DELAWARE
|
25-1190717
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
YES ☒
|
NO ☐
|
YES ☒
|
NO ☐
|
Large Accelerated Filer ☒
|
Accelerated Filer ☐
|
Non- accelerated Filer ☐ (Do not check if a smaller reporting company)
|
Smaller Reporting Company ☐
|
Emerging Growth Company ☐
|
YES ☐
|
NO ☒
|
Class
|
Outstanding at October 24, 2017
|
|
Common Stock, $0.10 par value
|
35,366,871
|
Page No.
|
||
PART I. FINANCIAL INFORMATION
|
||
Item 1.
|
||
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
20
|
||
Item 2.
|
21
|
|
Item 3.
|
33
|
|
Item 4.
|
34
|
|
PART II. OTHER INFORMATION
|
||
Item 1.
|
35
|
|
Item 1A.
|
36
|
|
Item 2.
|
36
|
|
Item 3.
|
37
|
|
Item 4.
|
37
|
|
Item 5.
|
37
|
|
Item 6.
|
37
|
|
38
|
ITEM 1. |
Financial Statements
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Oct. 1,
2017
|
Oct. 2,
2016
|
Oct. 1,
2017
|
Oct. 2,
2016
|
|||||||||||||
(in millions, except per share data)
|
||||||||||||||||
Product sales
|
$
|
405.4
|
$
|
379.7
|
$
|
1,187.9
|
$
|
1,171.1
|
||||||||
Service revenue
|
19.0
|
19.8
|
55.6
|
65.6
|
||||||||||||
Total net sales
|
424.4
|
399.5
|
1,243.5
|
1,236.7
|
||||||||||||
Cost of goods sold
|
293.0
|
272.0
|
854.7
|
840.8
|
||||||||||||
Cost of service revenue
|
12.2
|
12.3
|
36.2
|
46.9
|
||||||||||||
Total cost of sales
|
305.2
|
284.3
|
890.9
|
887.7
|
||||||||||||
Production margin
|
119.2
|
115.2
|
352.6
|
349.0
|
||||||||||||
Marketing and administrative expenses
|
45.6
|
42.4
|
134.1
|
134.2
|
||||||||||||
Research and development expenses
|
5.9
|
5.9
|
17.8
|
17.9
|
||||||||||||
Acquisition related transaction and integration costs
|
0.5
|
1.9
|
2.8
|
5.1
|
||||||||||||
Restructuring and other items, net
|
0.4
|
(2.3
|
)
|
0.9
|
27.4
|
|||||||||||
Income from operations
|
66.8
|
67.3
|
197.0
|
164.4
|
||||||||||||
Interest expense, net
|
(10.5
|
)
|
(13.4
|
)
|
(32.5
|
)
|
(41.4
|
)
|
||||||||
Debt modification costs and fees
|
-
|
-
|
(3.9
|
)
|
-
|
|||||||||||
Other non-operating income (deductions), net
|
(1.7
|
)
|
(0.6
|
)
|
(3.4
|
)
|
1.7
|
|||||||||
Total non-operating deductions, net
|
(12.2
|
)
|
(14.0
|
)
|
(39.8
|
)
|
(39.7
|
)
|
||||||||
Income from continuing operations before provision for taxes and equity in earnings
|
54.6
|
53.3
|
157.2
|
124.7
|
||||||||||||
Provision for taxes on income
|
12.1
|
11.5
|
35.6
|
26.7
|
||||||||||||
Equity in earnings of affiliates, net of tax
|
0.4
|
0.7
|
0.7
|
1.6
|
||||||||||||
Consolidated net income
|
42.9
|
42.5
|
122.3
|
99.6
|
||||||||||||
Less:
|
||||||||||||||||
Net income attributable to non-controlling interests
|
1.2
|
0.9
|
3.0
|
2.9
|
||||||||||||
Net income attributable to Minerals Technologies Inc. (MTI)
|
$
|
41.7
|
$
|
41.6
|
$
|
119.3
|
$
|
96.7
|
||||||||
Earnings per share:
|
||||||||||||||||
Basic:
|
||||||||||||||||
Income from continuing operations attributable to MTI
|
$
|
1.18
|
$
|
1.19
|
$
|
3.40
|
$
|
2.78
|
||||||||
Diluted:
|
||||||||||||||||
Income from continuing operations attributable to MTI
|
$
|
1.17
|
$
|
1.18
|
$
|
3.35
|
$
|
2.75
|
||||||||
Cash dividends declared per common share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.15
|
$
|
0.15
|
||||||||
Shares used in computation of earnings per share:
|
||||||||||||||||
Basic
|
35.3
|
34.9
|
35.1
|
34.8
|
||||||||||||
Diluted
|
35.6
|
35.3
|
35.6
|
35.1
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Oct. 1,
2017
|
Oct. 2,
2016
|
Oct. 1,
2017
|
Oct. 2,
2016
|
|||||||||||||
(millions of dollars)
|
||||||||||||||||
Consolidated net income
|
$
|
42.9
|
$
|
42.5
|
$
|
122.3
|
$
|
99.6
|
||||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Foreign currency translation adjustments
|
8.0
|
1.2
|
33.8
|
2.0
|
||||||||||||
Pension and postretirement plan adjustments
|
1.0
|
1.2
|
3.7
|
3.8
|
||||||||||||
Unrealized gains (losses) on cash flow hedges
|
0.1
|
0.4
|
(0.2
|
)
|
(0.3
|
)
|
||||||||||
Total other comprehensive income (loss), net of tax
|
9.1
|
2.8
|
37.3
|
5.5
|
||||||||||||
Total comprehensive income including non-controlling interests
|
52.0
|
45.3
|
159.6
|
105.1
|
||||||||||||
Comprehensive income attributable to non-controlling interest
|
(1.3
|
)
|
(0.4
|
)
|
(3.9
|
)
|
(2.2
|
)
|
||||||||
Comprehensive income attributable to MTI
|
$
|
50.7
|
$
|
44.9
|
$
|
155.7
|
$
|
102.9
|
Oct. 1,
2017*
|
December 31,
2016**
|
|||||||
(millions of dollars)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
211.7
|
$
|
188.5
|
||||
Short-term investments, at cost which approximates market
|
2.8
|
2.0
|
||||||
Accounts receivable, net
|
389.1
|
341.3
|
||||||
Inventories
|
221.2
|
186.9
|
||||||
Prepaid expenses and other current assets
|
36.0
|
32.4
|
||||||
Total current assets
|
860.8
|
751.1
|
||||||
Property, plant and equipment
|
2,189.1
|
2,141.4
|
||||||
Less accumulated depreciation and depletion
|
(1,130.0
|
)
|
(1,089.6
|
)
|
||||
Property, plant and equipment, net
|
1,059.1
|
1,051.8
|
||||||
Goodwill
|
779.6
|
778.7
|
||||||
Intangible assets
|
198.4
|
204.4
|
||||||
Other assets and deferred charges
|
85.5
|
77.4
|
||||||
Total assets
|
$
|
2,983.4
|
$
|
2,863.4
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Short-term debt
|
$
|
6.2
|
$
|
6.1
|
||||
Current maturities of long-term debt
|
6.5
|
6.8
|
||||||
Accounts payable
|
181.0
|
144.9
|
||||||
Other current liabilities
|
130.0
|
137.7
|
||||||
Total current liabilities
|
323.7
|
295.5
|
||||||
Long-term debt, net of unamortized discount and deferred financing costs
|
990.2
|
1,069.9
|
||||||
Deferred income taxes
|
247.8
|
238.8
|
||||||
Other non-current liabilities
|
219.4
|
228.3
|
||||||
Total liabilities
|
1,781.1
|
1,832.5
|
||||||
Shareholders' equity:
|
||||||||
Common stock
|
4.9
|
4.8
|
||||||
Additional paid-in capital
|
420.0
|
400.0
|
||||||
Retained earnings
|
1,533.2
|
1,419.1
|
||||||
Accumulated other comprehensive loss
|
(184.8
|
)
|
(221.1
|
)
|
||||
Less common stock held in treasury
|
(597.0
|
)
|
(596.3
|
)
|
||||
Total MTI shareholders' equity
|
1,176.3
|
1,006.5
|
||||||
Non-controlling interests
|
26.0
|
24.4
|
||||||
Total shareholders' equity
|
1,202.3
|
1,030.9
|
||||||
Total liabilities and shareholders' equity
|
$
|
2,983.4
|
$
|
2,863.4
|
* |
Unaudited
|
** |
Condensed from audited financial statements
|
Nine Months Ended
|
||||||||
Oct. 1,
2017
|
Oct. 2,
2016
|
|||||||
(millions of dollars)
|
||||||||
Operating Activities:
|
||||||||
Consolidated net income
|
$
|
122.3
|
$
|
99.6
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation, depletion and amortization
|
67.0
|
66.6
|
||||||
Impairment of assets
|
-
|
18.5
|
||||||
Non-cash debt modification fees
|
1.8
|
-
|
||||||
Other non-cash items
|
8.9
|
8.2
|
||||||
Net changes in operating assets and liabilities
|
(49.4
|
)
|
(28.7
|
)
|
||||
Net cash provided by operating activities
|
150.6
|
164.2
|
||||||
Investing Activities:
|
||||||||
Purchases of property, plant and equipment
|
(54.2
|
)
|
(48.9
|
)
|
||||
Proceeds from sale of assets
|
1.3
|
2.9
|
||||||
Proceeds from sale of short-term investments
|
2.8
|
4.9
|
||||||
Purchases of short-term investments
|
(3.5
|
)
|
(6.6
|
)
|
||||
Other investing activities
|
(0.9
|
)
|
-
|
|||||
Net cash used in investing activities
|
(54.5
|
)
|
(47.7
|
)
|
||||
Financing Activities:
|
||||||||
Proceeds from issuance of long-term debt
|
-
|
1.2
|
||||||
Repayment of long-term debt
|
(84.9
|
)
|
(141.2
|
)
|
||||
Net repayment of short-term debt
|
(0.2
|
)
|
(0.1
|
)
|
||||
Purchase of common shares for treasury
|
(0.7
|
)
|
(2.6
|
)
|
||||
Proceeds from issuance of stock under option plan
|
14.4
|
4.1
|
||||||
Excess tax benefits related to stock incentive programs
|
(3.6
|
)
|
-
|
|||||
Dividends paid to non-controlling interests
|
(2.4
|
)
|
(1.5
|
)
|
||||
Cash dividends paid
|
(5.3
|
)
|
(5.3
|
)
|
||||
Net cash used in financing activities
|
(82.7
|
)
|
(145.4
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
9.8
|
(0.8
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
23.2
|
(29.7
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
188.5
|
229.4
|
||||||
Cash and cash equivalents at end of period
|
$
|
211.7
|
$
|
199.7
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid
|
$
|
28.9
|
$
|
45.6
|
||||
Income taxes paid
|
$
|
35.5
|
$
|
24.1
|
Note 1. |
Basis of Presentation and Summary of Significant Accounting Policies
|
Note 2. |
Earnings Per Share (EPS)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Oct. 1,
2017
|
Oct. 2,
2016
|
Oct. 1,
2017
|
Oct. 2,
2016
|
|||||||||||||
(in millions, except per share data)
|
||||||||||||||||
Net income attributable to MTI
|
$
|
41.7
|
$
|
41.6
|
$
|
119.3
|
$
|
96.7
|
||||||||
Weighted average shares outstanding
|
35.3
|
34.9
|
35.1
|
34.8
|
||||||||||||
Dilutive effect of stock options and stock units
|
0.3
|
0.4
|
0.5
|
0.3
|
||||||||||||
Weighted average shares outstanding, adjusted
|
35.6
|
35.3
|
35.6
|
35.1
|
||||||||||||
Basic earnings per share attributable to MTI
|
$
|
1.18
|
$
|
1.19
|
$
|
3.40
|
$
|
2.78
|
||||||||
Diluted earnings per share attributable to MTI
|
$
|
1.17
|
$
|
1.18
|
$
|
3.35
|
$
|
2.75
|
Note 3. |
Restructuring and Other Items, net
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Oct. 1,
2017
|
Oct. 2,
2016
|
Oct. 1,
2017
|
Oct. 2,
2016
|
|||||||||||||
(millions of dollars)
|
||||||||||||||||
Restructuring Charges
|
$
|
1.3
|
$
|
0.6
|
$
|
1.8
|
$
|
11.8
|
||||||||
Impairment of Assets
|
-
|
-
|
-
|
18.5
|
||||||||||||
Other
|
(0.9
|
)
|
(2.9
|
)
|
(0.9
|
)
|
(2.9
|
)
|
||||||||
Total restructuring and other items, net
|
$
|
0.4
|
$
|
(2.3
|
)
|
$
|
0.9
|
$
|
27.4
|
(millions of dollars)
|
||||
Restructuring liability, December 31, 2016
|
$
|
3.6
|
||
Additional provisions
|
1.8
|
|||
Cash payments
|
(4.2
|
)
|
||
Restructuring liability, October 1, 2017
|
$
|
1.2
|
Note 4. |
Income Taxes
|
Note 5. |
Inventories
|
Oct. 1,
2017
|
December 31,
2016
|
|||||||
(millions of dollars)
|
||||||||
Raw materials
|
$
|
83.8
|
$
|
70.6
|
||||
Work-in-process
|
6.3
|
5.4
|
||||||
Finished goods
|
95.1
|
80.5
|
||||||
Packaging and supplies
|
36.0
|
30.4
|
||||||
Total inventories
|
$
|
221.2
|
$
|
186.9
|
Note 6. |
Goodwill and Other Intangible Assets
|
Oct. 1, 2017
|
Dec. 31, 2016
|
|||||||||||||||||||
Weighted
Average
Useful Life
(Years)
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
||||||||||||||||
(millions of dollars)
|
||||||||||||||||||||
Tradenames
|
34
|
$
|
199.8
|
$
|
19.4
|
$
|
199.8
|
$
|
15.3
|
|||||||||||
Technology
|
12
|
18.8
|
4.5
|
18.8
|
3.6
|
|||||||||||||||
Patents and trademarks
|
17
|
6.4
|
5.2
|
6.4
|
4.8
|
|||||||||||||||
Customer relationships
|
30
|
4.5
|
2.0
|
4.5
|
1.4
|
|||||||||||||||
28
|
$
|
229.5
|
$
|
31.1
|
$
|
229.5
|
$
|
25.1
|
Note 7. |
Derivative Financial Instruments
|
• |
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.
