(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol |
Name of exchange on which registered |
NO ☐ |
NO ☐ |
Accelerated Filer ☐ |
|
Non-accelerated Filer ☐ (Do not check if a smaller reporting company) |
Smaller Reporting Company |
Emerging Growth Company |
YES |
NO ☒ |
Page No. |
||
PART I. FINANCIAL INFORMATION |
||
Item 1. |
Financial Statements: |
|
Condensed Consolidated Statements of Income for the three-month and six-month periods ended June 30, 2019 and July 1, 2018 (Unaudited) |
3 |
|
Condensed Consolidated Statements of Comprehensive Income for the three-month and six-month periods ended June 30, 2019 and July 1, 2018 (Unaudited) |
4 |
|
Condensed Consolidated Balance Sheets as of June 30, 2019 (Unaudited) and December 31, 2018 |
5 |
|
Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2019 and July 1, 2018 (Unaudited) |
6 |
|
Condensed Consolidated Statements of Shareholders' Equity for the three-month and six-month periods ended June 30, 2019 and July 1, 2018 (Unaudited) |
7 |
|
8 |
||
23 |
||
Item 2. |
24 |
|
Item 3. |
35 |
|
Item 4. |
36 |
|
PART II. OTHER INFORMATION |
||
Item 1. |
37 |
|
Item 1A. |
38 |
|
Item 2. |
38 |
|
Item 3. |
38 |
|
Item 4. |
38 |
|
Item 5. |
38 |
|
Item 6. |
39 |
|
40 |
||
Three Months Ended |
Six Months Ended |
|||||||||||||||
(millions of dollars, except per share data) |
June 30, 2019 |
July 1, 2018 |
June 30, 2019 |
July 1, 2018 |
||||||||||||
Product sales |
$ |
$ |
$ |
$ |
||||||||||||
Service revenue |
||||||||||||||||
Total net sales |
||||||||||||||||
Cost of goods sold |
||||||||||||||||
Cost of service revenue |
||||||||||||||||
Total cost of sales |
||||||||||||||||
Production margin |
||||||||||||||||
Marketing and administrative expenses |
||||||||||||||||
Research and development expenses |
||||||||||||||||
Acquisition related transaction and integration costs |
||||||||||||||||
Restructuring and other items, net |
||||||||||||||||
Income from operations |
||||||||||||||||
Interest expense, net |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Other non-operating income (deductions), net |
( |
) |
( |
) |
||||||||||||
Total non-operating deductions, net |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Income from operations before tax and equity in earnings |
||||||||||||||||
Provision for taxes on income |
||||||||||||||||
Equity in earnings of affiliates, net of tax |
||||||||||||||||
Consolidated net income |
||||||||||||||||
Less: |
||||||||||||||||
Net income attributable to non-controlling interests |
||||||||||||||||
Net income attributable to Minerals Technologies Inc. |
$ |
$ |
$ |
$ |
||||||||||||
Earnings per share: |
||||||||||||||||
Basic: |
||||||||||||||||
Income from operations attributable to Minerals Technologies Inc. |
$ |
$ |
$ |
$ |
||||||||||||
Diluted: |
||||||||||||||||
Income from operations attributable to Minerals Technologies Inc. |
$ |
$ |
$ |
$ |
||||||||||||
Cash dividends declared per common share |
$ |
$ |
$ |
$ |
||||||||||||
Shares used in computation of earnings per share: |
||||||||||||||||
Basic |
||||||||||||||||
Diluted |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
(millions of dollars) |
June 30, 2019 |
July 1, 2018 |
June 30, 2019 |
July 1, 2018 |
||||||||||||
Consolidated net income |
$ |
$ |
$ |
$ |
||||||||||||
Other comprehensive income (loss), net of tax: |
||||||||||||||||
Foreign currency translation adjustments |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Pension and postretirement plan adjustments |
||||||||||||||||
Unrealized gains (losses) on derivative instruments |
( |
) |
( |
) |
( |
) |
||||||||||
Total other comprehensive loss, net of tax |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total comprehensive income (loss) including non-controlling interests |
( |
) |
||||||||||||||
Comprehensive income (loss) attributable to non-controlling interests |
( |
) |
( |
) |
( |
) |
||||||||||
Comprehensive income (loss) attributable to Minerals Technologies Inc. |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
(millions of dollars) |
June 30, 2019* |
Dec. 31, 2018 ** |
||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
$ |
||||||
Short-term investments |
||||||||
Accounts receivable, net |
||||||||
Inventories |
||||||||
Prepaid expenses and other current assets |
||||||||
Total current assets |
||||||||
Property, plant and equipment |
||||||||
Less accumulated depreciation and depletion |
( |
) |
( |
) |
||||
Property, plant and equipment, net |
||||||||
Goodwill |
||||||||
Intangible assets |
||||||||
Deferred income taxes |
||||||||
Other assets and deferred charges |
||||||||
Total assets |
$ |
$ |
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Short-term debt |
$ |
$ |
||||||
Current maturities of long-term debt |
||||||||
Accounts payable |
||||||||
Other current liabilities |
||||||||
Total current liabilities |
||||||||
Long-term debt, net of unamortized discount and deferred financing costs |
||||||||
Deferred income taxes |
||||||||
Accrued pension and post-retirement benefits |
||||||||
Other non-current liabilities |
||||||||
Total liabilities |
||||||||
Shareholders' equity: |
||||||||
Common stock |
||||||||
Additional paid-in capital |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive loss |
( |
) |
( |
) |
||||
Less common stock held in treasury |
( |
) |
( |
) |
||||
Total Minerals Technologies Inc. shareholders' equity |
||||||||
Non-controlling interests |
||||||||
Total shareholders' equity |
||||||||
Total liabilities and shareholders' equity |
$ |
$ |
||||||
| * |
| ** |
Six Months Ended |
||||||||
(millions of dollars) |
June 30, 2019 |
July 1, 2018 |
||||||
Operating Activities: |
||||||||
Consolidated net income |
$ |
$ |
||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation, depletion and amortization |
||||||||
Amortization of right of use asset |
||||||||
Asset impairment charges |
||||||||
Other non-cash items |
( |
) |
||||||
Pension plan funding |
( |
) |
( |
) |
||||
Net changes in operating assets and liabilities |
( |
) |
( |
) |
||||
Net cash provided by operating activities |
||||||||
Investing Activities: |
||||||||
Purchases of property, plant and equipment, net |
( |
) |
( |
) |
||||
Acquisition of business, net of cash acquired |
( |
) |
||||||
Proceeds from sale of short-term investments |
||||||||
Purchases of short-term investments |
( |
) |
( |
) |
||||
Other investing activities |
( |
) |
||||||
Net cash used in investing activities |
( |
) |
( |
) |
||||
Financing Activities: |
||||||||
Debt issuance costs |
( |
) |
||||||
Repayment of long-term debt |
( |
) |
( |
) |
||||
Proceeds from issuance of short-term debt |
||||||||
Repayment of short-term debt |
( |
) |
( |
) |
||||
Purchase of common stock for treasury |
( |
) |
( |
) |
||||
Proceeds from issuance of stock under option plan |
||||||||
Excess tax benefits related to stock incentive programs |
( |
) |
( |
) |
||||
Dividends paid to non-controlling interests |
( |
) |
( |
) |
||||
Capital contribution from non-controlling interests |
||||||||
Cash dividends paid |
( |
) |
( |
) |
||||
Net cash used in financing activities |
( |
) |
||||||
Effect of exchange rate changes on cash and cash equivalents |
( |
) |
||||||
Net increase (decrease) in cash and cash equivalents |
( |
) |
||||||
Cash and cash equivalents at beginning of period |
||||||||
Cash and cash equivalents at end of period |
$ |
$ |
||||||
Supplemental disclosure of cash flow information: |
||||||||
Interest paid |
$ |
$ |
||||||
Income taxes paid |
$ |
$ |
||||||
Non-cash financing activities: |
||||||||
Treasury stock purchases settled after period end |
$ |
$ |
||||||
Equity Attributable to Minerals Technologies Inc. |
||||||||||||||||||||||||||||
(millions of dollars) |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Non-controlling Interests |
Total |
|||||||||||||||||||||
Balance as of December 31, 2018 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||
Dividends declared |
( |
) |
( |
) |
||||||||||||||||||||||||
Dividends paid to non-controlling interests |
( |
) |
( |
) |
||||||||||||||||||||||||
Cumulative effect of accounting change |
( |
) |
||||||||||||||||||||||||||
Capital contribution from non-controlling interests |
||||||||||||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans |
||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||
Balance as of March 31, 2019 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Other comprehensive income |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Dividends declared |
( |
) |
( |
) |
||||||||||||||||||||||||
Dividends paid to non-controlling interests |
( |
) |
( |
) |
||||||||||||||||||||||||
Capital contribution from non-controlling interests |
( |
) |
( |
) |
||||||||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans |
||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||
Purchase of common stock for treasury |
( |
) |
( |
) |
||||||||||||||||||||||||
Balance as of June 30, 2019 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
Equity Attributable to Minerals Technologies Inc. |
||||||||||||||||||||||||||||
(millions of dollars) |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Non-controlling Interests |
Total |
|||||||||||||||||||||
Balance as of December 31, 2017 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Other comprehensive income (loss) |
||||||||||||||||||||||||||||
Dividends declared |
( |
) |
( |
) |
||||||||||||||||||||||||
Dividends paid to non-controlling interests |
( |
) |
( |
) |
||||||||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans |
||||||||||||||||||||||||||||
Purchase of common stock for treasury |
( |
) |
( |
) |
||||||||||||||||||||||||
Balance as of April 1, 2018 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Other comprehensive income (loss) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Dividends declared |
( |
) |
( |
) |
||||||||||||||||||||||||
Dividends paid to non-controlling interests |
||||||||||||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans |
||||||||||||||||||||||||||||
Stock based compensation |
||||||||||||||||||||||||||||
Purchase of common stock for treasury |
( |
) |
( |
) |
||||||||||||||||||||||||
Balance as of July 1, 2018 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
– |
The Performance Materials segment is a leading global supplier of bentonite and bentonite-related products, chromite and leonardite. This segment also provides products for non-residential construction, environmental and infrastructure projects worldwide, serving customers engaged in a broad range of construction projects. |
– |
The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate (“PCC”) and processed mineral product quicklime (“lime”), and mines mineral ores then processes and sells natural mineral products, primarily limestone and talc. |
– |
The Refractories segment produces and markets monolithic and shaped refractory materials and specialty products, services and application and measurement equipment, and calcium metal and metallurgical wire products. |
– |
The Energy Services segment provides services to improve the production, costs, compliance, and environmental impact of activities performed in the oil and gas industry. This segment offers a range of patented and unpatented technologies, products and services to the upstream and downstream oil and gas sector throughout the world. |
(millions of dollars) |
Three Months Ended |
Six Months Ended |
||||||
June 30, 2019 |
June 30, 2019 |
|||||||
Operating lease cost |
$ |
$ |
||||||
Short-term lease cost |
||||||||
Total |
$ |
$ |
||||||
(millions of dollars) |
June 30, 2019 |
|||
Operating cash flows information: |
||||
Cash paid for amounts included in the measurement of lease liabilities |
$ |
|||
Non-cash activity: |
||||
Right-of-use assets obtained in the exchange for operating lease liabilities |
$ |
|||
Weighted-average remaining operating lease term (in years) |
||||
Weighted-average operating leases discount rate |
% |
|||
(millions of dollars) |
Balance Sheet Classification |
June 30, 2019 |
|||
Right-of-use asset |
Other assets and deferred charges |
$ |
|||
Lease liability - current |
Other current liabilities |
||||
Lease liability - non-current |
Other non-current liabilities |
||||
(millions of dollars) |
June 30, 2019 |
|||
For the remainder of 2019 |
$ |
|||
2020 |
||||
2021 |
||||
2022 |
||||
2023 |
||||
Thereafter |
||||
Total future minimum lease payments |
||||
Less imputed interest |
( |
) |
||
Total |
$ |
|||
(millions of dollars) |
Dec. 31, 2018 |
|||
2019 |
$ |
|||
2020 |
||||
2021 |
||||
2022 |
||||
2023 |
||||
Thereafter |
||||
Total |
$ |
|||
