Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 03, 2021 | Jun. 26, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | MINERALS TECHNOLOGIES INC | ||
Entity Central Index Key | 0000891014 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 1-11430 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 25-1190717 | ||
Entity Address, Address Line One | 622 THIRD AVENUE | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10017-6707 | ||
City Area Code | 212 | ||
Local Phone Number | 878-1800 | ||
Title of 12(b) Security | Common Stock, $0.10 par value | ||
Trading Symbol | MTX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.3 | ||
Entity Common Stock, Shares Outstanding | 33,847,751 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 367.7 | $ 241.6 |
Short-term investments, at cost which approximates market | 4.1 | 1.6 |
Accounts receivable | 369 | 376.2 |
Inventories | 248.2 | 253.3 |
Prepaid expenses | 35.4 | 35.4 |
Other current assets | 9.2 | 11.1 |
Total current assets | 1,033.6 | 919.2 |
Property, plant and equipment, less accumulated depreciation and depletion | 1,039.6 | 1,052.8 |
Goodwill | 808.5 | 807.4 |
Intangible assets | 195.8 | 203 |
Deferred income taxes | 25.3 | 23 |
Other assets and deferred charges | 106.6 | 107.2 |
Total assets | 3,209.4 | 3,112.6 |
Current liabilities: | ||
Short-term debt | 0 | 101.2 |
Current maturities of long-term debt | 1 | 2.1 |
Accounts payable | 148.3 | 163.4 |
Income tax payable | 8.7 | 4.2 |
Accrued compensation and related items | 60.3 | 50.7 |
Other current liabilities | 77.5 | 76.9 |
Total current liabilities | 295.8 | 398.5 |
Long-term debt, net of unamortized discount and deferred financing costs | 933.2 | 824.3 |
Deferred income taxes | 163.7 | 180.6 |
Accrued pension and post-retirement benefits | 179 | 148.9 |
Other non-current liabilities | 139 | 125.7 |
Total liabilities | 1,710.7 | 1,678 |
Shareholders' equity: | ||
Preferred stock, without par value; 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock, par value at $0.10 per share; 100,000,000 shares authorized; Issued 49,051,181 shares in 2020 and 48,909,662 shares in 2019 | 4.9 | 4.9 |
Additional paid-in capital | 453.3 | 442.2 |
Retained earnings | 2,011.3 | 1,905.7 |
Accumulated other comprehensive loss | (308.3) | (290.4) |
Less common stock held in treasury, at cost; 15,168,994 shares in 2020 and 14,365,355 shares in 2019 | (700.4) | (659.7) |
Total Minerals Technologies Inc. shareholders' equity | 1,460.8 | 1,402.7 |
Non-controlling interests | 37.9 | 31.9 |
Total shareholders' equity | 1,498.7 | 1,434.6 |
Total liabilities and shareholders' equity | $ 3,209.4 | $ 3,112.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Shareholders' equity: | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 49,051,181 | 48,909,662 |
Common stock held in treasury, shares (in shares) | 15,168,994 | 14,365,355 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statements of Income [Abstract] | |||
Total net sales | $ 1,594.8 | $ 1,791 | $ 1,807.6 |
Total cost of sales | 1,189.4 | 1,350.4 | 1,346.2 |
Production margin | 405.4 | 440.6 | 461.4 |
Marketing and administrative expenses | 176.5 | 187.5 | 178.6 |
Research and development expenses | 19.9 | 20.3 | 22.7 |
Litigation expenses | 10.4 | 10.9 | 0 |
Acquisition-related expenses | 3.1 | 0 | 1.7 |
Restructuring and other items, net | 7.6 | 13.2 | 2.5 |
Income from operations | 187.9 | 208.7 | 255.9 |
Interest expense, net | (38.2) | (43.2) | (45.9) |
Non-cash pension settlement charge | (6.4) | 0 | (4.4) |
Other non-operating income (deductions), net | (5.3) | (8.2) | (1.5) |
Total non-operating deductions, net | (49.9) | (51.4) | (51.8) |
Income from operations before tax and equity in earnings | 138 | 157.3 | 204.1 |
Provision for taxes on income | 24.4 | 22.8 | 34.4 |
Equity in earnings of affiliates, net of tax | 2.2 | 1.9 | 3.5 |
Consolidated net income | 115.8 | 136.4 | 173.2 |
Less: Net income attributable to non-controlling interests | 3.4 | 3.7 | 4.2 |
Net income attributable to Minerals Technologies Inc. (MTI) | $ 112.4 | $ 132.7 | $ 169 |
Basic: | |||
Income from operations attributable to MTI (in dollars per share) | $ 3.29 | $ 3.79 | $ 4.79 |
Diluted: | |||
Income from operations attributable to MTI (in dollars per share) | 3.29 | 3.78 | 4.75 |
Cash dividends declared per common share (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 |
Shares used in computation of earnings per share: | |||
Basic (in shares) | 34.2 | 35 | 35.3 |
Diluted (in shares) | 34.2 | 35.1 | 35.6 |
Product [Member] | |||
Statements of Income [Abstract] | |||
Total net sales | $ 1,521.8 | $ 1,695.8 | $ 1,729.3 |
Total cost of sales | 1,140.5 | 1,285.8 | 1,293.3 |
Service [Member] | |||
Statements of Income [Abstract] | |||
Total net sales | 73 | 95.2 | 78.3 |
Total cost of sales | $ 48.9 | $ 64.6 | $ 52.9 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Consolidated net income | $ 115.8 | $ 136.4 | $ 173.2 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 10.9 | (29.9) | (67.9) |
Pension and postretirement plan adjustments | (18.7) | (16.1) | 16.9 |
Unrealized gain (loss) on cash flow hedges | (8.5) | 0.2 | 1.6 |
Total other comprehensive income (loss), net of tax | (16.3) | (45.8) | (49.4) |
Total comprehensive income including non-controlling interests | 99.5 | 90.6 | 123.8 |
Less: Net income attributable to non-controlling interests | 3.4 | 3.7 | 4.2 |
Less: Foreign currency translation adjustments attributable to non-controlling interests | 1.7 | 0 | (1.8) |
Comprehensive income attributable to non-controlling interests | 5.1 | 3.7 | 2.4 |
Comprehensive income attributable to Minerals Technologies Inc. | $ 94.4 | $ 86.9 | $ 121.4 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities: | |||
Consolidated net income | $ 115.8 | $ 136.4 | $ 173.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 93.9 | 98.4 | 94.3 |
Loss on disposal of property, plant and equipment | 0.2 | 1.9 | 2.8 |
Deferred income taxes | (2.7) | (1.4) | 15.4 |
Pension amortization and settlement loss | 13.1 | 9.2 | 13.4 |
Provision for bad debts | 2.6 | 6.3 | 3.2 |
Stock-based compensation | 10.2 | 8.1 | 6.2 |
Asset write-downs | 7.1 | 7.5 | 0.7 |
Reduction of right of use asset | 12.3 | 12.7 | 0 |
Other non-cash items | (2.2) | (1.9) | (3.5) |
Changes in operating assets and liabilities | |||
Accounts receivable | 13.7 | 9.9 | (3) |
Inventories | 8.3 | (16) | (14.7) |
Pension plan funding | (12.2) | (7.7) | (24.2) |
Accounts payable | (16.7) | (5.1) | (11.2) |
Restructuring liabilities | (1.2) | 2.4 | (4.9) |
Income taxes payable | 3.9 | 2.5 | (7.4) |
Prepaid expenses and other | (5.5) | (24.9) | (36.7) |
Net cash provided by operating activities | 240.6 | 238.3 | 203.6 |
Investing Activities: | |||
Purchases of property, plant and equipment | (66.8) | (65) | (75.9) |
Acquisition of business, net of cash acquired | 0 | 0 | (122.5) |
Acquisition of assets | (9.2) | 0 | 0 |
Proceeds from sales of assets | 0.7 | 0 | 0.9 |
Purchases of short-term investments | (8.7) | (5.5) | (7.7) |
Proceeds from sale of short-term investments | 5.3 | 7.7 | 6.1 |
Other investing activities | 0 | 0.8 | (0.9) |
Net cash used in investing activities | (78.7) | (62) | (200) |
Financing Activities: | |||
Long-term debt issuance | 400 | 0 | 0 |
Debt issuance costs | (6.4) | 0 | (1.5) |
Repayment of long-term debt | (290.1) | (88.2) | (66.3) |
Proceeds from issuance of short-term debt | 0 | 0 | 113 |
Repayment of short-term debt | (101.2) | (4) | (14) |
Purchase of common stock for treasury | (40.7) | (41) | (21.7) |
Proceeds from issuance of stock under option plan | 3.2 | 2.2 | 3 |
Excess tax benefits related to stock incentive programs | (2) | (1.7) | (3.1) |
Dividends paid to non-controlling interests | (0.7) | (4.2) | (1.8) |
Capital contribution from non-controlling interests | 1.7 | 0.6 | 3.7 |
Cash dividends paid | (6.8) | (7) | (7.1) |
Net cash provided by (used in) financing activities | (43) | (143.3) | 4.2 |
Effect of exchange rate changes on cash and cash equivalents | 7.2 | (0.2) | (11.2) |
Net increase (decrease) in cash and cash equivalents | 126.1 | 32.8 | (3.4) |
Cash and cash equivalents at beginning of period | 241.6 | 208.8 | 212.2 |
Cash and cash equivalents at end of period | 367.7 | 241.6 | 208.8 |
Non-cash financing activities | |||
Treasury stock purchases settled after period end | $ 1.8 | $ 1.1 | $ 0.3 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Non-controlling Interests [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Non-controlling Interests [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] |
Balance at Dec. 31, 2017 | $ 4.9 | $ 422.7 | $ 1,607.2 | $ (186.1) | $ (597) | $ 27.4 | $ 1,279.1 | |||||||
Net income | 0 | 0 | 169 | 0 | 0 | 4.2 | 173.2 | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (47.6) | 0 | (1.8) | (49.4) | |||||||
Dividends declared | 0 | 0 | (7.1) | 0 | 0 | 0 | (7.1) | |||||||
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (1.8) | (1.8) | |||||||
Acquisition of non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.1 | |||||||
Capital contribution from non-controlling interests | 0 | 0 | 0 | 0 | 0 | 3.7 | 3.7 | |||||||
Issuance of shares pursuant to employee stock compensation plans | 0 | 3 | 0 | 0 | 0 | 0 | 3 | |||||||
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (21.7) | 0 | (21.7) | |||||||
Stock-based compensation | 0 | 6.2 | 0 | 0 | 0 | 0 | 6.2 | |||||||
Balance at Dec. 31, 2018 | 4.9 | 431.9 | 1,769.1 | (233.7) | (618.7) | 31.8 | 1,385.3 | |||||||
Balance (ASU 2018-02 [Member]) at Dec. 31, 2018 | $ 0 | $ 0 | $ 10.9 | $ (10.9) | $ 0 | $ 0 | $ 0 | |||||||
Net income | 0 | 0 | 132.7 | 0 | 0 | 3.7 | 136.4 | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (45.8) | 0 | 0 | (45.8) | |||||||
Dividends declared | 0 | 0 | (7) | 0 | 0 | 0 | (7) | |||||||
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (4.2) | (4.2) | |||||||
Capital contribution from non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0.6 | 0.6 | |||||||
Issuance of shares pursuant to employee stock compensation plans | 0 | 2.2 | 0 | 0 | 0 | 0 | 2.2 | |||||||
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (41) | 0 | (41) | |||||||
Stock-based compensation | 0 | 8.1 | 0 | 0 | 0 | 0 | 8.1 | |||||||
Balance at Dec. 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 income (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 at Dec. 31, 2020 | $ 4.9 | $ 453.3 | $ 2,011.3 | $ (308.3) | $ (700.4) | $ 37.9 | $ 1,498.7 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Business The Company is a resource- and technology-based company that develops, produces and markets on a worldwide basis a broad range of specialty mineral, mineral-based and synthetic mineral products and supporting systems and services. Basis of Presentation The accompanying consolidated financial statements include the accounts of Minerals Technologies Inc. (the "Company"), its wholly and majority-owned subsidiaries, as well as variable interest entities for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, income tax, and litigation and environmental liabilities. Actual results could differ from those estimates. Cash Equivalents and Short-term Investments The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term investments consist of financial instruments, mainly bank deposits, with original maturities beyond three months, but less than twelve months. Short-term investments amounted to $4.1 million and $1.6 million at December 31, 2020 and 2019, respectively. There were no unrealized holding gains and losses on the short-term bank investments held at December 31, 2020. Trade Accounts Receivable Trade accounts receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific allowances for bankrupt customers. The Company also analyzes the collection history and financial condition of its other customers, considering current industry conditions and determines whether an allowance needs to be established. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days based on payment terms are reviewed individually for collectability. Allowance for doubtful accounts was $15.0 million and $12.9 million at December 31, 2020 and 2019, respectively. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. Inventories Inventories are valued at the lower of cost or market. Cost is determined by the first-in, first-out (FIFO) method. Additionally, items such as idle facility expense, excessive spoilage, freight handling costs, and re-handling costs are recognized as current period charges. The allocation of fixed production overheads to the costs of conversion are based upon the normal capacity of the production facility. Fixed overhead costs associated with idle capacity are expensed as incurred. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant improvements are capitalized, while maintenance and repair expenditures are charged to operations as incurred. The Company capitalizes interest cost as a component of construction in progress. The straight-line method of depreciation is used for substantially all of the assets for financial reporting purposes, except for mining related equipment which uses units-of-production method. The annual rates of depreciation are 3% - 6.67% for buildings, 6.67% - 12.5% for machinery and equipment, 8% - 12.5% for furniture and fixtures and 12.5% - 25% for computer equipment and software-related assets. The estimated useful lives of our PCC production facilities and machinery and equipment pertaining to our natural stone mining and processing plants and our chemical plants are 15 years. Property, plant and equipment are depreciated over their useful lives. Useful lives are based on management's estimates of the period that the assets can generate revenue, which does not necessarily coincide with the remaining term of a customer's contractual obligation to purchase products made using those assets. The Company's sales of PCC are predominantly pursuant to long-term evergreen contracts, initially ten years in length, with paper mills at which the Company operates satellite PCC plants. The terms of many of these agreements have been extended, often in connection with an expansion of the satellite PCC plant. Failure of a PCC customer to renew an agreement or continue to purchase PCC from a Company facility could result in an impairment of assets charge or accelerated depreciation at such facility. Depletion of mineral reserves is determined on a unit-of-extraction basis for financial reporting purposes, based upon proven and probable reserves, and generally on a percentage depletion basis for tax purposes. Stripping Costs Incurred During Production Stripping costs are those costs incurred for the removal of waste materials for the purpose of accessing ore body that will be produced commercially. Stripping costs incurred during the production phase of a mine are variable costs that are included in the costs of inventory produced during the period that the stripping costs are incurred. Accounting for the Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest), resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset, determined principally using discounted cash flows. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized, but instead assessed for impairment. Intangible assets with estimable useful lives are amortized on a straight-line basis over their respective estimated lives to the estimated residual values, and reviewed for impairment. The Company performs a qualitative assessment for each of its reporting units to determine if the two-step process for impairment testing is required. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would then evaluate the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the fair value for the reporting unit is compared to its book value including goodwill. In the case that the fair value of the reporting unit is less than book value, a second step is performed which compares the fair value of the reporting unit's goodwill to the book value of the goodwill. The fair value for the goodwill is determined based on the difference between the fair values of the reporting unit and the net fair values of the identifiable assets and liabilities of such reporting unit. If the fair value of the goodwill is less than the book value, the difference is recognized as impairment. Investment in Joint Ventures The Company uses the equity method of accounting to incorporate the results of its investments in companies in which it has significant influence but does not control; and cost method of accounting in companies in which it cannot exercise significant control. The Company records the equity in earnings of its investments in joint ventures on a one-month lag. At December 31, 2020 and 2019, the book value of the Company’s equity method investments was $17.0 million and $16.1 million. Accounting for Asset Retirement Obligations The Company provides for obligations associated with the retirement of long-lived assets and the associated asset retirement costs. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company also provides for legal obligations to perform asset retirement activities where timing or methods of settlement are conditional on future events. The Company also records liabilities related to land reclamation as a part of the asset retirement obligations. The Company mines land for various minerals using a surface-mining process that requires the removal of overburden. In many instances, the Company is obligated to restore the land upon completion of the mining activity. As the overburden is removed, the Company recognizes this liability for land reclamation based on the estimated fair value of the obligation. The obligation is adjusted to reflect the passage of time and changes in estimated future cash outflows. Fair Value of Financial Instruments The recorded amounts of cash and cash equivalents, receivables, short-term borrowings, accounts payable, accrued interest, and variable-rate long-term debt approximate fair value because of the short maturity of those instruments or the variable nature of underlying interest rates. Short-term investments are recorded at cost, which approximates fair market value. Derivative Financial Instruments The Company records derivative financial instruments which are used to hedge certain foreign exchange risk at fair value on the balance sheet. See Note 13 for a full description of the Company's hedging activities and related accounting policies. Revenue Recognition Revenue is recognized at the point in time when the customer obtains control of the promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. The Company's revenues are primarily derived from the sale of products. Our primary performance obligation is satisfied upon shipment or delivery to our customer based on written sales terms, which is also when control is transferred. Revenues from sales of equipment are recorded upon completion of installation and transfer of control to the customer. Revenues from services are recorded when the services are performed. In most of our PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year. Under those contracts, the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to the customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. There were no significant revenue adjustments in the fourth quarter of 2020 and 2019, respectively. We have consignment arrangements with certain customers in our Refractories segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer. Revenues within our Energy Services segment is service based. Certain contracts within this segment are long-term contracts. Revenue where our performance obligations are satisfied in phases is recognized over time using certain input measures based on the measurement of the value transferred to the customer, including milestones achieved. Foreign Currency The assets and liabilities of the Company's international subsidiaries are translated into U.S. dollars using exchange rates at the respective balance sheet date. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss) in shareholders' equity. Income statement items are generally translated at monthly average exchange rates prevailing during the period. International subsidiaries operating in highly inflationary economies translate non-monetary assets at historical rates, while net monetary assets are translated at current rates, with the resulting translation adjustments included in net income. At December 31, 2020, the Company had no international subsidiaries operating in highly inflationary economies. Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company operates in multiple taxing jurisdictions, both within the U.S. and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company regularly assesses its tax position for such transactions and includes reserves for those differences in position. The reserves are utilized or reversed once the statute of limitations has expired or the matter is otherwise resolved. The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax laws and regulations change over time. As such, changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations. The Company's accounting policy is to recognize interest and penalties as part of its provision for income taxes. See Note 9 for additional detail on our uncertain tax positions. The accompanying financial statements do not include a provision for foreign withholding taxes on international subsidiaries' unremitted earnings, which are expected to be permanently reinvested overseas. Research and Development Research and development costs are expensed as incurred. Accounting for Stock-Based Compensation The Company recognizes compensation expense for share-based awards based upon the grant date fair value over the vesting period. Pension and Post-retirement Benefits The Company has defined benefit pension plans covering the majority of its employees. The benefits are generally based on years of service and an employee's modified career earnings. The Company also provides post-retirement healthcare benefits for the majority of its retirees and employees in the United States. The Company measures the costs of its obligation based on its best estimate. The net periodic costs are recognized as employees render the services necessary to earn the post-retirement benefits. Environmental Expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when it is probable the Company will be obligated to pay amounts for environmental site evaluation, remediation or related costs, and such amounts can be reasonably estimated. Earnings Per Share Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share have been computed based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. Subsequent Events The Company has evaluated for subsequent events through the date of issuance of its financial statements. Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. Investments - Equity Securities, Investments - Equity Method and Joint Ventures, and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities, Investments - Equity Method and Joint Ventures, and Derivatives and Hedging”, which addresses the accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The standard is effective for interim and annual periods beginning on or after December 15, 2020. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. Adoption of ASU 2016-13 Measurement of Credit Losses on Financial Instrument In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments”, which replaces existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost. The Company adopted this guidance on January 1, 2020 using a modified retrospective transition method. The Company did not record a cumulative-effect adjustment upon adoption of this standard. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Adoption of ASU 2018-14 Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans”, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The Company adopted this guidance on January 1, 2020 on a retrospective basis and has updated the disclosures contained in Note . Other than the modification of certain disclosures, this guidance did not impact the Company's consolidated financial statements. |
COVID-19
COVID-19 | 12 Months Ended |
Dec. 31, 2020 | |
COVID-19 [Abstract] | |
COVID-19 | Note 2. COVID-19 In March 2020, the World Health Organization categorized the novel coronavirus (COVID-19) as a pandemic. Around the world, the Company has been closely adhering to all government regulations as they are issued. Applicable governmental directives across the United States and other global locations have typically permitted the continued operation of essential critical infrastructure sectors. As the Company supplies products and services to many essential industries, including critical manufacturing and energy sectors, all of our operations have qualified as essential businesses. Accordingly, all of the Company’s production facilities are currently operational. In a few locations, however, sites were temporarily impacted by the pandemic. The economic environment related to the COVID-19 pandemic, which slowed business activity in several key end-markets, negatively impacted the Company’s results in 2020. The pandemic has affected and may continue to affect the demand for a number of our Performance Materials segment’s products and services. The impacts of the COVID-19 pandemic may continue to impact our results during 2021. The extent to which our operations will be impacted by the pandemic will depend largely on future developments, including the continued severity of the pandemic and future actions by government authorities to contain it or treat its impact. These conditions are highly uncertain and cannot be accurately predicted. We will continue to actively monitor and respond to the evolving situation. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which includes modifications to the limitation on business interest expense and net operating loss provisions, and provides a payment delay of employer payroll taxes during 2020 after the date of enactment with 50% due by December 31, 2021 and the remaining 50% due by December 31, 2022. The CARES Act did not have a material impact on the Company’s consolidated financial statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 3. Leases We determine if an arrangement is a lease at inception. The Company has operating leases for premises, equipment, rail cars and automobiles. Our leases have remaining lease terms of 1 year to 50 years, some of which may include options to extend the leases further. The Company considers these options in determining the lease term used to establish the right-of-use assets and lease liabilities. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based upon the information available at commencement date, or as of implementation of ASC 842, in determining the present value of lease payments. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements contain both lease and non-lease components. We account for lease components together with non-lease components. Operating lease cost was $15.3 million and $16.6 million for the years ended December 31, 2020 and December 31, 2019, respectively. The components of lease costs are as follows: December 31, (millions of dollars) 2020 2019 Operating lease cost $ 15.2 $ 15.5 Short-term lease cost 0.1 1.1 Total $ 15.3 $ 16.6 Supplemental cash flow information and non-cash activity related to our leases are as follows: (millions of dollars) December 31, Operating cash flows information: Cash paid for amounts included in the measurement of lease liabilities $ 15.7 Non-cash activity: Right-of-use assets obtained in the exchange for operating lease liabilities $ 18.1 Weighted average remaining lease term, and weighted average discount rates related to the Company’s leases were as follows: Weighted-average remaining operating lease term (in years) 7.71 Weighted-average operating leases discount rate 5.0 % The following table summarizes the Company's outstanding lease assets and liabilities and their classification on the Consolidated Balance Sheet: December 31, (millions of dollars) Balance Sheet Classification 2020 2019 Right-of-use-asset Other assets and deferred charges $ 50.9 $ 44.8 Lease liability - current Other current liabilities 11.7 11.9 Lease liability - non-current Other non-current liabilities 49.2 43.3 Future minimum lease payments under the Company's leases as of were as follows: (millions of dollars) December 31, 2021 $ 14.4 2022 12.1 2023 9.5 2024 7.6 2025 6.4 Thereafter 24.0 Total future minimum lease payments 74.0 Less imputed interest (13.1 ) Total $ 60.9 A summary of rent expense for the fiscal year ended December 31, 2018 was as follows: (millions of dollars) December 31, Rent expense $ 19.5 The Company has certain arrangements under which we are the lessor. Lease income associated with these leases is not material. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contracts with Customers | Note 4. Revenue from Contracts with Customers The Company’s revenues are primarily derived from the sale of products in product lines within our Performance Materials, Specialty Minerals, Refractories and Energy Services businesses. Our primary performance obligation (the sale of products) is satisfied upon shipment or delivery to our customers based on written sales terms, which is also when control is transferred. In most of our contracts in our Paper PCC product line, which is in our Specialty Minerals segment, the price per ton is based upon the total number of tons sold to the customer during the year. Under these contracts, the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to such customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. Revenue from sales of equipment, primarily in our Refractory products product line within our Refractories segment, is recorded upon completion of installation and control is transferred to the customer. Revenue from services is recorded when the services have been performed. Included within our Refractory products product line are certain consignment arrangements with certain customers in our Refractories segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer and control is transferred. Revenue from long-term construction, primarily in our Energy Services segment, where our performance obligations are satisfied in phases, is recognized over time using certain input measures based on the measurement of the value transferred to the customer, including milestones achieved. The following table disaggregates our revenue by major source (product line) for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (millions of dollars) 2020 2019 2018 Net Sales Metalcasting $ 258.1 $ 291.2 $ 328.9 Household, Personal Care & Specialty Products 380.2 376.6 348.5 Environmental Products 58.6 86.6 80.3 Building Materials 55.9 68.9 70.4 Performance Materials 752.8 823.3 828.1 Paper PCC 308.4 364.9 378.5 Specialty PCC 69.3 69.1 66.9 Ground Calcium Carbonate 89.3 91.3 91.0 Talc 43.9 49.1 52.9 Specialty Minerals 510.9 574.4 589.3 Refractory Products 212.3 244.8 261.1 Metallurgical Products 45.8 53.3 50.8 Refractories 258.1 298.1 311.9 Energy Services 73.0 95.2 78.3 Total $ 1,594.8 $ 1,791.0 $ 1,807.6 |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2020 | |
Business Combination [Abstract] | |
Business Combination | Note 5. Business Combination On April 30, 2018, the Company completed the acquisition of Sivomatic Holding B.V. (“Sivomatic”), a leading European supplier of premium pet litter products. Sivomatic is a vertically integrated manufacturer, with production facilities in the Netherlands, Austria and Turkey. With a leading position in premier clumping products, Sivomatic’s product portfolio spans the range of pet litter derived from bentonite, sourced predominantly from wholly-owned mines in Turkey. The results of Sivomatic are included in our Performance Materials segment. Sivomatic sales of $61.8 million are included in the Company's consolidated results for the year ended December 31, 2018. The acquisition was financed through a combination of cash on hand and borrowings under the Company’s credit facilities. The fair value of the total consideration transferred, net of cash acquired, was $122.5 million. The acquisition has been accounted for using the acquisition method of accounting, which requires, among other things, that we recognize the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. As of April 30, 2019, the purchase price allocation has been finalized. The Company used the income, market, or cost approach (or a combination thereof) for the preliminary valuation and used valuation inputs and analyses that were based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. For certain items, the carrying value was determined to be a reasonable approximation of fair value based on the information available. Goodwill was calculated as the excess of the consideration transferred over the assets acquired and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The allocation was completed during the second quarter of 2019. Goodwill recognized as a result of this acquisition is not deductible for tax purposes. In connection with the acquisition, the Company recorded an additional deferred tax liability of $18.8 million with a corresponding increase to goodwill. The increase in deferred tax liability represents the tax effect of the difference between the estimated assigned fair value of the tangible and intangible assets and the tax basis of such assets. Mineral rights were valued using discounted cash flow method. Plant, property and equipment were valued using the cost method adjusted for age and deterioration. Intangible assets acquired mainly include tradenames and customer relationships. Both tradenames and customer relationships have an estimated useful life of approximately 20 years. The Company did not present pro forma and other financial information for the Sivomatic acquisition, as this is not considered to be a material business combination. |