|
Note 8. |
Long-Term Debt and Commitments
|
Oct. 1,
2017
|
December 31,
2016
|
|||||||
(millions of dollars)
|
||||||||
Term Loan Facility-Variable Tranche due February 14, 2024, net of unamortized discount and deferred financing costs of $23.5 million and $25.8 million
|
$
|
684.5
|
$
|
762.3
|
||||
Term Loan Facility- Fixed Tranche due May 9, 2021, net of unamortized discount of $0.5 million and $0.6 million
|
299.5
|
299.4
|
||||||
Japan Loan Facilities
|
5.8
|
5.8
|
||||||
China Loan Facilities
|
6.9
|
9.2
|
||||||
Total
|
$
|
996.7
|
$
|
1,076.7
|
||||
Less: Current maturities
|
6.5
|
6.8
|
||||||
Long-term debt
|
$
|
990.2
|
$
|
1,069.9
|
Note 9. |
Benefit Plans
|
Pension Benefits
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Oct. 1,
2017
|
Oct. 2,
2016
|
Oct. 1,
2017
|
Oct. 2,
2016
|
|||||||||||||
(millions of dollars)
|
||||||||||||||||
Service cost
|
$
|
1.4
|
$
|
1.7
|
$
|
5.5
|
$
|
6.3
|
||||||||
Interest cost
|
3.0
|
3.1
|
9.2
|
9.8
|
||||||||||||
Expected return on plan assets
|
(4.5
|
)
|
(4.6
|
)
|
(13.6
|
)
|
(13.9
|
)
|
||||||||
Amortization:
|
||||||||||||||||
Prior service cost
|
0.5
|
0.2
|
1.7
|
0.6
|
||||||||||||
Recognized net actuarial loss
|
2.1
|
2.5
|
6.3
|
7.6
|
||||||||||||
Net periodic benefit cost
|
$
|
2.5
|
$
|
2.9
|
$
|
9.1
|
$
|
10.4
|
Other Benefits
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Oct. 1,
2017
|
Oct. 2,
2016
|
Oct. 1,
2017
|
Oct. 2,
2016
|
|||||||||||||
(millions of dollars)
|
||||||||||||||||
Service cost
|
$
|
0.1
|
$
|
0.1
|
$
|
0.2
|
$
|
0.3
|
||||||||
Interest cost
|
0.1
|
0.1
|
0.2
|
0.3
|
||||||||||||
Amortization:
|
||||||||||||||||
Prior service cost
|
(0.8
|
)
|
(0.8
|
)
|
(2.3
|
)
|
(2.3
|
)
|
||||||||
Recognized net actuarial (gain) loss
|
(0.1
|
)
|
(0.1
|
)
|
(0.2
|
)
|
(0.2
|
)
|
||||||||
Net periodic benefit cost
|
$
|
(0.7
|
)
|
$
|
(0.7
|
)
|
$
|
(2.1
|
)
|
$
|
(1.9
|
)
|
Note 10. |
Comprehensive Income
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss)
|
Oct. 1,
2017 |
Oct. 2,
2016 |
Oct. 1,
2017 |
Oct. 2,
2016 |
||||||||||||
(millions of dollars) | ||||||||||||||||
Amortization of pension items:
|
||||||||||||||||
Pre-tax amount
|
$
|
1.7
|
$
|
1.8
|
$
|
5.5
|
$
|
5.7
|
||||||||
Tax
|
(0.7
|
)
|
(0.6
|
)
|
(1.8
|
)
|
(1.9
|
)
|
||||||||
Net of tax
|
$
|
1.0
|
$
|
1.2
|
$
|
3.7
|
$
|
3.8
|
|
Foreign Currency Translation Adjustment
|
Unrecognized Pension Costs
|
Net Gain (Loss) on Cash Flow Hedges
|
Total
|
||||||||||||
|
(millions of dollars)
|
|||||||||||||||
|
||||||||||||||||
Balance as of December 31, 2016
|
$
|
(147.3
|
)
|
$
|
(78.0
|
)
|
$
|
4.2
|
$
|
(221.1
|
)
|
|||||
|
||||||||||||||||
Other comprehensive income (loss) before reclassifications
|
32.8
|
-
|
(0.2
|
)
|
32.6
|
|||||||||||
Amounts reclassified from AOCI
|
-
|
3.7
|
-
|
3.7
|
||||||||||||
Net current period other comprehensive income (loss)
|
32.8
|
3.7
|
(0.2
|
)
|
36.3
|
|||||||||||
Balance as of October 1, 2017
|
$
|
(114.5
|
)
|
$
|
(74.3
|
)
|
$
|
4.0
|
$
|
(184.8
|
)
|
Note 11. |
Accounting for Asset Retirement Obligations
|
(millions of dollars)
|
||||
Asset retirement liability, December 31, 2016
|
$
|
21.5
|
||
Accretion expense
|
2.4
|
|||
Payments
|
(1.8
|
)
|
||
Foreign currency translation
|
0.4
|
|||
Asset retirement liability, October 1, 2017
|
$
|
22.5
|
Note 12. |
Contingencies
|
Note 13. |
Non-controlling interests
|
Equity Attributable to MTI
|
||||||||||||||||||||||||||||
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Treasury
Stock
|
Non-controlling
Interests
|
Total
|
||||||||||||||||||||||
(millions of dollars)
|
||||||||||||||||||||||||||||
Balance as of December 31, 2016
|
$
|
4.8
|
$
|
400.0
|
$
|
1,419.1
|
$
|
(221.1
|
)
|
$
|
(596.3
|
)
|
$
|
$ 24.4
|
$
|
1,030.9
|
||||||||||||
Net income
|
-
|
-
|
119.3
|
-
|
-
|
3.0
|
122.3
|
|||||||||||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
-
|
36.3
|
-
|
1.0
|
37.3
|
|||||||||||||||||||||
Dividends declared
|
-
|
-
|
(5.3
|
)
|
-
|
-
|
-
|
(5.3
|
)
|
|||||||||||||||||||
Dividends to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(2.4
|
)
|
(2.4
|
)
|
|||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans
|
0.1
|
14.4
|
-
|
-
|
-
|
-
|
14.5
|
|||||||||||||||||||||
Stock based compensation
|
-
|
5.6
|
-
|
-
|
-
|
-
|
5.6
|
|||||||||||||||||||||
Purchase of common stock
|
-
|
-
|
-
|
(0.7
|
)
|
-
|
(0.7
|
)
|
||||||||||||||||||||
Balance as of October 1, 2017
|
$
|
4.9
|
$
|
420.0
|
$
|
1,533.2
|
$
|
(184.8
|
)
|
$
|
(597.0
|
)
|
$
|
26.0
|
$
|
1,202.3
|
Note 14. |
Segment and Related Information
|
2016 Quarters
|
Full Year
|
|||||||||||||||||||
First
|
Second
|
Third
|
Fourth
|
2016
|
||||||||||||||||
(millions of dollars )
|
||||||||||||||||||||
Net sales
|
||||||||||||||||||||
Metalcasting
|
$
|
60.0
|
$
|
68.0
|
$
|
63.1
|
$
|
66.9
|
$
|
258.0
|
||||||||||
Household, Personal Care & Specialty Products
|
45.3
|
44.0
|
42.1
|
39.8
|
171.2
|
|||||||||||||||
Environmental Products
|
13.4
|
26.5
|
24.6
|
14.4
|
78.9
|
|||||||||||||||
Building Materials
|
20.4
|
19.7
|
16.9
|
17.1
|
74.1
|
|||||||||||||||
Basic Minerals
|
20.5
|
24.3
|
22.3
|
36.8
|
103.9
|
|||||||||||||||
Performance Materials Segment
|
$
|
159.6
|
$
|
182.5
|
$
|
169.0
|
$
|
175.0
|
$
|
686.1
|
||||||||||
Income from operations
|
||||||||||||||||||||
Performance Materials Segment
|
$
|
28.2
|
$
|
33.3
|
$
|
30.2
|
$
|
29.4
|
$
|
121.1
|
||||||||||
% of Sales
|
17.7
|
%
|
18.2
|
%
|
17.9
|
%
|
16.8
|
%
|
17.7
|
%
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
Oct. 1,
2017
|
Oct. 2,
2016
|
Oct. 1,
2017
|
Oct. 2,
2016
|
|||||||||||||
(millions of dollars)
|
||||||||||||||||
Net Sales
|
||||||||||||||||
Specialty Minerals
|
$
|
147.7
|
$
|
147.3
|
$
|
440.9
|
$
|
453.5
|
||||||||
Refractories
|
68.9
|
63.4
|
208.0
|
206.5
|
||||||||||||
Performance Materials
|
188.8
|
169.0
|
539.0
|
511.1
|
||||||||||||
Energy Services
|
19.0
|
19.8
|
55.6
|
65.6
|
||||||||||||
Total
|
$
|
424.4
|
$
|
399.5
|
$
|
1,243.5
|
$
|
1,236.7
|
||||||||
Income (Loss) from Operations
|
||||||||||||||||
Specialty Minerals
|
$
|
26.6
|
$
|
27.8
|
$
|
77.9
|
$
|
81.1
|
||||||||
Refractories
|
9.9
|
10.1
|
29.6
|
27.2
|
||||||||||||
Performance Materials
|
30.6
|
30.2
|
91.6
|
91.7
|
||||||||||||
Energy Services
|
2.3
|
2.6
|
4.8
|
(27.0
|
)
|
|||||||||||
Total
|
$
|
69.4
|
$
|
70.7
|
$
|
203.9
|
$
|
173.0
|
|
Income From Operations Before Provision For Taxes on Income
|
|||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
Oct. 1,
2017
|
Oct. 2,
2016
|
Oct. 1,
2017
|
Oct. 2,
2016
|
||||||||||||
|
(millions of dollars)
|
|||||||||||||||
Income from operations for reportable segments
|
$
|
69.4
|
$
|
70.7
|
$
|
203.9
|
$
|
173.0
|
||||||||
Acquisition related transaction and integration costs
|
(0.5
|
)
|
(1.9
|
)
|
(2.8
|
)
|
(5.1
|
)
|
||||||||
Unallocated corporate expenses
|
(2.1
|
)
|
(1.5
|
)
|
(4.1
|
)
|
(3.5
|
)
|
||||||||
Consolidated income from operations
|
66.8
|
67.3
|
197.0
|
164.4
|
||||||||||||
Non-operating deductions, net
|
(12.2
|
)
|
(14.0
|
)
|
(39.8
|
)
|
(39.7
|
)
|
||||||||
Income from continuing operations before provision for taxes on income
|
$
|
54.6
|
$
|
53.3
|
$
|
157.2
|
$
|
124.7
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
Oct. 1,
2017
|
Oct. 2,
2016
|
Oct. 1,
2017
|
Oct. 2,
2016
|
||||||||||||
|
(millions of dollars)
|
|||||||||||||||
Paper PCC
|
$
|
96.3
|
$
|
95.3
|
$
|
282.0
|
$
|
295.5
|
||||||||
Specialty PCC
|
16.4
|
16.4
|
50.8
|
50.2
|
||||||||||||
Talc
|
12.7
|
13.9
|
41.0
|
42.7
|
||||||||||||
Ground Calcium Carbonate
|
22.3
|
21.7
|
67.1
|
65.1
|
||||||||||||
Refractory Products
|
56.6
|
51.0
|
169.4
|
163.3
|
||||||||||||
Metallurgical Products
|
12.3
|
12.4
|
38.6
|
43.2
|
||||||||||||
Metalcasting
|
73.6
|
63.1
|
215.9
|
191.1
|
||||||||||||
Household, Personal Care & Specialty Products
|
42.5
|
42.1
|
123.3
|
131.4
|
||||||||||||
Basic Minerals
|
31.2
|
22.3
|
90.5
|
67.1
|
||||||||||||
Environmental Products
|
21.6
|
24.6
|
51.8
|
64.5
|
||||||||||||
Building Materials
|
19.9
|
16.9
|
57.5
|
57.0
|
||||||||||||
Energy Services
|
19.0
|
19.8
|
55.6
|
65.6
|
||||||||||||
Total
|
$
|
424.4
|
$
|
399.5
|
$
|
1,243.5
|
$
|
1,236.7
|
· |
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® 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.
