XML 37 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 28, 2015
Jun. 29, 2014
Jun. 28, 2015
Jun. 29, 2014
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) [Abstract]        
Product sales $ 414.1 $ 372.5 $ 808.8 $ 616.9
Service revenue 49.3 48.6 107.9 48.6
Total net sales 463.4 421.1 916.7 665.5
Cost of goods sold 300.6 285.1 593.5 474.2
Cost of service revenue 36.6 33.3 80.4 33.3
Total cost of sales 337.2 318.4 673.9 507.5
Production margin 126.2 102.7 242.8 158.0
Marketing and administrative expenses 46.2 46.3 91.7 67.8
Research and development expenses 5.8 6.3 11.7 11.4
Amortization expense of intangible assets acquired 1.9 1.0 3.8 1.0
Acquisition related transaction and integration costs 2.7 7.3 6.1 12.4
Restructuring and other charges 16.8 6.0 16.8 6.0
Income from operations 52.8 35.8 112.7 59.4
Interest expense, net (15.8) (8.9) (31.2) (9.1)
Extinguishment of debt costs and fees (4.5) (5.8) (4.5) (5.8)
Other non-operating income (deductions), net (0.2) (0.3) 3.0 (0.4)
Total non-operating deductions, net (20.5) (15.0) (32.7) (15.3)
Income from continuing operations before provision for taxes and equity in earnings 32.3 20.8 80.0 44.1
Provision for taxes on income 5.3 3.4 17.4 10.5
Equity in earnings of affiliates, net of tax 0.5 0.2 0.9 0.2
Income from continuing operations, net of tax 27.5 17.6 63.5 33.8
Income (loss) from discontinued operations, net of tax 0.0 1.8 0.0 1.8
Consolidated net income 27.5 19.4 63.5 35.6
Less: Net income attributable to non-controlling interests 0.9 0.9 1.8 1.5
Net income attributable to Minerals Technologies Inc. (MTI) $ 26.6 $ 18.5 $ 61.7 $ 34.1
Basic:        
Income from continuing operations attributable to MTI (in dollars per share) $ 0.77 $ 0.48 $ 1.78 $ 0.94
Income (loss) from discontinued operations attributable to MTI (in dollars per share) 0 0.05 0 0.05
Basic earnings per share attributable to MTI (in dollars per share) 0.77 0.53 1.78 0.99
Diluted:        
Income from continuing operations attributable to MTI (in dollars per share) 0.76 0.48 1.76 0.93
Income (loss) from discontinued operations attributable to MTI (in dollars per share) 0 0.05 0 0.05
Diluted earnings per share attributable to MTI (in dollars per share) 0.76 0.53 1.76 0.98
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) 34.7 34.5 34.7 34.5
Diluted (in shares) 35.0 34.8 35.0 34.7