XML 38 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 29, 2014
Jun. 30, 2013
Jun. 29, 2014
Jun. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) [Abstract]        
Product sales $ 372.5 $ 256.8 $ 616.9 $ 507.4
Service revenue 48.6 0 48.6 0
Total net sales 421.1 256.8 665.5 507.4
Cost of goods sold 285.1 198.0 474.2 392.7
Cost of service revenue 33.3 0 33.3 0
Total cost of sales 318.4 198.0 507.5 392.7
Production margin 102.7 58.8 158.0 114.7
Marketing and administrative expenses 46.3 21.6 67.8 44.5
Research and development expenses 6.3 4.8 11.4 9.6
Amortization expense of intangible assets acquired 1.0 0 1.0 0
Acquisition related transaction and integration costs 7.3 0 12.4 0
Restructuring and other charges 6.0 0 6.0 0
Income from operations 35.8 32.4 59.4 60.6
Interest expense, net (8.9) (0.1) (9.1) (0.3)
Premium on early extinguishment of debt (5.8) 0 (5.8) 0
Other non-operating income (deductions), net (0.3) (1.4) (0.4) (1.0)
Total non-operating deductions, net (15.0) (1.5) (15.3) (1.3)
Income from continuing operations before provision for taxes and equity in earnings 20.8 30.9 44.1 59.3
Provision for taxes on income 3.4 8.2 10.5 16.3
Equity in earnings of affiliates, net of tax 0.2 0 0.2 0
Income from continuing operations, net of tax 17.6 22.7 33.8 43.0
Income (loss) from discontinued operations, net of tax 1.8 (5.0) 1.8 (5.7)
Consolidated net income 19.4 17.7 35.6 37.3
Less: Net income attributable to non-controlling interests 0.9 0.6 1.5 1.4
Net income attributable to Minerals Technologies Inc. (MTI) $ 18.5 $ 17.1 $ 34.1 $ 35.9
Basic:        
Income from continuing operations attributable to MTI (in dollars per share) $ 0.48 $ 0.63 $ 0.94 $ 1.19
Income (loss) from discontinued operations attributable to MTI (in dollars per share) $ 0.05 $ (0.14) $ 0.05 $ (0.16)
Basic earnings per share attributable to MTI (in dollars per share) $ 0.53 $ 0.49 $ 0.99 $ 1.03
Diluted:        
Income from continuing operations attributable to MTI (in dollars per share) $ 0.48 $ 0.63 $ 0.93 $ 1.18
Income (loss) from discontinued operations attributable to MTI (in dollars per share) $ 0.05 $ (0.14) $ 0.05 $ (0.16)
Diluted earnings per share attributable to MTI (in dollars per share) $ 0.53 $ 0.49 $ 0.98 $ 1.02
Cash dividends declared per common share (in dollars per share) $ 0.05 $ 0.05 $ 0.10 $ 0.10
Shares used in computation of earnings per share:        
Basic (in shares) 34.5 34.8 34.5 34.9
Diluted (in shares) 34.8 35.0 34.7 35.1