|
· |
Expand our solid core wire product line into BRIC, Middle Eastern and other Asian countries.
|
· |
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 filtration and well testing within the Energy Services segment.
|
· |
Increase global market share in services for the offshore produced water and filtration markets.
|
· |
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.
|
|
Three Months Ended
|
Growth
|
||||||||||
|
Oct. 1,
2017
|
Oct. 2,
2016
|
%
|
|||||||||
|
(Dollars in millions)
|
|||||||||||
Net sales
|
$
|
424.4
|
$
|
399.5
|
6
|
%
|
||||||
Cost of sales
|
305.2
|
284.3
|
7
|
%
|
||||||||
Production margin
|
119.2
|
115.2
|
3
|
%
|
||||||||
Production margin %
|
28.1
|
%
|
28.8
|
%
|
||||||||
Marketing and administrative expenses
|
45.6
|
42.4
|
8
|
%
|
||||||||
Research and development expenses
|
5.9
|
5.9
|
0
|
%
|
||||||||
Acquisition related integration costs
|
0.5
|
1.9
|
-74
|
%
|
||||||||
Restructuring and other items, net
|
0.4
|
(2.3
|
)
|
*
|
||||||||
Income from operations
|
66.8
|
67.3
|
-1
|
%
|
||||||||
Operating margin %
|
15.7
|
%
|
16.8
|
%
|
||||||||
Interest expense, net
|
(10.5
|
)
|
(13.4
|
)
|
-22
|
%
|
||||||
Other non-operating income (deductions), net
|
(1.7
|
)
|
(0.6
|
)
|
*
|
|||||||
Total non-operating deductions, net
|
(12.2
|
)
|
(14.0
|
)
|
-13
|
%
|
||||||
|
||||||||||||
Income from continuing operations before provision for taxes and equity in earnings
|
54.6
|
53.3
|
2
|
%
|
||||||||
Provision for taxes on income
|
12.1
|
11.5
|
5
|
%
|
||||||||
Effective tax rate
|
22.2
|
%
|
21.6
|
%
|
||||||||
Equity in earnings of affiliates, net of tax
|
0.4
|
0.7
|
-43
|
%
|
||||||||
Net income
|
42.9
|
42.5
|
1
|
%
|
||||||||
Net income attributable to non-controlling interests
|
1.2
|
0.9
|
33
|
%
|
||||||||
Net income attributable to Minerals Technologies Inc. (MTI)
|
$
|
41.7
|
$
|
41.6
|
0
|
%
|
Three Months Ended
Oct. 1, 2017
|
Three Months Ended
Oct. 2, 2016
|
|||||||||||||||||||
Net Sales
|
% of Total
Sales
|
%
Growth
|
Net Sales
|
% of Total
Sales
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||
U.S.
|
$
|
243.6
|
57.4
|
%
|
6
|
%
|
$
|
229.0
|
57.3
|
%
|
||||||||||
International
|
180.8
|
42.6
|
%
|
6
|
%
|
170.5
|
42.7
|
%
|
||||||||||||
Total sales
|
$
|
424.4
|
100.0
|
%
|
6
|
%
|
$
|
399.5
|
100.0
|
%
|
||||||||||
Specialty Minerals Segment
|
$
|
147.7
|
34.8
|
%
|
0
|
%
|
$
|
147.3
|
36.9
|
%
|
||||||||||
Refractories Segment
|
68.9
|
16.2
|
%
|
9
|
%
|
63.4
|
15.9
|
%
|
||||||||||||
Performance Materials Segment
|
188.8
|
44.5
|
%
|
12
|
%
|
169.0
|
42.3
|
%
|
||||||||||||
Energy Services Segment
|
19.0
|
4.5
|
%
|
-4
|
%
|
19.8
|
5.0
|
%
|
||||||||||||
Total sales
|
$
|
424.4
|
100.0
|
%
|
6
|
%
|
$
|
399.5
|
100.0
|
%
|
Three Months Ended
|
||||||||||||
Specialty Minerals Segment
|
Oct. 1,
2017
|
Oct. 2,
2016
|
Growth
|
|||||||||
(millions of dollars)
|
||||||||||||
Net Sales
|
||||||||||||
Paper PCC
|
$
|
96.3
|
$
|
95.3
|
1
|
%
|
||||||
Specialty PCC
|
16.4
|
16.4
|
0
|
%
|
||||||||
PCC Products
|
$
|
112.7
|
$
|
111.7
|
1
|
%
|
||||||
Talc
|
$
|
12.7
|
$
|
13.9
|
-9
|
%
|
||||||
Ground Calcium Carbonate
|
22.3
|
21.7
|
3
|
%
|
||||||||
Processed Minerals Products
|
$
|
35.0
|
$
|
35.6
|
-2
|
%
|
||||||
Total net sales
|
$
|
147.7
|
$
|
147.3
|
0
|
%
|
||||||
Income from operations
|
$
|
26.6
|
$
|
27.8
|
-4
|
%
|
||||||
% of net sales
|
18.0
|
%
|
18.9
|
%
|
Three Months Ended
|
||||||||||||
Performance Materials Segment
|
Oct. 1,
2017
|
Oct. 2,
2016
|
Growth
|
|||||||||
(millions of dollars)
|
||||||||||||
Net Sales
|
||||||||||||
Metalcasting
|
$
|
73.6
|
$
|
63.1
|
17
|
%
|
||||||
Household, Personal Care & Specialty Products
|
42.5
|
42.1
|
1
|
%
|
||||||||
Environmental Products
|
21.6
|
24.6
|
-12
|
%
|
||||||||
Building Materials
|
19.9
|
16.9
|
18
|
%
|
||||||||
Basic Minerals
|
31.2
|
22.3
|
40
|
%
|
||||||||
Total net sales
|
$
|
188.8
|
$
|
169.0
|
12
|
%
|
||||||
Income from operations
|
$
|
30.6
|
$
|
30.2
|
||||||||
% of net sales
|
16.2
|
%
|
17.9
|
%
|
Three Months Ended
|
||||||||||||
Refractories Segment
|
Oct. 1,
2017
|
Oct. 2,
2016
|
Growth
|
|||||||||
(millions of dollars)
|
||||||||||||
Net Sales
|
||||||||||||
Refractory Products
|
$
|
56.6
|
$
|
51.0
|
11
|
%
|
||||||
Metallurgical Products
|
12.3
|
12.4
|
-1
|
%
|
||||||||
Total net sales
|
$
|
68.9
|
$
|
63.4
|
9
|
%
|
||||||
Income from operations
|
$
|
9.9
|
$
|
10.1
|
-2
|
%
|
||||||
% of net sales
|
14.4
|
%
|
15.9
|
%
|
Three Months Ended
|
||||||||||||
Energy Services Segment
|
Oct. 1,
2017
|
Oct. 2,
2016
|
Growth
|
|||||||||
(millions of dollars)
|
||||||||||||
Net Sales
|
$
|
19.0
|
$
|
19.8
|
-4
|
%
|
||||||
Income from operations
|
$
|
2.3
|
$
|
2.6
|
-12
|
%
|
||||||
% of net sales
|
12.1
|
%
|
13.1
|
%
|
|
Nine Months Ended
|
Growth
|
||||||||||
|
Oct. 1,
2017
|
Oct. 2,
2016
|
%
|
|||||||||
|
(Dollars in millions)
|
|||||||||||
Net sales
|
$
|
1,243.5
|
$
|
1,236.7
|
1
|
%
|
||||||
Cost of sales
|
890.9
|
887.7
|
0
|
%
|
||||||||
Production margin
|
352.6
|
349.0
|
1
|
%
|
||||||||
Production margin %
|
28.4
|
%
|
28.2
|
%
|
||||||||
Marketing and administrative expenses
|
134.1
|
134.2
|
0
|
%
|
||||||||
Research and development expenses
|
17.8
|
17.9
|
-1
|
%
|
||||||||
Acquisition related transaction and integration costs
|
2.8
|
5.1
|
-45
|
%
|
||||||||
Restructuring and other items, net
|
0.9
|
27.4
|
-97
|
%
|
||||||||
Income from operations
|
197.0
|
164.4
|
20
|
%
|
||||||||
Operating margin %
|
15.8
|
%
|
13.3
|
%
|
||||||||
Interest expense, net
|
(32.5
|
)
|
(41.4
|
)
|
-21
|
%
|
||||||
Debt modification cost and fees
|
(3.9
|
)
|
-
|
*
|
||||||||
Other non-operating (deductions) income, net
|
(3.4
|
)
|
1.7
|
*
|
||||||||
Total non-operating deductions, net
|
(39.8
|
)
|
(39.7
|
)
|
0
|
%
|
||||||
Income from continuing operations before provision for taxes and equity in earnings
|
157.2
|
124.7
|
26
|
%
|
||||||||
Provision for taxes on income
|
35.6
|
26.7
|
33
|
%
|
||||||||
Effective tax rate
|
22.6
|
%
|
21.4
|
%
|
||||||||
Equity in earnings of affiliates, net of tax
|
0.7
|
1.6
|
-56
|
%
|
||||||||
Net income
|
122.3
|
99.6
|
23
|
%
|
||||||||
Net income attributable to non-controlling interests
|
3.0
|
2.9
|
3
|
%
|
||||||||
Net income attributable to Minerals Technologies Inc. (MTI)
|
$
|
119.3
|
$
|
96.7
|
23
|
%
|
Nine Months Ended
Oct. 1, 2017
|
Nine Months Ended
Oct. 2, 2016
|
|||||||||||||||||||
Net Sales
|
% of Total
Sales
|
%
Growth
|
Net Sales
|
% of Total
Sales
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||
U.S.