(millions of dollars) |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||
Rent expense |
$ |
$ |
||||||
(millions of dollars) |
Three Months Ended |
Six Months Ended |
||||||||||||||
Net Sales |
June 30, 2019 |
July 1, 2018 |
June 30, 2019 |
July 1, 2018 |
||||||||||||
Metalcasting |
$ |
$ |
$ |
$ |
||||||||||||
Household, Personal Care and Specialty Products |
||||||||||||||||
Environmental Products |
||||||||||||||||
Building Materials |
||||||||||||||||
Basic Minerals |
||||||||||||||||
Performance Materials |
||||||||||||||||
Paper PCC |
||||||||||||||||
Specialty PCC |
||||||||||||||||
Ground Calcium Carbonate |
||||||||||||||||
Talc |
||||||||||||||||
Specialty Minerals |
||||||||||||||||
Refractory Products |
||||||||||||||||
Metallurgical Products |
||||||||||||||||
Refractories |
||||||||||||||||
Energy Services |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
(millions of dollars) |
Preliminary Allocation Previously Reported on Form 10-K as of December 31, 2018 |
Increase/ (Decrease) |
Final Allocation |
|||||||||
Accounts receivable |
$ |
$ |
$ |
|||||||||
Inventories |
||||||||||||
Other current assets |
||||||||||||
Mineral rights |
||||||||||||
Property, plant and equipment |
||||||||||||
Goodwill |
||||||||||||
Intangible assets |
||||||||||||
Total assets acquired |
||||||||||||
Current maturity of long-term debt |
||||||||||||
Accounts payable |
||||||||||||
Accrued expenses |
||||||||||||
Long-term debt |
||||||||||||
Non-current deferred tax liability |
||||||||||||
Other non-current liabilities |
||||||||||||
Total liabilities assumed |
||||||||||||
Net assets acquired |
$ |
$ |
$ |
|||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
(in millions, except per share data) |
June 30, 2019 |
July 1, 2018 |
June 30, 2019 |
July 1, 2018 |
||||||||||||
Net income attributable to Minerals Technologies Inc. |
$ |
$ |
$ |
$ |
||||||||||||
Weighted average shares outstanding |
||||||||||||||||
Dilutive effect of stock options and stock units |
||||||||||||||||
Weighted average shares outstanding, adjusted |
||||||||||||||||
Basic earnings per share attributable to Minerals Technologies Inc. |
$ |
$ |
$ |
$ |
||||||||||||
Diluted earnings per share attributable to Minerals Technologies Inc. |
$ |
$ |
$ |
$ |
||||||||||||
(millions of dollars) |
June 30, 2019 |
|||
Impairment of assets |
||||
Performance Materials |
$ |
|||
Specialty Minerals |
||||
Energy Services |
||||
Total impairment of assets charges |
$ |
|||
Severance and other related costs |
||||
Performance Materials |
$ |
|||
Specialty Minerals |
||||
Refractories |
||||
Energy Services |
||||
Corporate |
||||
Total severance and other related costs |
$ |
|||
Total restructuring and other items, net |
$ |
|||
(millions of dollars) |
||||
Restructuring liability, December 31, 2018 |
$ |
|||
Additional provisions |
||||
Cash payments |
( |
) |
||
Restructuring liability, June 30, 2019 |
$ |
|||
(millions of dollars) |
June 30, 2019 |
Dec. 31, 2018 |
||||||
Raw materials |
$ |
$ |
||||||
Work-in-process |
||||||||
Finished goods |
||||||||
Packaging and supplies |
||||||||
Total inventories |
$ |
$ |
||||||
June 30, 2019 |
Dec. 31, 2018 |
|||||||||||||||||||
(millions of dollars) |
Weighted Average Useful Life (Years) |
Gross Carrying Amount |
Accumulated Amortization |
Gross Carrying Amount |
Accumulated Amortization |
|||||||||||||||
Tradenames |
$ |
$ |
$ |
$ |
||||||||||||||||
Technology |
||||||||||||||||||||
Patents |
||||||||||||||||||||
Customer relationships |
||||||||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||||||
● |
Market approach - prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. |
● |
Cost approach - amount that would be required to replace the service capacity of an asset or replacement cost. |
● |
Income approach - techniques to convert future amounts to a single present amount based on market expectations, including present value techniques, option-pricing and other models. |
(millions of dollars) |
June 30, 2019 |
Dec. 31, 2018 |
||||||
Term Loan Facility-Variable Tranche due |
$ |
$ |
||||||
Term Loan Facility- Fixed Tranche due |
||||||||
Netherlands Term Loan due 2020 |
||||||||
Netherlands Term Loan due 2022 |
||||||||
Japan Loan Facilities |
||||||||
Total |
||||||||
Less: Current maturities |
||||||||
Total long-term debt |
$ |
$ |
||||||
Pension Benefits |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
(millions of dollars) |
June 30, 2019 |
July 1, 2018 |
June 30, 2019 |
July 1, 2018 |
||||||||||||
Service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Amortization: |
||||||||||||||||
Prior service cost |
||||||||||||||||
Recognized net actuarial loss |
||||||||||||||||
Net periodic benefit cost |
$ |
$ |
$ |
$ |
||||||||||||
Other Benefits |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
(millions of dollars) |
June 30, 2019 |
July 1, 2018 |
June 30, 2019 |
July 1, 2018 |
||||||||||||
Service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Amortization: |
||||||||||||||||
Prior service cost |
( |
) |
( |
) |
||||||||||||
Recognized net actuarial (gain) loss |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net periodic benefit cost |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
(millions of dollars) |
June 30, 2019 |
July 1, 2018 |
June 30, 2019 |
July 1, 2018 |
||||||||||||
Amortization of pension items: |
||||||||||||||||
Pre-tax amount |
$ |
$ |
$ |
$ |
||||||||||||
Tax |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net of tax |
$ |
$ |
$ |
$ |
||||||||||||
(millions of dollars) |
Foreign Currency Translation Adjustment |
Unrecognized Pension Costs |
Net Gain (Loss) on Derivative Instruments |
Total |
||||||||||||
Balance as of December 31, 2018 |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
||||||
Other comprehensive loss before reclassifications |
( |
) |
( |
) |
( |
) |
||||||||||
Amounts reclassified from AOCI |
||||||||||||||||
Net current period other comprehensive income (loss) |
( |
) |
( |
) |
( |
) |
||||||||||
Cumulative effect of accounting change |
( |
) |
( |
) |
( |
) |
||||||||||
Balance as of June 30, 2019 |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
||||||
(millions of dollars) |
||||
Asset retirement liability, December 31, 2018 |
$ |
|||
Accretion expense |
||||
Other |
||||
Payments |
( |
) |
||
Foreign currency translation |
( |
) |
||
Asset retirement liability, June 30, 2019 |
$ |
|||
Three Months Ended |
Six Months Ended |
|||||||||||||||
(millions of dollars) |
June 30, 2019 |
July 1, 2018 |
June 30, 2019 |
July 1, 2018 |
||||||||||||
Net Sales |
||||||||||||||||
Performance Materials |
$ |
$ |
$ |
$ |
||||||||||||
Specialty Minerals |
||||||||||||||||
Refractories |
||||||||||||||||
Energy Services |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Income from Operations |
||||||||||||||||
Performance Materials |
$ |
$ |
$ |
$ |
||||||||||||
Specialty Minerals |
||||||||||||||||
Refractories |
||||||||||||||||
Energy Services |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
(millions of dollars) |
June 30, 2019 |
July 1, 2018 |
June 30, 2019 |
July 1, 2018 |
||||||||||||
Income from operations for reportable segments |
$ |
$ |
$ |
$ |
||||||||||||
Acquisition related transaction and integration costs |
( |
) |
( |
) |
||||||||||||
Unallocated corporate expenses |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Consolidated income from operations |
||||||||||||||||
Non-operating deductions, net |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Income from operations before tax and equity in earnings |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
(millions of dollars) |
June 30, 2019 |
July 1, 2018 |
June 30, 2019 |
July 1, 2018 |
||||||||||||
Metalcasting |
$ |
$ |
$ |
$ |
||||||||||||
Household, Personal Care & Specialty Products |
||||||||||||||||
Environmental Products |
||||||||||||||||
Building Materials |
||||||||||||||||
Basic Minerals |
||||||||||||||||
Performance Materials |
||||||||||||||||
Paper PCC |
||||||||||||||||
Specialty PCC |
||||||||||||||||
Ground Calcium Carbonate |
||||||||||||||||
Talc |
||||||||||||||||
Specialty Minerals |
||||||||||||||||
Refractory Products |
||||||||||||||||
Metallurgical Products |
||||||||||||||||
Refractories |
||||||||||||||||
Energy Services |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
| ● | Increase our presence and gain penetration of our bentonite-based foundry customers for the Metalcasting industry in emerging markets, such as China and India. |
| ● | Increase our presence and market share in global pet care products, particularly in emerging markets. |
| ● | Deploy new products in pet care such as lightweight litter. |
| ● | Increase our presence and market share in Asia and in the global powdered detergent market. |
| ● | Continue the development of our proprietary Enersol® products for agricultural applications worldwide. |
| ● | Pursue opportunities for our products in environmental and building and construction markets in the Middle East, Asia Pacific and South America regions. |
| ● | Increase our presence and market share for geosynthetic clay liners within the Environmental Products product line. |
| ● | Develop multiple high-filler technologies under the FulFill® platform of products, to increase the fill rate in freesheet paper and continue to progress with commercial discussions and full-scale paper machine trials. |
| ● | Develop products and processes for waste management and recycling opportunities to reduce the environmental impact of the paper mill, reduce energy consumption and improve the sustainability of the papermaking process, including our NewYield® and ENVIROFIL® products. |
| ● | Further penetration into the packaging segment of the paper industry. |
| ● | Increase our sales of PCC for paper by further penetration of the markets for paper filling at both freesheet and groundwood mills, particularly in emerging markets. |
| ● | Expand the Company's PCC coating product line using the satellite model. |
| ● | Promote the Company's expertise in crystal engineering, especially in helping papermakers customize PCC morphologies for specific paper applications. |
| ● | Expand PCC produced for paper filling applications by working with industry partners to develop new methods to increase the ratio of PCC for fiber substitutions. |
| ● | Develop unique calcium carbonate and talc products used in the manufacture of novel biopolymers, a new market opportunity. |
| ● | Deploy new talc and GCC products in paint, coating and packaging applications. |
| ● | Deploy value-added formulations of refractory materials that not only reduce costs but improve performance. |
| ● | Deploy our laser measurement technologies into new applications. |
| ● | Expand our refractory maintenance model to other steel makers globally. |
| ● | Increase our presence and market penetration in offshore produced water and offshore filtration and well testing within the Energy Services segment. |
| ● | Deploy operational excellence principles into all aspects of the organization, including system infrastructure and lean principles. |
| ● | Continue to explore selective acquisitions to fit our core competencies in minerals and fine particle technology. |
Three Months Ended |
||||||||||||
(millions of dollars) |
June 30, 2019 |
July 1, 2018 |
% Growth |
|||||||||
Net sales |
$ |
463.8 |
$ |
464.7 |
— |
|||||||
Cost of sales |
351.8 |
348.8 |
1 |
% |
||||||||
Production margin |
112.0 |
115.9 |
(3 |
)% |
||||||||
Production margin % |
24.1 |
% |
24.9 |
% |
||||||||
Marketing and administrative expenses |
48.4 |
45.3 |
7 |
% |
||||||||
Research and development expenses |
4.9 |
6.4 |
(23 |
)% |
||||||||
Acquisition related transaction and integration costs |
— |
1.0 |
(100 |
)% |
||||||||
Restructuring and other items, net |
13.2 |
0.4 |
3,200 |
% |
||||||||
Income from operations |
45.5 |
62.8 |
(28 |
)% |
||||||||
Operating margin % |
9.8 |
% |
13.5 |
% |
||||||||
Interest expense, net |
(10.9 |
) |
(11.5 |
) |
(5 |
)% |
||||||
Other non-operating income (deductions), net |
(2.4 |
) |
3.1 |
(177 |
)% |
|||||||
Total non-operating deductions, net |
(13.3 |
) |
(8.4 |
) |
58 |
% |
||||||
Income from operations before tax and equity in earnings |
32.2 |
54.4 |
(41 |
)% |
||||||||
Provision for taxes on income |
5.1 |
10.3 |
(50 |
)% |
||||||||
Effective tax rate |
15.8 |
% |
18.9 |
% |
||||||||
Equity in earnings of affiliates, net of tax |
0.5 |
1.1 |
(55 |
)% |
||||||||
Net income |
27.6 |
45.2 |
(39 |
)% |
||||||||
Net income attributable to non-controlling interests |
1.0 |
1.1 |
(9 |
)% |
||||||||
Net income attributable to Minerals Technologies Inc. |
$ |
26.6 |
