supplementary pension plan which provides benefits in excess of qualified plan limitation for certain employees. 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. Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is currently evaluating the impact of this ASU on the Company’s consolidated financial statements and related disclosures. The Company expects to complete this analysis in early 2017. Inventory – Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” Under this accounting guidance, inventory will be measured at the lower of cost and net realizable value and other options that currently exist for market value will be eliminated. ASU No. 2015-11 defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. Leases In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to recognize most leases on-balance sheet, thereby increasing their reported assets and liabilities, in some cases very significantly. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. The Company is currently evaluating the impact of this ASU on the Company’s consolidated financial statements and related disclosures; however, the Company does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. Investments – Equity Method and Joint Ventures In March 2016, the FASB issued ASU 2016-07, “Simplifying the Transition to the Equity Method of Accounting”, which eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. ASU 2016-07 is effective for all entities for interim and annual periods in fiscal years beginning after December 15, 2016. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. Stock Compensation – Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”, which is intended to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. The ASU changes seven aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes; (6) practical expedient – expected term (nonpublic only); and (7) intrinsic value (nonpublic only). The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those years for public business entities. Early adoption is permitted in any interim or annual period provided that the entire ASU is adopted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory In |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2016 | |
Business Combination [Abstract] | |
Business Combination | Note 2. Business Combination On May 9, 2014, pursuant to the Merger Agreement dated March 10, 2014, the Company acquired AMCOL, based in Hoffman Estates, Illinois, a leading international producer of specialty materials and related products and services for industrial and consumer markets. The Company acquired AMCOL by completing a tender offer to purchase AMCOL’s outstanding shares of common stock and the subsequent merger of AMCOL with and into a wholly-owned subsidiary of MTI. At the expiration of the Company’s tender offer, each tendered share of AMCOL common stock was purchased for consideration equal to $45.75 in cash, and at the effective time of the back-end merger, each share of AMCOL common stock not tendered (other than shares owned by the Company or held by AMCOL in treasury) was converted into the right to receive consideration equal to $45.75 in cash. Upon completion of the merger, AMCOL became a wholly owned direct subsidiary of MTI. Through the tender offer and the merger, the Company paid $1,519.4 million in cash to acquire all of the outstanding shares of AMCOL. In connection with the acquisition of AMCOL, the Company entered into a $1,560.0 million senior secured term loan facility (the “Term Facility”), the net proceeds of which, together with the Company’s cash on hand, were used as cash consideration for the acquisition of AMCOL and to refinance certain existing indebtedness of the Company and AMCOL and to pay fees and expenses in connection with the foregoing. See Note 14. The fair value of the total consideration transferred, net of cash acquired, was $1,802.3 million and comprised of the following: (millions of dollars) Cash consideration transferred to AMCOL shareholders $ 1,519.4 AMCOL notes repaid at close 325.6 Total consideration transferred to debt and equity holders 1,845.0 Cash acquired 42.7 Total consideration transferred to debt and equity holders, net of cash acquired $ 1,802.3 The acquisition of AMCOL has been accounted for using the acquisition method of accounting, which requires, among other things, the assets acquired and liabilities assumed be recognized at their respective fair values as of the acquisition date. As of May 9, 2015, the Company has completed its assessment of property, certain reserves (including environmental, legal, and tax matters), obligations and deferred taxes, as well as our review of AMCOL’s existing accounting policies. The purchase price allocation has been finalized. The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date, as well as adjustments made in 2015 to the amounts initially recorded in 2014 (measurement period adjustments). The measurement period adjustments did not have a significant impact on our consolidated statements of income, balance sheets or cash flows in any period and therefore, we have not retrospectively adjusted our financial statements. Preliminary Allocation Previously Reported on Form 10-K as of December 2014 Increase Final Allocation (millions of dollars) (millions of dollars) (millions of dollars) Accounts receivable $ 235.7 $ - $ 235.7 Inventories 157.3 - 157.3 Other current assets 65.0 - 65.0 Mineral rights 535.5 - 535.5 Plant, property and equipment 371.2 - 371.2 Goodwill 708.1 12.8 720.9 Intangible assets 214.3 8.8 223.1 Other non-current assets 51.4 9.2 60.6 Total assets acquired $ 2,338.5 $ 30.8 $ 2,369.3 Accounts payable 66.4 - 66.4 Accrued expenses 61.6 - 61.6 Non-current deferred tax liability 322.3 1.5 323.8 Other non-current liabilities 85.9 29.3 115.2 Total liabilities assumed $ 536.2 $ 30.8 $ 567.0 Net assets acquired $ 1,802.3 $ - $ 1,802.3 The Company used the income, market, or cost approach (or a combination thereof) for the preliminary 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. The Company’s estimates related to this valuation are considered to be critical accounting estimates because they are susceptible to change from period to period based on our judgments about a variety of factors and due to the uncontrollable variability of market factors underlying them. For example, in performing assessments of the fair value of these assets, the Company makes judgments about the future performance business of the acquired business, economic, regulatory, and political conditions affecting the net assets acquired, appropriate risk-related rates for discounting estimated future cash flows, reasonable estimates of disposal values, and market royalty rate. 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 AMCOL businesses and will be allocated to the Performance Materials and Construction Technologies segments. Goodwill recognized as a result of this acquisition is not deductible for tax purposes. In connection with the acquisition, the Company recorded an additional deferred tax liability of $323.8 million with a corresponding increase to goodwill. The increase in deferred tax liability represents the tax effect of the difference between the estimated assigned fair value of the tangible and intangible assets and the tax basis of such assets. Mineral rights were valued using discounted cash flow method, a Level 3 fair value input. Plant, property and equipment were valued using the replacement cost method adjusted for age and deterioration, also a Level 3 fair value input. Intangible assets acquired mainly included technology and tradenames. Technology was valued using relief-from royalty method, a Level 3 fair value input, with a weighted average amortization period of 12 years. Tradenames were valued using multi-period excess earnings, also a Level 3 fair value input, with a weighted average amortization period of 34 years. The Company incurred $8.0, $11.8 million and $19.1 million of acquisition and integration related cost during the years ended December 31, 2016, 2015 2014, respectively, which is reflected within the acquisition related transaction and integration costs line of the Consolidated Statements of Income. |
Restructuring and Other Items,
Restructuring and Other Items, net | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Other Items, net [Abstract] | |
Restructuring and Other Items, net | Note 3. Restructuring and Other Items, net In 2014, the Company initiated a restructuring program and undertook actions to realign its business operations, improve efficiencies, profitability, and return on invested capital. This restructuring impacted all business segments of the Company and provided annualized savings of approximately $29 million (unaudited). This restructuring resulted in the following charges relating to asset impairment and reduction in workforce: Asset impairment and other restructuring charges: The asset impairment charges in 2014 related to the consolidation of certain manufacturing operations and administrative offices. The Company closed three Construction Technologies’ operations – two in Europe and one in Asia – and consolidated those operations into others in these regions. The Company also closed and consolidated the operations of one of its Performance Materials blending facilities in the U.S. The fair value of the associated assets was estimated using a discounted cash flow approach (a Level 3 fair value input). In 2015, the Company recognized impairment charges for certain underutilized coiled tubing equipment within the Energy Services segment which have been abandoned by the Company. In 2016, the Company recognized additional restructuring charges for lease termination costs, inventory write-offs and impairment of assets relating to its exit from the Nitrogen and Pipeline product lines and restructuring of other onshore services within the Energy Services segment as a result of the significant reduction in oil prices and overcapacity in the onshore oil service market. The Company expects to realize further annualized savings from this restructuring program of $11.5 million (unaudited). In addition, the Company recognized a $2.9 million gain on previously impaired assets in the Refractories Segment. Work force reduction: In 2014, the Company announced a 10% permanent reduction of its workforce including elimination of duplicate corporate functions, deployment of our shared service model, and consolidation and alignment of various corporate functions and regional locations across the Company. 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, 2016 2016 2015 2014 (millions of dollars) Impairment of assets Performance Materials $ - $ - $ 0.4 Construction Technologies - - 11.7 Energy Services 18.5 33.0 11.6 Corporate - 1.2 - Total impairment of assets charges $ 18.5 $ 34.2 $ 23.7 Severance and other employee costs Specialty Minerals $ - $ - $ 3.0 Refractories - 2.0 0.7 Performance Materials - - 5.6 Construction Technologies - - 5.8 Energy Services 12.7 9.0 3.7 Total severance and other employee costs $ 12.7 $ 11.0 $ 18.8 Other Refractories $ (2.9 ) $ - $ - Performance Materials - - 0.7 Total restructuring and other items, net $ 28.3 $ 45.2 $ 43.2 At December 31, 2016 and 2015, the Company had $3.6 million and $7.9 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 amounts by the end of 2017. The following table is a reconciliation of our restructuring liability balance: (millions of dollars) Restructuring liability, December 31, 2015 $ 7.9 Additional provisions 12.7 Cash payments (17.0 ) Restructuring liability, December 31, 2016 $ 3.6 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 4. Stock-Based Compensation At the Company’s 2015 Annual Meeting of Stockholders, the Company’s stockholders ratified the adoption of the Company’s 2015 Stock Award and Incentive Plan (the “2015 Plan”), which provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, stock awards or performance unit awards. The 2015 Plan is substantially similar to the Company’s 2001 Stock Award and Incentive Plan (as amended and restated as of March 18, 2009, the “2001 Plan” and collectively with the 2015 Plan, the “Plans”). The Company established the 2015 Plan to increase the total number of shares of common stock reserved and available for issuance by 880,000 shares from the number of shares remaining under the 2001 Plan. With the ratification of the 2015 Plan by the Company’s stockholders, the 2001 Plan was discontinued as to new grants (however, all awards previously granted under the 2001 Plan remained unchanged). The Plans are administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plan generally have a ten year term. The exercise price for stock options are at prices at or above the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years. Stock-based compensation expense is recognized in the consolidated financial statements for stock options based on the grant date fair value. Net income for years ended 2016, 2015 and 2014 include $3.5 million, $ million was $1.4 million, $ The benefits of tax deductions in excess of the tax benefit from compensation costs that were recognized or would have been recognized are classified as financing inflows on the consolidated statement of cash flows. Stock Options The fair value of options granted is estimated on the date of grant using the Black-Scholes valuation model. Compensation expense is recognized only for those options expected to vest, with forfeitures estimated at the date of grant based on the Company's historical experience and future expectations. The forfeiture rate assumption used for the periods ended December 31, 2016, 2015 and 2014 was 7.38%, 7.34% and 7.13 The weighted average grant date fair value for stock options granted during the years ended December 31, 2016, 2015 and 2014 was $14.34, $ $ and $13.59 was $4.9 million, $ million 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, 2016, 2015 and 2014: 2016 2015 2014 Expected life (in years) 6.5 6.4 6.5 Interest rate 1.72 % 1.52 % 2.16 % Volatility 36.75 % 36.86 % 37.15 % Expected dividend yield 0.54 % 0.33 % 0.34 % The expected term of the options represents the estimated period of time until exercise and is based on historical experience of similar awards, based upon contractual terms, vesting schedules, and expectations of future employee behavior. The expected stock-price volatility is based upon the historical and implied volatility of the Company's stock. The interest rate is based upon the implied yield on U.S. Treasury bills with an equivalent remaining term. Estimated dividend yield is based upon historical dividends paid by the Company. The following table summarizes stock option activity for the year ended December 31, 2016: Awards Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Millions) Awards outstanding at December 31, 2015 1,091,844 $ 42.29 Granted 383,622 38.59 Exercised (150,944 ) 36.66 Canceled (125,797 ) 43.78 Awards outstanding at December 31, 2016 1,198,725 41.66 6.51 $ 42.7 Awards exercisable at December 31, 2016 767,313 39.43 5.31 29.0 The aggregate intrinsic value above is calculated before applicable income taxes, based on the Company's closing stock price of as of the last business day of the period ended had all options been exercised on that date. The weighted average intrinsic value of the options exercised during 2016, was $32.34, $ and $40.17 per share, respectively. As of , total unrecognized stock-based compensation expense related to non-vested stock options was approximately $ 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 is as follows: Awards Weighted Average Grant date Fair Value Per Share Nonvested awards outstanding at December 31, 2015 353,859 $ 57.21 Granted 383,622 38.59 Vested (191,775 ) 55.01 Canceled (114,294 ) 42.18 Nonvested awards outstanding at December 31, 2016 431,412 45.61 Restricted Stock The Company has granted key employees rights to receive shares of the Company's common stock pursuant to the Plan. The rights will be deferred for a specified number of years of service, subject to restrictions on transfer and other conditions. Compensation expense for these shares is recognized over the vesting period . The Company granted 155,165 shares, 216,502 shares and 106,575 shares for the periods ended , , respectively. The fair value was determined based on the market value of unrestricted shares. As of , there was unrecognized stock-based compensation related to restricted stock of $6.1 million, which will be recognized over approximately the next three years. The compensation expense amortized with respect to all units was approximately $5.8 million, $8.8 million and $4.9 million for the periods ended , , respectively. In addition, the Company recorded reversals of $3.8 million, $1.6 million and $2.1 million for periods ended , , respectively, related to restricted stock forfeitures. Such costs and reversals are included in marketing and administrative expenses. The following table summarizes the restricted stock activity for the Plan: Awards Weighted Average Grant Date Fair Value Per Share Unvested balance at December 31, 2015 284,245 58.63 Granted 155,165 38.37 Vested (88,746 ) 57.38 Canceled (123,451 ) 50.72 Unvested balance at December 31, 2016 227,213 49.57 |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share (EPS) [Abstract] | |
