Delaware | 25-1190717 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
622 Third Avenue, New York, New York | 10017-6707 | |
(Address of principal executive office) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, | MTX | New York Stock Exchange LLC |
Large Accelerated Filer ☒ | Accelerated Filer ☐ | Emerging Growth Company ☐ |
Non-accelerated Filer ☐ | Smaller Reporting Company ☐ | |
Page No. | ||
PART I | ||
Item 1. | ||
Item 1A. | 15 | |
Item 1B. | 21 | |
Item 2. | 21 | |
Item 3. | 33 | |
Item 4. | 33 | |
PART II | ||
Item 5. | 35 | |
Item 6. | 39 | |
Item 7. | 39 | |
Item 7A. | 50 | |
Item 8. | 52 | |
Item 9. | 52 | |
Item 9A. | 52 | |
Item 9B. | 52 | |
Item 9C. | 52 | |
PART III | ||
Item 10. | 53 | |
Item 11. | 53 | |
Item 12. | 53 | |
Item 13. | 53 | |
Item 14. | 53 | |
PART IV | ||
Item 15. | 54 | |
58 |
● | The Performance Materials segment is a leading global supplier of |
● | 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. This segment is a leading supplier globally of PCC |
● | The Refractories segment produces monolithic and shaped refractory materials and specialty products. It also provides services and sells application and measurement equipment, calcium metal and metallurgical wire products. Refractories segment products are primarily used in high-temperature applications in the steel, non-ferrous metal and glass industries. |
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | |||||||||||||||
Percentage of Net Sales | ||||||||||||||||||||
Performance Materials | 46% | 44% | 42% | 53 | % | 52 | % | 51 | % | |||||||||||
Specialty Minerals | 33% | 35% | 36% | 31 | % | 32 | % | 32 | % | |||||||||||
Refractories | 17% | 17% | 17% | 16 | % | 16 | % | 17 | % | |||||||||||
Energy Services | 4% | 4% | 5% | |||||||||||||||||
Total | 100% | 100% | 100% | 100 | % | 100 | % | 100 | % |
● | as a filler in the production of coated and uncoated wood-free printing and writing papers, such as office papers; |
● | as a filler in the production of coated and uncoated groundwood (wood-containing) paper such as magazine and catalog papers; and |
● | as a coating pigment for both wood-free and groundwood |
● | HOTCRETE®: High durability shotcrete products for applications at high temperatures in ferrous applications, such as, steel ladles, electric arc furnaces (EAF) and basic oxygen furnaces (BOF) |
● | FASTFIRE®: High durability castable and shotcrete products in the non-ferrous and ferrous industries with the added benefit of rapid dry-out capabilities. |
● | OPTIFORM®: A system of products and equipment for the rapid continuous casting of refractories for applications, such as, steel ladle safety linings. |
● | ENDURATEQ®: A high durability refractory shape for glass contact applications, such as, plungers and orifice rings. |
● | DECTEQ™: A system for the automatic control of electrical power feeding electrodes used in electric arc steel making furnaces. |
● | LACAM® Torpedo: A laser scanning system that measures the refractory lining thickness inside a Hot Iron (Torpedo) Ladle. The torpedo ladles transport liquid iron from a blast furnace to the steel plant. |
● | LACAM® LI Explorer: A laser scanning system that measures the refractory lining thickness from the interior of a Hot Steel Ladle. By entering the interior, the explorer provides the ability to see all areas of the ladle and identify the smallest flaws in the refractory lining. |
● | LACAM®: A new, fourth generation Lacam® laser measurement device for use in the worldwide steel industry that is 17 times faster than the previous version. This new technology provides the fastest and most accurate laser scanning for hot surfaces available today. |
● | We have experienced, and may experience in the future, temporary facility closures in response to government mandates in certain jurisdictions in which we operate. We may also be required to close certain of our facilities for the safety of our employees in response to positive diagnoses for COVID-19. Even in facilities that are not closed, we could be affected by reductions in employee availability and effectiveness, changes in operating procedures, and increased costs. |
● | Our customers have been, and may continue to be, affected by COVID-19 and the business slowdown caused by preventative measures, resulting in decreased demand for our products and services, delayed payments from customers and uncollectable accounts. |
● | We have experienced, and may experience in the future, disruptions to our supply chain, logistics, and service providers. If we are unable to secure raw materials and supplies for our facilities, our operations could be materially adversely affected. |
● | Significant disruption of global financial markets could have a negative impact on our ability to access capital in the future. |
Location | Facility | Product Line | Segment | |||
United States | ||||||
Alabama, Sandy Ridge | Plant; Mine | Metalcasting | Performance Materials | |||
Arizona, Phoenix | Plant | Pet care products | Performance Materials | |||
Arizona, Pima County | Plant; Mine (1) | Limestone | Specialty Minerals | |||
Arkansas, Ashdown | Plant | PCC | Specialty Minerals | |||
California, Lucerne Valley | Plant; Mine | Limestone | Specialty Minerals | |||
Connecticut, Canaan | Plant; Mine | Limestone, Metallurgical Wire/Calcium | Specialty Minerals; Refractories | |||
Georgia, Cartersville | Plant | Environmental products and other building materials products | Performance Materials |
Location | Facility | Product Line | Segment | |||
Illinois, Belvidere | Plant | Metalcasting products | Performance Materials | |||
Illinois, Hoffman Estates | Research | All Company Products | ||||
Indiana, Portage | Plant | Refractories/Shapes | Refractories | |||
Indiana, Troy | Plant | Metalcasting products | Performance Materials | |||
Iowa, Shell Rock | Plant | Metalcasting products | Performance Materials | |||
Louisiana, Baton Rouge | Plant | Monolithic Refractories | Refractories | |||
Louisiana, Lafayette | Plant | Personal Care Products | Performance Materials | |||
Louisiana, New Iberia | Operations base (2) | |||||
Massachusetts, Adams | Plant; Mine | Limestone, Lime, PCC | Specialty Minerals | |||
Michigan, Albion | Plant | Metalcasting products | Performance Materials | |||
Mississippi, Aberdeen | Plant | Performance additive products | Performance Materials | |||
Missouri, Ste. Genevieve | Plant | Limestone, Lime, PCC | Specialty Minerals | |||
Montana, Dillon | Plant; Mine | Specialty Minerals | ||||
Nebraska, Scottsbluff | Transportation terminal | Performance Materials | ||||
New York, New York | Headquarters (2) | All Company Products | Headquarters | |||
North Dakota, Gascoyne | Plant; Mine | Metalcasting | Performance Materials | |||
Ohio, Archbold | Plant | Metalcasting products | Performance Materials | |||
Ohio, Bryan | Plant | Monolithic Refractories | Refractories | |||
Ohio, Dover | Plant | Monolithic Refractories/Shapes | Refractories | |||
Pennsylvania, Bethlehem | Administrative Office; Research | All Company Products | All Segments | |||
Pennsylvania, Easton | Administrative Office; Research | All Company Products | All Segments | |||
Pennsylvania, Slippery Rock | Plant; Sales Offices | Monolithic Refractories/Shapes | Refractories | |||
Pennsylvania, York | Plant | Metalcasting and pet care products | Performance Materials | |||
Tennessee, Chattanooga | Plant | Metalcasting products | Performance Materials | |||
Tennessee, Dyersburg | Plant | Pet care products | Performance Materials | |||
Texas, Houston | Research Laboratories (2) | Environmental products | Performance Materials | |||
Texas, Houston | Administrative Office (2) | Environmental products | Performance Materials | |||
Texas, Bay City | Plant | Talc | Specialty Minerals | |||
Wisconsin, Neenah | Plant | Metalcasting products | Performance Materials | |||
Wisconsin, Superior | Plant | PCC | Specialty Minerals | |||
Wyoming, Colony | Plant; Mine | Metalcasting, pet litter, personal care, specialty and basic minerals products | Performance Materials | |||
Wyoming, Lovell | Plant; Mine | Performance Materials |
Location | Facility | Product Line | Segment | |||
International | ||||||
Australia, Perth | Operations base (2) | Environmental products | Performance Materials | |||
Australia, Brisbane | Sales Office/Administrative Office | Metalcasting, specialty and pet care products | Performance Materials | |||
Australia, Carlingford | Sales Office (2) | Monolithic Refractories | Refractories | |||
Australia, Gurulmundi | Plant; Mine | Metalcasting, specialty and pet care products | Performance Materials | |||
Austria, Rottersdorf | Plant | Pet care products | Performance Materials | |||
Belgium, Brussels | Administrative Office | Monolithic Refractories | Refractories | |||
Brazil, Macae | Operations base (2) | |||||
Brazil, Sao Jose dos Campos | Sales Office (2)/Administrative Office | PCC | Specialty Minerals | |||
Canada, Brantford, Ontario | Plant | Pet care products | Performance Materials | |||
Canada, Lethbridge, Alberta | Plant | Pet care products | Performance Materials | |||
Canada, Mississaugua, Ontario | Administrative Office | Pet care products | Performance Materials | |||
Canada, Pt. Claire | Administrative Office | PCC/Monolithic Refractories | Specialty Minerals; Refractories | |||
China, Beijing | Sales Office/Administrative Office | Metalcasting, specialty, fabric care and pet care products | Performance Materials | |||
China, Chao Yang, Liaoning | Plant; Mine | Metalcasting and fabric care products | Performance Materials | |||
China, Shanghai | Administrative Office/Sales Office | PCC/Monolithic Refractories | Specialty Minerals; Refractories | |||
China, Suzhou | Plant | Environmental and building materials products | Performance Materials | |||
China, Suzhou | Plant/Sales Office/Research | PCC/Monolithic Refractories | Specialty Minerals; Refractories | |||
China, Tianjin | Plant; Mine; Research | Metalcasting and fabric care products | Performance Materials | |||
India, Chennai | Plant | Metalcasting products | Performance Materials | |||
India, Mumbai | Sales Office (2)/Administrative Office | PCC/Monolithic Refractories/ Metallurgical Wire | Specialty Minerals; Refractories | |||
Indonesia, Jakarta | Operations base (2) | |||||
Ireland, Cork | Plant; Administrative Office (2)/ Research | Monolithic Refractories | Refractories | |||
Italy, Brescia | Sales Office | Monolithic Refractories/Shapes | Refractories | |||
Italy, Nave | Plant | Monolithic Refractories/Shapes | Refractories | |||
Japan, Gamagori | Plant/Research laboratories | Monolithic Refractories/Shapes, Calcium | Refractories | |||
Japan, Tokyo | Sales/Administrative Office | Monolithic Refractories | Refractories | |||
Korea, Pyeongtaek | Plant | Environmental, building materials and other products | Performance Materials | |||
Plant/ | Refractories |
Location | Facility | Product Line | Segment | |||
Netherlands, Moerdjik | Plant/Administrative Office | Pet | Performance Materials | |||
Nigeria, Port Harcourt | Operations base (2) | |||||
Environmental products | Performance Materials | |||||
South Africa, Johannesburg | Sales Office/Administrative Office (2) | Monolithic Refractories | Refractories | |||
South Korea, Yangbuk-Myeun, Kyeung-buk | Plant; Mine | Metalcasting products | Performance Materials | |||
Spain, Santander | Administrative Office | Monolithic Refractories | Refractories |
Thailand, Laemchabang | Plant | Metalcasting and fabric care products | Performance Materials | |||
Thailand, Wangnoi | Plant | Pet Care Products | Performance Materials | |||
Turkey, Enez | Plant; Mine | Metalcasting, specialty and basic minerals products | Performance Materials | |||
Turkey, Gebze | Plant/Research Laboratories | Monolithic Refractories/Shapes/ Application Equipment | Refractories | |||
Turkey, Istanbul | Sales Office/Administrative Office | Monolithic Refractories | Refractories | |||
Turkey, Kutahya | Plant | Monolithic Refractories/Shapes | Refractories | |||
Turkey, | Plant; Mine | Pet | Performance Materials | |||
Turkey, Usak | Plant; Mine | Specialty material products | Performance Materials | |||
United Kingdom, Aberdeen | Operations base (2) | Environmental products | Performance Materials | |||
United Kingdom, Birkenhead | Research | Environmental products | Performance Materials | |||
United Kingdom, Lifford | Plant | PCC, Lime | Specialty Minerals | |||
United Kingdom, Rotherham | Plant/Sales Office | Monolithic Refractories/Shapes | Refractories | |||
(1) | This plant and quarry is leased to another company. |
(2) | Leased by the Company. The facilities in Cork, Ireland, are operated pursuant to a 99-year lease, the term of which commenced in 1963. The Company's headquarters in New York, New York, are held under a lease which expires in |
Location | Principal Customer | |
United States | ||
Alabama, Selma | International Paper Company | |
Arkansas, Ashdown | Domtar Inc. | |
Michigan, Quinnesec | Verso Paper Holdings LLC | |
Minnesota, Cloquet | Sappi Ltd. | |
Minnesota, International Falls | ||
New York, Ticonderoga | ||
Ohio, Chillicothe | ||
South Carolina, Eastover | ||
Washington, Longview | North Pacific Paper Corporation | |
Location | Principal Customer | |
International | ||
Brazil, Guaiba | CMPC - Celulose Rio Grandense | |
Brazil, Jacarei | Munksjo Brasil Ind e Com de Papeis Especiais Ltda. | |
Brazil, Luiz Antonio | International Paper do Brasil Ltda. | |
Brazil, Mucuri | Suzano Papel e Celulose S. A. | |
Brazil, Suzano | Suzano Papel e Celulose S. A. | |
Canada, St. Jerome, Quebec | Les Entreprises Rolland Inc | |
Canada, Windsor, Quebec | Domtar Inc. | |
China, Changshu | UPM Changshu | |
China, Dagang (1) | Gold East Paper (Jiangsu) Company Ltd. | |
China, Zhenjiang (1) | Gold East Paper (Jiangsu) Company Ltd. | |
China, Suzhou (1) | Gold HuaSheng Paper Company Ltd. | |
China, Henan | Henan Jianghe Paper Co., Ltd. | |
China, Shandong | Shandong Sun Paper Industry Joint Stock Company Ltd | |
China, Shouguang | Shandong Meilun Paper Corporation | |
China, Yanzhou | Yanzhou Tianzhang Paper Industry Co., LTD | |
China, Zhumadian(2) | Zhumadianshi Baiyun Paper | |
Finland, Äänekoski | ||
Finland, Tervakoski | ||
France, Alizay | Double A Paper Company Ltd. | |
France, Quimperle | PDM Industries | |
France, Saillat Sur Vienne | International Paper Company | |
Germany, Schongau | UPM Corporation | |
India, Ballarshah (1) | Ballarpur Industries Ltd. | |
India, Dandeli | West Coast Paper Mill Ltd. | |
India, Erode (2) | SPB | |
India, Gaganapur (1) | Ballarpur Industries Ltd. | |
India, Kala Amb | Ruchira Papers Limited | |
India, Lalkuan | Century Papers Ltd. | |
India, Saila Khurd | Kuantum Papers Ltd. | |
India, Rayagada (1) | JK Paper | |
India, Mukstar | Satia Industries Ltd. | |
Indonesia, Perawang (1) | PT Indah Kiat Pulp and Paper Corporation | |
Indonesia, Perawang 2 | PT Indah Kiat Pulp and Paper Corporation | |
Japan, Shiraoi (1) | Nippon Paper Group Inc. | |
Malaysia, Sipitang | Ballarpur Industries Ltd. | |
Poland, Kwidzyn | International Paper – Kwidzyn, S.A | |
Portugal, Figueira da Foz (1) | Navigator Paper Figueira, S.A. | |
Slovakia, Ruzomberok | Mondi Business Paper SCP | |
South Africa, Merebank (1) | Mondi Paper Company Ltd. | |
Thailand, Namphong | Phoenix Pulp & Paper Public Co. Ltd. | |
Thailand, Tha Toom (1) | Double A Paper Company Ltd. | |
Thailand, Tha Toom 2 (1) | Double A Paper Company Ltd. |
(1) |
2021 | 2020 | 2019 | ||||||||||