$ |
44.1 |
(40 |
)% |
||||||
Three Months Ended June 30, 2019 |
Three Months Ended July 1, 2018 |
|||||||||||||||||||
(millions of dollars) |
Net Sales |
% of Total Sales |
% Growth |
Net Sales |
% of Total Sales |
|||||||||||||||
U.S. |
$ |
253.3 |
54.6 |
% |
2 |
% |
$ |
249.0 |
53.6 |
% |
||||||||||
International |
210.5 |
45.4 |
% |
(2 |
)% |
215.7 |
46.4 |
% |
||||||||||||
Total sales |
$ |
463.8 |
100.0 |
% |
0 |
% |
$ |
464.7 |
100.0 |
% |
||||||||||
Performance Materials Segment |
$ |
215.4 |
46.4 |
% |
0 |
% |
$ |
214.5 |
46.2 |
% |
||||||||||
Specialty Minerals Segment |
145.1 |
31.3 |
% |
(4 |
)% |
150.9 |
32.5 |
% |
||||||||||||
Refractories Segment |
77.5 |
16.7 |
% |
(3 |
)% |
79.6 |
17.1 |
% |
||||||||||||
Energy Services Segment |
25.8 |
5.6 |
% |
31 |
% |
19.7 |
4.2 |
% |
||||||||||||
Total sales |
$ |
463.8 |
100.0 |
% |
0 |
% |
$ |
464.7 |
100.0 |
% |
||||||||||
Three Months Ended |
||||||||||||
Performance Materials Segment |
June 30, 2019 |
July 1, 2018 |
% Growth |
|||||||||
(millions of dollars) |
||||||||||||
Net Sales |
||||||||||||
Metalcasting |
$ |
75.8 |
$ |
88.8 |
(15 |
)% |
||||||
Household, Personal Care & Specialty Products |
69.0 |
58.6 |
18 |
% |
||||||||
Environmental Products |
29.0 |
25.2 |
15 |
% |
||||||||
Building Materials |
19.1 |
18.0 |
6 |
% |
||||||||
Basic Minerals |
22.5 |
23.9 |
(6 |
)% |
||||||||
Total net sales |
$ |
215.4 |
$ |
214.5 |
0 |
% |
||||||
Income from operations |
$ |
20.7 |
$ |
29.6 |
||||||||
% of net sales |
9.6 |
% |
13.8 |
% |
||||||||
Three Months Ended |
||||||||||||
Specialty Minerals Segment |
June 30, 2019 |
July 1, 2018 |
% Growth |
|||||||||
(millions of dollars) |
||||||||||||
Net Sales |
||||||||||||
Paper PCC |
$ |
90.2 |
$ |
94.5 |
(5 |
)% |
||||||
Specialty PCC |
17.3 |
17.3 |
0 |
% |
||||||||
PCC Products |
$ |
107.5 |
$ |
111.8 |
(4 |
)% |
||||||
Ground Calcium Carbonate |
$ |
24.8 |
$ |
25.2 |
(2 |
)% |
||||||
Talc |
12.8 |
13.9 |
(8 |
)% |
||||||||
Processed Minerals Products |
$ |
37.6 |
$ |
39.1 |
(4 |
)% |
||||||
Total net sales |
$ |
145.1 |
$ |
150.9 |
(4 |
)% |
||||||
Income from operations |
$ |
20.0 |
$ |
25.1 |
(20 |
)% |
||||||
% of net sales |
13.8 |
% |
16.6 |
% |
||||||||
Three Months Ended |
||||||||||||
Refractories Segment |
June 30, 2019 |
July 1, 2018 |
% Growth |
|||||||||
(millions of dollars) |
||||||||||||
Net Sales |
||||||||||||
Refractory Products |
$ |
61.0 |
$ |
66.7 |
(9 |
)% |
||||||
Metallurgical Products |
16.5 |
12.9 |
28 |
% |
||||||||
Total net sales |
$ |
77.5 |
$ |
79.6 |
(3 |
)% |
||||||
Income from operations |
$ |
7.1 |
$ |
10.3 |
(31 |
)% |
||||||
% of net sales |
9.2 |
% |
12.9 |
% |
||||||||
Three Months Ended |
||||||||||||
Energy Services Segment |
June 30, 2019 |
July 1, 2018 |
% Growth |
|||||||||
(millions of dollars) |
||||||||||||
Net Sales |
$ |
25.8 |
$ |
19.7 |
31 |
% |
||||||
Income from operations |
$ |
0.9 |
$ |
0.7 |
29 |
% |
||||||
% of net sales |
3.5 |
% |
3.6 |
% |
||||||||
Six Months Ended |
||||||||||||
(millions of dollars) |
June 30, 2019 |
July 1, 2018 |
% Growth |
|||||||||
Net sales |
$ |
901.5 |
$ |
896.0 |
1 |
% |
||||||
Cost of sales |
679.8 |
666.6 |
2 |
% |
||||||||
Production margin |
221.7 |
229.4 |
(3 |
)% |
||||||||
Production margin % |
24.6 |
% |
25.6 |
% |
||||||||
Marketing and administrative expenses |
91.3 |
89.7 |
2 |
% |
||||||||
Research and development expenses |
9.7 |
12.5 |
(22 |
)% |
||||||||
Acquisition related transaction and integration costs |
— |
1.4 |
(100 |
)% |
||||||||
Restructuring and other items, net |
13.2 |
0.4 |
* |
|||||||||
Income from operations |
107.5 |
125.4 |
(14 |
)% |
||||||||
Operating margin % |
11.9 |
% |
14.0 |
% |
||||||||
Interest expense, net |
(22.3 |
) |
(22.2 |
) |
— |
|||||||
Other non-operating income (deductions), net |
(3.8 |
) |
0.4 |
* |
||||||||
Total non-operating deductions, net |
(26.1 |
) |
(21.8 |
) |
20 |
% |
||||||
Income from operations before tax and equity in earnings |
81.4 |
103.6 |
(21 |
)% |
||||||||
Provision for taxes on income |
14.4 |
19.6 |
(27 |
)% |
||||||||
Effective tax rate |
17.7 |
% |
18.9 |
% |
||||||||
Equity in earnings of affiliates, net of tax |
0.6 |
2.3 |
(74 |
)% |
||||||||
Net income |
67.6 |
86.3 |
(22 |
)% |
||||||||
Net income attributable to non-controlling interests |
1.9 |
2.3 |
(17 |
)% |
||||||||
Net income attributable to Minerals Technologies Inc. |
$ |
65.7 |
$ |
84.0 |
(22 |
)% |
||||||
| * | Not meaningful |
Six Months Ended June 30, 2019 |
Six Months Ended July 1, 2018 |
|||||||||||||||||||
(millions of dollars) |
Net Sales |
% of Total Sales |
% Growth |
Net Sales |
% of Total Sales |
|||||||||||||||
U.S. |
$ |
485.0 |
53.8 |
% |
1 |
% |
$ |
481.3 |
53.7 |
% |
||||||||||
International |
416.5 |
46.2 |
% |
— |
414.7 |
46.3 |
% |
|||||||||||||
Total sales |
$ |
901.5 |
100.0 |
% |
1 |
% |
$ |
896.0 |
100.0 |
% |
||||||||||
Performance Materials Segment |
$ |
414.6 |
46.0 |
% |
3 |
% |
$ |
401.8 |
44.8 |
% |
||||||||||
Specialty Minerals Segment |
289.5 |
32.1 |
% |
(4 |
)% |
300.5 |
33.5 |
% |
||||||||||||
Refractories Segment |
151.3 |
16.8 |
% |
(2 |
)% |
154.9 |
17.3 |
% |
||||||||||||
Energy Services Segment |
46.1 |
5.1 |
% |
19 |
% |
38.8 |
4.3 |
% |
||||||||||||
Total sales |
$ |
901.5 |
100.0 |
% |
1 |
% |
$ |
896.0 |
100.0 |
% |
||||||||||
Six Months Ended |
||||||||||||
Performance Materials Segment |
June 30, 2019 |
July 1, 2018 |
% Growth |
|||||||||
(millions of dollars) |
||||||||||||
Net Sales |
||||||||||||
Metalcasting |
$ |
149.0 |
$ |
168.0 |
(11 |
)% |
||||||
Household, Personal Care & Specialty Products |
143.9 |
107.3 |
34 |
% |
||||||||
Environmental Products |
44.9 |
37.9 |
18 |
% |
||||||||
Building Materials |
34.4 |
36.9 |
(7 |
)% |
||||||||
Basic Minerals |
42.4 |
51.7 |
(18 |
)% |
||||||||
Total net sales |
$ |
414.6 |
$ |
401.8 |
3 |
% |
||||||
Income from operations |
$ |
47.0 |
$ |
55.8 |
||||||||
% of net sales |
11.3 |
% |
13.9 |
% |
||||||||
Six Months Ended |
||||||||||||
Specialty Minerals Segment |
June 30, 2019 |
July 1, 2018 |
% Growth |
|||||||||
(millions of dollars) |
||||||||||||
Net Sales |
||||||||||||
Paper PCC |
$ |
181.7 |
$ |
191.5 |
(5 |
)% |
||||||
Specialty PCC |
35.4 |
34.3 |
3 |
% |
||||||||
PCC Products |
$ |
217.1 |
$ |
225.8 |
(4 |
)% |
||||||
Ground Calcium Carbonate |
$ |
47.1 |
$ |
47.7 |
(1 |
)% |
||||||
Talc |
25.3 |
27.0 |
(6 |
)% |
||||||||
Processed Minerals Products |
$ |
72.4 |
$ |
74.7 |
(3 |
)% |
||||||
Total net sales |
$ |
289.5 |
$ |
300.5 |
(4 |
)% |
||||||
Income from operations |
$ |
42.0 |
$ |
49.2 |
(15 |
)% |
||||||
% of net sales |
14.5 |
% |
16.4 |
% |
||||||||
Six Months Ended |
||||||||||||
Refractories Segment |
June 30, 2019 |
July 1, 2018 |
% Growth |
|||||||||
(millions of dollars) |
||||||||||||
Net Sales |
||||||||||||
Refractory Products |
$ |
123.0 |
$ |
129.0 |
(5 |
)% |
||||||
Metallurgical Products |
28.3 |
25.9 |
9 |
% |
||||||||
Total net sales |
$ |
151.3 |
$ |
154.9 |
(2 |
)% |
||||||
Income from operations |
$ |
19.2 |
$ |
23.1 |
(17 |
)% |
||||||
% of net sales |
12.7 |
% |
14.9 |
% |
||||||||
Six Months Ended |
||||||||||||
Energy Services Segment |
June 30, 2019 |
July 1, 2018 |
% Growth |
|||||||||
(millions of dollars) |
||||||||||||
Net Sales |
$ |
46.1 |
$ |
38.8 |
19 |
% |
||||||
Income from operations |
$ |
3.3 |
$ |
2.2 |
50 |
% |
||||||
% of net sales |
7.2 |
% |
5.7 |
% |
||||||||
Period |
Total Number of Shares Purchased |
Average Price Paid Per Share |
Total Number of Shares Purchased as Part of the Publicly Announced Program |
Dollar Value of Shares that May Yet be Purchased Under the Program |
|||||||
April 1 - April 28 |
— |
— |
333,184 |
$ |
128,306,742 |
||||||
April 29 - May 26 |
— |
— |
333,184 |
$ |
128,306,742 |
||||||
May 27 - June 30 |
180,139 |
$ |
55.50 |
513,323 |
$ |
118,309,499 |
|||||
Total |
180,139 |
$ |
55.50 |
||||||||
Exhibit No. |
Exhibit Title |
|
Letter Regarding Unaudited Interim Financial Information. |
||
Rule 13a-14(a)/15d-14(a) Certification executed by the Company's principal executive officer. |
||
Rule 13a-14(a)/15d-14(a) Certification executed by the Company's principal financial officer. |
||
Section 1350 Certifications. |
||
Information concerning Mine Safety Violations |
||
Risk Factors |
||
101.INS |
XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
|
101.SCH |
XBRL Taxonomy Extension Schema |
|
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase |
|
101.DEF |
XBRL Taxonomy Extension Definition Linkbase |
|
101.LAB |
XBRL Taxonomy Extension Label Linkbase |
|
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase |
Minerals Technologies Inc. |
||
By: |
/s/ Matthew E. Garth |
|
Matthew E. Garth |
||
Senior Vice President, Finance and Treasury, |
||
Chief Financial Officer |
||
August 2, 2019 |
| 1. |
I have reviewed this Quarterly Report on Form 10-Q of Minerals Technologies Inc.;
|
| 2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
| 3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
| 4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| (a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| (b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| (c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation; and
|
| (d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter ( the
registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
| 5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors
and the audit committee of the registrant's board of directors:
|
| (a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize and report financial information; and
|
| (b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
Date: August 2, 2019
|
||
|
|
||
|
|
By:
|
/s/Douglas T. Dietrich
|
|
|
Douglas T. Dietrich
|
|
|
|
Chief Executive Officer
|
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Minerals Technologies Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter ( the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors: |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 2, 2019 | ||
By: | /s/Matthew E. Garth | |
Matthew E. Garth | ||
Senior Vice President, Finance and Treasury, | ||
Chief Financial Officer |
Date: August 2, 2019 | ||
By: | /s/Douglas T. Dietrich | |
Douglas T. Dietrich | ||
Chief Executive Officer |
Date: August 2, 2019 | ||
By: | /s/Matthew E. Garth | |
Matthew E. Garth | ||
Senior Vice President, Finance and Treasury, | ||
Chief Financial Officer |
|
Mine
|
Section 104(a) S&S
|
Section 104(b)
|
Section 104(d)
|
Section 110(b)(2)
|
Section 107(a)
|
Proposed Assessments
|
Fatalities
|
|||||||||||||||||||||
|
(A)
|
(B)
|
(C)
|
(D)
|
(E)
|
(F)
|
(G)
|
||||||||||||||||||||||
|
Lucerne Valley, CA
04-00219
|
1
|
0
|
0
|
0
|
0
|
$
|
14,777
|
0
|
||||||||||||||||||||
|
Canaan, CT
06-00019
|
0
|
0
|
0
|
0
|
0
|
$
|
22,411
|
0
|
||||||||||||||||||||
|
Adams, MA
19-00035
|
5
|
0
|
0
|
0
|
0
|
$
|
35,804
|
0
|
||||||||||||||||||||
|
Barretts Mill, Dillon, MT
24-00157
|
3
|
0
|
0
|
0
|
0
|
$
|
0
|
0
|
||||||||||||||||||||
|
Regal Mine, Dillon, MT
24-01994
|
0
|
0
|
0
|
0
|
0
|
$
|
0
|
0
|
||||||||||||||||||||
|
Treasure Mine, Dillon, MT
24-00160
|
0
|
0
|
0
|
0
|
0
|
$
|
0
|
0
|
||||||||||||||||||||
|
Belle/Colony Mine, WY
48-00888
|
0
|
0
|
0
|
0
|
0
|
$
|
2,703
|
0
|
||||||||||||||||||||
|
Belle Fourche Mill, SD
39-00049
|
0
|
0
|
0
|
0
|
0
|
$
|
0
|
0
|
||||||||||||||||||||
|
Colony East, WY
48-00594
|
0
|
0
|
0
|
0
|
0
|
$
|
689
|
0
|
||||||||||||||||||||
|
Colony West, WY
48-00245
|
0
|
0
|
0
|
0
|
0
|
$
|
0
|
0
|
||||||||||||||||||||
|
Gascoyne, ND
32-00459
|
0
|
0
|
0
|
0
|
0
|
$
|
0
|
0
|
||||||||||||||||||||
|
Lovell, WY
48-00057
|
0
|
0
|
0
|
0
|
0
|
$
|
0
|
0
|
||||||||||||||||||||
|
Sandy Ridge, AL
01-00093
|
1
|
0
|
0
|
0
|
0
|
$
|
0
|
0
|
||||||||||||||||||||
|
Yellowtail, WY
48-00607
|
0
|
0
|
0
|
0
|
0
|
$
|
0
|
0
|
||||||||||||||||||||
| (A) |
The total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine
safety or health hazard under section 104 of the Mine Act for which we received a citation from MSHA.
|
| (B) |
The total number of orders issued under section 104(b) of the Mine Act.
|
| (C) |
The total number of citations and orders for unwarrantable failure of the Company to comply with mandatory health or safety standards under section 104(d) of the
Mine Act.
|
| (D) |
The total number of flagrant violations under section 110(b)(2) of the Mine Act.
|
| (E) |
The total number of imminent danger orders issued under section 107(a) of the Mine Act.
|
| (F) |
The total dollar value of proposed assessments from MSHA under the Mine Act.
|
| (G) |
The total number of mining-related fatalities, other than fatalities determined by MSHA to be unrelated to mining activity.