Earnings Per Share (EPS) | Note 5. Earnings Per Share (EPS) Year Ended December 31, 2016 2015 2014 (in millions, except per share data) Basic EPS Amounts attributable to MTI Income from continuing operations $ 133.4 $ 107.9 $ 90.3 Income from discontinued operations - - 2.1 Net income $ 133.4 $ 107.9 $ 92.4 Weighted average shares outstanding 34.9 34.7 34.5 Earnings per share attributable to MTI Continuing operations $ 3.82 $ 3.11 $ 2.62 Discontinued operations - - 0.06 Net income $ 3.82 $ 3.11 $ 2.68 Diluted EPS Amounts attributable to MTI Income from continuing operations $ 133.4 $ 107.9 $ 90.3 Income from discontinued operations - - 2.1 Net income $ 133.4 $ 107.9 $ 92.4 Weighted average shares outstanding 34.9 34.7 34.5 Dilutive effect of stock options and stock units 0.3 0.3 0.3 Weighted average shares outstanding, adjusted 35.2 35.0 34.8 Earnings per share attributable to MTI Continuing operations $ 3.79 $ 3.08 $ 2.59 Discontinued operations - - 0.06 Net income $ 3.79 $ 3.08 $ 2.65 Options to purchase 784 shares, 386,766 shares and 12,888 shares of common stock for the years ended December 31, 2016, 2015 and 2014 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note 6. Discontinued Operations During the year ended December 31, 2014, the Company reversed a facility closure accrual of $2.4 million, net of $0.6 million tax expense, for a previously impaired facility. The following table provides selected financial information for the amounts included within discontinued operations in the Consolidated Statements of Income. Year Ended December 31, 2016 2015 2014 (millions of dollars) Net sales $ - $ - $ - Production margin - - - Expenses - - (0.3 ) Facility closure costs accrual (reversal) - - (2.4 ) Income from operations $ - $ - $ 2.7 Provision for taxes on income $ - $ - $ 0.6 Income from discontinued operations, net of tax $ - $ - $ 2.1 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | Note 7. Income Taxes Income from operations before provision for taxes by domestic and foreign source is as follows: 2016 2015 2014 (millions of dollars) Income from continuing operations before income taxes and income from affiliates and joint ventures: Domestic $ 72.9 $ 32.6 $ 54.8 Foreign 97.4 100.0 68.2 $ 170.3 $ 132.6 $ 123.0 The provision (benefit) for taxes on income consists of the following: 2016 2015 2014 (millions of dollars) Domestic Taxes currently payable Federal $ 18.7 $ 1.4 $ 28.1 State and local 4.4 1.2 3.4 Deferred income taxes (8.8 ) (3.2 ) (15.1 ) Domestic tax provision 14.3 (0.6 ) 16.4 Foreign Taxes currently payable 23.2 22.7 20.3 Deferred income taxes (2.2 ) 0.7 (5.9 ) Foreign tax provision 21.0 23.4 14.4 Total tax provision $ 35.3 $ 22.8 $ 30.8 The provision for taxes on income shown in the previous table is classified based on the location of the taxing authority, regardless of the location in which the taxable income is generated. The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows: 2016 2015 2014 U.S. statutory rate 35.0 % 35.0 % 35.0 % Depletion (6.6 )% (8.4 )% (7.8 )% Difference between tax provided on foreign earnings and the U.S. statutory rate (6.4 )% (8.3 )% (9.5 )% State and local taxes, net of federal tax benefit 1.1 % 0.3 % 1.0 % Tax credits and foreign dividends 0.6 % (0.5 )% 4.1 % Change in valuation allowance (1.1 )% (0.9 )% 1.7 % Impact of uncertain tax positions 0.4 % (0.1 )% 0.4 % Impact of officer's non-deductible compensation 0.1 % 2.9 % 2.7 % Manufacturing deduction (2.0 )% (2.0 )% (3.3 )% Other (0.4 )% (0.8 )% 0.7 % Consolidated effective tax rate 20.7 % 17.2 % 25.0 % The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: 2016 2015 (millions of dollars) Deferred tax assets attributable to: Accrued liabilities $ 49.7 $ 36.1 Net operating loss carry forwards 34.6 37.6 Pension and post-retirement benefits costs 55.4 55.0 Other 35.0 29.1 Valuation allowance (24.8 ) (28.8 ) Total deferred tax assets 149.9 129.0 Deferred tax liabilities attributable to: Plant and equipment, principally due to differences in depreciation 251.3 247.2 Intangible assets 96.3 98.7 Other 14.0 4.5 Total deferred tax liabilities 361.6 350.4 Net deferred tax asset (liability) $ (211.7 ) $ (221.4 ) Net deferred tax assets and net deferred tax liabilities are as follows: 2016 2015 (millions of dollars) Net deferred tax asset, long-term $ 27.1 $ 30.6 Net deferred tax liability, long-term 238.8 252.0 Net deferred tax asset (liability), long-term $ (211.7 ) $ (221.4 ) Net deferred tax assets are included in other assets and deferred charges. The Company has $34.6 million of deferred tax assets arising from tax loss carry forwards which will be realized through future operations. Carry forwards of approximately $17.5 million expire over the next 20 years, and $17.1 million can be utilized over an indefinite period. On December 31, 2016, the Company had $13.7 million of total unrecognized tax benefits. Included in this amount were a total of $9.5 million of unrecognized income tax benefits that, if recognized, would affect the Company's effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, we do not expect the change to have a significant impact on the results of operations or the financial position of the Company. The following table summarizes the activity related to our unrecognized tax benefits: 2016 2015 (millions of dollars) Balance at beginning of the year $ 4.0 $ 5.0 Increases related to current year tax positions 8.8 0.5 Increases related to new judgements 0.9 0.8 Decreases related to audit settlements and statue expirations - (2.3 ) Balance at the end of the year $ 13.7 $ 4.0 The Company's accounting policy is to recognize interest and penalties accrued, relating to unrecognized income tax benefits as part of its provision for income taxes. The Company had recorded a $0.3 million benefit in interest and penalties during 2016 and had a total accrued balance on December 31, 2016 of $1.2 million. The Company operates in multiple taxing jurisdictions, both within and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company, with a few exceptions (none of which are material), is no longer subject to U.S. federal, state, local, and European income tax examinations by tax authorities for years prior to 2010. Net cash paid for income taxes were $30.6 million, $4 The Company has not provided for U.S. federal and foreign withholding taxes on $ million of foreign subsidiaries' undistributed earnings as of because such earnings are intended to be permanently reinvested overseas. To the extent the parent company has received foreign earnings as dividends; the foreign taxes paid on those earnings have generated tax credits, which have substantially offset related U.S. income taxes. However, in the event that the entire $560.3 million of foreign earnings were to be repatriated, incremental taxes may be incurred. We do not believe this amount would be more than $ million. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Inventories | Note 8. Inventories The following is a summary of inventories by major category: 2016 2015 (millions of dollars) Raw materials $ 70.6 $ 73.4 Work-in-process 5.4 5.4 Finished goods 80.5 86.1 Packaging and supplies 30.4 30.0 Total inventories $ 186.9 $ 194.9 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 9. Property, Plant and Equipment The major categories of property, plant and equipment and accumulated depreciation and depletion are presented below: December 31, 2016 2015 (millions of dollars) Mineral rights and reserves $ 547.8 $ 553.8 Land 42.7 39.8 Buildings 195.6 179.7 Machinery and equipment 1,193.6 1,130.7 Furniture and fixtures and other 123.3 209.7 Construction in progress 38.4 53.6 2,141.4 2,167.3 Less: accumulated depreciation and depletion (1,089.6 ) (1,063.0 ) Property, plant and equipment, net $ 1,051.8 $ 1,104.3 Depreciation and depletion expense for the years ended December 31, 2016, 2015 and 2014 was $75.4 million, $82.1 million and $76.6 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 10. 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 $778.7 million and $781.2 million as of December 31, 2016 and December 31, 2015, respectively. The net change in goodwill since December 31, 2015 was attributable to the effects of foreign exchange. The balance of goodwill by segment and the activity occurring in the past two fiscal years is as follows: Specialty Minerals Refractories Performance Materials Construction Technologies Consolidated (millions of dollars) Balance at December 31, 2014 $ 13.7 $ 49.0 $ 453.2 $ 255.0 $ 770.9 Change in goodwill relating to: Purchase price finalization 91.1 (78.3 ) 12.8 Foreign exchange translation (0.4 ) (2.0 ) (0.1 ) - (2.5 ) Total Changes $ (0.4 ) $ (2.0 ) $ 91.0 $ (78.3 ) $ 10.3 Balance at December 31, 2015 $ 13.3 $ 47.0 $ 544.2 $ 176.7 $ 781.2 Change in goodwill relating to: Purchase price finalization - - - - - Foreign exchange translation (1.2 ) (1.3 ) - - (2.5 ) Total Changes (1.2 ) (1.3 ) - - (2.5 ) Balance at December 31, 2016 $ 12.1 $ 45.7 $ 544.2 $ 176.7 $ 778.7 Acquired intangible assets subject to amortization as of December 31, 2016 and December 31, 2015 Weighted Average Useful Life (Years) December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (millions of dollars) Tradenames 34 $ 199.8 $ 15.3 $ 199.8 $ 9.3 Technology 12 18.8 3.6 18.8 2.5 Patents and trademarks 17 6.4 4.8 6.4 4.4 Customer relationships 30 4.5 1.4 4.5 0.6 28 $ 229.5 $ 25.1 $ 229.5 $ 16.8 The weighted average amortization period of the acquired intangible assets subject to amortization is approximately 28 years. Amortization expense was approximately $8.2 million, $7.9 million and $4.6 million for the years ended December 31, 2016, 2015 and 2014, respectively and is recorded within the Marketing and administrative expenses line within the Consolidated Statements of Income. The estimated amortization expense is $7.9 million annually for 2017-2021, and $164.9 million thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Financial Instruments and Hedging Activities [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 11. 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. During the second quarter of 2016, the Company entered into a floating to fixed interest rate swap for an initial aggregate notional amount of $300 million. The notional amount at December 31, 2016 was $257 million. This interest rate swap is designated as a cash flow hedge. The gains and losses associated with this interest rate swap are recorded in accumulated other comprehensive income (loss). The fair value of this swap was an asset of $2.5 million at December 31, 2016 and is recorded in other assets and deferred charges on the Consolidated Balance Sheet. In addition, the Company uses foreign exchange forward contracts to protect against foreign currency exchange rate risks inherent in its forecasted inventory purchases. The Company had 2 Other: The Company is exposed to potential gains or losses from foreign currency fluctuations affecting net investments and earning denominated in foreign currencies. The Company is particularly sensitive to currency exchange rate fluctuations for the following currencies: British pound sterling (GBP), Chinese renminbi (CYN), 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 $0.6 million and $0.3 million in other non-operating income (deductions), net within the Consolidated Statements of Income for the years ended 2016 and 2015, respectively. There were 2 open contracts at December 31, 2016. The fair value of these contracts at December 31, 2016 was not significant. There were no open foreign exchange rate contracts at December 31, 2015. Refer to Note 12 for further discussion of the determination of the fair value of derivatives. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 12. Fair Value of Financial Instruments Fair value is an exchange price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company follows a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows: • Market approach - prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Cost approach - amount that would be required to replace the service capacity of an asset or replacement cost. • Income approach - techniques to convert future amounts to a single present amount based on market expectations, including present value techniques, option-pricing and other models. The Company primarily applies the income approach for foreign exchange derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. 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. Fair Value Measurements Using Description Asset / (Liability) Balance at 12/31/16 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions of dollars) Deferred compensation plan assets $ 10.8 $ - $ 10.8 $ - Supplementary pension plan assets 10.4 - 10.4 - Interest rate swap 2.5 - 2.5 - Fair Value Measurements Using Description Asset / (Liability) Balance at 12/31/16 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (milliions of dollars) Money market funds $ 7.5 $ 7.5 $ - $ - The fair value of investment in the money market funds is determined by quoted prices in active markets and is categorized as Level 1. 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 acquisition of AMCOL businesses and 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 15, and there were no transfers in or out of Level 3 during the year ended . 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, 2016 | |
Financial Instruments and Concentrations of Credit Risk [Abstract] | |
Financial Instruments and Concentrations of Credit Risk | Note 13. 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, 2016, 2015 and 2014 was $6.2 million, |
Long-Term Debt and Commitments
Long-Term Debt and Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt and Commitments [Abstract] | |
Long-Term Debt and Commitments | Note 14. Long-Term Debt and Commitments The following is a summary of long term debt: December 31, 2016 2015 (millions of dollars) Term Loan Facility, due May 9, 2021, net of unamortized discount and deferred financing costs of $26.4 million and $30.9 million as of December 31, 2016 and December 31, 2015, respectively. $ 1,061.7 $ 1,246.4 Japan Loan Facilities 5.8 - China Loan Facilities 9.2 12.0 Total $ 1,076.7 $ 1,258.4 Less: Current maturities 6.8 3.1 Long-term debt $ 1,069.9 $ 1,255.3 On May 9, 2014, in connection with the acquisition of AMCOL International Corporation (“AMCOL”), the Company entered into a credit agreement providing for a $1,560 million senior secured term loan facility (the “Term Facility”) and a $200 million senior secured revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Facilities”). On June 23, 2015, the Company entered into an amendment (the “First Amendment”) to the credit agreement to reprice the $1.378 billion then outstanding on the Term Facility. As amended by the First Amendment, the Term Facility had a $1.078 billion floating rate tranche and a $300 million fixed rate tranche. On February 14, 2017, the Company entered into an amendment (the “Second Amendment”) to the credit agreement to reprice the $788 million floating rate tranche then outstanding. See Note 24. The maturity date for loans under the Term Facility was not changed by the First Amendment. As amended by the First Amendment, the loans outstanding under the Term Facility matured on May 9, 2021 and the loans outstanding (if any) and commitments under the Revolving Facility will mature and terminate, as the case may be, on May 9, 2019. After the First Amendment and until the Second Amendment, loans under the variable rate tranche of the Term Facility bore interest at a rate equal to an adjusted LIBOR rate (subject to a floor of 0.75%) plus an applicable margin equal to 3.00% per annum. Loans under the fixed rate tranche of the Term Facility bear interest at a rate of 4.75%. Loans under the Revolving Facility will bear interest at a rate equal to an adjusted LIBOR rate plus an applicable margin equal to 1.75% per annum. Such rates are subject to decrease by up to 25 basis points in the event that, and for so long as, the Company’s net leverage ratio (as defined in the credit agreement) is less than certain thresholds. The variable rate tranche of the Term Facility was issued at par and had a 1% required amortization per year under the First Amendment. The obligations of the Company under the 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 assets of the Company and the Guarantors. The credit agreement contains 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. In addition, the credit agreement contains a financial covenant that requires the Company, if on the last day of any fiscal quarter loans or letters of credit were outstanding under the Revolving Facility (excluding up to $15 million of letters of credit), to maintain a maximum net leverage ratio (as defined in the credit agreement) of, initially, 5.25 to 1.00 for the four fiscal quarter period preceding such day. Such maximum net leverage ratio requirement is subject to decrease during the duration of the facility to a minimum level (when applicable) of 3.50 to 1.00. As of December 31, 2016, there were no loans and $12.2 million in letters of credit outstanding under the Revolving Facility. The Company is in compliance with all the covenants associated with the Revolving Facility as of the end of the period covered by this report. During 2016, the Company repaid $190 million on its Term Facility. The Company has five committed loan facilities for the funding of new manufacturing facilities in China, for a combined 94.8 million RMB and $1.8 million. In December 2016, the Company entered into a committed loan facility in Japan in the amount of 680 million Yen (approximately $5.8 million). As of December 31, 2016, on a combined basis, $15.0 million was outstanding. Principal will be repaid in accordance with the payment schedules ending in 2021. The Company repaid $3.2 million on these loans in 2016. As of December 31, 2016, the Company had $34.8 million in uncommitted short-term bank credit lines, of which approximately $6.1 million was in use. Short-term borrowings as of December 31, 2016 and 2015 were $6.1 million and $6.5 million, respectively. The weighted average interest rate on short-term borrowings outstanding as of December 31, 2016 and December 31, 2015 was 3.7% and 3.4 The aggregate maturities of long-term debt are as follows: $6.8 million in 2017; $3.6 million in 2018; $0.6 million in 2019, $0.6 million in 2020; $1,091.5 million in 2021 and $0.0 million thereafter. During 2016, 2015 and 2014, respectively, the Company incurred interest costs of $56.5 million, $62.6 million and $44.6 million, including $0.1 million, $0.5 million and $0.6 million, respectively, which were capitalized. Interest paid approximated the incurred interest cost. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note 15. 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. In May 2014, as a part of its acquisition of AMCOL businesses, the Company assumed AMCOL’s qualified defined benefit pension plan, supplementary pension plan (SERP) and defined contribution plan. The defined benefit pension plan covers substantially all of AMCOL’s domestic employees hired before January 1, 2004. The SERP plan provides benefit in excess of qualified plan limitation for certain employees. AMCOL’s domestic employees hired on or after January 1, 2004 participate in AMCOL’s defined contribution plan whereby the Company will make a retirement contribution into the employee’s savings plan equal to 3% of their compensation. For more information on the AMCOL acquisition, see Note 2. 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 less than 25% 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 2016 2015 2016 2015 (millions of dollars) Change in benefit obligations: Beginning projected benefit obligation $ 416.6 $ 433.8 $ 9.3 $ 10.1 Service cost 8.2 10.3 0.3 0.4 Interest cost 13.0 15.4 0.3 0.3 Actuarial (gain)/loss 21.2 (17.0 ) (0.6 ) (0.9 ) Benefits paid (18.3 ) (19.5 ) - (0.4 ) Settlements (0.9 ) Acquisition Foreign exchange impact (11.4 ) (7.0 ) - (0.2 ) Other (0.5 ) 0.6 Ending projected benefit obligation 427.9 416.6 9.3 9.3 Change in plan assets: Beginning fair value 282.5 295.8 - - Actual return on plan assets 22.9 1.2 - - Employer contributions 10.5 10.0 - 0.4 Plan participants' contributions 0.4 0.5 - - Benefits paid (18.3 ) (19.5 ) - (0.4 ) Settlements (0.5 ) - - - Acquisition - - - - Foreign exchange impact (8.2 ) (5.5 ) - - Ending fair value 289.3 282.5 - - Funded status of the plan $ (138.6 ) $ (134.1 ) $ (9.3 ) $ (9.3 ) Amounts recognized in the consolidated balance sheet consist of: Pension Benefits Post-Retirement Benefits 2016 2015 2016 2015 (millions of dollars) Current liability $ (0.8 ) $ (0.9 ) $ (0.6 ) $ (0.7 ) Non-current liability (137.8 ) (133.2 ) (8.7 ) (8.6 ) Recognized liability $ (138.6 ) $ (134.1 ) $ (9.3 ) $ (9.3 ) The current portion of pension liabilities is included in accrued compensation and related items. Amounts recognized in accumulated other comprehensive income, net of related tax effects, consist of: Pension Benefits Post-Retirement Benefits 2016 2015 2016 2015 (millions of dollars) Net actuarial (gain) loss $ 82.1 $ 80.3 $ (1.7 ) $ (1.5 ) Prior service cost (0.1 ) 0.2 (2.4 ) (4.3 ) Amount recognized end of year $ 82.0 $ 80.5 $ (4.1 ) $ (5.8 ) The accumulated benefit obligation for all defined benefit pension plans was $394.5 million and $ million at December 31, 2016 and 2015, respectively. Changes in the Plan assets and benefit obligations recognized in other comprehensive income: Pension Benefits Post-Retirement Benefits 2016 2015 2016 2015 (millions of dollars) Current year actuarial gain (loss) $ (8.7 ) $ 0.5 $ 0.3 $ 0.6 Amortization of actuarial (gain) loss 6.8 7.7 (0.1 ) (0.1 ) Amortization of prior service credit (gain) loss 0.4 0.5 (1.9 ) (1.9 ) Total recognized in other comprehensive income $ (1.5 ) $ 8.7 $ (1.7 ) $ (1.4 ) The components of net periodic benefit costs are as follows: Pension Benefits Post-Retirement Benefits 2016 2015 2014 2016 2015 2014 (millions of dollars) Service cost $ 8.2 $ 10.3 $ 8.9 $ 0.3 $ 0.4 $ 0.4 Interest cost 13.0 15.4 14.9 0.3 0.3 0.4 Expected return on plan assets (18.6 ) (19.7 ) (19.4 ) - - - Amortization of prior service cost 0.6 0.8 1.0 (3.1 ) (3.1 ) (3.1 ) Recognized net actuarial (gain) loss 10.7 12.1 7.4 (0.2 ) (0.1 ) (0.2 ) Settlement/curtailment loss 0.3 - - - - - Net periodic benefit cost $ 14.2 $ 18.9 $ 12.8 $ (2.7 ) $ (2.5 ) $ (2.5 ) Unrecognized prior service cost is amortized over the average remaining service period of each active employee. The Company's funding policy for U.S. plans generally is to contribute annually into trust funds at a rate that provides for future plan benefits and maintains appropriate funded percentages. Annual contributions to the U.S. qualified plans are at least sufficient to satisfy regulatory funding standards and are not more than the maximum amount deductible for income tax purposes. The funding policies for the international plans conform to local governmental and tax requirements. The plans' assets are invested primarily in stocks and bonds. The 2017 estimated amortization of amounts in other accumulated comprehensive income are as follows: Pension Benefits Post-Retirement Benefits (millions of dollars) Amortization of prior service credit (gain) loss $ 0.1 $ (3.1 ) Amortization of net (gain) loss 10.6 (0.3 ) Total cost to be recognized $ 10.7 $ (3.4 ) 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, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Discount rate 3.88 % 3.71 % 4.39 % Expected return on plan assets 6.89 % 6.89 % 7.34 % Rate of compensation increase 3.03 % 3.04 % 3.08 % The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Discount rate 3.60 % 3.89 % 3.66 % Rate of compensation increase 2.96 % 3.04 % 3.05 % For 2016, 2015 and 2014, the discount rate was based on a Citigroup yield curve of high quality corporate bonds with cash flows matching our plans' expected benefit payments. The expected return on plan assets is based on our asset allocation mix and our historical return, taking into account current and expected market conditions. The actual return on pension assets was approximately 8% in 2016, % in 2015 and 7% in 2014. 