Tons (000s) | Tons (000s) | Tons (000s) | ||||||||||
Limestone | ||||||||||||
Adams, MA | 355 | 453 | 475 | |||||||||
Canaan, CT | 522 | 510 | 612 | |||||||||
Lucerne Valley, CA | 1,250 | 1,082 | 1,043 | |||||||||
Pima County, AZ | 166 | 177 | 170 | |||||||||
Total Limestone | 2,293 | 2,222 | 2,300 | |||||||||
Talc | ||||||||||||
Dillon, MT | 117 | 122 | 167 | |||||||||
Sodium Bentonite | ||||||||||||
Australia | 118 | 83 | 97 | |||||||||
Belle/Colony, WY/SD | 1,177 | 1,345 | 1,458 | |||||||||
Lovell, WY | 629 | 507 | 647 | |||||||||
Total Sodium Bentonite | 1,924 | 1,935 | 2,202 | |||||||||
Calcium Bentonite | ||||||||||||
Chao Yang, Liaoning, China | 507 | 332 | 27 | |||||||||
Nevada | 1 | 1 | 1 | |||||||||
Sandy Ridge, AL | 77 | 40 | 76 | |||||||||
Turkey, Enez | 196 | 196 | 210 | |||||||||
Turkey, Usak | 51 | 33 | 10 | |||||||||
Turkey, Unye | 320 | 314 | 215 | |||||||||
Total Calcium Bentonite | 1,152 | 916 | 539 | |||||||||
Leonardite | ||||||||||||
Gascoyne, ND | 51 | 34 | 44 | |||||||||
GRAND TOTALS | 5,537 | 5,229 | 5,252 |
Proven and Probable Reserves (1)(2) Tons (000s) | ||||||||||||||||||||||||
Proven Reserves (1)(2) Tons (000s) | Probable Reserves (1)(2) Tons (000s) | Conversion Factor (%) | Owned | Unpatented (3) | Leased | |||||||||||||||||||
Limestone | ||||||||||||||||||||||||
Adams, MA | 7,132 | 1,076 | 56 | % | 8,208 | — | — | |||||||||||||||||
Canaan, CT | 14,480 | 4,268 | 89 | % | 18,748 | — | — | |||||||||||||||||
Lucerne Valley, CA | 31,066 | 9,143 | 95 | % | 40,209 | — | — | |||||||||||||||||
Pima County, AZ | 7,357 | — | 90 | % | — | 7,357 | — | |||||||||||||||||
Total Limestone | 60,035 | 14,487 | 67,165 | 7,357 | — | |||||||||||||||||||
90 | % | 10 | % | 0 | % | |||||||||||||||||||
Talc | ||||||||||||||||||||||||
Dillon, MT | 973 | 541 | 80 | % | 1,045 | — | 469 | |||||||||||||||||
69 | % | 0 | % | 31 | % | |||||||||||||||||||
Sodium Bentonite | ||||||||||||||||||||||||
Australia | — | 945 | 80 | % | — | — | 945 | |||||||||||||||||
Belle/Colony, WY/SD | 32,708 | 23,399 | 77 | % | 3,044 | 12,496 | 40,567 | |||||||||||||||||
Lovell, WY | 31,893 | 2,534 | 87 | % | 16,257 | 13,996 | 4,174 | |||||||||||||||||
Other SD, WY, MT | 43,117 | 29,714 | 77 | % | 54,815 | 15,048 | 2,968 | |||||||||||||||||
Total Sodium Bentonite | 107,718 | 56,592 | 74,116 | 41,540 | 48,654 | |||||||||||||||||||
45 | % | 25 | % | 30 | % | |||||||||||||||||||
Calcium Bentonite | ||||||||||||||||||||||||
Chao Yang, Liaoning, China | — | 784 | 78 | % | — | — | 784 | |||||||||||||||||
Nevada | — | 1,057 | 75 | % | 1,013 | 44 | — | |||||||||||||||||
Sandy Ridge, AL | 4,492 | 1,841 | 75 | % | 1,839 | — | 4,494 | |||||||||||||||||
Turkey, Enez | 210 | 1,942 | 78 | % | — | — | 2,152 | |||||||||||||||||
Turkey, Usak | 98 | 731 | 43 | % | — | — | 829 | |||||||||||||||||
Turkey, Unye | 833 | 5,207 | 80 | % | — | — | 6,040 | |||||||||||||||||
Total Calcium Bentonite | 5,633 | 11,562 | 2,852 | 44 | 14,299 | |||||||||||||||||||
17 | % | — | 83 | % | ||||||||||||||||||||
Leonardite | ||||||||||||||||||||||||
Gascoyne, ND | 120 | 2,237 | 67 | % | — | 2,237 | 120 | |||||||||||||||||
0 | % | 95 | % | 5 | % | |||||||||||||||||||
Chromite | ||||||||||||||||||||||||
South Africa | 2,113 | 1,381 | 75 | % | — | — | 3,494 | |||||||||||||||||
0 | % | 0 | % | 100 | % | |||||||||||||||||||
GRAND TOTALS | 176,592 | 86,800 | 145,178 | 51,178 | 67,036 | |||||||||||||||||||
55 | % | 19 | % | 26 | % |
2018 Tons Usage (000s) | Total Tons of Reserves (000s) | Assigned Reserves (000s) | Unassigned Reserves** (000s) | Conversion Factor | Mining Claims | ||||||||||||||||||
Owned | Unpatented * | Leased | |||||||||||||||||||||
Limestone | |||||||||||||||||||||||
Adams, MA | 714 | 23,028 | 23,028 | — | 80% | 23,028 | — | — | |||||||||||||||
Canaan, CT | 578 | 17,734 | 17,734 | — | 90% | 17,734 | — | — | |||||||||||||||
Lucerne Valley, CA | 997 | 40,762 | 40,762 | 95% | 40,762 | — | — | ||||||||||||||||
Pima County, AZ | 170 | 7,869 | 7,869 | — | 90% | 7,869 | — | — | |||||||||||||||
Total Limestone | 2,459 | 89,393 | 89,393 | — | 89,393 | — | — | ||||||||||||||||
100% | 0% | 100% | 0% | 0% | |||||||||||||||||||
Talc | |||||||||||||||||||||||
Dillon, MT | 189 | 2,728 | 2,728 | — | 85% | 2,728 | — | — | |||||||||||||||
100% | 0% | 100% | 0% | 0% | |||||||||||||||||||
Sodium Bentonite | |||||||||||||||||||||||
Australia | 67 | 1,007 | 1,007 | — | 80% | 1,007 | |||||||||||||||||
Belle/Colony, WY/SD | 1,263 | 64,560 | 64,560 | — | 77% | 3,595 | 12,214 | 48,751 | |||||||||||||||
Lovell, WY | 751 | 36,462 | 36,462 | — | 86% | 16,753 | 14,971 | 4,738 | |||||||||||||||
Other SD, WY, MT | 72,831 | — | 72,831 | 79% | 54,815 | 15,048 | 2,968 | ||||||||||||||||
Total Sodium Bentonite | 2,081 | 174,860 | 102,029 | 72,831 | 75,163 | 42,233 | 57,464 | ||||||||||||||||
58% | 42% | 43% | 24% | 33% | |||||||||||||||||||
Calcium Bentonite | |||||||||||||||||||||||
Chao Yang, Liaoning, China | 89 | 1,650 | 1,650 | — | 78% | 1,650 | |||||||||||||||||
Nevada | 1 | 1,560 | 1,560 | — | 76% | 1,016 | 44 | 500 | |||||||||||||||
Sandy Ridge, AL | 93 | 6,525 | 6,525 | — | 75% | 1,966 | 4,559 | ||||||||||||||||
Turkey, Enez//Usak | 236 | 3,608 | 3,608 | — | 77% | 3,608 | |||||||||||||||||
Turkey, Unye | 187 | 4,750 | 4,750 | — | 80% | 4,750 | |||||||||||||||||
Total Calcium Bentonite | 606 | 18,093 | 18,093 | — | 2,982 | 44 | 15,067 | ||||||||||||||||
100% | 0% | 16% | 0% | 83% | |||||||||||||||||||
Leonardite | |||||||||||||||||||||||
Gascoyne, ND | 89 | 2,652 | 2,652 | — | 72% | — | 2,019 | 633 | |||||||||||||||
100% | 0% | 76% | 24% | ||||||||||||||||||||
Chromite | |||||||||||||||||||||||
South Africa | — | 3,494 | 3,494 | — | 75% | — | — | 3,494 | |||||||||||||||
100% | 0% | 0% | 0% | 100% | |||||||||||||||||||
Other | |||||||||||||||||||||||
Nevada** | — | 2,997 | 0% | 2,997 | 80% | 2,997 | — | ||||||||||||||||
— | 100% | 0% | 100% | 0% | |||||||||||||||||||
GRAND TOTALS | 5,424 | 294,217 | 218,389 | 75,828 | 170,266 | 47,293 | 76,658 | ||||||||||||||||
74% | 26% | 58% | 16% | 26% |
Total Resources (1)(2) Tons (000s) | ||||||||||||||||||||||||||||
Measured Resources (1)(2) Tons (000s) | Indicated Resources (1)(2) Tons (000s) | Measured and Indicated (1)(2) Resources Tons (000s) | Inferred (1)(2) Resources Tons (000s) | Owned | Unpatented (3) | Leased | ||||||||||||||||||||||
Limestone | ||||||||||||||||||||||||||||
Adams, MA | 12,792 | 1,930 | 14,722 | 584 | 15,306 | — | — | |||||||||||||||||||||
Canaan, CT | 31,823 | 25,737 | 57,560 | 3,674 | 61,234 | — | — | |||||||||||||||||||||
Lucerne Valley, CA | 32,077 | 23,651 | 55,728 | 7,319 | 63,047 | — | — | |||||||||||||||||||||
Pima County, AZ | — | — | — | — | — | — | — | |||||||||||||||||||||
Total Limestone | 76,692 | 51,318 | 128,010 | 11,577 | 139,587 | — | — | |||||||||||||||||||||
100 | % | 0 | % | 0 | % | |||||||||||||||||||||||
Talc | ||||||||||||||||||||||||||||
Dillon, MT | 1,218 | 676 | 1,894 | 1,023 | 2,329 | — | 588 | |||||||||||||||||||||
80 | % | 0 | % | 20 | % | |||||||||||||||||||||||
Sodium Bentonite | ||||||||||||||||||||||||||||
Australia | — | 1,231 | 1,231 | — | — | — | 1,231 | |||||||||||||||||||||
Belle/Colony, WY/SD | 6,359 | 6,994 | 13,353 | 94 | — | 8,309 | 5,138 | |||||||||||||||||||||
Lovell, WY | 400 | 57 | 457 | 3,146 | 926 | 2,677 | — | |||||||||||||||||||||
Other SD, WY, MT | 4,612 | — | 4,612 | 11,030 | — | 15,642 | — | |||||||||||||||||||||
Total Sodium Bentonite | 11,371 | 8,282 | 19,653 | 14,270 | 926 | 26,628 | 6,369 | |||||||||||||||||||||
3 | % | 78 | % | 19 | % | |||||||||||||||||||||||
Calcium Bentonite | ||||||||||||||||||||||||||||
Chao Yang, Liaoning, China | — | 300 | 300 | 937 | — | — | 1,237 | |||||||||||||||||||||
Nevada | — | — | — | — | — | — | — | |||||||||||||||||||||
Sandy Ridge, AL | 1,571 | — | 1,571 | — | — | — | 1,571 | |||||||||||||||||||||
Turkey, Enez | 39 | — | 39 | 1,192 | — | — | 1,231 | |||||||||||||||||||||
Turkey, Usak | — | 400 | 400 | 1,800 | — | — | 2,200 | |||||||||||||||||||||
Turkey, Unye | — | 1,320 | 1,320 | 17,000 | — | — | 18,320 | |||||||||||||||||||||
Total Calcium Bentonite | 1,610 | 2,020 | 3,630 | 20,929 | — | — | 24,559 | |||||||||||||||||||||
0 | % | 0 | % | 100 | % | |||||||||||||||||||||||
Leonardite | ||||||||||||||||||||||||||||
Gascoyne, ND | 1,435 | — | 1,435 | 790 | — | — | 2,225 | |||||||||||||||||||||
0 | % | 0 | % | 100 | % | |||||||||||||||||||||||
Chromite | ||||||||||||||||||||||||||||
South Africa | 800 | 584 | 1,384 | 11,320 | — | — | 12,704 | |||||||||||||||||||||
0 | % | 0 | % | 100 | % | |||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||
Nevada | — | 2,997 | 2,997 | 3,031 | — | 6,028 | — | |||||||||||||||||||||
0 | % | 100 | % | 0 | % | |||||||||||||||||||||||
GRAND TOTALS | 93,126 | 65,877 | 159,003 | 62,940 | 142,842 | 32,656 | 46,445 | |||||||||||||||||||||
64 | % | 16 | % | 21 | % |
Name | Age | Position | ||
Douglas T. Dietrich | Chairman of the Board and Chief Executive Officer | |||
Brett Argirakis | Senior Vice President and Managing Director, Minteq International Inc. and MTI Global Supply Chain | |||
Michael A. Cipolla | Vice President, Corporate Controller and Chief Accounting Officer | |||
Erin N. Cutler | 34 | Vice President, Human Resources | ||
Matthew E. Garth | Senior Vice President, Finance and Treasury, Chief Financial Officer | |||
Jonathan J. Hastings | Group President, Performance Materials | |||
Douglas W. Mayger | Senior Vice President and | |||
Thomas J. Meek | Senior Vice President, General Counsel, | |||
Compliance Officer | ||||
D.J. Monagle, III | Group President, Specialty Minerals and Refractories |
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 | ||||||||||||
October 4 - October 31 | — | $ | — | 1,016,088 | $ | 930,890 | ||||||||||
Total | — | $ | — | |||||||||||||
November 1 - November 28 | 66,716 | $ | 73.43 | 66,716 | $ | 70,100,805 | ||||||||||
November 29 - December 31 | 98,166 | $ | 70.15 | 164,882 | $ | 63,213,974 | ||||||||||
Total | 164,882 | $ | 71.48 |
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 | ||||||||||||
October 1 - October 28 | — | $ | — | 230,650 | $ | 133,645,212 | ||||||||||
October 29 - November 25 | — | $ | — | 230,650 | $ | 133,645,212 | ||||||||||
November 26 - December 26 | 102,534 | $ | 52.07 | 333,184 | $ | 128,306,742 | ||||||||||
Total | 102,534 | $ | 52.07 |
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||
Minerals Technologies Inc. | $ | 100.00 | $ | 115.99 | $ | 76.85 | $ | 129.87 | $ | 116.07 | $ | 86.81 | |||||||||||||
S&P 500 | 100.00 | 113.69 | 115.26 | 129.05 | 157.22 | 150.33 | |||||||||||||||||||
S&P Midcap 400 | 100.00 | 109.77 | 107.38 | 129.65 | 150.71 | 134.01 | |||||||||||||||||||
Dow Jones US Industrials | 100.00 | 170.30 | 105.49 | 126.09 | 157.03 | 139.35 | |||||||||||||||||||
Dow Jones US Basic Materials | 100.00 | 103.39 | 90.54 | 108.90 | 136.22 | 114.19 | |||||||||||||||||||
S&P MidCap 400 Materials Sector | 100.00 | 102.28 | 87.23 | 120.37 | 144.08 | 114.64 |
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||||||
Minerals Technologies Inc. | $ | 100.00 | $ | 89.38 | $ | 66.85 | $ | 75.32 | $ | 81.49 | $ | 96.22 | ||||||||||||
S&P 500 | 100.00 | 121.83 | 116.49 | 153.17 | 181.35 | 233.41 | ||||||||||||||||||
S&P Midcap 400 | 100.00 | 116.24 | 103.36 | 130.44 | 148.26 | 184.96 | ||||||||||||||||||
Dow Jones US Industrials | 100.00 | 124.54 | 110.52 | 146.78 | 173.09 | 204.88 | ||||||||||||||||||
Dow Jones US Basic Materials | 100.00 | 125.09 | 104.86 | 125.58 | 148.59 | 189.87 | ||||||||||||||||||
S&P MidCap 400 Materials Sector | 100.00 | 121.57 | 94.76 | 114.66 | 133.03 | 177.25 |
2018 | 2019 | 2020 | 2021 | |||||||||||||
Minerals Technologies Inc. | $ | 100.00 | $ | 112.68 | $ | 121.91 | $ | 143.93 | ||||||||
S&P 500 | 100.00 | 131.49 | 155.68 | 200.37 | ||||||||||||
S&P Midcap 400 | 100.00 | 126.20 | 143.44 | 178.95 | ||||||||||||
Dow Jones US Industrials | 100.00 | 132.81 | 156.62 | 185.39 | ||||||||||||
Dow Jones US Basic Materials | 100.00 | 119.76 | 141.70 | 181.07 | ||||||||||||
S&P MidCap 400 Materials Sector | 100.00 | 121.00 | 140.39 | 187.05 |
2020 | 2021 | |||||||
Minerals Technologies Inc. | $ | 100.00 | $ | 118.07 | ||||
S&P 500 | 100.00 | 128.71 | ||||||
S&P Midcap 400 | 100.00 | 124.76 | ||||||
Dow Jones US Industrials | 100.00 | 118.37 | ||||||
Dow Jones US Basic Materials | 100.00 | 127.78 | ||||||
S&P MidCap 400 Materials Sector | 100.00 | 133.24 |
Year Ended December 31, | ||||||||||||||||||||
(in millions, except per share data) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Net sales | $ | 1,807.6 | $ | 1,675.7 | $ | 1,638.0 | $ | 1,797.6 | $ | 1,725.0 | ||||||||||
Cost of sales | 1,346.2 | 1,208.5 | 1,177.6 | 1,326.6 | 1,289.6 | |||||||||||||||
Production margin | 461.4 | 467.2 | 460.4 | 471.0 | 435.4 | |||||||||||||||
Marketing and administrative expenses | 178.6 | 180.7 | 176.4 | 184.4 | 181.2 | |||||||||||||||
Research and development expenses | 22.7 | 23.7 | 23.8 | 23.6 | 24.4 | |||||||||||||||
Insurance / litigation gain | — | — | — | — | (2.3 | ) | ||||||||||||||
Acquisition related transaction and integration costs | 1.7 | 3.4 | 8.0 | 11.8 | 19.1 | |||||||||||||||
Restructuring and other items, net | 2.5 | 15.0 | 28.3 | 45.2 | 43.2 | |||||||||||||||
Income from operations | 255.9 | 244.4 | 223.9 | 206.0 | 169.8 | |||||||||||||||
Interest expense, net | (45.9 | ) | (43.4 | ) | (54.4 | ) | (60.9 | ) | (41.8 | ) | ||||||||||
Debt modification costs and fees | — | (3.9 | ) | — | (4.5 | ) | (5.8 | ) | ||||||||||||
Non-cash pension settlement costs | (4.4 | ) | — | — | — | — | ||||||||||||||
Other non-operating income (deductions), net | (1.5 | ) | (6.2 | ) | 0.8 | (8.0 | ) | 0.8 | ||||||||||||
Total non-operating deductions, net | (51.8 | ) | (53.5 | ) | (53.6 | ) | (73.4 | ) | (46.8 | ) | ||||||||||
Income from continuing operations before tax and equity in earnings | 204.1 | 190.9 | 170.3 | 132.6 | 123.0 | |||||||||||||||
Provision (benefit) for taxes on income* | 34.4 | (6.6 | ) | 35.3 | 22.8 | 30.8 | ||||||||||||||
Equity in earnings of affiliates, net of tax | 3.5 | 1.5 | 2.1 | 1.8 | 1.2 | |||||||||||||||
Income from continuing operations, net of tax | 173.2 | 199.0 | 137.1 | 111.6 | 93.4 | |||||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | 2.1 | |||||||||||||||
Consolidated net income | 173.2 | 199.0 | 137.1 | 111.6 | 95.5 | |||||||||||||||
Less: | ||||||||||||||||||||
Net income attributable to non-controlling interests | 4.2 | 3.9 | 3.7 | 3.7 | 3.1 | |||||||||||||||
Net income attributable to Minerals Technologies Inc. (MTI) | $ | 169.0 | $ | 195.1 | $ | 133.4 | $ | 107.9 | $ | 92.4 | ||||||||||
Earnings per share attributable to MTI: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Income from continuing operations | $ | 4.79 | $ | 5.54 | $ | 3.82 | $ | 3.11 | $ | 2.62 | ||||||||||
Income from discontinued operations | — | — | — | — | 0.06 | |||||||||||||||
Basic earnings per share | $ | 4.79 | $ | 5.54 | $ | 3.82 | $ | 3.11 | $ | 2.68 | ||||||||||
Diluted: | ||||||||||||||||||||
Income from continuing operations | $ | 4.75 | $ | 5.48 | $ | 3.79 | $ | 3.08 | $ | 2.59 | ||||||||||
Income from discontinued operations | — | — | — | — | 0.06 | |||||||||||||||
Diluted earnings per share | $ | 4.75 | $ | 5.48 | $ | 3.79 | $ | 3.08 | $ | 2.65 | ||||||||||
Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||||||
Shares used in computation of earnings per share: | ||||||||||||||||||||
Basic | 35.3 | 35.2 | 34.9 | 34.7 | 34.5 | |||||||||||||||
Diluted | 35.6 | 35.6 | 35.2 | 35.0 | 34.8 |