|
$
|
705.1
|
56.7
|
%
|
-2
|
%
|
$
|
718.7
|
58.1
|
%
|
||||||||||
International
|
538.4
|
43.3
|
%
|
4
|
%
|
518.0
|
41.9
|
%
|
||||||||||||
Total sales
|
$
|
1,243.5
|
100.0
|
%
|
1
|
%
|
$
|
1,236.7
|
100.0
|
%
|
||||||||||
Specialty Minerals Segment
|
$
|
440.9
|
35.5
|
%
|
-3
|
%
|
$
|
453.5
|
36.7
|
%
|
||||||||||
Refractories Segment
|
208.0
|
16.7
|
%
|
1
|
%
|
206.5
|
16.7
|
%
|
||||||||||||
Performance Materials Segment
|
539.0
|
43.3
|
%
|
5
|
%
|
511.1
|
41.3
|
%
|
||||||||||||
Energy Services Segment
|
55.6
|
4.5
|
%
|
-15
|
%
|
65.6
|
5.3
|
%
|
||||||||||||
Total sales
|
$
|
1,243.5
|
100.0
|
%
|
1
|
%
|
$
|
1,236.7
|
100.0
|
%
|
Nine Months Ended
|
||||||||||||
Specialty Minerals Segment
|
Oct. 1,
2017
|
Oct. 2,
2016
|
Growth
|
|||||||||
(millions of dollars)
|
||||||||||||
Net Sales
|
||||||||||||
Paper PCC
|
$
|
282.0
|
$
|
295.5
|
-5
|
%
|
||||||
Specialty PCC
|
50.8
|
50.2
|
1
|
%
|
||||||||
PCC Products
|
$
|
332.8
|
$
|
345.7
|
-4
|
%
|
||||||
Talc
|
$
|
41.0
|
$
|
42.7
|
-4
|
%
|
||||||
Ground Calcium Carbonate
|
67.1
|
65.1
|
3
|
%
|
||||||||
Processed Minerals Products
|
$
|
108.1
|
$
|
107.8
|
0
|
%
|
||||||
Total net sales
|
$
|
440.9
|
$
|
453.5
|
-3
|
%
|
||||||
Income from operations
|
$
|
77.9
|
$
|
81.1
|
-4
|
%
|
||||||
% of net sales
|
17.7
|
%
|
17.9
|
%
|
Nine Months Ended
|
||||||||||||
Performance Materials Segment
|
Oct. 1,
2017
|
Oct. 2,
2016
|
Growth
|
|||||||||
(millions of dollars)
|
||||||||||||
Net Sales
|
||||||||||||
Metalcasting
|
$
|
215.9
|
$
|
191.1
|
13
|
%
|
||||||
Household, Personal Care & Specialty Products
|
123.3
|
131.4
|
-6
|
%
|
||||||||
Environmental Products
|
51.8
|
64.5
|
-20
|
%
|
||||||||
Building Materials
|
57.5
|
57.0
|
1
|
%
|
||||||||
Basic Minerals
|
90.5
|
67.1
|
35
|
%
|
||||||||
Total net sales
|
$
|
539.0
|
$
|
511.1
|
5
|
%
|
||||||
Income from operations
|
$
|
91.6
|
$
|
91.7
|
||||||||
% of net sales
|
17.0
|
%
|
17.9
|
%
|
Nine Months Ended
|
||||||||||||
Refractories Segment
|
Oct. 1,
2017
|
Oct. 2,
2016
|
Growth
|
|||||||||
(millions of dollars)
|
||||||||||||
Net Sales
|
||||||||||||
Refractory Products
|
$
|
169.4
|
$
|
163.3
|
4
|
%
|
||||||
Metallurgical Products
|
38.6
|
43.2
|
-11
|
%
|
||||||||
Total net sales
|
$
|
208.0
|
$
|
206.5
|
1
|
%
|
||||||
Income from operations
|
$
|
29.6
|
$
|
27.2
|
9
|
%
|
||||||
% of net sales
|
14.2
|
%
|
13.2
|
%
|
Nine Months Ended
|
||||||||||||
Energy Services Segment
|
Oct. 1,
2017
|
Oct. 2,
2016
|
Growth
|
|||||||||
(millions of dollars)
|
||||||||||||
Net Sales
|
$
|
55.6
|
$
|
65.6
|
-15
|
%
|
||||||
Income (loss) from operations
|
$
|
4.8
|
$
|
(27.0
|
)
|
*
|
||||||
% of net sales
|
8.6
|
%
|
*
|
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
|
||||||||||||
July 3 - July 30
|
-
|
$
|
-
|
-
|
$
|
147,354,267
|
||||||||||
July 31 - August 27
|
-
|
$
|
-
|
-
|
$
|
147,354,267
|
||||||||||
August 28 - October 1
|
10,552
|
$
|
66.63
|
64,650
|
$
|
146,651,232
|
||||||||||
Total
|
10,552
|
$
|
66.63
|
Exhibit No.
|
Exhibit Title
|
||
Letter Regarding Unaudited Interim Financial Information.
|
|||
Rule 13a-14(a)/15d-14(a) Certification
|
|||
Rule 13a-14(a)/15d-14(a) Certification
|
|||
Section 1350 Certifications.
|
|||
Information concerning Mine Safety Violations
|
|||
Risk Factors
|
|||
101.INS
|
XBRL Instance Document
|
||
101.SCH
|
XBRL Taxonomy Extension Schema
|
||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
||
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
Minerals Technologies Inc.
|
||
By:
|
/s/Matthew E. Garth
|
|
Matthew E. Garth
|
||
Senior Vice President, Finance and Treasury,
|
||
Chief Financial Officer
|
||
Re:
|
Registration Statement Nos. 333-160002, 33-59080, 333-62739, 333-138245 and 333-206244
|
1. |
I have reviewed this Quarterly Report on Form 10-Q 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:
|
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:
|
By:
|
/s/Douglas T. Dietrich
|
||
Douglas T. Dietrich
|
|||
Chief Executive Officer
|
1. |
I have reviewed this Quarterly Report on Form 10-Q 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:
|
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:
|
By:
|
/s/Matthew E. Garth
|
|
Matthew E. Garth
|
||
Senior Vice President, Finance and Treasury,
|
||
Chief Financial Officer
|
By:
|
/s/ Douglas T. Dietrich
|
|
Douglas T. Dietrich
|
||
Chief Executive Officer
|
By:
|
/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
|
1
|
0
|
0
|
0
|
0
|
$0
|
0
|
Canaan, CT
06-00019
|
2
|
0
|
3
|
0
|
0
|
$0
|
0
|
Adams, MA
19-00035
|
1
|
0
|
0
|
0
|
0
|
$4,818
|
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
|
$0
|
0
|
Treasure Mine, Dillon, MT
24-00160
|
0
|
0
|
0
|
0
|
0
|
$0
|
0
|
Belle/Colony Mine, WY
48-00888
|
0
|
0
|
0
|
0
|
0
|
$0
|
0
|
Belle Fourche Mill, SD
39-00049
|
0
|
0
|
0
|
0
|
0
|
$116
|
0
|
Colony East, WY
48-00594
|
0
|
0
|
0
|
0
|
0
|
$748
|
0
|
Colony West, WY
48-00245
|
1
|
0
|
0
|
0
|
0
|
$0
|
0
|
Gascoyne, ND
32-00459
|
0
|
0
|
0
|
0
|
0
|
$0
|
0
|
Lovell, WY
48-00057
|
0
|
0
|
0
|
0
|
0
|
$116
|
0
|
Sandy Ridge, AL
01-00093
|
0
|
0
|
0
|
0
|
0
|
$0
|
0
|
Yellowtail, WY
48-00607
|
0
|
0
|
0
|
0
|
0
|
$0
|
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
|
131
|
5
|
0
|
Adams, MA
|
0
|
0
|
0
|
Barretts Mill, Dillon, MT
|
0
|
0
|
0
|
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
|
· |
Worldwide general economic, business, and industry conditions have had, and may continue to have, an adverse effect on the Company’s results.
|
· |
Our customers’ businesses are cyclical or have changing regional demands. Our operations are subject to these trends and we may not be able to mitigate these risks.
|
· |
Our Performance Materials segment’s sales are predominantly derived from the metalcasting market. The metalcasting market is dependent upon the demand for castings for automobile components, farm and construction equipment, oil and gas production equipment, power generation turbine castings, and rail car components. Many of these types of equipment are sensitive to fluctuations in demand during periods of recession or difficult economic conditions, which ultimately may affect the demand for our Performance Materials segment’s products and services.
|
· |
In the paper industry, which is served by our Paper PCC product line, production levels for uncoated freesheet within North America and Europe, our two largest markets are projected to continue to decrease. The reduced demand for premium writing paper products has also caused recent paper mill closures.
|
· |
Our Refractories segment primarily serves the steel industry. North American and European steel production continues to be affected by global volatility and overcapacity in the market.
|
· |
Demand for our Energy Services segment’s products and services is affected by the level of exploration, development, and production activity of, and the corresponding capital spending by, oil and natural gas companies, which are heavily influenced by the benchmark price of these commodities. Oil and natural gas prices decreased significantly in 2014 and 2015, with West Texas Intermediate (WTI) oil spot prices declining from a high of $108 per barrel in June 2014 to a low of $26 per barrel in February 2016. This has caused oil and natural gas companies to reduce their capital expenditures and production and exploration activities. This has the effect of decreasing the demand and increasing competition for the services we provide. In addition, the performance of our Energy Services segment is affected by changes in technologies, locations of customers’ targeted reserves, and competition in various geographic markets.
|
· |
Our Environmental Products and Building Materials products sales are predominantly derived from the commercial construction and infrastructure markets. In addition, our Processed Minerals and Specialty PCC product lines are affected by the domestic building and construction markets, as well as the automotive market.
|
· |
The Company’s results could be adversely affected if it is unable to effectively achieve and implement its growth initiatives.
|
· |
Servicing the Company’s debt will require a significant amount of cash. This could reduce the Company’s flexibility to respond to changing business and economic conditions or fund capital expenditures or working capital needs. Our ability to generate cash depends on many factors beyond our control.
|
· |
Our senior secured credit facility contains various covenants that limit our ability to take certain actions and our revolving credit facility, if used, also requires us to meet financial maintenance tests, failure to comply with which could have a material adverse effect on us.
|
· |
The Company’s sales of PCC could be adversely affected by our failure to renew or extend long term sales contracts for our satellite operations.
|
· |
The Company’s sales could be adversely affected by consolidation in customer industries, principally paper, foundry and steel.
|
· |
The Company is subject to stringent regulation in the areas of environmental, health and safety, and tax, and may incur unanticipated costs or liabilities arising out of claims for various legal, environmental and tax matters or product stewardship issues.
|
· |
Delays or failures in new product development could adversely affect the Company’s operations.
|
· |
The Company’s ability to compete is dependent upon its ability to defend its intellectual property against inappropriate disclosure and infringement.
|
· |
The Company’s operations could be impacted by the increased risks of doing business abroad.
|
· |
The Company’s operations are dependent on the availability of raw materials and access to ore reserves at its mining operations. Increases in costs of raw materials, energy, or shipping could adversely affect our financial results.
|
· |
The Company operates in very competitive industries, which could adversely affect our profitability.
|
· |
Production facilities are subject to operating risks and capacity limitations that may adversely affect the Company’s financial condition or results of operations.
|
· |
Operating results for some of our segments are seasonal.
|
· |
Our operations are subject to cyber-attacks that could have a material adverse impact on our business, consolidated results of operations, and consolidated financial condition.
