Delaware
|
25-1190717
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
622 Third Avenue, 38th Floor
New York, New York
|
10017-6707
|
|
(Address of principal executive office)
|
(Zip Code)
|
(212) 878-1800
|
||
(Registrant's telephone number, including area code)
|
Title of each class
|
Name of each exchange on which registered
|
|
Common Stock, $.10 par value
|
New York Stock Exchange
|
Large Accelerated Filer ☒
|
Accelerated Filer ☐
|
Non-accelerated Filer ☐
|
Smaller Reporting Company ☐
|
Emerging Growth Company ☐
|
|
Page No.
|
||
PART I
|
||
Item 1.
|
Business
|
|
Item 1A.
|
Risk Factors
|
|
Item 1B.
|
Unresolved Staff Comments
|
|
Item 2.
|
Properties
|
|
Item 3.
|
Legal Proceedings
|
|
Item 4.
|
Mine Safety Disclosures
|
|
PART II
|
||
Item 5.
|
Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
Item 6.
|
Selected Financial Data
|
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
|
Item 8.
|
Financial Statements and Supplementary Data
|
|
Item 9.
|
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
|
|
Item 9A.
|
Controls and Procedures
|
|
Item 9B.
|
Other Information
|
|
PART III
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
|
Item 11.
|
Executive Compensation
|
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
|
Item 14.
|
Principal Accountant Fees and Services
|
|
PART IV
|
||
Item 15.
|
Exhibits and Financial Statement Schedules
|
|
Signatures
|
● |
The Performance Materials segment is a leading supplier of bentonite and bentonite-related products, chromite and leonardite. This segment also provides
products for non-residential construction, environmental and infrastructure projects worldwide, serving customers engaged in a broad range of construction projects.
|
● |
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. This segment is a leading supplier globally of PCC products to the paper industry. This segment's products are used
principally in the paper, building materials, paint and coatings, glass, ceramic, polymer, food, automotive and pharmaceutical industries.
|
● |
The Refractories segment produces monolithic and shaped refractory materials and specialty products. It also provides services and sells application and
measurement equipment, calcium metal and metallurgical wire products. Refractories segment products are primarily used in high-temperature applications in the steel, non-ferrous metal and glass industries.
|
● |
The Energy Services segment provides services to improve the production, costs, compliance, and environmental impact of activities performed in the 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.
|
2018
|
2017
|
2016
|
||||||
Percentage of Net Sales
|
||||||||
Performance Materials
|
46%
|
44%
|
42%
|
|||||
Specialty Minerals
|
33%
|
35%
|
36%
|
|||||
Refractories
|
17%
|
17%
|
17%
|
|||||
Energy Services
|
4%
|
4%
|
5%
|
|||||
Total
|
100%
|
100%
|
100%
|
● |
as a filler in the production of coated and uncoated wood-free printing and writing papers, such as office papers;
|
● |
as a filler in the production of coated and uncoated groundwood (wood-containing) paper such as magazine and catalog papers; and
|
● |
as a coating pigment for both wood-free and groundwood papers.
|
● |
HOTCRETE®: High durability shotcrete products for applications at high temperatures in ferrous applications, such as, steel ladles, electric arc
furnaces (EAF) and basic oxygen furnaces (BOF) furnaces.
|
● |
FASTFIRE®: High durability castable and shotcrete products in the non-ferrous and ferrous industries with the added benefit of rapid dry-out
capabilities.
|
● |
OPTIFORM®: A system of products and equipment for the rapid continuous casting of refractories for applications, such as, steel ladle safety
linings.
|
● |
ENDURATEQ®: A high durability refractory shape for glass contact applications, such as, plungers and orifice rings.
|
● |
DECTEQ™: A system for the automatic control of electrical power feeding electrodes used in electric arc steel making furnaces.
|
● |
LACAM® Torpedo: A laser scanning system that measures the refractory lining thickness inside a Hot Iron (Torpedo) Ladle. The torpedo ladles
transport liquid iron from a blast furnace to the steel plant.
|
● |
LACAM® LI Explorer: A laser scanning system that measures the refractory lining thickness from the interior of a Hot Steel Ladle. By entering the
interior, the explorer provides the ability to see all areas of the ladle and identify the smallest flaws in the refractory lining.
|
● |
LACAM®: A new, fourth generation Lacam® laser measurement device for use in the worldwide steel industry that is 17 times faster than
the previous version. This new technology provides the fastest and most accurate laser scanning for hot surfaces available today.
|
Location
|
Facility
|
Product Line
|
Segment
|
|||
United States
|
||||||
Alabama, Sandy Ridge
|
Plant; Mine
|
Metalcasting, basic minerals and specialty products
|
Performance Materials
|
|||
Arizona, Pima County
|
Plant; Mine (1)
|
Limestone
|
Specialty Minerals
|
|||
California, Lucerne Valley
|
Plant; Mine
|
Limestone
|
Specialty Minerals
|
|||
Connecticut, Canaan
|
Plant; Mine
|
Limestone, Metallurgical Wire/Calcium
|
Specialty Minerals; Refractories
|
|||
Georgia, Cartersville
|
Plant
|
Environmental products and other building materials products
|
Performance Materials
|
|||
Illinois, Belvidere
|
Plant
|
Metalcasting products
|
Performance Materials
|
|||
Illinois, Hoffman Estates
|
Research laboratories; Administrative office (2)
|
All Company Products
|
All Segments
|
|||
Indiana, Portage
|
Plant
|
Refractories/Shapes
|
Refractories
|
|||
Indiana, Troy
|
Plant
|
Metalcasting products
|
Performance Materials
|
|||
Iowa, Shell Rock
|
Plant
|
Metalcasting products
|
Performance Materials
|
|||
Louisiana, Baton Rouge
|
Plant
|
Monolithic Refractories
|
Refractories
|
|||
Louisiana, Lafayette
|
Plant
|
Personal Care Products
|
Performance Materials
|
|||
Louisiana, New Iberia
|
Operations base (2)
|
Filtration and Well testing services
|
Energy Services
|
|||
Massachusetts, Adams
|
Plant; Mine
|
Limestone, Lime, PCC
|
Specialty Minerals
|
|||
Michigan, Albion
|
Plant
|
Metalcasting products
|
Performance Materials
|
|||
Mississippi, Aberdeen
|
Plant
|
Performance additive products
|
Performance Materials
|
|||
Montana, Dillon
|
Plant; Mine
|
Talc
|
Specialty Minerals
|
|||
Nebraska, Scottsbluff
|
Transportation terminal
|
Performance Materials
|
||||
New York, New York
|
Headquarters (2)
|
All Company Products
|
Headquarters
|
|||
North Dakota, Gascoyne
|
Plant; Mine
|
Metalcasting, basic minerals and specialty products
|
Performance Materials
|
|||
Ohio, Archbold
|
Plant
|
Metalcasting products
|
Performance Materials
|
|||
Ohio, Bryan
|
Plant
|
Monolithic Refractories
|
Refractories
|
|||
Ohio, Dover
|
Plant
|
Monolithic Refractories/Shapes
|
Refractories
|
|||
Pennsylvania, Bethlehem
|
Administrative Office; Research laboratories; Sales Offices
|
All Company Products
|
All Segments
|
|||
Pennsylvania, Easton
|
Administrative Office; Research laboratories; Plant; Sales Offices
|
All Company Products
|
All Segments
|
|||
Pennsylvania, Slippery Rock
|
Plant; Sales Offices
|
Monolithic Refractories/Shapes
|
Refractories
|
|||
Pennsylvania, York
|
Plant
|
Metalcasting and pet care products
|
Performance Materials
|
|||
Tennessee, Chattanooga
|
Plant
|
Metalcasting products
|
Performance Materials
|
|||
Texas, Bay City
|
Plant
|
Talc
|
Specialty Minerals
|
|||
Texas, Houston
|
Research laboratories (2)
|
Filtration and well testing services
|
Energy Services
|
|||
Texas, Houston
|
Administrative Office (2)
|
Filtration and well testing services
|
Energy Services
|
|||
Wisconsin, Neenah
|
Plant
|
Metalcasting products
|
Performance Materials
|
|||
Wyoming, Colony
|
Plant; Mine
|
Metalcasting, pet litter, personal care, specialty and basic minerals products
|
Performance Materials
|
|||
Wyoming, Lovell
|
Plant; Mine
|
Basic minerals, Specialty and pet care products; Environmental and building materials products
|
Performance Materials
|
Location
|
Facility
|
Product Line
|
Segment
|
|||
International
|
||||||
Australia, Brisbane
|
Sales Office/Administrative Office
|
Metalcasting, specialty and pet care products
|
Performance Materials
|
|||
Australia, Carlingford
|
Sales Office (2)
|
Monolithic Refractories
|
Refractories
|
|||
Australia, Gurulmundi
|
Plant; Mine
|
Metalcasting, specialty and pet care products
|
Performance Materials
|
|||
Australia, Perth
|
Operations base (2)
|
Filtration services
|
Energy Services
|
|||
Austria, Rottersdorf
|
Plant
|
Pet care products
|
Performance Materials
|
|||
Belgium, Brussels
|
Administrative Office
|
Monolithic Refractories
|
Refractories
|
|||
Brazil, Macae
|
Operations base (2)
|
Filtration services
|
Energy Services
|
|||
Brazil, Sao Jose dos Campos
|
Sales Office (2)/Administrative Office
|
PCC
|
Specialty Minerals
|
|||
Canada, Pt. Claire
|
Administrative Office
|
PCC/Monolithic Refractories
|
Specialty Minerals; Refractories
|
|||
China, Beijing
|
Sales Office/Administrative Office
|
Metalcasting, specialty, fabric care and pet care products
|
Performance Materials
|
|||
China, Chao Yang, Liaoning
|
Plant; Mine
|
Metalcasting and fabric care products
|
Performance Materials
|
|||
China, Shanghai
|
Administrative Office/Sales Office
|
PCC/Monolithic Refractories
|
Specialty Minerals; Refractories
|
|||
China, Suzhou
|
Plant
|
Environmental and building materials products
|
Performance Materials
|
|||
China, Suzhou
|
Plant/Sales Office/Research laboratories
|
PCC/Monolithic Refractories
|
Specialty Minerals; Refractories
|
|||
China, Tianjin
|
Plant; Mine; Research laboratories
|
Metalcasting and fabric care products
|
Performance Materials
|
|||
Germany, Duisburg
|
Plant/Sales Office/Research laboratories
|
Laser Scanning Instrumentation/ Probes/Monolithic Refractories
|
Refractories
|
|||
India, Chennai
|
Plant
|
Metalcasting products
|
Performance Materials
|
|||
India, Mumbai
|
Sales Office (2)/Administrative Office
|
PCC/Monolithic Refractories/ Metallurgical Wire
|
Specialty Minerals; Refractories
|
|||
Indonesia, Jakarta
|
Operations base (2)
|
Filtration services
|
Energy Services
|
|||
Ireland, Cork
|
Plant; Administrative Office (2)/ Research laboratories
|
Monolithic Refractories
|
Refractories
|
|||
Italy, Brescia
|
Sales Office
|
Monolithic Refractories/Shapes
|
Refractories
|
|||
Italy, Nave
|
Plant
|
Monolithic Refractories/Shapes
|
Refractories
|
|||
Japan, Gamagori
|
Plant/Research laboratories
|
Monolithic Refractories/Shapes, Calcium
|
Refractories
|
|||
Japan, Tokyo
|
Sales/Administrative Office
|
Monolithic Refractories
|
Refractories
|
|||
Korea, Pyeongtaek
|
Plant
|
Environmental, building materials and other products
|
Performance Materials
|
|||
Malaysia, Kemaman
|
Operations base (2)
|
Filtration and well testing services
|
Energy Services
|
|||
Mexico, Villahermosa
|
Operations base (2)
|
Filtration services
|
Energy Services
|
|||
Netherlands, Hengelo
|
Plant/Administrative Office
|
Metallurgical Wire
|
Refractories
|
|||
Netherlands, Moerdjik
|
Plant/Administrative Office
|
Pet care products
|
Performance Materials
|
|||
Nigeria, Port Harcourt
|
Operations base (2)
|
Well Testing services
|
Energy Services
|
|||
Poland, Szczytno
|
Plant
|
Environmental products
|
Performance Materials
|
|||
Scotland, Aberdeen
|
Operations base (2)
|
Filtration services
|
Energy Services
|
|||
South Africa, Johannesburg
|
Sales Office/Administrative Office (2)
|
Monolithic Refractories
|
Refractories
|
|||
South Africa, Pietermaritzburg
|
Plant
|
Monolithic Refractories
|
Refractories
|
|||
South Korea, Yangbuk-Myeun, Kyeung-buk
|
Plant; Mine
|
Metalcasting products
|
Performance Materials
|
|||
Spain, Santander
|
Administrative Office
|
Monolithic Refractories
|
Refractories
|
Location | Facility |
Product Line |
Segment |
|||
Thailand, Laemchabang
|
Plant
|
Metalcasting and fabric care products
|
Performance Materials
|
|||
Turkey, Enez
|
Plant; Mine
|
Metalcasting, specialty and basic minerals products
|
Performance Materials
|
|||
Turkey, Gebze
|
Plant/Research Laboratories
|
Monolithic Refractories/Shapes/ Application Equipment
|
Refractories
|
|||
Turkey, Istanbul
|
Sales Office/Administrative Office
|
Monolithic Refractories
|
Refractories
|
|||
Turkey, Kutahya
|
Plant
|
Monolithic Refractories/Shapes
|
Refractories
|
|||
Turkey, Ordu
|
Plant; Mine
|
Pet care Products
|
Performance Materials
|
|||
Turkey, Usak
|
Plant; Mine
|
Specialty material products
|
Performance Materials
|
|||
United Kingdom, Birkenhead
|
Research laboratories (2)
|
Environmental products
|
Performance Materials
|
|||
United Kingdom, Lifford
|
Plant
|
PCC, Lime
|
Specialty Minerals
|
|||
United Kingdom, Rotherham
|
Plant/Sales Office
|
Monolithic Refractories/Shapes
|
Refractories
|
|||
United Kingdom, Winsford
|
Plant, Research laboratories
|
Fabric care and other products
|
Performance Materials
|
(1) |
This plant and quarry is leased to another company.
|
(2) |
Leased by the Company. The facilities in Cork, Ireland, are operated pursuant to a 99-year lease, the term of which commenced in 1963. The Company's
headquarters in New York, New York, are held under a lease which expires in 2021.
|
Location
|
Principal Customer
|
|
United States
|
||
Alabama, Jackson
|
Boise Inc.
|
|
Alabama, Selma
|
International Paper Company
|
|
Arkansas, Ashdown
|
Domtar Inc.
|
|
Maine, Jay
|
Verso Paper Holdings LLC
|
|
Michigan, Quinnesec
|
Verso Paper Holdings LLC
|
|
Minnesota, Cloquet
|
Sappi Ltd.
|
|
Minnesota, International Falls
|
Boise Inc.
|
|
New York, Ticonderoga
|
International Paper Company
|
|
Ohio, Chillicothe
|
P.H. Glatfelter Co.
|
|
South Carolina, Eastover
|
International Paper Company
|
|
Washington, Longview
|
North Pacific Paper Corporation
|
|
Wisconsin, Kimberly
|
Appleton Coated
|
|
Wisconsin, Park Falls
|
Flambeau River Papers LLC
|
|
Wisconsin, Superior
|
New Page Corporation
|
|
Wisconsin, Wisconsin Rapids
|
New Page Corporation
|
Location
|
Principal Customer
|
|
International
|
||
Brazil, Guaiba
|
CMPC - Celulose Rio Grandense
|
|
Brazil, Jacarei
|
Munksjo Brasil Ind e Com de Papeis Especiais Ltda.
|
|
Brazil, Luiz Antonio
|
International Paper do Brasil Ltda.
|
|
Brazil, Mucuri
|
Suzano Papel e Celulose S. A.
|
|
Brazil, Suzano
|
Suzano Papel e Celulose S. A.
|
|
Canada, St. Jerome, Quebec
|
Les Entreprises Rolland Inc
|
|
Canada, Windsor, Quebec
|
Domtar Inc.
|
|
China, Changshu
|
UPM Changshu
|
|
China, Dagang (1)
|
Gold East Paper (Jiangsu) Company Ltd.
|
|
China, Zhenjiang (1)
|
Gold East Paper (Jiangsu) Company Ltd.
|
|
China, Suzhou (1)
|
Gold HuaSheng Paper Company Ltd.
|
|
China, Henan
|
Henan Jianghe Paper Co., Ltd.
|
|
China, Shandong
|
Shandong Sun Paper Industry Joint Stock Company Ltd
|
|
China, Shouguang (2)
|
Shandong Meilun Paper Corporation
|
|
Finland, Äänekoski
|
M-real Corporation
|
|
Finland, Tervakoski
|
Trierenberg Holding
|
|
France, Alizay
|
Double A Paper Company Ltd.
|
|
France, Quimperle
|
PDM Industries
|
|
France, Saillat Sur Vienne
|
International Paper Company
|
|
Germany, Schongau
|
UPM Corporation
|
|
India, Ballarshah (1)
|
Ballarpur Industries Ltd.
|
|
India, Dandeli
|
West Coast Paper Mill Ltd.
|
|
India, Gaganapur (1)
|
Ballarpur Industries Ltd.
|
|
India, Kala Amb (2)
|
Ruchira Papers Limited
|
|
India, Saila Khurd
|
Kuantum Papers Ltd.
|
|
India, Rayagada (1)
|
JK Paper
|
|
Indonesia, Perawang (1)
|
PT Indah Kiat Pulp and Paper Corporation
|
|
Indonesia, Perawang 2 (2)
|
PT Indah Kiat Pulp and Paper Corporation
|
|
Indonesia, Pindo Deli (2)
|
PT Pindo Deli Pulp and Paper Mills
|
|
Japan, Shiraoi (1)
|
Nippon Paper Group Inc.
|
|
Malaysia, Sipitang
|
Ballarpur Industries Ltd.
|
|
Poland, Kwidzyn
|
International Paper – Kwidzyn, S.A
|
|
Portugal, Figueira da Foz (1)
|
Navigator Paper Figueira, S.A.
|
|
Slovakia, Ruzomberok
|
Mondi Business Paper SCP
|
|
South Africa, Merebank (1)
|
Mondi Paper Company Ltd.
|
|
Thailand, Namphong
|
Phoenix Pulp & Paper Public Co. Ltd.
|
|
Thailand, Tha Toom (1)
|
Double A Paper Company Ltd.
|
|
Thailand, Tha Toom 2 (1)
|
Double A Paper Company Ltd.
|
(1) |
These plants are owned through joint ventures.
|
2018 Tons
Usage
(000s)
|
Total Tons
of Reserves
(000s)
|
Assigned
Reserves
(000s)
|
Unassigned
Reserves**
(000s)
|
Conversion
Factor
|
Mining Claims
|
||||||||||||||||||
Owned
|
Unpatented *
|
Leased
|
|||||||||||||||||||||
Limestone
|
|||||||||||||||||||||||
Adams, MA
|
714
|
23,028
|
23,028
|
—
|
80%
|
23,028
|
—
|
—
|
|||||||||||||||
Canaan, CT
|
578
|
17,734
|
17,734
|
—
|
90%
|
17,734
|
—
|
—
|
|||||||||||||||
Lucerne Valley, CA
|
997
|
40,762
|
40,762
|
95%
|
40,762
|
—
|
—
|
||||||||||||||||
Pima County, AZ
|
170
|
7,869
|
7,869
|
—
|
90%
|
7,869
|
—
|
—
|
|||||||||||||||
Total Limestone
|
2,459
|
89,393
|
89,393
|
—
|
89,393
|
—
|
—
|
||||||||||||||||
100%
|
0%
|
100%
|
0%
|
0%
|
|||||||||||||||||||
Talc
|
|||||||||||||||||||||||
Dillon, MT
|
189
|
2,728
|
2,728
|
—
|
85%
|
2,728
|
—
|
—
|
|||||||||||||||
100%
|
0%
|
100%
|
0%
|
0%
|
|||||||||||||||||||
Sodium Bentonite
|
|||||||||||||||||||||||
Australia
|
67
|
1,007
|
1,007
|
—
|
80%
|
1,007
|
|||||||||||||||||
Belle/Colony, WY/SD
|
1,263
|
64,560
|
64,560
|
—
|
77%
|
3,595
|
12,214
|
48,751
|
|||||||||||||||
Lovell, WY
|
751
|
36,462
|
36,462
|
—
|
86%
|
16,753
|
14,971
|
4,738
|
|||||||||||||||
Other SD, WY, MT
|
72,831
|
—
|
72,831
|
79%
|
54,815
|
15,048
|
2,968
|
||||||||||||||||
Total Sodium Bentonite
|
2,081
|
174,860
|
102,029
|
72,831
|
75,163
|
42,233
|
57,464
|
||||||||||||||||
58%
|
42%
|
43%
|
24%
|
33%
|
|||||||||||||||||||
Calcium Bentonite
|
|||||||||||||||||||||||
Chao Yang, Liaoning, China
|
89
|
1,650
|
1,650
|
—
|
78%
|
1,650
|
|||||||||||||||||
Nevada
|
1
|
1,560
|
1,560
|
—
|
76%
|
1,016
|
44
|
500
|
|||||||||||||||
Sandy Ridge, AL
|
93
|
6,525
|
6,525
|
—
|
75%
|
1,966
|
4,559
|
||||||||||||||||
Turkey, Enez//Usak
|
236
|
3,608
|
3,608
|
—
|
77%
|
3,608
|
|||||||||||||||||
Turkey, Unye
|
187
|
4,750
|
4,750
|
—
|
80%
|
4,750
|
|||||||||||||||||
Total Calcium Bentonite
|
606
|
18,093
|
18,093
|
—
|
2,982
|
44
|
15,067
|
||||||||||||||||
100%
|
0%
|
16%
|
0%
|
83%
|
|||||||||||||||||||
Leonardite
|
|||||||||||||||||||||||
Gascoyne, ND
|
89
|
2,652
|
2,652
|
—
|
72%
|
—
|
2,019
|
633
|
|||||||||||||||
100%
|
0%
|
76%
|
24%
|
||||||||||||||||||||
Chromite
|
|||||||||||||||||||||||
South Africa
|
—
|
3,494
|
3,494
|
—
|
75%
|
—
|
—
|
3,494
|
|||||||||||||||
100%
|
0%
|
0%
|
0%
|
100%
|
|||||||||||||||||||
Other
|
|||||||||||||||||||||||
Nevada**
|
—
|
2,997
|
0%
|
2,997
|
80%
|
2,997
|
—
|
||||||||||||||||
—
|
100%
|
0%
|
100%
|
0%
|
|||||||||||||||||||
GRAND TOTALS
|
5,424
|
294,217
|
218,389
|
75,828
|
170,266
|
47,293
|
76,658
|
||||||||||||||||
74%
|
26%
|
58%
|
16%
|
26%
|
* |
Quantity of reserves that would be owned if patent was granted.
|
** |
Unassigned reserves are reserves which we expect will require additional expenditures for processing facilities.
|
Name
|
Age
|
Position
|
||
Douglas T. Dietrich
|
49
|
Chief Executive Officer
|
||
Brett Argirakis
|
54
|
Vice President and Managing Director, Minteq International Inc.
|
||
Michael A. Cipolla
|
61
|
Vice President, Corporate Controller and Chief Accounting Officer
|
||
Matthew E. Garth
|
44
|
Senior Vice President, Finance and Treasury, Chief Financial Officer
|
||
Jonathan J. Hastings
|
56
|
Group President, Performance Materials
|
||
Andrew M. Jones
|
60
|
Vice President and Managing Director, Energy Services
|
||
Douglas W. Mayger
|
61
|
Senior Vice President and Director – MTI Supply Chain
|
||
Thomas J. Meek
|
61
|
Senior Vice President, General Counsel, Human Resources, Secretary and Chief
|
||
Compliance Officer
|
||||
D.J. Monagle, III
|
56
|
Group President, Specialty Minerals and Refractories
|
Period
|
Total Number of
Shares Purchased
|
Average Price
Paid Per Share
|
Total Number of
Shares Purchased as
Part of the Publicly
Announced Program
|
Dollar Value of
Shares that May
Yet be Purchased
Under the Program
|
||||||||||||
October 1 - October 28
|
—
|
$
|
—
|
230,650
|
$
|
133,645,212
|
||||||||||
October 29 - November 25
|
—
|
$
|
—
|
230,650
|
$
|
133,645,212
|
||||||||||
November 26 - December 26
|
102,534
|
$
|
52.07
|
333,184
|
$
|
128,306,742
|
||||||||||
Total
|
102,534
|
$
|
52.07
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
||||||||||||||||||||
Minerals Technologies Inc.