Restructuring and Other Items,
Restructuring and Other Items, net | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Other Items, net [Abstract] | |
Restructuring and Other Items, net | Note 6. Restructuring and Other Items, net During the third quarter of 2020, Domtar Corporation announced the permanent shut down of their previously idled paper machine at their mill in Ashdown, Arkansas. As a result, the Company recorded a non-cash asset write-down charge of $1.1 million for its Paper PCC satellite facility at this mill. During the second quarter of 2020, Verso Papers announced they would be idling two of their paper mills indefinitely. As a result, the Company recorded a non-cash asset write-down charge of $6.0 million and $0.3 million in severance related costs for its Paper PCC satellite facilities at these mills. The Company also recorded lease termination costs at one of these closed mills. During the second quarter of 2019, the Company initiated a restructuring and cost savings program to better align our costs and organizational structure with the current market environment. The Company recorded a $7.5 million non-cash asset write-down charge related to facilities and equipment no longer operating and deemed to be held for sale or discontinued and $5.7 million in other restructuring costs. In 2018, the Company recorded non-cash asset write-down charges relating to the shut-down of one of its Paper PCC facilities in the U.S. in the first quarter of 2019 and additional restructuring costs relating to our exited Energy Services businesses. The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segments they relate to: Restructuring and Other Items, net Year Ended December 31, (millions of dollars) 2020 2019 2018 Asset Write-Downs Performance Materials $ — $ 4.2 $ — Specialty Minerals 7.1 1.6 0.7 Energy Services — 1.7 — Total asset write-down charges $ 7.1 $ 7.5 $ 0.7 Severance and other employee costs Performance Materials $ — $ 2.8 $ — Specialty Minerals 0.3 0.9 — Refractories — 0.8 — Energy Services — 0.1 1.8 Corporate — 1.1 — Total severance and other employee costs $ 0.3 $ 5.7 $ 1.8 Other Specialty Minerals $ 0.2 $ — $ — Total restructuring and other items, net $ 7.6 $ 13.2 $ 2.5 At December 31, 2020 and 2019, the Company had $3.6 million and $5.0 million, respectively, included within other current liabilities within our Consolidated Balance Sheets for cash expenditures needed to satisfy remaining obligations under these reorganization initiatives. The Company expects to pay these amounts by the end of 2021. The following table is a reconciliation of our restructuring liability balance as of December 31, 2020 and 2019: December 31, (millions of dollars) 2020 2019 Restructuring liability, beginning of period $ 5.0 $ 2.5 Additional provisions 0.3 5.7 Cash payments (1.6 ) (3.2 ) Other (0.1 ) — Restructuring liability, end of period $ 3.6 $ 5.0 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 7. Stock-Based Compensation At the Company’s 2020 Annual Meeting of Stockholders, the Company’s stockholders ratified the adoption of an amendment and restatement of the Company’s 2015 Stock Award and Incentive Plan (the “2015 Plan”), which provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, stock awards or performance unit awards. This amendment and restatement increased the number of shares available for issuance pursuant to the 2015 Plan by 1,300,000 shares. The amendment and restatement also removed references to sections of the Internal Revenue Code that no longer apply, added a one-year minimum vesting requirement for all equity awards, subject to an exception of up to 5% of total shares available, and prohibited payment of dividends or dividend equivalents on unvested awards. Finally, the amendment and restatement also revised the definition of “change in control” in the 2015 Plan. The amendment and restatement of the Company’s 2015 Plan by the Company’s stockholders applies to all awards granted under the 2015 Plan after March 11, 2020; awards granted prior to such date are governed by the 2015 Plan as in effect prior to the adoption of such changes (or, for awards granted prior to May 2015, by the 2001 Stock Award and Incentive Plan, as amended and restated (together with the 2015 Plan, the "Plans")). The Plans are administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plans generally have a ten year term. The exercise price for stock options are at prices at or above the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years. Stock-based compensation expense is recognized in the consolidated financial statements for stock options based on the grant date fair value. Net income for years ended 2020, 2019 and 2018 include $4.6 million, $4.8 million and $4.2 million pre-tax compensation costs, respectively, related to stock option expense as a component of marketing and administrative expenses. All stock option expense is recognized in the consolidated statements of operations. The related tax benefit included in the statement of income on the non-qualified stock options was $1.2 million, $1.3 million and $1.1 million for 2020, 2019 and 2018, respectively. Stock Options The fair value of options granted is estimated on the date of grant using the Black-Scholes valuation model. Compensation expense is recognized only for those options expected to vest, with forfeitures estimated at the date of grant based on the Company's historical experience and future expectations. The forfeiture rate assumption used for the periods ended December 31, 2020, 2019 and 2018 was 8.45%, 8.85% and 8.20%, respectively. The weighted average grant date fair value for stock options granted during the years ended December 31, 2020, 2019 and 2018 was $18.99, $18.86 and $25.79, respectively. The weighted average grant date fair value for stock options vested during 2020, 2019 and 2018 was $23.85, $22.46 and $21.33, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2020, 2019 and 2018 was $2.3 million, $2.2 million and $3.3 million, respectively. The fair value for stock awards was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Expected life (in years) 6.7 6.6 6.2 Interest rate 1.67 % 2.62 % 2.50 % Volatility 30.34 % 30.26 % 30.33 % Expected dividend yield 0.35 % 0.37 % 0.26 % The expected term of the options represents the estimated period of time until exercised and is based on historical experience of similar awards, based upon contractual terms, vesting schedules, and expectations of future employee behavior. The expected stock-price volatility is based upon the historical and implied volatility of the Company's stock. The interest rate is based upon the implied yield on U.S. Treasury bills with an equivalent remaining term. Estimated dividend yield is based upon historical dividends paid by the Company. The following table summarizes stock option activity for the year ended December 31, 2020: Awards Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Millions) Awards outstanding at December 31, 2019 1,227,620 $ 55.83 Granted 286,078 57.67 Exercised (93,099 ) 35.11 Canceled (57,233 ) 63.92 Awards outstanding at December 31, 2020 1,363,366 $ 57.29 6.15 $ 11.4 Awards exercisable at December 31, 2020 876,206 $ 56.55 4.83 $ 8.9 The aggregate intrinsic value above is calculated before applicable income taxes, based on the Company's closing stock price of $62.12 as of the last business day of the period ended December 31, 2020 had all options been exercised on that date. The weighted average intrinsic value of the options exercised during 2020, 2019 and 2018 was $24.41, $27.21 and $33.10 per share, respectively. As of December 31, 2020, total unrecognized stock-based compensation expense related to non-vested stock options was approximately $4.7 million, which is expected to be recognized over a weighted average period of approximately three years. The Company issues new shares of common stock upon the exercise of stock options. Non-vested stock option activity for the year ended December 31, 2020 is as follows: Awards Weighted Average Grant Date Fair Value per Share Nonvested awards outstanding at December 31, 2019 438,773 $ 63.15 Granted 286,078 57.67 Vested (199,723 ) 66.94 Canceled (37,968 ) 60.15 Nonvested awards outstanding at December 31, 2020 487,160 $ 58.61 Restricted Stock The Company has granted key employees rights to receive shares of the Company's common stock pursuant to the Plan. The rights will be deferred for a specified number of years of service, subject to restrictions on transfer and other conditions. Compensation expense for these shares is recognized over the vesting period. The Company granted 108,212 shares, 116,901 shares and 69,361 shares for the periods ended December 31, 2020, 2019 and 2018, respectively. The fair value was determined based on the market value of unrestricted shares. As of December 31, 2020, there was unrecognized stock-based compensation related to restricted stock of $6.4 million, which will be recognized over approximately the next three years. The compensation expense amortized with respect to all units was approximately $5.6 million, $5.2 million and $4.4 million for the periods ended December 31, 2020, 2019 and 2018, respectively. In addition, the Company recorded reversals of $2.3 million, $1.9 million and $2.4 million for periods ended December 31, 2020, 2019 and 2018, respectively, related mostly to the conversion of restricted stock for tax withholding purposes. Such costs and reversals are included in marketing and administrative expenses. The following table summarizes the restricted stock activity for the Plan: Awards Weighted Average Grant Date Fair Value per Share Unvested balance at December 31, 2019 177,736 $ 62.40 Granted 108,212 56.93 Vested (43,702 ) 66.07 Canceled (40,261 ) 65.42 Unvested balance at December 31, 2020 201,985 $ 58.07 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8. Earnings Per Share (EPS) Year Ended December 31, (in millions, except per share data) 2020 2019 2018 Net income attributable to MTI $ 112.4 $ 132.7 $ 169.0 Weighted average shares outstanding 34.2 35.0 35.3 Dilutive effect of stock options and stock units — 0.1 0.3 Weighted average shares outstanding, adjusted 34.2 35.1 35.6 Basic earnings per share attributable to MTI $ 3.29 $ 3.79 $ 4.79 Diluted earnings per share attributable to MTI $ 3.29 $ 3.78 $ 4.75 Of the options outstanding of 1,363,366, 1,227,620 and 1,054,259 for the years ended December 31, 2020, 2019 and 2018, respectively, options to purchase 591,322 shares, 825,331 shares and 568,284 shares of common stock for the years ended December 31, 2020, 2019 and 2018, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of the common shares. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 9. Income Taxes The U.S. Tax Cuts and Jobs Act (“U.S. Tax Reform”), enacted in December 2017, significantly changes U.S. corporate income tax laws by, among other things, reducing the U.S. corporate income tax rate to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. Under U.S. GAAP (specifically, ASC Topic 740), the effects of changes in tax rates and laws on deferred tax balances are recognized in the period in which the new legislation is enacted. During 2018, we recorded a benefit of $4.4 million as a measurement period adjustment to the one-time mandatory tax on previously deferred earnings of non-U.S. subsidiaries. The accounting for income tax effects of U.S. Tax Reform is complete based on additional tax regulations available as of December 31, 2018. Amounts recorded during 2018 and 2017, respectively, are reflected within the provision for income taxes in the Consolidated Statement of Income. Additionally, U.S. Tax Reform subjects a U.S. shareholder to current tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. We have elected to not recognize deferred taxes for temporary differences until such differences reverse as GILTI in future years. Income from operations before provision for taxes by domestic and foreign source is as follows: Year Ended December 31, (millions of dollars) 2020 2019 2018 Income from operations before income taxes and income from affiliates and joint ventures: Domestic $ 21.4 $ 46.9 $ 93.1 Foreign 116.6 110.4 111.0 $ 138.0 $ 157.3 $ 204.1 The provision (benefit) for taxes on income consists of the following: Year Ended December 31, (millions of dollars) 2020 2019 2018 Domestic Taxes currently payable Federal $ (7.1 ) $ (3.3 ) $ (3.7 ) State and local 0.2 0.8 1.4 Deferred income taxes 2.2 (6.6 ) 11.1 Domestic tax provision (benefit) (4.7 ) (9.1 ) 8.8 Foreign Taxes currently payable 34.0 26.7 21.3 Deferred income taxes (4.9 ) 5.2 4.3 Foreign tax provision 29.1 31.9 25.6 Total tax provision (benefit) $ 24.4 $ 22.8 $ 34.4 The provision (benefit) for taxes on income shown in the previous table is classified based on the location of the taxing authority, regardless of the location in which the taxable income is generated. The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows: Year Ended December 31, 2020 2019 2018 U.S. statutory rate 21.0 % 21.0 % 21.0 % Depletion (6.2 )% (5.0 )% (3.9 )% Difference between tax provided on foreign earnings and the U.S. statutory rate 3.3 % 3.8 % 1.1 % Global Intangible Low-Tax Income (GILTI) 0.4 % — 0.8 % Foreign Derived Intangible Income (1.0 )% (0.8 )% (0.7 )% State and local taxes, net of federal tax benefit — 0.2 % 1.9 % Tax credits and foreign dividends (0.6 )% (0.7 )% (0.3 )% Change in valuation allowance — 1.0 % — Impact of uncertain tax positions (0.2 )% (5.0 )% 0.5 % Impact of officer's non-deductible compensation 1.0 % 0.8 % 0.8 % Impact of U.S. Tax Reform — (1.1 )% (2.2 )% Other — 0.3 % (2.1 )% Consolidated effective tax rate 17.7 % 14.5 % 16.9 % The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, (millions of dollars) 2020 2019 Deferred tax assets attributable to: Accrued liabilities $ 29.8 $ 29.7 Net operating loss carry forwards 31.1 33.9 Pension and post-retirement benefits costs 46.3 39.0 Other 28.2 31.4 Valuation allowance (20.9 ) (23.8 ) Total deferred tax assets 114.5 110.2 Deferred tax liabilities attributable to: Plant and equipment, principally due to differences in depreciation 169.5 181.3 Intangible assets 69.5 69.5 Other 13.9 17.0 Total deferred tax liabilities 252.9 267.8 Net deferred tax asset (liability) $ (138.4 ) $ (157.6 ) Net deferred tax assets and net deferred tax liabilities are as follows: December 31, (millions of dollars) 2020 2019 Net deferred tax asset, long-term $ 25.3 $ 23.0 Net deferred tax liability, long-term 163.7 180.6 Net deferred tax asset (liability), long-term $ (138.4 ) $ (157.6 ) The Company has $31.1 million of deferred tax assets arising from tax loss carry forwards which will be realized through future operations. Carry forwards of approximately $17.6 million expire over the next 20 years, and $13.5 million can be utilized over an indefinite period. On December 31, 2020, the Company had $7.6 million of total unrecognized tax benefits. Included in this amount were a total of $5.1 million of unrecognized income tax benefits that, if recognized, would affect the Company's effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, we do not expect the change to have a significant impact on the results of operations or the financial position of the Company. The following table summarizes the activity related to our unrecognized tax benefits: (millions of dollars) 2020 2019 Balance at beginning of the year $ 7.9 $ 16.6 Increases related to current year tax positions 0.7 1.5 Increases related to new judgements — 0.7 Decreases related to audit settlements and statue expirations (1.0 ) (10.9 ) Balance at the end of the year $ 7.6 $ 7.9 The Company's accounting policy is to recognize interest and penalties accrued, relating to unrecognized income tax benefits as part of its provision for income taxes. The Company recorded no interest and penalties during 2020 and had a total accrued balance on December 31, 2020 of $1.9 million. The Company operates in multiple taxing jurisdictions, both within and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company, with a few exceptions (none of which are material), is no longer subject to U.S. federal, state, local, and international income tax examinations by tax authorities for years prior to 2010. Net cash paid for income taxes were $28.5 million, $29.5 million and $43.