|
Document and Entity Information - shares |
9 Months Ended | |
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Oct. 01, 2017 |
Oct. 24, 2017 |
|
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 Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,366,871 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 01, 2017 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2017 |
Oct. 02, 2016 |
Oct. 01, 2017 |
Oct. 02, 2016 |
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||||
Consolidated net income | $ 42.9 | $ 42.5 | $ 122.3 | $ 99.6 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 8.0 | 1.2 | 33.8 | 2.0 |
Pension and postretirement plan adjustments | 1.0 | 1.2 | 3.7 | 3.8 |
Unrealized gains (losses) on cash flow hedges | 0.1 | 0.4 | (0.2) | (0.3) |
Total other comprehensive income (loss), net of tax | 9.1 | 2.8 | 37.3 | 5.5 |
Total comprehensive income including non-controlling interests | 52.0 | 45.3 | 159.6 | 105.1 |
Comprehensive income attributable to non-controlling interest | (1.3) | (0.4) | (3.9) | (2.2) |
Comprehensive income attributable to MTI | $ 50.7 | $ 44.9 | $ 155.7 | $ 102.9 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions |
9 Months Ended | ||||||
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Oct. 01, 2017 |
Oct. 02, 2016 |
||||||
Operating Activities: | |||||||
Consolidated net income | $ 122.3 | $ 99.6 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, depletion and amortization | 67.0 | 66.6 | |||||
Impairment of assets | 0.0 | 18.5 | |||||
Non-cash debt modification fees | 1.8 | 0.0 | |||||
Other non-cash items | 8.9 | 8.2 | |||||
Net changes in operating assets and liabilities | (49.4) | (28.7) | |||||
Net cash provided by operating activities | 150.6 | 164.2 | |||||
Investing Activities: | |||||||
Purchases of property, plant and equipment | (54.2) | (48.9) | |||||
Proceeds from sale of assets | 1.3 | 2.9 | |||||
Proceeds from sale of short-term investments | 2.8 | 4.9 | |||||
Purchases of short-term investments | (3.5) | (6.6) | |||||
Other investing activities | (0.9) | 0.0 | |||||
Net cash used in investing activities | (54.5) | (47.7) | |||||
Financing Activities: | |||||||
Proceeds from issuance of long-term debt | 0.0 | 1.2 | |||||
Repayment of long-term debt | (84.9) | (141.2) | |||||
Net repayment of short-term debt | (0.2) | (0.1) | |||||
Purchase of common shares for treasury | (0.7) | (2.6) | |||||
Proceeds from issuance of stock under option plan | 14.4 | 4.1 | |||||
Excess tax benefits related to stock incentive programs | (3.6) | 0.0 | |||||
Dividends paid to non-controlling interest | (2.4) | (1.5) | |||||
Cash dividends paid | (5.3) | (5.3) | |||||
Net cash used in financing activities | (82.7) | (145.4) | |||||
Effect of exchange rate changes on cash and cash equivalents | 9.8 | (0.8) | |||||
Net increase (decrease) in cash and cash equivalents | 23.2 | (29.7) | |||||
Cash and cash equivalents at beginning of period | 188.5 | [1] | 229.4 | ||||
Cash and cash equivalents at end of period | 211.7 | [2] | 199.7 | ||||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | 28.9 | 45.6 | |||||
Income taxes paid | $ 35.5 | $ 24.1 | |||||
|
Basis of Presentation and Summary of Significant Accounting Policies |
9 Months Ended | ||
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Oct. 01, 2017 | |||
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |||
Basis of Presentation and Summary of Significant Accounting Policies |
The accompanying unaudited condensed consolidated financial statements have been prepared by management of Minerals Technologies Inc. (the “Company”, “MTI”, “we” or “us”) in accordance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three-month and nine-month periods ended October 1, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. Company Operations The Company is a resource-and technology-based company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and supporting systems and services. During the first quarter of 2017, the Company announced the reorganization of its Performance Materials and Construction Technologies business segments into one operating segment, in order to generate greater alignment, speed decision making and accelerate growth. The Company now has four reportable segments: Specialty Minerals, Performance Materials, Refractories and Energy Services. - The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate ("PCC") and mines, processes and sells other natural mineral products, primarily limestone and talc. - 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 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 the oil and gas industry. This segment offers a range of patented and unpatented technologies, products and services for all phases of oil and gas production and refining throughout the world. Use of Estimates The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of accounts receivable, valuation of inventories, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, valuation of product liability and asset retirement obligation, income tax, income tax valuation allowances, and litigation and environmental liabilities. Actual results could differ from those estimates. Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company has elected to use the cumulative effect transition method. The Company has completed a high level accounting diagnostic and is in the process of contract review and continues to evaluate the impact of this ASU on the Company’s consolidated financial statements and related disclosures. At this time, the Company does not believe the adoption of this guidance will have a material impact on the Company’s consolidated financial statements and are reviewing the additional disclosure requirements upon adoption. Leases In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to recognize most leases on-balance sheet, thereby increasing their reported assets and liabilities, in some cases very significantly. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. The Company is currently evaluating the impact of this ASU on the Company’s consolidated financial statements and related disclosures. Based on the current status of this assessment, the adoption of this guidance is not expected to 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 guidance is effective for the interim and annual periods beginning on or after December 15, 2019, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. Compensation – Retirement Benefits In March 2017, the FASB issued 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 guidance is effective for the interim and annual periods beginning on or after December 15, 2017. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. Adoption of ASU 2016-09, Stock Compensation- Improvements to Employee Share-Based Payment Accounting On January 1, 2017, the Company adopted the provisions of ASU 2016-09, “Stock Compensation – Improvements to Employee Share-Based Payment Accounting”, an amendment to account standards codification (“ASC”) 718, which simplifies several aspects of accounting for share-based payments, including accounting for income taxes, forfeitures, statutory withhold rates as well as presentation on the statement of cash flows. The Company has elected to adopt the standard on a prospective basis. As a result of this adoption, the Company recognizes excess tax benefits in the current account period. The cash flow benefit of the excess tax benefit is included as an operating activity in the Condensed Consolidated Statement of Cash Flows for the period ended October 1, 2017. Additionally, taxes paid for shares withheld for tax-withholding purposes are reported as financing activities in the Condensed Consolidated Statements of Cash Flows. Previously, this activity was included in operating activities. Prior year Condensed Consolidated Statement of Cash Flows has not been restated. In accordance with the standard, the Company will continue to account for forfeitures using an estimated forfeiture rate. |
Earnings Per Share (EPS) |
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Earnings Per Share (EPS) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (EPS) |
Basic earnings per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. The following table sets forth the computation of basic and diluted earnings per share:
Options to purchase 184,569 shares and 10,239 shares of common stock for the three-month and nine-month periods ended October 1, 2017 and October 2, 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. In the first quarter of 2017, the Company adopted the provisions of ASU 2016-09, “Stock Compensation – Improvements to Employee Share-Based Payment Accounting”. Under the new guidance excess income tax benefits are no longer included in the calculation of assumed proceeds. As such, the dilutive effect of stock options and stock units for the period ended October 1, 2017 is reflective of the new guidance. |
Restructuring and Other Items, net |
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Restructuring and Other Items, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Items, net |
During 2014, the Company announced a restructuring program which resulted in a 10% permanent reduction of its workforce. The reductions included elimination of duplicate corporate functions, deployment of our shared service model, and consolidation and alignment of various corporate functions and regional locations across the Company. During the third quarter and first nine months of 2016, the Company incurred additional restructuring charges for lease termination costs, inventory write-offs and impairment of assets relating to its exit from the Nitrogen and Pipeline product lines and restructuring of other onshore services within the Energy Services segment as a result of the significant reduction in oil prices and overcapacity in the onshore oil service market. Included in the $2.3 million income recorded in the third quarter of 2016 were gains on previously impaired assets of $2.9 million. The Company expects to realize annualized savings from this restructuring program of $11.5 million. The following table outlines the amount of restructuring charges recorded within the Condensed Consolidated Statements of Income.
At October 1, 2017, the Company had $1.2 million included within accrued liabilities within our Condensed Consolidated Balance Sheets for cash expenditures needed to satisfy remaining obligations under these workforce reduction initiatives. The Company expects to pay these amounts by the end of December 2017. The following table is a reconciliation of our restructuring liability balance as of October 1, 2017:
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Income Taxes |
9 Months Ended | ||
---|---|---|---|
Oct. 01, 2017 | |||
Income Taxes [Abstract] | |||
Income Taxes |
As of October 1, 2017, the Company had approximately $14.5 million of total unrecognized income tax benefits. Included in this amount were a total of $11.8 million of unrecognized income tax benefits that, if recognized, would affect the Company’s effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, the Company does not expect the change to have a significant impact on the results of operations or the financial position of the Company. The Company’s accounting policy is to recognize interest and penalties accrued relating to unrecognized income tax benefits as part of its provision for income taxes. The Company had a net decrease of approximately $0.1 million during the three months ended October 1, 2017, an increase of $0.2 million during the nine months ended October 1, 2017, and had an accrued balance of $1.4 million of interest and penalties as of October 1, 2017. 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 income tax examinations by tax authorities for years prior to 2010. Provision for taxes was $12.1 million and $35.6 million during the three and nine-months ended October 1, 2017, respectively. The effective tax rate was 22.6% as compared to 21.4% in the prior year. The higher effective tax rate was primarily due to a change in the mix of earnings and non-deductible acquisition costs in the prior year. |
Inventories |
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Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
The following is a summary of inventories by major category:
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Goodwill and Other Intangible Assets |
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Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $779.6 million and $778.7 million as of October 1, 2017 and December 31, 2016, respectively. The net change in goodwill since December 31, 2016 was attributable to the effects of foreign exchange. Acquired intangible assets subject to amortization as of October 1, 2017 and December 31, 2016 were as follows:
The weighted average amortization period for acquired intangible assets subject to amortization is approximately 28 years. Estimated amortization expense is $2.0 million for the remainder of 2017, $7.9 million per year for 2018–2021 and $164.8 million thereafter. |
Derivative Financial Instruments |
9 Months Ended | ||||||||
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Oct. 01, 2017 | |||||||||
Derivative Financial Instruments [Abstract] | |||||||||
Derivative Financial Instruments |
As a multinational corporation with operations throughout the world, the Company is exposed to certain market risks. The Company uses a variety of practices to manage these market risks, including, when considered appropriate, derivative financial instruments. The Company's objective is to offset gains and losses resulting from interest rates and foreign currency exposures with gains and losses on the derivative contracts used to hedge them. The Company uses derivative financial instruments only for risk management and not for trading or speculative purposes. By using derivative financial instruments to hedge exposures to changes in interest rates and foreign currencies, the Company exposes itself to credit risk and market risk. Credit risk is the risk that the counterparty will fail to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty, and therefore, it does not face any credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with major financial institutions. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates, currency exchange rates, or commodity prices. The market risk associated with interest rate and forward exchange contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. Cash flow hedges: For derivative instruments that are designated and qualify as cash flow hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders' equity. The Company subsequently reclassifies the effective portion of gain or loss into earnings in the period during which the hedged transaction is recognized in earnings. The Company utilizes interest rate swaps to limit exposure to market fluctuations on floating-rate debt. During the second quarter of 2016, the Company entered into a floating to fixed interest rate swap for an initial aggregate notional amount of $300 million. The notional amount at October 1, 2017 was $214 million. This interest rate swap is designated as a cash flow hedge. The gains and losses associated with this interest rate swap are recorded in accumulated other comprehensive income (loss). The fair value of this swap was an asset of $2.1 million at October 1, 2017 and is recorded in other non-current assets on the Condensed Consolidated Balance Sheet. 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 interest rate derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value of our interest rate swap contract 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. |
Long-Term Debt and Commitments |