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 %. Effective June 2010, the Company amended its plan to change the eligibility requirement for retirees and revised its plan so that increases in expected health care costs would be borne by the retiree. Plan Assets The Company's pension plan weighted average asset allocation percentages at December 31, 2016 and 2015 by asset category are as follows: Asset Category 2016 2015 Equity securities 60.2 % 58.9 % Fixed income securities 32.7 % 34.7 % Real estate 0.7 % 0.9 % Other 6.4 % 5.5 % Total 100.0 % 100.0 % The Company's pension plan fair values at December 31, 2016 and 2015 by asset category are as follows: Asset Category 2016 2015 (millions of dollars) Equity securities $ 174.1 $ 166.4 Fixed income securities 94.7 98.0 Real estate 1.9 2.5 Other 18.6 15.6 Total 289.3 282.5 The following table presents domestic and foreign pension plan assets information at December 31, 2016, 2015 and 2014 (the measurement date of pension plan assets): U.S. Plans International Plans 2016 2015 2014 2016 2015 2014 (millions of dollars) Fair value of plan assets $ 221.9 $ 213.0 $ 224.1 $ 67.4 $ 69.5 $ 71.7 The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2016: Pension Assets Fair Value as of December 31, 2016 Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (millions of dollars) Equity securities US equities $ 155.0 $ 0.2 $ - $ 155.2 Non-US equities 18.9 - - 18.9 Fixed income securities Corporate debt instruments 63.4 31.3 - 94.7 Real estate and other Real estate - - 1.9 1.9 Other - 0.2 18.4 18.6 Total assets $ 237.3 $ 31.7 $ 20.3 $ 289.3 The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2015: Pension Assets Fair Value as of December 31, 2015 Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (millions of dollars) Equity securities US equities $ 143.7 $ 0.2 $ - $ 143.9 Non-US equities 22.5 - - 22.5 Fixed income securities Corporate debt instruments 65.4 32.6 - 98.0 Real estate and other Real estate - - 2.5 2.5 Other - 0.2 15.4 15.6 Total assets 231.6 33.0 17.9 282.5 U.S. equities Non-U.S. equities Fixed income— Real Estate and other— This class includes assets related to real estate and other assets such as insurance contracts . 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, 2014 $ 26.6 Purchases, sales, settlements - Actual return on plan assets still held at reporting date (8.4 ) Foreign exchange impact (0.3 ) Ending balance at December 31, 2015 $ 17.9 Purchases, sales, settlements - Actual return on plan assets still held at reporting date 3.0 Foreign exchange impact (0.6 ) Ending balance at December 31, 2016 $ 20.3 There were no transfers in or out of Level 3 during the year ended Contributions The Company expects to contribute $ million to its pension plans and $ million to its other post-retirement benefit plan in 2017. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Pension Benefits Other Benefits (millions of dollars) 2017 $ 20.2 $ 0.6 2018 $ 21.2 $ 0.7 2019 $ 22.4 $ 0.7 2020 $ 23.0 $ 0.7 2021 $ 23.2 $ 0.8 2022-2026 $ 123.8 $ 4.0 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, 2016 was over %. 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 Plans The Company maintains a voluntary Savings and Investment Plan (a 401(k) plan) for most non-union employees in the U.S. On January 1, 2015, as a result of the acquisition and subsequent integration of AMCOL, the AMCOL 401(k) plan was merged into the Minerals Technologies Inc. Savings and Investment Plan. Within prescribed limits, the Company bases its contribution to the Savings and Investment Plan on employee contributions. The Company's contributions amounted to $5.1 million, $ million and $2.9 million for the years ended December 31, 2016, 2015 and 2014, respectively. The Company also contributed $2.6 million to the AMCOL 401(k) plan in 2014. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | Note 16. Leases The Company has several non-cancelable operating leases, primarily for office space and equipment. Rent expense amounted to approximately $16.2 million, $19.5 million and $19.8 million for the years ended December 31, 2016, 2015 and 2014, respectively. Total future minimum rental commitments under all non-cancelable leases for each of the years 2017 through 2021 and in aggregate thereafter are approximately $ ecember 31, 2016. Total future minimum payments to be received under direct financing leases for each of the years 2017 through 2021 and the aggregate thereafter are approximately: $ |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2016 | |
Litigation [Abstract] | |
Litigation | Note 17. Litigation We are party to a number of lawsuits arising in the normal course of our business. On May 8, 2013, Armada (Singapore) PTE Limited, an ocean shipping company now in bankruptcy ("Armada") filed a case in federal court in the Northern District of Illinois against AMCOL and certain of its subsidiaries ( Armada (Singapore) PTE Limited v. AMCOL International Corp., et al., United States District Court for the Northern District of Illinois Certain of the Company's subsidiaries are among numerous defendants in a number of cases seeking damages for exposure to silica or to asbestos containing materials. The Company currently has three pending silica cases and 18 pending asbestos cases. To date, 1,492 silica cases and 48 asbestos cases have been dismissed, not including any lawsuits against AMCOL or American Colloid Company dismissed prior to our acquisition of AMCOL. Six new asbestos cases were filed in the period, including three new cases in the fourth quarter of 2016, and one additional case in the first quarter of 2017. No asbestos or silica cases were closed during the fourth quarter, however, as previously reported, twenty-seven silica cases and two asbestos cases were closed during 2016. Most of these claims do not provide adequate information to assess their merits, the likelihood that the Company will be found liable, or the magnitude of such liability, if any. Additional claims of this nature may be made against the Company or its subsidiaries. At this time management anticipates that the amount of the Company's liability, if any, and the cost of defending such claims, will not have a material effect on its financial position or results of operations. The Company has settled only one silica lawsuit, for a nominal amount, and no asbestos lawsuits to date (not including any that may have been settled by AMCOL prior to completion of the acquisition). We are unable to state an amount or range of amounts claimed in any of the lawsuits because state court pleading practices do not require identifying the amount of the claimed damage. The aggregate cost to the Company for the legal defense of these cases since inception continues to be insignificant. The majority of the costs of defense for these cases, excluding cases against AMCOL or American Colloid, are reimbursed by Pfizer Inc. pursuant to the terms of certain agreements entered into in connection with the Company's initial public offering in 1992. Of the 18 pending asbestos cases all except two allege liability based on products sold largely or entirely prior to the initial public offering, and for which the Company is therefore entitled to indemnification pursuant to such agreements. The two exceptions pertain to a pending asbestos case against American Colloid Company, and one for which no period of alleged exposure has been stated by plaintiffs. Our experience has been that the Company is not liable to plaintiffs in any of these lawsuits and the Company does not expect to pay any settlements or jury verdicts in these lawsuits. Environmental Matters On April 9, 2003, the Connecticut Department of Environmental Protection issued an administrative consent order relating to our Canaan, Connecticut, plant where both our Refractories segment and Specialty Minerals segment have operations. We agreed to the order, which includes provisions requiring investigation and remediation of contamination associated with historic use of polychlorinated biphenyls ("PCBs") and mercury at a portion of the site. We have completed the required investigations and submitted several reports characterizing the contamination and assessing site-specific risks. We are awaiting regulators’ approval of the risk assessment report, which will form the basis for a proposal by the Company concerning eventual remediation. We believe that the most likely form of overall site remediation will be to leave the existing contamination in place (with some limited soil removal), encapsulate it, and monitor the effectiveness of the encapsulation. We anticipate that a substantial portion of the remediation cost will be borne by the United States based on its involvement at the site from 1942 – 1964, as historic documentation indicates that PCBs and mercury were first used at the facility at a time of U.S. government ownership for production of materials needed by the military. Pursuant to a Consent Decree entered on October 24, 2014, the United States paid the Company $2.3 million in the 4 th The Company is evaluating options for upgrading the wastewater treatment facilities at its Adams, Massachusetts plant. This work has been undertaken pursuant to an administrative Consent Order originally issued by the Massachusetts Department of Environmental Protection (“DEP”) on June 18, 2002. This order was amended on June 1, 2009 and on June 2, 2010. The amended Order includes the investigation by January 1, 2022 of options for ensuring that the facility's wastewater treatment ponds will not result in unpermitted discharge to groundwater. Additional requirements of the amendment include the submittal by July 1, 2022 of a plan for closure of a historic lime solids disposal area. Preliminary engineering reviews completed in 2005 indicate that the estimated cost of wastewater treatment upgrades to operate this facility beyond 2024 may be between $6 million and $8 million. The Company estimates that the remaining remediation costs would approximate $0.4 million, which has been accrued as of December 31, 2016. The Company and its subsidiaries are not party to any other material pending legal proceedings, other than routine litigation incidental to their businesses. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
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 34,969,987 shares and 34,784,395 shares Cash Dividends Cash dividends of $ million or $0.20 per common share were paid during 2016. In January 2017, a cash dividend of approximately $ million or $0.05 per share, was Stock Award and Incentive Plan At the Company’s 2015 Annual Meeting of Stockholders, the Company’s stockholders ratified the adoption of the Company’s 2015 Stock Award and Incentive Plan (the “2015 Plan”), which provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, stock awards or performance unit awards. The 2015 Plan is substantially similar to the Company’s 2001 Stock Award and Incentive Plan (as amended and restated as of March 18, 2009, the “2001 Plan” and collectively with the 2015 Plan, the “Plans”). The Company established the 2015 Plan to increase the total number of shares of common stock reserved and available for issuance by 880,000 shares from the number of shares remaining under the 2001 Plan. With the ratification of the 2015 Plan by the Company’s stockholders, the 2001 Plan was discontinued as to new grants (however, all awards previously granted under the 2001 Plan remained unchanged). The Plans are administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plan have a term not in excess of ten years. The exercise price for stock options will not be less than the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years. The following table summarizes stock option and restricted stock activity for the Plans: Stock Options Restricted Shares Shares Available for Grant Shares Weighted Average Exercise Price Per Share ($) Shares Weighted Average Exercise Price Per Share ($) Balance January 1, 2014 1,190,964 1,131,415 $ 32.42 185,572 $ 37.65 Granted (279,643 ) 173,068 58.25 106,575 59.16 Exercised/vested - (323,636 ) 30.57 (61,621 ) 36.51 Canceled 84,806 (29,768 ) 41.88 (55,038 ) 38.73 Balance December 31, 2014 996,127 951,079 37.46 175,488 50.56 Authorized 880,000 - - - - Granted (455,275 ) 238,773 60.40 216,502 60.32 Exercised/vested - (74,839 ) 33.12 (59,801 ) 47.51 Canceled 71,113 (23,169 ) 60.22 (47,944 ) 51.43 Balance December 31, 2015 1,491,965 1,091,844 42.29 284,245 58.63 Authorized - - - - - Granted (538,787 ) 383,622 38.59 155,165 38.37 Exercised/vested - (150,944 ) 36.66 (88,746 ) 57.38 Canceled 249,248 (125,797 ) 43.78 (123,451 ) 50.72 Balance December 31, 2016 1,202,426 1,198,725 41.66 227,213 49.57 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 (millions of dollars) Cumulative foreign currency translation $ (147.3 ) $ (108.7 ) Unrecognized pension costs (net of tax benefit of $39.4 in 2016 and $38.7 in 2015) (78.0 ) (74.8 ) Unrealized gain (loss) on cash flow hedges (net of tax expense of $1.8 in 2016 and $1.0 in 2015) 4.2 2.6 $ (221.1 ) $ (180.9 ) The following table summarizes the changes in other comprehensive income (loss) by component: Year Ended December 31, 2016 2015 Pre-Tax Amount Tax (Expense) Benefit Net-of- Tax Amount Pre-Tax Amount Tax (Expense) Benefit Net-of- Tax Amount (millions of dollars) Foreign currency translation adjustment (40.2 ) - $ (40.2 ) (76.6 ) - $ (76.6 ) Pension plans: Net actuarial gains (losses) and prior service costs arising during the period (12.5 ) 4.1 (8.4 ) 0.5 0.5 1.0 Amortization of net actuarial (gains) losses and prior service costs 8.0 (2.8 ) 5.2 9.6 (3.3 ) 6.3 Unrealized gains (losses) on cash flow hedges 2.4 (0.8 ) 1.6 - - - Total other comprehensive income (loss) $ (42.3 ) $ 0.5 $ (41.8 ) $ (66.5 ) $ (2.8 ) $ (69.3 ) 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 15) and the related tax amounts are included within provision for taxes on income line within Consolidated Statements of Income. |
Accounting for Asset Retirement
Accounting for Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015: 2016 2015 (millions of dollars) Asset retirement liability, beginning of period $ 21.4 $ 23.0 Accretion expense 2.5 2.8 Reversals - (1.0 ) Payments (1.6 ) (1.9 ) Foreign currency translation (0.8 ) (1.5 ) Asset retirement liability, end of period $ 21.5 $ 21.4 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 $2.1 million is included in other current liabilities and the long-term portion of the liability of approximately $19.4 million is included in other non-current liabilities in the Consolidated Balance Sheet as of December 31, 2016. Accretion expense is included in cost of goods sold in the Company's Consolidated Statements of Income. |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Non-Controlling Interests [Abstract] | |
Non-Controlling Interests | Note 21. Non-Controlling Interests In May 2014, the Company acquired the remaining 20% non-controlling interest in CETCO Lining Technologies India Pvt. Ltd. (“CETCO India”), a part of our Construction Technologies operations for $2.1 million. The following table sets forth the effects of this transaction on equity attributable to MTI shareholders: Year Ended December 31, 2016 2015 2014 (millions of dollars) Net income attributable to MTI $ 133.4 $ 107.9 $ 92.4 Transfer from non-controlling interest: Decrease in additional paid-in capital for purchase of the remaining non-controlling interest in CETCO India - - (2.1 ) Change from net income attributable to MTI and transfers from non-controlling interest $ 133.4 $ 107.9 $ 90.3 |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment and Related Information [Abstract] | |
Segment and Related Information | Note 22. 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 President and 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. The Company has 5 reportable segments: Specialty Minerals, Refractories, Performance Materials, Construction Technologies, and Energy Services. - The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate ("PCC") and processed mineral product quicklime ("lime"), and mines mineral ores then processes and sells natural mineral products, primarily limestone and talc. - The Refractories segment produces and markets monolithic and shaped refractory materials and specialty products, services and application and measurement equipment, and calcium metal and metallurgical wire products. - The Performance Materials segment is a leading supplier of bentonite and bentonite-related products. This segment also supplies chromite and leonardite and operates more than 25 mining or production facilities worldwide. - The Construction Technologies segment provides products for non-residential construction, environmental and infrastructure projects worldwide. It serves customers engaged in a broad range of construction projects, including site remediation, concrete waterproofing for underground structures, liquid containment on projects ranging from landfills to flood control, and drilling applications including foundation, slurry wall, tunneling, water well, and horizontal drilling. - The Energy Services segment provides services to improve the production, costs, compliance, and environmental impact of activities performed in oil and gas industry. This segment offers a range of services for off-shore filtration and well testing to the worldwide oil and gas industry. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on the operating income of the respective business units. 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, 2016, 2015 and 2014 was as follows: 2016 2015 2014 (millions of dollars) Net Sales Specialty Minerals $ 591.5 $ 624.6 $ 650.1 Refractories 274.5 295.9 359.7 Performance Materials 502.8 514.8 352.8 Construction Technologies 183.3 180.1 152.3 Energy Services 85.9 182.2 210.1 Total 1,638.0 1,797.6 1,725.0 Income from Operations Specialty Minerals 102.7 100.8 95.8 Refractories 37.0 27.8 43.2 Performance Materials 97.5 95.9 41.0 Construction Technologies 23.6 22.5 (0.8 ) Energy Services (25.9 ) (27.9 ) 16.3 Total 234.9 219.1 195.5 Depreciation, Depletion and Amortization Specialty Minerals 34.9 34.0 35.6 Refractories 6.9 7.5 10.8 Performance Materials 30.4 31.7 18.7 Construction Technologies 8.5 7.7 5.8 Energy Services 11.2 17.4 13.5 Total 91.9 98.3 84.4 Segment Assets Specialty Minerals 491.7 505.3 494.4 Refractories 283.4 292.7 357.3 Performance Materials 1,606.4 1,626.0 1,584.4 Construction Technologies 335.7 339.4 447.7 Energy Services 104.7 154.7 228.9 Total 2,821.9 2,918.1 3,112.7 Capital Expenditures Specialty Minerals 40.4 51.9 44.4 Refractories 5.9 11.1 11.7 Performance Materials 11.2 9.8 7.3 Construction Technologies 1.6 1.3 1.0 Energy Services 1.4 11.1 16.7 Total 60.5 85.2 81.1 A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows: 2016 2015 2014 (millions of dollars) Income from Operations before Provision for Taxes on Income Income from operations for reportable segments $ 234.9 $ 219.1 $ 195.5 Acquisition related transaction and integration costs (8.0 ) (11.8 ) (19.1 ) Unallocated corporate expenses (6.0 ) (7.0 ) (7.6 ) Consolidated income from operations 220.9 200.3 168.8 Non-operating deductions, net (50.6 ) (67.7 ) (45.8 ) Income from continuing operations before provision for taxes on income 170.3 132.6 123.0 Total Assets Total segment assets 2,821.9 2,918.1 3,112.7 Corporate assets 41.5 61.9 44.8 Consolidated total assets 2,863.4 2,980.0 3,157.5 Capital Expenditures Total segment capital expenditures 60.5 85.2 81.1 Corporate capital expenditures 1.9 0.8 0.7 Consolidated capital expenditures 62.4 86.0 81.8 Financial information relating to the Company's operations by geographic area was as follows: 2016 2015 2014 (millions of dollars) Net Sales United States $ 936.2 $ 1,049.6 $ 1,004.4 Canada/Latin America 82.6 86.3 90.2 Europe/Africa 338.8 382.1 407.7 Asia 280.4 279.6 222.7 Total International 701.8 748.0 720.6 Consolidated net sales 1,638.0 1,797.6 1,725.0 Long-Lived Assets United States $ 1,794.5 $ 1,829.3 $ 1,865.2 Canada/Latin America 14.8 13.0 18.8 Europe/Africa 98.2 117.6 136.8 Asia 127.3 138.3 144.3 Total International 240.3 268.9 299.9 Consolidated long-lived assets 2,034.8 2,098.2 2,165.1 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: 2016 2015 2014 (millions of dollars) Paper PCC $ 387.9 $ 423.3 $ 454.5 Specialty PCC 64.3 64.8 66.1 Talc 55.7 55.9 55.5 Ground Calcium Carbonate 83.6 80.6 74.0 Refractory Products 219.0 230.7 273.9 Metallurgical Products 55.5 65.2 85.8 Metalcasting 258.0 266.4 181.4 Household, Personal Care and Specialty Products 171.2 172.7 108.0 Basic Minerals and Other Products 73.6 75.7 63.4 Environmental Products 78.9 69.7 70.7 Building Materials and Other Products 104.4 110.4 81.6 Energy Services 85.9 182.2 210.1 Total 1,638.0 1,797.6 1,725.0 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data (unaudited) [Abstract] | |