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company had approximately $460.1 million of foreign subsidiaries' undistributed earnings as of December 31, 2020. We intend to continue to permanently reinvest these earnings overseas for the foreseeable future and while U.S. federal tax expense as been recognized as a result of U.S. Tax Reform, no deferred tax liabilities with respect to foreign withholding taxes or state taxes have been recognized. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Inventories | Note 10. Inventories The following is a summary of inventories by major category: December 31, (millions of dollars) 2020 2019 Raw materials $ 107.1 $ 105.9 Work-in-process 9.0 7.2 Finished goods 85.6 95.5 Packaging and supplies 46.5 44.7 Total inventories $ 248.2 $ 253.3 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 11. Property, Plant and Equipment The major categories of property, plant and equipment and accumulated depreciation and depletion are presented below: December 31, (millions of dollars) 2020 2019 Mineral rights and reserves $ 565.8 $ 571.0 Land 50.9 47.5 Buildings 225.6 218.1 Machinery and equipment 1,254.3 1,241.2 Furniture and fixtures and other 138.9 144.1 Construction in progress 41.4 35.1 2,276.9 2,257.0 Less: accumulated depreciation and depletion (1,237.3 ) (1,204.2 ) Property, plant and equipment, net $ 1,039.6 $ 1,052.8 In the third quarter of 2020, the Company acquired the assets of a mining and hauling company in the western United States for $9.2 million to support our bentonite clay mining operations. Depreciation and depletion expense for the years ended December 31, 2020, 2019 and 2018 was $77.9 million, $82.1 million and $80.7 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 12. Goodwill and Other Intangible Assets Goodwill and other intangible assets with indefinite lives are not amortized, but instead are assessed for impairment, at least annually. The carrying amount of goodwill was $808.5 million and $807.4 million as of December 31, 2020 and December 31, 2019, respectively. The net change in goodwill since December 31, 2020 was primarily attributable to the effects of foreign exchange. The balance of goodwill by segment and the activity occurring in the past two fiscal years is as follows: (millions of dollars) Performance Materials Specialty Minerals Refractories Consolidated Balance at December 31, 2018 $ 755.9 $ 12.3 $ 44.2 $ 812.4 Change in goodwill relating to: Foreign exchange translation (4.7 ) 0.2 (0.5 ) (5.0 ) Total Changes $ (4.7 ) $ 0.2 $ (0.5 ) $ (5.0 ) Balance at December 31, 2019 $ 751.2 $ 12.5 $ 43.7 $ 807.4 Change in goodwill relating to: Foreign exchange translation 1.2 0.2 (0.3 ) 1.1 Total Changes $ 1.2 $ 0.2 $ (0.3 ) $ 1.1 Balance at December 31, 2020 $ 752.4 $ 12.7 $ 43.4 $ 808.5 Acquired intangible assets subject to amortization as of December 31, 2020 and December 31, 2019 were as follows: December 31, 2020 December 31, 2019 Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Tradenames 35 $ 203.9 $ 38.6 $ 203.9 $ 32.5 Technology 13 18.8 9.6 18.8 8.0 Patents and trademarks 19 6.4 6.1 6.4 5.9 Customer relationships 22 26.9 5.9 24.7 4.4 32 $ 256.0 $ 60.2 $ 253.8 $ 50.8 The weighted average amortization period of the acquired intangible assets subject to amortization is approximately 32 years. Amortization expense was approximately $9.3 million, $9.1 million and $8.8 million for the years ended December 31, 2020, 2019 and 2018, respectively and is recorded within the Marketing and administrative expenses line within the Consolidated Statements of Income. The estimated amortization expense is as follows: 2021 - $9.3 million; 2022 -$9.1; 2023 - $9.0; 2024 -$9.0 million; 2025 - $9.0 million and $150.4 million thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Financial Instruments and Hedging Activities [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 13. Derivative Financial Instruments and Hedging Activities As a multinational corporation with operations throughout the world, the Company is exposed to certain market risks. The Company uses a variety of practices to manage these market risks, including, when considered appropriate, derivative financial instruments. The Company's objective is to offset gains and losses resulting from interest rates and foreign currency exposures with gains and losses on the derivative contracts used to hedge them. The Company uses derivative financial instruments only for risk management and not for trading or speculative purposes. By using derivative financial instruments to hedge exposures to changes in interest rates and foreign currencies, the Company exposes itself to credit risk and market risk. Credit risk is the risk that the counterparty will fail to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty, and therefore, it does not face any credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with major financial institutions. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates, currency exchange rates, or commodity prices. The market risk associated with interest rate and forward exchange contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders' equity. The Company subsequently reclassifies the effective portion of gain or loss into earnings in the period during which the hedged transaction is recognized in earnings. The Company utilizes interest rate swaps to limit exposure to market fluctuations on floating-rate debt. In the second quarter of 2018, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this swap is a liability of $7.7 million at December 31, 2020 and is recorded in other non-current liabilities on the Consolidated Balance Sheet. In addition, in the second quarter of 2016, the Company entered into a floating to fixed interest rate swap for an initial aggregate notional amount of $300 million. The notional amount at December 31, 2020 was $29 million. The fair value of this swap is a liability of less than $0.1 million at December 31, 2020 and is recorded in other current liabilities on the Consolidated Balance Sheet. These interest rate swaps are designated as cash flow hedges. The gains and losses associated with these interest rate swaps are recorded in accumulated other comprehensive income (loss). Net Investment Hedges To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, the Company from time to time hedges a portion of our net investment in or more of our foreign subsidiaries. During the second quarter of 2018, the Company entered into a cross currency rate swap with a total notional value of $ million to exchange monthly fixed-rate interest payments in U.S. dollars for monthly fixed-rate interest rate payments in Euros. This contract matures in May 2023 and requires the exchange of Euros and U.S. dollar principal payments upon maturity. Changes in the fair value of this instrument are recognized in to offset the change in the carrying amount of the net investment being hedged. Amounts are reclassified out of into earnings when the hedged net investment is either sold or substantially liquidated. Other The Company is exposed to potential gains or losses from foreign currency fluctuations affecting net investments and earnings denominated in foreign currencies. The Company is particularly sensitive to currency exchange rate fluctuations for the following currencies: British pound sterling (GBP), Chinese renminbi (CNY), Euro, Malaysian ringgit (MYR), Polish zloty (PLN), South African Rand (ZAR), Thai baht (THB) and Turkish lira (TRY). When considered appropriate, the Company enters into foreign exchange derivative contracts to mitigate the risk of fluctuations on these exposures. The Company does not designate these contracts for hedge accounting treatment and the changes in fair value of these contracts are recorded in earnings. The Company recorded losses (gains) of $0.2 million, $2.1 million and $(0.7) million in other non-operating income (deductions), net within the Consolidated Statements of Income for the years ended 2020, 2019 and 2018 respectively. There were no open contracts at December 31, 2020 and December 31, 2019. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 14. Fair Value of Financial Instruments Fair value is an exchange price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The Company follows a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows: ● Market approach – ● Cost approach – ● Income approach – The Company primarily applies the income approach for foreign exchange derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following table sets forth by level within the fair value hierarchy the Company's financial assets and liabilities accounted for at fair value on a recurring basis at the end of each of the past two years. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. (millions of dollars) Fair Value Measurements Using Asset / (Liability) Balance at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2020 (Level 1) (Level 2) (Level 3) Deferred compensation plan assets $ 14.2 $ — $ 14.2 $ — Supplementary pension plan assets 15.0 — 15.0 — Cross currency rate swap 0.4 — 0.4 — Interest rate swaps (7.6 ) — (7.6 ) — Fair Value Measurements Using Asset / (Liability) Balance at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2019 (Level 1) (Level 2) (Level 3) Deferred compensation plan assets $ 13.7 $ — $ 13.7 $ — Supplementary pension plan assets 12.8 — 12.8 — Cross currency rate swap 10.2 — 10.2 — Interest rate swaps (5.9 ) — (5.9 ) — The fair value of foreign exchange contracts is determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets and are categorized as Level 2. Deferred compensation and supplementary pension plan assets related to the acquisition of AMCOL businesses and are valued using quoted prices for similar assets in active markets. The Company does not have any financial assets or liabilities measured at fair value on a recurring basis categorized as Level 3, except for pension assets discussed in Note 17, and there were no transfers in or out of Level 3 during the year ended December 31, 2020 and 2019. There were also no changes to the Company's valuation techniques used to measure asset and liability fair values on a recurring basis. |
Financial Instruments and Conce
Financial Instruments and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments and Concentrations of Credit Risk [Abstract] | |
Financial Instruments and Concentrations of Credit Risk | Note 15. Financial Instruments and Concentrations of Credit Risk The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents, short-term investments, accounts receivable and payable Short-term debt and other liabilities Long-term debt Forward exchange contracts Credit risk The Company's bad debt expense for the years ended December 31, 2020, 2019 and 2018 was $2.6 million, $6.3 million and $3.2 million, respectively. |
Long-Term Debt and Commitments
Long-Term Debt and Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Debt and Commitments [Abstract] | |
Long-Term Debt and Commitments | Note 16. Long-Term Debt and Commitments The following is a summary of long-term debt: December 31, (millions of dollars) 2020 2019 Term Loan Facility- Variable Tranche due February 14, 2024, net of unamortized discount and deferred financing costs of $12.4 million and $16.0 million $ 535.6 $ 642.0 Senior Notes due 2028 393.9 — Term Loan Facility- Fixed Tranche due May 9, 2021, net of unamortized discount and deferred financing costs of $— million and $0.2 million $ — $ 177.8 Netherlands Term Loan due 2020 — 1.1 Netherlands Term Loan due 2022 0.6 1.0 Japan Loan Facilities 4.1 4.5 Total $ 934.2 $ 826.4 Less: Current maturities 1.0 2.1 Long-term debt $ 933.2 $ 824.3 On May 9, 2014, in connection with the acquisition of AMCOL International Corporation (“AMCOL”), the Company entered into a credit agreement providing for a $1,560 million senior secured term loan facility (the “Term Facility”) and a $200 million senior secured revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Facilities”). On June 23, 2015, the Company entered into an amendment (the “First Amendment”) to the credit agreement to reprice the $1.378 billion then outstanding on the Term Facility. As amended, the Term Facility had a $1.078 billion floating rate tranche and a $300 million fixed rate tranche. On February 14, 2017, the Company entered into an amendment (the “Second Amendment”) to the credit agreement to reprice the $788 million floating rate tranche then outstanding, which extended the maturity and lowered the interest costs by 75 basis points. On April 18, 2018, the Company entered into an amendment (the “Third Amendment”) to the credit agreement to refinance its then existing senior secured revolving credit facility. In connection with the Third Amendment, the existing senior secured revolving credit facility was replaced with a new revolving credit facility with $300 million of aggregate commitments (the "Revolving Credit Facility" and, together with the Term Facility, the "Senior Secured Credit Facilities"). Following the amendments, the loans outstanding under the floating rate tranche of the Term Facility are scheduled to mature on February 14, 2024, and the loans outstanding (if any) and commitments under the Revolving Facility will mature and terminate, as the case may be, on April 18, 2023. Loans under the fixed rate tranche of the Term Facility were repaid in full in June 2020. Loans under the floating rate tranche of the Term Facility bear interest at a rate equal to an adjusted LIBOR rate (subject to a floor of 0.75%) plus an applicable margin equal to 2.25% per annum. Loans under the Revolving Facility bear interest at a rate equal to an adjusted LIBOR rate plus an applicable margin equal to 1.625% per annum. Such rates are subject to decrease by up to 25 basis points in the event that, and for so long as, the Company’s net leverage ratio (as defined in the credit agreement) is less than certain thresholds. The variable rate tranche has a 1% required amortization per year. The Company will pay certain fees under the credit agreement, including customary annual administration fees. The obligations of the Company under the Senior Secured Credit Facilities are unconditionally guaranteed jointly and severally by, subject to certain exceptions, all material domestic subsidiaries of the Company (the “Guarantors”) and secured, subject to certain exceptions, by a security interest in substantially all of the assets of the Company and the Guarantors. The credit agreement contains certain customary affirmative and negative covenants that limit or restrict the ability of the Company and its restricted subsidiaries to enter into certain transactions or take certain actions. In addition, the credit agreement contains a financial covenant that requires the Company, if on the last day of any fiscal quarter loans or letters of credit were outstanding under the Revolving Facility (excluding up to $25 million of letters of credit), to maintain a maximum net leverage ratio (as defined in the credit agreement) of 3.50 to 1.00 for the four fiscal quarter period preceding such day. As of December 31, 2020, there were no outstanding loans and $9.5 million in letters of credit outstanding under the Revolving Facility. The Company is in compliance with all the covenants associated with the Revolving Facility as of the end of the period covered by this report. On June 30, 2020, the Company issued $400 million aggregate principal amount of 5.0% Senior Notes due 2028 (the "Notes"). The Notes were issued pursuant to an indenture, dated as of June 30, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. The Company used the net proceeds of its offering of the Notes to repay all of its outstanding loans under the fixed rate tranche of the Term Facility, repay all of its outstanding borrowings under its Revolving Credit Facility, and the remainder for general corporate purposes. The Notes bear an interest rate of 5.0% per annum payable semi-annually on January 1 and July 1 of each year, beginning on January 1, 2021. The Notes are unconditionally guaranteed on a senior unsecured basis by each of the Company's existing and future wholly owned domestic restricted subsidiaries that is a borrower under or that guarantees the Company's obligations