|
|
Mine
|
Legal Actions Pending
as of Last Day of Period
|
Legal Actions Initiated
During Period
|
Legal Actions Resolved
During Period
|
|||
|
Lucerne Valley, CA
|
0
|
0
|
0
|
|||
|
Canaan, CT
|
0
|
0
|
0
|
|||
|
Adams, MA
|
0
|
0
|
0
|
|||
|
Barretts Mill, Dillon, MT
|
0
|
0
|
0
|
|||
|
Regal Mine, Dillon, MT
|
0
|
0
|
0
|
|||
|
Treasure Mine, Dillon, MT
|
0
|
0
|
0
|
|||
|
Belle/Colony Mine, WY
|
0
|
0
|
0
|
|||
|
Belle Fourche Mill, SD
|
0
|
0
|
0
|
|||
|
Colony East, WY
|
0
|
0
|
0
|
|||
|
Colony West, WY
|
0
|
0
|
0
|
|||
|
Gascoyne, ND
|
0
|
0
|
0
|
|||
|
Lovell, WY
|
0
|
0
|
0
|
|||
|
Sandy Ridge, AL
|
0
|
0
|
0
|
|||
|
Yellowtail, WY
|
0
|
0
|
0
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jul. 01, 2018 |
Jun. 30, 2019 |
Jul. 01, 2018 |
|
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||||
| Consolidated net income | $ 27.6 | $ 45.2 | $ 67.6 | $ 86.3 |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation adjustments | (18.7) | (54.5) | (19.1) | (39.1) |
| Pension and postretirement plan adjustments | 1.7 | 1.9 | 3.3 | 3.7 |
| Unrealized gains (losses) on derivative instruments | (3.3) | (1.3) | (2.1) | 0.3 |
| Total other comprehensive loss, net of tax | (20.3) | (53.9) | (17.9) | (35.1) |
| Total comprehensive income (loss) including non-controlling interests | 7.3 | (8.7) | 49.7 | 51.2 |
| Comprehensive income (loss) attributable to non-controlling interests | (0.8) | 0.5 | (2.2) | (1.3) |
| Comprehensive income (loss) attributable to Minerals Technologies Inc. | $ 6.5 | $ (8.2) | $ 47.5 | $ 49.9 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions |
6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jul. 01, 2018 |
||||||
| Operating Activities: | |||||||
| Consolidated net income | $ 67.6 | $ 86.3 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation, depletion and amortization | 48.9 | 44.5 | |||||
| Amortization of right of use asset | 6.6 | 0.0 | |||||
| Asset impairment charges | 7.5 | 0.0 | |||||
| Other non-cash items | 4.5 | (2.0) | |||||
| Pension plan funding | (3.1) | (12.3) | |||||
| Net changes in operating assets and liabilities | (33.7) | (36.3) | |||||
| Net cash provided by operating activities | 98.3 | 80.2 | |||||
| Investing Activities: | |||||||
| Purchases of property, plant and equipment, net | (35.5) | (42.1) | |||||
| Acquisition of business, net of cash acquired | 0.0 | (124.1) | |||||
| Proceeds from sale of short-term investments | 3.4 | 1.8 | |||||
| Purchases of short-term investments | (4.7) | (2.5) | |||||
| Other investing activities | (0.8) | 0.0 | |||||
| Net cash used in investing activities | (37.6) | (166.9) | |||||
| Financing Activities: | |||||||
| Debt issuance costs | 0.0 | (1.4) | |||||
| Repayment of long-term debt | (36.6) | (6.6) | |||||
| Proceeds from issuance of short-term debt | 0.0 | 113.0 | |||||
| Repayment of short-term debt | (1.1) | (1.1) | |||||
| Purchase of common stock for treasury | (10.0) | (13.3) | |||||
| Proceeds from issuance of stock under option plan | 0.4 | 1.9 | |||||
| Excess tax benefits related to stock incentive programs | (1.9) | (3.2) | |||||
| Dividends paid to non-controlling interests | (3.9) | (0.2) | |||||
| Capital contribution from non-controlling interests | 0.6 | 0.0 | |||||
| Cash dividends paid | (3.5) | (3.5) | |||||
| Net cash used in financing activities | (56.0) | 85.6 | |||||
| Effect of exchange rate changes on cash and cash equivalents | 1.0 | (8.1) | |||||
| Net increase (decrease) in cash and cash equivalents | 5.7 | (9.2) | |||||
| Cash and cash equivalents at beginning of period | 208.8 | [1] | 212.2 | ||||
| Cash and cash equivalents at end of period | 214.5 | [2] | 203.0 | ||||
| Supplemental disclosure of cash flow information: | |||||||
| Interest paid | 21.9 | 22.1 | |||||
| Income taxes paid | 13.7 | 20.9 | |||||
| Non-cash financing activities: | |||||||
| Treasury stock purchases settled after period end | $ 0.0 | $ 0.3 | |||||
| |||||||
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Treasury Stock [Member] |
Non-controlling Interests [Member] |
Total |
|||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2017 | $ 4.9 | $ 422.7 | $ 1,607.2 | $ (186.1) | $ (597.0) | $ 27.4 | $ 1,279.1 | |||||
| Net income | 0.0 | 0.0 | 39.9 | 0.0 | 0.0 | 1.2 | 41.1 | |||||
| Other comprehensive income (loss) | 0.0 | 0.0 | 0.0 | 18.2 | 0.0 | 0.5 | 18.7 | |||||
| Dividends declared | 0.0 | 0.0 | (1.8) | 0.0 | 0.0 | 0.0 | (1.8) | |||||
| Dividends paid to non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (0.1) | (0.1) | |||||
| Issuance of shares pursuant to employee stock compensation plans | 0.0 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | |||||
| Purchase of common stock for treasury | 0.0 | 0.0 | 0.0 | 0.0 | (5.7) | 0.0 | (5.7) | |||||
| Balance at Apr. 01, 2018 | 4.9 | 423.2 | 1,645.3 | (167.9) | (602.7) | 29.0 | 1,331.8 | |||||
| Balance at Dec. 31, 2017 | 4.9 | 422.7 | 1,607.2 | (186.1) | (597.0) | 27.4 | 1,279.1 | |||||
| Net income | 86.3 | |||||||||||
| Other comprehensive income (loss) | (35.1) | |||||||||||
| Balance at Jul. 01, 2018 | 4.9 | 426.9 | 1,687.7 | (220.2) | (610.4) | 28.5 | 1,317.4 | |||||
| Balance at Apr. 01, 2018 | 4.9 | 423.2 | 1,645.3 | (167.9) | (602.7) | 29.0 | 1,331.8 | |||||
| Net income | 0.0 | 0.0 | 44.1 | 0.0 | 0.0 | 1.1 | 45.2 | |||||
| Other comprehensive income (loss) | 0.0 | 0.0 | 0.0 | (52.3) | 0.0 | (1.6) | (53.9) | |||||
| Dividends declared | 0.0 | 0.0 | (1.7) | 0.0 | 0.0 | 0.0 | (1.7) | |||||
| Dividends paid to non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Issuance of shares pursuant to employee stock compensation plans | 0.0 | 1.4 | 0.0 | 0.0 | 0.0 | 0.0 | 1.4 | |||||
| Stock-based compensation | 0.0 | 2.3 | 0.0 | 0.0 | 0.0 | 0.0 | 2.3 | |||||
| Purchase of common stock for treasury | 0.0 | 0.0 | 0.0 | 0.0 | (7.7) | 0.0 | (7.7) | |||||
| Balance at Jul. 01, 2018 | 4.9 | 426.9 | 1,687.7 | (220.2) | (610.4) | 28.5 | 1,317.4 | |||||
| Cumulative effect of accounting change | ASU 2018-02 [Member] | 0.0 | 0.0 | 10.9 | (10.9) | 0.0 | 0.0 | 0.0 | |||||
| Balance at Dec. 31, 2018 | 4.9 | 431.9 | 1,769.1 | (233.7) | (618.7) | 31.8 | 1,385.3 | [1] | ||||
| Net income | 0.0 | 0.0 | 39.1 | 0.0 | 0.0 | 0.9 | 40.0 | |||||
| Other comprehensive income (loss) | 0.0 | 0.0 | 0.0 | 1.9 | 0.0 | 0.5 | 2.4 | |||||
| Dividends declared | 0.0 | 0.0 | (1.7) | 0.0 | 0.0 | 0.0 | (1.7) | |||||
| Dividends paid to non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (0.1) | (0.1) | |||||
| Capital contribution from non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 | 0.8 | |||||
| Issuance of shares pursuant to employee stock compensation plans | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | |||||
| Stock-based compensation | 0.0 | 0.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.6 | |||||
| Balance at Mar. 31, 2019 | 4.9 | 432.6 | 1,817.4 | (242.7) | (618.7) | 33.9 | 1,427.4 | |||||
| Balance at Dec. 31, 2018 | 4.9 | 431.9 | 1,769.1 | (233.7) | (618.7) | 31.8 | 1,385.3 | [1] | ||||
| Net income | 67.6 | |||||||||||
| Other comprehensive income (loss) | (18.2) | (17.9) | ||||||||||
| Balance at Jun. 30, 2019 | 4.9 | 435.3 | 1,842.2 | (262.8) | (628.7) | 30.7 | 1,421.6 | [2] | ||||
| Balance at Mar. 31, 2019 | 4.9 | 432.6 | 1,817.4 | (242.7) | (618.7) | 33.9 | 1,427.4 | |||||
| Net income | 0.0 | 0.0 | 26.6 | 0.0 | 0.0 | 1.0 | 27.6 | |||||
| Other comprehensive income (loss) | 0.0 | 0.0 | 0.0 | (20.1) | 0.0 | (0.2) | (20.3) | |||||
| Dividends declared | 0.0 | 0.0 | (1.8) | 0.0 | 0.0 | 0.0 | (1.8) | |||||
| Dividends paid to non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (3.8) | (3.8) | |||||
| Capital distribution to non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (0.2) | (0.2) | |||||
| Issuance of shares pursuant to employee stock compensation plans | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | |||||
| Stock-based compensation | 0.0 | 2.5 | 0.0 | 0.0 | 0.0 | 0.0 | 2.5 | |||||
| Purchase of common stock for treasury | 0.0 | 0.0 | 0.0 | 0.0 | (10.0) | 0.0 | (10.0) | |||||
| Balance at Jun. 30, 2019 | $ 4.9 | $ 435.3 | 1,842.2 | (262.8) | $ (628.7) | $ 30.7 | $ 1,421.6 | [2] | ||||
| Cumulative effect of accounting change | ASU 2018-02 [Member] | $ 10.9 | $ (10.9) | ||||||||||
| ||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies |
6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||
| Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |||||||||
| Basis of Presentation and Summary of Significant Accounting Policies |
Note 1. Basis of Presentation and Summary of Significant Accounting Policies
The accompanying unaudited condensed consolidated financial statements have been prepared by management of Minerals Technologies Inc. (the “Company”, “MTI”, “we”, or “us”) in accordance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three-month and six-month periods ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.
Company Operations
The Company is a resource- and technology-based company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and supporting systems and services.
The Company has four reportable segments: Performance Materials, Specialty Minerals, Refractories and Energy Services.
Use of Estimates
The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances, and pension plan assumptions. Actual results could differ from those estimates.
Recently Issued Accounting Standards
Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. All recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations.
Recently Adopted Accounting Standards
On January 1, 2019, the Company adopted the provisions of ASU 2016-02, “Leases”, which requires lessees to recognize most leases on-balance sheet. The Company has adopted this new standard under the modified retrospective transition method, using the effective date as our date of initial application. As such, financial information and required disclosures will not be provided for dates prior to January 1, 2019. The new standard provides a number of optional practical expedients in transition. We have elected the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard also provides practical expedients for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption for all leases that qualify. On adoption, we recognized additional operating liabilities of $61.4 million with corresponding right-of-use assets of $50.5 million based on the present value of the remaining lease payments under existing operating leases. As of December 31, 2018, we had $10.9 million in deferred charges related to some of our real estate leases that were recorded against the right of use asset as part of the transition. The adoption of this standard did not have a material impact on the Company's financial statements.
On January 1, 2019, the Company adopted the provisions of ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. As a result, the Company reclassified $10.9 million from "Accumulated other comprehensive loss" to "Retained earnings" on the Condensed Consolidated Balance Sheets as of June 30, 2019.
|
Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases |
Note 2. Leases
We determine if an arrangement is a lease at inception. The Company has operating leases for premises, equipment, rail cars and automobiles. Our leases have remaining lease terms of 1 year to 50 years, some of which may include options to extend the leases further. The Company considers these options in determining the lease term used to establish the right-of-use assets and lease liabilities. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based upon the information available at commencement date, or as of implementation of ASC 842, in determining the present value of lease payments.
Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements contain both lease and non-lease components. We account for lease components together with non-lease components.
Operating lease cost was $4.0 million and $8.1 million for the three and six-month periods ended June 30, 2019, respectively. The components of lease costs are as follows:
Supplemental cash flow information and non-cash activity related to our operating leases are as follows:
Weighted average remaining lease term, and weighted average discount rates related to the Company’s operating leases were as follows:
The following table summarizes the Company's outstanding lease assets and liabilities and their classification on the Condensed Consolidated Balance Sheet:
Future minimum lease payments under the Company's operating leases as of June 30, 2019 were as follows:
As of December 31, 2018, minimum lease payments under non-cancellable operating leases were expected to be as follows:
A summary of rent expense for the fiscal years ended December 31, 2018 and December 31, 2017 was as follows:
The Company has certain arrangements under which we are the lessor. Lease income associated with these leases is not material.
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Revenue from Contracts with Customers |
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| Revenue from Contracts with Customers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers |
Note 3. Revenue from Contracts with Customers
The following table disaggregates our revenue by major source (product line) for the three and six-month periods ended June 30, 2019 and July 1, 2018 :
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Business Combination |
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| Business Combination [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination |
Note 4. Business Combination
On April 30, 2018, the Company completed the acquisition of Sivomatic Holding B.V. (“Sivomatic”), a leading European supplier of premium pet litter products. Sivomatic is a vertically integrated manufacturer, with production facilities in the Netherlands, Austria and Turkey. With a leading position in premier clumping products, Sivomatic’s product portfolio spans the range of pet litter derived from bentonite, sourced predominantly from wholly-owned mines in Turkey. The results of Sivomatic are included in our Performance Materials segment. The acquisition was financed through a combination of cash on hand and borrowings under the Company’s credit facilities. The fair value of the total consideration transferred, net of cash acquired, was $122.5 million.
The acquisition has been accounted for using the acquisition method of accounting, which requires, among other things, that we recognize the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. As of April 30, 2019 , the purchase price allocation has been finalized.
The following table summarizes the Company’s final amounts recognized for assets acquired and liabilities assumed for the Sivomatic acquisition as compared with the allocation previously reported on the Company's Form 10-K for the year ended December 31, 2018:
The Company used the income, market, or cost approach (or a combination thereof) for the valuation, and used valuation inputs and analyses that were based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. For certain items, the carrying value was determined to be a reasonable approximation of fair value based on the information available.
Goodwill was calculated as the excess of the consideration transferred over the assets acquired and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The allocation was completed during the second quarter of 2019. Goodwill recognized as a result of this acquisition is not deductible for tax purposes.