Year Ended December 31, | ||||||||||||||||||||
(in millions) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Working capital | $ | 494.4 | $ | 542.2 | $ | 455.6 | $ | 485.0 | $ | 552.0 | ||||||||||
Total assets | 3,087.1 | 2,970.4 | 2,863.4 | 2,980.0 | 3,157.5 | |||||||||||||||
Long-term debt, net of unamortized discount and deferred financing costs | 907.8 | 959.8 | 1,069.9 | 1,255.3 | 1,429.4 | |||||||||||||||
Total debt | 1,016.3 | 969.9 | 1,082.8 | 1,264.9 | 1,435.3 | |||||||||||||||
Total shareholders' equity | 1,385.3 | 1,279.1 | 1,030.9 | 937.7 | 888.9 |
● | 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 |
● | 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 |
● | 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. |
● | 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. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2018 vs. 2017 | 2017 vs. 2016 | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
Net sales | $ | 1,807.6 | $ | 1,675.7 | $ | 1,638.0 | 7.9 | % | 2.3 | % | $ | 1,858.3 | $ | 1,594.8 | $ | 1,791.0 | 16.5 | % | (11.0 | )% | ||||||||||||||||||||
Cost of sales | 1,346.2 | 1,208.5 | 1,177.6 | 11.4 | % | 2.6 | % | 1,411.8 | 1,189.4 | 1,350.4 | 18.7 | % | (11.9 | )% | ||||||||||||||||||||||||||
Production margin | 461.4 | 467.2 | 460.4 | (1.2 | )% | 1.5 | % | 446.5 | 405.4 | 440.6 | 10.1 | % | (8.0 | )% | ||||||||||||||||||||||||||
Production margin % | 25.5 | % | 27.9 | % | 28.1 | % | 24.0 | % | 25.4 | % | 24.6 | % | ||||||||||||||||||||||||||||
Marketing and administrative expenses | 178.6 | 180.7 | 176.4 | (1.2 | )% | 2.4 | % | 186.2 | 176.5 | 187.5 | 5.5 | % | (5.9 | )% | ||||||||||||||||||||||||||
Research and development expenses | 22.7 | 23.7 | 23.8 | (4.2 | )% | (0.4 | )% | 19.5 | 19.9 | 20.3 | (2.0 | )% | (2.0 | )% | ||||||||||||||||||||||||||
Acquisition related transaction and integration costs | 1.7 | 3.4 | 8.0 | (50.0 | )% | (57.5 | )% | |||||||||||||||||||||||||||||||||
Acquisition-related expenses | 4.0 | 3.1 | — | 29.0 | % | * | ||||||||||||||||||||||||||||||||||
Litigation expenses | — | 10.4 | 10.9 | * | (4.6 | )% | ||||||||||||||||||||||||||||||||||
Restructuring and other items, net | 2.5 | 15.0 | 28.3 | (83.3 | )% | (47.0 | )% | 1.1 | 7.6 | 13.2 | (85.5 | )% | (42.4 | )% | ||||||||||||||||||||||||||
Income from operations | 255.9 | 244.4 | 223.9 | 4.7 | % | 9.2 | % | 235.7 | 187.9 | 208.7 | 25.4 | % | (10.0 | )% | ||||||||||||||||||||||||||
Operating margin % | 14.2 | % | 14.6 | % | 13.7 | % | 12.7 | % | 11.8 | % | 11.7 | % | ||||||||||||||||||||||||||||
Interest expense, net | (45.9 | ) | (43.4 | ) | (54.4 | ) | 5.8 | % | (20.2 | )% | (37.2 | ) | (38.2 | ) | (43.2 | ) | (2.6 | )% | (11.6 | )% | ||||||||||||||||||||
Debt modification costs and fees | — | (3.9 | ) | — | * | * | ||||||||||||||||||||||||||||||||||
Non-cash pension settlement costs | (4.4 | ) | — | — | * | * | ||||||||||||||||||||||||||||||||||
Non-cash pension settlement charge | (1.8 | ) | (6.4 | ) | — | (71.9 | )% | * | ||||||||||||||||||||||||||||||||
Other non-operating income (deductions), net | (1.5 | ) | (6.2 | ) | 0.8 | (75.8 | )% | * | 5.6 | (5.3 | ) | (8.2 | ) | * | (35.4 | )% | ||||||||||||||||||||||||
Total non-operating deductions, net | (51.8 | ) | (53.5 | ) | (53.6 | ) | (3.2 | )% | (0.2 | )% | (33.4 | ) | (49.9 | ) | (51.4 | ) | (33.1 | )% | (2.9 | )% | ||||||||||||||||||||
Income from operations before tax and equity in earnings | 204.1 | 190.9 | 170.3 | 6.9 | % | 12.1 | % | 202.3 | 138.0 | 157.3 | 46.6 | % | (12.3 | )% | ||||||||||||||||||||||||||
Provision (benefit) for taxes on income | 34.4 | (6.6 | ) | 35.3 | * | (118.7 | )% | |||||||||||||||||||||||||||||||||
Provision for taxes on income | 36.6 | 24.4 | 22.8 | 50.0 | % | 7.0 | % | |||||||||||||||||||||||||||||||||
Effective tax rate | 16.9 | % | (3.5 | )% | 20.7 | % | 18.1 | % | 17.7 | % | 14.5 | % | ||||||||||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 3.5 | 1.5 | 2.1 | 133.3 | % | (28.6 | )% | 2.8 | 2.2 | 1.9 | 27.3 | % | 15.8 | % | ||||||||||||||||||||||||||
Income from operations, net of tax | 173.2 | 199.0 | 137.1 | (13.0 | )% | 45.1 | % | |||||||||||||||||||||||||||||||||
Consolidated net income | 168.5 | 115.8 | 136.4 | 45.5 | % | (15.1 | )% | |||||||||||||||||||||||||||||||||
Less: Net income attributable to non-controlling interests | 4.2 | 3.9 | 3.7 | 7.7 | % | 5.4 | % | 4.1 | 3.4 | 3.7 | 20.6 | % | (8.1 | )% | ||||||||||||||||||||||||||
Net income attributable to Minerals Technologies Inc. (MTI) | $ | 169.0 | $ | 195.1 | $ | 133.4 | (13.4 | )% | 46.3 | % | $ | 164.4 | $ | 112.4 | $ | 132.7 | 46.3 | % | (15.3 | )% |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2018 vs. 2017 | 2017 vs. 2016 | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
U.S. | $ | 961.6 | $ | 939.3 | $ | 936.2 | 2.4 | % | 0.3 | % | $ | 959.6 | $ | 822.5 | $ | 962.4 | 16.7 | % | (14.5 | )% | ||||||||||||||||||||
International | 846.0 | 736.4 | 701.8 | 14.9 | % | 4.9 | % | 898.7 | 772.3 | 828.6 | 16.4 | % | (6.8 | )% | ||||||||||||||||||||||||||
Total sales | $ | 1,807.6 | $ | 1,675.7 | $ | 1,638.0 | 7.9 | % | 2.3 | % | $ | 1,858.3 | $ | 1,594.8 | $ | 1,791.0 | 16.5 | % | (11.0 | )% | ||||||||||||||||||||
Performance Materials Segment | $ | 828.1 | $ | 734.8 | $ | 686.1 | 12.7 | % | 7.1 | % | $ | 976.0 | $ | 825.8 | $ | 918.5 | 18.2 | % | (10.1 | )% | ||||||||||||||||||||
Specialty Minerals Segment | 589.3 | 584.8 | 591.5 | 0.8 | % | (1.1 | )% | 578.9 | 510.9 | 574.4 | 13.3 | % | (11.1 | )% | ||||||||||||||||||||||||||
Refractories Segment | 311.9 | 279.4 | 274.5 | 11.6 | % | 1.8 | % | 303.4 | 258.1 | 298.1 | 17.6 | % | (13.4 | )% | ||||||||||||||||||||||||||
Energy Services Segment | 78.3 | 76.7 | 85.9 | 2.1 | % | (10.7 | )% | |||||||||||||||||||||||||||||||||
Total sales | $ | 1,807.6 | $ | 1,675.7 | $ | 1,638.0 | 7.9 | % | 2.3 | % | $ | 1,858.3 | $ | 1,594.8 | $ | 1,791.0 | 16.5 | % | (11.0 | )% |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2018 vs. 2017 | 2017 vs. 2016 | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
Net Sales | �� | |||||||||||||||||||||||||||||||||||||||
Household, Personal Care & Specialty Products | $ | 460.5 | $ | 380.2 | $ | 376.6 | $ | 80.3 | $ | 3.6 | ||||||||||||||||||||||||||||||
Metalcasting | $ | 328.9 | $ | 294.3 | $ | 258.0 | $ | 34.6 | $ | 36.3 | 319.2 | 258.1 | 291.2 | 61.1 | (33.1 | ) | ||||||||||||||||||||||||
Household, Personal Care & Specialty Products | 248.8 | 169.6 | 171.2 | 79.2 | (1.6 | ) | ||||||||||||||||||||||||||||||||||
Environmental Products | 80.3 | 67.7 | 78.9 | 12.6 | (11.2 | ) | 136.3 | 131.6 | 181.8 | 4.7 | (50.2 | ) | ||||||||||||||||||||||||||||
Building Materials | 70.4 | 78.2 | 74.1 | (7.8 | ) | 4.1 | 60.0 | 55.9 | 68.9 | 4.1 | (13.0 | ) | ||||||||||||||||||||||||||||
Basic Minerals | 99.7 | 125.0 | 103.9 | (25.3 | ) | 21.1 | ||||||||||||||||||||||||||||||||||
Total net sales | $ | 828.1 | $ | 734.8 | $ | 686.1 | $ | 93.3 | $ | 48.7 | $ | 976.0 | $ | 825.8 | $ | 918.5 | $ | 150.2 | $ | (92.7 | ) | |||||||||||||||||||
Income from operations | $ | 116.8 | $ | 119.7 | $ | 121.1 | $ | (2.9 | ) | $ | (1.4 | ) | $ | 125.0 | $ | 108.8 | $ | 104.9 | $ | 16.2 | $ | 3.9 | ||||||||||||||||||
% of net sales | 14.1 | % | 16.3 | % | 17.7 | % | 12.8 | % | 13.2 | % | 11.4 | % |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2018 vs. 2017 | 2017 vs. 2016 | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
Net Sales | ||||||||||||||||||||||||||||||||||||||||
Paper PCC | $ | 378.5 | $ | 377.7 | $ | 387.9 | $ | 0.8 | $ | (10.2 | ) | $ | 349.7 | $ | 308.4 | $ | 364.9 | $ | 41.3 | $ | (56.5 | ) | ||||||||||||||||||
Specialty PCC | 66.9 | 66.0 | 64.3 | 0.9 | 1.7 | 77.1 | 69.3 | 69.1 | 7.8 | 0.2 | ||||||||||||||||||||||||||||||
PCC Products | $ | 445.4 | $ | 443.7 | $ | 452.2 | $ | 1.7 | $ | (8.5 | ) | $ | 426.8 | $ | 377.7 | $ | 434.0 | $ | 49.1 | $ | (56.3 | ) | ||||||||||||||||||
Ground Calcium Carbonate | $ | 91.0 | $ | 87.3 | $ | 83.6 | $ | 3.7 | $ | 3.7 | $ | 98.1 | $ | 89.3 | $ | 91.3 | $ | 8.8 | $ | (2.0 | ) | |||||||||||||||||||
Talc | 52.9 | 53.8 | 55.7 | (0.9 | ) | (1.9 | ) | 54.0 | 43.9 | 49.1 | 10.1 | (5.2 | ) | |||||||||||||||||||||||||||
Processed Minerals Products | $ | 143.9 | $ | 141.1 | $ | 139.3 | $ | 2.8 | $ | 1.8 | $ | 152.1 | $ | 133.2 | $ | 140.4 | $ | 18.9 | $ | (7.2 | ) | |||||||||||||||||||
Total net sales | $ | 589.3 | $ | 584.8 | $ | 591.5 | $ | 4.5 | $ | (6.7 | ) | $ | 578.9 | $ | 510.9 | $ | 574.4 | $ | 68.0 | $ | (63.5 | ) | ||||||||||||||||||
Income from operations | $ | 95.4 | $ | 88.9 | $ | 102.7 | $ | 6.5 | $ | (13.8 | ) | $ | 72.9 | $ | 67.8 | $ | 83.1 | $ | 5.1 | $ | (15.3 | ) | ||||||||||||||||||
% of net sales | 16.2 | % | 15.2 | % | 17.4 | % | 12.6 | % | 13.3 | % | 14.5 | % |
Year Ended December 31, | ||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2018 vs. 2017 | 2017 vs. 2016 | |||||||||||||||
Net Sales | ||||||||||||||||||||
Refractory Products | $ | 261.1 | $ | 226.9 | $ | 219.0 | $ | 34.2 | $ | 7.9 | ||||||||||
Metallurgical Products | 50.8 | 52.5 | 55.5 | (1.7 | ) | (3.0 | ) | |||||||||||||
Total net sales | $ | 311.9 | $ | 279.4 | $ | 274.5 | $ | 32.5 | $ | 4.9 | ||||||||||
Income from operations | $ | 45.4 | $ | 39.8 | $ | 37.0 | $ | 5.6 | $ | 2.8 | ||||||||||
% of net sales | 14.6 | % | 14.2 | % | 13.5 | % |
Year Ended December 31, | ||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2018 vs. 2017 | 2017 vs. 2016 | |||||||||||||||
Net Sales | $ | 78.3 | $ | 76.7 | $ | 85.9 | $ | 1.6 | $ | (9.2 | ) | |||||||||
Income (Loss) from operations | $ | 4.5 | $ | 6.1 | $ | (25.9 | ) | $ | (1.6 | ) | $ | 32.0 | ||||||||
% of net sales | 5.7 | % | 8.0 | % | * |
Year Ended December 31, | ||||||||||||||||||||
(millions of dollars) | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | |||||||||||||||
Net Sales | ||||||||||||||||||||
Refractory Products | $ | 237.1 | $ | 212.3 | $ | 244.8 | $ | 24.8 | $ | (32.5 | ) | |||||||||
Metallurgical Products | 66.3 | 45.8 | 53.3 | 20.5 | (7.5 | ) | ||||||||||||||
Total net sales | $ | 303.4 | $ | 258.1 | $ | 298.1 | $ | 45.3 | $ | (40.0 | ) | |||||||||
Income from operations | $ | 49.3 | $ | 35.5 | $ | 39.8 | $ | 13.8 | $ | (4.3 | ) | |||||||||
% of net sales | 16.2 | % | 13.8 | % | 13.4 | % |
Payments Due by Period | ||||||||||||||||||||
(millions of dollars) | Total | 2019 | 2020 – 2021 | 2022 – 2023 | After 2023 | |||||||||||||||
Long-term debt | $ | 930.9 | $ | 3.3 | $ | 269.4 | $ | 0.2 | $ | 658.0 | ||||||||||
Interest related to long term debt | 200.6 | 45.6 | 83.7 | 65.8 | 5.5 | |||||||||||||||
Estimated pension and post retirement plan funding | 20.0 | 10.0 | 10.0 | — | — | |||||||||||||||
Operating lease obligations | 79.8 | 17.3 | 22.5 | 15.2 | 24.8 | |||||||||||||||
Repatriation tax liability | 16.4 | — | — | — | 16.4 | |||||||||||||||
Other long term liabilities | 23.4 | 0.4 | — | — | 23.0 | |||||||||||||||
Total contractual obligations | $ | 1,271.1 | $ | 76.6 | $ | 385.6 | $ | 81.2 | $ | 727.7 |
● | Significant under-performance relative to historical or projected future operating results; |
● | Significant changes in the manner of use of the acquired assets or the strategy for the overall business; |
● | Significant negative industry or economic trends; |
● | Market capitalization below invested capital. |
(millions of dollars) | Discount Rate | Salary Scale | Return on Asset | |||||||||
1% increase | $ | (3.8 | ) | $ | 0.8 | $ | (2.0 | ) | ||||
1% decrease | $ | 6.6 | $ | (0.7 | ) | $ | 2.7 |
(millions of dollars) | Discount Rate | Salary Scale | ||||||
1% increase | $ | (31.4 | ) | $ | 4.0 | |||
1% decrease | $ | 54.0 | $ | (3.5 | ) |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options | Weighted Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance | Number of Securities to be Issued Upon Exercise of Outstanding Options | Weighted Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance | ||||||||||||||||||
Equity compensation plans approved by security holders | 1,054,259 | $ | 54.04 | 866,023 | 1,330,002 | $ | 59.91 | 1,268,770 | ||||||||||||||||
Total | 1,054,259 | $ | 54.04 | 866,023 | 1,330,002 | $ | 59.91 | 1,268,770 |
(a) | The following documents are filed as part of this report: |
1. | Financial Statements. The following Consolidated Financial Statements of Mineral Technologies Inc. and subsidiary companies and Reports of Independent Registered Public Accounting Firm are set forth on pages F-2 to F-38. |
2. | Financial Statement Schedule. The following financial statement schedule is filed as part of this report: |
3. | Exhibits. The following exhibits are filed as part of, or incorporated by reference into, this report. |
Exhibit No. | Exhibit Title | |
Restated Certificate of Incorporation of the Company (Incorporated by reference to exhibit 3.1 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2003) | ||
By-Laws of the Company as amended and restated effective March 13, 2018 (Incorporated by reference to exhibit 3.1 filed with the Company's Current Report on Form 8-K (file no. 001-11430) filed on March 19, 2018) | ||
Specimen Certificate of Common Stock (Incorporated by reference to exhibit 4.1 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2003) | ||
Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (Incorporated by reference to exhibit 4.2 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2019) | ||
Indenture, dated as of June 30, 2020, by and among Minerals Technologies Inc., the subsidiary guarantors from time to time party thereto and The Bank of New York Mellon Trust Company, N.A., as a trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K (file no. 001-11430) filed on June 30, 2020.) | ||
10.1 | Asset Purchase Agreement, dated as of September 28, 1992, by and between Specialty Refractories Inc. and Quigley Company Inc. (Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-51292), originally filed on August 25, 1992) | |
10.1(a) | Agreement dated October 22, 1992 between Specialty Refractories Inc. and Quigley Company Inc., amending Exhibit 10.1 (Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-59510), originally filed on March 15, 1993) | |
10.1(b) | Letter Agreement dated October 29, 1992 between Specialty Refractories Inc. and Quigley Company Inc., amending Exhibit 10.1 (Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-59510), originally filed on March 15, 1993) | |
10.2 | Reorganization Agreement, dated as of September 28, 1992, by and between the Company and Pfizer Inc. (Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-51292), originally filed on August 25, 1992) | |
10.3 | Asset Contribution Agreement, dated as of September 28, 1992, by and between Pfizer Inc. and Specialty Minerals Inc. (Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-51292), originally filed on August 25, 1992) | |
10.4 | Asset Contribution Agreement, dated as of September 28, 1992, by and between Pfizer Inc. and Barretts Minerals Inc. (Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-51292), originally filed on August 25, 1992) | |
10.4(a) | Agreement dated October 22, 1992 between Pfizer Inc, Barretts Minerals Inc. and Specialty Minerals Inc., amending Exhibits 10.3 and 10.4 (Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-59510), originally filed on March 15, 1993) |
Employment Agreement, dated December 13, 2016, between the Company and Douglas T. Dietrich (Incorporated by reference to exhibit 10.1 filed with the Company's Current Report on Form 8-K (file no. 001-11430) filed on December 16, 2016) (+) | ||