|
$
|
100.00
|
$
|
115.99
|
$
|
76.85
|
$
|
129.87
|
$
|
116.07
|
$
|
86.81
|
|||||||||||||
S&P 500
|
100.00
|
113.69
|
115.26
|
129.05
|
157.22
|
150.33
|
|||||||||||||||||||
S&P Midcap 400
|
100.00
|
109.77
|
107.38
|
129.65
|
150.71
|
134.01
|
|||||||||||||||||||
Dow Jones US Industrials
|
100.00
|
170.30
|
105.49
|
126.09
|
157.03
|
139.35
|
|||||||||||||||||||
Dow Jones US Basic Materials
|
100.00
|
103.39
|
90.54
|
108.90
|
136.22
|
114.19
|
|||||||||||||||||||
S&P MidCap 400 Materials Sector
|
100.00
|
102.28
|
87.23
|
120.37
|
144.08
|
114.64
|
Year Ended December 31,
|
||||||||||||||||||||
(in
millions, except per share data)
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
Net sales
|
$
|
1,807.6
|
$
|
1,675.7
|
$
|
1,638.0
|
$
|
1,797.6
|
$
|
1,725.0
|
||||||||||
Cost of sales
|
1,346.2
|
1,208.5
|
1,177.6
|
1,326.6
|
1,289.6
|
|||||||||||||||
Production margin
|
461.4
|
467.2
|
460.4
|
471.0
|
435.4
|
|||||||||||||||
Marketing and administrative expenses
|
178.6
|
180.7
|
176.4
|
184.4
|
181.2
|
|||||||||||||||
Research and development expenses
|
22.7
|
23.7
|
23.8
|
23.6
|
24.4
|
|||||||||||||||
Insurance / litigation gain
|
—
|
—
|
—
|
—
|
(2.3
|
)
|
||||||||||||||
Acquisition related transaction and integration costs
|
1.7
|
3.4
|
8.0
|
11.8
|
19.1
|
|||||||||||||||
Restructuring and other items, net
|
2.5
|
15.0
|
28.3
|
45.2
|
43.2
|
|||||||||||||||
Income from operations
|
255.9
|
244.4
|
223.9
|
206.0
|
169.8
|
|||||||||||||||
Interest expense, net
|
(45.9
|
)
|
(43.4
|
)
|
(54.4
|
)
|
(60.9
|
)
|
(41.8
|
)
|
||||||||||
Debt modification costs and fees
|
—
|
(3.9
|
)
|
—
|
(4.5
|
)
|
(5.8
|
)
|
||||||||||||
Non-cash pension settlement costs
|
(4.4
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||
Other non-operating income (deductions), net
|
(1.5
|
)
|
(6.2
|
)
|
0.8
|
(8.0
|
)
|
0.8
|
||||||||||||
Total non-operating deductions, net
|
(51.8
|
)
|
(53.5
|
)
|
(53.6
|
)
|
(73.4
|
)
|
(46.8
|
)
|
||||||||||
Income from continuing operations before tax and equity in earnings
|
204.1
|
190.9
|
170.3
|
132.6
|
123.0
|
|||||||||||||||
Provision (benefit) for taxes on income*
|
34.4
|
(6.6
|
)
|
35.3
|
22.8
|
30.8
|
||||||||||||||
Equity in earnings of affiliates, net of tax
|
3.5
|
1.5
|
2.1
|
1.8
|
1.2
|
|||||||||||||||
Income from continuing operations, net of tax
|
173.2
|
199.0
|
137.1
|
111.6
|
93.4
|
|||||||||||||||
Income from discontinued operations, net of tax
|
—
|
—
|
—
|
—
|
2.1
|
|||||||||||||||
Consolidated net income
|
173.2
|
199.0
|
137.1
|
111.6
|
95.5
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Net income attributable to non-controlling interests
|
4.2
|
3.9
|
3.7
|
3.7
|
3.1
|
|||||||||||||||
Net income attributable to Minerals Technologies Inc. (MTI)
|
$
|
169.0
|
$
|
195.1
|
$
|
133.4
|
$
|
107.9
|
$
|
92.4
|
||||||||||
Earnings per share attributable to MTI:
|
||||||||||||||||||||
Basic:
|
||||||||||||||||||||
Income from continuing operations
|
$
|
4.79
|
$
|
5.54
|
$
|
3.82
|
$
|
3.11
|
$
|
2.62
|
||||||||||
Income from discontinued operations
|
—
|
—
|
—
|
—
|
0.06
|
|||||||||||||||
Basic earnings per share
|
$
|
4.79
|
$
|
5.54
|
$
|
3.82
|
$
|
3.11
|
$
|
2.68
|
||||||||||
Diluted:
|
||||||||||||||||||||
Income from continuing operations
|
$
|
4.75
|
$
|
5.48
|
$
|
3.79
|
$
|
3.08
|
$
|
2.59
|
||||||||||
Income from discontinued operations
|
—
|
—
|
—
|
—
|
0.06
|
|||||||||||||||
Diluted earnings per share
|
$
|
4.75
|
$
|
5.48
|
$
|
3.79
|
$
|
3.08
|
$
|
2.65
|
||||||||||
Cash dividends declared per common share
|
$
|
0.20
|
$
|
0.20
|
$
|
0.20
|
$
|
0.20
|
$
|
0.20
|
||||||||||
Shares used in computation of earnings per share:
|
||||||||||||||||||||
Basic
|
35.3
|
35.2
|
34.9
|
34.7
|
34.5
|
|||||||||||||||
Diluted
|
35.6
|
35.6
|
35.2
|
35.0
|
34.8
|
* |
During the fourth quarter of 2017, the Company recorded a provisional $47 million income tax benefit from the U.S. Tax Cuts and Job Acts legislation. This
benefit is comprised of an $82 million benefit which related primarily to the remeasurement of the Company’s U.S. deferred tax liabilities at a lower U.S. tax rate of 21%, partially offset by tax expense of $35 million for the deemed
repatriation of unremitted earnings of foreign subsidiaries. During 2018, the Company recorded a benefit of $4.4 million as a measurement period adjustment to the deemed repatriation of unremitted earnings of foreign subsidiaries.
|
Year Ended December 31,
|
||||||||||||||||||||
(in
millions)
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
Working capital
|
$
|
494.4
|
$
|
542.2
|
$
|
455.6
|
$
|
485.0
|
$
|
552.0
|
||||||||||
Total assets
|
3,087.1
|
2,970.4
|
2,863.4
|
2,980.0
|
3,157.5
|
|||||||||||||||
Long-term debt, net of unamortized discount and deferred financing costs
|
907.8
|
959.8
|
1,069.9
|
1,255.3
|
1,429.4
|
|||||||||||||||
Total debt
|
1,016.3
|
969.9
|
1,082.8
|
1,264.9
|
1,435.3
|
|||||||||||||||
Total shareholders' equity
|
1,385.3
|
1,279.1
|
1,030.9
|
937.7
|
888.9
|
● |
Develop multiple high-filler technologies under the FulFill® platform of products, to increase the fill rate in freesheet paper and continue to progress with
commercial discussions and full-scale paper machine trials.
|
● |
Develop products and processes for waste management and recycling opportunities to reduce the environmental impact of the paper mill, reduce energy
consumption and improve the sustainability of the papermaking process, including our NewYield® and ENVIROFIL® products.
|
● |
Further penetration into the packaging segment of the paper industry.
|
● |
Increase our sales of PCC for paper by further penetration of the markets for paper filling at both freesheet and groundwood mills, particularly in emerging
markets.
|
● |
Expand the Company's PCC coating product line using the satellite model.
|
● |
Increase our presence and gain penetration of our bentonite-based foundry customers for the Metalcasting industry in emerging markets, such as China and
India.
|
● |
Increase our presence and market share in global pet care products, particularly in emerging markets.
|
● |
Deploy new products in pet care such as lightweight litter.
|
● |
Promote the Company's expertise in crystal engineering, especially in helping papermakers customize PCC morphologies for specific paper applications.
|
● |
Expand PCC produced for paper filling applications by working with industry partners to develop new methods to increase the ratio of PCC for fiber
substitutions.
|
● |
Develop unique calcium carbonate and talc products used in the manufacture of novel biopolymers, a new market opportunity.
|
● |
Deploy new talc and GCC products in paint, coating and packaging applications.
|
● |
Deploy value-added formulations of refractory materials that not only reduce costs but improve performance.
|
● |
Deploy our laser measurement technologies into new applications.
|
● |
Expand our refractory maintenance model to other steel makers globally.
|
● |
Increase our presence and market share in Asia and in the global powdered detergent market.
|
● |
Continue the development of our proprietary Enersol® products for agricultural applications worldwide.
|
● |
Pursue opportunities for our products in environmental and building and construction markets in the Middle East, Asia Pacific and South America regions.
|
● |
Increase our presence and market share for geosynthetic clay liners within the Environmental Products product line.
|
● |
Increase our presence and market penetration in offshore produced water and offshore filtration and well testing within the Energy Services segment.
|
● |
Deploy operational excellence principles into all aspects of the organization, including system infrastructure and lean principles.
|
● |
Continue to explore selective acquisitions to fit our core competencies in minerals and fine particle technology.
|
Year Ended December 31,
|
||||||||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||||||||||
Net sales
|
$
|
1,807.6
|
$
|
1,675.7
|
$
|
1,638.0
|
7.9
|
%
|
2.3
|
%
|
||||||||||
Cost of sales
|
1,346.2
|
1,208.5
|
1,177.6
|
11.4
|
%
|
2.6
|
%
|
|||||||||||||
Production margin
|
461.4
|
467.2
|
460.4
|
(1.2
|
)%
|
1.5
|
%
|
|||||||||||||
Production margin %
|
25.5
|
%
|
27.9
|
%
|
28.1
|
%
|
||||||||||||||
Marketing and administrative expenses
|
178.6
|
180.7
|
176.4
|
(1.2
|
)%
|
2.4
|
%
|
|||||||||||||
Research and development expenses
|
22.7
|
23.7
|
23.8
|
(4.2
|
)%
|
(0.4
|
)%
|
|||||||||||||
Acquisition related transaction and integration costs
|
1.7
|
3.4
|
8.0
|
(50.0
|
)%
|
(57.5
|
)%
|
|||||||||||||
Restructuring and other items, net
|
2.5
|
15.0
|
28.3
|
(83.3
|
)%
|
(47.0
|
)%
|
|||||||||||||
Income from operations
|
255.9
|
244.4
|
223.9
|
4.7
|
%
|
9.2
|
%
|
|||||||||||||
Operating margin %
|
14.2
|
%
|
14.6
|
%
|
13.7
|
%
|
||||||||||||||
Interest expense, net
|
(45.9
|
)
|
(43.4
|
)
|
(54.4
|
)
|
5.8
|
%
|
(20.2
|
)%
|
||||||||||
Debt modification costs and fees
|
—
|
(3.9
|
)
|
—
|
*
|
*
|
||||||||||||||
Non-cash pension settlement costs
|
(4.4
|
)
|
—
|
—
|
*
|
*
|
||||||||||||||
Other non-operating income (deductions), net
|
(1.5
|
)
|
(6.2
|
)
|
0.8
|
(75.8
|
)%
|
*
|
||||||||||||
Total non-operating deductions, net
|
(51.8
|
)
|
(53.5
|
)
|
(53.6
|
)
|
(3.2
|
)%
|
(0.2
|
)%
|
||||||||||
Income from operations before tax and equity in earnings
|
204.1
|
190.9
|
170.3
|
6.9
|
%
|
12.1
|
%
|
|||||||||||||
Provision (benefit) for taxes on income
|
34.4
|
(6.6
|
)
|
35.3
|
*
|
(118.7
|
)%
|
|||||||||||||
Effective tax rate
|
16.9
|
%
|
(3.5
|
)%
|
20.7
|
%
|
||||||||||||||
Equity in earnings of affiliates, net of tax
|
3.5
|
1.5
|
2.1
|
133.3
|
%
|
(28.6
|
)%
|
|||||||||||||
Income from operations, net of tax
|
173.2
|
199.0
|
137.1
|
(13.0
|
)%
|
45.1
|
%
|
|||||||||||||
Less: Net income attributable to non-controlling interests
|
4.2
|
3.9
|
3.7
|
7.7
|
%
|
5.4
|
%
|
|||||||||||||
Net income attributable to Minerals Technologies Inc. (MTI)
|
$
|
169.0
|
$
|
195.1
|
$
|
133.4
|
(13.4
|
)%
|
46.3
|
%
|
* |
Not meaningful
|
Year Ended December 31,
|
||||||||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||||||||||
U.S.
|
$
|
961.6
|
$
|
939.3
|
$
|
936.2
|
2.4
|
%
|
0.3
|
%
|
||||||||||
International
|
846.0
|
736.4
|
701.8
|
14.9
|
%
|
4.9
|
%
|
|||||||||||||
Total sales
|
$
|
1,807.6
|
$
|
1,675.7
|
$
|
1,638.0
|
7.9
|
%
|
2.3
|
%
|
||||||||||
Performance Materials Segment
|
$
|
828.1
|
$
|
734.8
|
$
|
686.1
|
12.7
|
%
|
7.1
|
%
|
||||||||||
Specialty Minerals Segment
|
589.3
|
584.8
|
591.5
|
0.8
|
%
|
(1.1
|
)%
|
|||||||||||||
Refractories Segment
|
311.9
|
279.4
|
274.5
|
11.6
|
%
|
1.8
|
%
|
|||||||||||||
Energy Services Segment
|
78.3
|
76.7
|
85.9
|
2.1
|
%
|
(10.7
|
)%
|
|||||||||||||
Total sales
|
$
|
1,807.6
|
$
|
1,675.7
|
$
|
1,638.0
|
7.9
|
%
|
2.3
|
%
|
Year Ended December 31,
|
||||||||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||||||||||
Net Sales
|
||||||||||||||||||||
Metalcasting
|
$
|
328.9
|
$
|
294.3
|
$
|
258.0
|
$
|
34.6
|
$
|
36.3
|
||||||||||
Household, Personal Care & Specialty Products
|
248.8
|
169.6
|
171.2
|
79.2
|
(1.6
|
)
|
||||||||||||||
Environmental Products
|
80.3
|
67.7
|
78.9
|
12.6
|
(11.2
|
)
|
||||||||||||||
Building Materials
|
70.4
|
78.2
|
74.1
|
(7.8
|
)
|
4.1
|
||||||||||||||
Basic Minerals
|
99.7
|
125.0
|
103.9
|
(25.3
|
)
|
21.1
|
||||||||||||||
Total net sales
|
$
|
828.1
|
$
|
734.8
|
$
|
686.1
|
$
|
93.3
|
$
|
48.7
|
||||||||||
Income from operations
|
$
|
116.8
|
$
|
119.7
|
$
|
121.1
|
$
|
(2.9
|
)
|
$
|
(1.4
|
)
|
||||||||
% of net sales
|
14.1
|
%
|
16.3
|
%
|
17.7
|
%
|
Year Ended December 31,
|
||||||||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||||||||||
Net
Sales
|
||||||||||||||||||||
Paper PCC
|
$
|
378.5
|
$
|
377.7
|
$
|
387.9
|
$
|
0.8
|
$
|
(10.2
|
)
|
|||||||||
Specialty PCC
|
66.9
|
66.0
|
64.3
|
0.9
|
1.7
|
|||||||||||||||
PCC Products
|
$
|
445.4
|
$
|
443.7
|
$
|
452.2
|
$
|
1.7
|
$
|
(8.5
|
)
|
|||||||||
Ground Calcium Carbonate
|
$
|
91.0
|
$
|
87.3
|
$
|
83.6
|
$
|
3.7
|
$
|
3.7
|
||||||||||
Talc
|
52.9
|
53.8
|
55.7
|
(0.9
|
)
|
(1.9
|
)
|
|||||||||||||
Processed Minerals Products
|
$
|
143.9
|
$
|
141.1
|
$
|
139.3
|
$
|
2.8
|
$
|
1.8
|
||||||||||
Total net sales
|
$
|
589.3
|
$
|
584.8
|
$
|
591.5
|
$
|
4.5
|
$
|
(6.7
|
)
|
|||||||||
Income from operations
|
$
|
95.4
|
$
|
88.9
|
$
|
102.7
|
$
|
6.5
|
$
|
(13.8
|
)
|
|||||||||
% of net sales
|
16.2
|
%
|
15.2
|
%
|
17.4
|
%
|
Year Ended December 31,
|
||||||||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||||||||||
Net Sales
|
||||||||||||||||||||
Refractory Products
|
$
|
261.1
|
$
|
226.9
|
$
|
219.0
|
$
|
34.2
|
$
|
7.9
|
||||||||||
Metallurgical Products
|
50.8
|
52.5
|
55.5
|
(1.7
|
)
|
(3.0
|
)
|
|||||||||||||
Total net sales
|
$
|
311.9
|
$
|
279.4
|
$
|
274.5
|
$
|
32.5
|
$
|
4.9
|
||||||||||
Income from operations
|
$
|
45.4
|
$
|
39.8
|
$
|
37.0
|
$
|
5.6
|
$
|
2.8
|
||||||||||
% of net sales
|
14.6
|
%
|
14.2
|
%
|
13.5
|
%
|
Year Ended December 31,
|
||||||||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
2018 vs. 2017
|
2017 vs. 2016
|
|||||||||||||||
Net Sales
|
$
|
78.3
|
$
|
76.7
|
$
|
85.9
|
$
|
1.6
|
$
|
(9.2
|
)
|
|||||||||
Income (Loss) from operations
|
$
|
4.5
|
$
|
6.1
|
$
|
(25.9
|
)
|
$
|
(1.6
|
)
|
$
|
32.0
|
||||||||
% of net sales
|
5.7
|
%
|
8.0
|
%
|
*
|
* |
Not meaningful
|
Payments Due by Period
|
||||||||||||||||||||
(millions of dollars)
|
Total
|
2019
|
2020 – 2021
|
2022 – 2023
|
After 2023
|
|||||||||||||||
Long-term debt
|
$
|
930.9
|
$
|
3.3
|
$
|
269.4
|
$
|
0.2
|
$
|
658.0
|
||||||||||
Interest related to long term debt
|
200.6
|
45.6
|
83.7
|
65.8
|
5.5
|
|||||||||||||||
Estimated pension and post retirement plan funding
|
20.0
|
10.0
|
10.0
|
—
|
—
|
|||||||||||||||
Operating lease obligations
|
79.8
|
17.3
|
22.5
|
15.2
|
24.8
|
|||||||||||||||
Repatriation tax liability
|
16.4
|
—
|
—
|
—
|
16.4
|
|||||||||||||||
Other long term liabilities
|
23.4
|
0.4
|
—
|
—
|
23.0
|
|||||||||||||||
Total contractual obligations
|
$
|
1,271.1
|
$
|
76.6
|
$
|
385.6
|
$
|
81.2
|
$
|
727.7
|
● |
Significant under-performance relative to historical or projected future operating results;
|
● |
Significant changes in the manner of use of the acquired assets or the strategy for the overall business;
|
● |
Significant negative industry or economic trends;
|
● |
Market capitalization below invested capital.
|
(millions of dollars)
|
Discount Rate
|
Salary Scale
|
Return on Asset
|
|||||||||
1% increase
|
$
|
(3.8
|
)
|
$
|
0.8
|
$
|
(2.0
|
)
|
||||
1% decrease
|
$
|
6.6
|
$
|
(0.7
|
)
|
$
|
2.7
|
(millions of dollars)
|
Discount Rate
|
Salary Scale
|
||||||
1% increase
|
$
|
(31.4
|
)
|
$
|
4.0
|
|||
1% decrease
|
$
|
54.0
|
$
|
(3.5
|
)
|
Plan Category
|
Number of Securities to
be Issued Upon Exercise
of Outstanding Options
|
Weighted Average
Exercise Price of
Outstanding Options
|
Number of Securities
Remaining Available
for Future Issuance
|
|||||||||
Equity compensation plans approved by security holders
|
1,054,259
|
$
|
54.04
|
866,023
|
||||||||
Total
|
1,054,259
|
$
|
54.04
|
866,023
|
(a) |
The following documents are filed as part of this report:
|
1. |
Financial Statements. The following Consolidated Financial Statements of Mineral Technologies Inc. and subsidiary companies and Reports of Independent
Registered Public Accounting Firm are set forth on pages F-2 to F-38.
|
2. |
Financial Statement Schedule. The following financial statement schedule is filed as part of this report:
|
3. |
Exhibits. The following exhibits are filed as part of, or incorporated by reference into, this report.
|
Exhibit No.
|
Exhibit Title
|
|
Restated Certificate of Incorporation of the Company (Incorporated by reference to exhibit 3.1 filed with the Company's Annual Report
on Form 10-K (file no. 001-11430) for the year ended December 31, 2003)
|
||
By-Laws of the Company as amended and restated effective March 13, 2018 (Incorporated by reference to exhibit 3.1 filed with the
Company's Current Report on Form 8-K (file no. 001-11430) filed on March 19, 2018)
|
||
Specimen Certificate of Common Stock (Incorporated by reference to exhibit 4.1 filed with the Company's Annual Report on Form 10-K
(file no. 001-11430) for the year ended December 31, 2003)
|
||
10.1
|
Asset Purchase Agreement, dated as of September 28, 1992, by and between Specialty Refractories Inc. and Quigley Company Inc.
(Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-51292), originally filed on August 25, 1992)
|
|
10.1(a)
|
Agreement dated October 22, 1992 between Specialty Refractories Inc. and Quigley Company Inc., amending Exhibit 10.1 (Incorporated by
reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-59510), originally filed on March 15, 1993)
|
|
10.1(b)
|
Letter Agreement dated October 29, 1992 between Specialty Refractories Inc. and Quigley Company Inc., amending Exhibit 10.1
(Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-59510), originally filed on March 15, 1993)
|
|
10.2
|
Reorganization Agreement, dated as of September 28, 1992, by and between the Company and Pfizer Inc. (Incorporated by reference to
the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-51292), originally filed on August 25, 1992)
|
|
10.3
|
Asset Contribution Agreement, dated as of September 28, 1992, by and between Pfizer Inc. and Specialty Minerals Inc. (Incorporated by
reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-51292), originally filed on August 25, 1992)
|
|
10.4
|
Asset Contribution Agreement, dated as of September 28, 1992, by and between Pfizer Inc. and Barretts Minerals Inc. (Incorporated by
reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-51292), originally filed on August 25, 1992)
|
|
10.4(a)
|
Agreement dated October 22, 1992 between Pfizer Inc, Barretts Minerals Inc. and Specialty Minerals Inc., amending Exhibits 10.3 and
10.4 (Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-59510), originally filed on March 15, 1993)
|
|
Employment Agreement, dated December 13, 2016, between the Company and Douglas T. Dietrich (Incorporated by reference to exhibit 10.1
filed with the Company's Current Report on Form 8-K (file no. 001-11430) filed on December 16, 2016) (+)
|
||
Form of Employment Agreement between the Company and each of Brett Argirakis, Michael A. Cipolla, Matthew E. Garth, Jonathan J.,
Hastings, Andrew Jones, Douglas W. Mayger, Thomas J. Meek, and D.J. Monagle, III (Incorporated by reference to exhibit 10.6 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2016) (+)
|
||
Severance Agreement between the Company and Douglas T. Dietrich (Incorporated by reference to the exhibit 10.2 filed with the
Company’s Current Report on form 8-K (file no. 001-11430) filed on December 16, 2016) (+)
|
||
Form of Severance Agreement between the Company and each of Brett Argirakis, Michael A. Cipolla, Matthew E. Garth, Jonathan J.