Quarterly Financial Data (unaudited) | Note 23. Quarterly Financial Data (unaudited) 2016 quarters First Second Third Fourth (millions of dollars, except per share amounts) Net sales by segment Specialty Minerals segment $ 155.6 $ 150.6 $ 147.3 $ 138.0 Refractories segment 69.2 73.9 63.4 $ 68.0 Performance Materials segment 119.0 128.6 119.5 $ 135.7 Construction Technologies segment 40.6 53.9 49.5 $ 39.3 Energy Services segment 25.8 20.0 19.8 $ 20.3 Net sales 410.2 427.0 399.5 401.3 Gross profit 112.7 121.1 115.2 111.4 Income from operations 57.6 39.5 67.3 56.5 Income from continuing operations 34.8 22.3 42.5 37.5 Net income attributable to Minerals Technologies Inc. (MTI) 33.9 21.2 41.6 36.7 Basic earnings per share attributable to MTI shareholders: Income from continuing operations $ 0.97 $ 0.61 $ 1.19 $ 1.05 Loss from discontinued operations - - - - Net income $ 0.97 $ 0.61 $ 1.19 $ 1.05 Diluted earnings per share attributable to MTI shareholders: Income from continuing operations $ 0.97 $ 0.60 $ 1.18 $ 1.04 Loss from discontinued operations - - - - Net income $ 0.97 $ 0.60 $ 1.18 $ 1.04 Market price range per share of common stock: High $ 57.12 $ 61.66 $ 72.51 $ 82.90 Low $ 37.03 $ 52.53 $ 56.00 $ 66.10 Close $ 57.12 $ 57.38 $ 70.69 $ 77.25 Dividends paid per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 2015 quarters First Second Third Fourth (millions of dollars, except per share amounts) Net sales by segment Specialty Minerals segment $ 154.0 $ 156.5 $ 156.5 $ 157.6 Refractories segment 73.9 76.4 77.4 68.2 Performance Materials segment 127.9 129.1 126.5 131.3 Construction Technologies segment 38.9 52.1 49.7 39.4 Energy Services segment 58.6 49.3 40.9 33.4 Net sales 453.3 463.4 451.0 429.9 Gross profit 116.6 126.2 118.9 109.3 Income from operations 59.9 52.8 49.9 37.7 Income from continuing operations 36.0 27.5 30.3 17.8 Income (loss) from discontinued operations Net income attributable to MTI 35.1 26.6 29.2 17.0 Basic earnings per share attributable to MTI shareholders: Income from continuing operations $ 1.01 $ 0.77 $ 0.84 $ 0.49 Loss from discontinued operations - - - - Net income $ 1.01 $ 0.77 $ 0.84 $ 0.49 Diluted earnings per share attributable to MTI shareholders: Income from continuing operations $ 1.01 $ 0.76 $ 0.83 $ 0.48 Loss from discontinued operations - - - - Net income $ 1.01 $ 0.76 $ 0.83 $ 0.48 Market price range per share of common stock: High $ 74.74 $ 74.21 $ 68.15 $ 61.80 Low $ 59.00 $ 66.49 $ 46.69 $ 45.35 Close $ 70.65 $ 69.02 $ 50.31 $ 45.86 Dividends paid per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 24. Subsequent Events In February 2017, the Company entered into the Second Amendment to the credit agreement to reprice the $788 million floating rate tranche then outstanding. The Second Amendment extended the maturity for this tranche under the Term Facility February 14, 2024. After the Second Amendment, loans under the floating rate tranche of the Term Facility bear interest at a rate equal to an adjusted LIBOR rate (subject to a floor of 0.75%) plus an applicable margin equal to 2.25% per annum. The floating rate tranche of the Term Facility was issued at a 0.25% discount and has a 1% required amortization per year. The $300 million fixed rate tranche remains unchanged. |
SCHEDULE II-VALUATION AND QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2016 | |
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS [Abstract] | |
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 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, 2016 Valuation and qualifying accounts deducted from assets to which they apply: Allowance for doubtful accounts $ 4.4 6.2 (2.7 ) 7.9 Year ended December 31, 2015 Valuation and qualifying accounts deducted from assets to which they apply: Allowance for doubtful accounts $ 3.6 2.6 (1.8 ) 4.4 Year ended December 31, 2014 Valuation and qualifying accounts deducted from assets to which they apply: Allowance for doubtful accounts $ 1.7 $ 2.4 (0.5 ) 3.6 (a) Includes impact of translation of foreign currencies. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Minerals Technologies Inc. (the "Company"), 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. On May 9, 2014, the Company acquired AMCOL International Corporation (“AMCOL”), see Note 2. The accompanying Consolidated Statements of Income include the results of operations of the acquired AMCOL businesses from May 9, 2014, through December 31, 2014. |
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 accounts receivables, valuation of inventories, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, valuation of product liability and asset retirement obligation, income tax, income tax valuation allowances, and litigation and environmental liabilities. Actual results could differ from those estimates. |
Cash Equivalents and Short-term Investments | Cash Equivalents and Short-term Investments The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term investments consist of financial instruments, mainly bank deposits, with original maturities beyond three months, but less than twelve months. Short-term investments amounted to $2.0 were no unrealized holding gains and losses on the short-term bank investments held at . |
Trade Accounts Receivable | Trade Accounts Receivable Trade accounts receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific allowances for bankrupt customers. The Company also analyzes the collection history and financial condition of its other customers, considering current industry conditions and determines whether an allowance needs to be established. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days based on payment terms are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. |
Inventories | Inventories Inventories are valued at the lower of cost or market. Cost is determined by the first-in, first-out (FIFO) method. Additionally, items such as idle facility expense, excessive spoilage, freight handling costs, and re-handling costs are recognized as current period charges. The allocation of fixed production overheads to the costs of conversion are based upon the normal capacity of the production facility. Fixed overhead costs associated with idle capacity are expensed as incurred. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant improvements are capitalized, while maintenance and repair expenditures are charged to operations as incurred. The Company capitalizes interest cost as a component of construction in progress. The straight-line method of depreciation is used for substantially for all of 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 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. |
Investment in joint ventures | Investment in joint ventures The Company uses the equity method of accounting to incorporate 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, 2016, the book value of Company’s equity method investment was $14.4 million. The Company had no cost method investments at December 31, 2016. |
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 11 for a full description of the Company's hedging activities and related accounting policies. |
Revenue Recognition | Revenue Recognition Revenue from sale of products is recognized when title passes to the customer, the customer assumes the risks and rewards of ownership, and collectability is reasonably assured; generally, this occurs when the goods are shipped to the customer. In most of the Company's PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year. Under those contracts the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to such customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. The Company also has consignment arrangements with certain customers in our Refractories segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer. Revenue from sales of equipment is recorded upon completion of installation and receipt of customer acceptance. Revenue from services is recorded when the services have been performed and collectability is reasonably assured. Revenue from long-term construction contracts is recorded using the percentage-of-completion method. Progress is generally based upon costs incurred to date as compared to the total estimated costs to complete the work under the contract or the amount of product installed in relation to the total amount expected to be installed. All known or anticipated losses on contracts are provided when they become evident. Cost adjustments that are in the process of being negotiated with customers for extra work or changes in scope of work are included in revenue when collection is reasonably assured. |
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, 2016, the Company had no international subsidiaries operating in highly inflationary economies. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company operates in multiple taxing jurisdictions, both within the U.S. and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company regularly assesses its tax position for such transactions and includes reserves for those differences in position. The reserves are utilized or reversed once the statute of limitations has expired or the matter is otherwise resolved. The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax laws and regulations change over time. As such, changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations. The Company's accounting policy is to recognize interest and penalties as part of its provision for income taxes. See Note 7 for additional detail on our uncertain tax positions. The accompanying financial statements do not include a provision for U.S. income taxes on international subsidiaries' unremitted earnings, which are expected to be permanently reinvested overseas. |
Research and Development | 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 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. The Company assumed AMCOL’s qualified defined benefit pension plan which covers substantially all of AMCOL domestic employees hired before January 1, 2004, and supplementary pension plan which provides benefits in excess of qualified plan limitation for certain employees. |
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. Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is currently evaluating the impact of this ASU on the Company’s consolidated financial statements and related disclosures. The Company expects to complete this analysis in early 2017. Inventory – Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” Under this accounting guidance, inventory will be measured at the lower of cost and net realizable value and other options that currently exist for market value will be eliminated. ASU No. 2015-11 defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. Leases In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to recognize most leases on-balance sheet, thereby increasing their reported assets and liabilities, in some cases very significantly. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. The Company is currently evaluating the impact of this ASU on the Company’s consolidated financial statements and related disclosures; however, the Company does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. Investments – Equity Method and Joint Ventures In March 2016, the FASB issued ASU 2016-07, “Simplifying the Transition to the Equity Method of Accounting”, which eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. ASU 2016-07 is effective for all entities for interim and annual periods in fiscal years beginning after December 15, 2016. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. Stock Compensation – Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”, which is intended to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. The ASU changes seven aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes; (6) practical expedient – expected term (nonpublic only); and (7) intrinsic value (nonpublic only). The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those years for public business entities. Early adoption is permitted in any interim or annual period provided that the entire ASU is adopted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory In |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combination [Abstract] | |
Schedule total consideration transferred | The fair value of the total consideration transferred, net of cash acquired, was $1,802.3 million and comprised of the following: (millions of dollars) Cash consideration transferred to AMCOL shareholders $ 1,519.4 AMCOL notes repaid at close 325.6 Total consideration transferred to debt and equity holders 1,845.0 Cash acquired 42.7 Total consideration transferred to debt and equity holders, net of cash acquired $ 1,802.3 |
Summary of preliminary purchase price allocation for the AMCOL acquisition | The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date, as well as adjustments made in 2015 to the amounts initially recorded in 2014 (measurement period adjustments). The measurement period adjustments did not have a significant impact on our consolidated statements of income, balance sheets or cash flows in any period and therefore, we have not retrospectively adjusted our financial statements. Preliminary Allocation Previously Reported on Form 10-K as of December 2014 Increase Final Allocation (millions of dollars) (millions of dollars) (millions of dollars) Accounts receivable $ 235.7 $ - $ 235.7 Inventories 157.3 - 157.3 Other current assets 65.0 - 65.0 Mineral rights 535.5 - 535.5 Plant, property and equipment 371.2 - 371.2 Goodwill 708.1 12.8 720.9 Intangible assets 214.3 8.8 223.1 Other non-current assets 51.4 9.2 60.6 Total assets acquired $ 2,338.5 $ 30.8 $ 2,369.3 Accounts payable 66.4 - 66.4 Accrued expenses 61.6 - 61.6 Non-current deferred tax liability 322.3 1.5 323.8 Other non-current liabilities 85.9 29.3 115.2 Total liabilities assumed $ 536.2 $ 30.8 $ 567.0 Net assets acquired $ 1,802.3 $ - $ 1,802.3 |
Restructuring and Other Items35
Restructuring and Other Items, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Other Items, net [Abstract] | |
Schedule of restructuring charges | 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, 2016 2016 2015 2014 (millions of dollars) Impairment of assets Performance Materials $ - $ - $ 0.4 Construction Technologies - - 11.7 Energy Services 18.5 33.0 11.6 Corporate - 1.2 - Total impairment of assets charges $ 18.5 $ 34.2 $ 23.7 Severance and other employee costs Specialty Minerals $ - $ - $ 3.0 Refractories - 2.0 0.7 Performance Materials - - 5.6 Construction Technologies - - 5.8 Energy Services 12.7 9.0 3.7 Total severance and other employee costs $ 12.7 $ 11.0 $ 18.8 Other Refractories $ (2.9 ) $ - $ - Performance Materials - - 0.7 Total restructuring and other items, net $ 28.3 $ 45.2 $ 43.2 |
Reconciliation of restructuring liability | The following table is a reconciliation of our restructuring liability balance: (millions of dollars) Restructuring liability, December 31, 2015 $ 7.9 Additional provisions 12.7 Cash payments (17.0 ) Restructuring liability, December 31, 2016 $ 3.6 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014: 2016 2015 2014 Expected life (in years) 6.5 6.4 6.5 Interest rate 1.72 % 1.52 % 2.16 % Volatility 36.75 % 36.86 % 37.15 % Expected dividend yield 0.54 % 0.33 % 0.34 % |
Summary of stock option activity | The following table summarizes stock option activity for the year ended December 31, 2016: Awards Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Millions) Awards outstanding at December 31, 2015 1,091,844 $ 42.29 Granted 383,622 38.59 Exercised (150,944 ) 36.66 Canceled (125,797 ) 43.78 Awards outstanding at December 31, 2016 1,198,725 41.66 6.51 $ 42.7 Awards exercisable at December 31, 2016 767,313 39.43 5.31 29.0 |
Non-vested stock option activity | Non-vested stock option activity for the year ended is as follows: Awards Weighted Average Grant date Fair Value Per Share Nonvested awards outstanding at December 31, 2015 353,859 $ 57.21 Granted 383,622 38.59 Vested (191,775 ) 55.01 Canceled (114,294 ) 42.18 Nonvested awards outstanding at December 31, 2016 431,412 45.61 |
Summary of restricted stock activity | The following table summarizes the restricted stock activity for the Plan: Awards Weighted Average Grant Date Fair Value Per Share Unvested balance at December 31, 2015 284,245 58.63 Granted 155,165 38.37 Vested (88,746 ) 57.38 Canceled (123,451 ) 50.72 Unvested balance at December 31, 2016 227,213 49.57 |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share (EPS) [Abstract] | |
Schedule of basic and diluted earnings per share | Year Ended December 31, 2016 2015 2014 (in millions, except per share data) Basic EPS Amounts attributable to MTI Income from continuing operations $ 133.4 $ 107.9 $ 90.3 Income from discontinued operations - - 2.1 Net income $ 133.4 $ 107.9 $ 92.4 Weighted average shares outstanding 34.9 34.7 34.5 Earnings per share attributable to MTI Continuing operations $ 3.82 $ 3.11 $ 2.62 Discontinued operations - - 0.06 Net income $ 3.82 $ 3.11 $ 2.68 Diluted EPS Amounts attributable to MTI Income from continuing operations $ 133.4 $ 107.9 $ 90.3 Income from discontinued operations - - 2.1 Net income $ 133.4 $ 107.9 $ 92.4 Weighted average shares outstanding 34.9 34.7 34.5 Dilutive effect of stock options and stock units 0.3 0.3 0.3 Weighted average shares outstanding, adjusted 35.2 35.0 34.8 Earnings per share attributable to MTI Continuing operations $ 3.79 $ 3.08 $ 2.59 Discontinued operations - - 0.06 Net income $ 3.79 $ 3.08 $ 2.65 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations [Abstract] | |
Selected financial information | The following table provides selected financial information for the amounts included within discontinued operations in the Consolidated Statements of Income. Year Ended December 31, 2016 2015 2014 (millions of dollars) Net sales $ - $ - $ - Production margin - - - Expenses - - (0.3 ) Facility closure costs accrual (reversal) - - (2.4 ) Income from operations $ - $ - $ 2.7 Provision for taxes on income $ - $ - $ 0.6 Income from discontinued operations, net of tax $ - $ - $ 2.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income from operations before provision for taxes by domestic and foreign source | Income from operations before provision for taxes by domestic and foreign source is as follows: 2016 2015 2014 (millions of dollars) Income from continuing operations before income taxes and income from affiliates and joint ventures: Domestic $ 72.9 $ 32.6 $ 54.8 Foreign 97.4 100.0 68.2 $ 170.3 $ 132.6 $ 123.0 |
Provision (benefit) for taxes on income | The provision (benefit) for taxes on income consists of the following: 2016 2015 2014 (millions of dollars) Domestic Taxes currently payable Federal $ 18.7 $ 1.4 $ 28.1 State and local 4.4 1.2 3.4 Deferred income taxes (8.8 ) (3.2 ) (15.1 ) Domestic tax provision 14.3 (0.6 ) 16.4 Foreign Taxes currently payable 23.2 22.7 20.3 Deferred income taxes (2.2 ) 0.7 (5.9 ) Foreign tax provision 21.0 23.4 14.4 Total tax provision $ 35.3 $ 22.8 $ 30.8 |