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Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Following the Second Amendment, 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 May 9, 2019. After the Second Amendment, loans under the floating rate tranche of the Term Facility bear interest at a rate equal to an adjusted LIBOR rate (subject to a floor of 0.75%) plus an applicable margin equal to 2.25% per annum. Loans under the fixed rate tranche of the Term Facility bear interest at a rate of 4.75%. Loans under the Revolving Facility will bear interest at a rate equal to an adjusted LIBOR rate plus an applicable margin equal to 1.75% per annum. Such rates are subject to decrease by up to 25 basis points in the event that, and for so long as, the Company’s net leverage ratio (as defined in the credit agreement) is less than certain thresholds. The 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 loans under the fixed rate tranche of the Term Facility are subject to prepayment premiums in the event of certain prepayments prior to the third anniversary of the effective date of the First Amendment. The obligations of the Company under the Facilities are unconditionally guaranteed jointly and severally by, subject to certain exceptions, all material domestic subsidiaries of the Company (the “Guarantors”) and secured, subject to certain exceptions, by a security interest in substantially all of the assets of the Company and the Guarantors. The credit agreement contains certain customary affirmative and negative covenants that limit or restrict the ability of the Company and its restricted subsidiaries to enter into certain transactions or take certain actions. In addition, the credit agreement contains a financial covenant that requires the Company, if on the last day of any fiscal quarter loans or letters of credit were outstanding under the Revolving Facility (excluding up to $15 million of letters of credit), to maintain a maximum net leverage ratio (as defined in the credit agreement) of, initially, 5.25 to 1.00 for the four fiscal quarters 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. During the first nine months of 2017, the Company repaid $80 million on its Term Facility. As of October 1, 2017, there were no loans and $12.0 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. The Company has four committed loan facilities for the funding of new manufacturing facilities in China, comprised of facilities of 94.8 million RMB, or approximately $10.3 million, and a $1.8 million facility. In December 2016, the Company entered into a committed loan facility in Japan in the amount of 680 million Yen (approximately $5.8 million). As of October 1, 2017, on a combined basis, $12.6 million was outstanding under these loan facilities. Principal will be repaid in accordance with the payment schedules ending in 2021. The Company repaid $3.0 million on these loans in the first nine months of 2017. As of October 1, 2017, the Company had $36.3 million in uncommitted short-term bank credit lines, of which approximately $6.2 million was in use. |
Benefit Plans |
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Benefit Plans |
The Company and its subsidiaries have pension plans covering the majority of eligible employees on a contributory or non-contributory basis. The Company also provides postretirement health care and life insurance benefits for the majority of its U.S. retired employees. Disclosures for the U.S. plans have been combined with those outside of the U.S. as the international plans do not have significantly different assumptions, and together represent less than 25% of our total benefit obligation. Components of Net Periodic Benefit Cost
Amortization amounts of prior service costs and recognized net actuarial losses are recorded, net of tax, as increases to accumulated other comprehensive income. Employer Contributions The Company expects to contribute approximately $10 million to its pension plans and $0.6 million to its other postretirement benefit plans in 2017. As of October 1, 2017, $5.3 million has been contributed to the pension plans and approximately $0.1 million has been contributed to the other postretirement benefit plans. |
Comprehensive Income |
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Comprehensive Income |
The following table summarizes the amounts reclassified out of accumulated other comprehensive income (loss) attributable to the Company:
The pre-tax amounts in the table above are included within the components of net periodic pension benefit cost (see Note 9 to the Condensed Consolidated Financial Statements) and the tax amounts are included within provision for taxes on income line within Condensed Consolidated Statements of Income. The major components of accumulated other comprehensive income (loss), net of related tax, attributable to MTI are as follows:
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Accounting for Asset Retirement Obligations |
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Accounting for Asset Retirement Obligations |
The Company records asset retirement obligations for situations in which the Company will be required to incur costs to retire tangible long-lived assets. The fair value of the 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 Company also records liabilities related to land reclamation as a part of asset retirement obligations. 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. The obligation is adjusted to reflect the passage of time, mining activities, and changes in estimated future cash outflows. The following is a reconciliation of asset retirement obligations as of October 1, 2017:
The asset retirement costs are capitalized as part of the carrying amount of the associated asset. The current portion of the liability of approximately $1.9 million is included in other current liabilities and the long-term portion of the liability of approximately $20.6 million is included in other non-current liabilities in the Condensed Consolidated Balance Sheet as of October 1, 2017. |
Contingencies |
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Contingencies [Abstract] | |||
Contingencies |
The Company is party to a number of lawsuits arising in the normal course of our business. On May 8, 2013, Armada (Singapore) PTE Limited, an ocean shipping company now in bankruptcy ("Armada") filed a case in federal court in the Northern District of Illinois against AMCOL and certain of its subsidiaries ( Armada (Singapore) PTE Limited v. AMCOL International Corp., et al., United States District Court for the Northern District of Illinois , Case No. 13 CV 3455). We acquired AMCOL and its subsidiaries on May 9, 2014. A co-defendant is Ashapura Minechem Limited, a company located in Mumbai, India (“AML”). During the relevant time period, 2008-2010, AMCOL owned slightly over 20% of the outstanding AML stock through December 2009, after which it owned approximately 19%. In 2008, AML entered into two contracts of affreightment (“COA”) with Armada for over 60 ship loads of bauxite from India to China. After one shipment, AML made no further shipments, which led Armada to file arbitrations in London against AML, one for each COA. AML did not appear in the London arbitrations and default awards of approximately $70 million were entered. The litigation filed by Armada against AMCOL and AML relates to these awards, which AML has not paid. The substance of the allegations by Armada is that AML and AMCOL engaged in illegal conduct to thwart Armada’s efforts to collect the arbitration award. AMCOL won a motion for judgement on the pleadings that resulted in the successful dismissal of all but one count in the complaint, including a dismissal of all counts alleging violations of Illinois’ Fraudulent Transfer laws and federal RICO violations. Armada has filed an appeal of the dismissal and the district court proceedings are stayed pending the appeal. We have accrued an estimate of potential damages for the Armada lawsuit, the amount of which was not material to our financial position, results of operations or cash flows. 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 22 pending asbestos cases. To date, 1,493 silica cases and 50 asbestos cases have been dismissed, not including any lawsuits against AMCOL or American Colloid Company dismissed prior to our acquisition of AMCOL. Two new asbestos cases were filed in the third quarter of 2017 and one additional asbestos case was filed subsequent to the close of the quarter. No asbestos or silica cases were dismissed during the quarter. 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 22 pending asbestos cases, 15 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 the six remaining non-AMCOL cases, the plaintiffs have not alleged dates of exposure. The remaining case is an AMCOL case, which makes no allegation with respect to periods of exposure. 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 October 1, 2017. 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 October 1, 2017. The Company and its subsidiaries are not party to any other material pending legal proceedings, other than routine litigation incidental to their businesses. |
Non-controlling interests |
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Non-controlling interests |
The following is a reconciliation of beginning and ending total equity, equity attributable to MTI, and equity attributable to non-controlling interests:
The income attributable to non-controlling interests for the nine-month periods ended October 1, 2017 and October 2, 2016 was from continuing operations. The remainder of income was attributable to MTI. |
Segment and Related Information |
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Segment and Related Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Related Information |
On a regular basis, the Company reviews its segments and the approach used by the chief operating decision maker to assess performance and allocate resources. Accordingly, in the first quarter of 2017, the Company reorganized the management structure for its Performance Materials and Construction Technologies business units to better reflect the way performance is evaluated and resources allocated. As a result, all of the product lines within these business segments were combined into one operating segment. Presented below are the restated financial results, by product line, of this operating segment for each quarter of 2016 to conform to the current management structure.
The Company now has four reportable segments: Specialty Minerals, Performance Materials, Refractories and Energy Services. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and nine-month periods ended October 1, 2017 and October 2, 2016 is as follows:
A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows:
The Company's sales by product category are as follows:
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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Oct. 01, 2017 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared by management of Minerals Technologies Inc. (the “Company”, “MTI”, “we” or “us”) in accordance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three-month and nine-month periods ended October 1, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. |
Use of Estimates | Use of Estimates The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of accounts receivable, valuation of inventories, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, valuation of product liability and asset retirement obligation, income tax, income tax valuation allowances, and litigation and environmental liabilities. Actual results could differ from those estimates. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company has elected to use the cumulative effect transition method. The Company has completed a high level accounting diagnostic and is in the process of contract review and continues to evaluate the impact of this ASU on the Company’s consolidated financial statements and related disclosures. At this time, the Company does not believe the adoption of this guidance will have a material impact on the Company’s consolidated financial statements and are reviewing the additional disclosure requirements upon adoption. Leases In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to recognize most leases on-balance sheet, thereby increasing their reported assets and liabilities, in some cases very significantly. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. The Company is currently evaluating the impact of this ASU on the Company’s consolidated financial statements and related disclosures. Based on the current status of this assessment, the adoption of this guidance is not expected to 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 guidance is effective for the interim and annual periods beginning on or after December 15, 2019, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. Compensation – Retirement Benefits In March 2017, the FASB issued 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 guidance is effective for the interim and annual periods beginning on or after December 15, 2017. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. Adoption of ASU 2016-09, Stock Compensation- Improvements to Employee Share-Based Payment Accounting On January 1, 2017, the Company adopted the provisions of ASU 2016-09, “Stock Compensation – Improvements to Employee Share-Based Payment Accounting”, an amendment to account standards codification (“ASC”) 718, which simplifies several aspects of accounting for share-based payments, including accounting for income taxes, forfeitures, statutory withhold rates as well as presentation on the statement of cash flows. The Company has elected to adopt the standard on a prospective basis. As a result of this adoption, the Company recognizes excess tax benefits in the current account period. The cash flow benefit of the excess tax benefit is included as an operating activity in the Condensed Consolidated Statement of Cash Flows for the period ended October 1, 2017. Additionally, taxes paid for shares withheld for tax-withholding purposes are reported as financing activities in the Condensed Consolidated Statements of Cash Flows. Previously, this activity was included in operating activities. Prior year Condensed Consolidated Statement of Cash Flows has not been restated. In accordance with the standard, the Company will continue to account for forfeitures using an estimated forfeiture rate. |
Earnings Per Share (EPS) (Tables) |
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Earnings Per Share (EPS) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share:
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Restructuring and Other Items, net (Tables) |
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Restructuring and Other Items, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restructuring charges | The following table outlines the amount of restructuring charges recorded within the Condensed Consolidated Statements of Income.
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Reconciliation of restructuring liability | The following table is a reconciliation of our restructuring liability balance as of October 1, 2017:
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Inventories (Tables) |
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Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories by major category | The following is a summary of inventories by major category:
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Goodwill and Other Intangible Assets (Tables) |
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Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired intangible assets subject to amortization | Acquired intangible assets subject to amortization as of October 1, 2017 and December 31, 2016 were as follows:
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Long-Term Debt and Commitments (Tables) |
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Long-Term Debt and Commitments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of long term debt | The following is a summary of long-term debt:
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Benefit Plans (Tables) |
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Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | Components of Net Periodic Benefit Cost
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Comprehensive Income (Tables) |
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Reclassifications out of accumulated other comprehensive income (loss), net of related tax | The following table summarizes the amounts reclassified out of accumulated other comprehensive income (loss) attributable to the Company:
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Accumulated other comprehensive income (loss), net of related tax, attributable to MTI | The major components of accumulated other comprehensive income (loss), net of related tax, attributable to MTI are as follows:
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Accounting for Asset Retirement Obligations (Tables) |
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Accounting for Asset Retirement Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||
Reconciliation of asset retirement obligations | The following is a reconciliation of asset retirement obligations as of October 1, 2017:
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Non-controlling interests (Tables) |
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Non-controlling interests [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity, equity attributable to MTI, and equity attributable to noncontrolling interests | The following is a reconciliation of beginning and ending total equity, equity attributable to MTI, and equity attributable to non-controlling interests:
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Segment and Related Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment and Related Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restated financial results, by product line | Presented below are the restated financial results, by product line, of this operating segment for each quarter of 2016 to conform to the current management structure.