First Amendment to Employment Agreement, dated April 15, 2021, between the Company and Douglas T. Dietrich (Incorporated by reference to exhibit 10.1 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the quarter ended April 4, 2021) (+) | ||
Form of Employment Agreement between the Company and each of Brett Argirakis, Michael A. Cipolla, Erin N. Cutler, Matthew E. Garth, Jonathan J., Hastings, | ||
Severance Agreement between the Company and Douglas T. Dietrich (Incorporated by reference to the exhibit 10.2 filed with the Company’s Current Report on form 8-K (file no. 001-11430) filed on December 16, 2016) (+) | ||
First Amendment to Severance Agreement between the Company and Douglas T. Dietrich (Incorporated by reference to exhibit 10.2 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the quarter ended April 4, 2021) (+) | ||
Form of Severance Agreement between the Company and each of Brett Argirakis, Michael A. Cipolla, Erin N. Cutler, Matthew E. Garth, Jonathan J., Hastings, | ||
Form of Indemnification Agreement between the Company and each of Brett Argirakis, Michael A. Cipolla, Erin N. Cutler, Douglas T. Dietrich, Matthew E. Garth, Jonathan J. Hastings, | ||
Company Employee Protection Plan, as amended August 27, 1999 (Incorporated by reference to exhibit 10.7 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2004) (+) | ||
Company Nonfunded Deferred Compensation and Unit Award Plan for Non-Employee Directors, as amended and restated effective January 1, 2008 (Incorporated by reference to exhibit 10.8 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the quarter ended March 30, 2008) (+) | ||
First Amendment to the Company Nonfunded Deferred Compensation and Unit Award Plan for Non-Employee Directors, dated January 18, 2012 (Incorporated by reference to exhibit 10.11(a) filed with the Company’s Annual Report on Form 10-K (file no. 001-11430)for the year ended December 31, 2011) (+) | ||
2015 Stock Award and Incentive Plan of the Company, as amended and restated effective March 11, 2020 (Incorporated by reference to Appendix | ||
Company Supplemental Retirement Plan, amended and restated effective December 31, 2009 (Incorporated by reference to exhibit 10.13 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2009) (+) | ||
First Amendment to Company Supplemental Retirement Plan, as amended and restated, dated December 22, 2014 (Incorporated by reference to exhibit 10.14(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+) | ||
Second Amendment to Company Supplemental Retirement Plan, as amended and restated, dated December 20, 2019 (Incorporated by reference to exhibit 10.14(b) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2019) (+) | ||
Company Savings and Investment Plan, as amended and restated, dated December 21, 2012 (Incorporated by reference to exhibit 10.14 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2012) (+) | ||
Amendment to the Company Savings and Investment Plan, as amended and restated, dated December 5, 2013 (Incorporated by reference to exhibit 10.15(a) filed with the Company’s Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2013) (+) |
Amendment to the Company Savings and Investment Plan, as amended and restated, dated December 5, 2013 (Incorporated by reference to exhibit 10.15(b) filed with the Company’s Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2013) (+) | ||
Third Amendment to the Company Savings and Investment Plan, as amended and restated, dated December 22, 2014 (Incorporated by reference to exhibit 10.15(c) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+) | ||
Amendment to the Company Savings and Investment Plan, as amended and restated, dated December 31, 2015 (Incorporated by reference to exhibit 10.15(d) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2015)(+) | ||
Amendment to the Company Savings and Investment Plan, as amended and restated, dated July 16, 2020 (Incorporated by reference to exhibit 10.1 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the quarter ended June 28, 2020)(+) | ||
Amendment to the Company Savings and Investment Plan, as amended and restated, dated December 21, 2020 (Incorporated by reference to exhibit 10.15(f) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2020) (+) | ||
Company Supplemental Savings Plan, amended and restated effective December 31, 2009 (Incorporated by reference to exhibit 10.15 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2009) (+) | ||
Amendment to the Company Supplemental Savings Plan, dated December 28, 2011 (Incorporated by reference to exhibit 10.16(a) filed with the Company’s Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2011)(+) | ||
First Amendment to the Company Supplemental Savings Plan, dated December 22, 2014 (Incorporated by reference to exhibit 10.16(b) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+) | ||
Second Amendment to the Company Supplemental Savings Plan, dated December 22, 2014 (Incorporated by reference to exhibit 10.16(c) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+) | ||
Third Amendment to the Company Supplemental Savings Plan, dated December 16, 2016 (Incorporated by reference to exhibit 10.16(d) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2016)(+) | ||
Fourth Amendment to the Company Supplemental Savings Plan, dated December 20, 2019 (Incorporated by reference to exhibit 10.16(e) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2019) (+) | ||
Company Health and Welfare Plan, effective as of April 1, 2003 and amended and restated as of January 1, 2006 (Incorporated by reference to exhibit 10.14 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2006)(+) | ||
Amendment to the Company Health and Welfare Plan, dated May 19, 2009 (Incorporated by reference to exhibit 10.16(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2009) (+) | ||
First Amendment to Company Health and Welfare Plan, dated December 22, 2014 (Incorporated by reference to exhibit 10.17(b) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+) | ||
Company Retiree Medical Plan, effective as of January 1, 2011 (Incorporated by reference to exhibit 10.17 filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2010)(+) |
First Amendment to Company Retiree Medical Plan, dated December 22, 2014 (Incorporated by reference to exhibit 10.18(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+) | ||
Second Amendment to Company Retiree Medical Plan, dated November 10, 2021 (*)(+) | ||
Amended and Restated Grantor Trust Agreement, dated as of April 1, 2010, by and between the Company and the Wilmington Trust Company (Incorporated by reference to exhibit 10.1 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the period ended April 4, 2010)(+) | ||
Agreement and Amendment No. 1, dated October 1, 2017, to the Amended and Restated Grantor Trust Agreement, dated as of April 1, 2010, by and between the Company and the Wilmington Trust Company (Incorporated by reference to exhibit 10.19(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2017)(+) | ||
AMCOL International Corporation Nonqualified Deferred Compensation Plan, as amended (Incorporated by reference to exhibit 10.1 filed with the Annual Report on Form 10-K for the year ended December 31, 2008 of AMCOL International Corporation (file no. 0-15661))(+) | ||
First Amendment to AMCOL International Corporation Nonqualified Deferred Compensation Plan, as amended, dated December 22, 2014 (Incorporated by reference to exhibit 10.20(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+) | ||
Third Amendment to the AMCOL International Corporation Nonqualified Deferred Compensation Plan, as amended, dated August 21, 2015 (Incorporated by reference to exhibit 10.1 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the quarter ended September 27, 2015)(+) |
AMCOL International Corporation Amended and Restated Supplementary Pension Plan for Employees (Incorporated by reference to the exhibit 10.6 filed with the Annual Report on Form 10-K for the year ended December 31, 2008 of AMCOL International Corporation (file no. 0-15661)) (+) | ||
First Amendment to AMCOL International Corporation Amended and Restated Supplementary Pension Plan for Employees, dated December 22, 2014 (Incorporated by reference to exhibit 10.21(a) filed with the Company's Annual Report on Form 10-K (file no. 001-11430) for the year ended December 31, 2014)(+) | ||
Second Amendment to Amended and Restated Supplementary Pension Plan for Employees of AMCOL International Corporation, dated August 21, 2015 (Incorporated by reference to exhibit 10.2 filed with the Company's Quarterly Report on Form 10-Q (file no. 001-11430) for the quarter ended September 27, 2015)(+) | ||
Third Amendment, dated as of April 18, 2018, to the Credit Agreement, dated as of May 9, 2014, among Minerals Technologies Inc., the subsidiary borrowers party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, | ||
10.23 | Indenture, dated July 22, 1963, between the Cork Harbour Commissioners and Roofchrome Limited (Incorporated by reference to the exhibit so designated filed with the Company's Registration Statement on Form S-1 (Registration No. 33-51292), originally filed on August 25, 1992) | |
Subsidiaries of the Company (*) | ||
Consent of Independent Registered Public Accounting Firm (*) | ||
Power of Attorney (*) | ||
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 Certification (*) | ||
Information Concerning Mine Safety Violations (*) | ||
101.INS | Inline 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 | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
(*) | Filed herewith. |
(+) | Management contract or compensatory plan or arrangement required to be filed pursuant to Item 601 of Regulation S-K. |
By: | |||
Douglas T. Dietrich | |||
Chairman of the Board and Chief Executive Officer |
SIGNATURE | TITLE | DATE | |||
/s/ Douglas T. Dietrich | Chairman of the Board and Chief Executive Officer | February | |||
Douglas T. Dietrich | (Principal Executive Officer) | ||||
/s/ Matthew E. Garth | Senior Vice President – Finance and Treasury, | February | |||
Matthew E. Garth | Chief Financial Officer (Principal Financial Officer) | ||||
/s/ Michael A. Cipolla | Vice President – Controller and | February | |||
Michael A. Cipolla | Chief Accounting Officer (Principal Accounting Officer) | ||||
* | Director | February | |||
Joseph C. Breunig | |||||
* | Director | February | |||
John J. Carmola | |||||
* | Director | February | |||
Robert L. Clark | |||||
* | Director | February 18, 2022 | |||
Alison A. Deans | |||||
/s/ Douglas T. Dietrich | February | ||||
Douglas T. Dietrich | |||||
* | February | ||||
Duane R. Dunham | |||||
* | Director | February | |||
Franklin L. Feder | |||||
* | Director | February | |||
Carolyn K. Pittman | |||||
* | Director | February | |||
Marc E. Robinson | |||||
* | Director | February | |||
Donald C. Winter | |||||
* | By: /s/ Thomas J. Meek | ||||
Thomas J. Meek | |||||
Attorney-in-Fact |
Audited Financial Statements: | Page | |
Consolidated Statements of Income for the years ended December 31, | ||
Consolidated Statements of Comprehensive Income for the years ended December 31, | ||
Consolidated Statements of Cash Flows for the years ended December 31, | ||
Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, | ||
Reports of Independent Registered Public Accounting Firm (KPMG LLP, Dallas, TX, Audit Firm ID 185) | F-40 | |
F-44 | ||
December 31, | December 31, | |||||||||||||||
(millions of dollars, except share and per share amounts) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 208.8 | $ | 212.2 | $ | 299.5 | $ | 367.7 | ||||||||
Short-term investments, at cost which approximates market | 3.8 | 2.7 | 4.9 | 4.1 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts – $3.2 in 2018; $4.2 in 2017 | 387.3 | 383.0 | ||||||||||||||
Accounts receivable | 367.8 | 369.0 | ||||||||||||||
Inventories | 239.2 | 219.3 | 297.7 | 248.2 | ||||||||||||
Prepaid expenses | 32.0 | 30.1 | 41.2 | 35.4 | ||||||||||||
Other current assets | 5.2 | 4.9 | 17.4 | 9.2 | ||||||||||||
Total current assets | 876.3 | 852.2 | 1,028.5 | 1,033.6 | ||||||||||||
Property, plant and equipment, less accumulated depreciation and depletion | 1,102.9 | 1,061.3 | 1,049.1 | 1,039.6 | ||||||||||||
Goodwill | 812.4 | 779.3 | 907.5 | 808.5 | ||||||||||||
Intangible assets | 214.1 | 196.5 | 251.6 | 195.8 | ||||||||||||
Deferred income taxes | 26.3 | 25.6 | 23.0 | 25.3 | ||||||||||||
Other assets and deferred charges | 55.1 | 55.5 | 114.5 | 106.6 | ||||||||||||
Total assets | $ | 3,087.1 | $ | 2,970.4 | $ | 3,374.2 | $ | 3,209.4 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Short-term debt | $ | 105.2 | $ | 6.3 | $ | 80.0 | $ | 0 | ||||||||
Current maturities of long-term debt | 3.3 | 3.8 | 0.8 | 1.0 | ||||||||||||
Accounts payable | 169.1 | 179.0 | 196.1 | 148.3 | ||||||||||||
Income tax payable | 1.6 | 8.4 | 0 | 8.7 | ||||||||||||
Accrued compensation and related items | 48.1 | 55.4 | 57.9 | 60.3 | ||||||||||||
Other current liabilities | 54.6 | 57.1 | 85.0 | 77.5 | ||||||||||||
Total current liabilities | 381.9 | 310.0 | 419.8 | 295.8 | ||||||||||||
Long-term debt, net of unamortized discount and deferred financing costs | 907.8 | 959.8 | 936.2 | 933.2 | ||||||||||||
Deferred income taxes | 196.8 | 159.4 | 188.1 | 163.7 | ||||||||||||
Accrued pension and postretirement benefits | 124.2 | 155.0 | 114.3 | 179.0 | ||||||||||||
Other non-current liabilities | 91.1 | 107.1 | 136.3 | 139.0 | ||||||||||||
Total liabilities | 1,701.8 | 1,691.3 | 1,794.7 | 1,710.7 | ||||||||||||
Shareholders' equity: | ||||||||||||||||
Preferred stock, without par value; 1,000,000 shares authorized; none issued | — | — | ||||||||||||||
Common stock, par value at $0.10 per share; 100,000,000 shares authorized; Issued 48,793,918 shares in 2018 and 48,644,736 shares in 2017 | 4.9 | 4.9 | ||||||||||||||
Preferred stock, without par value; 1,000,000 shares authorized; NaN issued | 0 | 0 | ||||||||||||||
Common stock, par value at $0.10 per share; 100,000,000 shares authorized; Issued 49,347,347 shares in 2021 and 49,051,181 shares in 2020 | 4.9 | 4.9 | ||||||||||||||
Additional paid-in capital | 431.9 | 422.7 | 474.2 | 453.3 | ||||||||||||
Retained earnings | 1,769.1 | 1,607.2 | 2,168.9 | 2,011.3 | ||||||||||||
Accumulated other comprehensive loss | (233.7 | ) | (186.1 | ) | (333.6 | ) | (308.3 | ) | ||||||||
Less common stock held in treasury, at cost; 13,603,575 shares in 2018 and 13,270,391 shares in 2017 | (618.7 | ) | (597.0 | ) | ||||||||||||
Less common stock held in treasury, at cost; 16,170,154 shares in 2021 and 15,168,994 shares in 2020 | (775.1 | ) | (700.4 | ) | ||||||||||||
Total Minerals Technologies Inc. shareholders' equity | 1,353.5 | 1,251.7 | 1,539.3 | 1,460.8 | ||||||||||||
Non-controlling interests | 31.8 | 27.4 | 40.2 | 37.9 | ||||||||||||
Total shareholders' equity | 1,385.3 | 1,279.1 | 1,579.5 | 1,498.7 | ||||||||||||
Total liabilities and shareholders' equity | $ | 3,087.1 | $ | 2,970.4 | $ | 3,374.2 | $ | 3,209.4 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(millions of dollars, except per share data) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Product sales | $ | 1,729.3 | $ | 1,599.0 | $ | 1,552.1 | ||||||||||||||||||
Service revenue | 78.3 | 76.7 | 85.9 | |||||||||||||||||||||
Total net sales | 1,807.6 | 1,675.7 | 1,638.0 | |||||||||||||||||||||
Net sales | $ | 1,858.3 | $ | 1,594.8 | $ | 1,791.0 | ||||||||||||||||||
Cost of goods sold | 1,293.3 | 1,158.5 | 1,117.7 | 1,411.8 | 1,189.4 | 1,350.4 | ||||||||||||||||||