In connection with the acquisition, the Company recorded an additional deferred tax liability of $18.8 million with a corresponding increase to goodwill. The increase in the deferred tax liability represents the tax effect of the difference between the estimated assigned fair value of the tangible and intangible assets and the tax basis of such assets.
Mineral rights were valued using discounted cash flow method. Property, plant and equipment were valued using the cost method adjusted for age and deterioration.
Intangible assets acquired mainly include tradenames and customer relationships. Both tradenames and customer relationships have an estimated useful life of approximately 20 years.
The Company did not present pro forma and other financial information for the Sivomatic acquisition, as this is not considered to be a material business combination.
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Earnings per Share (EPS) |
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| Earnings per Share (EPS) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share (EPS) |
Note 5. Earnings per Share (EPS)
Basic earnings per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding.
The following table sets forth the computation of basic and diluted earnings per share:
Options to purchase 470,304 shares and 357,771 shares of common stock for the three-month and six-month periods ended June 30, 2019 and July 1, 2018, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of the common shares.
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Restructuring and Other Items, net |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Other Items, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Other Items, net |
Note 6. Restructuring and Other Items, net
During the second quarter of 2019, the Company initiated a restructuring and cost savings program to better align our costs and organizational structure with the current market environment. The Company recorded a $7.5 million non-cash impairment of assets charge related to facilities no longer operating and underutilization of certain equipment, and $5.7 million in other restructuring costs in the second quarter of 2019. The Company expects to realize annualized savings from this restructuring program of approximately $12 million by the first half of 2020.
The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segments they relate to for the three months ended June 30, 2019:
At June 30, 2019, the Company had $7.1 million included within accrued liabilities in the Condensed Consolidated Balance Sheet for cash expenditures needed to satisfy remaining obligations under workforce reduction initiatives. The Company expects to pay these amounts by the first half of 2020.
The following table is a reconciliation of our restructuring liability balance as of June 30, 2019:
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Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Income Taxes [Abstract] | |
| Income Taxes |
Note 7. Income Taxes
Provision for taxes was $5.1 million and $14.4 million during the three and six-month periods ended June 30, 2019, respectively. The effective tax rate was 15.8% as compared with 18.9% in the prior year. The lower effective tax rate was primarily due to discrete items related to restructuring charges and the expiration of the tax statute of limitations due to the completion of a tax audit.
As of June 30, 2019, the Company had approximately $15.5 million of total unrecognized income tax benefits. Included in this amount were a total of $11.9 million of unrecognized income tax benefits that, if recognized, would affect the Company’s effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, the Company does not expect the change to have a significant impact on the results of operations or the financial position of the Company.
The Company’s accounting policy is to recognize interest and penalties accrued relating to unrecognized income tax benefits as part of its provision for income taxes. The Company had net decreases of approximately $0.1 million and $0.2 million during the three and six-months ended June 30, 2019, respectively, and had an accrued balance of $2.8 million of interest and penalties as of June 30, 2019.
The Company operates in multiple taxing jurisdictions, both within and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company, with a few exceptions (none of which are material), is no longer subject to income tax examinations by tax authorities for years prior to 2010.
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Inventories |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories |
Note 8. Inventories
The following is a summary of inventories by major category:
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Goodwill and Other Intangible Assets |
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| Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets |
Note 9. Goodwill and Other Intangible Assets
Goodwill and other intangible assets with indefinite lives are not amortized, but instead are assessed for impairment, at least annually. The carrying amount of goodwill was $807.9 and $812.4 million as of June 30, 2019 and December 31, 2018, respectively. The change in goodwill from December 31, 2018 to June 30, 2019 is attributable to the effects of foreign exchange.
Intangible assets subject to amortization as of June 30, 2019 and December 31, 2018 were as follows:
The weighted average amortization period for acquired intangible assets subject to amortization is approximately 32 years. Estimated amortization expense is $4.8 million for the remainder of 2019, $36.7 million for 2020–2023 and $166.4 million thereafter.
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Derivative Financial Instruments |
6 Months Ended | ||||||
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Jun. 30, 2019 | |||||||
| Derivative Financial Instruments [Abstract] | |||||||
| Derivative Financial Instruments |
Note 10. Derivative Financial Instruments
As a multinational corporation with operations throughout the world, the Company is exposed to certain market risks. The Company uses a variety of practices to manage these market risks, including, when considered appropriate, derivative financial instruments. The Company's objective is to offset gains and losses resulting from interest rates and foreign currency exposures with gains and losses on the derivative contracts used to hedge them. The Company uses derivative financial instruments only for risk management and not for trading or speculative purposes.
By using derivative financial instruments to hedge exposures to changes in interest rates and foreign currencies, the Company exposes itself to credit risk and market risk. Credit risk is the risk that the counterparty will fail to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty, and therefore, it does not face any credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with major financial institutions.
Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates, currency exchange rates, or commodity prices. The market risk associated with interest rate and forward exchange contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.
Cash Flow Hedges
For derivative instruments that are designated and qualify as cash flow hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders' equity. The Company subsequently reclassifies the effective portion of gain or loss into earnings in the period during which the hedged transaction is recognized in earnings.
The Company utilizes interest rate swaps to limit exposure to market fluctuations on floating-rate debt. In the second quarter of 2018, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this swap is a liability of $6.6 million at June 30, 2019 and is recorded in other non-current liabilities on the Condensed Consolidated Balance Sheet. In addition, in the second quarter of 2016, the Company entered into a floating to fixed interest rate swap with an initial aggregate notional amount of $300 million. The notional amount was $114 million at June 30, 2019. The fair value of this swap is an asset of $0.9 million at June 30, 2019 and is recorded in other assets and deferred charges on the Condensed Consolidated Balance Sheet. These interest rate swaps are designated as cash flow hedges. As a result, the gains and losses associated with these interest rate swaps are recorded in accumulated other comprehensive income (loss).
Net Investment Hedges
For derivative instruments that are designated and qualify as net investment hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders' equity.
To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, the Company from time to time hedges a portion of our net investment in one or more of our foreign subsidiaries. During the second quarter of 2018, the Company entered into a cross currency rate swap with a total notional value of $150 million to exchange monthly fixed-rate interest payments in U.S. dollars for monthly fixed-rate interest rate payments in Euros. This contract matures in May 2023 and requires the exchange of Euros and U.S. dollar principal payments upon maturity. The fair value of this swap is an asset of $7.0 million at June 30, 2019 and is recorded in other assets and deferred charges on the Condensed Consolidated Balance Sheet. Changes in the fair value of this financial instrument are recognized in accumulated other comprehensive income (loss) to offset the change in the carrying amount of the net investment being hedged. Amounts are reclassified out of accumulated other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated.
Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows:
The Company primarily applies the income approach for interest rate derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
The fair value of our interest rate swaps and cross currency rate swap contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets and are categorized as Level 2.
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Long-Term Debt and Commitments |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt and Commitments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt and Commitments |
Note 11. Long-Term Debt and Commitments
The following is a summary of long-term debt:
On May 9, 2014, in connection with the acquisition of AMCOL International Corporation (“AMCOL”), the Company entered into a credit agreement providing for a $1.560 billion senior secured term loan facility (the “Term Facility”) and a $200 million senior secured revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Facilities”).
On June 23, 2015, the Company entered into an amendment (the “First Amendment”) to the credit agreement to reprice the $1.378 billion then outstanding on the Term Facility. As amended, the Term Facility had a $1.078 billion floating rate tranche and a $300 million fixed rate tranche. On February 14, 2017, the Company entered into an amendment (the “Second Amendment”) to the credit agreement to reprice the $788 million floating rate tranche then outstanding, which extended the maturity and lowered the interest costs by 75 basis points. On April 18, 2018, the Company entered into an amendment (the “Third Amendment”) to the credit agreement to refinance the Revolving Facility. As amended, the Revolving Facility has been increased to $300 million in aggregate commitments. Following the amendments, the loans outstanding under the floating rate tranche of the Term Facility will mature on February 14, 2024, the loans outstanding under the fixed rate tranche of the Term Facility will mature on May 9, 2021 and the loans outstanding (if any) and commitments under the Revolving Facility will mature and terminate, as the case may be, on April 18, 2023. Loans under the floating rate tranche of the Term Facility bear interest at a rate equal to an adjusted LIBOR rate (subject to a floor of 0.75%) plus an applicable margin equal to 2.25% per annum. Loans under the fixed rate tranche of the Term Facility bear interest at a rate of 4.75%. Loans under the Revolving Facility bear interest at a rate equal to an adjusted LIBOR rate plus an applicable margin equal to 1.625% per annum. Such rates are subject to decrease by up to 25 basis points in the event that, and for so long as, the Company’s net leverage ratio (as defined in the credit agreement) is less than certain thresholds. The floating rate tranche of the Term Facility was issued at par and the fixed rate tranche of the Term Facility was issued at a 0.25% discount in connection with the First Amendment. The variable rate tranche of the Term Facility was issued at a 0.25% discount in connection with the Second Amendment. The variable rate tranche has a 1% required amortization per year. The Company will pay certain fees under the credit agreement, including customary annual administration fees. The obligations of the Company under the Facilities are unconditionally guaranteed jointly and severally by, subject to certain exceptions, all material domestic subsidiaries of the Company (the “Guarantors”) and secured, subject to certain exceptions, by a security interest in substantially all of the assets of the Company and the Guarantors.
During the first half of 2019, the Company repaid $35.0 million on its Term Facility.
The credit agreement contains certain customary affirmative and negative covenants that limit or restrict the ability of the Company and its restricted subsidiaries to enter into certain transactions or take certain actions. In addition, the credit agreement contains a financial covenant that requires the Company, if on the last day of any fiscal quarter loans or letters of credit were outstanding under the Revolving Facility (excluding up to $15 million of letters of credit), to maintain a maximum net leverage ratio (as defined in the credit agreement) of, initially, 5.25 to 1.00 for the four fiscal quarters preceding such day. Such maximum net leverage ratio requirement is subject to decrease during the duration of the facility to a minimum level (when applicable) of 3.50 to 1.00. In connection with the Sivomatic acquisition, the Company incurred $113 million of short-term debt under the Revolving Facility. As of June 30, 2019, there were $100 million in outstanding loans and $10.4 million in letters of credit outstanding under the Revolving Facility. The Company is in compliance with all the covenants associated with the Revolving Facility as of the end of the period covered by this report.
As part of the Sivomatic acquisition, the Company assumed $10.7 million in long-term debt, recorded at fair value, consisting of two term loans, one of which matures in 2020 and the other of which matures in 2022. These loans carry an interest rate of Euribor plus 2.0% and have quarterly repayments. During the first half of 2019, the Company repaid $1.3 million on these loans.
The Company has a committed loan facility in Japan. As of June 30, 2019, $4.9 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2021. The Company repaid $0.3 million on this facility during the first half of 2019.
As of June 30, 2019, the Company had $43.5 million in uncommitted short-term bank credit lines, of which approximately $4.2 million was in use.
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Benefit Plans |
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| Benefit Plans |
Note 12. Benefit Plans
The Company and its subsidiaries have pension plans covering the majority of eligible employees on a contributory or non-contributory basis. The Company also provides postretirement health care and life insurance benefits for the majority of its U.S. retired employees. Disclosures for the U.S. plans have been combined with those outside of the U.S. as the international plans do not have significantly different assumptions, and together represent less than 25% of our total benefit obligation.
Components of Net Periodic Benefit Cost
Amortization amounts of prior service costs and recognized net actuarial losses are recorded, net of tax, as increases to accumulated other comprehensive income.
The Company expects to contribute approximately $9.7 million to its pension plans and $0.3 million to its other postretirement benefit plans in 2019. As of June 30, 2019, $3.1 million has been contributed to the pension plans and less than $0.1 million has been contributed to the other postretirement benefit plans.
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Comprehensive Income |
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| Comprehensive Income |
Note 13. Comprehensive Income
The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company:
The pre-tax amounts in the table above are included within the components of net periodic pension benefit cost (see Note 12 to the Condensed Consolidated Financial Statements) and the tax amounts are included within the provision for taxes on income line within the Condensed Consolidated Statements of Income.
The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows:
In January 2019, the Company adopted the provisions of ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. As a result, the Company reclassified $10.9 million from "Accumulated other comprehensive loss" to "Retained earnings" on the Condensed Consolidated Balance Sheet as of June 30, 2019.
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Accounting for Asset Retirement Obligations |
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| Accounting for Asset Retirement Obligations |
Note 14. Accounting for Asset Retirement Obligations
The Company records asset retirement obligations for situations in which the Company will be required to incur costs to retire tangible long-lived assets. The fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made.
The Company also records liabilities related to land reclamation as a part of asset retirement obligations. The Company mines various minerals using a surface mining process that requires the removal of overburden. In certain areas and under various governmental regulations, the Company is obligated to restore the land comprising each mining site to its original condition at the completion of the mining activity. The obligation is adjusted to reflect the passage of time, mining activities, and changes in estimated future cash outflows.
The following is a reconciliation of asset retirement obligations as of June 30, 2019:
The asset retirement costs are capitalized as part of the carrying amount of the associated asset. The current portion of the liability of approximately $0.4 million is included in other current liabilities and the long-term portion of the liability of approximately $23.3 million is included in other non-current liabilities in the Condensed Consolidated Balance Sheet as of June 30, 2019.
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Contingencies |
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| Contingencies [Abstract] | |
| Contingencies |
Note 15. Contingencies
The Company is party to a number of lawsuits arising in the normal course of our business.
Certain of the Company's subsidiaries are among numerous defendants in a number of cases seeking damages for exposure to silica or to asbestos containing materials. The Company currently has three pending silica cases and 71 pending asbestos cases. To date, 1,493 silica cases and 59 asbestos cases have been dismissed, not including any lawsuits against AMCOL or American Colloid Company dismissed prior to our acquisition of AMCOL. Thirteen and twenty new asbestos cases were filed during the three and six months ended June 30, 2019, respectively, and 16 additional asbestos cases were filed subsequent to the end of the second quarter. Two asbestos cases were dismissed during the first half of 2019 and no silica cases were dismissed during the period. Most of these claims do not provide adequate information to assess their merits, the likelihood that the Company will be found liable, or the magnitude of such liability, if any. Additional claims of this nature may be made against the Company or its subsidiaries. At this time management anticipates that the amount of the Company's liability, if any, and the cost of defending such claims, will not have a material effect on its financial position or results of operations.