Hastings, Andrew Jones, Douglas W. Mayger, Thomas J. Meek, and D.J. Monagle, III (Incorporated by reference to exhibit 10.8 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2016) (+)
|
||
Form of Indemnification Agreement between the Company and each of Brett Argirakis, Michael A. Cipolla, Douglas T. Dietrich, Matthew
E. Garth, Jonathan J. Hastings, Andrew Jones, Douglas W. Mayger, Thomas J. Meek, D.J. Monagle III and each of the Company’s non-employee directors (Incorporated by reference to exhibit 10.1 filed with the Company's Current Report on Form
8-K (file no. 001-11430) filed on May 8, 2009) (+)
|
||
Company Employee Protection Plan, as amended August 27, 1999 (Incorporated by reference to exhibit 10.7 filed with the Company's
Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2004) (+)
|
||
Company Nonfunded Deferred Compensation and Unit Award Plan for Non-Employee Directors, as amended and restated effective January 1,
2008 (Incorporated by reference to exhibit 10.8 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the quarter ended March 30, 2008) (+)
|
||
First Amendment to the Company Nonfunded Deferred Compensation and Unit Award Plan for Non-Employee Directors, dated January 18, 2012
(Incorporated by reference to exhibit 10.11(a) filed with the Company’s Annual Report on Form 10-K (file no. 001-11430)for the year ended December 31, 2011) (+)
|
||
2015 Stock Award and Incentive Plan of the Company (Incorporated by reference to Appendix B to the Company’s 2015 Proxy Statement
(file no. 001-11430) filed on April 2, 2015) (+)
|
||
Company Retirement Plan, as amended and restated, dated December 21, 2012 (Incorporated by reference to exhibit 10.12 filed with the
Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2012) (+)
|
Second Amendment to Company Retirement Plan, as amended and restated, dated December 22, 2014 (Incorporated by reference to exhibit
10.13(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+)
|
||
Third Amendment to Company Retirement Plan, as amended and restated, dated June 12, 2015 (Incorporated by reference to exhibit 10.2
filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the quarter ended June 28, 2015)(+)
|
||
Fourth Amendment to Company Retirement Plan, as amended and restated, dated December 16, 2016 (Incorporated by reference to exhibit
10.13(c) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2016)(+)
|
||
Fifth Amendment to Company Retirement Plan, as amended and restated, dated December 6, 2017 (Incorporated by reference to exhibit
10.13(d) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2017)(+)
|
||
Company Supplemental Retirement Plan, amended and restated effective December 31, 2009 (Incorporated by reference to exhibit 10.13
filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2009) (+)
|
||
First Amendment to Company Supplemental Retirement Plan, as amended and restated, dated December 22, 2014 (Incorporated by reference
to exhibit 10.14(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+)
|
||
Company Savings and Investment Plan, as amended and restated, dated December 21, 2012 (Incorporated by reference to exhibit 10.14
filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2012) (+)
|
||
Amendment to the Company Savings and Investment Plan, as amended and restated, dated December 5, 2013 (Incorporated by reference to
exhibit 10.15(a) filed with the Company’s Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2013) (+)
|
||
Amendment to the Company Savings and Investment Plan, as amended and restated, dated December 5, 2013 (Incorporated by reference to
exhibit 10.15(b) filed with the Company’s Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2013) (+)
|
||
Third Amendment to the Company Savings and Investment Plan, as amended and restated, dated December 22, 2014 (Incorporated by
reference to exhibit 10.15(c) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+)
|
||
Amendment to the Company Savings and Investment Plan, as amended and restated, dated December 31, 2015 (Incorporated by reference to
exhibit 10.15(d) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2015)(+)
|
||
Company Supplemental Savings Plan, amended and restated effective December 31, 2009 (Incorporated by reference to exhibit 10.15 filed
with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2009) (+)
|
||
Amendment to the Company Supplemental Savings Plan, dated December 28, 2011 (Incorporated by reference to exhibit 10.16(a) filed with
the Company’s Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2011)(+)
|
||
First Amendment to the Company Supplemental Savings Plan, dated December 22, 2014 (Incorporated by reference to exhibit 10.16(b)
filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+)
|
||
Second Amendment to the Company Supplemental Savings Plan, dated December 22, 2014 (Incorporated by reference to exhibit 10.16(c)
filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+)
|
||
Third Amendment to the Company Supplemental Savings Plan, dated December 16, 2016 (Incorporated by reference to exhibit 10.16(d)
filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2016)(+)
|
||
Company Health and Welfare Plan, effective as of April 1, 2003 and amended and restated as of January 1, 2006 (Incorporated by
reference to exhibit 10.14 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2006)(+)
|
||
Amendment to the Company Health and Welfare Plan, dated May 19, 2009 (Incorporated by reference to exhibit 10.16(a) filed with the
Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2009) (+)
|
||
First Amendment to Company Health and Welfare Plan, dated December 22, 2014 (Incorporated by reference to exhibit 10.17(b) filed with
the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+)
|
||
Company Retiree Medical Plan, effective as of January 1, 2011 (Incorporated by reference to exhibit 10.17 filed with the Company's
Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2010)(+)
|
First Amendment to Company Retiree Medical Plan, dated December 22, 2014 (Incorporated by reference to exhibit 10.18(a) filed with
the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+)
|
||
Amended and Restated Grantor Trust Agreement, dated as of April 1, 2010, by and between the Company and the Wilmington Trust Company
(Incorporated by reference to exhibit 10.1 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the period ended April 4, 2010)(+)
|
||
Agreement and Amendment No. 1, dated October 1, 2017, to the Amended and Restated Grantor Trust Agreement, dated as of April 1, 2010,
by and between the Company and the Wilmington Trust Company (Incorporated by reference to exhibit 10.19(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2017)(+)
|
||
AMCOL International Corporation Nonqualified Deferred Compensation Plan, as amended (Incorporated by reference to exhibit 10.1 filed
with the Annual Report on Form 10-K for the year ended December 31, 2008 of AMCOL International Corporation (file no. 0-15661)) (+)
|
||
First Amendment to AMCOL International Corporation Nonqualified Deferred Compensation Plan, as amended, dated December 22, 2014
(Incorporated by reference to exhibit 10.20(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+)
|
||
Third Amendment to the AMCOL International Corporation Nonqualified Deferred Compensation Plan, as amended, dated August 21, 2015
(Incorporated by reference to exhibit 10.1 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the quarter ended September 27, 2015)(+)
|
||
AMCOL International Corporation Amended and Restated Supplementary Pension Plan for Employees (Incorporated by reference to the
exhibit 10.6 filed with the Annual Report on Form 10-K for the year ended December 31, 2008 of AMCOL International Corporation (file no. 0-15661)) (+)
|
||
First Amendment to AMCOL International Corporation Amended and Restated Supplementary Pension Plan for Employees, dated December 22,
2014 (Incorporated by reference to exhibit 10.21(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+)
|
||
Second Amendment to Amended and Restated Supplementary Pension Plan for Employees of AMCOL International Corporation, dated August
21, 2015 (Incorporated by reference to exhibit 10.2 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the quarter ended September 27, 2015)(+)
|
||
Third Amendment, dated as of April 18, 2018, to the Credit Agreement, dated as of May 9, 2014, among Minerals Technologies Inc., the
subsidiary borrowers party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent , and the other agents party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral
agent, and the other agents party thereto (Incorporated by reference to the exhibit 10.1 filed with the Company's Current Report on Form 8-K (file no. 001-11430) filed on April 20, 2018)
|
||
10.23
|
Indenture, dated July 22, 1963, between the Cork Harbour Commissioners and Roofchrome Limited (Incorporated by reference to the
exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-51292), originally filed on August 25, 1992)
|
|
Subsidiaries of the Company (*)
|
||
Consent of Independent Registered Public Accounting Firm (*)
|
||
Power of Attorney (*)
|
||
Rule 13a-14(a)/15d-14(a) Certification executed by the Company's principal executive officer (*)
|
||
Rule 13a-14(a)/15d-14(a) Certification executed by the Company's principal financial officer (*)
|
||
Section 1350 Certification (*)
|
||
Information Concerning Mine Safety Violations (*)
|
(*) |
Filed herewith.
|
(+) |
Management contract or compensatory plan or arrangement required to be filed pursuant to Item 601 of Regulation S-K.
|
By:
|
/s/ Douglas T. Dietrich
|
||
Douglas T. Dietrich
|
|||
Chief Executive Officer
|
SIGNATURE
|
TITLE
|
DATE
|
|||
/s/ Douglas T. Dietrich
|
Chief Executive Officer
|
February 15, 2019
|
|||
Douglas T. Dietrich
|
(Principal Executive Officer)
|
||||
/s/ Matthew E. Garth
|
Senior Vice President – Finance and Treasury,
|
February 15, 2019
|
|||
Matthew E. Garth
|
Chief Financial Officer (Principal Financial Officer)
|
||||
/s/ Michael A. Cipolla
|
Vice President – Controller and
|
February 15, 2019
|
|||
Michael A. Cipolla
|
Chief Accounting Officer (Principal Accounting Officer)
|
||||
*
|
Director
|
February 15, 2019
|
|||
Joseph C. Breunig
|
|||||
*
|
Director
|
February 15, 2019
|
|||
John J. Carmola
|
|||||
*
|
Director
|
February 15, 2019
|
|||
Robert L. Clark
|
|||||
/s/ Douglas T. Dietrich
|
Director
|
February 15, 2019
|
|||
Douglas T. Dietrich
|
|||||
*
|
Chairman and Director
|
February 15, 2019
|
|||
Duane R. Dunham
|
|||||
*
|
Director
|
February 15, 2019
|
|||
Franklin L. Feder
|
|||||
*
|
Director
|
February 15, 2019
|
|||
Carolyn K. Pittman
|
|||||
*
|
Director
|
February 15, 2019
|
|||
Marc E. Robinson
|
|||||
*
|
Director
|
February 15, 2019
|
|||
Donald C. Winter
|
|||||
*
|
By: /s/ Thomas J. Meek
|
||||
Thomas J. Meek
|
|||||
Attorney-in-Fact
|
Audited Financial Statements:
|
Page
|
|
Consolidated Balance Sheets as of December 31, 2018 and 2017
|
||
Consolidated Statements of Income for the years ended December 31, 2018, 2017 and 2016
|
||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017 and 2016
|
||
Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016
|
||
Consolidated Statements of Shareholders' Equity for the years ended December 31, 2018, 2017 and 2016
|
||
Notes to Consolidated Financial Statements
|
||
Reports of Independent Registered Public Accounting Firm
|
||
Management's Report on Internal Control Over Financial Reporting
|
||
Valuation and Qualifying Accounts
|
December 31,
|
||||||||
(millions of dollars, except share and per share amounts)
|
2018
|
2017
|
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
208.8
|
$
|
212.2
|
||||
Short-term investments, at cost which approximates market
|
3.8
|
2.7
|
||||||
Accounts receivable, less allowance for doubtful accounts – $3.2 in 2018; $4.2 in 2017
|
387.3
|
383.0
|
||||||
Inventories
|
239.2
|
219.3
|
||||||
Prepaid expenses
|
32.0
|
30.1
|
||||||
Other current assets
|
5.2
|
4.9
|
||||||
Total current assets
|
876.3
|
852.2
|
||||||
Property, plant and equipment, less accumulated depreciation and depletion
|
1,102.9
|
1,061.3
|
||||||
Goodwill
|
812.4
|
779.3
|
||||||
Intangible assets
|
214.1
|
196.5
|
||||||
Deferred income taxes
|
26.3
|
25.6
|
||||||
Other assets and deferred charges
|
55.1
|
55.5
|
||||||
Total assets
|
$
|
3,087.1
|
$
|
2,970.4
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Short-term debt
|
$
|
105.2
|
$
|
6.3
|
||||
Current maturities of long-term debt
|
3.3
|
3.8
|
||||||
Accounts payable
|
169.1
|
179.0
|
||||||
Income tax payable
|
1.6
|
8.4
|
||||||
Accrued compensation and related items
|
48.1
|
55.4
|
||||||
Other current liabilities
|
54.6
|
57.1
|
||||||
Total current liabilities
|
381.9
|
310.0
|
||||||
Long-term debt, net of unamortized discount and deferred financing costs
|
907.8
|
959.8
|
||||||
Deferred income taxes
|
196.8
|
159.4
|
||||||
Accrued pension and postretirement benefits
|
124.2
|
155.0
|
||||||
Other non-current liabilities
|
91.1
|
107.1
|
||||||
Total liabilities
|
1,701.8
|
1,691.3
|
||||||
Shareholders' equity:
|
||||||||
Preferred stock, without par value; 1,000,000 shares authorized; none issued
|
—
|
—
|
||||||
Common stock, par value at $0.10 per share; 100,000,000 shares authorized; Issued 48,793,918
shares in 2018 and 48,644,736 shares in 2017
|
4.9
|
4.9
|
||||||
Additional paid-in capital
|
431.9
|
422.7
|
||||||
Retained earnings
|
1,769.1
|
1,607.2
|
||||||
Accumulated other comprehensive loss
|
(233.7
|
)
|
(186.1
|
)
|
||||
Less common stock held in treasury, at cost; 13,603,575 shares in 2018 and 13,270,391 shares
in 2017
|
(618.7
|
)
|
(597.0
|
)
|
||||
Total Minerals Technologies Inc. shareholders' equity
|
1,353.5
|
1,251.7
|
||||||
Non-controlling interests
|
31.8
|
27.4
|
||||||
Total shareholders' equity
|
1,385.3
|
1,279.1
|
||||||
Total liabilities and shareholders' equity
|
$
|
3,087.1
|
$
|
2,970.4
|
Year Ended December 31,
|
||||||||||||
(millions of dollars, except per share data)
|
2018
|
2017
|
2016
|
|||||||||
Product sales
|
$
|
1,729.3
|
$
|
1,599.0
|
$
|
1,552.1
|
||||||
Service revenue
|
78.3
|
76.7
|
85.9
|
|||||||||
Total net sales
|
1,807.6
|
1,675.7
|
1,638.0
|
|||||||||
Cost of goods sold
|
1,293.3
|
1,158.5
|
1,117.7
|
|||||||||
Cost of service revenue
|
52.9
|
50.0
|
59.9
|
|||||||||
Total cost of sales
|
1,346.2
|
1,208.5
|
1,177.6
|
|||||||||
Production margin
|
461.4
|
467.2
|
460.4
|
|||||||||
Marketing and administrative expenses
|
178.6
|
180.7
|
176.4
|
|||||||||
Research and development expenses
|
22.7
|
23.7
|
23.8
|
|||||||||
Acquisition related transaction and integration costs
|
1.7
|
3.4
|
8.0
|
|||||||||
Restructuring and other items, net
|
2.5
|
15.0
|
28.3
|
|||||||||
Income from operations
|
255.9
|
244.4
|
223.9
|
|||||||||
Interest expense, net
|
(45.9
|
)
|
(43.4
|
)
|
(54.4
|
)
|
||||||
Debt modification costs and fees
|
—
|
(3.9
|
)
|
—
|
||||||||
Non-cash pension settlement costs
|
(4.4
|
)
|
—
|
—
|
||||||||
Other non-operating income (deductions), net
|
(1.5
|
)
|
(6.2
|
)
|
0.8
|
|||||||
Total non-operating deductions, net
|
(51.8
|
)
|
(53.5
|
)
|
(53.6
|
)
|
||||||
Income from operations before tax and equity in earnings
|
204.1
|
190.9
|
170.3
|
|||||||||
Provision (benefit) for taxes on income
|
34.4
|
(6.6
|
)
|
35.3
|
||||||||
Equity in earnings of affiliates, net of tax
|
3.5
|
1.5
|
2.1
|
|||||||||
Consolidated net income
|
173.2
|
199.0
|
137.1
|
|||||||||
Less:
|
||||||||||||
Net income attributable to non-controlling interests
|
4.2
|
3.9
|
3.7
|
|||||||||
Net income attributable to Minerals Technologies Inc.
|
$
|
169.0
|
$
|
195.1
|
$
|
133.4
|
||||||
Earnings per share:
|
||||||||||||
Basic:
|
||||||||||||
Income from operations attributable to Minerals Technologies Inc.
|
$
|
4.79
|
$
|
5.54
|
$
|
3.82
|
||||||
Diluted:
|
||||||||||||
Income from operations attributable to Minerals Technologies Inc.
|
$
|
4.75
|
$
|
5.48
|
$
|
3.79
|
||||||
Cash dividends declared per common share
|
$
|
0.20
|
$
|
0.20
|
$
|
0.20
|
||||||
Shares used in computation of earnings per share:
|
||||||||||||
Basic
|
35.3
|
35.2
|
34.9
|
|||||||||
Diluted
|
35.6
|
35.6
|
35.2
|
Year Ended December 31,
|
||||||||||||
(millions
of dollars)
|
2018
|
2017
|
2016
|
|||||||||
Consolidated net income
|
$
|
173.2
|
$
|
199.0
|
$
|
137.1
|
||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||
Foreign currency translation adjustments
|
(67.9
|
)
|
44.7
|
(40.2
|
)
|
|||||||
Pension and postretirement plan adjustments
|
16.9
|
(8.5
|
)
|
(3.2
|
)
|
|||||||
Unrealized gains on cash flow hedges
|
1.6
|
0.3
|
1.6
|
|||||||||
Total other comprehensive income (loss), net of tax
|
(49.4
|
)
|
36.5
|
(41.8
|
)
|
|||||||
Total comprehensive income including non-controlling interests
|
123.8
|
235.5
|
95.3
|
|||||||||
Less: Net income attributable to non-controlling interests
|
4.2
|
3.9
|
3.7
|
|||||||||
Less: Foreign currency translation adjustments attributable to non-controlling interests
|
(1.8
|
)
|
1.5
|
(1.6
|
)
|
|||||||
Comprehensive income attributable to non-controlling interests
|
2.4
|
5.4
|
2.1
|
|||||||||
Comprehensive income attributable to Minerals Technologies Inc.
|
$
|
121.4
|
$
|
230.1
|
$
|
93.2
|
Year Ended December 31,
|
||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
|||||||||
Operating
Activities:
|
||||||||||||
Consolidated net income
|
$
|
173.2
|
$
|
199.0
|
$
|
137.1
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation, depletion and amortization
|
94.3
|
91.0
|
91.9
|
|||||||||
Loss on disposal of property, plant and equipment
|
2.8
|
1.8
|
1.9
|
|||||||||
Deferred income taxes
|
15.4
|
(76.1
|
)
|
(10.9
|
)
|
|||||||
Pension amortization and settlement loss
|
13.4
|
7.4
|
7.9
|
|||||||||
Provision for bad debts
|
3.2
|
3.8
|
6.2
|
|||||||||
Stock-based compensation
|
6.2
|
8.1
|
6.3
|
|||||||||
Asset impairment charge
|
0.7
|
5.3
|
18.5
|
|||||||||
Non-cash debt modification costs
|
—
|
1.8
|
—
|
|||||||||
Other non-cash items
|
(3.5
|
)
|
(1.7
|
)
|
(3.1
|
)
|
||||||
Changes in operating assets and liabilities
|
||||||||||||
Accounts receivable
|
(3.0
|
)
|
(27.3
|
)
|
(4.9
|
)
|
||||||
Inventories
|
(14.7
|
)
|
(25.2
|
)
|
3.1
|
|||||||
Pension plan funding
|
(24.2
|
)
|
(10.8
|
)
|
(10.5
|
)
|
||||||
Accounts payable
|
(11.2
|
)
|
28.0
|
(4.8
|
)
|
|||||||
Restructuring liabilities
|
(4.9
|
)
|
4.5
|
(4.3
|
)
|
|||||||
Income taxes payable
|
(7.4
|
)
|
(12.6
|
)
|
5.4
|
|||||||
Prepaid expenses and other
|
(36.7
|
)
|
10.6
|
(14.7
|
)
|
|||||||
Net cash provided by operating activities
|
203.6
|
207.6
|
225.1
|
|||||||||
Investing Activities:
|
||||||||||||
Purchases of property, plant and equipment
|
(75.9
|
)
|
(76.7
|
)
|
(62.4
|
)
|
||||||
Acquisition of business, net of cash acquired
|
(122.5
|
)
|
—
|
—
|
||||||||
Proceeds from sale of assets
|
0.9
|
1.4
|
1.4
|
|||||||||
Purchases of short-term investments
|
(7.7
|
)
|
(4.5
|
)
|
(6.7
|
)
|
||||||
Proceeds from sale of short-term investments
|
6.1
|
3.8
|
8.0
|
|||||||||
Other investing activities
|
(0.9
|
)
|
(1.5
|
)
|
(1.9
|
)
|
||||||
Net cash used in investing activities
|
(200.0
|
)
|
(77.5
|
)
|
(61.6
|
)
|
||||||
Financing Activities:
|
||||||||||||
Debt issuance costs
|
(1.5
|
)
|
—
|
—
|
||||||||
Proceeds from issuance of long-term debt
|
—
|
—
|
7.2
|
|||||||||
Repayment of long-term debt
|
(66.3
|
)
|
(118.9
|
)
|
(193.2
|
)
|
||||||
Proceeds from issuance of short-term debt
|
113.0
|
—
|
—
|
|||||||||
Repayment of short-term debt
|
(14.0
|
)
|
(0.2
|
)
|
(0.1
|
)
|
||||||
Purchase of common shares for treasury
|
(21.7
|
)
|
(0.7
|
)
|
(2.6
|
)
|
||||||
Proceeds from issuance of stock under option plan
|
3.0
|
14.6
|
5.5
|
|||||||||
Excess tax benefits related to stock incentive programs
|
(3.1
|
)
|
(3.6
|
)
|
0.3
|
|||||||
Dividends paid to non-controlling interests
|
(1.8
|
)
|
(2.4
|
)
|
(4.9
|
)
|
||||||
Capital contribution by non-controlling interests
|
3.7
|
—
|
—
|
|||||||||
Cash dividends paid
|
(7.1
|
)
|
(7.0
|
)
|
(7.0
|
)
|
||||||
Net cash used in financing activities
|
4.2
|
(118.2
|
)
|
(194.8
|
)
|
|||||||
Effect of exchange rate changes on cash and cash equivalents
|
(11.2
|
)
|
11.8
|
(9.6
|
)
|
|||||||
Net increase (decrease) in cash and cash equivalents
|
(3.4
|
)
|
23.7
|
(40.9
|
)
|
|||||||
Cash and cash equivalents at beginning of period
|
212.2
|
188.5
|
229.4
|
|||||||||
Cash and cash equivalents at end of period
|
$
|
208.8
|
$
|
212.2
|
$
|
188.5
|
||||||
Supplemental disclosure of cash flow information:
|
||||||||||||
Non-cash financing activities
|
||||||||||||
Treasury stock purchases settled after period end
|
$
|
0.3
|
$
|
—
|
$
|
—
|
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, 2015
|
$
|
4.8
|
$
|
387.6
|
$
|
1,292.7
|
$
|
(180.9
|
)
|
$
|
(593.7
|
)
|
$
|
27.2
|
$
|
937.7
|
||||||||||||
Net income
|
—
|
—
|
133.4
|
—
|
—
|
3.7
|
137.1
|
|||||||||||||||||||||
Other comprehensive income (loss)
|
—
|
—
|
—
|
(40.2
|
)
|
—
|
(1.6
|
)
|
(41.8
|
)
|
||||||||||||||||||
Dividends declared
|
—
|
—
|
(7.0
|
)
|
—
|
—
|
—
|
(7.0
|
)
|
|||||||||||||||||||
Dividends to non-controlling interests
|
—
|
—
|
—
|
—
|
—
|
(4.9
|
)
|
(4.9
|
)
|
|||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans
|
—
|
5.5
|
—
|
—
|
—
|
—
|
5.5
|
|||||||||||||||||||||
Income tax benefit arising from employee stock compensation plans
|
—
|
0.6
|
—
|
—
|
—
|
—
|
0.6
|
|||||||||||||||||||||
Purchase of common stock for treasury
|
—
|
—
|
—
|
—
|
(2.6
|
)
|
—
|
(2.6
|
)
|
|||||||||||||||||||
Stock-based compensation
|
—
|
6.3
|
—
|
—
|
—
|
—
|
6.3
|
|||||||||||||||||||||
Balance as of December 31, 2016
|
$
|
4.8
|
$
|
400.0
|
$
|
1,419.1
|
$
|
(221.1
|
)
|
$
|
(596.3
|
)
|
$
|
24.4
|
$
|
1,030.9
|
||||||||||||
Net income
|
—
|
—
|
195.1
|
—
|
—
|
3.9
|
199.0
|
|||||||||||||||||||||
Other comprehensive income (loss)
|
—
|
—
|
—
|
35.0
|
—
|
1.5
|
36.5
|
|||||||||||||||||||||
Dividends declared
|
—
|
—
|
(7.0
|
)
|
—
|
—
|
—
|
(7.0
|
)
|
|||||||||||||||||||
Dividends to non-controlling interests
|
—
|
—
|
—
|
—
|
—
|
(2.4
|
)
|
(2.4
|
)
|
|||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans
|
0.1
|
14.6
|
—
|
—
|
—
|
—
|
14.7
|
|||||||||||||||||||||
Purchase of common stock for treasury
|
—
|
—
|
—
|
—
|
(0.7
|
)
|
—
|
(0.7
|
)
|
|||||||||||||||||||
Stock-based compensation
|
—
|
8.1
|
—
|
—
|
—
|
—
|
8.1
|
|||||||||||||||||||||
Balance as of December 31, 2017
|
$
|
4.9
|
$
|
422.7
|
$
|
1,607.2
|
$
|
(186.1
|
)
|
$
|
(597.0
|
)
|
$
|
27.4
|
$
|
1,279.1
|
||||||||||||
Net income
|
—
|
—
|
169.0
|
—
|
—
|
4.2
|
173.2
|
|||||||||||||||||||||
Other comprehensive income (loss)
|
—
|
—
|
—
|
(47.6
|
)
|
—
|
(1.8
|
)
|
(49.4
|
)
|
||||||||||||||||||
Dividends declared
|
—
|
—
|
(7.1
|
)
|
—
|
—
|
—
|
(7.1
|
)
|
|||||||||||||||||||
Dividends to non-controlling interests
|
—
|
—
|
—
|
—
|
—
|
(1.8
|
)
|
(1.8
|
)
|
|||||||||||||||||||
Acquisition of non-controlling interests
|
—
|
—
|
—
|
—
|
—
|
0.1
|
0.1
|
|||||||||||||||||||||
Capital contribution from non-controlling interests
|
—
|
—