Reconciliation of statutory federal tax rate to effective federal tax rate | The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows: 2016 2015 2014 U.S. statutory rate 35.0 % 35.0 % 35.0 % Depletion (6.6 )% (8.4 )% (7.8 )% Difference between tax provided on foreign earnings and the U.S. statutory rate (6.4 )% (8.3 )% (9.5 )% State and local taxes, net of federal tax benefit 1.1 % 0.3 % 1.0 % Tax credits and foreign dividends 0.6 % (0.5 )% 4.1 % Change in valuation allowance (1.1 )% (0.9 )% 1.7 % Impact of uncertain tax positions 0.4 % (0.1 )% 0.4 % Impact of officer's non-deductible compensation 0.1 % 2.9 % 2.7 % Manufacturing deduction (2.0 )% (2.0 )% (3.3 )% Other (0.4 )% (0.8 )% 0.7 % Consolidated effective tax rate 20.7 % 17.2 % 25.0 % |
Deferred tax assets and liabilities | The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: 2016 2015 (millions of dollars) Deferred tax assets attributable to: Accrued liabilities $ 49.7 $ 36.1 Net operating loss carry forwards 34.6 37.6 Pension and post-retirement benefits costs 55.4 55.0 Other 35.0 29.1 Valuation allowance (24.8 ) (28.8 ) Total deferred tax assets 149.9 129.0 Deferred tax liabilities attributable to: Plant and equipment, principally due to differences in depreciation 251.3 247.2 Intangible assets 96.3 98.7 Other 14.0 4.5 Total deferred tax liabilities 361.6 350.4 Net deferred tax asset (liability) $ (211.7 ) $ (221.4 ) Net deferred tax assets and net deferred tax liabilities are as follows: 2016 2015 (millions of dollars) Net deferred tax asset, long-term $ 27.1 $ 30.6 Net deferred tax liability, long-term 238.8 252.0 Net deferred tax asset (liability), long-term $ (211.7 ) $ (221.4 ) |
Activity related to unrecognized tax benefits | The following table summarizes the activity related to our unrecognized tax benefits: 2016 2015 (millions of dollars) Balance at beginning of the year $ 4.0 $ 5.0 Increases related to current year tax positions 8.8 0.5 Increases related to new judgements 0.9 0.8 Decreases related to audit settlements and statue expirations - (2.3 ) Balance at the end of the year $ 13.7 $ 4.0 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Inventories by major category | The following is a summary of inventories by major category: 2016 2015 (millions of dollars) Raw materials $ 70.6 $ 73.4 Work-in-process 5.4 5.4 Finished goods 80.5 86.1 Packaging and supplies 30.4 30.0 Total inventories $ 186.9 $ 194.9 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 (millions of dollars) Mineral rights and reserves $ 547.8 $ 553.8 Land 42.7 39.8 Buildings 195.6 179.7 Machinery and equipment 1,193.6 1,130.7 Furniture and fixtures and other 123.3 209.7 Construction in progress 38.4 53.6 2,141.4 2,167.3 Less: accumulated depreciation and depletion (1,089.6 ) (1,063.0 ) Property, plant and equipment, net $ 1,051.8 $ 1,104.3 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Carrying amount of goodwill by reportable segment | The balance of goodwill by segment and the activity occurring in the past two fiscal years is as follows: Specialty Minerals Refractories Performance Materials Construction Technologies Consolidated (millions of dollars) Balance at December 31, 2014 $ 13.7 $ 49.0 $ 453.2 $ 255.0 $ 770.9 Change in goodwill relating to: Purchase price finalization 91.1 (78.3 ) 12.8 Foreign exchange translation (0.4 ) (2.0 ) (0.1 ) - (2.5 ) Total Changes $ (0.4 ) $ (2.0 ) $ 91.0 $ (78.3 ) $ 10.3 Balance at December 31, 2015 $ 13.3 $ 47.0 $ 544.2 $ 176.7 $ 781.2 Change in goodwill relating to: Purchase price finalization - - - - - Foreign exchange translation (1.2 ) (1.3 ) - - (2.5 ) Total Changes (1.2 ) (1.3 ) - - (2.5 ) Balance at December 31, 2016 $ 12.1 $ 45.7 $ 544.2 $ 176.7 $ 778.7 |
Acquired intangible assets subject to amortization | Acquired intangible assets subject to amortization as of December 31, 2016 and December 31, 2015 Weighted Average Useful Life (Years) December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (millions of dollars) Tradenames 34 $ 199.8 $ 15.3 $ 199.8 $ 9.3 Technology 12 18.8 3.6 18.8 2.5 Patents and trademarks 17 6.4 4.8 6.4 4.4 Customer relationships 30 4.5 1.4 4.5 0.6 28 $ 229.5 $ 25.1 $ 229.5 $ 16.8 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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. Fair Value Measurements Using Description Asset / (Liability) Balance at 12/31/16 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (millions of dollars) Deferred compensation plan assets $ 10.8 $ - $ 10.8 $ - Supplementary pension plan assets 10.4 - 10.4 - Interest rate swap 2.5 - 2.5 - Fair Value Measurements Using Description Asset / (Liability) Balance at 12/31/16 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (milliions of dollars) Money market funds $ 7.5 $ 7.5 $ - $ - |
Long-Term Debt and Commitments
Long-Term Debt and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt and Commitments [Abstract] | |
Summary of long term debt | The following is a summary of long term debt: December 31, 2016 2015 (millions of dollars) Term Loan Facility, due May 9, 2021, net of unamortized discount and deferred financing costs of $26.4 million and $30.9 million as of December 31, 2016 and December 31, 2015, respectively. $ 1,061.7 $ 1,246.4 Japan Loan Facilities 5.8 - China Loan Facilities 9.2 12.0 Total $ 1,076.7 $ 1,258.4 Less: Current maturities 6.8 3.1 Long-term debt $ 1,069.9 $ 1,255.3 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Benefit Plans [Abstract] | |
Obligations and funded status of pension and other postretirement benefit plans | The following table set forth Company's pension obligation and funded status at December 31: Pension Benefits Post-Retirement Benefits 2016 2015 2016 2015 (millions of dollars) Change in benefit obligations: Beginning projected benefit obligation $ 416.6 $ 433.8 $ 9.3 $ 10.1 Service cost 8.2 10.3 0.3 0.4 Interest cost 13.0 15.4 0.3 0.3 Actuarial (gain)/loss 21.2 (17.0 ) (0.6 ) (0.9 ) Benefits paid (18.3 ) (19.5 ) - (0.4 ) Settlements (0.9 ) Acquisition Foreign exchange impact (11.4 ) (7.0 ) - (0.2 ) Other (0.5 ) 0.6 Ending projected benefit obligation 427.9 416.6 9.3 9.3 Change in plan assets: Beginning fair value 282.5 295.8 - - Actual return on plan assets 22.9 1.2 - - Employer contributions 10.5 10.0 - 0.4 Plan participants' contributions 0.4 0.5 - - Benefits paid (18.3 ) (19.5 ) - (0.4 ) Settlements (0.5 ) - - - Acquisition - - - - Foreign exchange impact (8.2 ) (5.5 ) - - Ending fair value 289.3 282.5 - - Funded status of the plan $ (138.6 ) $ (134.1 ) $ (9.3 ) $ (9.3 ) |
Amounts recognized in the consolidated balance sheet | Amounts recognized in the consolidated balance sheet consist of: Pension Benefits Post-Retirement Benefits 2016 2015 2016 2015 (millions of dollars) Current liability $ (0.8 ) $ (0.9 ) $ (0.6 ) $ (0.7 ) Non-current liability (137.8 ) (133.2 ) (8.7 ) (8.6 ) Recognized liability $ (138.6 ) $ (134.1 ) $ (9.3 ) $ (9.3 ) |
Amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income, net of related tax effects, consist of: Pension Benefits Post-Retirement Benefits 2016 2015 2016 2015 (millions of dollars) Net actuarial (gain) loss $ 82.1 $ 80.3 $ (1.7 ) $ (1.5 ) Prior service cost (0.1 ) 0.2 (2.4 ) (4.3 ) Amount recognized end of year $ 82.0 $ 80.5 $ (4.1 ) $ (5.8 ) |
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 2016 2015 2016 2015 (millions of dollars) Current year actuarial gain (loss) $ (8.7 ) $ 0.5 $ 0.3 $ 0.6 Amortization of actuarial (gain) loss 6.8 7.7 (0.1 ) (0.1 ) Amortization of prior service credit (gain) loss 0.4 0.5 (1.9 ) (1.9 ) Total recognized in other comprehensive income $ (1.5 ) $ 8.7 $ (1.7 ) $ (1.4 ) |
Components of net periodic benefit cost | The components of net periodic benefit costs are as follows: Pension Benefits Post-Retirement Benefits 2016 2015 2014 2016 2015 2014 (millions of dollars) Service cost $ 8.2 $ 10.3 $ 8.9 $ 0.3 $ 0.4 $ 0.4 Interest cost 13.0 15.4 14.9 0.3 0.3 0.4 Expected return on plan assets (18.6 ) (19.7 ) (19.4 ) - - - Amortization of prior service cost 0.6 0.8 1.0 (3.1 ) (3.1 ) (3.1 ) Recognized net actuarial (gain) loss 10.7 12.1 7.4 (0.2 ) (0.1 ) (0.2 ) Settlement/curtailment loss 0.3 - - - - - Net periodic benefit cost $ 14.2 $ 18.9 $ 12.8 $ (2.7 ) $ (2.5 ) $ (2.5 ) |
Estimated amortization of amounts in other accumulated comprehensive income to be recognized in next fiscal year | The 2017 estimated amortization of amounts in other accumulated comprehensive income are as follows: Pension Benefits Post-Retirement Benefits (millions of dollars) Amortization of prior service credit (gain) loss $ 0.1 $ (3.1 ) Amortization of net (gain) loss 10.6 (0.3 ) Total cost to be recognized $ 10.7 $ (3.4 ) |
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, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Discount rate 3.88 % 3.71 % 4.39 % Expected return on plan assets 6.89 % 6.89 % 7.34 % Rate of compensation increase 3.03 % 3.04 % 3.08 % The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Discount rate 3.60 % 3.89 % 3.66 % Rate of compensation increase 2.96 % 3.04 % 3.05 % |
Weighted average asset allocation percentages | The Company's pension plan weighted average asset allocation percentages at December 31, 2016 and 2015 by asset category are as follows: Asset Category 2016 2015 Equity securities 60.2 % 58.9 % Fixed income securities 32.7 % 34.7 % Real estate 0.7 % 0.9 % Other 6.4 % 5.5 % Total 100.0 % 100.0 % |
Fair value of plan assets by asset category | The Company's pension plan fair values at December 31, 2016 and 2015 by asset category are as follows: Asset Category 2016 2015 (millions of dollars) Equity securities $ 174.1 $ 166.4 Fixed income securities 94.7 98.0 Real estate 1.9 2.5 Other 18.6 15.6 Total 289.3 282.5 |
Fair value of plan assets by geographic location | The following table presents domestic and foreign pension plan assets information at December 31, 2016, 2015 and 2014 (the measurement date of pension plan assets): U.S. Plans International Plans 2016 2015 2014 2016 2015 2014 (millions of dollars) Fair value of plan assets $ 221.9 $ 213.0 $ 224.1 $ 67.4 $ 69.5 $ 71.7 |
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, 2016: Pension Assets Fair Value as of December 31, 2016 Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (millions of dollars) Equity securities US equities $ 155.0 $ 0.2 $ - $ 155.2 Non-US equities 18.9 - - 18.9 Fixed income securities Corporate debt instruments 63.4 31.3 - 94.7 Real estate and other Real estate - - 1.9 1.9 Other - 0.2 18.4 18.6 Total assets $ 237.3 $ 31.7 $ 20.3 $ 289.3 The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2015: Pension Assets Fair Value as of December 31, 2015 Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (millions of dollars) Equity securities US equities $ 143.7 $ 0.2 $ - $ 143.9 Non-US equities 22.5 - - 22.5 Fixed income securities Corporate debt instruments 65.4 32.6 - 98.0 Real estate and other Real estate - - 2.5 2.5 Other - 0.2 15.4 15.6 Total assets 231.6 33.0 17.9 282.5 |
Reconciliation of changes in fair value measurement of plan assets using significant unobservable inputs (Level 3) | 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, 2014 $ 26.6 Purchases, sales, settlements - Actual return on plan assets still held at reporting date (8.4 ) Foreign exchange impact (0.3 ) Ending balance at December 31, 2015 $ 17.9 Purchases, sales, settlements - Actual return on plan assets still held at reporting date 3.0 Foreign exchange impact (0.6 ) Ending balance at December 31, 2016 $ 20.3 |
Estimated future benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Pension Benefits Other Benefits (millions of dollars) 2017 $ 20.2 $ 0.6 2018 $ 21.2 $ 0.7 2019 $ 22.4 $ 0.7 2020 $ 23.0 $ 0.7 2021 $ 23.2 $ 0.8 2022-2026 $ 123.8 $ 4.0 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Stock option and restricted stock activity | The following table summarizes stock option and restricted stock activity for the Plans: Stock Options Restricted Shares Shares Available for Grant Shares Weighted Average Exercise Price Per Share ($) Shares Weighted Average Exercise Price Per Share ($) Balance January 1, 2014 1,190,964 1,131,415 $ 32.42 185,572 $ 37.65 Granted (279,643 ) 173,068 58.25 106,575 59.16 Exercised/vested - (323,636 ) 30.57 (61,621 ) 36.51 Canceled 84,806 (29,768 ) 41.88 (55,038 ) 38.73 Balance December 31, 2014 996,127 951,079 37.46 175,488 50.56 Authorized 880,000 - - - - Granted (455,275 ) 238,773 60.40 216,502 60.32 Exercised/vested - (74,839 ) 33.12 (59,801 ) 47.51 Canceled 71,113 (23,169 ) 60.22 (47,944 ) 51.43 Balance December 31, 2015 1,491,965 1,091,844 42.29 284,245 58.63 Authorized - - - - - Granted (538,787 ) 383,622 38.59 155,165 38.37 Exercised/vested - (150,944 ) 36.66 (88,746 ) 57.38 Canceled 249,248 (125,797 ) 43.78 (123,451 ) 50.72 Balance December 31, 2016 1,202,426 1,198,725 41.66 227,213 49.57 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated other comprehensive income (loss), net of related tax | Accumulated other comprehensive income (loss) at December 31 comprised of the following components: 2016 2015 (millions of dollars) Cumulative foreign currency translation $ (147.3 ) $ (108.7 ) Unrecognized pension costs (net of tax benefit of $39.4 in 2016 and $38.7 in 2015) (78.0 ) (74.8 ) Unrealized gain (loss) on cash flow hedges (net of tax expense of $1.8 in 2016 and $1.0 in 2015) 4.2 2.6 $ (221.1 ) $ (180.9 ) |
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, 2016 2015 Pre-Tax Amount Tax (Expense) Benefit Net-of- Tax Amount Pre-Tax Amount Tax (Expense) Benefit Net-of- Tax Amount (millions of dollars) Foreign currency translation adjustment (40.2 ) - $ (40.2 ) (76.6 ) - $ (76.6 ) Pension plans: Net actuarial gains (losses) and prior service costs arising during the period (12.5 ) 4.1 (8.4 ) 0.5 0.5 1.0 Amortization of net actuarial (gains) losses and prior service costs 8.0 (2.8 ) 5.2 9.6 (3.3 ) 6.3 Unrealized gains (losses) on cash flow hedges 2.4 (0.8 ) 1.6 - - - Total other comprehensive income (loss) $ (42.3 ) $ 0.5 $ (41.8 ) $ (66.5 ) $ (2.8 ) $ (69.3 ) |
Accounting for Asset Retireme48
Accounting for Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting for Asset Retirement Obligations [Abstract] | |
Reconciliation of asset retirement obligations | The following is a reconciliation of asset retirement obligations as of December 31, 2016 and 2015: 2016 2015 (millions of dollars) Asset retirement liability, beginning of period $ 21.4 $ 23.0 Accretion expense 2.5 2.8 Reversals - (1.0 ) Payments (1.6 ) (1.9 ) Foreign currency translation (0.8 ) (1.5 ) Asset retirement liability, end of period $ 21.5 $ 21.4 |
Non-Controlling Interests (Tabl
Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Non-Controlling Interests [Abstract] | |
Summary of the effects of the CETCO transactions on equity attributable to MTI shareholders | The following table sets forth the effects of this transaction on equity attributable to MTI shareholders: Year Ended December 31, 2016 2015 2014 (millions of dollars) Net income attributable to MTI $ 133.4 $ 107.9 $ 92.4 Transfer from non-controlling interest: Decrease in additional paid-in capital for purchase of the remaining non-controlling interest in CETCO India - - (2.1 ) Change from net income attributable to MTI and transfers from non-controlling interest $ 133.4 $ 107.9 $ 90.3 |
Segment and Related Informati50
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment and Related Information [Abstract] | |
Segment information | Segment information for the years ended December 31, 2016, 2015 and 2014 was as follows: 2016 2015 2014 (millions of dollars) Net Sales Specialty Minerals $ 591.5 $ 624.6 $ 650.1 Refractories 274.5 295.9 359.7 Performance Materials 502.8 514.8 352.8 Construction Technologies 183.3 180.1 152.3 Energy Services 85.9 182.2 210.1 Total 1,638.0 1,797.6 1,725.0 Income from Operations Specialty Minerals 102.7 100.8 95.8 Refractories 37.0 27.8 43.2 Performance Materials 97.5 95.9 41.0 Construction Technologies 23.6 22.5 (0.8 ) Energy Services (25.9 ) (27.9 ) 16.3 Total 234.9 219.1 195.5 Depreciation, Depletion and Amortization Specialty Minerals 34.9 34.0 35.6 Refractories 6.9 7.5 10.8 Performance Materials 30.4 31.7 18.7 Construction Technologies 8.5 7.7 5.8 Energy Services 11.2 17.4 13.5 Total 91.9 98.3 84.4 Segment Assets Specialty Minerals 491.7 505.3 494.4 Refractories 283.4 292.7 357.3 Performance Materials 1,606.4 1,626.0 1,584.4 Construction Technologies 335.7 339.4 447.7 Energy Services 104.7 154.7 228.9 Total 2,821.9 2,918.1 3,112.7 Capital Expenditures Specialty Minerals 40.4 51.9 44.4 Refractories 5.9 11.1 11.7 Performance Materials 11.2 9.8 7.3 Construction Technologies 1.6 1.3 1.0 Energy Services 1.4 11.1 16.7 Total 60.5 85.2 81.1 |
Reconciliation of operating income before income taxes, assets, and capital expenditures from segments to consolidated | A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows: 2016 2015 2014 (millions of dollars) Income from Operations before Provision for Taxes on Income Income from operations for reportable segments $ 234.9 $ 219.1 $ 195.5 Acquisition related transaction and integration costs (8.0 ) (11.8 ) (19.1 ) Unallocated corporate expenses (6.0 ) (7.0 ) (7.6 ) Consolidated income from operations 220.9 200.3 168.8 Non-operating deductions, net (50.6 ) (67.7 ) (45.8 ) Income from continuing operations before provision for taxes on income 170.3 132.6 123.0 Total Assets Total segment assets 2,821.9 2,918.1 3,112.7 Corporate assets 41.5 61.9 44.8 Consolidated total assets 2,863.4 2,980.0 3,157.5 Capital Expenditures Total segment capital expenditures 60.5 85.2 81.1 Corporate capital expenditures 1.9 0.8 0.7 Consolidated capital expenditures 62.4 86.0 81.8 |
Financial information related to operations by geographic area | Financial information relating to the Company's operations by geographic area was as follows: 2016 2015 2014 (millions of dollars) Net Sales United States $ 936.2 $ 1,049.6 $ 1,004.4 Canada/Latin America 82.6 86.3 90.2 Europe/Africa 338.8 382.1 407.7 Asia 280.4 279.6 222.7 Total International 701.8 748.0 720.6 Consolidated net sales 1,638.0 1,797.6 1,725.0 Long-Lived Assets United States $ 1,794.5 $ 1,829.3 $ 1,865.2 Canada/Latin America 14.8 13.0 18.8 Europe/Africa 98.2 117.6 136.8 Asia 127.3 138.3 144.3 Total International 240.3 268.9 299.9 Consolidated long-lived assets 2,034.8 2,098.2 2,165.1 |
Sales by product category | The Company's sales by product category are as follows: 2016 2015 2014 (millions of dollars) Paper PCC $ 387.9 $ 423.3 $ 454.5 Specialty PCC 64.3 64.8 66.1 Talc 55.7 55.9 55.5 Ground Calcium Carbonate 83.6 80.6 74.0 Refractory Products 219.0 230.7 273.9 Metallurgical Products 55.5 65.2 85.8 Metalcasting 258.0 266.4 181.4 Household, Personal Care and Specialty Products 171.2 172.7 108.0 Basic Minerals and Other Products 73.6 75.7 63.4 Environmental Products 78.9 69.7 70.7 Building Materials and Other Products 104.4 110.4 81.6 Energy Services 85.9 182.2 210.1 Total 1,638.0 1,797.6 1,725.0 |
Quarterly Financial Data (una51
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data (unaudited) [Abstract] | |