under its Senior Secured Credit Facilities or that guarantees the Company's or any of the Company's wholly owned domestic subsidiaries' long-term indebtedness in an aggregate amount in excess of $50 million. At any time and from time to time prior to , the Company may redeem some or all of the Notes for cash at a redemption price equal to of their principal amount, plus the “make-whole” premium described in the Indenture and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Beginning on , the Company may redeem some or all of the Notes at any time and from time to time at the applicable redemption prices listed in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time and from time to time prior to , the Company may redeem up to of the aggregate principal amount of the Notes with funds from or more equity offerings at a redemption price equal to of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. If the Company experiences a change of control (as defined in the indenture), the Company is required to offer to repurchase the Notes at of the principal amount of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. The indenture contains certain customary affirmative and negative covenants that limit or restrict the ability of the Company and its restricted subsidiaries to enter into certain transactions or take certain actions, as well as customary events of default. During 2020, the Company repaid $288 million on its Term Facility. As part of the Sivomatic acquisition, the Company assumed $10.7 million in long-term debt, recorded at fair value, consisting of two term loans, one of which matured in the third quarter of 2020 and the other of which matures in 2022. These loans carry an interest rate of Euribor plus 2.0% and have quarterly repayments. During 2020, the Company repaid $1.5 million on these loans. The Company has a committed loan facility in Japan. As of December 31, 2020, there was an outstanding balance of $4.1 million on this facility. Principal will be repaid in accordance with the payment schedules ending in 2021. The Company repaid $0.6 million on this loan in 2020. As of December 31, 2020, the Company had $25.6 million in uncommitted short-term bank credit lines, none of which were in use. There were no short-term borrowings as of December 21, 2020 and there were $101.2 million in short-term borrowings as of December 31, 2019. The weighted average interest rate on short-term borrowings outstanding as December 31, 2019 was 3.9%. The aggregate maturities of long-term debt are as follows: $4.5 million in 2021; $0.2 million in 2022; $— million in 2023, $548.0 million in 2024; $0.0 million in 2025 and $400.0 million thereafter. During 2020, 2019 and 2018, respectively, the Company incurred interest costs of $40.7 million, $46.0 million and $48.6 million, including $0.6 million, $0.6 million and $0.5 million, respectively, which were capitalized. Interest paid approximated the incurred interest cost. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note 17. Benefit Plans Pension Plans and Other Postretirement Benefit Plans The Company and its subsidiaries have pension plans covering the majority of eligible employees on a contributory or non-contributory basis. Benefits under defined benefit plans are generally based on years of service and an employee's career earnings. Employees generally become fully vested after five years. The Company also provides postretirement health care and life insurance benefits for the majority of its U.S. retired employees. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company does not pre-fund these benefits and has the right to modify or terminate the plan in the future. The Company’s disclosures for the U.S. plans have been combined with those outside of the U.S. as the international plans do not have significantly different assumptions, and together represent less than 22% of our total benefit obligation. The following table set forth Company's pension obligation and funded status at December 31: Pension Benefits Post-Retirement Benefits (millions of dollars) 2020 2019 2020 2019 Change in benefit obligations: Beginning projected benefit obligation $ 484.4 $ 416.3 $ 5.9 $ 5.7 Service cost 7.7 6.8 0.2 0.2 Interest cost 10.5 14.0 0.2 0.2 Actuarial (gain)/loss 56.5 63.9 (1.3 ) 0.3 Benefits paid (12.3 ) (18.6 ) (0.4 ) (0.5 ) Settlements (18.4 ) (0.5 ) — — Foreign exchange impact 5.5 2.1 — — Other 0.4 0.4 — — Ending projected benefit obligation 534.3 484.4 4.6 5.9 Change in plan assets: Beginning fair value 340.0 296.7 — — Actual return on plan assets 31.1 52.4 — — Employer contributions 11.8 7.7 0.4 0.5 Plan participants' contributions 0.3 0.4 — — Benefits paid (12.2 ) (18.6 ) (0.4 ) (0.5 ) Settlements (16.9 ) (0.2 ) — — Foreign exchange impact 4.1 1.6 — — Ending fair value 358.2 340.0 — — Funded status of the plan $ (176.1 ) $ (144.4 ) $ (4.6 ) $ (5.9 ) Amounts recognized in the consolidated balance sheet consist of: Pension Benefits Post-Retirement Benefits (millions of dollars) 2020 2019 2020 2019 Current liability $ (1.4 ) $ (1.1 ) $ (0.3 ) $ (0.4 ) Non-current liability (174.7 ) (143.3 ) (4.3 ) (5.5 ) Recognized liability $ (176.1 ) $ (144.4 ) $ (4.6 ) $ (5.9 ) The current portion of pension liabilities is included in accrued compensation and related items. Amounts recognized in accumulated other comprehensive income, net of related tax effects, consist of: Pension Benefits Post-Retirement Benefits (millions of dollars) 2020 2019 2020 2019 Net actuarial (gain) loss $ 119.0 $ 99.6 $ (4.2 ) $ (3.7 ) Prior service cost 0.1 0.1 — — Amount recognized end of year $ 119.1 $ 99.7 $ (4.2 ) $ (3.7 ) The accumulated benefit obligation for all defined benefit pension plans was $501.7 million and $450.5 million at December 31, 2020 and 2019, respectively. The increase in MTI's pension obligation for 2020 is primarily attributable to the decrease in the discount rate. The accumulated benefit obligations and projected benefit obligations are in excess of the plan assets for each of the Company's defined benefit plans. Changes in the Plan assets and benefit obligations recognized in other comprehensive income: Pension Benefits Post-Retirement Benefits (millions of dollars) 2020 2019 2020 2019 Current year actuarial gain (loss) $ (29.6 ) $ (23.0 ) $ 0.9 $ (0.2 ) Amortization of actuarial (gain) loss 10.5 7.7 (0.5 ) (0.6 ) Amortization of prior service credit (gain) loss — — — — Total recognized in other comprehensive income $ (19.1 ) $ (15.3 ) $ 0.4 $ (0.8 ) The components of net periodic benefit costs are as follows: Pension Benefits Post-Retirement Benefits (millions of dollars) 2020 2019 2018 2020 2019 2018 Service cost $ 7.7 $ 6.8 $ 8.1 $ 0.2 $ 0.2 $ 0.2 Interest cost 10.5 14.0 13.0 0.2 0.2 0.2 Expected return on plan assets (20.1 ) (18.2 ) (20.2 ) — — — Amortization of prior service cost — — — — — (0.9 ) Recognized net actuarial (gain) loss 13.9 10.1 10.7 (0.9 ) (0.9 ) (0.8 ) Settlement/curtailment (gain) loss 6.4 (0.1 ) 4.4 — — — Net periodic benefit cost $ 18.4 $ 12.6 $ 16.0 $ (0.5 ) $ (0.5 ) $ (1.3 ) Unrecognized prior service cost is amortized over the average remaining service period of each active employee. The Company's funding policy for U.S. plans generally is to contribute annually into trust funds at a rate that provides for future plan benefits and maintains appropriate funded percentages. Annual contributions to the U.S. qualified plans are at least sufficient to satisfy regulatory funding standards and are not more than the maximum amount deductible for income tax purposes. The funding policies for the international plans conform to local governmental and tax requirements. The plans' assets are invested primarily in stocks and bonds. Additional Information The weighted average assumptions used to determine net periodic benefit cost in the accounting for the pension benefit plans and other benefit plans for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 Discount rate 2.74 % 3.75 % 3.16 % Expected return on plan assets 6.32 % 6.43 % 6.40 % Rate of compensation increase 2.72 % 3.01 % 3.01 % Interest crediting rate 3.75 % 2.57 % 3.70 % The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 Discount rate 2.01 % 2.75 % 3.75 % Rate of compensation increase 2.98 % 2.99 % 3.01 % For 2020, 2019 and 2018, the discount rate was based on a Citigroup yield curve of high quality corporate bonds with cash flows matching our plans' expected benefit payments. The expected return on plan assets is based on our asset allocation mix and our historical return, taking into account current and expected market conditions. The actual return/(loss) on pension assets was approximately 9% in 2020, 15% in 2019 and (5)% in 2018. The Company maintains a self-funded health insurance plan for its retirees. This plan provided that the maximum health care cost trend rate would be 5%. Effective June 2010, the Company amended its plan to change the eligibility requirement for retirees and revised its plan so that increases in expected health care costs would be borne by the retiree. Plan Assets The Company's pension plan weighted average asset allocation percentages at December 31, 2020 and 2019 by asset category are as follows: December 31, 2020 2019 Asset Category Equity securities 55.8 % 55.1 % Fixed income securities 27.8 % 29.1 % Real estate 0.3 % 0.3 % Other 16.1 % 15.5 % Total 100.0 % 100.0 % The Company's pension plan fair values at December 31, 2020 and 2019 by asset category are as follows: December 31, (millions of dollars) 2020 2019 Asset Category Equity securities $ 200.0 $ 187.5 Fixed income securities 99.7 98.8 Real estate 1.0 0.9 Other 57.5 52.8 Total $ 358.2 $ 340.0 The following table presents domestic and foreign pension plan assets information at December 31, 2020, 2019 and 2018 (the measurement date of pension plan assets): U.S. Plans International Plans (millions of dollars) 2020 2019 2018 2020 2019 2018 Fair value of plan assets $ 271.6 $ 261.5 $ 227.1 $ 86.6 $ 78.5 $ 69.6 The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2020: 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 Pension Assets Fair Value as of December 31, 2020 Equity securities US equities $ 182.0 $ — $ — $ 182.0 Non-US equities 18.0 — — 18.0 Fixed income securities Corporate debt instruments 80.4 19.3 — 99.7 Real estate and other Real estate — — 1.0 1.0 Other 0.3 49.9 7.3 57.5 Total assets $ 280.7 $ 69.2 $ 8.3 $ 358.2 The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2019: 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 Pension Assets Fair Value as of December 31, 2019 Equity securities US equities $ 169.7 $ — $ — $ 169.7 Non-US equities 17.8 — — 17.8 Fixed income securities Corporate debt instruments 82.6 16.2 — 98.8 Real estate and other Real estate — — 0.9 0.9 Other 0.4 45.4 7.0 52.8 Total assets $ 270.5 $ 61.6 $ 7.9 $ 340.0 U.S. equities – Non-U.S. equities – Fixed income – Real Estate and other – Asset classified as Level 1 are valued using quoted prices on major stock exchange on which individual assets are traded. Our Level 2 assets are valued using net asset value. The net asset value is quoted on a private market that is not active; however, the unit price is based on the underlying investments that are traded on an active market. Our Level 3 assets are estimated at fair value based on the most recent financial information available for the underlying securities, which are not traded on active market, and represents significant unobservable input. The following is a reconciliation of changes in fair value measurement of plan assets using significant unobservable inputs (Level 3): (millions of dollars) Beginning balance at December 31, 2018 $ 20.0 Purchases, sales, settlements — Actual return on plan assets still held at reporting date 0.9 Foreign exchange impact 0.1 Ending balance at December 31, 2019 $ 21.0 Purchases, sales, settlements — Actual return on plan assets still held at reporting date (12.8 ) Foreign exchange impact 0.1 Ending balance at December 31, 2020 $ 8.3 There were no transfers in or out of Level 3 during the year ended December 31, 2020 and 2019. Contributions The Company expects to contribute $11.3 million to its pension plans and $0.3 million to its other post-retirement benefit plan in 2021. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (millions of dollars) Pension Benefits Other Benefits 2021 $ 24.0 $ 0.3 2022 $ 25.2 $ 0.3 2023 $ 27.3 $ 0.3 2024 $ 27.1 $ 0.3 2025 $ 26.7 $ 0.3 2026-2030 $ 133.4 $ 1.7 Investment Strategies The investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to both preserve and grow plan assets to meet future plan obligations. The Company's average rate of return on assets from inception through December 31, 2020 was approximately 9%. The Company’s assets are strategically allocated among equity, debt and other investments to achieve a diversification level that dampens fluctuations in investment returns. The Company’s long-term investment strategy is an investment portfolio mix of approximately 55%-65% in equity securities, 30%-35% in fixed income securities and 0%-15% in other securities. Savings and Investment Plans The Company maintains a voluntary Savings and Investment Plan (a 401(k) plan) for most non-union employees in the U.S. Within prescribed limits, the Company bases its contribution to the Savings and Investment Plan on employee contributions. The Company's contributions amounted to $5.2 million, $5.4 million and $5.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Contingencies [Abstract] | |
Contingencies | Note 18. Contingencies The Company is party to a number of lawsuits arising in the normal course of our business. Certain of the Company’s subsidiaries are among numerous defendants in a number of cases seeking damages for exposure to silica or to asbestos containing materials. Most of these claims do not provide adequate information to assess their merits, the likelihood that the Company will be found liable, or the magnitude of such liability, if any. We are unable to state an amount or range of amounts claimed in any of the lawsuits because state court pleading practices do not require identifying the amount of the claimed damage. The aggregate cost to the Company for the legal defense of these cases since inception continues to be insignificant. The majority of the costs of defense for these cases, excluding cases against our subsidiaries AMCOL International Corporation or American Colloid Company, which we acquired in 2014, are reimbursed by Pfizer Inc. pursuant to the terms of certain agreements entered into in connection with the Company’s initial public offering in 1992. The Company is entitled to indemnification, pursuant to agreement, for liabilities related to sales prior to the initial public offering. The Company has settled only one silica lawsuit, for a nominal amount, and no asbestos lawsuits to date (not including any that may have been settled by AMCOL or American Colloid prior to completion of the acquisition). At this time, management anticipates that the amount of the Company’s liability, if any, and the cost of defending such claims, will not have a material effect on its financial position or results of operations. The Company and its subsidiaries are not party to any other material pending legal proceedings, other than routine litigation incidental to their businesses. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 19. Stockholders' Equity Capital Stock The Company's authorized capital stock consists of 100 million shares of common stock, par value $0.10 per share, of which 33,882,187 shares and 34,544,307 shares were outstanding at December 31, 2020 and 2019, respectively, and 1,000,000 shares of preferred stock, none of which were issued and outstanding. Cash Dividends Cash dividends of $6.8 million or $0.20 per common share were paid during 2020. In January 2021, a cash dividend of approximately $1.7 million or $0.05 per share, was declared, payable in the first quarter of 2021. Stock Award and Incentive Plan At the Company’s 2020 Annual Meeting of Stockholders, the Company’s stockholders ratified the adoption of an amendment and restatement of the Company’s 2015 Stock Award and Incentive Plan (the “2015 Plan”), which provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, stock awards or performance unit awards. This amendment and restatement increased the number of shares available for issuance pursuant to the 2015 Plan by 1,300,000 shares. The amendment and restatement also removed references to sections of the Internal Revenue Code that no longer apply, added a one-year minimum vesting requirement for all equity awards, subject to an exception of up to 5% of total shares available, and prohibited payment of dividends or dividend equivalents on unvested awards. Finally, the amendment and restatement also revised the definition of “change in control” in the 2015 Plan. The Plans are administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plans generally have a ten year term. The exercise price for stock options are at prices at or above the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years. The following table summarizes stock option and restricted stock activity for the Plans: Stock Options Restricted Shares Shares Available for Grant Shares Weighted Average Exercise Price per Share ($) Shares Weighted Average Exercise Price per Share ($) Balance January 1, 2018 1,036,505 996,839 $ 48.21 180,110 $ 58.57 Granted (260,508 ) 191,147 76.09 69,361 76.26 Exercised/vested — (98,945 ) 33.83 (59,649 ) 56.44 Canceled 90,026 (34,782 ) 65.47 (55,244 ) 58.57 Balance December 31, 2018 866,023 1,054,259 54.04 134,578 68.64 Granted (388,162 ) 271,261 54.44 116,901 54.51 Exercised/vested — (79,686 ) 27.26 (40,776 ) 60.79 Canceled 51,181 (18,214 ) 66.93 (32,967 ) 61.87 Balance December 31, 2019 529,042 1,227,620 55.83 177,736 62.40 Authorized 1,300,000 — — — — Granted (394,290 ) 286,078 57.67 108,212 56.93 Exercised/vested — (93,099 ) 35.11 (43,702 ) 66.07 Canceled 97,494 (57,233 ) 63.92 (40,261 ) 65.42 Balance December 31, 2020 1,532,246 1,363,366 $ 57.29 201,985 $ 58.07 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 20. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) at December 31 comprised of the following components: December 31, (millions of dollars) 2020 2019 Cumulative foreign currency translation $ (190.8 ) $ (200.2 ) Unrecognized pension costs (net of tax benefit of $64.6 in 2020 and $30.5 in 2019) (114.9 ) (96.1 ) Unrealized gain (loss) on cash flow hedges (net of tax (benefit) expense of $(3.1) in 2020 and $0.3 in 2019) (2.6 ) 5.9 $ (308.3 ) $ (290.4 ) The following table summarizes the changes in other comprehensive income (loss) by component: Year Ended December 31, 2020 2019 2018 (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 Foreign currency translation adjustment $ 10.9 $ — $ 10.9 $ (29.9 ) $ — $ (29.9 ) $ (67.9 ) $ — $ (67.9 ) Pension plans: Net actuarial gains (losses) and prior service costs arising during the period (37.9 ) 9.2 (28.7 ) (30.6 ) 7.4 (23.2 ) 9.6 (1.8 ) 7.8 Amortization of net actuarial (gains) losses and prior service costs 13.4 (3.4 ) 10.0 9.4 (2.3 ) 7.1 12.1 (3.0 ) 9.1 Unrealized gains (losses) on cash flow hedges (11.6 ) 3.1 (8.5 ) 0.3 (0.1 ) 0.2 1.5 0.1 1.6 Total other comprehensive income (loss) $ (25.2 ) $ 8.9 $ (16.3 ) $ (50.8 ) $ 5.0 $ (45.8 ) $ (44.7 ) $ (4.7 ) $ (49.4 ) The pre-tax amortization amounts of pension plans in the table above are included within the components of net periodic pension benefit costs (see Note 17) and the related tax amounts are included within provision (benefit) for taxes on income line within Consolidated Statements of Income. |
Accounting for Asset Retirement
Accounting for Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Accounting for Asset Retirement Obligations [Abstract] | |
Accounting for Asset Retirement Obligations | Note 21. Accounting for Asset Retirement Obligations The Company records asset retirement obligations in which the Company will be required to retire tangible long-lived assets. These are primarily related to its PCC satellite facilities and mining operations. The Company has also recorded the provisions related to conditional asset retirement obligations at its facilities. The Company has recorded asset retirement obligations at all of its facilities except where there are no contractual or legal obligations. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The following is a reconciliation of asset retirement obligations as of December 31, 2020 and 2019: December 31, (millions of dollars) 2020 2019 Asset retirement obligation, beginning of period $ 23.9 $ 23.4 Accretion expense 2.3 2.7 Other 1.1 1.1 Payments (3.4 ) (3.3 ) Foreign currency translation 0.2 — Asset retirement obligation, end of period $ 24.1 $ 23.9 The Company mines various minerals using a surface mining process that requires the removal of overburden. In certain areas and under various governmental regulations, the Company is obligated to restore the land comprising each mining site to its original condition at the completion of the mining activity. This liability will be adjusted to reflect the passage of time, mining activities, and changes in estimated future cash outflows. The current portion of the liability of approximately $0.4 million is included in other current liabilities and the long-term portion of the liability of approximately $23.7 million is included in other non-current liabilities in the Consolidated Balance Sheet as of December 31, 2020. Accretion expense is included in cost of goods sold in the Company's Consolidated Statements of Income. |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment and Related Information [Abstract] | |
Segment and Related Information | Note 22. Segment and Related Information The Company determines its operating segments based on the discrete financial information that is regularly evaluated by its chief operating decision maker, our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The Company's operating segments are strategic business units that offer different products and serve different markets. They are managed separately and require different technology and marketing strategies. The Company has four reportable segments: Performance Materials, Specialty Minerals, Refractories and Energy Services. ● The Performance Materials segment is a leading global supplier of bentonite and bentonite-related products, chromite and leonardite. This segment also provides products for non-residential construction, environmental and infrastructure projects worldwide, serving customers engaged in a broad range of construction projects. ● The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate ("PCC") and processed mineral product quicklime ("lime"), and mines mineral ores then processes and sells natural mineral products, primarily limestone and talc. ● The Refractories segment produces and markets monolithic and shaped refractory materials and specialty products, services and application and measurement equipment, and calcium metal and metallurgical wire products. ● The Energy Services segment provides services to improve the production, costs, compliance, and environmental impact of activities performed in the oil and gas industry. This segment offers a range of services for offshore filtration and well testing to the worldwide oil and gas industry. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on the operating income of the respective business units. The costs deducted to arrive at operating profit do not include several items, such as net interest or income tax expense. Depreciation expense related to corporate assets is allocated to the business segments and is included in their income from operations. However, such corporate depreciable assets are not included in the segment assets. Intersegment sales and transfers are not significant. Segment information for the years ended December 31, 2020, 2019 and 2018 was as follows: Year Ended December 31, (millions of dollars) 2020 2019 2018 Net Sales Performance Materials $ 752.8 $ 823.3 $ 828.1 Specialty Minerals 510.9 574.4 589.3 Refractories 258.1 298.1 311.9 Energy Services 73.0 95.2 78.3 Total 1,594.8 1,791.0 1,807.6 Income from Operations Performance Materials 103.6 97.1 116.8 Specialty Minerals 67.8 83.1 95.4 Refractories 35.5 39.8 45.4 Energy Services 5.2 7.8 4.5 Total 212.1 227.8 262.1 Depreciation, Depletion and Amortization Performance Materials 41.4 43.6 41.1 Specialty Minerals 39.6 40.4 38.2 Refractories 6.9 7.0 6.6 Energy Services 6.0 7.4 8.4 Total 93.9 98.4 94.3 Segment Assets Performance Materials 2,111.6 2,091.2 2,119.7 Specialty Minerals 559.6 525.1 511.9 Refractories 290.8 293.2 296.6 Energy Services 107.5 121.5 110.4 Total 3,069.5 3,031.0 3,038.6 Capital Expenditures Performance Materials 10.0 16.8 22.4 Specialty Minerals 46.5 37.7 42.4 Refractories 5.5 5.7 5.0 Energy Services 4.6 4.7 4.9 Total 66.6 64.9 74.7 A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows: Year Ended December 31, (millions of dollars) 2020 2019 2018 Income from Operations before Provision for Taxes on Income Income from operations for reportable segments $ 212.1 $ 227.8 $ 262.1 Litigation expenses (10.4 ) (10.9 ) — Acquisition-related expenses (3.1 ) — (1.7 ) Unallocated corporate expenses (10.7 ) (8.2 ) (4.5 ) Consolidated income from operations 187.9 208.7 255.9 Non-operating deductions, net (49.9 ) (51.4 ) (51.8 ) Income from operations before provision for taxes and equity in earnings 138.0 157.3 204.1 Total Assets Total segment assets 3,069.5 3,031.0 3,038.6 Corporate assets 139.9 81.6 48.5 Consolidated total assets 3,209.4 3,112.6 3,087.1 Capital Expenditures Total segment capital expenditures 66.6 64.9 74.7 Corporate capital expenditures 0.2 0.1 1.2 Consolidated capital expenditures 66.8 65.0 75.9 Financial information relating to the Company's operations by geographic area was as follows: Year Ended December 31, (millions of dollars) 2020 2019 2018 Net Sales United States $ 822.5 $ 962.4 $ 961.6 Canada/Latin America 70.5 80.2 83.7 Europe/Africa 410.0 435.3 443.4 Asia 291.8 313.1 318.9 Total International 772.3 828.6 846.0 Consolidated net sales 1,594.8 1,791.0 1,807.6 Long-Lived Assets United States $ 1,723.2 $ 1,742.3 $ 1,767.7 Canada/Latin America 11.3 13.0 13.7 Europe/Africa 182.9 190.7 225.0 Asia 126.5 117.2 123.0 Total International 320.7 320.9 361.7 Consolidated long-lived assets 2,043.9 2,063.2 2,129.4 Net sales and long-lived assets are attributed to countries and geographic areas based on the location of the legal entity. No individual foreign country represents more than 10% of consolidated net sales or consolidated long-lived assets. The Company's sales by product category are as follows: Year Ended December 31, (millions of dollars) 2020 2019 2018 Metalcasting $ 258.1 $ 291.2 $ 328.9 Household, Personal Care & Specialty Products 380.2 376.6 348.5 Environmental Products 58.6 86.6 80.3 Building Materials 55.9 68.9 70.4 Paper PCC 308.4 364.9 378.5 Specialty PCC 69.3 69.1 66.9 Ground Calcium Carbonate 89.3 91.3 91.0 Talc 43.9 49.1 52.9 Refractory Products 212.3 244.8 261.1 Metallurgical Products 45.8 53.3 50.8 Energy Services 73.0 95.2 78.3 Total $ 1,594.8 $ 1,791.0 $ 1,807.6 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data (unaudited) [Abstract] | |
Quarterly Financial Data (unaudited) | Note 23. Quarterly Financial Data (unaudited) 2020 (millions of dollars, except per share data) First Second Third Fourth Net sales by segment Performance Materials segment $ 186.2 $ 173.8 $ 190.6 $ 202.2 Specialty Minerals segment 137.1 109.8 125.1 138.9 Refractories segment 69.0 55.9 59.3 73.9 Energy Services segment 25.2 17.7 13.3 16.8 Net sales 417.5 357.2 388.3 431.8 Gross profit 106.8 88.9 98.4 111.3 Income from operations 57.7 27.2 48.5 54.5 Consolidated net income 39.6 14.9 29.3 32.0 Net income attributable to MTI 38.6 14.4 28.3 31.1 Basic earnings per share attributable to MTI shareholders $ 1.12 $ 0.42 $ 0.83 $ 0.91 Diluted earnings per share attributable to MTI shareholders $ 1.12 $ 0.42 $ 0.83 $ 0.91 Market price range per share of common stock: High $ 58.91 $ 55.42 $ 53.34 $ 64.16 Low $ 28.90 $ 31.91 $ 43.11 $ 51.10 Close $ 32.48 $ 43.20 $ 49.23 $ 62.12 Dividends paid per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 2019 Quarters (millions of dollars, except per share data) First Second Third Fourth Net sales by segment Performance Materials segment $ 199.2 $ 215.4 $ 207.3 $ 201.4 Specialty Minerals segment 144.4 145.1 143.1 141.8 Refractories segment 73.8 77.5 73.4 73.4 Energy Services segment 20.3 25.8 25.5 23.6 Net sales 437.7 463.8 449.3 440.2 Gross profit 109.7 112.0 111.2 107.7 Income from operations 62.0 45.5 53.5 47.7 Consolidated net income 40.0 27.6 39.1 29.6 Net income attributable to Minerals Technologies Inc. (MTI) 39.1 26.6 38.0 29.0 Basic earnings per share attributable to MTI shareholders $ 1.11 $ 0.76 $ 1.09 $ 0.83 Diluted earnings per share attributable to MTI shareholders $ 1.11 $ 0.75 $ 1.08 $ 0.83 Market price range per share of common stock: High $ 61.01 $ 63.20 $ 55.33 $ 58.12 Low $ 49.47 $ 51.78 $ 45.55 $ 48.92 Close $ 58.79 $ 53.51 $ 52.77 $ 57.63 Dividends paid per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | MINERALS TECHNOLOGIES INC. & SUBSIDIARY COMPANIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (millions of dollars) Description Balance at Beginning of Period Additions Charged to Costs, Provisions and Expenses Deductions (a) Balance at End of Period Year Ended December 31, 2020 Valuation and qualifying accounts deducted from assets to which they apply: Allowance for doubtful accounts $ 12.9 2.6 (0.5 ) $ 15.0 Year Ended December 31, 2019 Valuation and qualifying accounts deducted from assets to which they apply: Allowance for doubtful accounts $ 3.2 6.3 3.4 $ 12.9 Year Ended December 31, 2018 Valuation and qualifying accounts deducted from assets to which they apply: Allowance for doubtful accounts $ 4.2 3.2 (4.2 ) $ 3.2 (a) Includes impact of write-offs, translation of foreign currencies and reclassifications for presentation purposes. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Minerals Technologies Inc. (the "Company"), its wholly and majority-owned subsidiaries, as well as variable interest entities for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, pension plan assumptions, income tax, and litigation and environmental liabilities. Actual results could differ from those estimates. |
Cash Equivalents and Short-term Investments | Cash Equivalents and Short-term Investments The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Short-term investments consist of financial instruments, mainly bank deposits, with original maturities beyond three months, but less than twelve months. Short-term investments amounted to $4.1 million and $1.6 million at December 31, 2020 and 2019, respectively. There were no unrealized holding gains and losses on the short-term bank investments held at December 31, 2020. |
Trade Accounts Receivable | Trade Accounts Receivable Trade accounts receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific allowances for bankrupt customers. The Company also analyzes the collection history and financial condition of its other customers, considering current industry conditions and determines whether an allowance needs to be established. The Company reviews its allowance for doubtful accounts monthly. Past due balances over 90 days based on payment terms are reviewed individually for collectability. Allowance for doubtful accounts was $15.0 million and $12.9 million at December 31, 2020 and 2019, respectively. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. |
Inventories | Inventories Inventories are valued at the lower of cost or market. Cost is determined by the first-in, first-out (FIFO) method. Additionally, items such as idle facility expense, excessive spoilage, freight handling costs, and re-handling costs are recognized as current period charges. The allocation of fixed production overheads to the costs of conversion are based upon the normal capacity of the production facility. Fixed overhead costs associated with idle capacity are expensed as incurred. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Significant improvements are capitalized, while maintenance and repair expenditures are charged to operations as incurred. The Company capitalizes interest cost as a component of construction in progress. The straight-line method of depreciation is used for substantially all of the assets for financial reporting purposes, except for mining related equipment which uses units-of-production method. The annual rates of depreciation are 3% - 6.67% for buildings, 6.67% - 12.5% for machinery and equipment, 8% - 12.5% for furniture and fixtures and 12.5% - 25% for computer equipment and software-related assets. The estimated useful lives of our PCC production facilities and machinery and equipment pertaining to our natural stone mining and processing plants and our chemical plants are 15 years. Property, plant and equipment are depreciated over their useful lives. Useful lives are based on management's estimates of the period that the assets can generate revenue, which does not necessarily coincide with the remaining term of a customer's contractual obligation to purchase products made using those assets. The Company's sales of PCC are predominantly pursuant to long-term evergreen contracts, initially ten years in length, with paper mills at which the Company operates satellite PCC plants. The terms of many of these agreements have been extended, often in connection with an expansion of the satellite PCC plant. Failure of a PCC customer to renew an agreement or continue to purchase PCC from a Company facility could result in an impairment of assets charge or accelerated depreciation at such facility. Depletion of mineral reserves is determined on a unit-of-extraction basis for financial reporting purposes, based upon proven and probable reserves, and generally on a percentage depletion basis for tax purposes. |