|
—
|
—
|
—
|
3.7
|
3.7
|
|||||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans
|
—
|
3.0
|
—
|
—
|
—
|
—
|
3.0
|
|||||||||||||||||||||
Purchase of common stock for treasury
|
—
|
—
|
—
|
—
|
(21.7
|
)
|
—
|
(21.7
|
)
|
|||||||||||||||||||
Stock-based compensation
|
—
|
6.2
|
—
|
—
|
—
|
—
|
6.2
|
|||||||||||||||||||||
Balance as of December 31, 2018
|
$
|
4.9
|
$
|
431.9
|
$
|
1,769.1
|
$
|
(233.7
|
)
|
$
|
(618.7
|
)
|
$
|
31.8
|
$
|
1,385.3
|
Year Ended December 31,
|
||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
|||||||||
Net Sales
|
||||||||||||
Metalcasting
|
$
|
328.9
|
$
|
294.3
|
$
|
258.0
|
||||||
Household, Personal Care and Specialty Products
|
248.8
|
169.6
|
171.2
|
|||||||||
Environmental Products
|
80.3
|
67.7
|
78.9
|
|||||||||
Building Materials
|
70.4
|
78.2
|
74.1
|
|||||||||
Basic Minerals
|
99.7
|
125.0
|
103.9
|
|||||||||
Performance Materials
|
828.1
|
734.8
|
686.1
|
|||||||||
Paper PCC
|
378.5
|
377.7
|
387.9
|
|||||||||
Specialty PCC
|
66.9
|
66.0
|
64.3
|
|||||||||
Ground Calcium Carbonate
|
91.0
|
87.3
|
83.6
|
|||||||||
Talc
|
52.9
|
53.8
|
55.7
|
|||||||||
Specialty Minerals
|
589.3
|
584.8
|
591.5
|
|||||||||
Refractory Products
|
261.1
|
226.9
|
219.0
|
|||||||||
Metallurgical Products
|
50.8
|
52.5
|
55.5
|
|||||||||
Refractories
|
311.9
|
279.4
|
274.5
|
|||||||||
Energy Services
|
78.3
|
76.7
|
85.9
|
|||||||||
Total
|
$
|
1,807.6
|
$
|
1,675.7
|
$
|
1,638.0
|
Preliminary Allocation
|
||||||||||||
Previously Reported on Form
|
Increase/
|
Allocation as of
|
||||||||||
(millions
of dollars)
|
10-Q as of July 1, 2018
|
(Decrease)
|
December 31, 2018
|
|||||||||
Accounts receivable
|
$
|
24.4
|
$
|
—
|
$
|
24.4
|
||||||
Inventories
|
15.6
|
—
|
15.6
|
|||||||||
Other current assets
|
0.6
|
—
|
0.6
|
|||||||||
Mineral rights
|
35.0
|
4.7
|
39.7
|
|||||||||
Plant, property and equipment
|
38.0
|
(9.7
|
)
|
28.3
|
||||||||
Goodwill
|
32.4
|
2.6
|
35.0
|
|||||||||
Intangible assets
|
20.0
|
6.4
|
26.4
|
|||||||||
Total assets acquired
|
166.0
|
4.0
|
170.0
|
|||||||||
Current maturity of long-term debt
|
5.7
|
—
|
5.7
|
|||||||||
Accounts payable
|
9.0
|
—
|
9.0
|
|||||||||
Accrued expenses
|
5.8
|
(0.2
|
)
|
5.6
|
||||||||
Long-term debt
|
5.1
|
0.2
|
5.3
|
|||||||||
Non-current deferred tax liability
|
16.2
|
3.5
|
19.7
|
|||||||||
Other non-current liabilities
|
0.1
|
2.1
|
2.2
|
|||||||||
Total liabilities assumed
|
41.9
|
5.6
|
47.5
|
|||||||||
Net assets acquired
|
$
|
124.1
|
$
|
(1.6
|
)
|
$
|
122.5
|
Restructuring and Other Items, net
|
Year Ended December 31,
|
|||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
|||||||||
Impairment of assets
|
||||||||||||
Specialty Minerals
|
$
|
0.7
|
$
|
5.3
|
$
|
—
|
||||||
Energy Services
|
—
|
—
|
18.5
|
|||||||||
Corporate
|
—
|
—
|
—
|
|||||||||
Total impairment of assets charges
|
$
|
0.7
|
$
|
5.3
|
$
|
18.5
|
||||||
Severance and other employee costs
|
||||||||||||
Specialty Minerals
|
$
|
—
|
$
|
5.0
|
$
|
—
|
||||||
Energy Services
|
1.8
|
1.7
|
12.7
|
|||||||||
Corporate
|
—
|
4.1
|
—
|
|||||||||
Total severance and other employee costs
|
$
|
1.8
|
$
|
10.8
|
$
|
12.7
|
||||||
Other
|
||||||||||||
Refractories
|
$
|
—
|
$
|
—
|
$
|
(2.0
|
)
|
|||||
Energy Services
|
—
|
(1.1
|
)
|
(0.9
|
)
|
|||||||
Total restructuring and other items, net
|
$
|
2.5
|
$
|
15.0
|
$
|
28.3
|
(millions of dollars)
|
||||
Restructuring liability, December 31, 2017
|
$
|
8.1
|
||
Additional provisions
|
1.7
|
|||
Cash payments
|
(6.6
|
)
|
||
Other
|
(0.7
|
)
|
||
Restructuring liability, December 31, 2018
|
$
|
2.5
|
Year Ended December 31,
|
||||||||
2018
|
2017
|
2016
|
||||||
Expected life (in years)
|
6.2
|
6.4
|
6.5
|
|||||
Interest rate
|
2.50%
|
2.04%
|
1.72%
|
|||||
Volatility
|
30.33%
|
36.61%
|
36.75%
|
|||||
Expected dividend yield
|
0.26%
|
0.26%
|
0.54%
|
Awards
|
Weighted Average
Exercise Price
per Share
|
Weighted Average
Remaining Contractual
Life (Years)
|
Aggregate
Intrinsic Value
(Millions)
|
|||||||||||||
Awards outstanding at December 31, 2017
|
996,839
|
$
|
48.21
|
|||||||||||||
Granted
|
191,147
|
76.09
|
||||||||||||||
Exercised
|
(98,945
|
)
|
33.83
|
|||||||||||||
Canceled
|
(34,782
|
)
|
65.74
|
|||||||||||||
Awards outstanding at December 31, 2018
|
1,054,259
|
$
|
54.04
|
6.10
|
$
|
7.8
|
||||||||||
Awards exercisable at December 31, 2018
|
688,652
|
$
|
46.17
|
4.90
|
$
|
6.9
|
Awards
|
Weighted Average
Grant Date Fair
Value per Share
|
|||||||
Nonvested awards outstanding at December 31, 2017
|
400,393
|
$
|
58.94
|
|||||
Granted
|
191,147
|
76.09
|
||||||
Vested
|
(195,055
|
)
|
56.17
|
|||||
Canceled
|
(30,878
|
)
|
65.13
|
|||||
Nonvested awards outstanding at December 31, 2018
|
365,607
|
$
|
68.86
|
Awards
|
Weighted Average
Grant Date Fair
Value per Share
|
|||||||
Unvested balance at December 31, 2017
|
180,110
|
$
|
58.57
|
|||||
Granted
|
69,361
|
76.26
|
||||||
Vested
|
(59,649
|
)
|
56.44
|
|||||
Canceled
|
(55,244
|
)
|
58.57
|
|||||
Unvested balance at December 31, 2018
|
134,578
|
$
|
68.64
|
Year Ended December 31,
|
||||||||||||
(in millions, except per share data)
|
2018
|
2017
|
2016
|
|||||||||
Net income attributable to MTI
|
$
|
169.0
|
$
|
195.1
|
$
|
133.4
|
||||||
Weighted average shares outstanding
|
35.3
|
35.2
|
34.9
|
|||||||||
Dilutive effect of stock options and stock units
|
0.3
|
0.4
|
0.3
|
|||||||||
Weighted average shares outstanding, adjusted
|
35.6
|
35.6
|
35.2
|
|||||||||
Basic earnings per share attributable to MTI
|
$
|
4.79
|
$
|
5.54
|
$
|
3.82
|
||||||
Diluted earnings per share attributable to MTI
|
$
|
4.75
|
$
|
5.48
|
$
|
3.79
|
Year Ended December 31,
|
||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
|||||||||
Income from continuing operations before income taxes and income from affiliates and joint
ventures:
|
||||||||||||
Domestic
|
$
|
93.1
|
$
|
96.7
|
$
|
72.9
|
||||||
Foreign
|
111.0
|
94.2
|
97.4
|
|||||||||
$
|
204.1
|
$
|
190.9
|
$
|
170.3
|
Year Ended December 31,
|
||||||||||||
(millions
of dollars)
|
2018
|
2017
|
2016
|
|||||||||
Domestic
|
||||||||||||
Taxes currently payable
|
||||||||||||
Federal
|
$
|
(3.7
|
)
|
$
|
46.0
|
$
|
18.7
|
|||||
State and local
|
1.4
|
2.4
|
4.4
|
|||||||||
Deferred income taxes
|
11.1
|
(78.1
|
)
|
(8.8
|
)
|
|||||||
Domestic tax provision (benefit)
|
8.8
|
(29.7
|
)
|
14.3
|
||||||||
Foreign
|
||||||||||||
Taxes currently payable
|
21.3
|
21.1
|
23.2
|
|||||||||
Deferred income taxes
|
4.3
|
2.0
|
(2.2
|
)
|
||||||||
Foreign tax provision
|
25.6
|
23.1
|
21.0
|
|||||||||
Total tax provision (benefit)
|
$
|
34.4
|
$
|
(6.6
|
)
|
$
|
35.3
|
Year Ended December 31,
|
||||||||
2018
|
2017
|
2016
|
||||||
U.S. statutory rate
|
21.0%
|
35.0%
|
35.0%
|
|||||
Depletion
|
(3.9)%
|
(6.7)%
|
(6.6)%
|
|||||
Difference between tax provided on foreign earnings and the U.S. statutory rate
|
1.1%
|
(3.8)%
|
(6.4)%
|
|||||
Global Intangible Low-Tax Income (GILTI)
|
0.8%
|
0.0%
|
0.0%
|
|||||
Foreign Derived Intangible Income
|
(0.7)%
|
0.0%
|
0.0%
|
|||||
State and local taxes, net of federal tax benefit
|
1.9%
|
1.1%
|
1.1%
|
|||||
Tax credits and foreign dividends
|
(0.3)%
|
0.3%
|
0.6%
|
|||||
Change in valuation allowance
|
—
|
(1.9)%
|
(1.1)%
|
|||||
Impact of uncertain tax positions
|
0.5%
|
0.4%
|
0.4%
|
|||||
Impact of officer's non-deductible compensation
|
0.8%
|
0.8%
|
0.1%
|
|||||
Manufacturing deduction
|
—
|
(1.6)%
|
(2.0)%
|
|||||
Impact of U.S. Tax Reform
|
(2.2)%
|
(24.8)%
|
0.0%
|
|||||
Other
|
(2.1)%
|
(2.3)%
|
(0.4)%
|
|||||
Consolidated effective tax rate
|
16.9%
|
(3.5)%
|
20.7%
|
December 31,
|
||||||||
(millions of dollars)
|
2018
|
2017
|
||||||
Deferred tax assets attributable to:
|
||||||||
Accrued liabilities
|
$
|
22.2
|
$
|
28.6
|
||||
Net operating loss carry forwards
|
34.4
|
33.2
|
||||||
Pension and post-retirement benefits costs
|
33.8
|
40.4
|
||||||
Other
|
28.6
|
22.0
|
||||||
Valuation allowance
|
(22.0
|
)
|
(21.4
|
)
|
||||
Total deferred tax assets
|
97.0
|
102.8
|
||||||
Deferred tax liabilities attributable to:
|
||||||||
Plant and equipment, principally due to differences in depreciation
|
182.8
|
161.6
|
||||||
Intangible assets
|
69.5
|
63.4
|
||||||
Other
|
15.2
|
11.6
|
||||||
Total deferred tax liabilities
|
267.5
|
236.6
|
||||||
Net deferred tax asset (liability)
|
$
|
(170.5
|
)
|
$
|
(133.8
|
)
|
December 31,
|
||||||||
(millions of dollars)
|
2018
|
2017
|
||||||
Net deferred tax asset, long-term
|
$
|
26.3
|
$
|
25.6
|
||||
Net deferred tax liability, long-term
|
196.8
|
159.4
|
||||||
Net deferred tax asset (liability), long-term
|
$
|
(170.5
|
)
|
$
|
(133.8
|
)
|
(millions of dollars)
|
2018
|
2017
|
||||||
Balance at beginning of the year
|
$
|
14.7
|
$
|
13.7
|
||||
Increases related to current year tax positions
|
0.6
|
1.2
|
||||||
Increases related to new judgements
|
1.3
|
1.2
|
||||||
Decreases related to audit settlements and statue expirations
|
—
|
(1.4
|
)
|
|||||
Balance at the end of the year
|
$
|
16.6
|
$
|
14.7
|
December 31,
|
||||||||
(millions of dollars)
|
2018
|
2017
|
||||||
Raw materials
|
$
|
93.4
|
$
|
82.5
|
||||
Work-in-process
|
11.2
|
7.9
|
||||||
Finished goods
|
92.2
|
92.3
|
||||||
Packaging and supplies
|
42.4
|
36.6
|
||||||
Total inventories
|
$
|
239.2
|
$
|
219.3
|
December 31,
|
||||||||
(millions of dollars)
|
2018
|
2017
|
||||||
Mineral rights and reserves
|
$
|
582.8
|
$
|
545.9
|
||||
Land
|
47.3
|
44.5
|
||||||
Buildings
|
219.3
|
199.6
|
||||||
Machinery and equipment
|
1,235.6
|
1,247.5
|
||||||
Furniture and fixtures and other
|
134.8
|
132.3
|
||||||
Construction in progress
|
36.1
|
49.8
|
||||||
2,256.0
|
2,219.6
|
|||||||
Less: accumulated depreciation and depletion
|
(1,153.1
|
)
|
(1,158.3
|
)
|
||||
Property, plant and equipment, net
|
$
|
1,102.9
|
$
|
1,061.3
|
(millions of dollars)
|
Performance
Materials
|
Specialty
Minerals
|
Refractories
|
Consolidated
|
||||||||||||
Balance at December 31, 2016
|
$
|
720.9
|
$
|
12.1
|
$
|
45.7
|
$
|
778.7
|
||||||||
Change in goodwill relating to:
|
||||||||||||||||
Foreign exchange translation
|
—
|
0.6
|
—
|
0.6
|
||||||||||||
Total Changes
|
$
|
—
|
$
|
0.6
|
$
|
—
|
$
|
0.6
|
||||||||
Balance at December 31, 2017
|
$
|
720.9
|
$
|
12.7
|
$
|
45.7
|
$
|
779.3
|
||||||||
Change in goodwill relating to:
|
||||||||||||||||
Acquisition of Sivomatic
|
35.0
|
—
|
—
|
35.0
|
||||||||||||
Foreign exchange translation
|
—
|
(0.4
|
)
|
(1.5
|
)
|
(1.9
|
)
|
|||||||||
Total Changes
|
$
|
35.0
|
$
|
(0.4
|
)
|
$
|
(1.5
|
)
|
$
|
33.1
|
||||||
Balance at December 31, 2018
|
$
|
755.9
|
$
|
12.3
|
$
|
44.2
|
$
|
812.4
|
December 31, 2018
|
December 31, 2017
|
|||||||||||||||||||
Weighted Average
Useful Life
(Years)
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
||||||||||||||||
Tradenames
|
35
|
$
|
204.2
|
$
|
26.6
|
$
|
199.8
|
$
|
20.7
|
|||||||||||
Technology
|
13
|
18.8
|
6.4
|
18.8
|
4.8
|
|||||||||||||||
Patents
|
19
|
6.4
|
5.6
|
6.4
|
5.3
|
|||||||||||||||
Customer relationships
|
22
|
26.5
|
3.2
|
4.5
|
2.2
|
|||||||||||||||
32
|
$
|
255.9
|
$
|
41.8
|
$
|
229.5
|
$
|
33.0
|
● |
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.
|
(millions of dollars)
|
Fair Value Measurements Using
|
|||||||||||||||
Asset /
(Liability)
Balance at
|
Quoted Prices in
Active Markets for
Identical Assets
|
Significant
Other Observable
Inputs
|
Significant
Unobservable
Inputs
|
|||||||||||||
Description
|
December 31, 2018
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Deferred compensation plan assets
|
$
|
12.6
|
$
|
—
|
$
|
12.6
|
$
|
—
|
||||||||
Supplementary pension plan assets
|
10.8
|
—
|
10.8
|
—
|
||||||||||||
Cross currency rate swap
|
3.7
|
—
|
3.7
|
—
|
||||||||||||
Interest rate swaps
|
0.3
|
—
|
0.3
|
—
|
Fair Value Measurements Using
|
||||||||||||||||
Asset /
(Liability)
Balance at
|
Quoted Prices in
Active Markets for
Identical Assets
|
Significant
Other Observable
Inputs
|
Significant
Unobservable
Inputs
|
|||||||||||||
Description
|
December 31, 2017
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Deferred compensation plan assets
|
$
|
12.9
|
$
|
—
|
$
|
12.9
|
$
|
—
|
||||||||
Supplementary pension plan assets
|
11.6
|
—
|
11.6
|
—
|
||||||||||||
Interest rate swap
|
2.9
|
—
|
2.9
|
—
|
||||||||||||
Money market funds
|
0.7
|
0.7
|
—
|
—
|
December 31,
|
||||||||
(millions of dollars)
|
2018
|
2017
|
||||||
Term Loan Facility- Variable Tranche due February 14, 2024, net of unamortized discount and
deferred financing costs of $19.4 million and $22.7 million
|
$
|
638.6
|
$
|
655.3
|
||||
Term Loan Facility- Fixed Tranche due May 9, 2021, net of unamortized discount and deferred
financing costs of $0.3 million and $0.5 million
|
$
|
262.6
|
$
|
299.5
|
||||
Netherlands Term Loan due 2020
|
3.4
|
—
|
||||||
Netherlands Term Loan due 2022
|
1.4
|
—
|
||||||
Japan Loan Facilities
|
5.1
|
5.6
|
||||||
China Loan Facilities
|
—
|
3.2
|
||||||
Total
|
$
|
911.1
|
$
|
963.6
|
||||
Less: Current maturities
|
3.3
|
3.8
|
||||||
Long-term debt
|
$
|
907.8
|
$
|
959.8
|
Pension Benefits
|
Post-Retirement Benefits
|
|||||||||||||||
(millions
of dollars)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Change in benefit obligations:
|
||||||||||||||||
Beginning projected benefit obligation
|
$
|
469.5
|
$
|
427.9
|
$
|
6.9
|
$
|
9.3
|
||||||||
Service cost
|
8.1
|
7.9
|
0.2
|
0.3
|
||||||||||||
Interest cost
|
13.0
|
12.6
|
0.2
|
0.3
|
||||||||||||
Actuarial (gain)/loss
|
(40.5
|
)
|
31.5
|
(1.5
|
)
|
(3.0
|
)
|
|||||||||
Benefits paid
|
(12.2
|
)
|
(20.4
|
)
|
(0.1
|
)
|
(0.1
|
)
|
||||||||
Settlements
|
(17.1
|
)
|
—
|
—
|
—
|
|||||||||||
Foreign exchange impact
|
(5.1
|
)
|
9.6
|
—
|
0.1
|
|||||||||||
Other
|
0.6
|
0.4
|
—
|
—
|
||||||||||||
Ending projected benefit obligation
|
416.3
|
469.5
|
5.7
|
6.9
|
||||||||||||
Change in plan assets:
|
||||||||||||||||
Beginning fair value
|
320.2
|
289.3
|
—
|
—
|
||||||||||||
Actual return on plan assets
|
(13.6
|
)
|
33.8
|
—
|
—
|
|||||||||||
Employer contributions
|
24.2
|
10.7
|
0.1
|
0.1
|
||||||||||||
Plan participants' contributions
|
0.4
|
0.4
|
—
|
—
|
||||||||||||
Benefits paid
|
(12.2
|
)
|
(20.4
|
)
|
(0.1
|
)
|
(0.1
|
)
|
||||||||
Settlements
|
(18.2
|
)
|
(0.8
|
)
|
—
|
—
|
||||||||||
Foreign exchange impact
|
(4.1
|
)
|
7.2
|
—
|
—
|
|||||||||||
Ending fair value
|
296.7
|
320.2
|
—
|
—
|
||||||||||||
Funded status of the plan
|
$
|
(119.6
|
)
|
$
|
(149.3
|
)
|
$
|
(5.7
|
)
|
$
|
(6.9
|
)
|
Pension Benefits
|
Post-Retirement Benefits
|
|||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Current liability
|
$
|
(0.8
|
)
|
$
|
(0.8
|
)
|
$
|
(0.3
|
)
|
$
|
(0.5
|
)
|
||||
Non-current liability
|
(118.8
|
)
|
(148.5
|
)
|
(5.4
|
)
|
(6.4
|
)
|
||||||||
Recognized liability
|
$
|
(119.6
|
)
|
$
|
(149.3
|
)
|
$
|
(5.7
|
)
|
$
|
(6.9
|
)
|
Pension Benefits
|
Post-Retirement Benefits
|
|||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Net actuarial (gain) loss
|
$
|
73.5
|
$
|
91.4
|
$
|
(4.1
|
)
|
$
|
(4.1
|
)
|
||||||
Prior service cost
|
0.1
|
(0.1
|
)
|
—
|
(0.7
|
)
|
||||||||||
Amount recognized end of year
|
$
|
73.6
|
$
|
91.3
|
$
|
(4.1
|
)
|
$
|
(4.8
|
)
|
Pension Benefits
|
Post-Retirement Benefits
|
|||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Current year actuarial gain (loss)
|
$
|
6.8
|
$
|
(15.8
|
)
|
$
|
1.0
|
$
|
2.6
|
|||||||
Amortization of actuarial (gain) loss
|
10.4
|
7.2
|
(0.6
|
)
|
(0.2
|
)
|
||||||||||
Amortization of prior service credit (gain) loss
|
—
|
—
|
(0.7
|
)
|
(2.3
|
)
|
||||||||||
Total recognized in other comprehensive income
|
$
|
17.2
|
$
|
(8.6
|
)
|
$
|
(0.3
|
)
|
$
|
0.1
|
Pension Benefits
|
Post-Retirement Benefits
|
|||||||||||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
2018
|
2017
|
2016
|
||||||||||||||||||
Service cost
|
$
|
8.1
|
$
|
7.9
|
$
|
8.2
|
$
|
0.2
|
$
|
0.3
|
$
|
0.3
|
||||||||||||
Interest cost
|
13.0
|
12.6
|
13.0
|
0.2
|
0.3
|
0.3
|
||||||||||||||||||
Expected return on plan assets
|
(20.2
|
)
|
(18.7
|
)
|
(18.6
|
)
|
—
|
—
|
—
|
|||||||||||||||
Amortization of prior service cost
|
—
|
—
|
0.6
|
(0.9
|
)
|
(3.1
|
)
|
(3.1
|
)
|
|||||||||||||||
Recognized net actuarial (gain) loss
|
10.7
|
10.8
|
10.7
|
(0.8
|
)
|
(0.3
|
)
|
(0.2
|
)
|
|||||||||||||||
Settlement/curtailment loss
|
4.4
|
—
|
0.3
|
—
|
—
|
—
|
||||||||||||||||||
Net periodic benefit cost
|
$
|
16.0
|
$
|
12.6
|
$
|
14.2
|
$
|
(1.3
|
)
|
$
|
(2.8
|
)
|
$
|
(2.7
|
)
|
(millions of dollars)
|
Pension Benefits
|
Post-Retirement Benefits
|
||||||
Amortization of net (gain) loss
|
$
|
9.6
|
$
|
(0.8
|
)
|
|||
Total cost to be recognized
|
$
|
9.6
|
$
|
(0.8
|
)
|
Year Ended December 31,
|
||||||||
2018
|
2017
|
2016
|
||||||
Discount rate
|
3.16%
|
3.56%
|
3.88%
|
|||||
Expected return on plan assets
|
6.40%
|
6.61%
|
6.89%
|
|||||
Rate of compensation increase
|
3.01%
|
3.01%
|
3.03%
|
Year Ended December 31,
|
||||||||
2018
|
2017
|
2016
|
||||||
Discount rate
|
3.75%
|
3.16%
|
3.60%
|
|||||
Rate of compensation increase
|
3.01%
|
3.01%
|
2.96%
|
December 31,
|
||||||
2018
|
2017
|
|||||
Asset Category
|
||||||
Equity securities
|
54.9%
|
56.0%
|
||||
Fixed income securities
|
38.3%
|
36.2%
|
||||
Real estate
|
0.8%
|
0.8%
|
||||
Other
|
6.0%
|
7.0%
|
||||
Total
|
100.0%
|
100.0%
|
December 31,
|
||||||||
(millions of dollars)
|
2018
|
2017
|
||||||
Asset Category
|
||||||||
Equity securities
|
$
|
162.8
|
$
|
179.2
|
||||
Fixed income securities
|
113.6
|
116.0
|
||||||
Real estate
|
2.3
|
2.4
|
||||||
Other
|
18.0
|
22.6
|
||||||
Total
|
$
|
296.7
|
$
|
320.2
|
U.S. Plans
|
International Plans
|
|||||||||||||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
2018
|
2017
|
2016
|
||||||||||||||||||
Fair value of plan assets
|
$
|
227.1
|
$
|
241.9
|
$
|
221.9
|
$
|
69.6
|
$
|
78.3
|
$
|
67.4
|
Quoted Prices in
Active Markets for
Identical Assets
|
Significant
Other Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||
(millions of dollars)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Pension Assets Fair Value as of December 31, 2018
|
||||||||||||||||
Equity securities
|
||||||||||||||||
US equities
|
$
|
135.4
|
$
|
—
|
$
|
—
|
$
|
135.4
|
||||||||
Non-US equities
|
27.4
|
—
|
—
|
27.4
|
||||||||||||
Fixed income securities
|
||||||||||||||||
Corporate debt instruments
|
80.9
|
32.7
|
—
|
113.6
|
||||||||||||
Real estate and other
|
||||||||||||||||
Real estate
|
—
|
—
|
2.3
|
2.3
|
||||||||||||
Other
|
0.3
|
—
|
17.7
|
18.0
|
||||||||||||
Total assets
|
$
|
244.0
|
$
|
32.7
|
$
|
20.0
|
$
|
296.7
|
Quoted Prices in
Active Markets for
Identical Assets
|
Significant
Other Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||
(millions of dollars)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Pension Assets Fair Value as of December
31, 2017
|
||||||||||||||||
Equity securities
|
||||||||||||||||
US equities
|
$
|
156.1
|
$
|
—
|
$
|
—
|
$
|
156.1
|
||||||||
Non-US equities
|
23.1
|
—
|
—
|
23.1
|
||||||||||||
Fixed income securities
|
||||||||||||||||
Corporate debt instruments
|
82.0
|
34.0
|
—
|
116.0
|
||||||||||||
Real estate and other
|
||||||||||||||||
Real estate
|
—
|
—
|
2.4
|
2.4
|
||||||||||||
Other
|
0.2
|
—
|
22.4
|
22.6
|
||||||||||||
Total assets
|
$
|
261.4
|
$
|
34.0
|
$
|
24.8
|
$
|
320.2
|
(millions of dollars)
|
||||
Beginning balance at December 31, 2016
|
$
|
20.3
|
||
Purchases, sales, settlements
|
—
|
|||
Actual return on plan assets still held at reporting date
|
3.9
|
|||
Foreign exchange impact
|
0.5
|
|||
Ending balance at December 31, 2017
|
$
|
24.7
|
||
Purchases, sales, settlements
|
—
|
|||
Actual return on plan assets still held at reporting date
|
(4.4
|
)
|
||
Foreign exchange impact
|
(0.3
|
)
|
||
Ending balance at December 31, 2018
|
$
|
$ 20.0
|
(millions of dollars)
|
Pension Benefits
|
Other Benefits
|
||||||
2019
|
$
|
21.6
|
$
|
0.4
|
||||
2020
|
$
|
22.2
|
$
|
0.4
|
||||
2021
|
$
|
22.9
|
$
|
0.4
|
||||
2022
|
$
|
24.4
|
$
|
0.5
|
||||
2023
|
$
|
24.7
|
$
|
0.5
|
||||
2024-2028
|
$
|
128.0
|
$
|
2.5
|
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, 2016
|
1,491,965
|
1,091,844
|
$
|
42.29
|
284,245
|
$
|
58.63
|
|||||||||||||
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
|
|||||||||||||||
Granted
|
(257,072
|
)
|
187,533
|
77.99
|
69,539
|
78.00
|
||||||||||||||
Exercised/vested
|
—
|
(353,636
|
)
|
41.56
|
(61,274
|
)
|
52.51
|
|||||||||||||
Canceled
|
91,151
|
(35,783
|
)
|
50.47
|
(55,368
|
)
|
52.74
|
|||||||||||||
Balance December 31, 2017
|
1,036,505
|
996,839
|
48.21
|
180,110
|
58.57
|
|||||||||||||||
Granted
|
(260,508
|
)
|
191,147
|
76.09
|
69,361
|
76.26
|
||||||||||||||
Exercised/vested
|
—
|
(98,945
|
)
|
33.83
|
(59,649
|
)
|
56.44
|
|||||||||||||
Canceled
|
90,026
|
(34,782
|
)
|
65.74
|
(55,244
|
)
|
58.57
|
|||||||||||||
Balance December 31, 2018
|
866,023
|
1,054,259
|
54.04
|
134,578
|
68.64
|
December 31,
|
||||||||
(millions of dollars)
|
2018
|
2017
|
||||||
Cumulative foreign currency translation
|
$
|
(170.1
|
)
|
$
|
(104.1
|
)
|
||
Unrecognized pension costs (net of tax benefit of $25.5 in 2018 and $30.7 in 2017)
|
(69.7
|
)
|
(86.5
|
)
|
||||
Unrealized gain (loss) on cash flow hedges (net of tax expense of $0.3 in 2018 and $0.7 in
2017)
|
6.1
|
4.5
|
||||||
$
|
(233.7
|
)
|
$
|
(186.1
|
)
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||
2018
|
2017
|
2016
|
||||||||||||||||||||||||||||||||||
(millions
of dollars)
|
Pre-Tax Amount
|
Tax (Expense) Benefit
|
Net-of- Tax Amount
|
Pre-Tax Amount
|
Tax (Expense) Benefit
|
Net-of- Tax Amount
|
Pre-Tax Amount
|
Tax (Expense) Benefit
|
Net-of- Tax Amount
|
|||||||||||||||||||||||||||
Foreign currency translation adjustment
|
$
|
(67.9
|
)
|
$
|
—
|
$
|
(67.9
|
)
|
$
|
44.7
|
$
|
—
|
$
|
44.7
|
$
|
(40.2
|
)
|
$
|
—
|
$
|
(40.2
|
)
|
||||||||||||||
Pension plans:
|
||||||||||||||||||||||||||||||||||||
Net actuarial gains (losses) and prior service costs arising during the period
|
9.6
|
(1.8
|
)
|
7.8
|
(17.6
|
)
|
4.4
|
(13.2
|
)
|
(12.5
|
)
|
4.1
|
(8.4
|
)
|
||||||||||||||||||||||
Amortization of net actuarial (gains) losses and prior service costs
|
12.1
|
(3.0
|
)
|
9.1
|
7.6
|
(2.9
|
)
|
4.7
|
8.0
|
(2.8
|
)
|
5.2
|
||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges
|
1.5
|
0.1
|
1.6
|
0.2
|
0.1
|
0.3
|
2.4
|
(0.8
|
)
|
1.6
|
||||||||||||||||||||||||||
Total other comprehensive income (loss)
|
$
|
(44.7
|
)
|
$
|
(4.7
|
)
|
$
|
(49.4
|
)
|
$
|
34.9
|
$
|
1.6
|
$
|
36.5
|
$
|
(42.3
|
)
|
$
|
0.5
|
$
|
(41.8
|
)
|
December 31,
|
||||||||
(millions of dollars)
|
2018
|
2017
|
||||||
Asset retirement liability, beginning of period
|
$
|
22.1
|
$
|
21.5
|
||||
Accretion expense
|
1.0
|
3.3
|
||||||
Other
|
2.1
|
—
|
||||||
Payments
|
(1.3
|
)
|
(3.2
|
)
|
||||
Foreign currency translation
|
(0.5
|
)
|
0.5
|
|||||
Asset retirement liability, end of period
|
$
|
23.4
|
$
|
22.1
|
● |
The Performance Materials segment is a leading global supplier of bentonite and bentonite-related products, chromite and leonardite. This segment also
provides products for non-residential construction, environmental and infrastructure projects worldwide, serving customers engaged in a broad range of construction projects.