Quarterly Financial Data | 2016 quarters First Second Third Fourth (millions of dollars, except per share amounts) Net sales by segment Specialty Minerals segment $ 155.6 $ 150.6 $ 147.3 $ 138.0 Refractories segment 69.2 73.9 63.4 $ 68.0 Performance Materials segment 119.0 128.6 119.5 $ 135.7 Construction Technologies segment 40.6 53.9 49.5 $ 39.3 Energy Services segment 25.8 20.0 19.8 $ 20.3 Net sales 410.2 427.0 399.5 401.3 Gross profit 112.7 121.1 115.2 111.4 Income from operations 57.6 39.5 67.3 56.5 Income from continuing operations 34.8 22.3 42.5 37.5 Net income attributable to Minerals Technologies Inc. (MTI) 33.9 21.2 41.6 36.7 Basic earnings per share attributable to MTI shareholders: Income from continuing operations $ 0.97 $ 0.61 $ 1.19 $ 1.05 Loss from discontinued operations - - - - Net income $ 0.97 $ 0.61 $ 1.19 $ 1.05 Diluted earnings per share attributable to MTI shareholders: Income from continuing operations $ 0.97 $ 0.60 $ 1.18 $ 1.04 Loss from discontinued operations - - - - Net income $ 0.97 $ 0.60 $ 1.18 $ 1.04 Market price range per share of common stock: High $ 57.12 $ 61.66 $ 72.51 $ 82.90 Low $ 37.03 $ 52.53 $ 56.00 $ 66.10 Close $ 57.12 $ 57.38 $ 70.69 $ 77.25 Dividends paid per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 2015 quarters First Second Third Fourth (millions of dollars, except per share amounts) Net sales by segment Specialty Minerals segment $ 154.0 $ 156.5 $ 156.5 $ 157.6 Refractories segment 73.9 76.4 77.4 68.2 Performance Materials segment 127.9 129.1 126.5 131.3 Construction Technologies segment 38.9 52.1 49.7 39.4 Energy Services segment 58.6 49.3 40.9 33.4 Net sales 453.3 463.4 451.0 429.9 Gross profit 116.6 126.2 118.9 109.3 Income from operations 59.9 52.8 49.9 37.7 Income from continuing operations 36.0 27.5 30.3 17.8 Income (loss) from discontinued operations Net income attributable to MTI 35.1 26.6 29.2 17.0 Basic earnings per share attributable to MTI shareholders: Income from continuing operations $ 1.01 $ 0.77 $ 0.84 $ 0.49 Loss from discontinued operations - - - - Net income $ 1.01 $ 0.77 $ 0.84 $ 0.49 Diluted earnings per share attributable to MTI shareholders: Income from continuing operations $ 1.01 $ 0.76 $ 0.83 $ 0.48 Loss from discontinued operations - - - - Net income $ 1.01 $ 0.76 $ 0.83 $ 0.48 Market price range per share of common stock: High $ 74.74 $ 74.21 $ 68.15 $ 61.80 Low $ 59.00 $ 66.49 $ 46.69 $ 45.35 Close $ 70.65 $ 69.02 $ 50.31 $ 45.86 Dividends paid per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Equivalents and Short-term Investments [Abstract] | ||
Short-term investments | $ 2 | $ 2.6 |
Unrealized holding gains and losses on short-term bank investments | $ 0 | |
Trade Accounts Receivable [Abstract] | ||
Past due threshold for individual collectability review | 90 days | |
Property, Plant and Equipment [Abstract] | ||
Initial term of long term evergreen contracts | 10 years | |
Investment in Joint Ventures [Abstract] | ||
Equity method investment | $ 14.4 | |
Buildings [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Abstract] | ||
Annual rates of depreciation | 3.00% | |
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 | 8.00% | |
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 | 25.00% | |
PCC Production Facilities [Member] | ||
Property, Plant and Equipment [Abstract] | ||
Estimated useful life | 15 years | |
Machinery and Equipment for Natural Stone Mining and Processing Plants and Chemical Plants [Member] | ||
Property, Plant and Equipment [Abstract] | ||
Estimated useful life | 15 years |
Business Combination (Details)
Business Combination (Details) - USD ($) $ / shares in Units, $ in Millions | May 09, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Combination, Consideration Transferred [Abstract] | ||||
Acquisition and integration related cost | $ 8 | $ 11.8 | $ 19.1 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | 778.7 | 781.2 | 770.9 | |
Preliminary Allocation Previously Reported [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Accounts receivable | 235.7 | |||
Inventories | 157.3 | |||
Other current assets | 65 | |||
Mineral rights | 535.5 | |||
Plant, property and equipment | 371.2 | |||
Goodwill | 708.1 | |||
Intangible assets | 214.3 | |||
Other non-current assets | 51.4 | |||
Total assets acquired | 2,338.5 | |||
Accounts payable | 66.4 | |||
Accrued expenses | 61.6 | |||
Non-current deferred tax liability | 322.3 | |||
Other non-current liabilities | 85.9 | |||
Total liabilities assumed | 536.2 | |||
Net assets acquired | 1,802.3 | |||
Increase/(Decrease) [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Accounts receivable | 0 | |||
Inventories | 0 | |||
Other current assets | 0 | |||
Mineral rights | 0 | |||
Plant, property and equipment | 0 | |||
Goodwill | 12.8 | |||
Intangible assets | 8.8 | |||
Other non-current assets | 9.2 | |||
Total assets acquired | 30.8 | |||
Accounts payable | 0 | |||
Accrued expenses | 0 | |||
Non-current deferred tax liability | 1.5 | |||
Other non-current liabilities | 29.3 | |||
Total liabilities assumed | 30.8 | |||
Net assets acquired | 0 | |||
Final Allocation [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Accounts receivable | 235.7 | |||
Inventories | 157.3 | |||
Other current assets | 65 | |||
Mineral rights | 535.5 | |||
Plant, property and equipment | 371.2 | |||
Goodwill | 720.9 | |||
Intangible assets | 223.1 | |||
Other non-current assets | 60.6 | |||
Total assets acquired | 2,369.3 | |||
Accounts payable | 66.4 | |||
Accrued expenses | 61.6 | |||
Non-current deferred tax liability | 323.8 | |||
Other non-current liabilities | 115.2 | |||
Total liabilities assumed | 567 | |||
Net assets acquired | 1,802.3 | |||
AMCOL International Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration received (in dollars per share) | $ 45.75 | |||
Debt instrument face amount | $ 1,560 | |||
Business Combination, Consideration Transferred [Abstract] | ||||
Cash consideration transferred to AMCOL shareholders | 1,519.4 | |||
AMCOL notes repaid at close | 325.6 | |||
Total consideration transferred to debt and equity holders | 1,845 | |||
Cash acquired | 42.7 | |||
Total consideration transferred to debt and equity holders, net of cash acquired | $ 1,802.3 | |||
Acquisition and integration related cost | 8 | $ 11.8 | $ 19.1 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Deferred tax liability on increase of goodwill | $ 323.8 | |||
AMCOL International Corporation [Member] | Technology [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Acquisition of intangible assets with useful life | 12 years | |||
AMCOL International Corporation [Member] | Tradenames [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Acquisition of intangible assets with useful life | 34 years |
Restructuring and Other Items54
Restructuring and Other Items, net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Annualized savings from reduction of workforce | $ 11.5 | $ 29 | |
Gain on previously impaired assets | 2.9 | ||
Reduction in workforce | 10.00% | ||
Restructuring and Other Charges [Abstract] | |||
Impairment of Assets | 18.5 | $ 34.2 | $ 23.7 |
Severance and other employee costs | 12.7 | 11 | 18.8 |
Total restructuring and other items, net | 28.3 | 45.2 | 43.2 |
Restructuring Reserve [Roll Forward] | |||
Restructuring liability, beginning of period | 7.9 | ||
Additional provisions | 12.7 | ||
Cash payments | (17) | ||
Restructuring liability, ending of period | 3.6 | 7.9 | |
Specialty Minerals [Member] | |||
Restructuring and Other Charges [Abstract] | |||
Severance and other employee costs | 0 | 0 | 3 |
Refractories [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain on previously impaired assets | 2.9 | ||
Restructuring and Other Charges [Abstract] | |||
Severance and other employee costs | 0 | 2 | 0.7 |
Other | (2.9) | 0 | 0 |
Performance Materials [Member] | |||
Restructuring and Other Charges [Abstract] | |||
Impairment of Assets | 0 | 0 | 0.4 |
Severance and other employee costs | 0 | 0 | 5.6 |
Other | 0 | 0 | 0.7 |
Construction Technologies [Member] | |||
Restructuring and Other Charges [Abstract] | |||
Impairment of Assets | 0 | 0 | 11.7 |
Severance and other employee costs | 0 | 0 | 5.8 |
Energy Services [Member] | |||
Restructuring and Other Charges [Abstract] | |||
Impairment of Assets | 18.5 | 33 | 11.6 |
Severance and other employee costs | 12.7 | 9 | 3.7 |
Corporate [Member] | |||
Restructuring and Other Charges [Abstract] | |||
Impairment of Assets | $ 0 | $ 1.2 | $ 0 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Award and Incentive Plan and Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock available for issuance (in shares) | 0 | 880,000 | |
Term of stock options granted under Plan | 10 years | ||
Vesting period, generally, for stock options granted under the plan | 3 years | ||
Share based compensation costs | $ 3,500 | $ 4,000 | $ 3,100 |
Tax benefit of share-based compensation | $ 1,400 | $ 1,600 | $ 1,200 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeiture rate assumed | 7.38% | 7.34% | 7.13% |
Weighted average grant date fair value for stock options granted (in dollars per share) | $ 14.34 | $ 22.68 | $ 22.89 |
Weighted average grant date fair value for stock options vested (in dollars per share) | $ 20.94 | $ 17.83 | $ 13.59 |
Total intrinsic value of stock options exercised | $ 4,900 | $ 2,400 | $ 13,000 |
Weighted Average Assumptions [Abstract] | |||
Expected life | 6 years 6 months | 6 years 4 months 24 days | 6 years 6 months |
Interest rate | 1.72% | 1.52% | 2.16% |
Volatility | 36.75% | 36.86% | 37.15% |
Expected dividend yield | 0.54% | 0.33% | 0.34% |
Stock Options [Roll Forward] | |||
Balance, beginning of year (in shares) | 1,091,844 | ||
Granted (in shares) | 383,622 | ||
Exercised (in shares) | (150,944) | ||
Canceled (in shares) | (125,797) | ||
Balance, end of year (in shares) | 1,198,725 | 1,091,844 | |
Exercisable, end of year (in shares) | 767,313 | ||
Weighted Average Exercise Price Per Share [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 42.29 | ||
Granted (in dollars per share) | 38.59 | ||
Exercised (in dollars per share) | 36.66 | ||
Canceled (in dollars per share) | 43.78 | ||
Balance, end of year (in dollars per share) | 41.66 | $ 42.29 | |
Exercisable, end of year (in dollars per share) | $ 39.43 | ||
Weighted Average Remaining Contractual Life [Abstract] | |||
Outstanding options, end of year | 6 years 6 months 4 days | ||
Exercisable options, end of year | 5 years 3 months 22 days | ||
Aggregate Intrinsic Value [Abstract] | |||
Outstanding options, end of year | $ 42,700 | ||
Exercisable options, end of year | $ 29,000 | ||
Additional Information [Abstract] | |||
Closing stock price on last business day of the period (in dollars per share) | $ 77.25 | ||
Weighted average intrinsic value of options exercised (in dollars per share) | $ 32.34 | $ 32.07 | $ 40.17 |
Unrecognized stock-based compensation expense | $ 3,800 | ||
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) | 353,859 | ||
Granted (in shares) | 383,622 | ||
Vested (in shares) | (191,775) | ||
Canceled (in shares) | (114,294) | ||
Balance, end of year (in shares) | 431,412 | 353,859 | |
Weighted Average Exercise Price Per Share [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 57.21 | ||
Granted (in dollars per share) | 38.59 | ||
Vested (in dollars per share) | 55.01 | ||
Canceled (in dollars per share) | 42.18 | ||
Balance, end of year (in dollars per share) | $ 45.61 | $ 57.21 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation costs | $ 5,800 | $ 8,800 | $ 4,900 |
Additional Information [Abstract] | |||
Unrecognized stock-based compensation expense | $ 6,100 | ||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized | 3 years |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation costs | $ 3,500 | $ 4,000 | $ 3,100 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense | $ 3,800 | ||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized | 3 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense | $ 6,100 | ||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized | 3 years | ||
Share based compensation costs | $ 5,800 | 8,800 | 4,900 |
Reversals of compensation expense related to restricted stock forfeitures | $ 3,800 | $ 1,600 | $ 2,100 |
Restricted Stock [Roll Forward] | |||
Balance, beginning of year (in shares) | 284,245 | 175,488 | |
Granted (in shares) | 155,165 | 216,502 | 106,575 |
Vested (in shares) | (88,746) | (59,801) | (61,621) |
Canceled (in shares) | (123,451) | (47,944) | (55,038) |
Balance, end of year (in shares) | 227,213 | 284,245 | 175,488 |
Weighted Average Grant Date Fair Value [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 58.63 | $ 50.56 | $ 37.65 |
Granted (in dollars per share) | 38.37 | 60.32 | 59.16 |
Vested (in dollars per share) | 57.38 | 47.51 | 36.51 |
Canceled (in dollars per share) | 50.72 | 51.43 | 38.73 |
Balance, end of year (in dollars per share) | $ 49.57 | $ 58.63 | $ 50.56 |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amounts attributable to MTI [Abstract] | |||||||||||
Income from continuing operations | $ 37.5 | $ 42.5 | $ 22.3 | $ 34.8 | $ 17.8 | $ 30.3 | $ 27.5 | $ 36 | $ 133.4 | $ 107.9 | $ 90.3 |
Income from discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 2.1 | ||||
Net income attributable to Minerals Technologies Inc. (MTI) | $ 36.7 | $ 41.6 | $ 21.2 | $ 33.9 | $ 17 | $ 29.2 | $ 26.6 | $ 35.1 | $ 133.4 | $ 107.9 | $ 92.4 |
Weighted average shares outstanding (in shares) | 34,900,000 | 34,700,000 | 34,500,000 | ||||||||
Earnings per share attributable to MTI [Abstract] | |||||||||||
Continuing operations (in dollars per share) | $ 1.05 | $ 1.19 | $ 0.61 | $ 0.97 | $ 0.49 | $ 0.84 | $ 0.77 | $ 1.01 | $ 3.82 | $ 3.11 | $ 2.62 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.06 |
Basic earnings per share attributable to MTI (in dollars per share) | $ 1.05 | $ 1.19 | $ 0.61 | $ 0.97 | $ 0.49 | $ 0.84 | $ 0.77 | $ 1.01 | $ 3.82 | $ 3.11 | $ 2.68 |
Amounts attributable to MTI [Abstract] | |||||||||||
Income from continuing operations | $ 37.5 | $ 42.5 | $ 22.3 | $ 34.8 | $ 17.8 | $ 30.3 | $ 27.5 | $ 36 | $ 133.4 | $ 107.9 | $ 90.3 |
Income from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 2.1 | ||||
Net income attributable to Minerals Technologies Inc. (MTI) | $ 36.7 | $ 41.6 | $ 21.2 | $ 33.9 | $ 17 | $ 29.2 | $ 26.6 | $ 35.1 | $ 133.4 | $ 107.9 | $ 92.4 |
Weighted average shares outstanding (in shares) | 34,900,000 | 34,700,000 | 34,500,000 | ||||||||
Dilutive effect of stock options and stock units (in shares) | 300,000 | 300,000 | 300,000 | ||||||||
Weighted average shares outstanding, adjusted (in shares) | 35,200,000 | 35,000,000 | 34,800,000 | ||||||||
Earnings per share attributable to MTI [Abstract] | |||||||||||
Continuing operations (in dollars per share) | $ 1.04 | $ 1.18 | $ 0.60 | $ 0.97 | $ 0.48 | $ 0.83 | $ 0.76 | $ 1.01 | $ 3.79 | $ 3.08 | $ 2.59 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.06 |
Diluted earnings per share attributable to MTI (in dollars per share) | $ 1.04 | $ 1.18 | $ 0.60 | $ 0.97 | $ 0.48 | $ 0.83 | $ 0.76 | $ 1.01 | $ 3.79 | $ 3.08 | $ 2.65 |
Stock Options [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities not included in the weighted average commons shares outstanding calculation (in shares) | 784 | 386,766 | 12,888 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Discontinued Operations [Abstract] | |||||||
Net sales | $ 0 | $ 0 | $ 0 | ||||
Production margin | 0 | 0 | 0 | ||||
Expenses | 0 | 0 | (0.3) | ||||
Facility closure costs accrual (reversal) | 0 | 0 | (2.4) | ||||
Income from operations | 0 | 0 | 2.7 | ||||
Provision for taxes on income | 0 | 0 | 0.6 | ||||
Income from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 2.1 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Domestic | $ 72.9 | $ 32.6 | $ 54.8 |
Foreign | 97.4 | 100 | 68.2 |
Income from continuing operations before provision for taxes and equity in earnings | 170.3 | 132.6 | 123 |
Domestic [Abstract] | |||
Taxes currently payable, Federal | 18.7 | 1.4 | 28.1 |
Taxes currently payable, State and local | 4.4 | 1.2 | 3.4 |
Deferred income taxes | (8.8) | (3.2) | (15.1) |
Domestic tax provision | 14.3 | (0.6) | 16.4 |
Foreign [Abstract] | |||
Taxes currently payable | 23.2 | 22.7 | 20.3 |
Deferred income taxes | (2.2) | 0.7 | (5.9) |
Foreign tax provision | 21 | 23.4 | 14.4 |
Total tax provision | $ 35.3 | $ 22.8 | $ 30.8 |
Reconciliation of U. S. federal statutory tax rate to effective tax rate [Abstract] | |||
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
Depletion | (6.60%) | (8.40%) | (7.80%) |
Difference between tax provided on foreign earnings and the US statutory rate | (6.40%) | (8.30%) | (9.50%) |
State and local taxes, net of federal tax benefit | 1.10% | 0.30% | 1.00% |
Tax credits and foreign dividends | 0.60% | (0.50%) | 4.10% |
Change in valuation allowance | (1.10%) | (0.90%) | 1.70% |
Impact of uncertain tax positions | 0.40% | (0.10%) | 0.40% |
Impact of officer's non-deductible compensation | 0.10% | 2.90% | 2.70% |
Manufacturing deduction | (2.00%) | (2.00%) | (3.30%) |
Other | (0.40%) | (0.80%) | 0.70% |
Consolidated effective tax rate | 20.70% | 17.20% | 25.00% |
Deferred tax assets attributable to [Abstract] | |||
Accrued liabilities | $ 49.7 | $ 36.1 | |
Net operating loss carry forwards | 34.6 | 37.6 | |
Pension and post-retirement benefits costs | 55.4 | 55 | |
Other | 35 | 29.1 | |
Valuation allowance | (24.8) | (28.8) | |
Total deferred tax assets | 149.9 | 129 | |
Deferred tax liabilities attributable to [Abstract] | |||
Plant and equipment, principally due to differences in depreciation | 251.3 | 247.2 | |
Intangible assets | 96.3 | 98.7 | |
Other | 14 | 4.5 | |
Total deferred tax liabilities | 361.6 | 350.4 | |
Net deferred tax asset (liability) | (211.7) | (221.4) | |
Current and long-term portion of net deferred tax assets [Abstract] | |||
Net deferred tax asset, long-term | 27.1 | 30.6 | |
Net deferred tax liability, long-term | 238.8 | 252 | |
Net deferred tax asset (liability), long-term | (211.7) | (221.4) | |
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets arising from tax loss carry forwards which will be realized through future operations | $ 34.6 | ||
Expiration period | 20 years | ||
Unrecognized tax benefits [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate | $ 9.5 | ||
Unrecognized tax benefits [Roll forward] | |||
Balance at beginning of the year | 4 | 5 | |
Increases related to current year positions | 8.8 | 0.5 | |
Increases related to new judgments | 0.9 | 0.8 | |
Decreases related to audit settlements and statute expirations | 0 | (2.3) | |
Balance at the end of the year | 13.7 | 4 | $ 5 |
Income Tax Penalties and Interest Expense [Abstract] | |||
Unrecognized tax benefits, net reversal of accrued interest and penalties | 0.3 | ||
Unrecognized tax benefits, accrued interest and penalties | 1.2 | ||
Cash paid for income taxes [Abstract] | |||
Net cash Income taxes paid | 30.6 | $ 43.8 | $ 5.7 |
Undistributed earnings of foreign subsidiaries [Abstract] | |||
Foreign subsidiaries' undistributed earnings for which the company has not provided for withholding taxes | 560.3 | ||
Estimated incremental taxes that may be incurred on foreign subsidiaries' undistributed earnings were the earnings to be repatriated | 89.7 | ||
Finite lived tax loss carry forwards [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets arising from tax loss carry forwards which will be realized through future operations | 17.5 | ||
Indefinite lived tax loss carry forwards [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets arising from tax loss carry forwards which will be realized through future operations | $ 17.1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 70.6 | $ 73.4 |
Work-in-process | 5.4 | 5.4 |
Finished goods | 80.5 | 86.1 |
Packaging and supplies | 30.4 | 30 |
Total inventories | $ 186.9 | $ 194.9 |
Property, Plant and Equipment61
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 2,141.4 | $ 2,167.3 | |
Less: accumulated depreciation and depletion | (1,089.6) | (1,063) | |
Property, plant and equipment, net | 1,051.8 | 1,104.3 | |
Depreciation and depletion expense | 75.4 | 82.1 | $ 76.6 |
Mineral Rights and Reserves [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 547.8 | 553.8 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 42.7 | 39.8 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 195.6 | 179.7 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,193.6 | 1,130.7 | |
Furniture and Fixtures and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 123.3 | 209.7 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 38.4 | $ 53.6 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Balance Beginning | $ 781.2 | $ 770.9 |
Change in goodwill relating to [Abstract] | ||
Purchase price finalization | 0 | 12.8 |
Foreign exchange translation | (2.5) | (2.5) |
Total | (2.5) | 10.3 |
Balance Ending | $ 778.7 | 781.2 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 28 years | |
Gross Carrying Amount | $ 229.5 | 229.5 |
Accumulated Amortization | 25.1 | 16.8 |
Specialty Minerals [Member] | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 13.3 | 13.7 |
Change in goodwill relating to [Abstract] | ||
Purchase price finalization | 0 | 0 |
Foreign exchange translation | (1.2) | (0.4) |
Total | (1.2) | (0.4) |
Balance Ending | 12.1 | 13.3 |
Refractories [Member] | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 47 | 49 |