Cost of service revenue | 52.9 | 50.0 | 59.9 | |||||||||||||||||||||
Total cost of sales | 1,346.2 | 1,208.5 | 1,177.6 | |||||||||||||||||||||
Production margin | 461.4 | 467.2 | 460.4 | 446.5 | 405.4 | 440.6 | ||||||||||||||||||
Marketing and administrative expenses | 178.6 | 180.7 | 176.4 | 186.2 | 176.5 | 187.5 | ||||||||||||||||||
Research and development expenses | 22.7 | 23.7 | 23.8 | 19.5 | 19.9 | 20.3 | ||||||||||||||||||
Acquisition related transaction and integration costs | 1.7 | 3.4 | 8.0 | |||||||||||||||||||||
Acquisition-related expenses | 4.0 | 3.1 | 0 | |||||||||||||||||||||
Litigation expenses | 0 | 10.4 | 10.9 | |||||||||||||||||||||
Restructuring and other items, net | 2.5 | 15.0 | 28.3 | 1.1 | 7.6 | 13.2 | ||||||||||||||||||
Income from operations | 255.9 | 244.4 | 223.9 | 235.7 | 187.9 | 208.7 | ||||||||||||||||||
Interest expense, net | (45.9 | ) | (43.4 | ) | (54.4 | ) | (37.2 | ) | (38.2 | ) | (43.2 | ) | ||||||||||||
Debt modification costs and fees | — | (3.9 | ) | — | ||||||||||||||||||||
Non-cash pension settlement costs | (4.4 | ) | — | — | ||||||||||||||||||||
Non-cash pension settlement charge | (1.8 | ) | (6.4 | ) | 0 | |||||||||||||||||||
Other non-operating income (deductions), net | (1.5 | ) | (6.2 | ) | 0.8 | 5.6 | (5.3 | ) | (8.2 | ) | ||||||||||||||
Total non-operating deductions, net | (51.8 | ) | (53.5 | ) | (53.6 | ) | (33.4 | ) | (49.9 | ) | (51.4 | ) | ||||||||||||
Income from operations before tax and equity in earnings | 204.1 | 190.9 | 170.3 | 202.3 | 138.0 | 157.3 | ||||||||||||||||||
Provision (benefit) for taxes on income | 34.4 | (6.6 | ) | 35.3 | ||||||||||||||||||||
Provision for taxes on income | 36.6 | 24.4 | 22.8 | |||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 3.5 | 1.5 | 2.1 | 2.8 | 2.2 | 1.9 | ||||||||||||||||||
Consolidated net income | 173.2 | 199.0 | 137.1 | 168.5 | 115.8 | 136.4 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Net income attributable to non-controlling interests | 4.2 | 3.9 | 3.7 | 4.1 | 3.4 | 3.7 | ||||||||||||||||||
Net income attributable to Minerals Technologies Inc. | $ | 169.0 | $ | 195.1 | $ | 133.4 | ||||||||||||||||||
Net income attributable to Minerals Technologies Inc. (MTI) | $ | 164.4 | $ | 112.4 | $ | 132.7 | ||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||
Basic: | ||||||||||||||||||||||||
Income from operations attributable to Minerals Technologies Inc. | $ | 4.79 | $ | 5.54 | $ | 3.82 | ||||||||||||||||||
Income from operations attributable to MTI | $ | 4.89 | $ | 3.29 | $ | 3.79 | ||||||||||||||||||
Diluted: | ||||||||||||||||||||||||
Income from operations attributable to Minerals Technologies Inc. | $ | 4.75 | $ | 5.48 | $ | 3.79 | ||||||||||||||||||
Income from operations attributable to MTI | $ | 4.86 | $ | 3.29 | $ | 3.78 | ||||||||||||||||||
Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||||||||
Shares used in computation of earnings per share: | ||||||||||||||||||||||||
Basic | 35.3 | 35.2 | 34.9 | 33.6 | 34.2 | 35.0 | ||||||||||||||||||
Diluted | 35.6 | 35.6 | 35.2 | 33.8 | 34.2 | 35.1 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Consolidated net income | $ | 173.2 | $ | 199.0 | $ | 137.1 | $ | 168.5 | $ | 115.8 | $ | 136.4 | ||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Foreign currency translation adjustments | (67.9 | ) | 44.7 | (40.2 | ) | (78.9 | ) | 10.9 | (29.9 | ) | ||||||||||||||
Pension and postretirement plan adjustments | 16.9 | (8.5 | ) | (3.2 | ) | 45.2 | (18.7 | ) | (16.1 | ) | ||||||||||||||
Unrealized gains on cash flow hedges | 1.6 | 0.3 | 1.6 | |||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | 8.4 | (8.5 | ) | 0.2 | ||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (49.4 | ) | 36.5 | (41.8 | ) | (25.3 | ) | (16.3 | ) | (45.8 | ) | |||||||||||||
Total comprehensive income including non-controlling interests | 123.8 | 235.5 | 95.3 | 143.2 | 99.5 | 90.6 | ||||||||||||||||||
Less: Net income attributable to non-controlling interests | 4.2 | 3.9 | 3.7 | 4.1 | 3.4 | 3.7 | ||||||||||||||||||
Less: Foreign currency translation adjustments attributable to non-controlling interests | (1.8 | ) | 1.5 | (1.6 | ) | (0.1 | ) | 1.7 | 0 | |||||||||||||||
Comprehensive income attributable to non-controlling interests | 2.4 | 5.4 | 2.1 | 4.0 | 5.1 | 3.7 | ||||||||||||||||||
Comprehensive income attributable to Minerals Technologies Inc. | $ | 121.4 | $ | 230.1 | $ | 93.2 | $ | 139.2 | $ | 94.4 | $ | 86.9 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Operating Activities: | ||||||||||||||||||||||||
Consolidated net income | $ | 173.2 | $ | 199.0 | $ | 137.1 | $ | 168.5 | $ | 115.8 | $ | 136.4 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation, depletion and amortization | 94.3 | 91.0 | 91.9 | 94.6 | 93.9 | 98.4 | ||||||||||||||||||
Loss on disposal of property, plant and equipment | 2.8 | 1.8 | 1.9 | 0.4 | 0.2 | 1.9 | ||||||||||||||||||
Deferred income taxes | 15.4 | (76.1 | ) | (10.9 | ) | 2.1 | (2.7 | ) | (1.4 | ) | ||||||||||||||
Pension amortization and settlement loss | 13.4 | 7.4 | 7.9 | 13.1 | 13.1 | 9.2 | ||||||||||||||||||
Provision for bad debts | 3.2 | 3.8 | 6.2 | 0.9 | 2.6 | 6.3 | ||||||||||||||||||
Stock-based compensation | 6.2 | 8.1 | 6.3 | 10.7 | 10.2 | 8.1 | ||||||||||||||||||
Asset impairment charge | 0.7 | 5.3 | 18.5 | |||||||||||||||||||||
Non-cash debt modification costs | — | 1.8 | — | |||||||||||||||||||||
Asset write-downs | 0.7 | 7.1 | 7.5 | |||||||||||||||||||||
Reduction of right of use asset | 12.3 | 12.3 | 12.7 | |||||||||||||||||||||
Other non-cash items | (3.5 | ) | (1.7 | ) | (3.1 | ) | (2.8 | ) | (2.2 | ) | (1.9 | ) | ||||||||||||
Changes in operating assets and liabilities | ||||||||||||||||||||||||
Accounts receivable | (3.0 | ) | (27.3 | ) | (4.9 | ) | (7.2 | ) | 13.7 | 9.9 | ||||||||||||||
Inventories | (14.7 | ) | (25.2 | ) | 3.1 | (58.2 | ) | 8.3 | (16.0 | ) | ||||||||||||||
Pension plan funding | (24.2 | ) | (10.8 | ) | (10.5 | ) | (11.1 | ) | (12.2 | ) | (7.7 | ) | ||||||||||||
Accounts payable | (11.2 | ) | 28.0 | (4.8 | ) | 43.0 | (16.7 | ) | (5.1 | ) | ||||||||||||||
Restructuring liabilities | (4.9 | ) | 4.5 | (4.3 | ) | (1.4 | ) | (1.2 | ) | 2.4 | ||||||||||||||
Income taxes payable | (7.4 | ) | (12.6 | ) | 5.4 | (6.0 | ) | 3.9 | 2.5 | |||||||||||||||
Prepaid expenses and other | (36.7 | ) | 10.6 | (14.7 | ) | (27.2 | ) | (5.5 | ) | (24.9 | ) | |||||||||||||
Net cash provided by operating activities | 203.6 | 207.6 | 225.1 | 232.4 | 240.6 | 238.3 | ||||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||
Purchases of property, plant and equipment | (75.9 | ) | (76.7 | ) | (62.4 | ) | (86.0 | ) | (66.8 | ) | (65.0 | ) | ||||||||||||
Acquisition of business, net of cash acquired | (122.5 | ) | — | — | ||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | (194.4 | ) | (9.2 | ) | 0 | |||||||||||||||||||
Proceeds from sale of assets | 0.9 | 1.4 | 1.4 | 0.7 | 0.7 | 0 | ||||||||||||||||||
Purchases of short-term investments | (7.7 | ) | (4.5 | ) | (6.7 | ) | (9.4 | ) | (8.7 | ) | (5.5 | ) | ||||||||||||
Proceeds from sale of short-term investments | 6.1 | 3.8 | 8.0 | 8.3 | 5.3 | 7.7 | ||||||||||||||||||
Other investing activities | (0.9 | ) | (1.5 | ) | (1.9 | ) | 2.2 | 0 | 0.8 | |||||||||||||||
Net cash used in investing activities | (200.0 | ) | (77.5 | ) | (61.6 | ) | (278.6 | ) | (78.7 | ) | (62.0 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||||||
Long-term debt issuance | 0 | 400.0 | 0 | |||||||||||||||||||||
Debt issuance costs | (1.5 | ) | — | — | 0 | (6.4 | ) | 0 | ||||||||||||||||
Proceeds from issuance of long-term debt | — | — | 7.2 | |||||||||||||||||||||
Repayment of long-term debt | (66.3 | ) | (118.9 | ) | (193.2 | ) | (1.2 | ) | (290.1 | ) | (88.2 | ) | ||||||||||||
Proceeds from issuance of short-term debt | 113.0 | — | — | 100.5 | 0 | 0 | ||||||||||||||||||
Repayment of short-term debt | (14.0 | ) | (0.2 | ) | (0.1 | ) | (20.5 | ) | (101.2 | ) | (4.0 | ) | ||||||||||||
Purchase of common shares for treasury | (21.7 | ) | (0.7 | ) | (2.6 | ) | ||||||||||||||||||
Purchase of common stock for treasury | (74.7 | ) | (40.7 | ) | (41.0 | ) | ||||||||||||||||||
Proceeds from issuance of stock under option plan | 3.0 | 14.6 | 5.5 | 12.8 | 3.2 | 2.2 | ||||||||||||||||||
Excess tax benefits related to stock incentive programs | (3.1 | ) | (3.6 | ) | 0.3 | |||||||||||||||||||
Tax withholding payments for stock-based compensation | (2.7 | ) | (2.0 | ) | (1.7 | ) | ||||||||||||||||||
Dividends paid to non-controlling interests | (1.8 | ) | (2.4 | ) | (4.9 | ) | (1.8 | ) | (0.7 | ) | (4.2 | ) | ||||||||||||
Capital contribution by non-controlling interests | 3.7 | — | — | |||||||||||||||||||||
Capital contribution from non-controlling interests | 0 | 1.7 | 0.6 | |||||||||||||||||||||
Cash dividends paid | (7.1 | ) | (7.0 | ) | (7.0 | ) | (6.8 | ) | (6.8 | ) | (7.0 | ) | ||||||||||||
Net cash used in financing activities | 4.2 | (118.2 | ) | (194.8 | ) | |||||||||||||||||||
Net cash provided by (used in) financing activities | 5.6 | (43.0 | ) | (143.3 | ) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (11.2 | ) | 11.8 | (9.6 | ) | (27.6 | ) | 7.2 | (0.2 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (3.4 | ) | 23.7 | (40.9 | ) | (68.2 | ) | 126.1 | 32.8 | |||||||||||||||
Cash and cash equivalents at beginning of period | 212.2 | 188.5 | 229.4 | 367.7 | 241.6 | 208.8 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 208.8 | $ | 212.2 | $ | 188.5 | $ | 299.5 | $ | 367.7 | $ | 241.6 | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||
Non-cash financing activities | ||||||||||||||||||||||||
Treasury stock purchases settled after period end | $ | 0.3 | $ | — | $ | — | $ | 0.5 | $ | 1.8 | $ | 1.1 |
Equity Attributable to MTI | Equity Attributable to MTI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-controlling Interests | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-controlling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2015 | $ | 4.8 | $ | 387.6 | $ | 1,292.7 | $ | (180.9 | ) | $ | (593.7 | ) | $ | 27.2 | $ | 937.7 | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 4.9 | $ | 431.9 | $ | 1,769.1 | $ | (233.7 | ) | $ | (618.7 | ) | $ | 31.8 | $ | 1,385.3 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 133.4 | — | — | 3.7 | 137.1 | 0 | 0 | 132.7 | 0 | 0 | 3.7 | 136.4 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | (40.2 | ) | — | (1.6 | ) | (41.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | (45.8 | ) | 0 | 0 | (45.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | (7.0 | ) | — | — | — | (7.0 | ) | 0 | 0 | (7.0 | ) | 0 | 0 | 0 | (7.0 | ) | ||||||||||||||||||||||||||||||||||||||
Dividends to non-controlling interests | — | — | — | — | — | (4.9 | ) | (4.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans | — | 5.5 | — | — | — | — | 5.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit arising from employee stock compensation plans | — | 0.6 | — | — | — | — | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock for treasury | — | — | — | — | (2.6 | ) | — | (2.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 6.3 | — | — | — | — | 6.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 4.8 | $ | 400.0 | $ | 1,419.1 | $ | (221.1 | ) | $ | (596.3 | ) | $ | 24.4 | $ | 1,030.9 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 195.1 | — | — | 3.9 | 199.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 35.0 | — | 1.5 | 36.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | (7.0 | ) | — | — | — | (7.0 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends to non-controlling interests | — | — | — | — | — | (2.4 | ) | (2.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans | 0.1 | 14.6 | — | — | — | — | 14.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock for treasury | — | — | — | — | (0.7 | ) | — | (0.7 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 8.1 | — | — | — | — | 8.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | $ | 4.9 | $ | 422.7 | $ | 1,607.2 | $ | (186.1 | ) | $ | (597.0 | ) | $ | 27.4 | $ | 1,279.1 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 169.0 | — | — | 4.2 | 173.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | (47.6 | ) | — | (1.8 | ) | (49.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | (7.1 | ) | — | — | — | (7.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends to non-controlling interests | — | — | — | — | — | (1.8 | ) | (1.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of non-controlling interests | — | — | — | — | — | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (4.2 | ) | (4.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of non-controlling interest | 0 | 0 | 10.9 | (10.9 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution from non-controlling interests | — | — | — | — | — | 3.7 | 3.7 | 0 | 0 | 0 | 0 | 0 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans | — | 3.0 | — | — | — | — | 3.0 | 0 | 2.2 | 0 | 0 | 0 | 0 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock for treasury | — | — | — | — | (21.7 | ) | — | (21.7 | ) | 0 | 0 | 0 | 0 | (41.0 | ) | 0 | (41.0 | ) | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 6.2 | — | — | — | — | 6.2 | 0 | 8.1 | 0 | 0 | 0 | 0 | 8.1 | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 4.9 | $ | 431.9 | $ | 1,769.1 | $ | (233.7 | ) | $ | (618.7 | ) | $ | 31.8 | $ | 1,385.3 | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 4.9 | $ | 442.2 | $ | 1,905.7 | $ | (290.4 | ) | $ | (659.7 | ) | $ | 31.9 | $ | 1,434.6 | ||||||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 112.4 | 0 | 0 | 3.4 | 115.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | (17.9 | ) | 0 | 1.6 | (16.3 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | 0 | 0 | (6.8 | ) | 0 | 0 | 0 | (6.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (0.7 | ) | (0.7 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution from non-controlling interests | 0 | 0 | 0 | 0 | 0 | 1.7 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans | 0 | 3.2 | 0 | 0 | 0 | 0 | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (40.7 | ) | 0 | (40.7 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 0 | 10.2 | 0 | 0 | 0 | 0 | 10.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of RSU's for tax withholding | 0 | (2.3 | ) | 0 | 0 | 0 | 0 | (2.3 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 4.9 | $ | 453.3 | $ | 2,011.3 | $ | (308.3 | ) | $ | (700.4 | ) | $ | 37.9 | $ | 1,498.7 | ||||||||||||||||||||||||||||||||||||||||
Net income | 0 | 0 | 164.4 | 0 | 0 | 4.1 | 168.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | (25.3 | ) | 0 | 0 | (25.3 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | 0 | 0 | (6.8 | ) | 0 | 0 | 0 | (6.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (1.8 | ) | (1.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans | 0 | 12.8 | 0 | 0 | 0 | 0 | 12.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (74.7 | ) | 0 | (74.7 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 0 | 10.7 | 0 | 0 | 0 | 0 | 10.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of RSU's for tax withholding | 0 | (2.6 | ) | 0 | 0 | 0 | 0 | (2.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | 4.9 | $ | 474.2 | $ | 2,168.9 | $ | (333.6 | ) | $ | (775.1 | ) | $ | 40.2 | $ | 1,579.5 |
December 31, | ||||||||||||
(millions of dollars) | 2021 | 2020 | 2019 | |||||||||
Operating lease cost | $ | 15.2 | $ | 15.2 | $ | 15.5 | ||||||
Short-term lease cost | 0.1 | 0.1 | 1.1 | |||||||||