|
● |
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 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.
|
Year Ended December 31,
|
||||||||||||
(millions
of dollars)
|
2018
|
2017
|
2016
|
|||||||||
Net Sales
|
||||||||||||
Performance Materials
|
$
|
828.1
|
$
|
734.8
|
$
|
686.1
|
||||||
Specialty Minerals
|
589.3
|
584.8
|
591.5
|
|||||||||
Refractories
|
311.9
|
279.4
|
274.5
|
|||||||||
Energy Services
|
78.3
|
76.7
|
85.9
|
|||||||||
Total
|
1,807.6
|
1,675.7
|
1,638.0
|
|||||||||
Income from Operations
|
||||||||||||
Performance Materials
|
116.8
|
119.7
|
121.1
|
|||||||||
Specialty Minerals
|
95.4
|
88.9
|
102.7
|
|||||||||
Refractories
|
45.4
|
39.8
|
37.0
|
|||||||||
Energy Services
|
4.5
|
6.1
|
(25.9
|
)
|
||||||||
Total
|
262.1
|
254.5
|
234.9
|
|||||||||
Depreciation, Depletion and Amortization
|
||||||||||||
Performance Materials
|
41.1
|
40.5
|
38.9
|
|||||||||
Specialty Minerals
|
38.2
|
35.5
|
34.9
|
|||||||||
Refractories
|
6.6
|
6.8
|
6.9
|
|||||||||
Energy Services
|
8.4
|
8.2
|
11.2
|
|||||||||
Total
|
94.3
|
91.0
|
91.9
|
|||||||||
Segment Assets
|
||||||||||||
Performance Materials
|
2,119.7
|
1,989.6
|
1,942.1
|
|||||||||
Specialty Minerals
|
511.9
|
519.4
|
491.7
|
|||||||||
Refractories
|
296.6
|
307.4
|
283.4
|
|||||||||
Energy Services
|
110.4
|
110.6
|
104.7
|
|||||||||
Total
|
3,038.6
|
2,927.0
|
2,821.9
|
|||||||||
Capital Expenditures
|
||||||||||||
Performance Materials
|
22.4
|
33.1
|
12.8
|
|||||||||
Specialty Minerals
|
42.4
|
32.6
|
40.4
|
|||||||||
Refractories
|
5.0
|
5.9
|
5.9
|
|||||||||
Energy Services
|
4.9
|
4.5
|
1.4
|
|||||||||
Total
|
74.7
|
76.1
|
60.5
|
Year Ended December 31,
|
||||||||||||
(millions
of dollars)
|
2018
|
2017
|
2016
|
|||||||||
Income from Operations before Provision (Benefit) for Taxes on Income
|
||||||||||||
Income from operations for reportable segments
|
$
|
262.1
|
$
|
254.5
|
$
|
234.9
|
||||||
Acquisition related transaction and integration costs
|
(1.7
|
)
|
(3.4
|
)
|
(8.0
|
)
|
||||||
Unallocated corporate expenses
|
(4.5
|
)
|
(6.7
|
)
|
(3.0
|
)
|
||||||
Consolidated income from operations
|
255.9
|
244.4
|
223.9
|
|||||||||
Non-operating deductions, net
|
(51.8
|
)
|
(53.5
|
)
|
(53.6
|
)
|
||||||
Income from operations before provision (benefit) for taxes on income
|
204.1
|
190.9
|
170.3
|
Total Assets
|
||||||||||||
Total segment assets
|
3,038.6
|
2,927.0
|
2,821.9
|
|||||||||
Corporate assets
|
48.5
|
43.4
|
41.5
|
|||||||||
Consolidated total assets
|
3,087.1
|
2,970.4
|
2,863.4
|
|||||||||
Capital Expenditures
|
||||||||||||
Total segment capital expenditures
|
74.7
|
76.1
|
60.5
|
|||||||||
Corporate capital expenditures
|
1.2
|
0.6
|
1.9
|
|||||||||
Consolidated capital expenditures
|
75.9
|
76.7
|
62.4
|
Year Ended December 31,
|
||||||||||||
(millions of dollars)
|
2018
|
2017
|
2016
|
|||||||||
Net Sales
|
||||||||||||
United States
|
$
|
961.6
|
$
|
939.3
|
$
|
936.2
|
||||||
Canada/Latin America
|
83.7
|
81.6
|
82.6
|
|||||||||
Europe/Africa
|
443.4
|
349.0
|
338.8
|
|||||||||
Asia
|
318.9
|
305.8
|
280.4
|
|||||||||
Total International
|
846.0
|
736.4
|
701.8
|
|||||||||
Consolidated net sales
|
1,807.6
|
1,675.7
|
1,638.0
|
|||||||||
Long-Lived Assets
|
||||||||||||
United States
|
$
|
1,767.7
|
$
|
1,774.4
|
$
|
1,794.5
|
||||||
Canada/Latin America
|
13.7
|
14.8
|
14.8
|
|||||||||
Europe/Africa
|
225.0
|
115.9
|
98.2
|
|||||||||
Asia
|
123.0
|
132.0
|
127.3
|
|||||||||
Total International
|
361.7
|
262.7
|
240.3
|
|||||||||
Consolidated long-lived assets
|
2,129.4
|
2,037.1
|
2,034.8
|
Year Ended December 31,
|
||||||||||||
(millions
of dollars)
|
2018
|
2017
|
2016
|
|||||||||
Metalcasting
|
$
|
328.9
|
$
|
294.3
|
$
|
258.0
|
||||||
Household, Personal Care & Specialty Products
|
248.8
|
169.6
|
171.2
|
|||||||||
Environmental Products
|
80.3
|
67.7
|
78.9
|
|||||||||
Building Materials
|
70.4
|
78.2
|
74.1
|
|||||||||
Basic Minerals
|
99.7
|
125.0
|
103.9
|
|||||||||
Paper PCC
|
378.5
|
377.7
|
387.9
|
|||||||||
Specialty PCC
|
66.9
|
66.0
|
64.3
|
|||||||||
Ground Calcium Carbonate
|
91.0
|
87.3
|
83.6
|
|||||||||
Talc
|
52.9
|
53.8
|
55.7
|
|||||||||
Refractory Products
|
261.1
|
226.9
|
219.0
|
|||||||||
Metallurgical Products
|
50.8
|
52.5
|
55.5
|
|||||||||
Energy Services
|
78.3
|
76.7
|
85.9
|
|||||||||
Total
|
$
|
1,807.6
|
$
|
1,675.7
|
$
|
1,638.0
|
2018 Quarters
|
||||||||||||||||
(millions of dollars, except per share
data)
|
First
|
Second
|
Third
|
Fourth
|
||||||||||||
Net sales by segment
|
||||||||||||||||
Performance Materials segment
|
$
|
187.3
|
$
|
214.5
|
$
|
219.5
|
$
|
206.8
|
||||||||
Specialty Minerals segment
|
149.6
|
150.9
|
146.3
|
142.5
|
||||||||||||
Refractories segment
|
75.3
|
79.6
|
79.1
|
77.9
|
||||||||||||
Energy Services segment
|
19.1
|
19.7
|
19.2
|
20.3
|
||||||||||||
Net sales
|
431.3
|
464.7
|
464.1
|
447.5
|
||||||||||||
Gross profit
|
113.5
|
115.9
|
119.2
|
112.8
|
||||||||||||
Income from operations
|
62.6
|
62.8
|
68.2
|
62.3
|
||||||||||||
Consolidated net income
|
41.1
|
45.2
|
42.9
|
44.0
|
||||||||||||
Net income attributable to Minerals Technologies Inc. (MTI)
|
39.9
|
44.1
|
41.9
|
43.1
|
||||||||||||
Basic earnings per share attributable to MTI shareholders
|
$
|
1.13
|
$
|
1.25
|
$
|
1.19
|
$
|
1.22
|
||||||||
Diluted earnings per share attributable to MTI shareholders
|
$
|
1.12
|
$
|
1.24
|
$
|
1.18
|
$
|
1.22
|
||||||||
Market price range per share of common stock:
|
||||||||||||||||
High
|
$
|
76.95
|
$
|
76.40
|
$
|
77.75
|
$
|
$ 67.65
|
||||||||
Low
|
$
|
66.10
|
$
|
65.10
|
$
|
65.75
|
$
|
$ 47.89
|
||||||||
Close
|
$
|
66.95
|
$
|
75.35
|
$
|
67.60
|
$
|
$ 51.34
|
||||||||
Dividends paid per common share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
2017 Quarters
|
||||||||||||||||
(millions
of dollars, except per share data)
|
First
|
Second
|
Third
|
Fourth
|
||||||||||||
Net sales by segment
|
||||||||||||||||
Performance Materials segment
|
$
|
169.9
|
$
|
180.3
|
$
|
188.8
|
$
|
195.8
|
||||||||
Specialty Minerals segment
|
146.2
|
147.0
|
147.7
|
143.9
|
||||||||||||
Refractories segment
|
70.2
|
68.9
|
69.0
|
71.3
|
||||||||||||
Energy Services segment
|
18.7
|
17.9
|
19.0
|
21.1
|
||||||||||||
Net sales
|
405.0
|
414.1
|
424.5
|
432.1
|
||||||||||||
Gross profit
|
113.7
|
119.7
|
119.3
|
114.5
|
||||||||||||
Income from operations
|
62.1
|
69.0
|
67.2
|
46.1
|
||||||||||||
Consolidated net income
|
35.6
|
43.8
|
42.8
|
76.7
|
||||||||||||
Net income attributable to MTI
|
34.6
|
43.0
|
41.7
|
75.8
|
||||||||||||
Basic earnings per share attributable to MTI shareholders
|
$
|
0.99
|
$
|
1.23
|
$
|
1.18
|
$
|
2.14
|
||||||||
Diluted earnings per share attributable to MTI shareholders
|
$
|
0.97
|
$
|
1.21
|
$
|
1.17
|
$
|
2.12
|
||||||||
Market price range per share of common stock:
|
||||||||||||||||
High
|
$
|
83.70
|
$
|
80.20
|
$
|
75.60
|
$
|
73.55
|
||||||||
Low
|
$
|
72.20
|
$
|
70.50
|
$
|
62.95
|
$
|
66.40
|
||||||||
Close
|
$
|
76.60
|
$
|
73.20
|
$
|
70.65
|
$
|
68.85
|
||||||||
Dividends paid per common share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
/s/ Douglas T. Dietrich
Chief Executive Officer
|
/s/ Matthew E. Garth
Senior Vice President, Finance and Treasury, Chief Financial Officer
|
|
/s/ Michael A. Cipolla
Vice President, Corporate Controller and Chief Accounting Officer
|
Description
|
Balance at
Beginning of Period
|
Additions Charged to Costs,
Provisions and Expenses
|
Deductions (a)
|
Balance at
End of Period
|
||||||||||||
Year Ended December 31, 2018
|
||||||||||||||||
Valuation and qualifying accounts deducted from assets to which they apply:
|
||||||||||||||||
Allowance for doubtful accounts
|
$
|
4.2
|
3.2
|
(4.2
|
)
|
$
|
3.2
|
|||||||||
Year Ended December 31, 2017
|
||||||||||||||||
Valuation and qualifying accounts deducted from assets to which they apply:
|
||||||||||||||||
Allowance for doubtful accounts
|
$
|
7.9
|
3.8
|
(7.5
|
)
|
$
|
4.2
|
|||||||||
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
|
(a) |
Includes impact of translation of foreign currencies.
|
Name of the Company
|
Jurisdiction of Organization
|
|
ADAE, Cetco Sp. Z o.o., s.k.a. (Short Name: ADAE SKA )
|
Poland
|
|
Alex Mining & Oil Service Company*
|
Egypt
|
|
Amcol Australia Pty. Ltd.
|
Australia
|
|
AMCOL CETCO do Brasil Serviços e Produtos de Construção Ltda.
|
Brazil
|
|
AMCOL Dongming Industrial Minerals Company Limited
|
China
|
|
AMCOL Health & Beauty Solutions, Incorporated
|
Delaware
|
|
AMCOL (Holdings) Ltd.
|
UK
|
|
Amcol International B.V.
|
Netherlands
|
|
AMCOL International Corporation
|
Delaware
|
|
AMCOL International Holdings Corporation
|
Delaware
|
|
Amcol International (Thailand) Limited
|
Thailand
|
|
AMCOL Korea Limited
|
S. Korea
|
|
Amcol Mauritius
|
Mauritius
|
|
Amcol Minchem Jianping Co., Ltd
|
China
|
|
Amcol Mineral Madencilik Sanayi ve Ticaret A.S. (Turkey)
|
Turkey
|
|
Amcol Minerals EU Limited
|
UK
|
|
Amcol Minerals Europe Limited
|
UK
|
|
Amcol Minerals and Materials (India) Private Limited
|
India
|
|
AMCOL (Tianjin) Industrial Minerals Company Limited
|
China
|
|
AMCOL Tianyu Industrial Minerals Co. Ltd.
|
China
|
|
AMCOL de México, S.A., de C.V.
|
Mexico
|
|
American Colloid Company
|
Delaware
|
|
Ameri-Co Carriers, Inc.
|
Nebraska
|
|
Ameri-Co Logistics, Inc.
|
Nebraska
|
|
Animal Care Trading B.V.
|
Netherlands
|
|
APP China Specialty Minerals Pte Ltd.
|
Singapore
|
|
ASMAS Agir Sanayi Malzemeleri Imal ve Tic. A.S (has branch office in Bahrain).
|
Turkey
|
|
Barretts Minerals Inc.
|
Delaware
|
|
Batlhako Mining Ltd.
|
South Africa
|
|
Bonmerci Investments 103 (Pty) Ltd.
|
South Africa
|
|
CCS, Cetco Sp. Z o.o., s.k.a.
|
Poland
|
|
Centre International de Couchage CIC Inc.
|
Canada
|
|
CETCO Czech S.R.O.
|
Czech Rep
|
|
CETCO do Brasil Serviços E Produtos Minerais E De Meio-Ambiente Ltda.
|
Brazil
|
|
CETCO Energy Services Company LLC
|
Delaware
|
|
CETCO Energy Services de México, S.A. de C.V.
|
Mexico
|
|
CETCO Energy Services Limited
|
UK
|
|
CETCO Energy Services (Malaysia) Sdn. Bhd.
|
Malaysia
|
|
CETCO (Europe) Ltd(has branch offices in Ireland, Sweden, Norway, Denmark)
|
UK
|
|
CETCO Germany GmbH
|
Germany
|
|
CETCO Iberia S.L.
|
Spain
|
|
CETCO Iberia Construcciones y Servicios S.L.
|
Spain
|
|
CETCO Lining Technologies India Private Limited
|
India
|
|
CETCO Oilfield Services Asia Ltd.
|
Malaysia
|
|
CETCO Oilfield Services Company Limited
|
Canada
|
|
CETCO Oilfield Services Company Nigeria Limited
|
Nigeria
|
|
CETCO Oilfield Services Pty. Ltd.
|
Australia
|
|
CETCO Poland, Cetco Sp. Zo.o. S.K.A. (aka CETCO Poland)
|
Poland
|
|
CETCO Poland Fundusz Investycyjny Zamkniety Aktywów Niepublicznych (aka CETCO Investment Fund)
|
Poland
|
|
CETCO Sp. Zo.o.
|
Poland
|
|
CETCO Technologies (Suzhou) Co., Ltd. (China)
|
China
|
|
Colloid Environmental Technologies Company LLC (Has a branch in Canada)
|
Delaware
|
Name of the Company
|
Jurisdiction of Organization
|
|
Comercializadora y Exportadora CETCO Latino América Limitada (aka CVE CETCO Latino America)
|
Chile
|
|
Construction Technologies Poland Spólka Z Ograniczoną Odpowiedzialności (aka CT Poland SP Z.O.O.)
|
Poland
|
|
COS Employment Services de México, S.A. de C.V.
|
Mexico
|
|
Double A Specialty Minerals Co., Ltd.
|
Thailand
|
|
Egypt Nano-Technologies Company S.A.E.*
|
Egypt
|
|
Egypt Mining & Drilling Chemical Company S.A.E.*
|
Egypt
|
|
Egypt Bentonite & Derivatives Company S.A.E.*
|
Egypt
|
|
Gold Lun Chemicals (Zhenjiang) Co., Ltd. .
|
China
|
|
Gold Sheng Chemicals (Zhenjiang) Co., Ltd.
|
China
|
|
Gold Zuan Chemicals (Suzhou) Co., Ltd.
|
China
|
|
Green Roof Insurance Co LLC
|
Vermont
|
|
Hi-Tech Specialty Minerals Company Limited
|
Thailand
|
|
Ingeniería y Construcción CETCO ICC Limitada
|
Chile
|
|
Maprid Tel Cast de S.A. de C.V.*
|
Mexico
|
|
Minerals Technologies do Brasil Comercio é Industria de Minerais Ltda.
|
Brazil
|
|
Minerals Technologies Europe S.A. (has branch office in France)
|
Belgium
|
|
Minerals Technologies Holding China Co., Ltd.
|
China
|
|
Minerals Technologies Holdings Inc.
|
Delaware
|
|
Minerals Technologies Holdings Ltd.
|
United Kingdom
|
|
Minerals Technologies South Africa (Pty) Ltd.
|
South Africa
|
|
Mintech Canada Inc.
|
Canada
|
|
Mintech Japan K.K.
|
Japan
|
|
Minteq Australia Pty Ltd.
|
Australia
|
|
Minteq B.V.
|
The Netherlands
|
|
Minteq Europe Limited.
|
Ireland
|
|
Minteq International GmbH (has branch office in Schongau)
|
Germany
|
|
Minteq International Inc.
|
Delaware
|
|
Minteq International (Suzhou) Co., Ltd.
|
China
|
|
Minteq Italiana S.p.A.
|
Italy
|
|
Minteq Korea Inc*
|
Korea
|
|
Minteq Magnesite Limited (has a branch office in Spain)
|
Ireland
|
|
Minteq Shapes and Services Inc.
|
Delaware
|
|
Minteq UK Limited.
|
United Kingdom
|
|
Montana Minerals Development Company
|
Montana
|
|
MTI Bermuda L.P.
|
Bermuda
|
|
MTI Holding Singapore Pte. Ltd.
|
Singapore
|
|
MTI Holdco I LLC
|
Delaware
|
|
MTI Holdco II LLC
|
Delaware
|
|
MTI Netherlands B.V.
|
Netherlands
|
|
MTI Technologies UK Limited
|
United Kingdom
|
|
MTI Ventures B.V.
|
Netherlands
|
|
MTX Singapore Holdings Pte. Ltd.
|
Singapore
|
|
Nanocor LLC
|
Delaware
|
|
Performance Minerals Netherlands C.V.
|
Netherlands
|
|
PT. CETCO Oilfield Services Indonesia
|
Indonesia
|
|
PT Sinar Mas Specialty Minerals
|
Indonesia
|
|
Rayagada Minerals & Chemicals Private Limited
|
India
|
|
Sivomatic B.V.
|
Netherlands
|
|
Sivomatic GmbH
|
Austria
|
|
Sivomatic GmbH
|
Germany
|
|
Sivomatic Holding, B.V.
|
Netherlands
|
|
Sivomatic Immovables B.V.
|
Netherlands
|
|
Sivomatic Italia
|
Italy
|
|
Sivomatic Madencilik A.S.
|
Turkey
|
|
Sivomatic Mining B.V.
|
Netherlands
|
|
SMI NewQuest India Private Limited
|
India
|
|
SMI Poland Sp. z o.o.
|
Poland
|
|
Specialty Minerals Bangladesh Limited
|
Bangladesh
|
|
Specialty Minerals Benelux SA
|
Belgium
|
|
Specialty Minerals (Changshu) Co., Ltd.
|
China
|
|
Specialty Minerals do Brasil Participacoes Ltda.
|
Brazil
|
|
Specialty Minerals FMT K.K.
|
Japan
|
Name of the Company
|
Jurisdiction of Organization
|
|
Specialty Minerals France S.A.S. .
|
France
|
|
Specialty Minerals (Fuyang) Cp., Ltd.
|
China
|
|
Specialty Minerals Inc.
|
Delaware
|
|
Specialty Minerals India Holding Inc.
|
Delaware
|
|
Specialty Minerals International Inc.
|
Delaware
|
|
Specialty Minerals Malaysia Sdn. Bhd.
|
Malaysia
|
|
Specialty Minerals (Michigan) Inc.
|
Michigan
|
|
Specialty Minerals Nordic Oy Ab
|
Finland
|
|
Specialty Minerals (Portugal) Especialidades Minerais, S.A.
|
Portugal
|
|
Specialty Minerals-Qishun (Nanning) Co., Ltd.
|
China
|
|
Specialty Minerals Slovakia, spol. sr.o.
|
Slovakia
|
|
Specialty Minerals South Africa (Pty) Limited
|
South Africa
|
|
Specialty Minerals (Thailand) Limited
|
Thailand
|
|
Specialty Minerals UK Limited
|
United Kingdom
|
|
Specialty Minerals (Wuzhi) Co., Ltd.