Change in goodwill relating to [Abstract] | ||
Purchase price finalization | 0 | 0 |
Foreign exchange translation | (1.3) | (2) |
Total | (1.3) | (2) |
Balance Ending | 45.7 | 47 |
Performance Materials [Member] | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 544.2 | 453.2 |
Change in goodwill relating to [Abstract] | ||
Purchase price finalization | 0 | 91.1 |
Foreign exchange translation | 0 | (0.1) |
Total | 0 | 91 |
Balance Ending | 544.2 | 544.2 |
Construction Technologies [Member] | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 176.7 | 255 |
Change in goodwill relating to [Abstract] | ||
Purchase price finalization | 0 | (78.3) |
Foreign exchange translation | 0 | 0 |
Total | 0 | (78.3) |
Balance Ending | $ 176.7 | 176.7 |
Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 34 years | |
Gross Carrying Amount | $ 199.8 | 199.8 |
Accumulated Amortization | $ 15.3 | 9.3 |
Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 12 years | |
Gross Carrying Amount | $ 18.8 | 18.8 |
Accumulated Amortization | $ 3.6 | 2.5 |
Patents & Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 17 years | |
Gross Carrying Amount | $ 6.4 | 6.4 |
Accumulated Amortization | $ 4.8 | 4.4 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 30 years | |
Gross Carrying Amount | $ 4.5 | 4.5 |
Accumulated Amortization | $ 1.4 | $ 0.6 |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets, Acquired Intangible Assets (Details) - Acquired Finite-Lived Intangible Assets [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 8.2 | $ 7.9 | $ 4.6 |
Estimated amortization expense, 2017 | 7.9 | ||
Estimated amortization expense, 2018 | 7.9 | ||
Estimated amortization expense, 2019 | 7.9 | ||
Estimated amortization expense, 2020 | 7.9 | ||
Estimated amortization expense, 2021 | 7.9 | ||
Estimated amortization expense, thereafter | $ 164.9 |
Derivative Financial Instrume64
Derivative Financial Instruments and Hedging Activities (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($) | Apr. 05, 2016USD ($) | |
Derivatives, Fair Value [Line Items] | ||||
Other non-operating income (deductions) | $ 3.8 | $ (2.3) | $ 1.8 | |
Foreign Exchange Forward [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Number of contracts | Contract | 2 | 0 | ||
Other non-operating income (deductions) | $ (0.6) | $ (0.3) | ||
Cash Flow Hedges [Member] | Foreign Exchange Forward [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Number of contracts | Contract | 2 | |||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Other Assets and Deferred Charges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative asset | $ 2.5 | |||
Cash Flow Hedges [Member] | Designated [Member] | Interest Rate Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | $ 257 | $ 300 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)Technique | Dec. 31, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of valuation techniques | Technique | 0 | |
Transfers in or out of Level 3 | $ 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 10.8 | |
Supplementary pension plan assets | 10.4 | |
Money market funds | 7.5 | |
Interest rate swap | 2.5 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 0 | |
Supplementary pension plan assets | 0 | |
Money market funds | 7.5 | |
Interest rate swap | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 10.8 | |
Supplementary pension plan assets | 10.4 | |
Money market funds | 0 | |
Interest rate swap | 2.5 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 0 | |
Supplementary pension plan assets | 0 | |
Money market funds | 0 | |
Interest rate swap | $ 0 |
Financial Instruments and Con66
Financial Instruments and Concentrations of Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Instruments and Concentrations of Credit Risk [Abstract] | |||
Bad debt expense | $ 6.2 | $ 2.6 | $ 2.4 |
Long-Term Debt and Commitment67
Long-Term Debt and Commitments (Details) ¥ in Millions, ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Feb. 17, 2017USD ($) | Dec. 31, 2016USD ($)Loan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 14, 2017USD ($) | Dec. 31, 2016JPY (¥) | Dec. 31, 2016CNY (¥) | Jun. 23, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||
Debt | $ 1,076.7 | $ 1,258.4 | ||||||
Less: Current maturities | 6.8 | 3.1 | ||||||
Long-term debt | 1,069.9 | 1,255.3 | ||||||
Maximum borrowing capacity | 34.8 | |||||||
Repayments of long-term debt | 193.2 | 191.8 | $ 175 | |||||
Uncommitted short-term bank credit lines, amount outstanding | 6.1 | |||||||
Short-term Borrowings [Abstract] | ||||||||
Short-term borrowings | $ 6.1 | $ 6.5 | ||||||
Weighted average interest rate on short-term borrowings | 3.70% | 3.40% | 3.70% | 3.70% | ||||
Long-term debt maturities [Abstract] | ||||||||
2,017 | $ 6.8 | |||||||
2,018 | 3.6 | |||||||
2,019 | 0.6 | |||||||
2,020 | 0.6 | |||||||
2,021 | 1,091.5 | |||||||
Thereafter | 0 | |||||||
Interest costs [Abstract] | ||||||||
Interest costs | 56.5 | $ 62.6 | 44.6 | |||||
Capitalized interest cost | $ 0.1 | 0.5 | $ 0.6 | |||||
Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Net leverage ratio | 3.50 | |||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Net leverage ratio | 5.25 | |||||||
Term Loan Facility, Due May 9, 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 1,061.7 | 1,246.4 | ||||||
Long-term debt, unamortized discount and deferred financing costs | $ 26.4 | 30.9 | ||||||
Maturity date | May 9, 2021 | |||||||
Maximum borrowing capacity | $ 1,560 | |||||||
Repayments of long-term debt | $ 190 | |||||||
Term Loan Facility First Amendment, Due May 9, 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit outstanding | $ 1,378 | |||||||
Term Loan Facility First Amendment, Due May 9, 2021 [Member] | LIBOR [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Facility variable interest rate | 0.75% | 0.75% | 0.75% | |||||
Term Loan Facility First Amendment, Due May 9, 2021 [Member] | LIBOR [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Facility variable interest rate | 3.00% | 3.00% | 3.00% | |||||
Term Loan Facility First Amendment, Due May 9, 2021 [Member] | Floating Rate Tranche [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit outstanding | 1,078 | |||||||
Amortization rate on notes | 1.00% | |||||||
Term Loan Facility First Amendment, Due May 9, 2021 [Member] | Fixed Rate Tranche [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit outstanding | $ 300 | |||||||
Facility variable interest rate | 4.75% | 4.75% | 4.75% | |||||
Term Loan Facility Second Amendment, Due May 9, 2021 [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | Feb. 14, 2024 | |||||||
Term Loan Facility Second Amendment, Due May 9, 2021 [Member] | LIBOR [Member] | Subsequent Event [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Facility variable interest rate | 0.75% | |||||||
Term Loan Facility Second Amendment, Due May 9, 2021 [Member] | LIBOR [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Facility variable interest rate | 2.25% | |||||||
Term Loan Facility Second Amendment, Due May 9, 2021 [Member] | Floating Rate Tranche [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit outstanding | $ 788 | $ 788 | ||||||
Amortization rate on notes | 1.00% | |||||||
Term Loan Facility Second Amendment, Due May 9, 2021 [Member] | Fixed Rate Tranche [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit outstanding | $ 300 | |||||||
Japan Loan Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 5.8 | 0 | ||||||
Maximum borrowing capacity | 5.8 | ¥ 680 | ||||||
China Loan Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | 9.2 | $ 12 | ||||||
Maximum borrowing capacity | $ 1.8 | ¥ 94.8 | ||||||
Number of committed loan facilities | Loan | 5 | |||||||
Combined Loan Facility of China and Japan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | Dec. 31, 2021 | |||||||
Line of credit outstanding | $ 15 | |||||||
Repayments of long-term debt | $ 3.2 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | May 9, 2019 | |||||||
Maximum borrowing capacity | $ 200 | |||||||
Basis points related to debt | 0.25% | |||||||
Letters of credit outstanding | $ 12.2 | |||||||
Revolving Credit Facility [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Facility variable interest rate | 1.75% | 1.75% | 1.75% | |||||
Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding | $ 15 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Benefit Plans [Abstract] | |||
Employee vesting period for defined benefit plans | 5 years | ||
Employer Contributions [Abstract] | |||
Percentage of employer contribution into the employers savings plan | 3.00% | ||
Maximum percentage of total benefit obligation for international pension plans | 25.00% | ||
Amounts recognized in Balance Sheet [Abstract] | |||
Non-current liability | $ (147.3) | $ (141.8) | |
Amounts recognized in accumulated other comprehensive income [Abstract] | |||
Amount recognized end of year | 78 | 74.8 | |
Accumulated benefit obligation | 394.5 | 382.6 | |
Changes in Plan assets and benefit obligations recognized in other comprehensive income [Abstract] | |||
Amortization of prior service credit (gain) loss | (5.2) | (6.3) | |
Total recognized in other comprehensive income | $ 3.2 | $ (7.3) | $ 31.1 |
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate | 3.88% | 3.71% | 4.39% |
Expected return on plan assets | 6.89% | 6.89% | 7.34% |
Rate of compensation increase | 3.03% | 3.04% | 3.08% |
Weighted average assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 3.60% | 3.89% | 3.66% |
Rate of compensation increase | 2.96% | 3.04% | 3.05% |
Actual return on pension assets | 8.00% | 1.00% | 7.00% |
Maximum health care cost trend rate | 5.00% | ||
Weighted average asset allocations [Abstract] | |||
Weighted average asset allocation percentages, Total | 100.00% | 100.00% | |
Weighted average asset allocations value [Abstract] | |||
Total value | $ 289.3 | $ 282.5 | |
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | $ 289.3 | 282.5 | |
Estimated future benefit payments [Abstract] | |||
Average rate of return on assets | 9.00% | ||
Company's contributions to employee voluntary savings and investment plan | $ 5.1 | 6.3 | $ 2.9 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 237.3 | 231.6 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 31.7 | 33 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets [Roll Forward] | |||
Beginning fair value | 17.9 | 26.6 | |
Purchases, sales, settlements | 0 | 0 | |
Actual return on plan assets | 3 | (8.4) | |
Foreign exchange impact | (0.6) | (0.3) | |
Ending fair value | 20.3 | 17.9 | 26.6 |
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 20.3 | 17.9 | |
US Equities [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 155.2 | 143.9 | |
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 | 155 | 143.7 | |
US Equities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 0.2 | 0.2 | |
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 | 18.9 | 22.5 | |
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 | 18.9 | 22.5 | |
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 | |
Corporate Debt Securities [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 94.7 | 98 | |
Corporate Debt Securities [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 63.4 | 65.4 | |
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 31.3 | 32.6 | |
Corporate Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | $ 0 | $ 0 | |
Equity Securities [Member] | |||
Weighted average asset allocations [Abstract] | |||
Weighted average asset allocation percentages, Total | 60.20% | 58.90% | |
Weighted average asset allocations value [Abstract] | |||
Total value | $ 174.1 | $ 166.4 | |
Equity Securities [Member] | Minimum [Member] | |||
Estimated future benefit payments [Abstract] | |||
Target long-term investment portfolio mix | 55.00% | ||
Equity Securities [Member] | Maximum [Member] | |||
Estimated future benefit payments [Abstract] | |||
Target long-term investment portfolio mix | 65.00% | ||
Fixed Income Securities [Member] | |||
Weighted average asset allocations [Abstract] | |||
Weighted average asset allocation percentages, Total | 32.70% | 34.70% | |
Weighted average asset allocations value [Abstract] | |||
Total value | $ 94.7 | $ 98 | |
Fixed Income Securities [Member] | Minimum [Member] | |||
Estimated future benefit payments [Abstract] | |||
Target long-term investment portfolio mix | 30.00% | ||
Fixed Income Securities [Member] | Maximum [Member] | |||
Estimated future benefit payments [Abstract] | |||
Target long-term investment portfolio mix | 35.00% | ||
Real Estate [Member] | |||
Weighted average asset allocations [Abstract] | |||
Weighted average asset allocation percentages, Total | 0.70% | 0.90% | |
Weighted average asset allocations value [Abstract] | |||
Total value | $ 1.9 | $ 2.5 | |
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 1.9 | 2.5 | |
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 | $ 1.9 | $ 2.5 | |
Other [Member] | |||
Weighted average asset allocations [Abstract] | |||
Weighted average asset allocation percentages, Total | 6.40% | 5.50% | |
Weighted average asset allocations value [Abstract] | |||
Total value | $ 18.6 | $ 15.6 | |
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | $ 18.6 | 15.6 | |
Other [Member] | Minimum [Member] | |||
Estimated future benefit payments [Abstract] | |||
Target long-term investment portfolio mix | 0.00% | ||
Other [Member] | Maximum [Member] | |||
Estimated future benefit payments [Abstract] | |||
Target long-term investment portfolio mix | 15.00% | ||
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 | 0 | |
Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 0.2 | 0.2 | |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 18.4 | 15.4 | |
Pension Benefits [Member] | |||
Change in benefit obligations [Roll Forward] | |||
Beginning projected benefit obligation | 416.6 | 433.8 | |
Service cost | 8.2 | 10.3 | 8.9 |
Interest cost | 13 | 15.4 | 14.9 |
Actuarial (gain)/loss | 21.2 | (17) | |
Benefits paid | (18.3) | (19.5) | |
Settlements | (0.9) | 0 | |
Acquisition | 0 | 0 | |
Foreign exchange impact | (11.4) | (7) | |
Other | (0.5) | 0.6 | |
Ending projected benefit obligation | 427.9 | 416.6 | 433.8 |
Change in plan assets [Roll Forward] | |||
Beginning fair value | 282.5 | 295.8 | |
Actual return on plan assets | 22.9 | 1.2 | |
Employer contributions | 10.5 | 10 | |
Plan participants' contributions | 0.4 | 0.5 | |
Benefits paid | (18.3) | (19.5) | |
Settlements | (0.5) | 0 | |
Acquisition | 0 | 0 | |
Foreign exchange impact | (8.2) | (5.5) | |
Ending fair value | 289.3 | 282.5 | 295.8 |
Funded status of the plan | (138.6) | (134.1) | |
Amounts recognized in Balance Sheet [Abstract] | |||
Current liability | (0.8) | (0.9) | |
Non-current liability | (137.8) | (133.2) | |
Recognized liability | (138.6) | (134.1) | |
Amounts recognized in accumulated other comprehensive income [Abstract] | |||
Net actuarial (gain) loss | 82.1 | 80.3 | |
Prior service cost | (0.1) | 0.2 | |
Amount recognized end of year | 82 | 80.5 | |
Changes in Plan assets and benefit obligations recognized in other comprehensive income [Abstract] | |||
Current year actuarial gain (loss) | (8.7) | 0.5 | |
Amortization of actuarial (gain) loss | 6.8 | 7.7 | |
Amortization of prior service credit (gain) loss | 0.4 | 0.5 | |
Total recognized in other comprehensive income | (1.5) | 8.7 | |
Components of net periodic benefit cost [Abstract] | |||
Service cost | 8.2 | 10.3 | 8.9 |
Interest cost | 13 | 15.4 | 14.9 |
Expected return on plan assets | (18.6) | (19.7) | (19.4) |
Amortization of prior service cost | 0.6 | 0.8 | 1 |
Recognized net actuarial (gain)/loss | 10.7 | 12.1 | 7.4 |
Settlement/curtailment loss | 0.3 | 0 | 0 |
Net periodic benefit cost | 14.2 | 18.9 | 12.8 |
Amounts that will be amortized from Accumulated other comprehensive income (loss) in next fiscal year [Abstract] | |||
Amortization of prior service credit (gain) loss | 0.1 | ||
Amortization of net (gain) loss | 10.6 | ||
Total costs to be recognized | 10.7 | ||
Fair value of plan assets [Abstract] | |||
Expected company contribution to its benefit plans | 12.2 | ||
Estimated future benefit payments [Abstract] | |||
2,017 | 20.2 | ||
2,018 | 21.2 | ||
2,019 | 22.4 | ||
2,020 | 23 | ||
2,021 | 23.2 | ||
2022-2026 | 123.8 | ||
Post-retirement Benefits [Member] | |||
Change in benefit obligations [Roll Forward] | |||
Beginning projected benefit obligation | 9.3 | 10.1 | |
Service cost | 0.3 | 0.4 | 0.4 |
Interest cost | 0.3 | 0.3 | 0.4 |
Actuarial (gain)/loss | (0.6) | (0.9) | |
Benefits paid | 0 | (0.4) | |
Settlements | 0 | 0 | |
Acquisition | 0 | 0 | |
Foreign exchange impact | 0 | (0.2) | |
Other | 0 | 0 | |
Ending projected benefit obligation | 9.3 | 9.3 | 10.1 |
Change in plan assets [Roll Forward] | |||
Beginning fair value | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0 | 0.4 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | 0 | (0.4) | |
Settlements | 0 | 0 | |
Acquisition | 0 | 0 | |
Foreign exchange impact | 0 | 0 | |
Ending fair value | 0 | 0 | 0 |
Funded status of the plan | (9.3) | (9.3) | |
Amounts recognized in Balance Sheet [Abstract] | |||
Current liability | (0.6) | (0.7) | |
Non-current liability | (8.7) | (8.6) | |
Recognized liability | (9.3) | (9.3) | |
Amounts recognized in accumulated other comprehensive income [Abstract] | |||
Net actuarial (gain) loss | (1.7) | (1.5) | |
Prior service cost | (2.4) | (4.3) | |
Amount recognized end of year | (4.1) | (5.8) | |
Changes in Plan assets and benefit obligations recognized in other comprehensive income [Abstract] | |||
Current year actuarial gain (loss) | 0.3 | 0.6 | |
Amortization of actuarial (gain) loss | (0.1) | (0.1) | |
Amortization of prior service credit (gain) loss | (1.9) | (1.9) | |
Total recognized in other comprehensive income | (1.7) | (1.4) | |
Components of net periodic benefit cost [Abstract] | |||
Service cost | 0.3 | 0.4 | 0.4 |
Interest cost | 0.3 | 0.3 | 0.4 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | (3.1) | (3.1) | (3.1) |
Recognized net actuarial (gain)/loss | (0.2) | (0.1) | (0.2) |
Settlement/curtailment loss | 0 | 0 | 0 |
Net periodic benefit cost | (2.7) | (2.5) | (2.5) |
Amounts that will be amortized from Accumulated other comprehensive income (loss) in next fiscal year [Abstract] | |||
Amortization of prior service credit (gain) loss | (3.1) | ||
Amortization of net (gain) loss | (0.3) | ||
Total costs to be recognized | (3.4) | ||
Fair value of plan assets [Abstract] | |||
Expected company contribution to its benefit plans | 0.6 | ||
Estimated future benefit payments [Abstract] | |||
2,017 | 0.6 | ||
2,018 | 0.7 | ||
2,019 | 0.7 | ||
2,020 | 0.7 | ||
2,021 | 0.8 | ||
2022-2026 | 4 | ||
U.S. Plans [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 221.9 | 213 | 224.1 |
International Plans [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | $ 67.4 | $ 69.5 | 71.7 |
AMCOL 401(k) Plan [Member] | |||
Estimated future benefit payments [Abstract] | |||
Company's contributions to employee voluntary savings and investment plan | $ 2.6 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Rent expense | $ 16.2 | $ 19.5 | $ 19.8 |
Future minimum rental commitments under non-cancelable operating leases [Abstract] | |||
2,017 | 14.4 | ||
2,018 | 12.1 | ||
2,019 | 9.9 | ||
2,020 | 8.2 | ||
2,021 | 6.6 | ||
Thereafter | 33.1 | ||
Future minimum rentals to be received under non-cancelable subleases | 4.2 | ||
Future minimum payments to be received under direct financing leases [Abstract] | |||
2,017 | 0.3 | ||
2,018 | 0.3 | ||
2,019 | 0.2 | ||
2,020 | 0.1 | ||
2,021 | 0.1 | ||
Thereafter | $ 0 |
Litigation (Details)
Litigation (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 17, 2017Case | Dec. 31, 2016USD ($)Case | Dec. 31, 2016USD ($)ContractLoadCase | Oct. 24, 2014USD ($) | Dec. 31, 2009 | |
Loss Contingencies [Line Items] | |||||
Number of contracts entered | Contract | 2 | ||||
Number of ship loads | Load | 60 | ||||
Default arbitration awards | $ | $ 70 | ||||
Site Contingency [Line Items] | |||||
Consent decree paid by US government | $ | $ 2.3 | ||||
AMCOL International Corporation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Ownership interest | 19.00% | 19.00% | 20.00% | ||
Silica Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of pending cases | 3 | 3 | |||
