Discontinued Operations

9 Months Ended

Sep. 28, 2014

Discontinued Operations [Abstract]

Discontinued Operations

Note 5. Discontinued Operations

During the second quarter of 2013, the Company ceased its operations at its Paper PCC merchant plant in Walsum, Germany and reclassified such operations as discontinued.  The remaining assets at this facility are not material and will be disposed.  All prior periods have been restated to reflect such reclassification. These operations were part of the Company's Specialty Minerals segment.

The following table provides selected financial information for the Walsum plant included within discontinued operations in the Consolidated Statements of Income.  The amounts exclude general corporate overhead and interest expense which were previously allocated to the entity comprising the discontinued operations.

	Three Months Ended					Nine Months Ended
	Sept. 28,			Sept. 29,		Sept. 28,			Sept. 29,
	2014			2013		2014			2013
	(millions of dollars)
Net sales	$	-		$	-	$	-		$	1.7
Production margin		-			-		-			(2.3	)
Expenses (income)		(0.2	)		-		(0.2	)		0.4
Facility closure costs accrual (reversal)		-			-		(2.4	)		5.9
Income (loss) from operations	$	0.2		$	-	$	2.6		$	(8.6	)
Provision for taxes on income	$	-		$	-	$	0.6		$	(2.9	)
Income (loss) from discontinued operations, net of tax	$	0.2		$	-	$	2.0		$	(5.7	)

During the nine months ended September 28, 2014, the Company reversed a facility closure accrual of $1.8 million, net of $0.6 million tax expense, resulting from the settlement of a contractual obligation.