Segment and Related Information

3 Months Ended

Apr. 04, 2021

Segment and Related Information [Abstract]

Segment and Related Information

Note 14.  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 2021, the Company reorganized the management structure for its Energy Services and Performance Materials operating segments to support MTI's key growth initiatives, more closely align complementary technologies, processes and capabilities, and better reflect the way performance is evaluated and resources are allocated. As a result, Energy Services was combined into the Environmental Products product line within the Performance Materials operating segment. Presented below are the restated financial results, by product line, of this operating segment for each quarter of 2020 to conform to the current management structure.

	2020 Quarters
(millions of dollars)	First			Second			Third			Fourth			Full Year 2020
Net Sales
Metalcasting	$	61.7		$	52.8		$	66.3		$	77.3		$	258.1
Household, Personal Care & Specialty Products		96.2			87.9			93.9			102.2			380.2
Environmental Products		36.7			37.6			30.2			27.1			131.6
Building Materials		16.8			13.2			13.5			12.4			55.9
Performance Materials Segment		211.4			191.5			203.9			219.0			825.8
Income from operations
Performance Materials Segment	$	27.3		$	22.4		$	28.2			30.9		$	108.8
% of Sales		12.9	%		11.7	%		13.8	%		14.1	%		13.2	%

The Company now has three reportable segments: Performance Materials, Specialty Minerals and Refractories. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three-month periods ended April 4, 2021 and March 29, 2020  is as follows:

	Three Months Ended
(millions of dollars)	Apr. 4, 2021		Mar. 29, 2020
Net Sales
Performance Materials	$	230.9	$	211.4
Specialty Minerals		147.8		137.1
Refractories		73.9		69.0
Total	$	452.6	$	417.5
Income from Operations
Performance Materials	$	29.8	$	27.3
Specialty Minerals		21.1		20.3
Refractories		12.0		11.2
Total	$	62.9	$	58.8

A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows:

	Three Months Ended
(millions of dollars)	Apr. 4, 2021			Mar. 29, 2020
Income from operations for reportable segments	$	62.9		$	58.8
Litigation expenses		—			(0.6	)
Unallocated and other corporate expenses		(4.1	)		(0.5	)
Consolidated income from operations		58.8			57.7
Non-operating deductions, net		(9.4	)		(8.7	)
Income from operations before tax and equity in earnings	$	49.4		$	49.0

The Company's sales by product category are as follows:

	Three Months Ended
(millions of dollars)	Apr. 4, 2021		Mar. 29, 2020
Metalcasting	$	81.7	$	61.7
Household, Personal Care & Specialty Products		109.4		96.2
Environmental Products		26.0		36.7
Building Materials		13.8		16.8
Paper PCC		89.6		85.1
Specialty PCC		20.4		17.5
Ground Calcium Carbonate		24.0		22.6
Talc		13.8		11.9
Refractory Products		58.8		55.8
Metallurgical Products		15.1		13.2
Total	$	452.6	$	417.5