Total | $ | 15.3 | $ | 15.3 | $ | 16.6 |
(millions of dollars) | December 31, 2021 | |||
Operating cash flows information: | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 16.0 | ||
Non-cash activity: | ||||
Right-of-use assets obtained in the exchange for operating lease liabilities | $ | 11.5 |
Weighted-average remaining operating lease term (in years) | 7.22 | |||
Weighted-average operating leases discount rate | 5.0 | % |
December 31, | |||||||||
(millions of dollars) | Balance Sheet Classification | 2021 | 2020 | ||||||
Right-of-use-asset | Other assets and deferred charges | $ | 49.6 | $ | 50.9 | ||||
Lease liability - current | Other current liabilities | 11.7 | 11.7 | ||||||
Lease liability - non-current | Other non-current liabilities | 47.2 | 49.2 |
(millions of dollars) | December 31, 2021 | |||
2022 | $ | 14.3 | ||
2023 | 12.1 | |||
2024 | 9.5 | |||
2025 | 8.0 | |||
2026 | 7.4 | |||
Thereafter | 19.3 | |||
Total future minimum lease payments | 70.6 | |||
Less imputed interest | (11.7 | ) | ||
Total | $ | 58.9 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
Household, Personal Care & Specialty Products | $ | 460.5 | $ | 380.2 | $ | 376.6 | ||||||||||||||||||
Metalcasting | $ | 328.9 | $ | 294.3 | $ | 258.0 | 319.2 | 258.1 | 291.2 | |||||||||||||||
Household, Personal Care and Specialty Products | 248.8 | 169.6 | 171.2 | |||||||||||||||||||||
Environmental Products | 80.3 | 67.7 | 78.9 | 136.3 | 131.6 | 181.8 | ||||||||||||||||||
Building Materials | 70.4 | 78.2 | 74.1 | 60.0 | 55.9 | 68.9 | ||||||||||||||||||
Basic Minerals | 99.7 | 125.0 | 103.9 | |||||||||||||||||||||
Performance Materials | 828.1 | 734.8 | 686.1 | 976.0 | 825.8 | 918.5 | ||||||||||||||||||
Paper PCC | 378.5 | 377.7 | 387.9 | 349.7 | 308.4 | 364.9 | ||||||||||||||||||
Specialty PCC | 66.9 | 66.0 | 64.3 | 77.1 | 69.3 | 69.1 | ||||||||||||||||||
Ground Calcium Carbonate | 91.0 | 87.3 | 83.6 | 98.1 | 89.3 | 91.3 | ||||||||||||||||||
Talc | 52.9 | 53.8 | 55.7 | 54.0 | 43.9 | 49.1 | ||||||||||||||||||
Specialty Minerals | 589.3 | 584.8 | 591.5 | 578.9 | 510.9 | 574.4 | ||||||||||||||||||
Refractory Products | 261.1 | 226.9 | 219.0 | 237.1 | 212.3 | 244.8 | ||||||||||||||||||
Metallurgical Products | 50.8 | 52.5 | 55.5 | 66.3 | 45.8 | 53.3 | ||||||||||||||||||
Refractories | 311.9 | 279.4 | 274.5 | 303.4 | 258.1 | 298.1 | ||||||||||||||||||
Energy Services | 78.3 | 76.7 | 85.9 | |||||||||||||||||||||
Total | $ | 1,807.6 | $ | 1,675.7 | $ | 1,638.0 | $ | 1,858.3 | $ | 1,594.8 | $ | 1,791.0 |
Preliminary Allocation | ||||||||||||||||||||||||
Previously Reported on Form | Increase/ | Allocation as of | ||||||||||||||||||||||
(millions of dollars) | 10-Q as of July 1, 2018 | (Decrease) | December 31, 2018 | Preliminary Allocation Previously Reported on Form 10-Q as of October 3, 2021 | Increase/ (Decrease) | Preliminary Allocation as of December 31, 2021 | ||||||||||||||||||
Accounts receivable | $ | 24.4 | $ | — | $ | 24.4 | $ | 8.4 | $ | 0 | $ | 8.4 | ||||||||||||
Inventories | 15.6 | — | 15.6 | 5.1 | 0 | 5.1 | ||||||||||||||||||
Other current assets | 0.6 | — | 0.6 | 1.4 | 0 | 1.4 | ||||||||||||||||||
Mineral rights | 35.0 | 4.7 | 39.7 | |||||||||||||||||||||
Plant, property and equipment | 38.0 | (9.7 | ) | 28.3 | ||||||||||||||||||||
Property, plant and equipment | 21.2 | 0 | 21.2 | |||||||||||||||||||||
Goodwill | 32.4 | 2.6 | 35.0 | 106.0 | (1.5 | ) | 104.5 | |||||||||||||||||
Intangible assets | 20.0 | 6.4 | 26.4 | 67.0 | 1.1 | 68.1 | ||||||||||||||||||
Total assets acquired | 166.0 | 4.0 | 170.0 | 209.1 | (0.4 | ) | 208.7 | |||||||||||||||||
Current maturity of long-term debt | 5.7 | — | 5.7 | |||||||||||||||||||||
Accounts payable | 9.0 | — | 9.0 | 12.8 | 0 | 12.8 | ||||||||||||||||||
Accrued expenses | 5.8 | (0.2 | ) | 5.6 | 9.4 | (1.0 | ) | 8.4 | ||||||||||||||||
Long-term debt | 5.1 | 0.2 | 5.3 | |||||||||||||||||||||
Non-current deferred tax liability | 16.2 | 3.5 | 19.7 | |||||||||||||||||||||
Other non-current liabilities | 0.1 | 2.1 | 2.2 | |||||||||||||||||||||
Total liabilities assumed | 41.9 | 5.6 | 47.5 | 22.2 | (1.0 | ) | 21.2 | |||||||||||||||||
Net assets acquired | $ | 124.1 | $ | (1.6 | ) | $ | 122.5 | $ | 186.9 | $ | 0.6 | $ | 187.5 |
Restructuring and Other Items, net | Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Impairment of assets | ||||||||||||||||||||||||
Asset Write-Downs | ||||||||||||||||||||||||
Performance Materials | $ | 0 | $ | 0 | $ | 5.9 | ||||||||||||||||||
Specialty Minerals | $ | 0.7 | $ | 5.3 | $ | — | 0.7 | 7.1 | 1.6 | |||||||||||||||
Energy Services | — | — | 18.5 | |||||||||||||||||||||
Corporate | — | — | — | |||||||||||||||||||||
Total impairment of assets charges | $ | 0.7 | $ | 5.3 | $ | 18.5 | ||||||||||||||||||
Total asset write-down charges | $ | 0.7 | $ | 7.1 | $ | 7.5 | ||||||||||||||||||
Severance and other employee costs | ||||||||||||||||||||||||
Severance and other costs | ||||||||||||||||||||||||
Performance Materials | $ | 0 | $ | 0 | $ | 2.9 | ||||||||||||||||||
Specialty Minerals | $ | — | $ | 5.0 | $ | — | 0.4 | 0.5 | 0.9 | |||||||||||||||
Energy Services | 1.8 | 1.7 | 12.7 | |||||||||||||||||||||
Refractories | 0 | 0 | 0.8 | |||||||||||||||||||||
Corporate | — | 4.1 | — | 0 | 0 | 1.1 | ||||||||||||||||||
Total severance and other employee costs | $ | 1.8 | $ | 10.8 | $ | 12.7 | $ | 0.4 | $ | 0.5 | $ | 5.7 | ||||||||||||
Other | ||||||||||||||||||||||||
Refractories | $ | — | $ | — | $ | (2.0 | ) | |||||||||||||||||
Energy Services | — | (1.1 | ) | (0.9 | ) | |||||||||||||||||||
Total restructuring and other items, net | $ | 2.5 | $ | 15.0 | $ | 28.3 | $ | 1.1 | $ | 7.6 | $ | 13.2 |
December 31, | ||||||||||||
(millions of dollars) | 2021 | 2020 | ||||||||||
Restructuring liability, December 31, 2017 | $ | 8.1 | ||||||||||
Restructuring liability, beginning of period | $ | 3.6 | $ | 5.0 | ||||||||
Additional provisions | 1.7 | 0.1 | 0.3 | |||||||||
Cash payments | (6.6 | ) | (1.5 | ) | (1.6 | ) | ||||||
Other | (0.7 | ) | 0 | (0.1 | ) | |||||||
Restructuring liability, December 31, 2018 | $ | 2.5 | ||||||||||
Restructuring liability, end of period | $ | 2.2 | $ | 3.6 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | |||||||||||||||
Expected life (in years) | 6.2 | 6.4 | 6.5 | 6.9 | 6.7 | 6.6 | ||||||||||||||
Interest rate | 2.50% | 2.04% | 1.72% | 0.71 | % | 1.67 | % | 2.62 | % | |||||||||||
Volatility | 30.33% | 36.61% | 36.75% | 32.04 | % | 30.34 | % | 30.26 | % | |||||||||||
Expected dividend yield | 0.26% | 0.26% | 0.54% | 0.31 | % | 0.35 | % | 0.37 | % |
Awards | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (Millions) | Awards | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (Millions) | |||||||||||||||||||||||||
Awards outstanding at December 31, 2017 | 996,839 | $ | 48.21 | |||||||||||||||||||||||||||||
Awards outstanding at December 31, 2020 | 1,363,366 | $ | 57.29 | |||||||||||||||||||||||||||||
Granted | 191,147 | 76.09 | 255,769 | 66.00 | ||||||||||||||||||||||||||||
Exercised | (98,945 | ) | 33.83 | (251,195 | ) | 51.12 | ||||||||||||||||||||||||||
Canceled | (34,782 | ) | 65.74 | (37,938 | ) | 64.92 | ||||||||||||||||||||||||||
Awards outstanding at December 31, 2018 | 1,054,259 | $ | 54.04 | 6.10 | $ | 7.8 | ||||||||||||||||||||||||||
Awards exercisable at December 31, 2018 | 688,652 | $ | 46.17 | 4.90 | $ | 6.9 | ||||||||||||||||||||||||||
Awards outstanding at December 31, 2021 | 1,330,002 | $ | 59.91 | 6.14 | $ | 18.7 | ||||||||||||||||||||||||||
Awards exercisable at December 31, 2021 | 834,060 | $ | 59.09 | 4.80 | $ | 12.8 |
Awards | Weighted Average Grant Date Fair Value per Share | Awards | Weighted Average Grant Date Fair Value per Share | |||||||||||||
Nonvested awards outstanding at December 31, 2017 | 400,393 | $ | 58.94 | |||||||||||||
Nonvested awards outstanding at December 31, 2020 | 487,160 | $ | 58.61 | |||||||||||||
Granted | 191,147 | 76.09 | 255,769 | 66.00 | ||||||||||||
Vested | (195,055 | ) | 56.17 | (225,402 | ) | 60.88 | ||||||||||
Canceled | (30,878 | ) | 65.13 | (21,585 | ) | 61.11 | ||||||||||
Nonvested awards outstanding at December 31, 2018 | 365,607 | $ | 68.86 | |||||||||||||
Nonvested awards outstanding at December 31, 2021 | 495,942 | $ | 61.28 |
Awards | Weighted Average Grant Date Fair Value per Share | Awards | Weighted Average Grant Date Fair Value per Share | |||||||||||||
Unvested balance at December 31, 2017 | 180,110 | $ | 58.57 | |||||||||||||
Unvested balance at December 31, 2020 | 201,985 | $ | 58.07 | |||||||||||||
Granted | 69,361 | 76.26 | 102,309 | 66.20 | ||||||||||||
Vested | (59,649 | ) | 56.44 | (51,497 | ) | 60.40 | ||||||||||
Canceled | (55,244 | ) | 58.57 | (56,664 | ) | 60.98 | ||||||||||
Unvested balance at December 31, 2018 | 134,578 | $ | 68.64 | |||||||||||||
Unvested balance at December 31, 2021 | 196,133 | $ | 60.87 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(in millions, except per share data) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Net income attributable to MTI | $ | 169.0 | $ | 195.1 | $ | 133.4 | $ | 164.4 | $ | 112.4 | $ | 132.7 | ||||||||||||
Weighted average shares outstanding | 35.3 | 35.2 | 34.9 | 33.6 | 34.2 | 35.0 | ||||||||||||||||||
Dilutive effect of stock options and stock units | 0.3 | 0.4 | 0.3 | 0.2 | 0 | 0.1 | ||||||||||||||||||
Weighted average shares outstanding, adjusted | 35.6 | 35.6 | 35.2 | 33.8 | 34.2 | 35.1 | ||||||||||||||||||
Basic earnings per share attributable to MTI | $ | 4.79 | $ | 5.54 | $ | 3.82 | $ | 4.89 | $ | 3.29 | $ | 3.79 | ||||||||||||
Diluted earnings per share attributable to MTI | $ | 4.75 | $ | 5.48 | $ | 3.79 | $ | 4.86 | $ | 3.29 | $ | 3.78 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Income from continuing operations before income taxes and income from affiliates and joint ventures: | ||||||||||||||||||||||||
Income from operations before income taxes and income from affiliates and joint ventures: | ||||||||||||||||||||||||
Domestic | $ | 93.1 | $ | 96.7 | $ | 72.9 | $ | 66.0 | $ | 21.4 | $ | 46.9 | ||||||||||||
Foreign | 111.0 | 94.2 | 97.4 | 136.3 | 116.6 | 110.4 | ||||||||||||||||||
$ | 204.1 | $ | 190.9 | $ | 170.3 | $ | 202.3 | $ | 138.0 | $ | 157.3 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Domestic | ||||||||||||||||||||||||
Taxes currently payable | ||||||||||||||||||||||||
Federal | $ | (3.7 | ) | $ | 46.0 | $ | 18.7 | $ | (5.3 | ) | $ | (7.1 | ) | $ | (3.3 | ) | ||||||||
State and local | 1.4 | 2.4 | 4.4 | 0.4 | 0.2 | 0.8 | ||||||||||||||||||
Deferred income taxes | 11.1 | (78.1 | ) | (8.8 | ) | 7.8 | 2.2 | (6.6 | ) | |||||||||||||||
Domestic tax provision (benefit) | 8.8 | (29.7 | ) | 14.3 | 2.9 | (4.7 | ) | (9.1 | ) | |||||||||||||||
Foreign | ||||||||||||||||||||||||
Taxes currently payable | 21.3 | 21.1 | 23.2 | 33.4 | 34.0 | 26.7 | ||||||||||||||||||
Deferred income taxes | 4.3 | 2.0 | (2.2 | ) | 0.3 | (4.9 | ) | 5.2 | ||||||||||||||||
Foreign tax provision | 25.6 | 23.1 | 21.0 | 33.7 | 29.1 | 31.9 | ||||||||||||||||||
Total tax provision (benefit) | $ | 34.4 | $ | (6.6 | ) | $ | 35.3 | $ | 36.6 | $ | 24.4 | $ | 22.8 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | |||||||||||||||
U.S. statutory rate | 21.0% | 35.0% | 35.0% | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Depletion | (3.9)% | (6.7)% | (6.6)% | (5.4 | )% | (6.2 | )% | (5.0 | )% | |||||||||||
Difference between tax provided on foreign earnings and the U.S. statutory rate | 1.1% | (3.8)% | (6.4)% | 2.6 | % | 3.3 | % | 3.8 | % | |||||||||||
Global Intangible Low-Tax Income (GILTI) | 0.8% | 0.0% | 0.0% | 0.7 | % | 0.4 | % | 0 | ||||||||||||
Foreign Derived Intangible Income | (0.7)% | 0.0% | 0.0% | (1.4 | )% | (1.0 | )% | (0.8 | )% | |||||||||||
State and local taxes, net of federal tax benefit | 1.9% | 1.1% | 1.1% | 0.7 | % | 0 | 0.2 | % | ||||||||||||
Tax credits and foreign dividends | (0.3)% | 0.3% | 0.6% | (0.4 | )% | (0.6 | )% | (0.7 | )% | |||||||||||
Change in valuation allowance | — | (1.9)% | (1.1)% | 0 | 0 | 1.0 | % | |||||||||||||
Impact of uncertain tax positions | 0.5% | 0.4% | 0.4% | (1.1 | )% | (0.2 | )% | (5.0 | )% | |||||||||||
Impact of officer's non-deductible compensation | 0.8% | 0.8% | 0.1% | 0.8 | % | 1.0 | % | 0.8 | % | |||||||||||
Manufacturing deduction | — | (1.6)% | (2.0)% | |||||||||||||||||
Impact of U.S. Tax Reform | (2.2)% | (24.8)% | 0.0% | 0 | 0 | (1.1 | )% | |||||||||||||
Other | (2.1)% | (2.3)% | (0.4)% | 0.6 | % | 0 | 0.3 | % | ||||||||||||
Consolidated effective tax rate | 16.9% | (3.5)% | 20.7% | 18.1 | % | 17.7 | % | 14.5 | % |
December 31, | December 31, | |||||||||||||||
(millions of dollars) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Deferred tax assets attributable to: | ||||||||||||||||
Accrued liabilities | $ | 22.2 | $ | 28.6 | $ | 29.7 | $ | 29.8 | ||||||||
Net operating loss carry forwards | 34.4 | 33.2 | 31.8 | 31.1 | ||||||||||||
Pension and post-retirement benefits costs | 33.8 | 40.4 | 31.4 | 46.3 | ||||||||||||
Other | 28.6 | 22.0 | 22.4 | 28.2 | ||||||||||||
Valuation allowance | (22.0 | ) | (21.4 | ) | (22.3 | ) | (20.9 | ) | ||||||||
Total deferred tax assets | 97.0 | 102.8 | 93.0 | 114.5 | ||||||||||||
Deferred tax liabilities attributable to: | ||||||||||||||||
Plant and equipment, principally due to differences in depreciation | 182.8 | 161.6 | 178.8 | 169.5 | ||||||||||||
Intangible assets | 69.5 | 63.4 | 69.3 | 69.5 | ||||||||||||
Other | 15.2 | 11.6 | 10.0 | 13.9 | ||||||||||||
Total deferred tax liabilities | 267.5 | 236.6 | 258.1 | 252.9 | ||||||||||||
Net deferred tax asset (liability) | $ | (170.5 | ) | $ | (133.8 | ) | $ | (165.1 | ) | $ | (138.4 | ) |
December 31, | December 31, | |||||||||||||||
(millions of dollars) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Net deferred tax asset, long-term | $ | 26.3 | $ | 25.6 | $ | 23.0 | $ | 25.3 | ||||||||
Net deferred tax liability, long-term | 196.8 | 159.4 | 188.1 | 163.7 | ||||||||||||
Net deferred tax asset (liability), long-term | $ | (170.5 | ) | $ | (133.8 | ) | $ | (165.1 | ) | $ | (138.4 | ) |
(millions of dollars) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Balance at beginning of the year | $ | 14.7 | $ | 13.7 | $ | 7.6 | $ | 7.9 | ||||||||
Increases related to current year tax positions | 0.6 | 1.2 | 0.6 | 0.7 | ||||||||||||
Increases related to new judgements | 1.3 | 1.2 | 0.2 | 0 | ||||||||||||
Decreases related to audit settlements and statue expirations | — | (1.4 | ) | (3.3 | ) | (1.0 | ) | |||||||||
Balance at the end of the year | $ | 16.6 | $ | 14.7 | $ | 5.1 | $ | 7.6 |
December 31, | December 31, | |||||||||||||||
(millions of dollars) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Raw materials | $ | 93.4 | $ | 82.5 | $ | 136.6 | $ | 107.1 | ||||||||
Work-in-process | 11.2 | 7.9 | 10.7 | 9.0 | ||||||||||||
Finished goods | 92.2 | 92.3 | 99.4 | 85.6 | ||||||||||||
Packaging and supplies | 42.4 | 36.6 | 51.0 | 46.5 | ||||||||||||
Total inventories | $ | 239.2 | $ | 219.3 | $ | 297.7 | $ | 248.2 |
December 31, | December 31, | |||||||||||||||
(millions of dollars) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Mineral rights and reserves | $ | 582.8 | $ | 545.9 | $ | 554.7 | $ | 565.8 | ||||||||
Land | 47.3 | 44.5 | 50.6 | 50.9 | ||||||||||||
Buildings | 219.3 | 199.6 | 229.2 | 225.6 | ||||||||||||
Machinery and equipment | 1,235.6 | 1,247.5 | 1,262.8 | 1,254.3 | ||||||||||||
Furniture and fixtures and other | 134.8 | 132.3 | 139.9 | 138.9 | ||||||||||||
Construction in progress | 36.1 | 49.8 | 59.2 | 41.4 | ||||||||||||
2,256.0 | 2,219.6 | 2,296.4 | 2,276.9 | |||||||||||||