The Company has settled only one silica lawsuit, for a nominal amount, and no asbestos lawsuits to date (not including any that may have been settled by AMCOL prior to completion of the acquisition). We are unable to state an amount or range of amounts claimed in any of the lawsuits because state court pleading practices do not require identifying the amount of the claimed damage. The aggregate cost to the Company for the legal defense of these cases since inception continues to be insignificant. The majority of the costs of defense for these cases, excluding cases against AMCOL or American Colloid, are reimbursed by Pfizer Inc. pursuant to the terms of certain agreements entered into in connection with the Company's initial public offering in 1992. The Company is entitled to indemnification, pursuant to agreement, for sales prior to the initial public offering. Of the 71 pending asbestos cases, 45 of the non-AMCOL cases are subject to indemnification, in whole or in part, because the plaintiffs claim liability based on sales of products that occurred either entirely before the initial public offering, or both before and after the initial public offering. In twenty of the twenty two remaining non-AMCOL cases, the plaintiffs have not alleged dates of exposure, and in the remaining two non-AMCOL cases, exposure is alleged to have been after the Company's initial public offering in 1992. The remaining four cases involve AMCOL only, so no Pfizer indemnity is available. Our experience has been that the Company is not liable to plaintiffs in any of these lawsuits and the Company does not expect to pay any settlements or jury verdicts in these lawsuits.
Environmental Matters
On April 9, 2003, the Connecticut Department of Environmental Protection issued an administrative consent order relating to our Canaan, Connecticut, plant where both our Refractories segment and Specialty Minerals segment have operations. We agreed to the order, which includes provisions requiring investigation and remediation of contamination associated with historic use of polychlorinated biphenyls ("PCBs") and mercury at a portion of the site. We have completed the required investigations and submitted several reports characterizing the contamination and assessing site-specific risks. We are awaiting regulators’ approval of the risk assessment report, which will form the basis for a proposal by the Company concerning eventual remediation.
We believe that the most likely form of overall site remediation will be to leave the existing contamination in place (with some limited soil removal), encapsulate it, and monitor the effectiveness of the encapsulation. We anticipate that a substantial portion of the remediation cost will be borne by the United States based on its involvement at the site from 1942 – 1964, as historic documentation indicates that PCBs and mercury were first used at the facility at a time of U.S. government ownership for production of materials needed by the military. Pursuant to a Consent Decree entered on October 24, 2014, the United States paid the Company $2.3 million in the 4th quarter of 2014 to resolve the Company’s claim for response costs for investigation and initial remediation activities at this facility through October 24, 2014. Contribution by the United States to any future costs of investigation or additional remediation has, by agreement, been left unresolved. Though the cost of the likely remediation remains uncertain pending completion of the phased remediation decision process, we have estimated that the Company’s share of the cost of the encapsulation and limited soil removal described above would approximate $0.4 million, which has been accrued as of June 30, 2019.
The Company is evaluating options for upgrading the wastewater treatment facilities at its Adams, Massachusetts plant. This work has been undertaken pursuant to an administrative Consent Order originally issued by the Massachusetts Department of Environmental Protection (“DEP”) on June 18, 2002. This order was amended on June 1, 2009 and on June 2, 2010. The amended Order includes the investigation by January 1, 2022 of options for ensuring that the facility's wastewater treatment ponds will not result in unpermitted discharge to groundwater. Additional requirements of the amendment include the submittal by July 1, 2022 of a plan for closure of a historic lime solids disposal area. Preliminary engineering reviews completed in 2005 indicate that the estimated cost of wastewater treatment upgrades to operate this facility beyond 2024 may be between $6 million and $8 million. The Company estimates that the remaining remediation costs would approximate $0.4 million, which has been accrued as of June 30, 2019.
The Company and its subsidiaries are not party to any other material pending legal proceedings, other than routine litigation incidental to their businesses.
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Segment and Related Information |
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| Segment and Related Information |
Note 16. Segment and Related Information
On a regular basis, the Company reviews its segments and the approach used by the chief operating decision maker to assess performance and allocate resources. The Company has four reportable segments: Performance Materials, Specialty Minerals, Refractories and Energy Services. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and six-month periods ended June 30, 2019 and July 1, 2018 is as follows:
A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows:
The Company's sales by product category are as follows:
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
| Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
| Use of Estimates |
Use of Estimates
The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances, and pension plan assumptions. Actual results could differ from those estimates.
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| Recently Issued Accounting Standards |
Recently Issued Accounting Standards
Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. All recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations.
Recently Adopted Accounting Standards
On January 1, 2019, the Company adopted the provisions of ASU 2016-02, “Leases”, which requires lessees to recognize most leases on-balance sheet. The Company has adopted this new standard under the modified retrospective transition method, using the effective date as our date of initial application. As such, financial information and required disclosures will not be provided for dates prior to January 1, 2019. The new standard provides a number of optional practical expedients in transition. We have elected the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The new standard also provides practical expedients for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption for all leases that qualify. On adoption, we recognized additional operating liabilities of $61.4 million with corresponding right-of-use assets of $50.5 million based on the present value of the remaining lease payments under existing operating leases. As of December 31, 2018, we had $10.9 million in deferred charges related to some of our real estate leases that were recorded against the right of use asset as part of the transition. The adoption of this standard did not have a material impact on the Company's financial statements.
On January 1, 2019, the Company adopted the provisions of ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act. As a result, the Company reclassified $10.9 million from "Accumulated other comprehensive loss" to "Retained earnings" on the Condensed Consolidated Balance Sheets as of June 30, 2019.
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Leases (Tables) |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Lease Cost |
Operating lease cost was $4.0 million and $8.1 million for the three and six-month periods ended June 30, 2019, respectively. The components of lease costs are as follows:
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| Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases | Supplemental cash flow information and non-cash activity related to our operating leases are as follows:
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| Weighted Average Remaining Lease Term and Discount Rates | Weighted average remaining lease term, and weighted average discount rates related to the Company’s operating leases were as follows:
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| Outstanding Lease Assets and Liabilities | The following table summarizes the Company's outstanding lease assets and liabilities and their classification on the Condensed Consolidated Balance Sheet:
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| Future Minimum Lease Payments | Future minimum lease payments under the Company's operating leases as of June 30, 2019 were as follows:
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| Minimum Lease Payments under Non-cancellable Operating Lease | As of December 31, 2018, minimum lease payments under non-cancellable operating leases were expected to be as follows:
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| Summary of Rent Expense | A summary of rent expense for the fiscal years ended December 31, 2018 and December 31, 2017 was as follows:
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Revenue from Contracts with Customers (Tables) |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | The following table disaggregates our revenue by major source (product line) for the three and six-month periods ended June 30, 2019 and July 1, 2018 :
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Business Combination (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preliminary Purchase Price Allocation for the Sivomatic Acquisition |
The following table summarizes the Company’s final amounts recognized for assets acquired and liabilities assumed for the Sivomatic acquisition as compared with the allocation previously reported on the Company's Form 10-K for the year ended December 31, 2018:
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Earnings per Share (EPS) (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share (EPS) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of Basic and Diluted Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share:
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Restructuring and Other Items, net (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Other Items, net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring Charges | The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segments they relate to for the three months ended June 30, 2019:
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| Reconciliation of Restructuring Liability | The following table is a reconciliation of our restructuring liability balance as of June 30, 2019:
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Inventories (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories by Major Category | The following is a summary of inventories by major category:
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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets Subject to Amortization | Intangible assets subject to amortization as of June 30, 2019 and December 31, 2018 were as follows:
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Long-Term Debt and Commitments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt and Commitments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long Term Debt | The following is a summary of long-term debt:
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Benefit Plans (Tables) |
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| Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost
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Comprehensive Income (Tables) |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reclassifications Out of Accumulated Other Comprehensive Loss | The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company:
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| Accumulated Other Comprehensive Loss, Net of Related Tax, Attributable to MTI | The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows:
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Accounting for Asset Retirement Obligations (Tables) |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||
| Accounting for Asset Retirement Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||
| Reconciliation of Asset Retirement Obligations | The following is a reconciliation of asset retirement obligations as of June 30, 2019:
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Segment and Related Information (Tables) |
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| Segment and Related Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | On a regular basis, the Company reviews its segments and the approach used by the chief operating decision maker to assess performance and allocate resources. The Company has four reportable segments: Performance Materials, Specialty Minerals, Refractories and Energy Services. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and six-month periods ended June 30, 2019 and July 1, 2018 is as follows:
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| Reconciliation of Income From Operations Before Provision for Taxes on Income |
A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows:
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| Sales by Product Category | The Company's sales by product category are as follows:
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Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2019
USD ($)
Segment
|
Dec. 31, 2018
USD ($)
|
|
| Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | ||
| Number of reportable segments | Segment | 4 | |
| Recently Adopted Accounting Standards [Abstract] | ||
| Operating liabilities | $ 57.9 | |
| Right-of-use assets | 47.1 | |
| ASU 2016-02 [Member] | ||
| Recently Adopted Accounting Standards [Abstract] | ||
| Operating liabilities | $ 61.4 | |
| Right-of-use assets | 50.5 | |
| Deferred charges | 10.9 | |
| ASU 2018-02 [Member] | ||
| Recently Adopted Accounting Standards [Abstract] | ||
| Reclassification of certain tax effects from accumulated other comprehensive income | 0.0 | |
| ASU 2018-02 [Member] | Retained Earnings [Member] | ||
| Recently Adopted Accounting Standards [Abstract] | ||
| Reclassification of certain tax effects from accumulated other comprehensive income | 10.9 | 10.9 |
| ASU 2018-02 [Member] | Accumulated Other Comprehensive Loss [Member] | ||
| Recently Adopted Accounting Standards [Abstract] | ||
| Reclassification of certain tax effects from accumulated other comprehensive income | $ (10.9) | $ (10.9) |
Leases (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Operating Lease Cost [Abstract] | ||||
| Operating lease cost | $ 3.9 | $ 7.9 | ||
| Short-term lease cost | 0.1 | 0.2 | ||
| Total | $ 4.0 | 8.1 | ||
| Operating cash flows information [Abstract] | ||||