|
China
|
|
Specialty Minerals (Yanzhou) Co., Ltd.
|
China
|
|
Volclay de México, S.A. de C.V.*
|
Mexico
|
|
Volcay International LLC
|
Delaware
|
|
Volclay Japan Co., Ltd.
|
Japan
|
|
Volclay South Africa (Proprietary) Limited
|
South Africa
|
|
Volclay Trading Co.
|
South Africa
|
* |
Indicates MTI ownership is less than 50%
|
/s/ Joseph C. Breunig
|
Dated: November 12, 2014
|
|
Joseph C. Breunig
|
||
/s/ John J. Carmola
|
Dated: May 21, 2013
|
|
John J. Carmola
|
||
/s/ Robert L. Clark
|
Dated: November 9, 2009
|
|
Robert L. Clark
|
||
/s/ Duane R. Dunham
|
Dated: June 15, 2009
|
|
Duane R. Dunham
|
||
/s/ Franklin Feder
|
Dated: October 1, 2017
|
|
Franklin Feder
|
||
/s/ Carolyn K. Pittman
|
Dated: August 8, 2017
|
|
Carolyn K. Pittman
|
||
/s/ Marc E. Robinson
|
Dated: December 1, 2011
|
|
Marc E. Robinson
|
||
/s/ Donald C. Winter
|
Dated: February 1, 2014
|
|
Donald C. Winter
|
1. |
I have reviewed this Annual Report on Form 10-K of Minerals Technologies Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of the registrant's board of directors:
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.
|
/s/ Douglas T. Dietrich
|
||
Douglas T. Dietrich
|
||
Chief Executive Officer
|
1. |
I have reviewed this Annual Report on Form 10-K of Minerals Technologies Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (the registrant’s fourth fiscal quarter in the case of an annual report)
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of the registrant's board of directors:
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.
|
/s/ Matthew E. Garth
|
||
Matthew E. Garth
|
||
Senior Vice President - Finance and Treasury
|
||
Chief Financial Officer
|
/s/ Douglas T. Dietrich | ||
Douglas T. Dietrich | ||
Chief Executive Officer |
/s/ Matthew E. Garth | ||
Matthew E. Garth | ||
Senior Vice President-Finance and Treasury | ||
Chief Financial Officer |
Mine
|
Section 104(a) S&S
|
Section 104(b)
|
Section 104(d)
|
Section 110(b)(2)
|
Section 107(a)
|
Proposed Assessments
|
Fatalities
|
|||||||||||||||||||||
(A)
|
(B)
|
(C)
|
(D)
|
(E)
|
(F)
|
(G)
|
||||||||||||||||||||||
Lucerne Valley, CA
04-00219
|
5
|
0
|
0
|
0
|
0
|
$
|
9,766
|
0
|
||||||||||||||||||||
Canaan, CT
06-00019
|
2
|
0
|
5
|
0
|
0
|
$
|
29,142
|
0
|
||||||||||||||||||||
Adams, MA
19-00035
|
2
|
0
|
0
|
0
|
0
|
$
|
5,876
|
0
|
||||||||||||||||||||
Barretts Mill, Dillon, MT
24-00157
|
0
|
0
|
0
|
0
|
0
|
$
|
0
|
0
|
||||||||||||||||||||
Regal Mine, Dillon, MT
24-01994
|
0
|
0
|
0
|
0
|
0
|
$
|
472
|
0
|
||||||||||||||||||||
Treasure Mine, Dillon, MT
24-00160
|
0
|
0
|
0
|
0
|
0
|
$
|
118
|
0
|
||||||||||||||||||||
Belle/Colony Mine, WY
48-00888
|
0
|
0
|
0
|
0
|
0
|
$
|
1,288
|
0
|
||||||||||||||||||||
Belle Fourche Mill, SD
39-00049
|
0
|
0
|
0
|
0
|
0
|
$
|
472
|
0
|
||||||||||||||||||||
Colony East, WY
48-00594
|
0
|
0
|
0
|
0
|
0
|
$
|
2,732
|
0
|
||||||||||||||||||||
Colony West, WY
48-00245
|
3
|
0
|
0
|
0
|
0
|
$
|
2,399
|
0
|
||||||||||||||||||||
Gascoyne, ND
32-00459
|
1
|
0
|
0
|
0
|
0
|
$
|
972
|
0
|
||||||||||||||||||||
Lovell, WY
48-00057
|
2
|
0
|
0
|
0
|
0
|
$
|
2,089
|
0
|
||||||||||||||||||||
Sandy Ridge, AL
01-00093
|
1
|
0
|
0
|
0
|
0
|
$
|
707
|
0
|
||||||||||||||||||||
Yellowtail, WY
48-00607
|
0
|
0
|
0
|
0
|
0
|
$
|
128
|
0
|
(A) |
The total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine
safety or health hazard under section 104 of the Mine Act for which we received a citation from MSHA.
|
(B) |
The total number of orders issued under section 104(b) of the Mine Act.
|
(C) |
The total number of citations and orders for unwarrantable failure of the Company to comply with mandatory health or safety standards under section 104(d) of
the Mine Act.
|
(D) |
The total number of flagrant violations under section 110(b)(2) of the Mine Act.
|
(E) |
The total number of imminent danger orders issued under section 107(a) of the Mine Act.
|
(F) |
The total dollar value of proposed assessments from MSHA under the Mine Act.
|
(G) |
The total number of mining-related fatalities, other than fatalities determined by MSHA to be unrelated to mining activity.
|
Mine
|
Legal Actions Pending
as of Last Day of Period
|
Legal Actions Initiated
During Period
|
Legal Actions Resolved
During Period
|
|||
Lucerne Valley, CA
|
0
|
0
|
0
|
|||
Canaan, CT
|
0
|
2
|
9
|
|||
Adams, MA
|
0
|
0
|
0
|
|||
Barretts Mill, Dillon, MT
|
0
|
0
|
1
|
|||
Regal Mine, Dillon, MT
|
0
|
0
|
0
|
|||
Treasure Mine, Dillon, MT
|
0
|
0
|
0
|
|||
Belle/Colony Mine, WY
|
0
|
0
|
0
|
|||
Belle Fourche Mill, SD
|
0
|
0
|
0
|
|||
Colony East, WY
|
0
|
0
|
0
|
|||
Colony West, WY
|
0
|
0
|
0
|
|||
Gascoyne, ND
|
0
|
0
|
0
|
|||
Lovell, WY
|
0
|
0
|
0
|
|||
Sandy Ridge, AL
|
0
|
0
|
0
|
|||
Yellowtail, WY
|
0
|
0
|
0
|
%[O5KI=.551RJ
M"0%"1*P ^4(!P<[> 3I?^NPCN:*XR;Q\N=(:WM+58]1M8;E!>WZVSR"0XV0@
MJ5ED'==R_>7GYN++^);F.^U"SMK5KJ\_M,65M%-,(X\_9TE)++&2J@;NH M
MX@$$$9!Z@TM%'2P& .YI]1:V,
MG1O*N)TU>\UNYAOGU&>V,#WA$+;7=5@$1.S.U0V0-YQG.":VO$FI7&E:,\]H
MJ-=/)'# KQEPSNP4#:",GG@%E'JRC)%@:-I:ZJVJKIMF-1==K78@7SB,8P7Q
MG& !U[4@T73CHD>CSV<-SI\<:Q>1/&KHRKC&5(P>@[4NEBNMS T[Q7>3> KS
M7+JWB%[:-<1O'PB;HY&3)P[A1P"<,V.<$UC?VIX@M=;O8&N;6^OA>JL:QF5(
M?^/-I HC\P[Z>_U'4M0:XMTMRUS*H,:
M(Q=-AC52'.[KD YS3_ /A#[>Y6Y_M74]1U5IK5[0-=-&OE1N,.%$2(,GC+
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M.7E\S<#QT_>MCP.3WRU^'E@+0VCZIJ4ELME+80Q$P@0PR;A(..O3)T
MO_6UQV.SHKD[CXA:/%!%<0P7MU ;%-0GD@B!%K;ORKR98'L?E4,W!.*@N_'4
M6G>(]0M[K8^FP6%K<6YA0M--)-(R*B\X.<+@8'4Y..AUM_7]:"OU_K^M3LZ*
MY4^/=/ 6#[#?_P!IF\%D=-VQ^>)"F_KOV;=GS;@V,>_%01>/;.]L-!U&W$]M
M;:G>R6Q6YMP7'EB3=G$@V(M,TM;TS^?&\M]I-NZ0*1
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M F[1
;U*>8&W^I''!%=W
M10M%;RL'5OU/((]=N7FO=0M/%$$]Z=-M?M$\JI$MFQF;?&6$;K%C)'[Q&*_Q
M$]:[KP7KW]L^'[22YNC)=N90#*T6Z4(V"RF(E)%&Y1O3 )YPN<#I:*%HK?UO
M<'O?^MK!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %4+[3O
MMM]IMSYNS[%.TVW;G?F-TQG/'W\]^E7Z* .3\2>"AX@NKB
Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 04, 2019 |
Jul. 01, 2018 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MINERALS TECHNOLOGIES INC | ||
Entity Central Index Key | 0000891014 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Public Float | $ 2.3 | ||
Entity Common Stock, Shares Outstanding | 35,230,318 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 3.2 | $ 4.2 |
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) | 48,793,918 | 48,644,736 |
Common stock held in treasury, shares (in shares) | 13,603,575 | 13,270,391 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Consolidated net income | $ 173.2 | $ 199.0 | $ 137.1 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (67.9) | 44.7 | (40.2) |
Pension and postretirement plan adjustments | 16.9 | (8.5) | (3.2) |
Unrealized gains on cash flow hedges | 1.6 | 0.3 | 1.6 |
Total other comprehensive income (loss), net of tax | (49.4) | 36.5 | (41.8) |
Total comprehensive income including non-controlling interests | 123.8 | 235.5 | 95.3 |
Less: Net income attributable to non-controlling interests | 4.2 | 3.9 | 3.7 |
Less: Foreign currency translation adjustments attributable to non-controlling interests | (1.8) | 1.5 | (1.6) |
Comprehensive income attributable to non-controlling interests | 2.4 | 5.4 | 2.1 |
Comprehensive income attributable to Minerals Technologies Inc. | $ 121.4 | $ 230.1 | $ 93.2 |
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, 2015 | $ 4.8 | $ 387.6 | $ 1,292.7 | $ (180.9) | $ (593.7) | $ 27.2 | $ 937.7 |
Net income | 0.0 | 0.0 | 133.4 | 0.0 | 0.0 | 3.7 | 137.1 |
Other comprehensive income (loss) | 0.0 | 0.0 | 0.0 | (40.2) | 0.0 | (1.6) | (41.8) |
Dividends declared | 0.0 | 0.0 | (7.0) | 0.0 | 0.0 | 0.0 | (7.0) |
Dividends to non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (4.9) | (4.9) |
Issuance of shares pursuant to employee stock compensation plans | 0.0 | 5.5 | 0.0 | 0.0 | 0.0 | 0.0 | 5.5 |
Income tax benefit arising from employee stock compensation plans | 0.0 | 0.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.6 |
Purchase of common stock for treasury | 0.0 | 0.0 | 0.0 | 0.0 | (2.6) | 0.0 | (2.6) |
Stock-based compensation | 0.0 | 6.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.3 |
Balance at Dec. 31, 2016 | 4.8 | 400.0 | 1,419.1 | (221.1) | (596.3) | 24.4 | 1,030.9 |
Net income | 0.0 | 0.0 | 195.1 | 0.0 | 0.0 | 3.9 | 199.0 |
Other comprehensive income (loss) | 0.0 | 0.0 | 0.0 | 35.0 | 0.0 | 1.5 | 36.5 |
Dividends declared | 0.0 | 0.0 | (7.0) | 0.0 | 0.0 | 0.0 | (7.0) |
Dividends to non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (2.4) | (2.4) |
Issuance of shares pursuant to employee stock compensation plans | 0.1 | 14.6 | 0.0 | 0.0 | 0.0 | 0.0 | 14.7 |
Purchase of common stock for treasury | 0.0 | 0.0 | 0.0 | 0.0 | (0.7) | 0.0 | (0.7) |
Stock-based compensation | 0.0 | 8.1 | 0.0 | 0.0 | 0.0 | 0.0 | 8.1 |
Balance at Dec. 31, 2017 | 4.9 | 422.7 | 1,607.2 | (186.1) | (597.0) | 27.4 | 1,279.1 |
Net income | 0.0 | 0.0 | 169.0 | 0.0 | 0.0 | 4.2 | 173.2 |
Other comprehensive income (loss) | 0.0 | 0.0 | 0.0 | (47.6) | 0.0 | (1.8) | (49.4) |
Dividends declared | 0.0 | 0.0 | (7.1) | 0.0 | 0.0 | 0.0 | (7.1) |
Dividends to non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (1.8) | (1.8) |
Acquisition of non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 |
Capital contribution from non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.7 | 3.7 |
Issuance of shares pursuant to employee stock compensation plans | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.0 |
Purchase of common stock for treasury | 0.0 | 0.0 | 0.0 | 0.0 | (21.7) | 0.0 | (21.7) |
Stock-based compensation | 0.0 | 6.2 | 0.0 | 0.0 | 0.0 | 0.0 | 6.2 |
Balance at Dec. 31, 2018 | $ 4.9 | $ 431.9 | $ 1,769.1 | $ (233.7) | $ (618.7) | $ 31.8 | $ 1,385.3 |
Summary of Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
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. Use of Estimates The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, income tax, 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 $3.8 million and $2.7 million at December 31, 2018 and 2017, respectively. There were no unrealized holding gains and losses on the short-term bank investments held at December 31, 2018. 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 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 generally on a percentage depletion basis for tax purposes. Stripping Costs Incurred During Production Stripping costs are those costs incurred for the removal of waste materials for the purpose of accessing ore body that will be produced commercially. Stripping costs incurred during the production phase of a mine are variable costs that are included in the costs of inventory produced during the period that the stripping costs are incurred. Accounting for the Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest), resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset, determined principally using discounted cash flows. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized, but instead assessed for impairment. Intangible assets with estimable useful lives are amortized on a straight-line basis over their respective estimated lives to the estimated residual values, and reviewed for impairment. The Company performs a qualitative assessment for each of its reporting units to determine if the two step process for impairment testing is required. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would then evaluate the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the fair value for the reporting unit is compared to its book value including goodwill. In the case that the fair value of the reporting unit is less than book value, a second step is performed which compares the fair value of the reporting unit's goodwill to the book value of the goodwill. The fair value for the goodwill is determined based on the difference between the fair values of the reporting unit and the net fair values of the identifiable assets and liabilities of such reporting unit. If the fair value of the goodwill is less than the book value, the difference is recognized as impairment. 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, 2018, the book value of the Company’s equity method investments was $17.8 million. Accounting for Asset Retirement Obligations The Company provides for obligations associated with the retirement of long-lived assets and the associated asset retirement costs. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company also provides for legal obligations to perform asset retirement activities where timing or methods of settlement are conditional on future events. The Company also records liabilities related to land reclamation as a part of the asset retirement obligations. The Company mines land for various minerals using a surface-mining process that requires the removal of overburden. In many instances, the Company is obligated to restore the land upon completion of the mining activity. As the overburden is removed, the Company recognizes this liability for land reclamation based on the estimated fair value of the obligation. The obligation is adjusted to reflect the passage of time and changes in estimated future cash outflows. Fair Value of Financial Instruments The recorded amounts of cash and cash equivalents, receivables, short-term borrowings, accounts payable, accrued interest, and variable-rate long-term debt approximate fair value because of the short maturity of those instruments or the variable nature of underlying interest rates. Short-term investments are recorded at cost, which approximates fair market value. Derivative Financial Instruments The Company records derivative financial instruments which are used to hedge certain foreign exchange risk at fair value on the balance sheet. See Note 11 for a full description of the Company's hedging activities and related accounting policies. Revenue Recognition Revenue is recognized at the point in time when the customer obtains control of the promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. The Company's revenues are primarily derived from the sale of products. Our primary performance obligation is satisfied upon shipment or delivery to our customer based on written sales terms, which is also when control is transferred. Revenues from sales of equipment are recorded upon completion of installation and transfer of control to the customer. Revenues from services are recorded when the services are performed. In most of our PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year. Under those contracts, the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to the customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. There were no significant revenue adjustments in the fourth quarter of 2018 and 2017, respectively. We have consignment arrangements with certain customers in our Refractories segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer. Revenues within our Energy Services segment is service based. Certain contracts within this segment are long-term contracts. Revenue where our performance obligations are satisfied in phases is recognized over time using certain input measures based on the measurement of the value transferred to the customer, including milestones achieved. 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, 2018, 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 foreign withholding taxes on international subsidiaries' unremitted earnings, which are expected to be permanently reinvested overseas. Research and Development Research and development costs are expensed as incurred. Accounting for Stock-Based Compensation The Company recognizes compensation expense for share-based awards based upon the grant date fair value over the vesting period. Pension and Post-retirement Benefits The Company has defined benefit pension plans covering the majority of its employees. The benefits are generally based on years of service and an employee's modified career earnings. The Company also provides post-retirement healthcare benefits for the majority of its retirees and employees in the United States. The Company measures the costs of its obligation based on its best estimate. The net periodic costs are recognized as employees render the services necessary to earn the post-retirement benefits. Environmental Expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when it is probable the Company will be obligated to pay amounts for environmental site evaluation, remediation or related costs, and such amounts can be reasonably estimated. Earnings Per Share Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share have been computed based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. Subsequent Events The Company has evaluated for subsequent events through the date of issuance of its financial statements. Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. Leases In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use ("ROU") assets. 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 with early adoption permitted. ASU 2016-02 mandates a modified retrospective transition method for all entities, applying the new lease standard to all leases existing at the date of initial application. The Company has adopted this new standard effective January 1, 2019 using the effective date as our date of initial application. As such, financial information and required disclosures will not be provided for dates prior to January 1, 2019. The new standard provides a number of optional practical expedients in transition. We have elected the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard also provides practical expedients for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption for all leases that qualify. On adoption, we currently expect to recognize additional operating liabilities between $60 million to $65 million with corresponding ROU assets ranging from $50 million to $55 million based on the present value of the remaining lease payments under existing operating leases. The adoption of this standard will not have a material impact on the Company's financial statements. Intangibles – Goodwill and Other In January 2017, the FASB issued ASU 2017-04, "Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment", which no longer requires an entity to perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, goodwill will be measured using the difference between the carrying amount and the fair value of the reporting unit. The standard is effective for the interim and annual periods beginning on or after December 15, 2019, with early adoption permitted. The Company will adopt this standard on January 1, 2020. The adoption of this standard is not expected to have a material impact on the Company's financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. The standard is effective for the interim and annual periods beginning after December 15, 2018, with early adoption permitted. We have adopted this standard effective January 1, 2019. The adoption of this standard is not expected to have a material impact on the Company's financial statements. Retirement Benefits In August 2018, the FASB issued ASU 2018-14, "Compensation – Retirement Benefits – Defined Benefit Plans – General: Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans," which removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of certain disclosures and adds disclosure requirements identified as relevant. The standard is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company will adopt this standard on January 1, 2021. The adoption of this standard is not expected to have a material impact on the Company's financial statements. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement," which eliminates, amends and adds disclosure requirements for fair value measurement. The standard is effective for the interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company will adopt this standard on January 1, 2020. The adoption of this standard is not expected to have a material impact on the Company's financial statements. Adoption of ASU 2014-09 Revenue from Contracts with Customers On January 1, 2018, the Company adopted the provisions of ASU No. 2014-09, “Revenue from Contracts with Customers”. 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 standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The standard 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 Company has elected to use the cumulative effect transition method and there has not been a change to our previously reported financial results. Under accounting standards codification (ASC 606), revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We measure revenue based on the consideration specified in the customer arrangement and revenue is recognized when the performance obligations in the customer arrangement are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as, the customer receives the benefit of the performance obligation. Customers typically receive the benefit as goods are delivered and services are performed. We utilized a comprehensive approach to assess the impact of the standard on our contract portfolio by reviewing our current accounting policies and practices to identify potential differences that would result from applying the new requirements to our revenue contracts, including evaluation of our performance obligations, principal versus agent considerations and variable consideration. We recognize revenue when our performance obligation is satisfied. See Note 2 to the Consolidated Financial Statements. Adoption of ASU 2017-07 Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost On January 1, 2018, the Company adopted the provisions of ASU 2017-07, “Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, which requires companies to present the service cost component of the net benefit cost in the same line items in which they report compensation cost. All other components of net periodic benefit cost will be presented outside operating income. The provisions have been applied retrospectively for the income statement presentation requirements. Prior to the adoption of the standard, the Company classified all net periodic benefit costs within operating costs, primarily within “Marketing and administrative expenses” on the Consolidated Statements of Income. The line item classification changes required by the standard did not impact the Company’s pre-tax earnings or net income; however, “Income from operations” and “Other non-operating income (deductions), net” changed by immaterial offsetting amounts. As a result of the accounting change, the Company reclassified approximately $1.7 million and $3.0 million from marketing and administrative expenses to other non-operating deductions for the years ended December 31, 2017 and 2016, respectively, to conform to the current year presentation. Adoption of ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities On January 1, 2018, the Company early adopted the provisions of ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which improves and simplifies existing standard to allow companies to better reflect their risk management activities in the financial statements. The standard expands the ability to hedge nonfinancial and financial risk components, eliminates the requirement to separately measure and recognize hedge ineffectiveness and eases requirements of an entity’s assessment of hedge effectiveness. The adoption of this standard did not have an impact on the Company’s financial statements. Adoption of ASU 2017-01 Business Combinations On January 1, 2018, the Company adopted the provisions of ASU 2017-01, “Business Combinations,” which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The adoption of this new standard did not have an impact on the Company’s financial statements. |
Revenue from Contracts with Customers |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Note 2. Revenue from Contracts with Customers The Company’s revenues are primarily derived from the sale of products in product lines within our Performance Materials, Specialty Minerals, Refractories and Energy Services businesses. Our primary performance obligation (the sale of products) is satisfied upon shipment or delivery to our customers based on written sales terms, which is also when control is transferred. In most of our contracts in our Paper PCC product line, which is in our Specialty Minerals segment, the price per ton is based upon the total number of tons sold to the customer during the year. Under these contracts, the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to such customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. 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 and control is transferred to the customer. Revenue from sales of equipment, primarily in our Refractory products product line within our Refractories segment, is recorded upon completion of installation and control is transferred to the customer. Revenue from services is recorded when the services have been performed. Included within our Refractory products product line are certain consignment arrangements with certain customers in our Refractories segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer and control is transferred. Revenue from long-term construction, primarily in our Energy Services segment, where our performance obligations are satisfied in phases, is recognized over time using certain input measures based on the measurement of the value transferred to the customer, including milestones achieved. The following table disaggregates our revenue by major source (product line) for the years ended December 31, 2018, 2017 and 2016:
|
Business Combination |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination | Note 3. Business Combination On April 30, 2018, the Company completed the acquisition of Sivomatic Holding B.V. (“Sivomatic”), a leading European supplier of premium pet litter products. Sivomatic is a vertically integrated manufacturer, with production facilities in the Netherlands, Austria and Turkey. With a leading position in premier clumping products, Sivomatic’s product portfolio spans the range of pet litter derived from bentonite, sourced predominantly from wholly-owned mines in Turkey. The results of Sivomatic are included in our Performance Materials segment. Sivomatic sales of $61.8 million are included in the Company's consolidated results for the year ended December 31, 2018. The acquisition was financed through a combination of cash on hand and borrowings under the Company’s credit facilities. The fair value of the total consideration transferred, net of cash acquired, was $122.5 million. The acquisition has been accounted for using the acquisition method of accounting, which requires, among other things, that we recognize the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. As of December 31, 2018, the purchase price allocation remains preliminary as the Company completes its assessment of property, mineral rights, certain reserves including environmental, legal and tax matters, obligations, intangible assets, taxes payable, impact of foreign exchange and deferred taxes, as well as complete our review of Sivomatic’s existing accounting policies. The following table summarizes the Company’s preliminary purchase price allocation for the Sivomatic acquisition as of December 31, 2018, as compared with the allocation previously reported on the Company's Form 10-Q for the quarter ended July 1, 2018:
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. 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 allocation is expected to be completed during the second quarter of 2019. 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 $18.8 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. Plant, property and equipment were valued using the cost method adjusted for age and deterioration. Intangible assets acquired mainly include tradenames and customer relationships. Tradenames have an estimated useful life of approximately 20 years. Customer relationships have an estimated useful life of approximately 20 years. The Company incurred $1.7 million of acquisition-related costs during the year ended December 31, 2018, which are reflected within the Acquisition related transaction and integration costs line of the Consolidated Statements of Income. We did not present pro forma and other financial information for the Sivomatic acquisition, as this is not considered to be a material business combination. |
Restructuring and Other Items, net |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Items, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Items, net | Note 4. Restructuring and Other Items, net In 2016, the Company recognized 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. In addition, the Company recognized a $2.9 million gain on previously impaired assets in the Refractories and Energy Services Segments. In 2017, the Company recognized $15.0 million in restructuring and non-cash impairment charges from the closure of paper mills in North America, as well as the alignment of corporate and Paper PCC staffing levels into higher growth regions. The restructuring is expected to result in approximately $6 million (unaudited) in savings on an annualized basis. In 2018, the Company recorded impairment of assets charges relating to the shut-down of one of its Paper PCC facilities in the U.S. in the first quarter of 2019 and additional restructuring costs relating to our exited Energy Services businesses. The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income, and the segments they relate to:
At December 31, 2018 and 2017, the Company had $2.5 million and $8.1 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 2019. The following table is a reconciliation of our restructuring liability balance:
|
Stock-Based Compensation |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Note 5. 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 Plans generally have a ten year term. The exercise price for stock options are at prices at or above the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years. Stock-based compensation expense is recognized in the consolidated financial statements for stock options based on the grant date fair value. Net income for years ended 2018, 2017 and 2016 include $4.2 million, $4.1 million and $3.5 million pre-tax compensation costs, respectively, related to stock option expense as a component of marketing and administrative expenses. All stock option expense is recognized in the consolidated statements of operations. The related tax benefit included in the statement of income on the non-qualified stock options was $1.1 million, $1.1 million and $1.4 million for 2018, 2017 and 2016, respectively. Stock Options The fair value of options granted is estimated on the date of grant using the Black-Scholes valuation model. Compensation expense is recognized only for those options expected to vest, with forfeitures estimated at the date of grant based on the Company's historical experience and future expectations. The forfeiture rate assumption used for the periods ended December 31, 2018, 2017 and 2016 was 8.20%, 8.71% and 7.38%, respectively. The weighted average grant date fair value for stock options granted during the years ended December 31, 2018, 2017 and 2016 was $25.79, $30.28 and $14.34, respectively. The weighted average grant date fair value for stock options vested during 2018, 2017 and 2016 was $21.33, $18.45 and $20.94, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2018, 2017 and 2016 was $3.3 million, $11.7 million and $4.9 million, respectively. The fair value for stock awards was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions for the years ended December 31, 2018, 2017 and 2016:
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, 2018:
The aggregate intrinsic value above is calculated before applicable income taxes, based on the Company's closing stock price of $51.34 as of the last business day of the period ended December 31, 2018 had all options been exercised on that date. The weighted average intrinsic value of the options exercised during 2018, 2017 and 2016 was $33.10, $32.95 and $32.34 per share, respectively. As of December 31, 2018, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $4.5 million, which is expected to be recognized over a weighted average period of approximately three years. The Company issues new shares of common stock upon the exercise of stock options Non-vested stock option activity for the year ended December 31, 2018 is as follows:
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 69,361 shares, 69,539 shares and 155,165 shares for the periods ended December 31, 2018, 2017 and 2016, respectively. The fair value was determined based on the market value of unrestricted shares. As of December 31, 2018, there was unrecognized stock-based compensation related to restricted stock of $5.1 million, which will be recognized over approximately the next three years. The compensation expense amortized with respect to all units was approximately $4.4 million, $5.9 million and $5.8 million for the periods ended December 31, 2018, 2017 and 2016, respectively. In addition, the Company recorded reversals of $2.4 million, $2.4 million and $3.8 million for periods ended December 31, 2018, 2017 and 2016, 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:
|
Earnings Per Share (EPS) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (EPS) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (EPS) | Note 6. Earnings Per Share (EPS)
Options to purchase 568,284 shares, 181,003 shares and 784 shares of common stock for the years ended December 31, 2018, 2017 and 2016, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of the common shares. |
Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 7. Income Taxes The U.S. Tax Cuts and Jobs Act (“U.S. Tax Reform”), enacted in December 2017, significantly changes U.S. corporate income tax laws by, among other things, reducing the U.S. corporate income tax rate to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. Under U.S. GAAP (specifically, ASC Topic 740), the effects of changes in tax rates and laws on deferred tax balances are recognized in the period in which the new legislation is enacted. During 2018, we recorded a benefit of $4.4 million as a measurement period adjustment to the one-time mandatory tax on previously deferred earnings of non-U.S. subsidiaries. The accounting for income tax effects of U.S. Tax Reform is complete based on additional tax regulations available as of December 31, 2018. Amounts recorded during 2018 and 2017, respectively, are reflected within the provision for income taxes in the Consolidated Statement of Income. Additionally, U.S. tax reform subjects a U.S. shareholder to current tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. We have elected to not recognize deferred taxes for temporary differences until such differences reverse as GILTI in future years. Income from operations before provision for taxes by domestic and foreign source is as follows:
The provision (benefit) for taxes on income consists of the following:
The provision (benefit) for taxes on income shown in the previous table is classified based on the location of the taxing authority, regardless of the location in which the taxable income is generated. The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows:
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:
Net deferred tax assets and net deferred tax liabilities are as follows:
The Company has $34.4 million of deferred tax assets arising from tax loss carry forwards which will be realized through future operations. Carry forwards of approximately $17.1 million expire over the next 20 years, and $17.3 million can be utilized over an indefinite period. On December 31, 2018, the Company had $16.6 million of total unrecognized tax benefits. Included in this amount were a total of $13.2 million of unrecognized income tax benefits that, if recognized, would affect the Company's effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, 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:
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 $0.9 million benefit in interest and penalties during 2018 and had a total accrued balance on December 31, 2018 of $2.5 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 international income tax examinations by tax authorities for years prior to 2010. Net cash paid for income taxes were $43.8 million, $47.7 million and $30.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company had approximately $507.8 million of foreign subsidiaries' undistributed earnings as of December 31, 2018. We intend to continue to permanently reinvest these earnings overseas for the foreseeable future and while U.S. federal tax expense as been recognized as a result of U.S. Tax Reform, no deferred tax liabilities with respect to foreign withholding taxes or state taxes have been recognized. |