Cumulative number of cases dismissed | 1,492 | ||||
Number of claims closed | 0 | 27 | |||
Number of lawsuits settled | 1 | ||||
Asbestos Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of pending cases | 18 | 18 | |||
Cumulative number of cases dismissed | 48 | ||||
Number of claims closed | 0 | 2 | |||
Number of new cases filed | 3 | 6 | |||
Number of lawsuits settled | 0 | ||||
Number of allege liability | 2 | ||||
Asbestos Cases [Member] | Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of new cases filed | 1 | ||||
Administrative Consent Order for Contamination Associated with Historic Use of PCBs [Member] | |||||
Site Contingency [Line Items] | |||||
Location of plant | Canaan, Connecticut | ||||
Estimated accrued remediation cost | $ | $ 0.4 | $ 0.4 | |||
Administrative Consent Order for Installation of Groundwater Contamination System [Member] | |||||
Site Contingency [Line Items] | |||||
Location of plant | Adams, Massachusetts plant | ||||
Estimated accrued remediation cost | $ | $ 0.4 | $ 0.4 | |||
Estimated cost of wastewater treatment upgrades, lower range | $ | 6 | ||||
Estimated cost of wastewater treatment upgrades, upper range | $ | $ 8 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2017 | |
Capital Stock [Abstract] | ||||||||||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||
Common stock, shares outstanding (in shares) | 34,969,987 | 34,784,395 | 34,969,987 | 34,784,395 | ||||||||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | 0 | ||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | ||||||||
Cash Dividends [Abstract] | ||||||||||||
Cash dividends paid | $ 7 | |||||||||||
Cash dividends paid (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.20 | |||
Stock Award and Incentive Plan [Abstract] | ||||||||||||
Term of stock options granted under Plan | 10 years | |||||||||||
Vesting period, generally, for stock options granted under the plan | 3 years | |||||||||||
Shares Available for Grant [Roll Forward] | ||||||||||||
Balance, beginning of year (in shares) | 1,491,965 | 996,127 | 1,491,965 | 996,127 | 1,190,964 | |||||||
Authorized (in shares) | 0 | 880,000 | ||||||||||
Granted (in shares) | (538,787) | (455,275) | (279,643) | |||||||||
Exercised/vested (in shares) | 0 | 0 | 0 | |||||||||
Canceled (in shares) | 249,248 | 71,113 | 84,806 | |||||||||
Balance, end of year (in shares) | 1,202,426 | 1,491,965 | 1,202,426 | 1,491,965 | 996,127 | |||||||
Subsequent Event [Member] | Dividend Declared 2017 Q1 [Member] | ||||||||||||
Cash Dividends [Abstract] | ||||||||||||
Cash dividend declared | $ 1.7 | |||||||||||
Cash dividend declared (in dollars per share) | $ 0.05 | |||||||||||
Stock Options [Member] | ||||||||||||
Stock Options [Roll Forward] | ||||||||||||
Balance, beginning of year (in shares) | 1,091,844 | 951,079 | 1,091,844 | 951,079 | ||||||||
Granted (in shares) | 383,622 | 238,773 | 173,068 | |||||||||
Exercised/vested (in shares) | (150,944) | (74,839) | (323,636) | |||||||||
Canceled (in shares) | (125,797) | (23,169) | (29,768) | |||||||||
Balance, end of year (in shares) | 1,198,725 | 1,091,844 | 1,198,725 | 1,091,844 | 951,079 | |||||||
Weighted Average Exercise Price Per Share [Abstract] | ||||||||||||
Balance, beginning of year (in dollars per share) | $ 42.29 | $ 37.46 | $ 42.29 | $ 37.46 | ||||||||
Granted (in dollars per share) | 38.59 | 60.40 | $ 58.25 | |||||||||
Exercised/vested (in dollars per share) | 36.66 | 33.12 | 30.57 | |||||||||
Canceled (in dollars per share) | 43.78 | 60.22 | 41.88 | |||||||||
Balance, end of year (in dollars per share) | $ 41.66 | $ 42.29 | $ 41.66 | $ 42.29 | 37.46 | |||||||
Weighted Average Exercise Price Per Share [Abstract] | ||||||||||||
Balance, beginning of year (in dollars per share) | $ 32.42 | |||||||||||
Shares Available for Grant [Roll Forward] | ||||||||||||
Balance, beginning of year (in shares) | 1,131,415 | |||||||||||
Restricted Stock [Member] | ||||||||||||
Restricted Stock [Roll Forward] | ||||||||||||
Balance, beginning of year (in shares) | 284,245 | 175,488 | 284,245 | 175,488 | ||||||||
Granted (in shares) | 155,165 | 216,502 | 106,575 | |||||||||
Exercised/vested (in shares) | (88,746) | (59,801) | (61,621) | |||||||||
Canceled (in shares) | (123,451) | (47,944) | (55,038) | |||||||||
Balance, end of year (in shares) | 227,213 | 284,245 | 227,213 | 284,245 | 175,488 | |||||||
Weighted Average Exercise Price Per Share [Abstract] | ||||||||||||
Balance, beginning of year (in dollars per share) | $ 58.63 | $ 50.56 | $ 58.63 | $ 50.56 | $ 37.65 | |||||||
Granted (in dollars per share) | 38.37 | 60.32 | 59.16 | |||||||||
Exercised/vested (in dollars per share) | 57.38 | 47.51 | 36.51 | |||||||||
Canceled (in dollars per share) | 50.72 | 51.43 | 38.73 | |||||||||
Balance, end of year (in dollars per share) | $ 49.57 | $ 58.63 | $ 49.57 | $ 58.63 | $ 50.56 | |||||||
Shares Available for Grant [Roll Forward] | ||||||||||||
Balance, beginning of year (in shares) | 185,572 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Cumulative foreign currency translation | $ (147.3) | $ (108.7) | |
Unrecognized pension costs (net of tax benefit of $39.4 in 2016 and $38.7 in 2015) | (78) | (74.8) | |
Unrealized gain (loss) on cash flow hedges (net of tax expense of $1.8 in 2016 and $1.0 in 2015) | 4.2 | 2.6 | |
Total accumulated other comprehensive income (loss) | (221.1) | (180.9) | |
Unrecognized pension costs, tax benefit | 39.4 | 38.7 | |
Unrealized gain (loss) on cash flow hedges, tax expense | 1.8 | 1 | |
Foreign currency translation adjustment [Abstract] | |||
Foreign currency translation adjustment, pre-tax amount | (40.2) | (76.6) | |
Foreign currency translation adjustment, tax (expense) benefit | 0 | 0 | |
Foreign currency translation adjustments, net-of-tax amount | (40.2) | (76.6) | $ (51.5) |
Pension plans [Abstract] | |||
Net actuarial gains (losses) and prior service costs arising during the period, pre-tax amount | (12.5) | 0.5 | |
Net actuarial gains (losses) and prior service costs arising during the period, tax (expense) benefit | 4.1 | 0.5 | |
Net actuarial gains (losses) and prior service costs arising during the period, net-of-tax amount | (8.4) | 1 | |
Amortization of net actuarial (gains) losses and prior service costs, pre-tax amount | 8 | 9.6 | |
Amortization of net actuarial (gains) losses and prior service costs, tax (expense) benefit | (2.8) | (3.3) | |
Amortization of net actuarial (gains) losses and prior service costs, net-of-tax amount | 5.2 | 6.3 | |
Unrealized gains (losses) on cash flow hedges [Abstract] | |||
Unrealized gains (losses) on cash flow hedges, pre-tax amount | 2.4 | ||
Unrealized gains (losses) on cash flow hedges, tax (expense) benefit | (0.8) | ||
Unrealized gains (losses) on cash flow hedges, net-of-tax amount | 1.6 | 0 | $ 0 |
Total other comprehensive income (loss), pre-tax amount | (42.3) | (66.5) | |
Total other comprehensive income (loss) | 0.5 | (2.8) | |
Total other comprehensive income (loss), net of tax | $ (41.8) | $ (69.3) |
Accounting for Asset Retireme73
Accounting for Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting for Asset Retirement Obligations [Abstract] | ||
Asset retirement liability, beginning of period | $ 21.4 | $ 23 |
Accretion expense | 2.5 | 2.8 |
Reversals | 0 | (1) |
Payments | (1.6) | (1.9) |
Foreign currency translation | (0.8) | (1.5) |
Asset retirement liability, ending of period | 21.5 | $ 21.4 |
Asset retirement obligation current portion | 2.1 | |
Asset retirement obligation noncurrent portion | $ 19.4 |
Non-Controlling Interests (Deta
Non-Controlling Interests (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
May 31, 2014 | Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Adjustments to net income attributable to MTI [Abstract] | ||||||||||||
Net income attributable to MTI | $ 36.7 | $ 41.6 | $ 21.2 | $ 33.9 | $ 17 | $ 29.2 | $ 26.6 | $ 35.1 | $ 133.4 | $ 107.9 | $ 92.4 | |
Transfer from non-controlling interest [Abstract] | ||||||||||||
Decrease in additional paid-in capital for purchase of the remaining non-controlling interest in CETCO India | 0 | 0 | (2.1) | |||||||||
Change from net income attributable to MTI and transfers from non-controlling interest | 133.4 | 107.9 | 90.3 | |||||||||
Percentage of noncontrolling interest acquired during the period | 20.00% | |||||||||||
Payments to non-controlling interests | $ 2.1 | $ 0 | $ 0 | $ 2.1 |
Segment and Related Informati75
Segment and Related Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Oct. 02, 2016USD ($) | Jul. 03, 2016USD ($) | Apr. 03, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 27, 2015USD ($) | Jun. 28, 2015USD ($) | Mar. 29, 2015USD ($) | Dec. 31, 2016USD ($)SegmentFacility | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment and Related Information [Abstract] | |||||||||||
Number of reportable segments | Segment | 5 | ||||||||||
Minimum number of mining or production facilities | Facility | 25 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 401.3 | $ 399.5 | $ 427 | $ 410.2 | $ 429.9 | $ 451 | $ 463.4 | $ 453.3 | $ 1,638 | $ 1,797.6 | $ 1,725 |
Income from operations | 56.5 | 67.3 | 39.5 | 57.6 | 37.7 | 49.9 | 52.8 | 59.9 | 220.9 | 200.3 | 168.8 |
Depreciation, depletion and amortization | 91.9 | 98.3 | 84.4 | ||||||||
Segment assets | 2,863.4 | 2,980 | 2,863.4 | 2,980 | 3,157.5 | ||||||
Capital expenditures | 62.4 | 86 | 81.8 | ||||||||
Income from operations before provision for taxes on income [Abstract] | |||||||||||
Income from operations | 56.5 | 67.3 | 39.5 | 57.6 | 37.7 | 49.9 | 52.8 | 59.9 | 220.9 | 200.3 | 168.8 |
Acquisition related transaction and integration costs | (8) | (11.8) | (19.1) | ||||||||
Unallocated corporate expenses | (6) | (7) | (7.6) | ||||||||
Non-operating deductions, net | (50.6) | (67.7) | (45.8) | ||||||||
Income from continuing operations before provision for taxes on income | 170.3 | 132.6 | 123 | ||||||||
Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,638 | 1,797.6 | 1,725 | ||||||||
Income from operations | 234.9 | 219.1 | 195.5 | ||||||||
Depreciation, depletion and amortization | 91.9 | 98.3 | 84.4 | ||||||||
Segment assets | 2,821.9 | 2,918.1 | 2,821.9 | 2,918.1 | 3,112.7 | ||||||
Capital expenditures | 60.5 | 85.2 | 81.1 | ||||||||
Income from operations before provision for taxes on income [Abstract] | |||||||||||
Income from operations | 234.9 | 219.1 | 195.5 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment assets | 41.5 | 61.9 | 41.5 | 61.9 | 44.8 | ||||||
Capital expenditures | 1.9 | 0.8 | 0.7 | ||||||||
Specialty Minerals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 138 | 147.3 | 150.6 | 155.6 | 157.6 | 156.5 | 156.5 | 154 | |||
Specialty Minerals [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 591.5 | 624.6 | 650.1 | ||||||||
Income from operations | 102.7 | 100.8 | 95.8 | ||||||||
Depreciation, depletion and amortization | 34.9 | 34 | 35.6 | ||||||||
Segment assets | 491.7 | 505.3 | 491.7 | 505.3 | 494.4 | ||||||
Capital expenditures | 40.4 | 51.9 | 44.4 | ||||||||
Income from operations before provision for taxes on income [Abstract] | |||||||||||
Income from operations | 102.7 | 100.8 | 95.8 | ||||||||
Refractories [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 68 | 63.4 | 73.9 | 69.2 | 68.2 | 77.4 | 76.4 | 73.9 | |||
Refractories [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 274.5 | 295.9 | 359.7 | ||||||||
Income from operations | 37 | 27.8 | 43.2 | ||||||||
Depreciation, depletion and amortization | 6.9 | 7.5 | 10.8 | ||||||||
Segment assets | 283.4 | 292.7 | 283.4 | 292.7 | 357.3 | ||||||
Capital expenditures | 5.9 | 11.1 | 11.7 | ||||||||
Income from operations before provision for taxes on income [Abstract] | |||||||||||
Income from operations | 37 | 27.8 | 43.2 | ||||||||
Performance Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 135.7 | 119.5 | 128.6 | 119 | 131.3 | 126.5 | 129.1 | 127.9 | |||
Performance Materials [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 502.8 | 514.8 | 352.8 | ||||||||
Income from operations | 97.5 | 95.9 | 41 | ||||||||
Depreciation, depletion and amortization | 30.4 | 31.7 | 18.7 | ||||||||
Segment assets | 1,606.4 | 1,626 | 1,606.4 | 1,626 | 1,584.4 | ||||||
Capital expenditures | 11.2 | 9.8 | 7.3 | ||||||||
Income from operations before provision for taxes on income [Abstract] | |||||||||||
Income from operations | 97.5 | 95.9 | 41 | ||||||||
Construction Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 39.3 | 49.5 | 53.9 | 40.6 | 39.4 | 49.7 | 52.1 | 38.9 | |||
Construction Technologies [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 183.3 | 180.1 | 152.3 | ||||||||
Income from operations | 23.6 | 22.5 | (0.8) | ||||||||
Depreciation, depletion and amortization | 8.5 | 7.7 | 5.8 | ||||||||
Segment assets | 335.7 | 339.4 | 335.7 | 339.4 | 447.7 | ||||||
Capital expenditures | 1.6 | 1.3 | 1 | ||||||||
Income from operations before provision for taxes on income [Abstract] | |||||||||||
Income from operations | 23.6 | 22.5 | (0.8) | ||||||||
Energy Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 20.3 | $ 19.8 | $ 20 | $ 25.8 | 33.4 | $ 40.9 | $ 49.3 | $ 58.6 | |||
Energy Services [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 85.9 | 182.2 | 210.1 | ||||||||
Income from operations | (25.9) | (27.9) | 16.3 | ||||||||
Depreciation, depletion and amortization | 11.2 | 17.4 | 13.5 | ||||||||
Segment assets | $ 104.7 | $ 154.7 | 104.7 | 154.7 | 228.9 | ||||||
Capital expenditures | 1.4 | 11.1 | 16.7 | ||||||||
Income from operations before provision for taxes on income [Abstract] | |||||||||||
Income from operations | $ (25.9) | $ (27.9) | $ 16.3 |
Segment and Related Informati76
Segment and Related Information, Sales By Region Category (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 401.3 | $ 399.5 | $ 427 | $ 410.2 | $ 429.9 | $ 451 | $ 463.4 | $ 453.3 | $ 1,638 | $ 1,797.6 | $ 1,725 |
Long-lived assets | 2,034.8 | 2,098.2 | 2,034.8 | 2,098.2 | 2,165.1 | ||||||
United States [Member] | Reportable Geographical Components [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 936.2 | 1,049.6 | 1,004.4 | ||||||||
Long-lived assets | 1,794.5 | 1,829.3 | 1,794.5 | 1,829.3 | 1,865.2 | ||||||
Canada/Latin America [Member] | Reportable Geographical Components [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 82.6 | 86.3 | 90.2 | ||||||||
Long-lived assets | 14.8 | 13 | 14.8 | 13 | 18.8 | ||||||
Europe/Africa [Member] | Reportable Geographical Components [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 338.8 | 382.1 | 407.7 | ||||||||
Long-lived assets | 98.2 | 117.6 | 98.2 | 117.6 | 136.8 | ||||||
Asia [Member] | Reportable Geographical Components [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 280.4 | 279.6 | 222.7 | ||||||||
Long-lived assets | 127.3 | 138.3 | 127.3 | 138.3 | 144.3 | ||||||
Total International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 701.8 | 748 | 720.6 | ||||||||
Long-lived assets | $ 240.3 | $ 268.9 | $ 240.3 | $ 268.9 | $ 299.9 |
Segment and Related Informati77
Segment and Related Information, by Product (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 401.3 | $ 399.5 | $ 427 | $ 410.2 | $ 429.9 | $ 451 | $ 463.4 | $ 453.3 | $ 1,638 | $ 1,797.6 | $ 1,725 |
Paper PCC [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 387.9 | 423.3 | 454.5 | ||||||||
Specialty PCC [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 64.3 | 64.8 | 66.1 | ||||||||
Talc [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 55.7 | 55.9 | 55.5 | ||||||||
Ground Calcium Carbonate [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 83.6 | 80.6 | 74 | ||||||||
Refractory Products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 219 | 230.7 | 273.9 | ||||||||
Metallurgical Products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 55.5 | 65.2 | 85.8 | ||||||||
Metalcasting [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 258 | 266.4 | 181.4 | ||||||||
Household, Personal Care and Specialty Products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 171.2 | 172.7 | 108 | ||||||||
Basic Minerals and Other Products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 73.6 | 75.7 | 63.4 | ||||||||
Environmental Products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 78.9 | 69.7 | 70.7 | ||||||||
Building Materials and Other Products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 104.4 | 110.4 | 81.6 | ||||||||
Energy Services [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 85.9 | $ 182.2 | $ 210.1 |
Quarterly Financial Data (una78
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 02, 2016 | Jul. 03, 2016 | Apr. 03, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 401.3 | $ 399.5 | $ 427 | $ 410.2 | $ 429.9 | $ 451 | $ 463.4 | $ 453.3 | $ 1,638 | $ 1,797.6 | $ 1,725 |
Gross profit | 111.4 | 115.2 | 121.1 | 112.7 | 109.3 | 118.9 | 126.2 | 116.6 | 460.4 | 471 | 435.4 |
Income from operations | 56.5 | 67.3 | 39.5 | 57.6 | 37.7 | 49.9 | 52.8 | 59.9 | 220.9 | 200.3 | 168.8 |
Income from continuing operations | 37.5 | 42.5 | 22.3 | 34.8 | 17.8 | 30.3 | 27.5 | 36 | 133.4 | 107.9 | 90.3 |
Income from discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 2.1 | ||||
Net income attributable to Minerals Technologies Inc. (MTI) | $ 36.7 | $ 41.6 | $ 21.2 | $ 33.9 | $ 17 | $ 29.2 | $ 26.6 | $ 35.1 | $ 133.4 | $ 107.9 | $ 92.4 |
Basic earnings per share attributable to MTI shareholders [Abstract] | |||||||||||
Income from continuing operations (in dollars per share) | $ 1.05 | $ 1.19 | $ 0.61 | $ 0.97 | $ 0.49 | $ 0.84 | $ 0.77 | $ 1.01 | $ 3.82 | $ 3.11 | $ 2.62 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.06 |
Net income (in dollars per share) | 1.05 | 1.19 | 0.61 | 0.97 | 0.49 | 0.84 | 0.77 | 1.01 | 3.82 | 3.11 | 2.68 |
Diluted earnings per share attributable to MTI shareholders [Abstract] | |||||||||||
Income from continuing operations (in dollars per share) | 1.04 | 1.18 | 0.60 | 0.97 | 0.48 | 0.83 | 0.76 | 1.01 | 3.79 | 3.08 | 2.59 |
Loss from discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.06 |
Net income (in dollars per share) | 1.04 | 1.18 | 0.60 | 0.97 | 0.48 | 0.83 | 0.76 | 1.01 | 3.79 | 3.08 | $ 2.65 |
Market price range per share of common stock [Abstract] | |||||||||||
High (in dollars per share) | 82.90 | 72.51 | 61.66 | 57.12 | 61.80 | 68.15 | 74.21 | 74.74 | |||
Low (in dollars per share) | 66.10 | 56 | 52.53 | 37.03 | 45.35 | 46.69 | 66.49 | 59 | |||
Close (in dollars per share) | 77.25 | 70.69 | 57.38 | 57.12 | 45.86 | 50.31 | 69.02 | 70.65 | 77.25 | $ 45.86 | |
Dividends paid per common share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.20 | ||
Specialty Minerals [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 138 | $ 147.3 | $ 150.6 | $ 155.6 | $ 157.6 | $ 156.5 | $ 156.5 | $ 154 | |||
Refractories [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 68 | 63.4 | 73.9 | 69.2 | 68.2 | 77.4 | 76.4 | 73.9 | |||
Performance Materials [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 135.7 | 119.5 | 128.6 | 119 | 131.3 | 126.5 | 129.1 | 127.9 | |||
Construction Technologies [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 39.3 | 49.5 | 53.9 | 40.6 | 39.4 | 49.7 | 52.1 | 38.9 | |||
Energy Services [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 20.3 | $ 19.8 | $ 20 | $ 25.8 | $ 33.4 | $ 40.9 | $ 49.3 | $ 58.6 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - Term Loan Facility, Second Amendment due February 14, 2024 [Member] - USD ($) $ in Millions | 1 Months Ended | |
Feb. 17, 2017 | Feb. 14, 2017 | |
Subsequent Event [Line Items] | ||
Maturity date | Feb. 14, 2024 | |
LIBOR [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Facility variable interest rate | 0.75% | |
LIBOR [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Facility variable interest rate | 2.25% | |
Floating Rate Tranche [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit outstanding | $ 788 | $ 788 |
Discount interest rate on notes | 0.25% | |
Amortization rate on notes | 1.00% | |
Fixed Rate Tranche [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit outstanding | $ 300 |
SCHEDULE II-VALUATION AND QUA80
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 4.4 | $ 3.6 | $ 1.7 | |
Additions Charged to Costs, Provisions and Expenses | 6.2 | 2.6 | 2.4 | |
Deductions | [1] | (2.7) | (1.8) | (0.5) |
Balance at End of Period | $ 7.9 | $ 4.4 | $ 3.6 | |
[1] | Includes impact of translation of foreign currencies. |