| Cash paid for amounts included in the measurement of lease liabilities | 8.3 | |||
| Non-cash activity [Abstract] | ||||
| Right-of-use assets obtained in the exchange for operating lease liabilities | $ 3.3 | |||
| Weighted Average Remaining Lease Term and Discount Rates [Abstract] | ||||
| Weighted-average remaining operating lease term | 7 years 9 months 18 days | 7 years 9 months 18 days | ||
| Weighted-average operating leases discount rate | 5.00% | 5.00% | ||
| Outstanding Lease Assets and Liabilities [Abstract] | ||||
| Right-of-use asset | $ 47.1 | $ 47.1 | ||
| Lease liability - current | 12.0 | 12.0 | ||
| Lease liability - non-current | 46.1 | 46.1 | ||
| Future Minimum Lease Payments [Abstract] | ||||
| For the remainder of 2019 | 7.7 | 7.7 | ||
| 2020 | 13.0 | 13.0 | ||
| 2021 | 9.6 | 9.6 | ||
| 2022 | 7.7 | 7.7 | ||
| 2023 | 6.2 | 6.2 | ||
| Thereafter | 26.3 | 26.3 | ||
| Total future minimum lease payments | 70.5 | 70.5 | ||
| Less imputed interest | (12.6) | (12.6) | ||
| Total | $ 57.9 | $ 57.9 | ||
| Minimum Lease Payments under Non-cancellable Operating Leases [Abstract] | ||||
| 2019 | $ 17.3 | |||
| 2020 | 13.0 | |||
| 2021 | 9.5 | |||
| 2022 | 8.2 | |||
| 2023 | 7.0 | |||
| Thereafter | 24.8 | |||
| Total | 79.8 | |||
| Rent Expense [Abstract] | ||||
| Rent expense | $ 19.5 | $ 19.3 | ||
| Minimum [Member] | ||||
| Operating Leases [Abstract] | ||||
| Remaining lease terms | 1 year | |||
| Maximum [Member] | ||||
| Operating Leases [Abstract] | ||||
| Remaining lease terms | 50 years | |||
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jul. 01, 2018 |
Jun. 30, 2019 |
Jul. 01, 2018 |
|
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | $ 463.8 | $ 464.7 | $ 901.5 | $ 896.0 |
| Performance Materials [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 215.4 | 214.5 | 414.6 | 401.8 |
| Performance Materials [Member] | Metalcasting [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 75.8 | 88.8 | 149.0 | 168.0 |
| Performance Materials [Member] | Household, Personal Care & Specialty Products [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 69.0 | 58.6 | 143.9 | 107.3 |
| Performance Materials [Member] | Environmental Products [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 29.0 | 25.2 | 44.9 | 37.9 |
| Performance Materials [Member] | Building Materials [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 19.1 | 18.0 | 34.4 | 36.9 |
| Performance Materials [Member] | Basic Minerals [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 22.5 | 23.9 | 42.4 | 51.7 |
| Specialty Minerals [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 145.1 | 150.9 | 289.5 | 300.5 |
| Specialty Minerals [Member] | Paper PCC [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 90.2 | 94.5 | 181.7 | 191.5 |
| Specialty Minerals [Member] | Specialty PCC [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 17.3 | 17.3 | 35.4 | 34.3 |
| Specialty Minerals [Member] | Ground Calcium Carbonate [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 24.8 | 25.2 | 47.1 | 47.7 |
| Specialty Minerals [Member] | Talc [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 12.8 | 13.9 | 25.3 | 27.0 |
| Refractories [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 77.5 | 79.6 | 151.3 | 154.9 |
| Refractories [Member] | Refractory Products [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 61.0 | 66.7 | 123.0 | 129.0 |
| Refractories [Member] | Metallurgical Products [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | 16.5 | 12.9 | 28.3 | 25.9 |
| Energy Services [Member] | ||||
| Disaggregation of Revenue [Abstract] | ||||
| Total net sales | $ 25.8 | $ 19.7 | $ 46.1 | $ 38.8 |
Business Combination (Details) - USD ($) $ in Millions |
6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|||||||
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
| Goodwill | $ 807.9 | [1] | $ 812.4 | [2] | ||||
| Sivomatic [Member] | ||||||||
| Business Combination [Abstract] | ||||||||
| Total consideration transferred, net of cash acquired | 122.5 | |||||||
| Additional deferred tax liability | $ 18.8 | |||||||
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
| Accounts receivable | 24.4 | |||||||
| Inventories | 15.6 | |||||||
| Other current assets | 0.6 | |||||||
| Mineral rights | 39.7 | |||||||
| Property, plant and equipment | 28.3 | |||||||
| Goodwill | 35.0 | |||||||
| Intangible assets | 26.4 | |||||||
| Total assets acquired | 170.0 | |||||||
| Current maturity of long term debt | 5.7 | |||||||
| Accounts payable | 9.0 | |||||||
| Accrued expenses | 5.6 | |||||||
| Long term debt | 5.3 | |||||||
| Non-current deferred tax liability | 19.7 | |||||||
| Other non-current liabilities | 2.2 | |||||||
| Total liabilities assumed | 47.5 | |||||||
| Net assets acquired | 122.5 | |||||||
| Sivomatic [Member] | Previously Reported [Member] | ||||||||
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
| Accounts receivable | 24.4 | |||||||
| Inventories | 15.6 | |||||||
| Other current assets | 0.6 | |||||||
| Mineral rights | 39.7 | |||||||
| Property, plant and equipment | 28.3 | |||||||
| Goodwill | 35.0 | |||||||
| Intangible assets | 26.4 | |||||||
| Total assets acquired | 170.0 | |||||||
| Current maturity of long term debt | 5.7 | |||||||
| Accounts payable | 9.0 | |||||||
| Accrued expenses | 5.6 | |||||||
| Long term debt | 5.3 | |||||||
| Non-current deferred tax liability | 19.7 | |||||||
| Other non-current liabilities | 2.2 | |||||||
| Total liabilities assumed | 47.5 | |||||||
| Net assets acquired | 122.5 | |||||||
| Sivomatic [Member] | Increase/(Decrease) [Member] | ||||||||
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
| Accounts receivable | 0.0 | |||||||
| Inventories | 0.0 | |||||||
| Other current assets | 0.0 | |||||||
| Mineral rights | 0.0 | |||||||
| Property, plant and equipment | 0.0 | |||||||
| Goodwill | 0.0 | |||||||
| Intangible assets | 0.0 | |||||||
| Total assets acquired | 0.0 | |||||||
| Current maturity of long term debt | 0.0 | |||||||
| Accounts payable | 0.0 | |||||||
| Accrued expenses | 0.0 | |||||||
| Long term debt | 0.0 | |||||||
| Non-current deferred tax liability | 0.0 | |||||||
| Other non-current liabilities | 0.0 | |||||||
| Total liabilities assumed | 0.0 | |||||||
| Net assets acquired | $ 0.0 | |||||||
| Sivomatic [Member] | Trade Names [Member] | ||||||||
| Business Combination [Abstract] | ||||||||
| Estimated useful life of intangible assets acquired | 20 years | |||||||
| Sivomatic [Member] | Customer Relationships [Member] | ||||||||
| Business Combination [Abstract] | ||||||||
| Estimated useful life of intangible assets acquired | 20 years | |||||||
| ||||||||
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jul. 01, 2018 |
Jun. 30, 2019 |
Jul. 01, 2018 |
|
| Earnings per Share (EPS) [Abstract] | ||||
| Net income attributable to Minerals Technologies Inc. | $ 26.6 | $ 44.1 | $ 65.7 | $ 84.0 |
| Weighted average shares outstanding (in shares) | 35,200,000 | 35,300,000 | 35,200,000 | 35,400,000 |
| Dilutive effect of stock options and stock units (in shares) | 100,000 | 300,000 | 100,000 | 200,000 |
| Weighted average shares outstanding, adjusted (in shares) | 35,300,000 | 35,600,000 | 35,300,000 | 35,600,000 |
| Basic earnings per share attributable to Minerals Technologies Inc. (in dollars per share) | $ 0.76 | $ 1.25 | $ 1.87 | $ 2.37 |
| Diluted earnings per share attributable to Minerals Technologies Inc. (in dollars per share) | $ 0.75 | $ 1.24 | $ 1.86 | $ 2.36 |
| Stock Options [Member] | ||||
| Antidilutive Securities Excluded from Earnings Per Share Calculation [Abstract] | ||||
| Anti-dilutive securities not included in the weighted average commons shares outstanding calculation (in shares) | 470,304 | 357,771 | 470,304 | 357,771 |
Restructuring and Other Items, net (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jul. 01, 2018 |
Jun. 30, 2019 |
Jul. 01, 2018 |
|
| Restructuring and Other Items, net [Abstract] | ||||
| Annualized savings expected from restructuring program | $ 12.0 | |||
| Restructuring Charges [Abstract] | ||||
| Impairment of assets charges | $ 7.5 | 7.5 | $ 0.0 | |
| Severance and other related costs | 5.7 | |||
| Total restructuring and other items, net | 13.2 | $ 0.4 | 13.2 | $ 0.4 |
| Restructuring Reserve [Roll Forward] | ||||
| Restructuring liability, beginning of period | 2.5 | |||
| Additional provisions | 5.7 | |||
| Cash payments | (1.1) | |||
| Restructuring liability, ending of period | 7.1 | $ 7.1 | ||
| Performance Materials [Member] | ||||
| Restructuring Charges [Abstract] | ||||
| Impairment of assets charges | 4.2 | |||
| Severance and other related costs | 2.8 | |||
| Specialty Minerals [Member] | ||||
| Restructuring Charges [Abstract] | ||||
| Impairment of assets charges | 1.6 | |||
| Severance and other related costs | 0.9 | |||
| Refractories [Member] | ||||
| Restructuring Charges [Abstract] | ||||
| Severance and other related costs | 0.8 | |||
| Energy Services [Member] | ||||
| Restructuring Charges [Abstract] | ||||
| Impairment of assets charges | 1.7 | |||
| Severance and other related costs | 0.1 | |||
| Corporate [Member] | ||||
| Restructuring Charges [Abstract] | ||||
| Severance and other related costs | $ 1.1 | |||
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jul. 01, 2018 |
Jun. 30, 2019 |
Jul. 01, 2018 |
|
| Income Taxes [Abstract] | ||||
| Provision for taxes on income | $ 5.1 | $ 10.3 | $ 14.4 | $ 19.6 |
| Effective income tax rate | 15.80% | 18.90% | ||
| Amount of unrecognized tax benefits | $ 15.5 | 15.5 | ||
| Unrecognized tax benefits that would impact effective tax rate | 11.9 | 11.9 | ||
| Unrecognized tax benefits, net decrease in penalties and interest expenses | (0.1) | (0.2) | ||
| Unrecognized tax benefits, accrued interest and penalties | $ 2.8 | $ 2.8 | ||
Inventories (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
||||||
|---|---|---|---|---|---|---|---|---|
| Inventories [Abstract] | ||||||||
| Raw materials | $ 102.8 | $ 93.4 | ||||||
| Work-in-process | 10.0 | 11.2 | ||||||
| Finished goods | 98.7 | 92.2 | ||||||
| Packaging and supplies | 46.9 | 42.4 | ||||||
| Total inventories | $ 258.4 | [1] | $ 239.2 | [2] | ||||
| ||||||||
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions |
6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|||||||
| Goodwill and Other Intangible Assets [Abstract] | ||||||||
| Goodwill | $ 807.9 | [1] | $ 812.4 | [2] | ||||
| Finite-Lived Intangible Assets [Abstract] | ||||||||
| Weighted average useful life | 32 years | |||||||
| Gross carrying amount | $ 254.2 | 255.9 | ||||||
| Accumulated amortization | $ 46.3 | 41.8 | ||||||
| Tradenames [Member] | ||||||||
| Finite-Lived Intangible Assets [Abstract] | ||||||||
| Weighted average useful life | 35 years | |||||||
| Gross carrying amount | $ 203.9 | 204.2 | ||||||
| Accumulated amortization | $ 29.5 | 26.6 | ||||||
| Technology [Member] | ||||||||
| Finite-Lived Intangible Assets [Abstract] | ||||||||
| Weighted average useful life | 13 years | |||||||
| Gross carrying amount | $ 18.8 | 18.8 | ||||||
| Accumulated amortization | $ 7.2 | 6.4 | ||||||
| Patents [Member] | ||||||||
| Finite-Lived Intangible Assets [Abstract] | ||||||||
| Weighted average useful life | 19 years | |||||||
| Gross carrying amount | $ 6.4 | 6.4 | ||||||
| Accumulated amortization | $ 5.8 | 5.6 | ||||||
| Customer Relationships [Member] | ||||||||
| Finite-Lived Intangible Assets [Abstract] | ||||||||
| Weighted average useful life | 22 years | |||||||
| Gross carrying amount | $ 25.1 | 26.5 | ||||||
| Accumulated amortization | $ 3.8 | $ 3.2 | ||||||
| ||||||||
Goodwill and Other Intangible Assets, Amortization (Details) - Acquired Finite-Lived Intangible Assets [Member] $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
| |
| Amortization Expense, Fiscal Year Maturity [Abstract] | |
| Weighted average amortization period for intangible assets subject to amortization | 32 years |
| Estimated amortization expense, remainder of 2019 | $ 4.8 |
| Estimated amortization expense, 2020 | 36.7 |
| Estimated amortization expense, 2021 | 36.7 |
| Estimated amortization expense, 2022 | 36.7 |
| Estimated amortization expense, 2023 | 36.7 |
| Estimated amortization expense, thereafter | $ 166.4 |
Derivative Financial Instruments (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Jul. 01, 2018 |
Jul. 03, 2016 |
|---|---|---|---|
| Interest Rate Swaps [Member] | Other Non-current Liabilities [Member] | |||
| Derivative, Fair Value [Abstract] | |||
| Notional amount | $ 150.0 | ||
| Fair value of derivative liability | 6.6 | ||
| Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | |||
| Derivative, Fair Value [Abstract] | |||
| Notional amount | 114.0 | $ 300.0 | |
| Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Other Assets and Deferred Charges [Member] | |||
| Derivative, Fair Value [Abstract] | |||
| Fair value of derivative assets | 0.9 | ||
| Cross Currency Rate Swap [Member] | Other Assets and Deferred Charges [Member] | |||
| Derivative, Fair Value [Abstract] | |||
| Notional amount | 150.0 | $ 150.0 | |
| Fair value of derivative assets | $ 7.0 |
Long-Term Debt and Commitments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 14, 2017 |
Jun. 30, 2019 |
Jun. 30, 2019 |
Jul. 01, 2018 |
Dec. 31, 2018 |
Jun. 23, 2015 |
May 09, 2014 |
||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Debt | $ 876.3 | $ 876.3 | $ 911.1 | |||||||||||
| Less: Current maturities | 2.1 | [1] | 2.1 | [1] | 3.3 | [2] | ||||||||
| Total long-term debt | $ 874.2 | [1] | 874.2 | [1] | 907.8 | [2] | ||||||||
| Repayment of long-term debt | (36.6) | $ (6.6) | ||||||||||||
| Proceeds from issuance of short-term debt | $ 0.0 | $ 113.0 | ||||||||||||
| Minimum [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Net leverage ratio | 3.50 | |||||||||||||
| Maximum [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Net leverage ratio | 5.25 | |||||||||||||
| Sivomatic [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Repayment of long-term debt | $ (1.3) | |||||||||||||
| Acquisition related long-term debt assumed at fair value | 10.7 | |||||||||||||
| Euribor [Member] | Sivomatic [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Basis spread on variable rate | 2.00% | |||||||||||||
| Term Loan Facility [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Maximum borrowing capacity | $ 1,560.0 | |||||||||||||
| Line of credit outstanding | $ 1,378.0 | |||||||||||||
| Repayment of long-term debt | $ (35.0) | |||||||||||||
| Term Loan Facility [Member] | Variable Tranche [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Line of credit outstanding | $ 788.0 | 1,078.0 | ||||||||||||
| Interest rate | 0.75% | 0.75% | ||||||||||||
| Basis spread on variable rate | 2.25% | |||||||||||||
| Decrease in basis spread on variable rate | (0.75%) | |||||||||||||
| Debt issue discount | 0.25% | |||||||||||||
| Required annual amortization | 1.00% | |||||||||||||
| Term Loan Facility [Member] | Fixed Rate Tranche [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Line of credit outstanding | $ 300.0 | |||||||||||||