Less: accumulated depreciation and depletion | (1,153.1 | ) | (1,158.3 | ) | (1,247.3 | ) | (1,237.3 | ) | ||||||||
Property, plant and equipment, net | $ | 1,102.9 | $ | 1,061.3 | $ | 1,049.1 | $ | 1,039.6 |
(millions of dollars) | Performance Materials | Specialty Minerals | Refractories | Consolidated | Performance Materials | Specialty Minerals | Refractories | Consolidated | ||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 720.9 | $ | 12.1 | $ | 45.7 | $ | 778.7 | ||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 751.2 | $ | 12.5 | $ | 43.7 | $ | 807.4 | ||||||||||||||||||||||||
Change in goodwill relating to: | ||||||||||||||||||||||||||||||||
Foreign exchange translation | — | 0.6 | — | 0.6 | 1.2 | 0.2 | (0.3 | ) | 1.1 | |||||||||||||||||||||||
Total Changes | $ | — | $ | 0.6 | $ | — | $ | 0.6 | $ | 1.2 | $ | 0.2 | $ | (0.3 | ) | $ | 1.1 | |||||||||||||||
Balance at December 31, 2017 | $ | 720.9 | $ | 12.7 | $ | 45.7 | $ | 779.3 | ||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 752.4 | $ | 12.7 | $ | 43.4 | $ | 808.5 | ||||||||||||||||||||||||
Change in goodwill relating to: | ||||||||||||||||||||||||||||||||
Acquisition of Sivomatic | 35.0 | — | — | 35.0 | ||||||||||||||||||||||||||||
Normerica acquisition | 104.5 | 0 | 0 | 104.5 | ||||||||||||||||||||||||||||
Foreign exchange translation | — | (0.4 | ) | (1.5 | ) | (1.9 | ) | (3.9 | ) | (0.1 | ) | (1.5 | ) | (5.5 | ) | |||||||||||||||||
Total Changes | $ | 35.0 | $ | (0.4 | ) | $ | (1.5 | ) | $ | 33.1 | $ | 100.6 | $ | (0.1 | ) | $ | (1.5 | ) | $ | 99.0 | ||||||||||||
Balance at December 31, 2018 | $ | 755.9 | $ | 12.3 | $ | 44.2 | $ | 812.4 | ||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 853.0 | $ | 12.6 | $ | 41.9 | $ | 907.5 |
December 31, 2018 | December 31, 2017 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Weighted Average Useful Life (Years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | Weighted Average Useful Life (Years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||||||||||
Tradenames | 35 | $ | 204.2 | $ | 26.6 | $ | 199.8 | $ | 20.7 | 34 | $ | 221.6 | $ | 44.9 | $ | 203.9 | $ | 38.6 | ||||||||||||||||||||||
Technology | 13 | 18.8 | 6.4 | 18.8 | 4.8 | 13 | 18.8 | 11.2 | 18.8 | 9.6 | ||||||||||||||||||||||||||||||
Patents | 19 | 6.4 | 5.6 | 6.4 | 5.3 | |||||||||||||||||||||||||||||||||||
Patents and trademarks | 19 | 6.4 | 6.4 | 6.4 | 6.1 | |||||||||||||||||||||||||||||||||||
Customer relationships | 22 | 26.5 | 3.2 | 4.5 | 2.2 | 21 | 75.2 | 7.9 | 26.9 | 5.9 | ||||||||||||||||||||||||||||||
32 | $ | 255.9 | $ | 41.8 | $ | 229.5 | $ | 33.0 | 29 | $ | 322.0 | $ | 70.4 | $ | 256.0 | $ | 60.2 |
● | 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) | Fair Value Measurements Using | Fair Value Measurements Using | ||||||||||||||||||||||||||||||
Asset / (Liability) Balance at | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Asset / (Liability) Balance at | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||
Description | December 31, 2018 | (Level 1) | (Level 2) | (Level 3) | December 31, 2021 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Deferred compensation plan assets | $ | 12.6 | $ | — | $ | 12.6 | $ | — | $ | 14.6 | $ | 0 | $ | 14.6 | $ | 0 | ||||||||||||||||
Supplementary pension plan assets | 10.8 | — | 10.8 | — | 16.8 | 0 | 16.8 | 0 | ||||||||||||||||||||||||
Cross currency rate swap | 3.7 | — | 3.7 | — | 8.2 | 0 | 8.2 | 0 | ||||||||||||||||||||||||
Interest rate swaps | 0.3 | — | 0.3 | — | (4.0 | ) | 0 | (4.0 | ) | 0 |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Asset / (Liability) Balance at | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Asset / (Liability) Balance at | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||
Description | December 31, 2017 | (Level 1) | (Level 2) | (Level 3) | December 31, 2020 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
Deferred compensation plan assets | $ | 12.9 | $ | — | $ | 12.9 | $ | — | $ | 14.2 | $ | 0 | $ | 14.2 | $ | 0 | ||||||||||||||||
Supplementary pension plan assets | 11.6 | — | 11.6 | — | 15.0 | 0 | 15.0 | 0 | ||||||||||||||||||||||||
Interest rate swap | 2.9 | — | 2.9 | — | ||||||||||||||||||||||||||||
Cross currency rate swap | 0.4 | 0 | 0.4 | 0 | ||||||||||||||||||||||||||||
Money market funds | 0.7 | 0.7 | — | — | ||||||||||||||||||||||||||||
Interest rate swaps | (7.6 | ) | 0 | (7.6 | ) | 0 |
December 31, | December 31, | |||||||||||||||
(millions of dollars) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Term Loan Facility- Variable Tranche due February 14, 2024, net of unamortized discount and deferred financing costs of $19.4 million and $22.7 million | $ | 638.6 | $ | 655.3 | ||||||||||||
Term Loan Facility- Fixed Tranche due May 9, 2021, net of unamortized discount and deferred financing costs of $0.3 million and $0.5 million | $ | 262.6 | $ | 299.5 | ||||||||||||
Netherlands Term Loan due 2020 | 3.4 | — | ||||||||||||||
Term Loan Facility- Variable Tranche due February 14, 2024, net of unamortized discount and deferred financing costs of $8.8 million and $12.4 million | $ | 539.2 | $ | 535.6 | ||||||||||||
Senior Notes due 2028, net of unamortized deferred financing costs of $5.4 million | 394.6 | 393.9 | ||||||||||||||
Netherlands Term Loan due 2022 | 1.4 | — | 0.2 | 0.6 | ||||||||||||
Japan Loan Facilities | 5.1 | 5.6 | 3.0 | 4.1 | ||||||||||||
China Loan Facilities | — | 3.2 | ||||||||||||||
Total | $ | 911.1 | $ | 963.6 | $ | 937.0 | $ | 934.2 | ||||||||
Less: Current maturities | 3.3 | 3.8 | 0.8 | 1.0 | ||||||||||||
Long-term debt | $ | 907.8 | $ | 959.8 | $ | 936.2 | $ | 933.2 |
Pension Benefits | Post-Retirement Benefits | Pension Benefits | Post-Retirement Benefits | |||||||||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2018 | 2017 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Change in benefit obligations: | ||||||||||||||||||||||||||||||||
Beginning projected benefit obligation | $ | 469.5 | $ | 427.9 | $ | 6.9 | $ | 9.3 | $ | 534.3 | $ | 484.4 | $ | 4.6 | $ | 5.9 | ||||||||||||||||
Service cost | 8.1 | 7.9 | 0.2 | 0.3 | 7.7 | 7.7 | 0.1 | 0.2 | ||||||||||||||||||||||||
Interest cost | 13.0 | 12.6 | 0.2 | 0.3 | 7.9 | 10.5 | 0.1 | 0.2 | ||||||||||||||||||||||||
Actuarial (gain)/loss | (40.5 | ) | 31.5 | (1.5 | ) | (3.0 | ) | (23.8 | ) | 56.5 | (0.3 | ) | (1.3 | ) | ||||||||||||||||||
Benefits paid | (12.2 | ) | (20.4 | ) | (0.1 | ) | (0.1 | ) | (12.4 | ) | (12.3 | ) | (0.5 | ) | (0.4 | ) | ||||||||||||||||
Settlements | (17.1 | ) | — | — | — | (16.3 | ) | (18.4 | ) | (1.6 | ) | 0 | ||||||||||||||||||||
Foreign exchange impact | (5.1 | ) | 9.6 | — | 0.1 | (2.7 | ) | 5.5 | (0.1 | ) | 0 | |||||||||||||||||||||
Other | 0.6 | 0.4 | — | — | 0.3 | 0.4 | 0 | 0 | ||||||||||||||||||||||||
Ending projected benefit obligation | 416.3 | 469.5 | 5.7 | 6.9 | 495.0 | 534.3 | 2.3 | 4.6 | ||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||
Beginning fair value | 320.2 | 289.3 | — | — | 358.2 | 340.0 | 0 | 0 | ||||||||||||||||||||||||
Actual return on plan assets | (13.6 | ) | 33.8 | — | — | 44.0 | 31.1 | 0 | 0 | |||||||||||||||||||||||
Employer contributions | 24.2 | 10.7 | 0.1 | 0.1 | 10.7 | 11.8 | 0.5 | 0.4 | ||||||||||||||||||||||||
Plan participants' contributions | 0.4 | 0.4 | — | — | 0.3 | 0.3 | 0 | 0 | ||||||||||||||||||||||||
Benefits paid | (12.2 | ) | (20.4 | ) | (0.1 | ) | (0.1 | ) | (12.4 | ) | (12.2 | ) | (0.5 | ) | (0.4 | ) | ||||||||||||||||
Settlements | (18.2 | ) | (0.8 | ) | — | — | (17.1 | ) | (16.9 | ) | 0 | 0 | ||||||||||||||||||||
Foreign exchange impact | (4.1 | ) | 7.2 | — | — | (2.3 | ) | 4.1 | 0 | 0 | ||||||||||||||||||||||
Ending fair value | 296.7 | 320.2 | — | — | 381.4 | 358.2 | 0 | 0 | ||||||||||||||||||||||||
Funded status of the plan | $ | (119.6 | ) | $ | (149.3 | ) | $ | (5.7 | ) | $ | (6.9 | ) | ||||||||||||||||||||
Funded status | $ | (113.6 | ) | $ | (176.1 | ) | $ | (2.3 | ) | $ | (4.6 | ) |
Pension Benefits | Post-Retirement Benefits | Pension Benefits | Post-Retirement Benefits | |||||||||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2018 | 2017 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Current liability | $ | (0.8 | ) | $ | (0.8 | ) | $ | (0.3 | ) | $ | (0.5 | ) | $ | (1.4 | ) | $ | (1.4 | ) | $ | (0.2 | ) | $ | (0.3 | ) | ||||||||
Non-current liability | (118.8 | ) | (148.5 | ) | (5.4 | ) | (6.4 | ) | (112.2 | ) | (174.7 | ) | (2.1 | ) | (4.3 | ) | ||||||||||||||||
Recognized liability | $ | (119.6 | ) | $ | (149.3 | ) | $ | (5.7 | ) | $ | (6.9 | ) | $ | (113.6 | ) | $ | (176.1 | ) | $ | (2.3 | ) | $ | (4.6 | ) |
Pension Benefits | Post-Retirement Benefits | Pension Benefits | Post-Retirement Benefits | |||||||||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2018 | 2017 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 73.5 | $ | 91.4 | $ | (4.1 | ) | $ | (4.1 | ) | $ | 73.2 | $ | 119.0 | $ | (3.7 | ) | $ | (4.2 | ) | ||||||||||||
Prior service cost | 0.1 | (0.1 | ) | — | (0.7 | ) | 0.1 | 0.1 | 0 | 0 | ||||||||||||||||||||||
Amount recognized end of year | $ | 73.6 | $ | 91.3 | $ | (4.1 | ) | $ | (4.8 | ) | $ | 73.3 | $ | 119.1 | $ | (3.7 | ) | $ | (4.2 | ) |
Pension Benefits | Post-Retirement Benefits | Pension Benefits | Post-Retirement Benefits | |||||||||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2018 | 2017 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Current year actuarial gain (loss) | $ | 6.8 | $ | (15.8 | ) | $ | 1.0 | $ | 2.6 | $ | 36.7 | $ | (29.6 | ) | $ | 0.1 | $ | 0.9 | ||||||||||||||
Amortization of actuarial (gain) loss | 10.4 | 7.2 | (0.6 | ) | (0.2 | ) | 9.0 | 10.5 | (0.6 | ) | (0.5 | ) | ||||||||||||||||||||
Amortization of prior service credit (gain) loss | — | — | (0.7 | ) | (2.3 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Total recognized in other comprehensive income | $ | 17.2 | $ | (8.6 | ) | $ | (0.3 | ) | $ | 0.1 | $ | 45.7 | $ | (19.1 | ) | $ | (0.5 | ) | $ | 0.4 |
Pension Benefits | Post-Retirement Benefits | Pension Benefits | Post-Retirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 8.1 | $ | 7.9 | $ | 8.2 | $ | 0.2 | $ | 0.3 | $ | 0.3 | $ | 7.7 | $ | 7.7 | $ | 6.8 | $ | 0.1 | $ | 0.2 | $ | 0.2 | ||||||||||||||||||||||||
Interest cost | 13.0 | 12.6 | 13.0 | 0.2 | 0.3 | 0.3 | 7.9 | 10.5 | 14.0 | 0.1 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (20.2 | ) | (18.7 | ) | (18.6 | ) | — | — | — | (22.0 | ) | (20.1 | ) | (18.2 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Amortization of prior service cost | — | — | 0.6 | (0.9 | ) | (3.1 | ) | (3.1 | ) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Recognized net actuarial (gain) loss | 10.7 | 10.8 | 10.7 | (0.8 | ) | (0.3 | ) | (0.2 | ) | 12.1 | 13.9 | 10.1 | (0.8 | ) | (0.9 | ) | (0.9 | ) | ||||||||||||||||||||||||||||||
Settlement/curtailment loss | 4.4 | — | 0.3 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Settlement/curtailment (gain) loss | 3.4 | 6.4 | (0.1 | ) | (1.6 | ) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 16.0 | $ | 12.6 | $ | 14.2 | $ | (1.3 | ) | $ | (2.8 | ) | $ | (2.7 | ) | $ | 9.1 | $ | 18.4 | $ | 12.6 | $ | (2.2 | ) | $ | (0.5 | ) | $ | (0.5 | ) |
(millions of dollars) | Pension Benefits | Post-Retirement Benefits | ||||||
Amortization of net (gain) loss | $ | 9.6 | $ | (0.8 | ) | |||
Total cost to be recognized | $ | 9.6 | $ | (0.8 | ) |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | |||||||||||||||
Discount rate | 3.16% | 3.56% | 3.88% | 2.01 | % | 2.74 | % | 3.75 | % | |||||||||||
Expected return on plan assets | 6.40% | 6.61% | 6.89% | 6.28 | % | 6.32 | % | 6.43 | % | |||||||||||
Rate of compensation increase | 3.01% | 3.01% | 3.03% | 2.72 | % | 2.72 | % | 3.01 | % | |||||||||||
Interest crediting rate | 2.25 | % | 3.75 | % | 2.57 | % |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | |||||||||||||||
Discount rate | 3.75% | 3.16% | 3.60% | 2.42 | % | 2.01 | % | 2.75 | % | |||||||||||
Rate of compensation increase | 3.01% | 3.01% | 2.96% | 2.74 | % | 2.98 | % | 2.99 | % |
December 31, | December 31, | |||||||||||||
2018 | 2017 | 2021 | 2020 | |||||||||||
Asset Category | ||||||||||||||
Equity securities | 54.9% | 56.0% | 54.2 | % | 55.8 | % | ||||||||
Fixed income securities | 38.3% | 36.2% | 30.6 | % | 27.8 | % | ||||||||
Real estate | 0.8% | 0.8% | 0.3 | % | 0.3 | % | ||||||||
Other | 6.0% | 7.0% | 14.9 | % | 16.1 | % | ||||||||
Total | 100.0% | 100.0% | 100.0 | % | 100.0 | % |
December 31, | December 31, | |||||||||||||||
(millions of dollars) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Asset Category | ||||||||||||||||
Equity securities | $ | 162.8 | $ | 179.2 | $ | 206.7 | $ | 200.0 | ||||||||
Fixed income securities | 113.6 | 116.0 | 116.5 | 99.7 | ||||||||||||
Real estate | 2.3 | 2.4 | 1.0 | 1.0 | ||||||||||||
Other | 18.0 | 22.6 | 57.1 | 57.5 | ||||||||||||
Total | $ | 296.7 | $ | 320.2 | $ | 381.3 | $ | 358.2 |
U.S. Plans | International Plans | U.S. Plans | International Plans | |||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 227.1 | $ | 241.9 | $ | 221.9 | $ | 69.6 | $ | 78.3 | $ | 67.4 | $ | 293.7 | $ | 271.6 | $ | 261.5 | $ | 87.6 | $ | 86.6 | $ | 78.5 |
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||
(millions of dollars) | (Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||
Pension Assets Fair Value as of December 31, 2018 | ||||||||||||||||||||||||||||||||
Pension Assets Fair Value as of December 31, 2021 | ||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
US equities | $ | 135.4 | $ | — | $ | — | $ | 135.4 | $ | 182.7 | $ | 0 | $ | 0 | $ | 182.7 | ||||||||||||||||
Non-US equities | 27.4 | — | — | 27.4 | 24.0 | 0 | 0 | 24.0 | ||||||||||||||||||||||||
Fixed income securities | ||||||||||||||||||||||||||||||||
Corporate debt instruments | 80.9 | 32.7 | — | 113.6 | 96.4 | 20.1 | 0 | 116.5 | ||||||||||||||||||||||||
Real estate and other | ||||||||||||||||||||||||||||||||
Real estate | — | — | 2.3 | 2.3 | 0 | 0 | 1.0 | 1.0 | ||||||||||||||||||||||||
Other | 0.3 | — | 17.7 | 18.0 | 0.4 | 51.7 | 5.0 | 57.1 | ||||||||||||||||||||||||
Total assets | $ | 244.0 | $ | 32.7 | $ | 20.0 | $ | 296.7 | $ | 303.5 | $ | 71.8 | $ | 6.0 | $ | 381.3 |
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||
(millions of dollars) | (Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||
Pension Assets Fair Value as of December 31, 2017 | ||||||||||||||||||||||||||||||||
Pension Assets Fair Value as of December 31, 2020 | ||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
US equities | $ | 156.1 | $ | — | $ | — | $ | 156.1 | $ | 182.0 | $ | 0 | $ | 0 | $ | 182.0 | ||||||||||||||||
Non-US equities | 23.1 | — | — | 23.1 | 18.0 | 0 | 0 | 18.0 | ||||||||||||||||||||||||
Fixed income securities | ||||||||||||||||||||||||||||||||
Corporate debt instruments | 82.0 | 34.0 | — | 116.0 | 80.4 | 19.3 | 0 | 99.7 | ||||||||||||||||||||||||
Real estate and other | ||||||||||||||||||||||||||||||||
Real estate | — | — | 2.4 | 2.4 | 0 | 0 | 1.0 | 1.0 | ||||||||||||||||||||||||
Other | 0.2 | — | 22.4 | 22.6 | 0.3 | 49.9 | 7.3 | 57.5 | ||||||||||||||||||||||||
Total assets | $ | 261.4 | $ | 34.0 | $ | 24.8 | $ | 320.2 | $ | 280.7 | $ | 69.2 | $ | 8.3 | $ | 358.2 |
(millions of dollars) | ||||||||
Beginning balance at December 31, 2016 | $ | 20.3 | ||||||
Beginning balance at December 31, 2019 | $ | 21.0 | ||||||
Purchases, sales, settlements | — | 0 | ||||||
Actual return on plan assets still held at reporting date | 3.9 | (12.8 | ) | |||||
Foreign exchange impact | 0.5 | 0.1 | ||||||
Ending balance at December 31, 2017 | $ | 24.7 | ||||||