Stripping Costs Incurred During Production | Stripping Costs Incurred During Production Stripping costs are those costs incurred for the removal of waste materials for the purpose of accessing ore body that will be produced commercially. Stripping costs incurred during the production phase of a mine are variable costs that are included in the costs of inventory produced during the period that the stripping costs are incurred. |
Accounting for the Impairment of Long-Lived Assets | Accounting for the Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest), resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset, determined principally using discounted cash flows. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized, but instead assessed for impairment. Intangible assets with estimable useful lives are amortized on a straight-line basis over their respective estimated lives to the estimated residual values, and reviewed for impairment. The Company performs a qualitative assessment for each of its reporting units to determine if the two-step process for impairment testing is required. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would then evaluate the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the fair value for the reporting unit is compared to its book value including goodwill. In the case that the fair value of the reporting unit is less than book value, a second step is performed which compares the fair value of the reporting unit's goodwill to the book value of the goodwill. The fair value for the goodwill is determined based on the difference between the fair values of the reporting unit and the net fair values of the identifiable assets and liabilities of such reporting unit. If the fair value of the goodwill is less than the book value, the difference is recognized as impairment. |
Investment in Joint Ventures | Investment in Joint Ventures The Company uses the equity method of accounting to incorporate the results of its investments in companies in which it has significant influence but does not control; and cost method of accounting in companies in which it cannot exercise significant control. The Company records the equity in earnings of its investments in joint ventures on a one-month lag. At December 31, 2020 and 2019, the book value of the Company’s equity method investments was $17.0 million and $16.1 million. |
Accounting for Asset Retirement Obligations | Accounting for Asset Retirement Obligations The Company provides for obligations associated with the retirement of long-lived assets and the associated asset retirement costs. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company also provides for legal obligations to perform asset retirement activities where timing or methods of settlement are conditional on future events. The Company also records liabilities related to land reclamation as a part of the asset retirement obligations. The Company mines land for various minerals using a surface-mining process that requires the removal of overburden. In many instances, the Company is obligated to restore the land upon completion of the mining activity. As the overburden is removed, the Company recognizes this liability for land reclamation based on the estimated fair value of the obligation. The obligation is adjusted to reflect the passage of time and changes in estimated future cash outflows. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The recorded amounts of cash and cash equivalents, receivables, short-term borrowings, accounts payable, accrued interest, and variable-rate long-term debt approximate fair value because of the short maturity of those instruments or the variable nature of underlying interest rates. Short-term investments are recorded at cost, which approximates fair market value. |
Derivative Financial Instruments | Derivative Financial Instruments The Company records derivative financial instruments which are used to hedge certain foreign exchange risk at fair value on the balance sheet. See Note 13 for a full description of the Company's hedging activities and related accounting policies. |
Revenue Recognition | Revenue Recognition Revenue is recognized at the point in time when the customer obtains control of the promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. The Company's revenues are primarily derived from the sale of products. Our primary performance obligation is satisfied upon shipment or delivery to our customer based on written sales terms, which is also when control is transferred. Revenues from sales of equipment are recorded upon completion of installation and transfer of control to the customer. Revenues from services are recorded when the services are performed. In most of our PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year. Under those contracts, the price billed to the customer for shipments during the year is based on periodic estimates of the total annual volume that will be sold to the customer. Revenues are adjusted at the end of each year to reflect the actual volume sold. There were no significant revenue adjustments in the fourth quarter of 2020 and 2019, respectively. We have consignment arrangements with certain customers in our Refractories segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer. Revenues within our Energy Services segment is service based. Certain contracts within this segment are long-term contracts. Revenue where our performance obligations are satisfied in phases is recognized over time using certain input measures based on the measurement of the value transferred to the customer, including milestones achieved. |
Foreign Currency | Foreign Currency The assets and liabilities of the Company's international subsidiaries are translated into U.S. dollars using exchange rates at the respective balance sheet date. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss) in shareholders' equity. Income statement items are generally translated at monthly average exchange rates prevailing during the period. International subsidiaries operating in highly inflationary economies translate non-monetary assets at historical rates, while net monetary assets are translated at current rates, with the resulting translation adjustments included in net income. At December 31, 2020, the Company had no international subsidiaries operating in highly inflationary economies. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company operates in multiple taxing jurisdictions, both within the U.S. and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company regularly assesses its tax position for such transactions and includes reserves for those differences in position. The reserves are utilized or reversed once the statute of limitations has expired or the matter is otherwise resolved. The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax laws and regulations change over time. As such, changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations. The Company's accounting policy is to recognize interest and penalties as part of its provision for income taxes. See Note 9 for additional detail on our uncertain tax positions. The accompanying financial statements do not include a provision for foreign withholding taxes on international subsidiaries' unremitted earnings, which are expected to be permanently reinvested overseas. |
Research and Development | Research and Development Research and development costs are expensed as incurred. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation The Company recognizes compensation expense for share-based awards based upon the grant date fair value over the vesting period. |
Pension and Post-retirement Benefits | Pension and Post-retirement Benefits The Company has defined benefit pension plans covering the majority of its employees. The benefits are generally based on years of service and an employee's modified career earnings. The Company also provides post-retirement healthcare benefits for the majority of its retirees and employees in the United States. The Company measures the costs of its obligation based on its best estimate. The net periodic costs are recognized as employees render the services necessary to earn the post-retirement benefits. |
Environmental | Environmental Expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when it is probable the Company will be obligated to pay amounts for environmental site evaluation, remediation or related costs, and such amounts can be reasonably estimated. |
Earnings Per Share | Earnings Per Share Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share have been computed based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. |
Subsequent Events | Subsequent Events The Company has evaluated for subsequent events through the date of issuance of its financial statements. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. Investments - Equity Securities, Investments - Equity Method and Joint Ventures, and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities, Investments - Equity Method and Joint Ventures, and Derivatives and Hedging”, which addresses the accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The standard is effective for interim and annual periods beginning on or after December 15, 2020. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. Adoption of ASU 2016-13 Measurement of Credit Losses on Financial Instrument In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments”, which replaces existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost. The Company adopted this guidance on January 1, 2020 using a modified retrospective transition method. The Company did not record a cumulative-effect adjustment upon adoption of this standard. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Adoption of ASU 2018-14 Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans”, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The Company adopted this guidance on January 1, 2020 on a retrospective basis and has updated the disclosures contained in Note . Other than the modification of certain disclosures, this guidance did not impact the Company's consolidated financial statements. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Cost | Operating lease cost was $15.3 million and $16.6 million for the years ended December 31, 2020 and December 31, 2019, respectively. The components of lease costs are as follows: December 31, (millions of dollars) 2020 2019 Operating lease cost $ 15.2 $ 15.5 Short-term lease cost 0.1 1.1 Total $ 15.3 $ 16.6 |
Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases | Supplemental cash flow information and non-cash activity related to our leases are as follows: (millions of dollars) December 31, Operating cash flows information: Cash paid for amounts included in the measurement of lease liabilities $ 15.7 Non-cash activity: Right-of-use assets obtained in the exchange for operating lease liabilities $ 18.1 |
Weighted Average Remaining Lease Term and Discount Rates | Weighted average remaining lease term, and weighted average discount rates related to the Company’s leases were as follows: Weighted-average remaining operating lease term (in years) 7.71 Weighted-average operating leases discount rate 5.0 % |
Outstanding Lease Assets and Liabilities | The following table summarizes the Company's outstanding lease assets and liabilities and their classification on the Consolidated Balance Sheet: December 31, (millions of dollars) Balance Sheet Classification 2020 2019 Right-of-use-asset Other assets and deferred charges $ 50.9 $ 44.8 Lease liability - current Other current liabilities 11.7 11.9 Lease liability - non-current Other non-current liabilities 49.2 43.3 |
Future Minimum Lease Payments | Future minimum lease payments under the Company's leases as of were as follows: (millions of dollars) December 31, 2021 $ 14.4 2022 12.1 2023 9.5 2024 7.6 2025 6.4 Thereafter 24.0 Total future minimum lease payments 74.0 Less imputed interest (13.1 ) Total $ 60.9 |
Summary of Rent Expense | A summary of rent expense for the fiscal year ended December 31, 2018 was as follows: (millions of dollars) December 31, Rent expense $ 19.5 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our revenue by major source (product line) for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (millions of dollars) 2020 2019 2018 Net Sales Metalcasting $ 258.1 $ 291.2 $ 328.9 Household, Personal Care & Specialty Products 380.2 376.6 348.5 Environmental Products 58.6 86.6 80.3 Building Materials 55.9 68.9 70.4 Performance Materials 752.8 823.3 828.1 Paper PCC 308.4 364.9 378.5 Specialty PCC 69.3 69.1 66.9 Ground Calcium Carbonate 89.3 91.3 91.0 Talc 43.9 49.1 52.9 Specialty Minerals 510.9 574.4 589.3 Refractory Products 212.3 244.8 261.1 Metallurgical Products 45.8 53.3 50.8 Refractories 258.1 298.1 311.9 Energy Services 73.0 95.2 78.3 Total $ 1,594.8 $ 1,791.0 $ 1,807.6 |
Restructuring and Other Items_2
Restructuring and Other Items, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Other Items, net [Abstract] | |
Restructuring Charges by Segment | The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segments they relate to: Restructuring and Other Items, net Year Ended December 31, (millions of dollars) 2020 2019 2018 Asset Write-Downs Performance Materials $ — $ 4.2 $ — Specialty Minerals 7.1 1.6 0.7 Energy Services — 1.7 — Total asset write-down charges $ 7.1 $ 7.5 $ 0.7 Severance and other employee costs Performance Materials $ — $ 2.8 $ — Specialty Minerals 0.3 0.9 — Refractories — 0.8 — Energy Services — 0.1 1.8 Corporate — 1.1 — Total severance and other employee costs $ 0.3 $ 5.7 $ 1.8 Other Specialty Minerals $ 0.2 $ — $ — Total restructuring and other items, net $ 7.6 $ 13.2 $ 2.5 |
Reconciliation of Restructuring Liability | The following table is a reconciliation of our restructuring liability balance as of December 31, 2020 and 2019: December 31, (millions of dollars) 2020 2019 Restructuring liability, beginning of period $ 5.0 $ 2.5 Additional provisions 0.3 5.7 Cash payments (1.6 ) (3.2 ) Other (0.1 ) — Restructuring liability, end of period $ 3.6 $ 5.0 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Weighted Average Assumptions Used to Determine Fair Value for Stock Awards | The fair value for stock awards was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Expected life (in years) 6.7 6.6 6.2 Interest rate 1.67 % 2.62 % 2.50 % Volatility 30.34 % 30.26 % 30.33 % Expected dividend yield 0.35 % 0.37 % 0.26 % |
Stock Option Activity | The following table summarizes stock option activity for the year ended December 31, 2020: Awards Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Millions) Awards outstanding at December 31, 2019 1,227,620 $ 55.83 Granted 286,078 57.67 Exercised (93,099 ) 35.11 Canceled (57,233 ) 63.92 Awards outstanding at December 31, 2020 1,363,366 $ 57.29 6.15 $ 11.4 Awards exercisable at December 31, 2020 876,206 $ 56.55 4.83 $ 8.9 |
Non-vested Stock Option Activity | Non-vested stock option activity for the year ended December 31, 2020 is as follows: Awards Weighted Average Grant Date Fair Value per Share Nonvested awards outstanding at December 31, 2019 438,773 $ 63.15 Granted 286,078 57.67 Vested (199,723 ) 66.94 Canceled (37,968 ) 60.15 Nonvested awards outstanding at December 31, 2020 487,160 $ 58.61 |
Restricted Stock Activity | The following table summarizes the restricted stock activity for the Plan: Awards Weighted Average Grant Date Fair Value per Share Unvested balance at December 31, 2019 177,736 $ 62.40 Granted 108,212 56.93 Vested (43,702 ) 66.07 Canceled (40,261 ) 65.42 Unvested balance at December 31, 2020 201,985 $ 58.07 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | Year Ended December 31, (in millions, except per share data) 2020 2019 2018 Net income attributable to MTI $ 112.4 $ 132.7 $ 169.0 Weighted average shares outstanding 34.2 35.0 35.3 Dilutive effect of stock options and stock units — 0.1 0.3 Weighted average shares outstanding, adjusted 34.2 35.1 35.6 Basic earnings per share attributable to MTI $ 3.29 $ 3.79 $ 4.79 Diluted earnings per share attributable to MTI $ 3.29 $ 3.78 $ 4.75 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income from Operations Before Provision for Taxes by Domestic and Foreign Source | Income from operations before provision for taxes by domestic and foreign source is as follows: Year Ended December 31, (millions of dollars) 2020 2019 2018 Income from operations before income taxes and income from affiliates and joint ventures: Domestic $ 21.4 $ 46.9 $ 93.1 Foreign 116.6 110.4 111.0 $ 138.0 $ 157.3 $ 204.1 |