Inventories |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Note 8. Inventories The following is a summary of inventories by major category:
|
Property, Plant and Equipment |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
Depreciation and depletion expense for the years ended December 31, 2018, 2017 and 2016 was $80.7 million, $75.6 million and $75.4 million, respectively. |
Goodwill and Other Intangible Assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $812.4 million and $779.3 million as of December 31, 2018 and December 31, 2017, respectively. The net change in goodwill since December 31, 2017 was primarily attributable to the Sivomatic acquisition (see Note 3). The balance of goodwill by segment and the activity occurring in the past two fiscal years is as follows:
Acquired intangible assets subject to amortization as of December 31, 2018 and December 31, 2017 were as follows:
The weighted average amortization period of the acquired intangible assets subject to amortization is approximately 32 years. Amortization expense was approximately $8.8 million, $8.0 million and $8.2 million for the years ended December 31, 2018, 2017 and 2016, respectively and is recorded within the Marketing and administrative expenses line within the Consolidated Statements of Income. The estimated amortization expense is as follows: 2019 - $9.3 million; 2020 -$9.3; 2021 - $9.3; 2022 -$9.1 million; 2023 - $9.0 million and $168.1 million thereafter. |
Derivative Financial Instruments and Hedging Activities |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
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. In the second quarter of 2018, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this swap is a liability of $2.4 million at December 31, 2018 and is recorded in other non-current liabilities on the Consolidated Balance Sheet. In addition, in 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, 2018 was $143 million. The fair value of this swap is an asset of $2.7 million at December 31, 2018 and is recorded in other assets and deferred charges on the Consolidated Balance Sheet. These interest rate swaps are designated as cash flow hedges. The gains and losses associated with these interest rate swaps are recorded in accumulated other comprehensive income (loss). Net Investment Hedges To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, the Company from time to time hedges a portion of our net investment in one or more of our foreign subsidiaries. During the second quarter of 2018, the Company entered into a cross currency rate swap with a total notional value of $150 million to exchange monthly fixed-rate interest payments in U.S. dollars for monthly fixed-rate interest rate payments in Euros. This contract matures in May 2023 and requires the exchange of Euros and U.S. dollar principal payments upon maturity. The fair value of this swap is an asset of $3.7 million at December 31, 2018 and is recorded in other assets and deferred charges on the Consolidated Balance Sheet. Changes in the fair value of this instrument are recognized in accumulated other comprehensive income (loss) to offset the change in the carrying amount of the net investment being hedged. Amounts are reclassified out of accumulated other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated. Other The Company is exposed to potential gains or losses from foreign currency fluctuations affecting net investments and 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 (gains) losses of $(0.7) million and $(1.2) million in other non-operating income (deductions), net within the Consolidated Statements of Income for the years ended 2018 and 2017, respectively. There were no open contracts at December 31, 2018 and December 31, 2017. |
Fair Value of Financial Instruments |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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.
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 December 31, 2018 and 2017. 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 Concentrations of Credit Risk |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
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: The carrying amounts approximate fair value because of the short maturities of these instruments. Short-term debt and other liabilities: The carrying amounts of short-term debt and other liabilities approximate fair value because of the short maturities of these instruments. Long-term debt: The fair value of the long-term debt of the Company is estimated based on the quoted market prices for that debt or similar debt and approximates the carrying amount. Forward exchange contracts: The fair value of forward exchange contracts (used for hedging purposes) is based on information derived from active markets. If appropriate, the Company would enter into forward exchange contracts to mitigate the impact of foreign exchange rate movements on the Company's operating results. It does not engage in speculation. Such foreign exchange contracts would offset losses and gains on the assets, liabilities and transactions being hedged. Credit risk: The Company provides credit to customers in the ordinary course of business. The Company’s customer base is diverse and includes customers located throughout the world. Credit risk results from the possibility that a loss may occur from the failure of another party to perform according to the terms of the contracts. The Company regularly monitors its credit risk exposures and takes steps to mitigate the likelihood of these exposures resulting in an actual loss. The Company's extension of credit is based on an evaluation of the customer's financial condition and collateral is generally not required. The Company's bad debt expense for the years ended December 31, 2018, 2017 and 2016 was $3.2 million, $3.8 million and $6.2 million, respectively. |
Long-Term Debt and Commitments |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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, 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, which extended the maturity and lowered the interest costs by 75 basis points. On April 18, 2018, the Company entered into an amendment (the “Third Amendment”) to the credit agreement to refinance the Revolving Facility. As amended, the Revolving Facility has been increased to $300 million in aggregate commitments. Following the amendments, the loans outstanding under the floating rate tranche of the Term Facility will mature on February 14, 2024, the loans outstanding under the fixed rate tranche of the Term Facility will mature 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 April 18, 2023. 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. Loans under the fixed rate tranche of the Term Facility bear interest at a rate of 4.75%. Loans under the Revolving Facility bear interest at a rate equal to an adjusted LIBOR rate plus an applicable margin equal to 1.625% 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 floating rate tranche of the Term Facility was issued at par and the fixed rate tranche of the Term Facility was issued at a 0.25% discount in connection with the First Amendment. The variable rate tranche of the Term Facility was issued at a 0.25% discount in connection with the Second Amendment. The variable rate tranche has a 1% required amortization per year. The Company will pay certain fees under the credit agreement, including customary annual administration fees. 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. In connection with the Sivomatic acquisition, the Company incurred $113.0 million of short-term debt under the Revolving Facility. As of December 31, 2018, there were $100 million in outstanding loans and $10.5 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 2018, the Company repaid $57 million on its Term Facility and $13 million on its Revolving Facility. As part of the Sivomatic acquisition, the Company assumed $10.7 million in long-term debt, recorded at fair value, consisting of two term loans, one of which matures in 2020 and the other of which matures in 2022. These loans carry an interest rate of Euribor plus 2.0% and have quarterly repayments. During 2018, the Company repaid $5.4 million on these loans. The Company has committed loan facilities for the funding of new manufacturing facilities in China. In addition, the Company has a committed loan facility in Japan. As of December 31, 2018, on a combined basis, $5.1 million was outstanding. Principal will be repaid in accordance with the payment schedules ending in 2022. The Company repaid $3.8 million on these loans in 2018. As of December 31, 2018, the Company had $42.7 million in uncommitted short-term bank credit lines, of which approximately $5.2 million was in use. Short-term borrowings as of December 31, 2018 and 2017 were $105.2 million and $6.3 million, respectively. The weighted average interest rate on short-term borrowings outstanding as of December 31, 2018 and December 31, 2017 was 4.0% and 3.9%, respectively. The aggregate maturities of long-term debt are as follows: $3.3 million in 2019; $2.2 million in 2020; $267.2 million in 2021, $0.2 million in 2022; $0.0 million in 2023 and $658.0 million thereafter. During 2018, 2017 and 2016, respectively, the Company incurred interest costs of $48.6 million, $45.4 million and $56.5 million, including $0.5 million, $0.2 million and $0.1 million, respectively, which were capitalized. Interest paid approximated the incurred interest cost. |
Benefit Plans |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 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:
Amounts recognized in the consolidated balance sheet consist of:
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:
The accumulated benefit obligation for all defined benefit pension plans was $389.9 million and $435.4 million at December 31, 2018 and 2017, respectively. Changes in the Plan assets and benefit obligations recognized in other comprehensive income:
The components of net periodic benefit costs are as follows:
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 2019 estimated amortization of amounts in other accumulated comprehensive income are as follows:
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 31,2018, 2017 and 2016 are as follows:
The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31,2018, 2017 and 2016 are as follows:
For 2018, 2017 and 2016, 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/(loss) on pension assets was approximately (5)% in 2018, 11% in 2017 and 8% in 2016. The Company maintains a self-funded health insurance plan for its retirees. This plan provided that the maximum health care cost trend rate would be 5%. Effective June 2010, the Company amended its plan to change the eligibility requirement for retirees and revised its plan so that increases in expected health care costs would be borne by the retiree. Plan Assets The Company's pension plan weighted average asset allocation percentages at December 31, 2018 and 2017 by asset category are as follows:
The Company's pension plan fair values at December 31, 2018 and 2017 by asset category are as follows:
The following table presents domestic and foreign pension plan assets information at December 31, 2018, 2017 and 2016 (the measurement date of pension plan assets):
The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2018:
The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2017:
U.S. equities – This class included actively and passively managed common equity securities comprised primarily of large-capitalization stocks with value, core and growth strategies. Non-U.S. equities – This class included actively managed common equity securities comprised primarily of international large-capitalization stocks. Fixed income – This class included debt instruments issued by the US Treasury, and corporate debt instruments. 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):
There were no transfers in or out of Level 3 during the year ended December 31, 2018 and 2017. Contributions The Company expects to contribute $9.7 million to its pension plans and $0.3 million to its other post-retirement benefit plan in 2019. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
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, 2018 was approximately 9%. The Company’s assets are strategically allocated among equity, debt and other investments to achieve a diversification level that dampens fluctuations in investment returns. The Company’s long-term investment strategy is an investment portfolio mix of approximately 55%-65% in equity securities, 30%-35% in fixed income securities and 0%-15% in other securities. Savings and Investment Plans The Company maintains a voluntary Savings and Investment Plan (a 401(k) plan) for most non-union employees in the U.S. Within prescribed limits, the Company bases its contribution to the Savings and Investment Plan on employee contributions. The Company's contributions amounted to $5.4 million, $5.2 million and $5.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Leases |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
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 $19.5 million, $19.3 million and $16.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Total future minimum rental commitments under all non-cancelable leases for each of the years 2019 through 2023 and in aggregate thereafter are approximately $17.3 million, $13.0 million, $9.5 million, $8.2 million, $7.0 million, respectively, and $24.8 million thereafter. Total future minimum payments to be received under non-cancelable leases for each of the years 2019 through 2023 and the aggregate thereafter are approximately: $1.6 million, $1.2 million, $1.2 million, $1.1 million, $1.0 million and $0 million thereafter. |
Litigation |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Litigation [Abstract] | |
Litigation | Note 17. Litigation The Company is party to a number of lawsuits arising in the normal course of our business. 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 thirty four pending asbestos cases. To date, 1,493 silica cases and 57 asbestos cases have been dismissed, not including any lawsuits against AMCOL or American Colloid Company dismissed prior to our acquisition of AMCOL. Fourteen new asbestos cases were filed in 2018 and four additional cases were filed subsequent to the end of 2018. Four asbestos cases were dismissed during 2018 and no silica cases were dismissed during 2018. 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. The Company is entitled to indemnification, pursuant to agreement, for sales prior to the initial public offering. Of the 34 pending asbestos cases, 25 of the non-AMCOL cases are subject to indemnification, in whole or in part, because the plaintiffs claim liability based on sales of products that occurred either entirely before the initial public offering, or both before and after the initial public offering. In five of the six remaining non-AMCOL cases, the plaintiffs have not alleged dates of exposure, and in the sixth remaining non-AMCOL case, exposure is alleged to have been after the Company's initial public offering in 1992. The remaining three cases involve AMCOL only, so no Pfizer indemnity is available. 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 4th quarter of 2014 to resolve the Company’s claim for response costs for investigation and initial remediation activities at this facility through October 24, 2014. Contribution by the United States to any future costs of investigation or additional remediation has, by agreement, been left unresolved. Though the cost of the likely remediation remains uncertain pending completion of the phased remediation decision process, we have estimated that the Company’s share of the cost of the encapsulation and limited soil removal described above would approximate $0.4 million, which has been accrued as of December 31, 2018. 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, 2018. 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 |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 35,190,343 shares and 35,374,345 shares were outstanding at December 31, 2018 and 2017, respectively, and 1,000,000 shares of preferred stock, none of which were issued and outstanding. Cash Dividends Cash dividends of $7.1 million or $0.20 per common share were paid during 2018. In January 2019, a cash dividend of approximately $1.7 million or $0.05 per share, was declared, payable in the first quarter of 2019. 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:
|
Accumulated Other Comprehensive Income (Loss) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
The following table summarizes the changes in other comprehensive income (loss) by component:
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 (benefit) for taxes on income line within Consolidated Statements of Income. |
Accounting for Asset Retirement Obligations |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018 and 2017:
The Company mines various minerals using a surface mining process that requires the removal of overburden. In certain areas and under various governmental regulations, the Company is obligated to restore the land comprising each mining site to its original condition at the completion of the mining activity. This liability will be adjusted to reflect the passage of time, mining activities, and changes in estimated future cash outflows The current portion of the liability of approximately $0.4 million is included in other current liabilities and the long-term portion of the liability of approximately $23.0 million is included in other non-current liabilities in the Consolidated Balance Sheet as of December 31, 2018. Accretion expense is included in cost of goods sold in the Company's Consolidated Statements of Income. |
Segment and Related Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Related Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Related Information | Note 21. Segment and Related Information The Company determines its operating segments based on the discrete financial information that is regularly evaluated by its chief operating decision maker, our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The Company's operating segments are strategic business units that offer different products and serve different markets. They are managed separately and require different technology and marketing strategies. The Company has four reportable segments: Performance Materials, Specialty Minerals, Refractories and Energy Services.
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, 2018, 2017 and 2016 was as follows:
A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows:
Financial information relating to the Company's operations by geographic area was as follows:
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 asset. The Company's sales by product category are as follows:
|
Quarterly Financial Data (unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (unaudited) | Note 22. Quarterly Financial Data (unaudited)
|
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | MINERALS TECHNOLOGIES INC. & SUBSIDIARY COMPANIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (millions of dollars)
|
Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
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. |
Use of Estimates | Use of Estimates The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, income tax, 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 $3.8 million and $2.7 million at December 31, 2018 and 2017, respectively. There were no unrealized holding gains and losses on the short-term bank investments held at December 31, 2018. |
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 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 generally on a percentage depletion basis for tax purposes. |
Stripping Costs Incurred During Production | Stripping Costs Incurred During Production Stripping costs are those costs incurred for the removal of waste materials for the purpose of accessing ore body that will be produced commercially. Stripping costs incurred during the production phase of a mine are variable costs that are included in the costs of inventory produced during the period that the stripping costs are incurred. |
Accounting for the Impairment of Long-Lived Assets | Accounting for the Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest), resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset, determined principally using discounted cash flows. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized, but instead assessed for impairment. Intangible assets with estimable useful lives are amortized on a straight-line basis over their respective estimated lives to the estimated residual values, and reviewed for impairment. The Company performs a qualitative assessment for each of its reporting units to determine if the two step process for impairment testing is required. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would then evaluate the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the fair value for the reporting unit is compared to its book value including goodwill. In the case that the fair value of the reporting unit is less than book value, a second step is performed which compares the fair value of the reporting unit's goodwill to the book value of the goodwill. The fair value for the goodwill is determined based on the difference between the fair values of the reporting unit and the net fair values of the identifiable assets and liabilities of such reporting unit. If the fair value of the goodwill is less than the book value, the difference is recognized as impairment. |
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, 2018, the book value of the Company’s equity method investments was $17.8 million. |
Accounting for Asset Retirement Obligations | Accounting for Asset Retirement Obligations The Company provides for obligations associated with the retirement of long-lived assets and the associated asset retirement costs. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company also provides for legal obligations to perform asset retirement activities where timing or methods of settlement are conditional on future events. The Company also records liabilities related to land reclamation as a part of the asset retirement obligations. The Company mines land for various minerals using a surface-mining process that requires the removal of overburden. In many instances, the Company is obligated to restore the land upon completion of the mining activity. As the overburden is removed, the Company recognizes this liability for land reclamation based on the estimated fair value of the obligation. The obligation is adjusted to reflect the passage of time and changes in estimated future cash outflows. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The recorded amounts of cash and cash equivalents, receivables, short-term borrowings, accounts payable, accrued interest, and variable-rate long-term debt approximate fair value because of the short maturity of those instruments or the variable nature of underlying interest rates. Short-term investments are recorded at cost, which approximates fair market value. |
Derivative Financial Instruments | Derivative Financial Instruments The Company records derivative financial instruments which are used to hedge certain foreign exchange risk at fair value on the balance sheet. See Note 11 for a full description of the Company's hedging activities and related accounting policies. |
Revenue Recognition | Revenue Recognition Revenue is recognized at the point in time when the customer obtains control of the promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. The Company's revenues are primarily derived from the sale of products. Our primary performance obligation is satisfied upon shipment or delivery to our customer based on written sales terms, which is also when control is transferred. Revenues from sales of equipment are recorded upon completion of installation and transfer of control to the customer. Revenues from services are recorded when the services are performed. In most of our PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year. Under those contracts, the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to the customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. There were no significant revenue adjustments in the fourth quarter of 2018 and 2017, respectively. We have consignment arrangements with certain customers in our Refractories segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer. Revenues within our Energy Services segment is service based. Certain contracts within this segment are long-term contracts. Revenue where our performance obligations are satisfied in phases is recognized over time using certain input measures based on the measurement of the value transferred to the customer, including milestones achieved. |
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, 2018, 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 foreign withholding taxes on international subsidiaries' unremitted earnings, which are expected to be permanently reinvested overseas. |
Research and Development | Research and Development Research and development costs are expensed as incurred. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation The Company recognizes compensation expense for share-based awards based upon the grant date fair value over the vesting period. |
Pension and Post-retirement Benefits | Pension and Post-retirement Benefits The Company has defined benefit pension plans covering the majority of its employees. The benefits are generally based on years of service and an employee's modified career earnings. The Company also provides post-retirement healthcare benefits for the majority of its retirees and employees in the United States. The Company measures the costs of its obligation based on its best estimate. The net periodic costs are recognized as employees render the services necessary to earn the post-retirement benefits. |
Environmental | Environmental Expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when it is probable the Company will be obligated to pay amounts for environmental site evaluation, remediation or related costs, and such amounts can be reasonably estimated. |
Earnings Per Share | Earnings Per Share Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share have been computed based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. |
Subsequent Events | Subsequent Events The Company has evaluated for subsequent events through the date of issuance of its financial statements. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. Leases In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use ("ROU") assets. 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 with early adoption permitted. ASU 2016-02 mandates a modified retrospective transition method for all entities, applying the new lease standard to all leases existing at the date of initial application. The Company has adopted this new standard effective January 1, 2019 using the effective date as our date of initial application. As such, financial information and required disclosures will not be provided for dates prior to January 1, 2019. The new standard provides a number of optional practical expedients in transition. We have elected the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard also provides practical expedients for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption for all leases that qualify. On adoption, we currently expect to recognize additional operating liabilities between $60 million to $65 million with corresponding ROU assets ranging from $50 million to $55 million based on the present value of the remaining lease payments under existing operating leases. The adoption of this standard will not have a material impact on the Company's financial statements. Intangibles – Goodwill and Other In January 2017, the FASB issued ASU 2017-04, "Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment", which no longer requires an entity to perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, goodwill will be measured using the difference between the carrying amount and the fair value of the reporting unit. The standard is effective for the interim and annual periods beginning on or after December 15, 2019, with early adoption permitted. The Company will adopt this standard on January 1, 2020. The adoption of this standard is not expected to have a material impact on the Company's financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. The standard is effective for the interim and annual periods beginning after December 15, 2018, with early adoption permitted. We have adopted this standard effective January 1, 2019. The adoption of this standard is not expected to have a material impact on the Company's financial statements. Retirement Benefits In August 2018, the FASB issued ASU 2018-14, "Compensation – Retirement Benefits – Defined Benefit Plans – General: Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans," which removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of certain disclosures and adds disclosure requirements identified as relevant. The standard is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company will adopt this standard on January 1, 2021. The adoption of this standard is not expected to have a material impact on the Company's financial statements. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement," which eliminates, amends and adds disclosure requirements for fair value measurement. The standard is effective for the interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company will adopt this standard on January 1, 2020. The adoption of this standard is not expected to have a material impact on the Company's financial statements. Adoption of ASU 2014-09 Revenue from Contracts with Customers On January 1, 2018, the Company adopted the provisions of ASU No. 2014-09, “Revenue from Contracts with Customers”. 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 standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The standard 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 Company has elected to use the cumulative effect transition method and there has not been a change to our previously reported financial results. Under accounting standards codification (ASC 606), revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We measure revenue based on the consideration specified in the customer arrangement and revenue is recognized when the performance obligations in the customer arrangement are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as, the customer receives the benefit of the performance obligation. Customers typically receive the benefit as goods are delivered and services are performed. We utilized a comprehensive approach to assess the impact of the standard on our contract portfolio by reviewing our current accounting policies and practices to identify potential differences that would result from applying the new requirements to our revenue contracts, including evaluation of our performance obligations, principal versus agent considerations and variable consideration. We recognize revenue when our performance obligation is satisfied. See Note 2 to the Consolidated Financial Statements. Adoption of ASU 2017-07 Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost On January 1, 2018, the Company adopted the provisions of ASU 2017-07, “Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, which requires companies to present the service cost component of the net benefit cost in the same line items in which they report compensation cost. All other components of net periodic benefit cost will be presented outside operating income. The provisions have been applied retrospectively for the income statement presentation requirements. Prior to the adoption of the standard, the Company classified all net periodic benefit costs within operating costs, primarily within “Marketing and administrative expenses” on the Consolidated Statements of Income. The line item classification changes required by the standard did not impact the Company’s pre-tax earnings or net income; however, “Income from operations” and “Other non-operating income (deductions), net” changed by immaterial offsetting amounts. As a result of the accounting change, the Company reclassified approximately $1.7 million and $3.0 million from marketing and administrative expenses to other non-operating deductions for the years ended December 31, 2017 and 2016, respectively, to conform to the current year presentation. Adoption of ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities On January 1, 2018, the Company early adopted the provisions of ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which improves and simplifies existing standard to allow companies to better reflect their risk management activities in the financial statements. The standard expands the ability to hedge nonfinancial and financial risk components, eliminates the requirement to separately measure and recognize hedge ineffectiveness and eases requirements of an entity’s assessment of hedge effectiveness. The adoption of this standard did not have an impact on the Company’s financial statements. Adoption of ASU 2017-01 Business Combinations On January 1, 2018, the Company adopted the provisions of ASU 2017-01, “Business Combinations,” which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The adoption of this new standard did not have an impact on the Company’s financial statements. |
Revenue from Contracts with Customers (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table disaggregates our revenue by major source (product line) for the years ended December 31, 2018, 2017 and 2016:
|
Business Combination (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preliminary Purchase Price Allocation for the Sivomatic Acquisition | The following table summarizes the Company’s preliminary purchase price allocation for the Sivomatic acquisition as of December 31, 2018, as compared with the allocation previously reported on the Company's Form 10-Q for the quarter ended July 1, 2018:
|
Restructuring and Other Items, net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Restructuring Liability | The following table is a reconciliation of our restructuring liability balance:
|
Stock-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018, 2017 and 2016:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of stock option activity | The following table summarizes stock option activity for the year ended December 31, 2018:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-vested stock option activity | Non-vested stock option activity for the year ended December 31, 2018 is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of restricted stock activity | The following table summarizes the restricted stock activity for the Plan:
|
Earnings Per Share (EPS) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (EPS) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share |
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for taxes on income | The provision (benefit) for taxes on income consists of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
Net deferred tax assets and net deferred tax liabilities are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity related to unrecognized tax benefits | The following table summarizes the activity related to our unrecognized tax benefits:
|
Inventories (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories by major category | The following is a summary of inventories by major category:
|
Property, Plant and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired intangible assets subject to amortization | Acquired intangible assets subject to amortization as of December 31, 2018 and December 31, 2017 were as follows:
|
Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of financial assets and liabilities on a recurring basis | 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.