Ending balance at December 31, 2020 | $ | 8.3 | ||||||
Purchases, sales, settlements | — | 0 | ||||||
Actual return on plan assets still held at reporting date | (4.4 | ) | (2.3 | ) | ||||
Foreign exchange impact | (0.3 | ) | 0 | |||||
Ending balance at December 31, 2018 | $ | $ 20.0 | ||||||
Ending balance at December 31, 2021 | $ | 6.0 |
(millions of dollars) | Pension Benefits | Other Benefits | ||||||
2019 | $ | 21.6 | $ | 0.4 | ||||
2020 | $ | 22.2 | $ | 0.4 | ||||
2021 | $ | 22.9 | $ | 0.4 | ||||
2022 | $ | 24.4 | $ | 0.5 | ||||
2023 | $ | 24.7 | $ | 0.5 | ||||
2024-2028 | $ | 128.0 | $ | 2.5 |
(millions of dollars) | Pension Benefits | Other Benefits | ||||||
2022 | $ | 24.1 | $ | 0.2 | ||||
2023 | $ | 25.9 | $ | 0.2 | ||||
2024 | $ | 26.3 | $ | 0.2 | ||||
2025 | $ | 26.1 | $ | 0.2 | ||||
2026 | $ | 26.6 | $ | 0.2 | ||||
2027-2031 | $ | 130.0 | $ | 0.8 |
December 31, | December 31, | |||||||||||||||
(millions of dollars) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Cumulative foreign currency translation | $ | (170.1 | ) | $ | (104.1 | ) | $ | (269.8 | ) | $ | (190.8 | ) | ||||
Unrecognized pension costs (net of tax benefit of $25.5 in 2018 and $30.7 in 2017) | (69.7 | ) | (86.5 | ) | ||||||||||||
Unrealized gain (loss) on cash flow hedges (net of tax expense of $0.3 in 2018 and $0.7 in 2017) | 6.1 | 4.5 | ||||||||||||||
Unrecognized pension costs (net of tax benefit of $21.4 in 2021 and $64.6 in 2020) | (69.6 | ) | (114.9 | ) | ||||||||||||
Unrealized gain (loss) on cash flow hedges (net of tax expense (benefit) of $3.0 in 2021 and $(3.1) in 2020) | 5.8 | (2.6 | ) | |||||||||||||
$ | (233.7 | ) | $ | (186.1 | ) | $ | (333.6 | ) | $ | (308.3 | ) |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions of dollars) | Pre-Tax Amount | Tax (Expense) Benefit | Net-of- Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net-of- Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net-of- Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net-of- Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net-of- Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net-of- Tax Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | $ | (67.9 | ) | $ | — | $ | (67.9 | ) | $ | 44.7 | $ | — | $ | 44.7 | $ | (40.2 | ) | $ | — | $ | (40.2 | ) | $ | (78.9 | ) | $ | 0 | $ | (78.9 | ) | $ | 10.9 | $ | 0 | $ | 10.9 | $ | (29.9 | ) | $ | 0 | $ | (29.9 | ) | ||||||||||||||||||||||||||||
Pension plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial gains (losses) and prior service costs arising during the period | 9.6 | (1.8 | ) | 7.8 | (17.6 | ) | 4.4 | (13.2 | ) | (12.5 | ) | 4.1 | (8.4 | ) | 49.3 | (12.5 | ) | 36.8 | (37.9 | ) | 9.2 | (28.7 | ) | (30.6 | ) | 7.4 | (23.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial (gains) losses and prior service costs | 12.1 | (3.0 | ) | 9.1 | 7.6 | (2.9 | ) | 4.7 | 8.0 | (2.8 | ) | 5.2 | 11.3 | (2.9 | ) | 8.4 | 13.4 | (3.4 | ) | 10.0 | 9.4 | (2.3 | ) | 7.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges | 1.5 | 0.1 | 1.6 | 0.2 | 0.1 | 0.3 | 2.4 | (0.8 | ) | 1.6 | 11.4 | (3.0 | ) | 8.4 | (11.6 | ) | 3.1 | (8.5 | ) | 0.3 | (0.1 | ) | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | (44.7 | ) | $ | (4.7 | ) | $ | (49.4 | ) | $ | 34.9 | $ | 1.6 | $ | 36.5 | $ | (42.3 | ) | $ | 0.5 | $ | (41.8 | ) | $ | (6.9 | ) | $ | (18.4 | ) | $ | (25.3 | ) | $ | (25.2 | ) | $ | 8.9 | $ | (16.3 | ) | $ | (50.8 | ) | $ | 5.0 | $ | (45.8 | ) |
December 31, | December 31, | |||||||||||||||
(millions of dollars) | 2018 | 2017 | 2021 | 2020 | ||||||||||||
Asset retirement liability, beginning of period | $ | 22.1 | $ | 21.5 | ||||||||||||
Asset retirement obligation, beginning of period | $ | 24.1 | $ | 23.9 | ||||||||||||
Accretion expense | 1.0 | 3.3 | 1.9 | 2.3 | ||||||||||||
Other | 2.1 | — | 1.2 | 1.1 | ||||||||||||
Payments | (1.3 | ) | (3.2 | ) | (2.3 | ) | (3.4 | ) | ||||||||
Foreign currency translation | (0.5 | ) | 0.5 | (0.5 | ) | 0.2 | ||||||||||
Asset retirement liability, end of period | $ | 23.4 | $ | 22.1 | ||||||||||||
Asset retirement obligation, end of period | $ | 24.4 | $ | 24.1 |
● | The Performance Materials segment is a leading global supplier of bentonite and bentonite-related products |
● | 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. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
Performance Materials | $ | 828.1 | $ | 734.8 | $ | 686.1 | $ | 976.0 | $ | 825.8 | $ | 918.5 | ||||||||||||
Specialty Minerals | 589.3 | 584.8 | 591.5 | 578.9 | 510.9 | 574.4 | ||||||||||||||||||
Refractories | 311.9 | 279.4 | 274.5 | 303.4 | 258.1 | 298.1 | ||||||||||||||||||
Energy Services | 78.3 | 76.7 | 85.9 | |||||||||||||||||||||
Total | 1,807.6 | 1,675.7 | 1,638.0 | 1,858.3 | 1,594.8 | 1,791.0 | ||||||||||||||||||
Income from Operations | ||||||||||||||||||||||||
Performance Materials | 116.8 | 119.7 | 121.1 | 125.0 | 108.8 | 104.9 | ||||||||||||||||||
Specialty Minerals | 95.4 | 88.9 | 102.7 | 72.9 | 67.8 | 83.1 | ||||||||||||||||||
Refractories | 45.4 | 39.8 | 37.0 | 49.3 | 35.5 | 39.8 | ||||||||||||||||||
Energy Services | 4.5 | 6.1 | (25.9 | ) | ||||||||||||||||||||
Total | 262.1 | 254.5 | 234.9 | 247.2 | 212.1 | 227.8 | ||||||||||||||||||
Depreciation, Depletion and Amortization | ||||||||||||||||||||||||
Performance Materials | 41.1 | 40.5 | 38.9 | 49.2 | 47.4 | 51.0 | ||||||||||||||||||
Specialty Minerals | 38.2 | 35.5 | 34.9 | 38.4 | 39.6 | 40.4 | ||||||||||||||||||
Refractories | 6.6 | 6.8 | 6.9 | 7.0 | 6.9 | 7.0 | ||||||||||||||||||
Energy Services | 8.4 | 8.2 | 11.2 | |||||||||||||||||||||
Total | 94.3 | 91.0 | 91.9 | 94.6 | 93.9 | 98.4 | ||||||||||||||||||
Segment Assets | ||||||||||||||||||||||||
Performance Materials | 2,119.7 | 1,989.6 | 1,942.1 | 2,393.2 | 2,219.1 | 2,212.7 | ||||||||||||||||||
Specialty Minerals | 511.9 | 519.4 | 491.7 | 605.9 | 559.6 | 525.1 | ||||||||||||||||||
Refractories | 296.6 | 307.4 | 283.4 | 293.1 | 290.8 | 293.2 | ||||||||||||||||||
Energy Services | 110.4 | 110.6 | 104.7 | |||||||||||||||||||||
Total | 3,038.6 | 2,927.0 | 2,821.9 | 3,292.2 | 3,069.5 | 3,031.0 | ||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||||||
Performance Materials | 22.4 | 33.1 | 12.8 | 22.0 | 14.6 | 21.5 | ||||||||||||||||||
Specialty Minerals | 42.4 | 32.6 | 40.4 | 51.7 | 46.5 | 37.7 | ||||||||||||||||||
Refractories | 5.0 | 5.9 | 5.9 | 9.7 | 5.5 | 5.7 | ||||||||||||||||||
Energy Services | 4.9 | 4.5 | 1.4 | |||||||||||||||||||||
Total | 74.7 | 76.1 | 60.5 | 83.4 | 66.6 | 64.9 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Income from Operations before Provision (Benefit) for Taxes on Income | ||||||||||||||||||||||||
Income from Operations before Provision for Taxes on Income | ||||||||||||||||||||||||
Income from operations for reportable segments | $ | 262.1 | $ | 254.5 | $ | 234.9 | $ | 247.2 | $ | 212.1 | $ | 227.8 | ||||||||||||
Acquisition related transaction and integration costs | (1.7 | ) | (3.4 | ) | (8.0 | ) | ||||||||||||||||||
Litigation expenses | 0 | (10.4 | ) | (10.9 | ) | |||||||||||||||||||
Acquisition-related expenses | (4.0 | ) | (3.1 | ) | 0 | |||||||||||||||||||
Unallocated corporate expenses | (4.5 | ) | (6.7 | ) | (3.0 | ) | (7.5 | ) | (10.7 | ) | (8.2 | ) | ||||||||||||
Consolidated income from operations | 255.9 | 244.4 | 223.9 | 235.7 | 187.9 | 208.7 | ||||||||||||||||||
Non-operating deductions, net | (51.8 | ) | (53.5 | ) | (53.6 | ) | (33.4 | ) | (49.9 | ) | (51.4 | ) | ||||||||||||
Income from operations before provision (benefit) for taxes on income | 204.1 | 190.9 | 170.3 | |||||||||||||||||||||
Income from operations before provision for taxes and equity in earnings | 202.3 | 138.0 | 157.3 | |||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||
Total segment assets | 3,292.2 | 3,069.5 | 3,031.0 | |||||||||||||||||||||
Corporate assets | 82.0 | 139.9 | 81.6 | |||||||||||||||||||||
Consolidated total assets | 3,374.2 | 3,209.4 | 3,112.6 | |||||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||||||
Total segment capital expenditures | 83.4 | 66.6 | 64.9 | |||||||||||||||||||||
Corporate capital expenditures | 2.6 | 0.2 | 0.1 | |||||||||||||||||||||
Consolidated capital expenditures | 86.0 | 66.8 | 65.0 |
Total Assets | ||||||||||||
Total segment assets | 3,038.6 | 2,927.0 | 2,821.9 | |||||||||
Corporate assets | 48.5 | 43.4 | 41.5 | |||||||||
Consolidated total assets | 3,087.1 | 2,970.4 | 2,863.4 | |||||||||
Capital Expenditures | ||||||||||||
Total segment capital expenditures | 74.7 | 76.1 | 60.5 | |||||||||
Corporate capital expenditures | 1.2 | 0.6 | 1.9 | |||||||||
Consolidated capital expenditures | 75.9 | 76.7 | 62.4 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
United States | $ | 961.6 | $ | 939.3 | $ | 936.2 | $ | 959.6 | $ | 822.5 | $ | 962.4 | ||||||||||||
Canada/Latin America | 83.7 | 81.6 | 82.6 | 99.8 | 70.5 | 80.2 | ||||||||||||||||||
Europe/Africa | 443.4 | 349.0 | 338.8 | 441.9 | 410.0 | 435.3 | ||||||||||||||||||
Asia | 318.9 | 305.8 | 280.4 | 357.0 | 291.8 | 313.1 | ||||||||||||||||||
Total International | 846.0 | 736.4 | 701.8 | 898.7 | 772.3 | 828.6 | ||||||||||||||||||
Consolidated net sales | 1,807.6 | 1,675.7 | 1,638.0 | 1,858.3 | 1,594.8 | 1,791.0 | ||||||||||||||||||
Long-Lived Assets | ||||||||||||||||||||||||
United States | $ | 1,767.7 | $ | 1,774.4 | $ | 1,794.5 | $ | 1,925.3 | $ | 1,723.2 | $ | 1,742.3 | ||||||||||||
Canada/Latin America | 13.7 | 14.8 | 14.8 | 10.6 | 11.3 | 13.0 | ||||||||||||||||||
Europe/Africa | 225.0 | 115.9 | 98.2 | 151.1 | 182.9 | 190.7 | ||||||||||||||||||
Asia | 123.0 | 132.0 | 127.3 | 120.6 | 126.5 | 117.2 | ||||||||||||||||||
Total International | 361.7 | 262.7 | 240.3 | 282.3 | 320.7 | 320.9 | ||||||||||||||||||
Consolidated long-lived assets | 2,129.4 | 2,037.1 | 2,034.8 | 2,207.6 | 2,043.9 | 2,063.2 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(millions of dollars) | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | ||||||||||||||||||
Household, Personal Care & Specialty Products | $ | 460.5 | $ | 380.2 | $ | 376.6 | ||||||||||||||||||
Metalcasting | $ | 328.9 | $ | 294.3 | $ | 258.0 | 319.2 | 258.1 | 291.2 | |||||||||||||||
Household, Personal Care & Specialty Products | 248.8 | 169.6 | 171.2 | |||||||||||||||||||||
Environmental Products | 80.3 | 67.7 | 78.9 | 136.3 | 131.6 | 181.8 | ||||||||||||||||||
Building Materials | 70.4 | 78.2 | 74.1 | 60.0 | 55.9 | 68.9 | ||||||||||||||||||
Basic Minerals | 99.7 | 125.0 | 103.9 | |||||||||||||||||||||
Paper PCC | 378.5 | 377.7 | 387.9 | 349.7 | 308.4 | 364.9 | ||||||||||||||||||
Specialty PCC | 66.9 | 66.0 | 64.3 | 77.1 | 69.3 | 69.1 | ||||||||||||||||||
Ground Calcium Carbonate | 91.0 | 87.3 | 83.6 | 98.1 | 89.3 | 91.3 | ||||||||||||||||||
Talc | 52.9 | 53.8 | 55.7 | 54.0 | 43.9 | 49.1 | ||||||||||||||||||
Refractory Products | 261.1 | 226.9 | 219.0 | 237.1 | 212.3 | 244.8 | ||||||||||||||||||
Metallurgical Products | 50.8 | 52.5 | 55.5 | 66.3 | 45.8 | 53.3 | ||||||||||||||||||
Energy Services | 78.3 | 76.7 | 85.9 | |||||||||||||||||||||
Total | $ | 1,807.6 | $ | 1,675.7 | $ | 1,638.0 | $ | 1,858.3 | $ | 1,594.8 | $ | 1,791.0 |
2018 Quarters | ||||||||||||||||
(millions of dollars, except per share data) | First | Second | Third | Fourth | ||||||||||||
Net sales by segment | ||||||||||||||||
Performance Materials segment | $ | 187.3 | $ | 214.5 | $ | 219.5 | $ | 206.8 | ||||||||
Specialty Minerals segment | 149.6 | 150.9 | 146.3 | 142.5 | ||||||||||||
Refractories segment | 75.3 | 79.6 | 79.1 | 77.9 | ||||||||||||
Energy Services segment | 19.1 | 19.7 | 19.2 | 20.3 | ||||||||||||
Net sales | 431.3 | 464.7 | 464.1 | 447.5 | ||||||||||||
Gross profit | 113.5 | 115.9 | 119.2 | 112.8 | ||||||||||||
Income from operations | 62.6 | 62.8 | 68.2 | 62.3 | ||||||||||||
Consolidated net income | 41.1 | 45.2 | 42.9 | 44.0 | ||||||||||||
Net income attributable to Minerals Technologies Inc. (MTI) | 39.9 | 44.1 | 41.9 | 43.1 | ||||||||||||
Basic earnings per share attributable to MTI shareholders | $ | 1.13 | $ | 1.25 | $ | 1.19 | $ | 1.22 | ||||||||
Diluted earnings per share attributable to MTI shareholders | $ | 1.12 | $ | 1.24 | $ | 1.18 | $ | 1.22 | ||||||||
Market price range per share of common stock: | ||||||||||||||||
High | $ | 76.95 | $ | 76.40 | $ | 77.75 | $ | $ 67.65 | ||||||||
Low | $ | 66.10 | $ | 65.10 | $ | 65.75 | $ | $ 47.89 | ||||||||
Close | $ | 66.95 | $ | 75.35 | $ | 67.60 | $ | $ 51.34 | ||||||||
Dividends paid per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 |
2017 Quarters | ||||||||||||||||
(millions of dollars, except per share data) | First | Second | Third | Fourth | ||||||||||||
Net sales by segment | ||||||||||||||||
Performance Materials segment | $ | 169.9 | $ | 180.3 | $ | 188.8 | $ | 195.8 | ||||||||
Specialty Minerals segment | 146.2 | 147.0 | 147.7 | 143.9 | ||||||||||||
Refractories segment | 70.2 | 68.9 | 69.0 | 71.3 | ||||||||||||
Energy Services segment | 18.7 | 17.9 | 19.0 | 21.1 | ||||||||||||
Net sales | 405.0 | 414.1 | 424.5 | 432.1 | ||||||||||||
Gross profit | 113.7 | 119.7 | 119.3 | 114.5 | ||||||||||||
Income from operations | 62.1 | 69.0 | 67.2 | 46.1 | ||||||||||||
Consolidated net income | 35.6 | 43.8 | 42.8 | 76.7 | ||||||||||||
Net income attributable to MTI | 34.6 | 43.0 | 41.7 | 75.8 | ||||||||||||
Basic earnings per share attributable to MTI shareholders | $ | 0.99 | $ | 1.23 | $ | 1.18 | $ | 2.14 | ||||||||
Diluted earnings per share attributable to MTI shareholders | $ | 0.97 | $ | 1.21 | $ | 1.17 | $ | 2.12 | ||||||||
Market price range per share of common stock: | ||||||||||||||||
High | $ | 83.70 | $ | 80.20 | $ | 75.60 | $ | 73.55 | ||||||||
Low | $ | 72.20 | $ | 70.50 | $ | 62.95 | $ | 66.40 | ||||||||
Close | $ | 76.60 | $ | 73.20 | $ | 70.65 | $ | 68.85 | ||||||||
Dividends paid per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 |
● | evaluating the long-term growth rates used to forecast future cash flows by comparing them to certain nationwide economic trend data such as GDP, inflation, and relevant industry data |
● | assessing the elements of the discount rate applied by comparing them to publicly available market data. |
/s/ Douglas T. Dietrich Chairman of the Board and Chief Executive Officer | /s/ Matthew E. Garth Senior Vice President, Finance and Treasury, Chief Financial Officer | |
/s/ Michael A. Cipolla Vice President, Corporate Controller and Chief Accounting Officer |
Description | Balance at Beginning of Period | Additions Charged to Costs, Provisions and Expenses | Deductions (a) | Balance at End of Period | Balance at Beginning of Period | Additions Charged to Costs, Provisions and Expenses | Deductions (a) | Balance at End of Period | ||||||||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Valuation and qualifying accounts deducted from assets to which they apply: | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 4.2 | 3.2 | (4.2 | ) | $ | 3.2 | $ | 15.0 | 0.9 | (0.9 | ) | $ | 15.0 | ||||||||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Valuation and qualifying accounts deducted from assets to which they apply: | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 7.9 | 3.8 | (7.5 | ) | $ | 4.2 | $ | 12.9 | 2.6 | (0.5 | ) | $ | 15.0 | ||||||||||||||||||
Year Ended December 31, 2016 | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Valuation and qualifying accounts deducted from assets to which they apply: | ||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 4.4 | 6.2 | (2.7 | ) | $ | 7.9 | $ | 3.2 | 6.3 | 3.4 | $ | 12.9 |
(a) | Includes impact of write-offs, translation of foreign |