| Interest rate | 4.75% | 4.75% | ||||||||||||
| Debt issue discount | 0.25% | |||||||||||||
| Term Loan Facility, Due February 14, 2024 [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Debt | $ 640.3 | $ 640.3 | 638.6 | |||||||||||
| Long-term debt, unamortized discount and deferred financing costs | 17.8 | $ 17.8 | 19.4 | |||||||||||
| Maturity date | Feb. 14, 2024 | |||||||||||||
| Term Loan Facility Due May 9, 2021 [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Debt | 227.7 | $ 227.7 | 262.6 | |||||||||||
| Long-term debt, unamortized discount and deferred financing costs | 0.3 | $ 0.3 | 0.3 | |||||||||||
| Maturity date | May 09, 2021 | |||||||||||||
| Netherlands Term Loan Due 2020 [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Debt | 2.3 | $ 2.3 | 3.4 | |||||||||||
| Netherlands Term Loan Due 2022 [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Debt | 1.1 | 1.1 | 1.4 | |||||||||||
| Japan Loan Facilities [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Debt | 4.9 | 4.9 | 5.1 | |||||||||||
| Repayment of long-term debt | $ (0.3) | |||||||||||||
| Revolving Credit Facility [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Maturity date | Apr. 18, 2023 | |||||||||||||
| Maximum borrowing capacity | 300.0 | $ 300.0 | $ 200.0 | |||||||||||
| Line of credit outstanding | $ 100.0 | $ 100.0 | ||||||||||||
| Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Decrease in basis spread on variable rate | 0.25% | |||||||||||||
| Revolving Credit Facility [Member] | Sivomatic [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Proceeds from issuance of short-term debt | $ 113.0 | |||||||||||||
| Revolving Credit Facility [Member] | LIBOR [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Basis spread on variable rate | 1.625% | |||||||||||||
| Letter of Credit [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Maximum borrowing capacity | $ 15.0 | $ 15.0 | ||||||||||||
| Letters of credit outstanding | 10.4 | 10.4 | ||||||||||||
| Short-Term Bank Credit Lines [Member] | ||||||||||||||
| Debt Instruments [Abstract] | ||||||||||||||
| Maximum borrowing capacity | 43.5 | 43.5 | ||||||||||||
| Line of credit outstanding | $ 4.2 | $ 4.2 | ||||||||||||
| ||||||||||||||
Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jul. 01, 2018 |
Jun. 30, 2019 |
Jul. 01, 2018 |
|
| Benefit Plans [Abstract] | ||||
| Maximum percentage of total benefit obligation for international pension plans | 25.00% | 25.00% | ||
| Pension Benefits [Member] | ||||
| Components of net periodic benefit cost [Abstract] | ||||
| Service cost | $ 1.8 | $ 2.0 | $ 3.6 | $ 3.9 |
| Interest cost | 3.6 | 3.0 | 7.1 | 6.1 |
| Expected return on plan assets | (4.6) | (4.8) | (9.2) | (9.6) |
| Amortization [Abstract] | ||||
| Prior service cost | 0.1 | 0.1 | 0.2 | 0.2 |
| Recognized net actuarial (gain) loss | 2.3 | 2.7 | 4.6 | 5.5 |
| Net periodic benefit cost | 3.2 | 3.0 | 6.3 | 6.1 |
| Employer Contributions [Abstract] | ||||
| Expected employer contribution to its benefit plans | 9.7 | 9.7 | ||
| Employer contribution to benefit plans | 3.1 | |||
| Other Benefits [Member] | ||||
| Components of net periodic benefit cost [Abstract] | ||||
| Service cost | 0.1 | 0.1 | 0.1 | 0.1 |
| Interest cost | 0.0 | 0.0 | 0.1 | 0.1 |
| Amortization [Abstract] | ||||
| Prior service cost | 0.0 | (0.2) | 0.0 | (0.4) |
| Recognized net actuarial (gain) loss | (0.2) | (0.2) | (0.4) | (0.4) |
| Net periodic benefit cost | (0.1) | $ (0.3) | (0.2) | $ (0.6) |
| Employer Contributions [Abstract] | ||||
| Expected employer contribution to its benefit plans | $ 0.3 | 0.3 | ||
| Other Benefits [Member] | Maximum [Member] | ||||
| Employer Contributions [Abstract] | ||||
| Employer contribution to benefit plans | $ 0.1 | |||
Comprehensive Income, Reclassification Out of Accumulated Other Comprehensive Loss (Details) - Pension Costs [Member] - Reclassification out of Accumulated Other Comprehensive Loss [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jul. 01, 2018 |
Jun. 30, 2019 |
Jul. 01, 2018 |
|
| Amortization of pension items [Abstract] | ||||
| Pre-tax amount | $ 2.2 | $ 2.4 | $ 4.4 | $ 4.9 |
| Tax | (0.5) | (0.5) | (1.1) | (1.2) |
| Net of tax | $ 1.7 | $ 1.9 | $ 3.3 | $ 3.7 |
Comprehensive Income, Accumulated Other Comprehensive Loss, Net of Related Tax (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jul. 01, 2018 |
Apr. 01, 2018 |
Jun. 30, 2019 |
Jul. 01, 2018 |
Dec. 31, 2018 |
||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Balance at beginning of period | [1] | $ 1,353.5 | $ 1,353.5 | |||||||||
| Total other comprehensive loss, net of tax | $ (20.3) | 2.4 | $ (53.9) | $ 18.7 | (17.9) | $ (35.1) | ||||||
| Balance at end of period | [2] | 1,390.9 | 1,390.9 | |||||||||
| ASU 2018-02 [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Cumulative effect of accounting change | $ 0.0 | |||||||||||
| Retained Earnings [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Total other comprehensive loss, net of tax | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||
| Retained Earnings [Member] | ASU 2018-02 [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Cumulative effect of accounting change | 10.9 | 10.9 | 10.9 | |||||||||
| Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Balance at beginning of period | (233.7) | (233.7) | ||||||||||
| Other comprehensive loss before reclassifications | (21.5) | |||||||||||
| Amounts reclassified from AOCI | 3.3 | |||||||||||
| Total other comprehensive loss, net of tax | (20.1) | 1.9 | $ (52.3) | $ 18.2 | (18.2) | |||||||
| Balance at end of period | (262.8) | (262.8) | ||||||||||
| Accumulated Other Comprehensive Income (Loss) [Member] | ASU 2018-02 [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Cumulative effect of accounting change | (10.9) | (10.9) | (10.9) | |||||||||
| Foreign Currency Translation Adjustment [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Balance at beginning of period | (170.1) | (170.1) | ||||||||||
| Other comprehensive loss before reclassifications | (19.5) | |||||||||||
| Amounts reclassified from AOCI | 0.0 | |||||||||||
| Total other comprehensive loss, net of tax | (19.5) | |||||||||||
| Balance at end of period | (189.6) | (189.6) | ||||||||||
| Foreign Currency Translation Adjustment [Member] | ASU 2018-02 [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Cumulative effect of accounting change | 0.0 | |||||||||||
| Unrecognized Pension Costs [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Balance at beginning of period | (69.7) | (69.7) | ||||||||||
| Other comprehensive loss before reclassifications | 0.0 | |||||||||||
| Amounts reclassified from AOCI | 3.3 | |||||||||||
| Total other comprehensive loss, net of tax | 3.3 | |||||||||||
| Balance at end of period | (76.8) | (76.8) | ||||||||||
| Unrecognized Pension Costs [Member] | ASU 2018-02 [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Cumulative effect of accounting change | (10.4) | |||||||||||
| Net Gain (Loss) on Derivative Instruments [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Balance at beginning of period | $ 6.1 | 6.1 | ||||||||||
| Other comprehensive loss before reclassifications | (2.0) | |||||||||||
| Amounts reclassified from AOCI | 0.0 | |||||||||||
| Total other comprehensive loss, net of tax | (2.0) | |||||||||||
| Balance at end of period | $ 3.6 | $ 3.6 | ||||||||||
| Net Gain (Loss) on Derivative Instruments [Member] | ASU 2018-02 [Member] | ||||||||||||
| Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||||||
| Cumulative effect of accounting change | $ (0.5) | |||||||||||
| ||||||||||||
Accounting for Asset Retirement Obligations (Details) $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
| |
| Asset retirement obligation [Roll Forward] | |
| Asset retirement liability, beginning of period | $ 23.4 |
| Accretion expense | 1.4 |
| Other | 0.5 |
| Payments | (1.5) |
| Foreign currency translation | (0.1) |
| Asset retirement liability, ending of period | 23.7 |
| Asset Retirement Obligation [Abstract] | |
| Asset retirement obligation current portion | 0.4 |
| Asset retirement obligation noncurrent portion | $ 23.3 |
Contingencies (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | |
|---|---|---|---|---|
|
Jul. 31, 2019
Case
|
Jun. 30, 2019
USD ($)
Case
|
Jun. 30, 2019
USD ($)
Case
|
Oct. 24, 2014
USD ($)
|
|
| Site Contingency [Abstract] | ||||
| Consent decree paid by US government | $ | $ 2.3 | |||
| Silica Cases [Member] | ||||
| Loss Contingency, Information about Litigation Matters [Abstract] [Abstract] | ||||
| Number of pending cases | 3 | 3 | ||
| Cumulative number of cases dismissed | 1,493 | 1,493 | ||
| Number of cases dismissed | 0 | |||
| Number of lawsuits settled | 1 | |||
| Asbestos Cases [Member] | ||||
| Loss Contingency, Information about Litigation Matters [Abstract] [Abstract] | ||||
| Number of pending cases | 71 | 71 | ||
| Cumulative number of cases dismissed | 59 | 59 | ||
| Number of new cases filed | 13 | 20 | ||
| Number of cases dismissed | 2 | |||
| Number of lawsuits settled | 0 | |||
| Number of cases claim liability | 45 | |||
| Number of cases with no alleged exposure date | 20 | |||
| Number of allege liability | 22 | |||
| Asbestos Cases [Member] | Subsequent Event [Member] | ||||
| Loss Contingency, Information about Litigation Matters [Abstract] [Abstract] | ||||
| Number of new cases filed | 16 | |||
| Administrative Consent Order for Contamination Associated with Historic Use of PCBs [Member] | ||||
| Site Contingency [Abstract] | ||||
| Estimated accrued remediation cost | $ | $ 0.4 | $ 0.4 | ||
| Administrative Consent Order for Installation of Groundwater Contamination System [Member] | ||||
| Site Contingency [Abstract] | ||||
| Estimated accrued remediation cost | $ | $ 0.4 | 0.4 | ||
| Estimated cost of wastewater treatment upgrades, lower range | $ | 6.0 | |||
| Estimated cost of wastewater treatment upgrades, upper range | $ | $ 8.0 |
Segment and Related Information, Reportable Segments (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Jul. 01, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
Segment
|
Jul. 01, 2018
USD ($)
|
|
| Segment Reporting Information [Abstract] | ||||
| Number of reportable segments | Segment | 4 | |||
| Net sales | $ 463.8 | $ 464.7 | $ 901.5 | $ 896.0 |
| Income from operations | 45.5 | 62.8 | 107.5 | 125.4 |
| Performance Materials [Member] | ||||
| Segment Reporting Information [Abstract] | ||||
| Net sales | 215.4 | 214.5 | 414.6 | 401.8 |
| Specialty Minerals [Member] | ||||
| Segment Reporting Information [Abstract] | ||||
| Net sales | 145.1 | 150.9 | 289.5 | 300.5 |
| Refractories [Member] | ||||
| Segment Reporting Information [Abstract] | ||||
| Net sales | 77.5 | 79.6 | 151.3 | 154.9 |
| Energy Services [Member] | ||||
| Segment Reporting Information [Abstract] | ||||
| Net sales | 25.8 | 19.7 | 46.1 | 38.8 |
| Reportable Segments [Member] | ||||
| Segment Reporting Information [Abstract] | ||||
| Net sales | 463.8 | 464.7 | 901.5 | 896.0 |
| Income from operations | 48.7 | 65.7 | 111.5 | 130.3 |
| Reportable Segments [Member] | Performance Materials [Member] | ||||
| Segment Reporting Information [Abstract] | ||||
| Net sales | 215.4 | 214.5 | 414.6 | 401.8 |
| Income from operations | 20.7 | 29.6 | 47.0 | 55.8 |
| Reportable Segments [Member] | Specialty Minerals [Member] | ||||
| Segment Reporting Information [Abstract] | ||||
| Net sales | 145.1 | 150.9 | 289.5 | 300.5 |
| Income from operations | 20.0 | 25.1 | 42.0 | 49.2 |
| Reportable Segments [Member] | Refractories [Member] | ||||
| Segment Reporting Information [Abstract] | ||||
| Net sales | 77.5 | 79.6 | 151.3 | 154.9 |
| Income from operations | 7.1 | 10.3 | 19.2 | 23.1 |
| Reportable Segments [Member] | Energy Services [Member] | ||||
| Segment Reporting Information [Abstract] | ||||
| Net sales | 25.8 | 19.7 | 46.1 | 38.8 |
| Income from operations | $ 0.9 | $ 0.7 | $ 3.3 | $ 2.2 |
Segment and Related Information, Reconciliation of Operating Income Before Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jul. 01, 2018 |
Jun. 30, 2019 |
Jul. 01, 2018 |
|
| Income from operations before provision (benefit) for taxes on income [Abstract] | ||||
| Acquisition related transaction and integration costs | $ 0.0 | $ (1.0) | $ 0.0 | $ (1.4) |
| Consolidated income from operations | 45.5 | 62.8 | 107.5 | 125.4 |
| Non-operating deductions, net | (13.3) | (8.4) | (26.1) | (21.8) |
| Income from operations before tax and equity in earnings | 32.2 | 54.4 | 81.4 | 103.6 |
| Reportable Segments [Member] | ||||
| Income from operations before provision (benefit) for taxes on income [Abstract] | ||||
| Consolidated income from operations | 48.7 | 65.7 | 111.5 | 130.3 |
| Unallocated Corporate Expenses [Member] | ||||
| Income from operations before provision (benefit) for taxes on income [Abstract] | ||||
| Consolidated income from operations | $ (3.2) | $ (1.9) | $ (4.0) | $ (3.5) |
Segment and Related Information, Sales By Product Category (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jul. 01, 2018 |
Jun. 30, 2019 |
Jul. 01, 2018 |
|
| Revenue from External Customer [Abstract] | ||||
| Net sales | $ 463.8 | $ 464.7 | $ 901.5 | $ 896.0 |
| Performance Materials [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 215.4 | 214.5 | 414.6 | 401.8 |
| Specialty Minerals [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 145.1 | 150.9 | 289.5 | 300.5 |
| Refractories [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 77.5 | 79.6 | 151.3 | 154.9 |
| Energy Services [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 25.8 | 19.7 | 46.1 | 38.8 |
| Metalcasting [Member] | Performance Materials [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 75.8 | 88.8 | 149.0 | 168.0 |
| Household, Personal Care and Specialty Products [Member] | Performance Materials [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 69.0 | 58.6 | 143.9 | 107.3 |
| Environmental Products [Member] | Performance Materials [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 29.0 | 25.2 | 44.9 | 37.9 |
| Building Materials [Member] | Performance Materials [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 19.1 | 18.0 | 34.4 | 36.9 |
| Basic Minerals [Member] | Performance Materials [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 22.5 | 23.9 | 42.4 | 51.7 |
| Paper PCC [Member] | Specialty Minerals [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 90.2 | 94.5 | 181.7 | 191.5 |
| Specialty PCC [Member] | Specialty Minerals [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 17.3 | 17.3 | 35.4 | 34.3 |
| Ground Calcium Carbonate [Member] | Specialty Minerals [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 24.8 | 25.2 | 47.1 | 47.7 |
| Talc [Member] | Specialty Minerals [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 12.8 | 13.9 | 25.3 | 27.0 |
| Refractory Products [Member] | Refractories [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | 61.0 | 66.7 | 123.0 | 129.0 |
| Metallurgical Products [Member] | Refractories [Member] | ||||
| Revenue from External Customer [Abstract] | ||||
| Net sales | $ 16.5 | $ 12.9 | $ 28.3 | $ 25.9 |