|
Long-Term Debt and Commitments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Term Debt | The following is a summary of long-term debt:
|
Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheet | Amounts recognized in the consolidated balance sheet consist of:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income, net of related tax effects, consist of:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | The components of net periodic benefit costs are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated amortization of amounts in other accumulated comprehensive income to be recognized in next fiscal year | The 2019 estimated amortization of amounts in other accumulated comprehensive income are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 31,2018, 2017 and 2016 are as follows:
The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31,2018, 2017 and 2016 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average asset allocation percentages | The Company's pension plan weighted average asset allocation percentages at December 31, 2018 and 2017 by asset category are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets by asset category | The Company's pension plan fair values at December 31, 2018 and 2017 by asset category are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets by geographic location | The following table presents domestic and foreign pension plan assets information at December 31, 2018, 2017 and 2016 (the measurement date of pension plan assets):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018:
The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated future benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
|
Stockholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock activity | The following table summarizes stock option and restricted stock activity for the Plans:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss, Net of Related Tax, Attributable to MTI | Accumulated other comprehensive income (loss) at December 31 comprised of the following components:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in other comprehensive income (loss) by component | The following table summarizes the changes in other comprehensive income (loss) by component:
|
Accounting for Asset Retirement Obligations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Asset Retirement Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Asset Retirement Obligations | The following is a reconciliation of asset retirement obligations as of December 31, 2018 and 2017:
|
Segment and Related Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Related Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment information | Segment information for the years ended December 31, 2018, 2017 and 2016 was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information related to operations by geographic area | Financial information relating to the Company's operations by geographic area was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales by product category | The Company's sales by product category are as follows:
|
Quarterly Financial Data (unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data |
|
Earnings Per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Earnings Per Share (EPS) [Abstract] | |||||||||||
Net income attributable to MTI | $ 43.1 | $ 41.9 | $ 44.1 | $ 39.9 | $ 75.8 | $ 41.7 | $ 43.0 | $ 34.6 | $ 169.0 | $ 195.1 | $ 133.4 |
Weighted average shares outstanding (in shares) | 35,300,000 | 35,200,000 | 34,900,000 | ||||||||
Dilutive effect of stock options and stock units (in shares) | 300,000 | 400,000 | 300,000 | ||||||||
Weighted average shares outstanding, adjusted (in shares) | 35,600,000 | 35,600,000 | 35,200,000 | ||||||||
Basic earnings per share attributable to MTI (in dollars per share) | $ 1.22 | $ 1.19 | $ 1.25 | $ 1.13 | $ 2.14 | $ 1.18 | $ 1.23 | $ 0.99 | $ 4.79 | $ 5.54 | $ 3.82 |
Diluted earnings per share attributable to MTI (in dollars per share) | $ 1.22 | $ 1.18 | $ 1.24 | $ 1.12 | $ 2.12 | $ 1.17 | $ 1.21 | $ 0.97 | $ 4.75 | $ 5.48 | $ 3.79 |
Stock Options [Member] | |||||||||||
Antidilutive Securities Excluded from Earnings Per Share Calculation [Abstract] | |||||||||||
Anti-dilutive securities not included in the weighted average commons shares outstanding calculation (in shares) | 568,284 | 181,003 | 784 |
Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventories [Abstract] | ||
Raw materials | $ 93.4 | $ 82.5 |
Work-in-process | 11.2 | 7.9 |
Finished goods | 92.2 | 92.3 |
Packaging and supplies | 42.4 | 36.6 |
Total inventories | $ 239.2 | $ 219.3 |
Goodwill and Other Intangible Assets, Acquired Intangible Assets (Details) - Acquired Finite-Lived Intangible Assets [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization expense | $ 8.8 | $ 8.0 | $ 8.2 |
Estimated amortization expense, 2019 | 9.3 | ||
Estimated amortization expense, 2020 | 9.3 | ||
Estimated amortization expense, 2021 | 9.3 | ||
Estimated amortization expense, 2022 | 9.1 | ||
Estimated amortization expense, 2023 | 9.0 | ||
Estimated amortization expense, thereafter | $ 168.1 |
Financial Instruments and Concentrations of Credit Risk (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Financial Instruments and Concentrations of Credit Risk [Abstract] | |||
Bad debt expense | $ 3.2 | $ 3.8 | $ 6.2 |
Benefit Plans, Amounts Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Amounts recognized in Balance Sheet [Abstract] | ||
Current liability | $ (48.1) | $ (55.4) |
Non-current liability | (124.2) | (155.0) |
Pension Benefits [Member] | ||
Amounts recognized in Balance Sheet [Abstract] | ||
Current liability | (0.8) | (0.8) |
Non-current liability | (118.8) | (148.5) |
Recognized liability | (119.6) | (149.3) |
Post-retirement Benefits [Member] | ||
Amounts recognized in Balance Sheet [Abstract] | ||
Current liability | (0.3) | (0.5) |
Non-current liability | (5.4) | (6.4) |
Recognized liability | $ (5.7) | $ (6.9) |
Benefit Plans, Amounts Recognized in Accumulated Other Comprehensive Income, net of Related Tax Effects (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Amounts recognized in accumulated other comprehensive income [Abstract] | ||
Amount recognized end of year | $ 69.7 | $ 86.5 |
Accumulated benefit obligation | 389.9 | 435.4 |
Pension Benefits [Member] | ||
Amounts recognized in accumulated other comprehensive income [Abstract] | ||
Net actuarial (gain) loss | 73.5 | 91.4 |
Prior service cost | 0.1 | (0.1) |
Amount recognized end of year | 73.6 | 91.3 |
Post-retirement Benefits [Member] | ||
Amounts recognized in accumulated other comprehensive income [Abstract] | ||
Net actuarial (gain) loss | (4.1) | (4.1) |
Prior service cost | 0.0 | (0.7) |
Amount recognized end of year | $ (4.1) | $ (4.8) |
Benefit Plans, Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Pension Benefits [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | $ 8.1 | $ 7.9 | $ 8.2 |
Interest cost | 13.0 | 12.6 | 13.0 |
Expected return on plan assets | (20.2) | (18.7) | (18.6) |
Amortization of prior service cost | 0.0 | 0.0 | 0.6 |
Recognized net actuarial (gain) loss | 10.7 | 10.8 | 10.7 |
Settlement/curtailment loss | 4.4 | 0.0 | 0.3 |
Net periodic benefit cost | 16.0 | 12.6 | 14.2 |
Post-retirement Benefits [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | 0.2 | 0.3 | 0.3 |
Interest cost | 0.2 | 0.3 | 0.3 |
Expected return on plan assets | 0.0 | 0.0 | 0.0 |
Amortization of prior service cost | (0.9) | (3.1) | (3.1) |
Recognized net actuarial (gain) loss | (0.8) | (0.3) | (0.2) |
Settlement/curtailment loss | 0.0 | 0.0 | 0.0 |
Net periodic benefit cost | $ (1.3) | $ (2.8) | $ (2.7) |
Benefit Plans, Estimated Amortization of Amounts in Other Accumulated Comprehensive Income (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Pension Benefits [Member] | |
Amounts that will be amortized from Accumulated other comprehensive income (loss) in next fiscal year [Abstract] | |
Amortization of net (gain) loss | $ 9.6 |
Total costs to be recognized | 9.6 |
Post-retirement Benefits [Member] | |
Amounts that will be amortized from Accumulated other comprehensive income (loss) in next fiscal year [Abstract] | |
Amortization of net (gain) loss | (0.8) |
Total costs to be recognized | $ (0.8) |
Benefit Plans, Weighted Average Assumptions Used (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate | 3.16% | 3.56% | 3.88% |
Expected return on plan assets | 6.40% | 6.61% | 6.89% |
Rate of compensation increase | 3.01% | 3.01% | 3.03% |
Weighted average assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 3.75% | 3.16% | 3.60% |
Rate of compensation increase | 3.01% | 3.01% | 2.96% |
Actual return (loss) on pension assets | (5.00%) | 11.00% | 8.00% |
Maximum health care cost trend rate | 5.00% |
Benefit Plans, Weighted Average Asset Allocation by Asset Category (Details) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Weighted average asset allocations [Abstract] | ||
Weighted average asset allocation percentages, Total | 100.00% | 100.00% |
Equity Securities [Member] | ||
Weighted average asset allocations [Abstract] | ||
Weighted average asset allocation percentages, Total | 54.90% | 56.00% |
Fixed Income Securities [Member] | ||
Weighted average asset allocations [Abstract] | ||
Weighted average asset allocation percentages, Total | 38.30% | 36.20% |
Real Estate [Member] | ||
Weighted average asset allocations [Abstract] | ||
Weighted average asset allocation percentages, Total | 0.80% | 0.80% |
Other [Member] | ||
Weighted average asset allocations [Abstract] | ||
Weighted average asset allocation percentages, Total | 6.00% | 7.00% |
Benefit Plans, Fair Values by Asset Category (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Weighted average asset allocations value [Abstract] | ||
Fair value of plan assets | $ 296.7 | $ 320.2 |
Equity Securities [Member] | ||
Weighted average asset allocations value [Abstract] | ||
Fair value of plan assets | 162.8 | 179.2 |
Fixed Income Securities [Member] | ||
Weighted average asset allocations value [Abstract] | ||
Fair value of plan assets | 113.6 | 116.0 |
Real Estate [Member] | ||
Weighted average asset allocations value [Abstract] | ||
Fair value of plan assets | 2.3 | 2.4 |
Other [Member] | ||
Weighted average asset allocations value [Abstract] | ||
Fair value of plan assets | $ 18.0 | $ 22.6 |
Benefit Plans, Reconciliation of Changes in Fair Value Measurement of Plan Assets (Details) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Reconciliation of changes in fair value measurement of plan assets [Roll Forward] | ||
Beginning balance | $ 24.7 | $ 20.3 |
Purchases, sales, settlements | 0.0 | 0.0 |
Actual return on plan assets still held at reporting date | (4.4) | 3.9 |
Foreign exchange impact | (0.3) | 0.5 |
Ending balance | 20.0 | 24.7 |
Fair Value Transfers [Abstract] | ||
Fair value, assets, Level 3 transfers in, amount | 0.0 | 0.0 |
Fair value, assets, Level 3 transfers out, amount | $ 0.0 | $ 0.0 |
Benefit Plans, Contributions (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Pension Benefits [Member] | |
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |
Expected company contribution to its benefit plans | $ 9.7 |
Post-retirement Benefits [Member] | |
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |
Expected company contribution to its benefit plans | $ 0.3 |
Benefit Plans, Estimated Future Benefit Payments (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Pension Benefits [Member] | |
Estimated future benefit payments [Abstract] | |
2019 | $ 21.6 |
2020 | 22.2 |
2021 | 22.9 |
2022 | 24.4 |
2023 | 24.7 |
2024-2028 | 128.0 |
Post-retirement Benefits [Member] | |
Estimated future benefit payments [Abstract] | |
2019 | 0.4 |
2020 | 0.4 |
2021 | 0.4 |
2022 | 0.5 |
2023 | 0.5 |
2024-2028 | $ 2.5 |
Benefit Plans, Savings and Investment Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Benefit Plans [Abstract] | |||
Company's contributions to employee voluntary savings and investment plan | $ 5.4 | $ 5.2 | $ 5.1 |
Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Leases [Abstract] | |||
Rent expense | $ 19.5 | $ 19.3 | $ 16.2 |
Future minimum rental commitments under non-cancelable operating leases [Abstract] | |||
2019 | 17.3 | ||
2020 | 13.0 | ||
2021 | 9.5 | ||
2022 | 8.2 | ||
2023 | 7.0 | ||
Thereafter | 24.8 | ||
Future minimum payments to be received under non-cancelable leases [Abstract] | |||
2019 | 1.6 | ||
2020 | 1.2 | ||
2021 | 1.2 | ||
2022 | 1.1 | ||
2023 | 1.0 | ||
Thereafter | $ 0.0 |
Stockholders' Equity, Capital Stock and Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Dec. 31, 2018 |
Jan. 31, 2019 |
|
Capital Stock [Abstract] | ||||||||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | |||||||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | |||||||
Common stock, shares outstanding (in shares) | 35,190,343 | 35,374,345 | 35,190,343 | |||||||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | |||||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | |||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | |||||||
Cash Dividends [Abstract] | ||||||||||
Cash dividends paid | $ 7.1 | |||||||||
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 | |
Dividend Declared 2018 Q1 [Member] | ||||||||||
Cash Dividends [Abstract] | ||||||||||
Cash dividend declared | $ 1.7 | |||||||||
Cash dividend declared (in dollars per share) | $ 0.05 |
Accounting for Asset Retirement Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Asset retirement obligation [Roll Forward] | ||
Asset retirement liability, beginning of period | $ 22.1 | $ 21.5 |
Accretion expense | 1.0 | 3.3 |
Other | 2.1 | 0.0 |
Payments | (1.3) | (3.2) |
Foreign currency translation | (0.5) | 0.5 |
Asset retirement liability, end of period | 23.4 | $ 22.1 |
Asset retirement obligation [Abstract] | ||
Asset retirement obligation current portion | 0.4 | |
Asset retirement obligation noncurrent portion | $ 23.0 |
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenue from External Customer [Abstract] | |||||||||||
Net sales | $ 447.5 | $ 464.1 | $ 464.7 | $ 431.3 | $ 432.1 | $ 424.5 | $ 414.1 | $ 405.0 | $ 1,807.6 | $ 1,675.7 | $ 1,638.0 |
Gross profit | 112.8 | 119.2 | 115.9 | 113.5 | 114.5 | 119.3 | 119.7 | 113.7 | 461.4 | 467.2 | 460.4 |
Income from operations | 62.3 | 68.2 | 62.8 | 62.6 | 46.1 | 67.2 | 69.0 | 62.1 | 255.9 | 244.4 | 223.9 |
Consolidated net income | 44.0 | 42.9 | 45.2 | 41.1 | 76.7 | 42.8 | 43.8 | 35.6 | 173.2 | 199.0 | 137.1 |
Net income attributable to Minerals Technologies Inc. (MTI) | $ 43.1 | $ 41.9 | $ 44.1 | $ 39.9 | $ 75.8 | $ 41.7 | $ 43.0 | $ 34.6 | $ 169.0 | $ 195.1 | $ 133.4 |
Basic earnings per share attributable to MTI (in dollars per share) | $ 1.22 | $ 1.19 | $ 1.25 | $ 1.13 | $ 2.14 | $ 1.18 | $ 1.23 | $ 0.99 | $ 4.79 | $ 5.54 | $ 3.82 |
Diluted earnings per share attributable to MTI shareholders (in dollars per share) | 1.22 | 1.18 | 1.24 | 1.12 | 2.12 | 1.17 | 1.21 | 0.97 | 4.75 | 5.48 | $ 3.79 |
Market price range per share of common stock [Abstract] | |||||||||||
High (in dollars per share) | 67.65 | 77.75 | 76.40 | 76.95 | 73.55 | 75.60 | 80.20 | 83.70 | |||
Low (in dollars per share) | 47.89 | 65.75 | 65.10 | 66.10 | 66.40 | 62.95 | 70.50 | 72.20 | |||
Close (in dollars per share) | 51.34 | 67.60 | 75.35 | 66.95 | 68.85 | 70.65 | 73.20 | 76.60 | 51.34 | $ 68.85 | |
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 | ||
Performance Materials [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | $ 206.8 | $ 219.5 | $ 214.5 | $ 187.3 | $ 195.8 | $ 188.8 | $ 180.3 | $ 169.9 | $ 828.1 | $ 734.8 | $ 686.1 |
Specialty Minerals [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 142.5 | 146.3 | 150.9 | 149.6 | 143.9 | 147.7 | 147.0 | 146.2 | 589.3 | 584.8 | 591.5 |
Refractories [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 77.9 | 79.1 | 79.6 | 75.3 | 71.3 | 69.0 | 68.9 | 70.2 | 311.9 | 279.4 | 274.5 |
Energy Services [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | $ 20.3 | $ 19.2 | $ 19.7 | $ 19.1 | $ 21.1 | $ 19.0 | $ 17.9 | $ 18.7 | $ 78.3 | $ 76.7 | $ 85.9 |
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Valuation and Qualifying Accounts Disclosure [Roll Forward] | |||||
Balance at Beginning of Period | $ 4.2 | $ 7.9 | $ 4.4 | ||
Additions Charged to Costs, Provisions and Expenses | 3.2 | 3.8 | 6.2 | ||
Deductions | [1] | (4.2) | (7.5) | (2.7) | |
Balance at End of Period | $ 3.2 | $ 4.2 | $ 7.9 | ||
|
5B!RD7Y2,DD5DM1PDBJ!D F;O!M!5,1&G9(9JI"A
MAC-4(1SS AI&4 VS,N8FLM5$@AI.4(5H-#DVC:!RL5V DOFID)^&\U,A&75!
ML.#-LIM]"V41-S(_%?+3<'XJ)*//'&Q?)9GQL3FE9((J@:#0.DC&<1D#/X)L
M\!,;.S(_%>YD#2>ZPDTJJ1SH-\MNYKB)K"]*9K$26,SWU0HAZRG)_/4?=R;A
M.SZN93(K)+/EZX1"Z)++"+M.T%D?W Z07.]0',>4?0N9L>;4#*G<9ECN@"G4']-EC4$03 ^%(7./$) 8?*>@7JEBL\
M .=>R*7Q>];$2TA/7.]?U3^%VETM%VK@0?%?K+9=@3.,:FCHP.V3&C_#7,\>
MH[GXKW %[N ^$Q>C4MR$+ZH&8Y6855PJ@KY,*Y-A':>30S;3XH1T)J0+(0MQ
MR!0H9/Y(+2USK4:DI][WU%_QYIBZWE3>&5H1SESRQGFOY?9PR,G5"\V8TX1)
M5YC-@B!.?0F1QD* <#EU\.@C%$TA&Q]B B04G*<:QJO)/!-L
M@* !&@S0Q$#*%NJ"T0/F>"%IXNX'^]'0CP9^#//C8VBT:1,G"722 "<9 V2@.@JLU0*(M91\U@CDS1J!>#6'H)#V8,$60+%E
MPADC4,H9(Y"7$P@4VB9<(43FFU!>9"&0IY8()#EC! K41(DKD@05B7=F:PCB
M:GD+: -!@1HJ<462PD\%%1!W
M_6\/U?JV?&]VVT/Q4,WJ]_T^K_[;%+OR=#<7\U\_?-N^OC7=#ZOU[3%_+;X7
MS5_'AZK=6IVS/&_WQ:'>EH=95;S
H7B'WFO!D]N,70/1''.:8O@J9K=$
M,&1?4O"M%"?^#YQOP_>;"O<1OO]#X=TV0;I)D$:"]+\E;L4<_DK"5CW58)LX
M38Z49NCB)*^\R\#>\_@F[^'3M'\5MI&=(Q?C\65C_VMC/*"4Y 9'J,4/MA@*
M:A^.=WBVTYA-AC?]_(/8\HV+WU!+ P04 " #<$].)!'DE+4! #0 P
M&0 'AL+W=O
6 [0+,! #2 P &0 'AL
M+W=O-B6*RA^%%T5FS4CLU/M>
MA"=.CAQ[4P9G;$6\0_$.O=>")VG&KH%HCCE-,7P5DRP1#-F7%'PKQ8G_ ^?;
M\/VFPGV$[_]0>+M-D&X2I)$@_6^)6S%W?R5AJYYJL$V<)D=*,W1QDE?>96#O
M>7R3]_!IVK\*V\C.D8OQ^+*Q_[4Q'E#*[@9'J,4/MA@*:A^.'_!LIS&;#&_Z
M^0>QY1L7OP%02P,$% @ W!/3CY%Y+BU 0 T@, !D !X;"]W;W)K
M
/*B5>LR
MVGC?'1AS10-:N"O308LWE;%:>#1MS5QG0901I!7CF\TUTT*V-$^C[V3SU/1>
MR19.EKA>:V'_'$&9(:-;^NIXD'7C@X/E:2=J^ G^5W>R:+&9I90:6B=-2RQ4
M&;W='HY)B(\!CQ(&MSB34,G9F.=@?"LSN@F"0$'A X/ [0)WH%0@0AF_)TXZ
MIPS Y?F5_3[6CK6LQ\;ZK@C*V(=UZ\]=YKN4N2G%T#
MT1QSFF*R54RZ1##/OJ3(ME*
NY
MS[]+D8UX( U>N)UGSNCY,SQ<"*B#%]2!.:/G7F_0_8X' N&%VWFV=%P?-/(0
M#_3!2U9/1\'_CQMZ#P3!2S?TU!F>E 7>J2@Y0F(YG2@Y7D(
M'<-+3'&GH1Z2B*J)/#T1,5:$.Q+5+2D@H";R[]B2",B\C+AWT4!?QI 8*'#W
MHN']_D=Q2Z&8IZ@.2'4OT"T0 >D>V(.&[[*I9-Q3*&8JJ@=2W3&(JE:'J)XR
MRG*M%;<4&B,K;#!\P#T%R/W_A0&W"]#M(B#JNH!N%^#$ACRX70#
G-8'3F_).T@@EHXSW
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MMGX=+NZ:V;9Z.[;]'A0]VM0G
MW'F),GF:L->S!JB8)@Y[G$&/,S&[0Z88R*&!'+PNEH++7/AYY?@T6N7BG7H6
MN[6T8[)$R4638M9*@;^!TU8J.TK8H%8 9#EH#4!J8AN%9XWPF =F.6 F#ALQ
MJ0#J*F87&6"-VF1)EGX@10PD]4_&@C<@!F1%MWJOP^ADDRN;"[8",..UG#%8
M$HS4A)!I\Q"+@D&JD/$H>#G%S,C78> 09?BX
*'![Q755D'B68(T
MP$R!G138^LDR0[AS!R#. ,0&B-^5L8(\C)K4:CJKV9$@#A>?5>'5UO&$@\3-
M%3NY8@<767&-FFR1)8J"=8>WHBSX1X<2)TGB((E7),DFR0YO2)PBXD9)G2BI
M R59H:2;+#$.5KS55D32('6C9$Z4S(&2KE"RS5N R6[3%H
^=%-?]KS9UH>SY=J]EK4=9%WIPF'HJA-8R,+FL=W,NG^
M?I&90]W^C)O?97_*TE_4Q=6>((7W8ZSU_U!+ P04 " #<$].QFT09U,"
M " !P &0 'AL+W=OA=;=@C<&>P0#/0$\^$(I,CFXQ\!8
MG]YH?.Z%XA!XZSA%&&6+"N\TZ>J%AHJX4V4QR1:0')G08#')=@+)%I-L+[G*
MLZ@*3KVHI04UM^_,/1Z"/3U(2"@RT=!BCV!!3(Y,\+'8(U@_8>,QPQ8P3#<>
M7'C1C;^X^K688'L)P4@H,E6&PP0[0'!DG(W#;#IY^<8[S)U#W"5N^E,O-/(C
MFLNI':;3@80X