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Segment information | Segment information for the three and nine-month periods ended October 1, 2017 and October 2, 2016 is as follows:
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Reconciliation of income from operations before provision for taxes on income | A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows:
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Sales by product category | The Company's sales by product category are as follows:
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Basis of Presentation and Summary of Significant Accounting Policies (Details) |
9 Months Ended |
---|---|
Oct. 01, 2017
Segment
| |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Number of reportable segments | 4 |
Earnings Per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2017 |
Oct. 02, 2016 |
Oct. 01, 2017 |
Oct. 02, 2016 |
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Earnings Per Share (EPS) [Abstract] | ||||
Net income attributable to MTI | $ 41.7 | $ 41.6 | $ 119.3 | $ 96.7 |
Weighted average shares outstanding (in shares) | 35,300,000 | 34,900,000 | 35,100,000 | 34,800,000 |
Dilutive effect of stock options and stock units (in shares) | 300,000 | 400,000 | 500,000 | 300,000 |
Weighted average shares outstanding, adjusted (in shares) | 35,600,000 | 35,300,000 | 35,600,000 | 35,100,000 |
Basic earnings per share attributable to MTI (in dollars per share) | $ 1.18 | $ 1.19 | $ 3.40 | $ 2.78 |
Diluted earnings per share attributable to MTI (in dollars per share) | $ 1.17 | $ 1.18 | $ 3.35 | $ 2.75 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included in the weighted average commons shares outstanding calculation (in shares) | 184,569 | 10,239 | 184,569 | 10,239 |
Restructuring and Other Items, net (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 01, 2017 |
Oct. 02, 2016 |
Oct. 01, 2017 |
Oct. 02, 2016 |
Dec. 31, 2014 |
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Restructuring and Other Items, net [Abstract] | |||||
Reduction in workforce | 10.00% | ||||
Annualized savings from reduction of workforce | $ 11.5 | ||||
Gain on previously impaired assets | $ 2.9 | ||||
Restructuring Charges [Abstract] | |||||
Restructuring Charges | $ 1.3 | 0.6 | $ 1.8 | 11.8 | |
Impairment of assets | 0.0 | 0.0 | 0.0 | 18.5 | |
Other | (0.9) | (2.9) | (0.9) | (2.9) | |
Total restructuring and other items, net | 0.4 | $ (2.3) | 0.9 | $ 27.4 | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring liability, beginning of period | 3.6 | ||||
Additional provisions | 1.8 | ||||
Cash payments | (4.2) | ||||
Restructuring liability, ending of period | $ 1.2 | $ 1.2 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2017 |
Oct. 02, 2016 |
Oct. 01, 2017 |
Oct. 02, 2016 |
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Income Taxes [Abstract] | ||||
Amount of unrecognized tax benefits | $ 14.5 | $ 14.5 | ||
Unrecognized tax benefits that would impact effective tax rate | 11.8 | 11.8 | ||
Unrecognized tax benefits, net increase (decrease) in penalties and interest expenses | (0.1) | 0.2 | ||
Unrecognized tax benefits, accrued interest and penalties | 1.4 | 1.4 | ||
Provision for taxes on income | $ 12.1 | $ 11.5 | $ 35.6 | $ 26.7 |
Effective income tax rate | 22.60% | 21.40% |
Inventories (Details) - USD ($) $ in Millions |
Oct. 01, 2017 |
Dec. 31, 2016 |
||||||
---|---|---|---|---|---|---|---|---|
Inventories [Abstract] | ||||||||
Raw materials | $ 83.8 | $ 70.6 | ||||||
Work-in-process | 6.3 | 5.4 | ||||||
Finished goods | 95.1 | 80.5 | ||||||
Packaging and supplies | 36.0 | 30.4 | ||||||
Total inventories | $ 221.2 | [1] | $ 186.9 | [2] | ||||
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Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions |
9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Oct. 01, 2017 |
Dec. 31, 2016 |
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Goodwill and Other Intangible Assets [Abstract] | ||||||||
Goodwill | $ 779.6 | [1] | $ 778.7 | [2] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Weighted average useful life | 28 years | |||||||
Gross carrying amount | $ 229.5 | 229.5 | ||||||
Accumulated amortization | $ 31.1 | 25.1 | ||||||
Tradenames [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Weighted average useful life | 34 years | |||||||
Gross carrying amount | $ 199.8 | 199.8 | ||||||
Accumulated amortization | $ 19.4 | 15.3 | ||||||
Technology [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Weighted average useful life | 12 years | |||||||
Gross carrying amount | $ 18.8 | 18.8 | ||||||
Accumulated amortization | $ 4.5 | 3.6 | ||||||
Patents and Trademarks [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Weighted average useful life | 17 years | |||||||
Gross carrying amount | $ 6.4 | 6.4 | ||||||
Accumulated amortization | $ 5.2 | 4.8 | ||||||
Customer Relationships [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Weighted average useful life | 30 years | |||||||
Gross carrying amount | $ 4.5 | 4.5 | ||||||
Accumulated amortization | $ 2.0 | $ 1.4 | ||||||
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Goodwill and Other Intangible Assets, Acquired Intangible Assets (Details) - Acquired Finite-Lived Intangible Assets [Member] $ in Millions |
9 Months Ended |
---|---|
Oct. 01, 2017
USD ($)
| |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period for acquired intangible assets subject to amortization | 28 years |
Estimated amortization expense, 2017 Remainder | $ 2.0 |
Estimated amortization expense, 2018 | 7.9 |
Estimated amortization expense, 2019 | 7.9 |
Estimated amortization expense, 2020 | 7.9 |
Estimated amortization expense, 2021 | 7.9 |
Estimated amortization expense, thereafter | $ 164.8 |
Derivative Financial Instruments (Details) - Cash Flow Hedges [Member] - Interest Rate Swaps [Member] - USD ($) $ in Millions |
Oct. 01, 2017 |
Jul. 03, 2016 |
---|---|---|
Other Non-current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 2.1 | |
Designated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 214.0 | $ 300.0 |
Long-Term Debt and Commitments (Details) ¥ in Millions, ¥ in Millions, $ in Millions |
9 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 14, 2017
USD ($)
|
Oct. 01, 2017
USD ($)
Loan
|
Oct. 02, 2016
USD ($)
|
Oct. 01, 2017
JPY (¥)
|
Oct. 01, 2017
CNY (¥)
|
Dec. 31, 2016
USD ($)
|
Jun. 23, 2015
USD ($)
|
May 09, 2014
USD ($)
|
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Debt Instrument [Line Items] | ||||||||||||||
Debt | $ 996.7 | $ 1,076.7 | ||||||||||||
Less: Current maturities | 6.5 | [1] | 6.8 | [2] | ||||||||||
Long-term debt | 990.2 | [1] | 1,069.9 | [2] | ||||||||||
Maximum borrowing capacity | 36.3 | |||||||||||||
Repayments of long-term debt | 84.9 | $ 141.2 | ||||||||||||
Uncommitted short-term bank credit lines, amount outstanding | $ 6.2 | |||||||||||||
Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Net leverage ratio | 3.50 | |||||||||||||
Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Net leverage ratio | 5.25 | |||||||||||||
Term Loan Facility, Due February 14, 2024 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt | $ 684.5 | 762.3 | ||||||||||||
Long-term debt, unamortized discount and deferred financing costs | $ 23.5 | 25.8 | ||||||||||||
Maturity date | Feb. 14, 2024 | |||||||||||||
Term Loan Facility, Due February 14, 2024 [Member] | Floating Rate Tranche [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Amortization rate on notes | 1.00% | |||||||||||||
Term Loan Facility Due May 9, 2021 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt | $ 299.5 | 299.4 | ||||||||||||
Long-term debt, unamortized discount and deferred financing costs | $ 0.5 | 0.6 | ||||||||||||
Maturity date | May 09, 2021 | |||||||||||||
Maximum borrowing capacity | $ 1,560.0 | |||||||||||||
Repayments of long-term debt | $ 80.0 | |||||||||||||
Term Loan Facility First Amendment [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit outstanding | $ 1,378.0 | |||||||||||||
Term Loan Facility First Amendment [Member] | Floating Rate Tranche [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit outstanding | 1,078.0 | |||||||||||||
Term Loan Facility First Amendment [Member] | Fixed Rate Tranche [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit outstanding | $ 300.0 | |||||||||||||
Facility variable interest rate | 0.25% | 0.25% | 0.25% | |||||||||||
Term Loan Facility Second Amendment [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Facility variable interest rate | 0.75% | 0.75% | 0.75% | |||||||||||
Term Loan Facility Second Amendment [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Facility variable interest rate | 2.25% | 2.25% | 2.25% | |||||||||||
Term Loan Facility Second Amendment [Member] | Floating Rate Tranche [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit outstanding | $ 788.0 | |||||||||||||
Facility variable interest rate | 0.25% | 0.25% | 0.25% | |||||||||||
Basis points related to debt | 0.75% | |||||||||||||
Term Loan Facility Second Amendment [Member] | Fixed Rate Tranche [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Facility variable interest rate | 4.75% | 4.75% | 4.75% | |||||||||||
Japan Loan Facilities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt | $ 5.8 | 5.8 | ||||||||||||
Maximum borrowing capacity | 5.8 | ¥ 680 | ||||||||||||
China Loan Facilities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt | 6.9 | $ 9.2 | ||||||||||||
Maximum borrowing capacity | $ 10.3 | ¥ 94.8 | ||||||||||||
Number of committed loan facilities | Loan | 4 | |||||||||||||
Loan Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 1.8 | |||||||||||||
Combined Loan Facility of China and Japan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity date | Dec. 31, 2021 | |||||||||||||
Debt instrument outstanding | $ 12.6 | |||||||||||||
Repayments of long-term debt | $ 3.0 | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity date | May 09, 2019 | |||||||||||||
Maximum borrowing capacity | $ 200.0 | |||||||||||||
Debt instrument outstanding | $ 0.0 | |||||||||||||
Basis points related to debt | 0.25% | |||||||||||||
Letters of credit outstanding | $ 12.0 | |||||||||||||
Revolving Credit Facility [Member] | LIBOR [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Facility variable interest rate | 1.75% | 1.75% | 1.75% | |||||||||||
Letter of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Letters of credit outstanding | $ 15.0 | |||||||||||||
|
Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2017 |
Oct. 02, 2016 |
Oct. 01, 2017 |
Oct. 02, 2016 |
|
Benefit Plans [Abstract] | ||||
Maximum percentage of total benefit obligation for international pension plans | 25.00% | 25.00% | ||
Pension Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | $ 1.4 | $ 1.7 | $ 5.5 | $ 6.3 |
Interest cost | 3.0 | 3.1 | 9.2 | 9.8 |
Expected return on plan assets | (4.5) | (4.6) | (13.6) | (13.9) |
Amortization [Abstract] | ||||
Prior service cost | 0.5 | 0.2 | 1.7 | 0.6 |
Recognized net actuarial (gain)/loss | 2.1 | 2.5 | 6.3 | 7.6 |
Net periodic benefit cost | 2.5 | 2.9 | 9.1 | 10.4 |
Employer Contributions [Abstract] | ||||
Expected company contribution to its benefit plans | 10.0 | 10.0 | ||
Company contribution to benefit plans | 5.3 | |||
Other Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | 0.1 | 0.1 | 0.2 | 0.3 |
Interest cost | 0.1 | 0.1 | 0.2 | 0.3 |
Amortization [Abstract] | ||||
Prior service cost | (0.8) | (0.8) | (2.3) | (2.3) |
Recognized net actuarial (gain)/loss | (0.1) | (0.1) | (0.2) | (0.2) |
Net periodic benefit cost | (0.7) | $ (0.7) | (2.1) | $ (1.9) |
Employer Contributions [Abstract] | ||||
Expected company contribution to its benefit plans | $ 0.6 | 0.6 | ||
Company contribution to benefit plans | $ 0.1 |
Comprehensive Income, Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - Pension Costs [Member] - Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2017 |
Oct. 02, 2016 |
Oct. 01, 2017 |
Oct. 02, 2016 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pre-tax amount | $ 1.7 | $ 1.8 | $ 5.5 | $ 5.7 |
Tax | (0.7) | (0.6) | (1.8) | (1.9) |
Net of tax | $ 1.0 | $ 1.2 | $ 3.7 | $ 3.8 |
Comprehensive Income, Accumulated Other Comprehensive Income (Loss), Net of Related Tax (Details) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Oct. 01, 2017
USD ($)
| ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | $ 1,006.5 | [1] | ||||
Other comprehensive income (loss) before reclassifications | 32.6 | |||||
