Segment and Related Information

3 Months Ended

Mar. 30, 2025

Segment and Related Information [Abstract]

Segment and Related Information

Note 13.  Segment and Related Information

The Company determines its operating segments based on the discrete financial information that is regularly evaluated by its chief operating decision maker, our Chief Executive Officer, in deciding how to allocate resources and in assessing performance.  The Company’s operating segments are strategic business units that offer different products and serve different markets.  They are managed separately and require different technology and marketing strategies.

The Company has two reportable segments: Consumer & Specialties and Engineered Solutions. See Note 1 to the Condensed Consolidated Financial Statements for further information.

The Company evaluates performance based on the operating income of the respective business units.  The costs deducted to arrive at operating profit do not include several items, such as net interest or income tax expense.  Depreciation expense related to corporate assets is allocated to the business segments and is included in their income from operations.  However, such corporate depreciable assets are not included in the segment assets.  Intersegment sales and transfers are not significant.

Segment revenues, expenses, operating income and a reconciliation of the operating segment totals to the applicable line items on the condensed consolidated financial statements is as follows for the three-month periods ended March 30, 2025 and March 31, 2024:

	Three Months Ended
	Mar. 30, 2025						Mar. 31, 2024
(millions of dollars)	Consumer & Specialties		Engineered Solutions		Total		Consumer & Specialties		Engineered Solutions		Total
Net Sales	$	268.3	$	223.5	$	491.8	$	296.9	$	237.6	$	534.5
Cost of goods sold		215.8		156.4		372.2		233.3		165.3		398.6
Segment production margin		52.5		67.1		119.6		63.6		72.3		135.9
Marketing and administrative expenses		19.1		30.3		49.4		18.6		31.2		49.8
Research and development expenses		3.4		2.4		5.8		3.0		2.6		5.6
Restructuring and other items, net		2.5		0.8		3.3		—		—		—
Segment income from operations	$	27.5	$	33.6	$	61.1	$	42.0	$	38.5	$	80.5

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

	Three Months Ended
(millions of dollars)	Mar. 30, 2025			Mar. 31, 2024
Segment income from operations	$	61.1		$	80.5
Interest expense, net		(14.2	)		(14.9	)
Other non-operating deductions, net		(2.0	)		(0.2	)
Unallocated expenses:
Provision for litigation reserve		215.0			—
Restructuring and other items, net		2.2			—
Litigation expenses		2.8			2.1
Unallocated corporate expenses		1.2			3.2
Income (loss) before taxes and equity in earnings	$	(176.3	)	$	60.1

Segment information is as follows for the three-month periods ended March 30, 2025 and March 31, 2024:

	Three Months Ended
(in millions of dollars)	Mar. 30, 2025		Mar. 31, 2024
Depreciation, Depletion and Amortization
Consumer & Specialties	$	10.8	$	11.4
Engineered Solutions		12.7		12.1
Total	$	23.5	$	23.5
Capital Expenditures
Consumer & Specialties	$	11.5	$	6.5
Engineered Solutions		5.8		9.1
Corporate		1.0		0.9
Total	$	18.3	$	16.5

The Company's segment assets as of March 30, 2025 and December 31, 2024 are as follows:

(in millions of dollars)		Mar. 30,		Dec. 31,
Segment Assets		2025		2024
Consumer & Specialties	$	1,297.1	$	1,289.4
Engineered Solutions		2,035.9		2,028.0
Corporate		68.2		76.5
Total	$	3,401.2	$	3,393.9

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

	Three Months Ended
(in millions of dollars)	Mar. 30, 2025		Mar. 31, 2024
Household & Personal Care	$	123.1	$	138.4
Specialty Additives		145.2		158.5
High-Temperature Technologies		169.4		177.3
Environmental & Infrastructure		54.1		60.3
Total	$	491.8	$	534.5