Noncontrolling interests

9 Months Ended

Oct. 02, 2011

Noncontrolling interests [Abstract]

Noncontrolling interests

Note 14 .  Non-controlling interests

     The following is a reconciliation of beginning and ending total equity, equity attributable to MTI, and equity attributable to non-controlling interests:

		Equity Attributable to MTI
(millions of dollars)		Common Stock		Additional  Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury  Stock			Non-controlling Interests			Total
Balance as of December 31, 2010		$	2.9		323.2		899.2			(3.6	)		(466.2	)		27.2			782.7
Comprehensive Income:
Net income			--		--		47.9			--			--			2.4			50.3
Sale of interest in business			--		--		--			--			--			(0.9	)		(0.9	)
Currency translation adjustment			--		--		--			(3.1	)		--			(0.1	)		(3.2	)
Unamortized pension gains and
	prior service costs		--		--		--			1.8			--			--			1.8
Cash flow hedge:
Net derivative gains (losses)
	arising during the year		--		--		--			0.1			--			--			0.1
Reclassification adjustment			--		--		--			--			--			--			--
Total comprehensive income (loss)			--		--		47.9			(1.2	)		--			1.4			48.1
Dividends declared			--		--		(2.7	)		--			--			--			(2.7	)
Dividends to non-controlling interest			--		--		--			--			--			(0.5	)		(0.5	)
Employee benefit transactions			--		5.1		--			--			--			--			5.1
Income tax benefit arising from employee
	stock option plans		--		0.2		--			--			--			--			0.2
Stock based compensation			--		4.1		--			--			--			--			4.1
Purchase of common stock			--		--		--			--			(45.0	)		--			(45.0	)
Balance as of October 2, 2011		$	2.9		332.5		944.4			(4.8	)		(511.2	)		28.1			792.0

     The income attributable to non-controlling interests for the nine-month periods ended October 2, 2011 and October 3, 2010 was from continuing operations. The remainder of income was attributable to MTI. In the third quarter of 2011, the company divested a 50% interest in its Refractories joint venture in Korea.  As a result, the Company now has a 20% equity interest in this entity and recognized a $1.4 million currency translation loss upon deconsolidation of this entity. The fair value of the remaining 20% interest was approximately $0.6 million and the Company will account for this investment using the equity method.   There were no other changes in MTI's ownership interest for the period ended October 2, 2011 as compared with December 31, 2010.