Segment and Related Information

3 Months Ended

Apr. 02, 2023

Segment and Related Information [Abstract]

Segment and Related Information

Note 13.  Segment and Related Information

On a regular basis the Company reviews its segments and the approach used by the chief decision maker, the Company's Chief Executive Officer, to assess performance and allocate resources. Effective January 1, 2023, the Company realigned its business reporting structure and reorganized into two segments, Consumer & Specialties and Engineered Solutions. Following the realignment, the two new segments consist of the following businesses:

The Consumer & Specialties segment serves consumer end markets directly, and also provides mineral-based solutions and technologies that are essential to our customers’ products. The two product lines in this segment are Household & Personal Care - our mineral-to-shelf products that serves pet care, personal and household care, fluid purification and other consumer oriented businesses, and Specialty Additives, delivering functional additives to a variety of consumer and industrial end markets including paper, packaging, construction, automotive, and consumer markets including food and pharmaceuticals.

The Engineered Solutions segment combines all engineered systems, mineral blends, and technologies that are designed to aid in customer processes and projects. The two product lines in this segment are High-Temperature Technologies – combining all of our mineral-based blends, technologies, and systems serving the foundry, steel, glass, aluminum and other high-temperature processing industries, and Environmental & Infrastructure, which includes environmental and remediation solutions such as geosynthetic clay lining systems, water remediation technologies as well as drilling, commercial building and infrastructure-related products.

We believe the new structure better aligns our businesses and technologies with our customers and end markets and creates a more efficient and effective management structure that reflects the way performance is evaluated and resources are allocated.

The Company has two reportable segments: Consumer & Specialties and Engineered Solutions. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three-month periods ended April 2, 2023 and April 3, 2022  is as follows:

	Three Months Ended
(in millions of dollars)	Apr. 2, 2023		Apr. 3, 2022
Net Sales
Consumer & Specialties	$	297.3	$	283.5
Engineered Solutions		248.8		235.6
Total	$	546.1	$	519.1
Income from Operations
Consumer & Specialties	$	32.2	$	31.3
Engineered Solutions		35.3		37.3
Total	$	67.5	$	68.6

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
(in millions of dollars)	Apr. 2, 2023			Apr. 3, 2022
Income from operations for reportable segments	$	67.5		$	68.6
Acquisition related expenses		(0.1	)		(1.6	)
Unallocated and other corporate expenses		(4.4	)		(0.8	)
Consolidated income from operations		63.0			66.2
Non-operating deductions, net		(15.3	)		(10.2	)
Income before tax and equity in earnings	$	47.7		$	56.0

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

	Three Months Ended
(in millions of dollars)	Apr. 2, 2023		Apr. 3, 2022
Household & Personal Care	$	129.2	$	120.4
Specialty Additives		168.1		163.1
High-Temperature Technologies		178.6		169.9
Environmental & Infrastructure		70.2		65.7
Total	$	546.1	$	519.1