Amounts reclassified from AOCI | 3.7 | |||||
Net current period other comprehensive income (loss) | 36.3 | |||||
Balance at end of period | 1,176.3 | [2] | ||||
AOCI Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | (221.1) | |||||
Balance at end of period | (184.8) | |||||
Foreign Currency Translation Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | (147.3) | |||||
Other comprehensive income (loss) before reclassifications | 32.8 | |||||
Amounts reclassified from AOCI | 0.0 | |||||
Net current period other comprehensive income (loss) | 32.8 | |||||
Balance at end of period | (114.5) | |||||
Unrecognized Pension Costs [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | (78.0) | |||||
Other comprehensive income (loss) before reclassifications | 0.0 | |||||
Amounts reclassified from AOCI | 3.7 | |||||
Net current period other comprehensive income (loss) | 3.7 | |||||
Balance at end of period | (74.3) | |||||
Net Gain (Loss) on Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | 4.2 | |||||
Other comprehensive income (loss) before reclassifications | (0.2) | |||||
Amounts reclassified from AOCI | 0.0 | |||||
Net current period other comprehensive income (loss) | (0.2) | |||||
Balance at end of period | $ 4.0 | |||||
|
Accounting for Asset Retirement Obligations (Details) $ in Millions |
9 Months Ended |
---|---|
Oct. 01, 2017
USD ($)
| |
Asset retirement obligation [Roll Forward] | |
Asset retirement liability, beginning of period | $ 21.5 |
Accretion expense | 2.4 |
Payments | (1.8) |
Foreign currency translation | (0.4) |
Asset retirement liability, ending of period | 22.5 |
Asset retirement obligation current portion | 1.9 |
Asset retirement obligation noncurrent portion | $ 20.6 |
Contingencies (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Nov. 03, 2017
Case
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Oct. 01, 2017
USD ($)
Case
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Oct. 01, 2017
USD ($)
Contract
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Case
|
Oct. 24, 2014
USD ($)
|
Dec. 31, 2009 |
|
Loss Contingencies [Line Items] | |||||
Number of contracts entered | Contract | 2 | ||||
Number of ship loads | Load | 60 | ||||
Default arbitration award | $ | $ 70.0 | ||||
Site Contingency [Line Items] | |||||
Consent decree paid by US government | $ | $ 2.3 | ||||
AMCOL International Corporation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Ownership interest | 19.00% | 19.00% | 20.00% | ||
Silica Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of pending cases | 3 | 3 | |||
Cumulative number of cases dismissed | 1,493 | 1,493 | |||
Number of cases dismissed | 0 | ||||
Number of lawsuits settled | 1 | ||||
Asbestos Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of pending cases | 22 | 22 | |||
Cumulative number of cases dismissed | 50 | 50 | |||
Number of cases dismissed | 0 | ||||
Number of new cases filed during the period | 2 | ||||
Number of lawsuits settled | 0 | ||||
Number of cases claim liability | 15 | ||||
Number of allege liability | 6 | ||||
Number of cases with no alleged exposure | 0 | ||||
Asbestos Cases [Member] | Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of new cases filed during the period | 1 | ||||
Administrative Consent Order for Contamination Associated with Historic Use of PCBs [Member] | |||||
Site Contingency [Line Items] | |||||
Location of plant | Canaan, Connecticut | ||||
Estimated accrued remediation cost | $ | $ 0.4 | $ 0.4 | |||
Administrative Consent Order for Installation of Groundwater Contamination System [Member] | |||||
Site Contingency [Line Items] | |||||
Location of plant | Adams, Massachusetts plant | ||||
Estimated accrued remediation cost | $ | $ 0.4 | $ 0.4 | |||
Estimated cost of wastewater treatment upgrades, lower range | $ | 6.0 | ||||
Estimated cost of wastewater treatment upgrades, upper range | $ | $ 8.0 |
Non-controlling interests (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2017 |
Oct. 02, 2016 |
Oct. 01, 2017 |
Oct. 02, 2016 |
||||||
Noncontrolling Interest [Line Items] | |||||||||
Balance | [1] | $ 1,030.9 | |||||||
Net income | $ 42.9 | $ 42.5 | 122.3 | $ 99.6 | |||||
Other comprehensive income (loss) | 9.1 | $ 2.8 | 37.3 | $ 5.5 | |||||
Dividends declared | (5.3) | ||||||||
Dividends to non-controlling interests | (2.4) | ||||||||
Issuance of shares pursuant to employee stock compensation plans | 14.5 | ||||||||
Stock based compensation | 5.6 | ||||||||
Purchase of common stock | (0.7) | ||||||||
Balance | [2] | 1,202.3 | 1,202.3 | ||||||
Common Stock [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Balance | 4.8 | ||||||||
Net income | 0.0 | ||||||||
Other comprehensive income (loss) | 0.0 | ||||||||
Dividends declared | 0.0 | ||||||||
Dividends to non-controlling interests | 0.0 | ||||||||
Issuance of shares pursuant to employee stock compensation plans | 0.1 | ||||||||
Stock based compensation | 0.0 | ||||||||
Purchase of common stock | 0.0 | ||||||||
Balance | 4.9 | 4.9 | |||||||
Additional Paid-in Capital [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Balance | 400.0 | ||||||||
Net income | 0.0 | ||||||||
Other comprehensive income (loss) | 0.0 | ||||||||
Dividends declared | 0.0 | ||||||||
Dividends to non-controlling interests | 0.0 | ||||||||
Issuance of shares pursuant to employee stock compensation plans | 14.4 | ||||||||
Stock based compensation | 5.6 | ||||||||
Purchase of common stock | 0.0 | ||||||||
Balance | 420.0 | 420.0 | |||||||
Retained Earnings [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Balance | 1,419.1 | ||||||||
Net income | 119.3 | ||||||||
Other comprehensive income (loss) | 0.0 | ||||||||
Dividends declared | (5.3) | ||||||||
Dividends to non-controlling interests | 0.0 | ||||||||
Issuance of shares pursuant to employee stock compensation plans | 0.0 | ||||||||
Stock based compensation | 0.0 | ||||||||
Purchase of common stock | 0.0 | ||||||||
Balance | 1,533.2 | 1,533.2 | |||||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Balance | (221.1) | ||||||||
Net income | 0.0 | ||||||||
Other comprehensive income (loss) | 36.3 | ||||||||
Dividends declared | 0.0 | ||||||||
Dividends to non-controlling interests | 0.0 | ||||||||
Issuance of shares pursuant to employee stock compensation plans | 0.0 | ||||||||
Stock based compensation | 0.0 | ||||||||
Purchase of common stock | 0.0 | ||||||||
Balance | (184.8) | (184.8) | |||||||
Treasury Stock [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Balance | (596.3) | ||||||||
Net income | 0.0 | ||||||||
Other comprehensive income (loss) | 0.0 | ||||||||
Dividends declared | 0.0 | ||||||||
Dividends to non-controlling interests | 0.0 | ||||||||
Issuance of shares pursuant to employee stock compensation plans | 0.0 | ||||||||
Stock based compensation | 0.0 | ||||||||
Purchase of common stock | (0.7) | ||||||||
Balance | (597.0) | (597.0) | |||||||
Non-controlling Interests [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Balance | 24.4 | ||||||||
Net income | 3.0 | ||||||||
Other comprehensive income (loss) | 1.0 | ||||||||
Dividends declared | 0.0 | ||||||||
Dividends to non-controlling interests | (2.4) | ||||||||
Issuance of shares pursuant to employee stock compensation plans | 0.0 | ||||||||
Stock based compensation | 0.0 | ||||||||
Purchase of common stock | 0.0 | ||||||||
Balance | $ 26.0 | $ 26.0 | |||||||
|
Segment and Related Information (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Oct. 01, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Oct. 02, 2016
USD ($)
|
Jul. 03, 2016
USD ($)
|
Apr. 03, 2016
USD ($)
|
Oct. 01, 2017
USD ($)
Segment
|
Oct. 02, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||||||
Number of reportable segments | Segment | 4 | |||||||
Net Sales | $ 424.4 | $ 399.5 | $ 1,243.5 | $ 1,236.7 | ||||
Income (Loss) from Operations | 66.8 | $ 67.3 | 197.0 | 164.4 | ||||
% of Sales | 16.80% | 17.90% | 18.20% | 17.70% | 17.70% | |||
Metalcasting [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 73.6 | $ 66.9 | $ 63.1 | $ 68.0 | $ 60.0 | 215.9 | 191.1 | $ 258.0 |
Household, Personal Care and Specialty Products [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 42.5 | 39.8 | 42.1 | 44.0 | 45.3 | 123.3 | 131.4 | 171.2 |
Environmental Products [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 21.6 | 14.4 | 24.6 | 26.5 | 13.4 | 51.8 | 64.5 | 78.9 |
Building Materials [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 19.9 | 17.1 | 16.9 | 19.7 | 20.4 | 57.5 | 57.0 | 74.1 |
Basic Minerals [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 31.2 | 36.8 | 22.3 | 24.3 | 20.5 | 90.5 | 67.1 | 103.9 |
Performance Materials [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 175.0 | 169.0 | 182.5 | 159.6 | 686.1 | |||
Income (Loss) from Operations | $ 29.4 | 30.2 | $ 33.3 | $ 28.2 | $ 121.1 | |||
Reportable Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 424.4 | 399.5 | 1,243.5 | 1,236.7 | ||||
Income (Loss) from Operations | 69.4 | 70.7 | 203.9 | 173.0 | ||||
Reportable Segments [Member] | Specialty Minerals [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 147.7 | 147.3 | 440.9 | 453.5 | ||||
Income (Loss) from Operations | 26.6 | 27.8 | 77.9 | 81.1 | ||||
Reportable Segments [Member] | Refractories [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 68.9 | 63.4 | 208.0 | 206.5 | ||||
Income (Loss) from Operations | 9.9 | 10.1 | 29.6 | 27.2 | ||||
Reportable Segments [Member] | Performance Materials [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 188.8 | 169.0 | 539.0 | 511.1 | ||||
Income (Loss) from Operations | 30.6 | 30.2 | 91.6 | 91.7 | ||||
Reportable Segments [Member] | Energy Services [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 19.0 | 19.8 | 55.6 | 65.6 | ||||
Income (Loss) from Operations | $ 2.3 | $ 2.6 | $ 4.8 | $ (27.0) |
Segment and Related Information, Reconciliation of Operating Income Before Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 01, 2017 |
Oct. 02, 2016 |
Oct. 01, 2017 |
Oct. 02, 2016 |
|
Income from operations before provision for taxes on income [Abstract] | ||||
Acquisition related transaction and integration costs | $ (0.5) | $ (1.9) | $ (2.8) | $ (5.1) |
Unallocated corporate expenses | (2.1) | (1.5) | (4.1) | (3.5) |
Consolidated income from operations | 66.8 | 67.3 | 197.0 | 164.4 |
Non-operating deductions, net | (12.2) | (14.0) | (39.8) | (39.7) |
Income from continuing operations before provision for taxes and equity in earnings | 54.6 | 53.3 | 157.2 | 124.7 |
Reportable Segments [Member] | ||||
Income from operations before provision for taxes on income [Abstract] | ||||
Consolidated income from operations | $ 69.4 | $ 70.7 | $ 203.9 | $ 173.0 |
Segment and Related Information, Sales By Product Category (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Oct. 01, 2017 |
Dec. 31, 2016 |
Oct. 02, 2016 |
Jul. 03, 2016 |
Apr. 03, 2016 |
Oct. 01, 2017 |
Oct. 02, 2016 |
Dec. 31, 2016 |
|
Revenue from External Customer [Line Items] | ||||||||
Net Sales | $ 424.4 | $ 399.5 | $ 1,243.5 | $ 1,236.7 | ||||
Paper PCC [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 96.3 | 95.3 | 282.0 | 295.5 | ||||
Specialty PCC [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 16.4 | 16.4 | 50.8 | 50.2 | ||||
Talc [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 12.7 | 13.9 | 41.0 | 42.7 | ||||
Ground Calcium Carbonate [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 22.3 | 21.7 | 67.1 | 65.1 | ||||
Refractory Products [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 56.6 | 51.0 | 169.4 | 163.3 | ||||
Metallurgical Products [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 12.3 | 12.4 | 38.6 | 43.2 | ||||
Metalcasting [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 73.6 | $ 66.9 | 63.1 | $ 68.0 | $ 60.0 | 215.9 | 191.1 | $ 258.0 |
Household, Personal Care and Specialty Products [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 42.5 | 39.8 | 42.1 | 44.0 | 45.3 | 123.3 | 131.4 | 171.2 |
Basic Minerals [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 31.2 | 36.8 | 22.3 | 24.3 | 20.5 | 90.5 | 67.1 | 103.9 |
Environmental Products [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 21.6 | 14.4 | 24.6 | 26.5 | 13.4 | 51.8 | 64.5 | 78.9 |
Building Materials [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | 19.9 | $ 17.1 | 16.9 | $ 19.7 | $ 20.4 | 57.5 | 57.0 | $ 74.1 |
Energy Services [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Net Sales | $ 19.0 | $ 19.8 | $ 55.6 | $ 65.6 |
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