Provision (Benefit) for Taxes on Income | The provision (benefit) for taxes on income consists of the following: Year Ended December 31, (millions of dollars) 2020 2019 2018 Domestic Taxes currently payable Federal $ (7.1 ) $ (3.3 ) $ (3.7 ) State and local 0.2 0.8 1.4 Deferred income taxes 2.2 (6.6 ) 11.1 Domestic tax provision (benefit) (4.7 ) (9.1 ) 8.8 Foreign Taxes currently payable 34.0 26.7 21.3 Deferred income taxes (4.9 ) 5.2 4.3 Foreign tax provision 29.1 31.9 25.6 Total tax provision (benefit) $ 24.4 $ 22.8 $ 34.4 |
Reconciliation of Statutory to Effective Federal Tax Rate | The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows: Year Ended December 31, 2020 2019 2018 U.S. statutory rate 21.0 % 21.0 % 21.0 % Depletion (6.2 )% (5.0 )% (3.9 )% Difference between tax provided on foreign earnings and the U.S. statutory rate 3.3 % 3.8 % 1.1 % Global Intangible Low-Tax Income (GILTI) 0.4 % — 0.8 % Foreign Derived Intangible Income (1.0 )% (0.8 )% (0.7 )% State and local taxes, net of federal tax benefit — 0.2 % 1.9 % Tax credits and foreign dividends (0.6 )% (0.7 )% (0.3 )% Change in valuation allowance — 1.0 % — Impact of uncertain tax positions (0.2 )% (5.0 )% 0.5 % Impact of officer's non-deductible compensation 1.0 % 0.8 % 0.8 % Impact of U.S. Tax Reform — (1.1 )% (2.2 )% Other — 0.3 % (2.1 )% Consolidated effective tax rate 17.7 % 14.5 % 16.9 % |
Deferred Tax Assets and Liabilities | The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, (millions of dollars) 2020 2019 Deferred tax assets attributable to: Accrued liabilities $ 29.8 $ 29.7 Net operating loss carry forwards 31.1 33.9 Pension and post-retirement benefits costs 46.3 39.0 Other 28.2 31.4 Valuation allowance (20.9 ) (23.8 ) Total deferred tax assets 114.5 110.2 Deferred tax liabilities attributable to: Plant and equipment, principally due to differences in depreciation 169.5 181.3 Intangible assets 69.5 69.5 Other 13.9 17.0 Total deferred tax liabilities 252.9 267.8 Net deferred tax asset (liability) $ (138.4 ) $ (157.6 ) Net deferred tax assets and net deferred tax liabilities are as follows: December 31, (millions of dollars) 2020 2019 Net deferred tax asset, long-term $ 25.3 $ 23.0 Net deferred tax liability, long-term 163.7 180.6 Net deferred tax asset (liability), long-term $ (138.4 ) $ (157.6 ) |
Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits: (millions of dollars) 2020 2019 Balance at beginning of the year $ 7.9 $ 16.6 Increases related to current year tax positions 0.7 1.5 Increases related to new judgements — 0.7 Decreases related to audit settlements and statue expirations (1.0 ) (10.9 ) Balance at the end of the year $ 7.6 $ 7.9 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Inventories by Major Category | The following is a summary of inventories by major category: December 31, (millions of dollars) 2020 2019 Raw materials $ 107.1 $ 105.9 Work-in-process 9.0 7.2 Finished goods 85.6 95.5 Packaging and supplies 46.5 44.7 Total inventories $ 248.2 $ 253.3 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Major Categories of Property, Plant and Equipment and Accumulated Depreciation and Depletion | The major categories of property, plant and equipment and accumulated depreciation and depletion are presented below: December 31, (millions of dollars) 2020 2019 Mineral rights and reserves $ 565.8 $ 571.0 Land 50.9 47.5 Buildings 225.6 218.1 Machinery and equipment 1,254.3 1,241.2 Furniture and fixtures and other 138.9 144.1 Construction in progress 41.4 35.1 2,276.9 2,257.0 Less: accumulated depreciation and depletion (1,237.3 ) (1,204.2 ) Property, plant and equipment, net $ 1,039.6 $ 1,052.8 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill | The balance of goodwill by segment and the activity occurring in the past two fiscal years is as follows: (millions of dollars) Performance Materials Specialty Minerals Refractories Consolidated Balance at December 31, 2018 $ 755.9 $ 12.3 $ 44.2 $ 812.4 Change in goodwill relating to: Foreign exchange translation (4.7 ) 0.2 (0.5 ) (5.0 ) Total Changes $ (4.7 ) $ 0.2 $ (0.5 ) $ (5.0 ) Balance at December 31, 2019 $ 751.2 $ 12.5 $ 43.7 $ 807.4 Change in goodwill relating to: Foreign exchange translation 1.2 0.2 (0.3 ) 1.1 Total Changes $ 1.2 $ 0.2 $ (0.3 ) $ 1.1 Balance at December 31, 2020 $ 752.4 $ 12.7 $ 43.4 $ 808.5 |
Other Intangible Assets | Acquired intangible assets subject to amortization as of December 31, 2020 and December 31, 2019 were as follows: December 31, 2020 December 31, 2019 Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Tradenames 35 $ 203.9 $ 38.6 $ 203.9 $ 32.5 Technology 13 18.8 9.6 18.8 8.0 Patents and trademarks 19 6.4 6.1 6.4 5.9 Customer relationships 22 26.9 5.9 24.7 4.4 32 $ 256.0 $ 60.2 $ 253.8 $ 50.8 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Assets and Liabilities on a Recurring Basis | The following table sets forth by level within the fair value hierarchy the Company's financial assets and liabilities accounted for at fair value on a recurring basis at the end of each of the past two years. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. (millions of dollars) Fair Value Measurements Using Asset / (Liability) Balance at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2020 (Level 1) (Level 2) (Level 3) Deferred compensation plan assets $ 14.2 $ — $ 14.2 $ — Supplementary pension plan assets 15.0 — 15.0 — Cross currency rate swap 0.4 — 0.4 — Interest rate swaps (7.6 ) — (7.6 ) — Fair Value Measurements Using Asset / (Liability) Balance at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2019 (Level 1) (Level 2) (Level 3) Deferred compensation plan assets $ 13.7 $ — $ 13.7 $ — Supplementary pension plan assets 12.8 — 12.8 — Cross currency rate swap 10.2 — 10.2 — Interest rate swaps (5.9 ) — (5.9 ) — |
Long-Term Debt and Commitments
Long-Term Debt and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Debt and Commitments [Abstract] | |
Long Term Debt | The following is a summary of long-term debt: December 31, (millions of dollars) 2020 2019 Term Loan Facility- Variable Tranche due February 14, 2024, net of unamortized discount and deferred financing costs of $12.4 million and $16.0 million $ 535.6 $ 642.0 Senior Notes due 2028 393.9 — Term Loan Facility- Fixed Tranche due May 9, 2021, net of unamortized discount and deferred financing costs of $— million and $0.2 million $ — $ 177.8 Netherlands Term Loan due 2020 — 1.1 Netherlands Term Loan due 2022 0.6 1.0 Japan Loan Facilities 4.1 4.5 Total $ 934.2 $ 826.4 Less: Current maturities 1.0 2.1 Long-term debt $ 933.2 $ 824.3 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Benefit Plans [Abstract] | |
Pension Obligation and Funded Status | The following table set forth Company's pension obligation and funded status at December 31: Pension Benefits Post-Retirement Benefits (millions of dollars) 2020 2019 2020 2019 Change in benefit obligations: Beginning projected benefit obligation $ 484.4 $ 416.3 $ 5.9 $ 5.7 Service cost 7.7 6.8 0.2 0.2 Interest cost 10.5 14.0 0.2 0.2 Actuarial (gain)/loss 56.5 63.9 (1.3 ) 0.3 Benefits paid (12.3 ) (18.6 ) (0.4 ) (0.5 ) Settlements (18.4 ) (0.5 ) — — Foreign exchange impact 5.5 2.1 — — Other 0.4 0.4 — — Ending projected benefit obligation 534.3 484.4 4.6 5.9 Change in plan assets: Beginning fair value 340.0 296.7 — — Actual return on plan assets 31.1 52.4 — — Employer contributions 11.8 7.7 0.4 0.5 Plan participants' contributions 0.3 0.4 — — Benefits paid (12.2 ) (18.6 ) (0.4 ) (0.5 ) Settlements (16.9 ) (0.2 ) — — Foreign exchange impact 4.1 1.6 — — Ending fair value 358.2 340.0 — — Funded status of the plan $ (176.1 ) $ (144.4 ) $ (4.6 ) $ (5.9 ) |
Amounts Recognized in Consolidated Balance Sheet | Amounts recognized in the consolidated balance sheet consist of: Pension Benefits Post-Retirement Benefits (millions of dollars) 2020 2019 2020 2019 Current liability $ (1.4 ) $ (1.1 ) $ (0.3 ) $ (0.4 ) Non-current liability (174.7 ) (143.3 ) (4.3 ) (5.5 ) Recognized liability $ (176.1 ) $ (144.4 ) $ (4.6 ) $ (5.9 ) |
Amounts Recognized in Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive income, net of related tax effects, consist of: Pension Benefits Post-Retirement Benefits (millions of dollars) 2020 2019 2020 2019 Net actuarial (gain) loss $ 119.0 $ 99.6 $ (4.2 ) $ (3.7 ) Prior service cost 0.1 0.1 — — Amount recognized end of year $ 119.1 $ 99.7 $ (4.2 ) $ (3.7 ) |
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Changes in the Plan assets and benefit obligations recognized in other comprehensive income: Pension Benefits Post-Retirement Benefits (millions of dollars) 2020 2019 2020 2019 Current year actuarial gain (loss) $ (29.6 ) $ (23.0 ) $ 0.9 $ (0.2 ) Amortization of actuarial (gain) loss 10.5 7.7 (0.5 ) (0.6 ) Amortization of prior service credit (gain) loss — — — — Total recognized in other comprehensive income $ (19.1 ) $ (15.3 ) $ 0.4 $ (0.8 ) |
Net Periodic Benefit Cost | The components of net periodic benefit costs are as follows: Pension Benefits Post-Retirement Benefits (millions of dollars) 2020 2019 2018 2020 2019 2018 Service cost $ 7.7 $ 6.8 $ 8.1 $ 0.2 $ 0.2 $ 0.2 Interest cost 10.5 14.0 13.0 0.2 0.2 0.2 Expected return on plan assets (20.1 ) (18.2 ) (20.2 ) — — — Amortization of prior service cost — — — — — (0.9 ) Recognized net actuarial (gain) loss 13.9 10.1 10.7 (0.9 ) (0.9 ) (0.8 ) Settlement/curtailment (gain) loss 6.4 (0.1 ) 4.4 — — — Net periodic benefit cost $ 18.4 $ 12.6 $ 16.0 $ (0.5 ) $ (0.5 ) $ (1.3 ) |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligation | The weighted average assumptions used to determine net periodic benefit cost in the accounting for the pension benefit plans and other benefit plans for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 Discount rate 2.74 % 3.75 % 3.16 % Expected return on plan assets 6.32 % 6.43 % 6.40 % Rate of compensation increase 2.72 % 3.01 % 3.01 % Interest crediting rate 3.75 % 2.57 % 3.70 % The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 Discount rate 2.01 % 2.75 % 3.75 % Rate of compensation increase 2.98 % 2.99 % 3.01 % |
Weighted Average Asset Allocation Percentages | The Company's pension plan weighted average asset allocation percentages at December 31, 2020 and 2019 by asset category are as follows: December 31, 2020 2019 Asset Category Equity securities 55.8 % 55.1 % Fixed income securities 27.8 % 29.1 % Real estate 0.3 % 0.3 % Other 16.1 % 15.5 % Total 100.0 % 100.0 % |
Fair Value of Plan Assets | The Company's pension plan fair values at December 31, 2020 and 2019 by asset category are as follows: December 31, (millions of dollars) 2020 2019 Asset Category Equity securities $ 200.0 $ 187.5 Fixed income securities 99.7 98.8 Real estate 1.0 0.9 Other 57.5 52.8 Total $ 358.2 $ 340.0 The following table presents domestic and foreign pension plan assets information at December 31, 2020, 2019 and 2018 (the measurement date of pension plan assets): U.S. Plans International Plans (millions of dollars) 2020 2019 2018 2020 2019 2018 Fair value of plan assets $ 271.6 $ 261.5 $ 227.1 $ 86.6 $ 78.5 $ 69.6 |
Defined Benefit Pension Plan Assets Measured at Fair Value | The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2020: 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 Pension Assets Fair Value as of December 31, 2020 Equity securities US equities $ 182.0 $ — $ — $ 182.0 Non-US equities 18.0 — — 18.0 Fixed income securities Corporate debt instruments 80.4 19.3 — 99.7 Real estate and other Real estate — — 1.0 1.0 Other 0.3 49.9 7.3 57.5 Total assets $ 280.7 $ 69.2 $ 8.3 $ 358.2 The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2019: 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 Pension Assets Fair Value as of December 31, 2019 Equity securities US equities $ 169.7 $ — $ — $ 169.7 Non-US equities 17.8 — — 17.8 Fixed income securities Corporate debt instruments 82.6 16.2 — 98.8 Real estate and other Real estate — — 0.9 0.9 Other 0.4 45.4 7.0 52.8 Total assets $ 270.5 $ 61.6 $ 7.9 $ 340.0 |
Reconciliation of Changes in Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs | The following is a reconciliation of changes in fair value measurement of plan assets using significant unobservable inputs (Level 3): (millions of dollars) Beginning balance at December 31, 2018 $ 20.0 Purchases, sales, settlements — Actual return on plan assets still held at reporting date 0.9 Foreign exchange impact 0.1 Ending balance at December 31, 2019 $ 21.0 Purchases, sales, settlements — Actual return on plan assets still held at reporting date (12.8 ) Foreign exchange impact 0.1 Ending balance at December 31, 2020 $ 8.3 |
Estimated Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (millions of dollars) Pension Benefits Other Benefits 2021 $ 24.0 $ 0.3 2022 $ 25.2 $ 0.3 2023 $ 27.3 $ 0.3 2024 $ 27.1 $ 0.3 2025 $ 26.7 $ 0.3 2026-2030 $ 133.4 $ 1.7 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity [Abstract] | |
Stock Option and Restricted Stock Activity | The following table summarizes stock option and restricted stock activity for the Plans: Stock Options Restricted Shares Shares Available for Grant Shares Weighted Average Exercise Price per Share ($) Shares Weighted Average Exercise Price per Share ($) Balance January 1, 2018 1,036,505 996,839 $ 48.21 180,110 $ 58.57 Granted (260,508 ) 191,147 76.09 69,361 76.26 Exercised/vested — (98,945 ) 33.83 (59,649 ) 56.44 Canceled 90,026 (34,782 ) 65.47 (55,244 ) 58.57 Balance December 31, 2018 866,023 1,054,259 54.04 134,578 68.64 Granted (388,162 ) 271,261 54.44 116,901 54.51 Exercised/vested — (79,686 ) 27.26 (40,776 ) 60.79 Canceled 51,181 (18,214 ) 66.93 (32,967 ) 61.87 Balance December 31, 2019 529,042 1,227,620 55.83 177,736 62.40 Authorized 1,300,000 — — — — Granted (394,290 ) 286,078 57.67 108,212 56.93 Exercised/vested — (93,099 ) 35.11 (43,702 ) 66.07 Canceled 97,494 (57,233 ) 63.92 (40,261 ) 65.42 Balance December 31, 2020 1,532,246 1,363,366 $ 57.29 201,985 $ 58.07 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Loss, Net of Related Tax | Accumulated other comprehensive income (loss) at December 31 comprised of the following components: December 31, (millions of dollars) 2020 2019 Cumulative foreign currency translation $ (190.8 ) $ (200.2 ) Unrecognized pension costs (net of tax benefit of $64.6 in 2020 and $30.5 in 2019) (114.9 ) (96.1 ) Unrealized gain (loss) on cash flow hedges (net of tax (benefit) expense of $(3.1) in 2020 and $0.3 in 2019) (2.6 ) 5.9 $ (308.3 ) $ (290.4 ) |
Changes in Other Comprehensive Income (Loss) by Component | The following table summarizes the changes in other comprehensive income (loss) by component: Year Ended December 31, 2020 2019 2018 (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 Foreign currency translation adjustment $ 10.9 $ — $ 10.9 $ (29.9 ) $ — $ (29.9 ) $ (67.9 ) $ — $ (67.9 ) Pension plans: Net actuarial gains (losses) and prior service costs arising during the period (37.9 ) 9.2 (28.7 ) (30.6 ) 7.4 (23.2 ) 9.6 (1.8 ) 7.8 Amortization of net actuarial (gains) losses and prior service costs 13.4 (3.4 ) 10.0 9.4 (2.3 ) 7.1 12.1 (3.0 ) 9.1 Unrealized gains (losses) on cash flow hedges (11.6 ) 3.1 (8.5 ) 0.3 (0.1 ) 0.2 1.5 0.1 1.6 Total other comprehensive income (loss) $ (25.2 ) $ 8.9 $ (16.3 ) $ (50.8 ) $ 5.0 $ (45.8 ) $ (44.7 ) $ (4.7 ) $ (49.4 ) |
Accounting for Asset Retireme_2
Accounting for Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting for Asset Retirement Obligations [Abstract] | |
Reconciliation of Asset Retirement Obligations | The following is a reconciliation of asset retirement obligations as of December 31, 2020 and 2019: December 31, (millions of dollars) 2020 2019 Asset retirement obligation, beginning of period $ 23.9 $ 23.4 Accretion expense 2.3 2.7 Other 1.1 1.1 Payments (3.4 ) (3.3 ) Foreign currency translation 0.2 — Asset retirement obligation, end of period $ 24.1 $ 23.9 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment and Related Information [Abstract] | |
Segment Information | Segment information for the years ended December 31, 2020, 2019 and 2018 was as follows: Year Ended December 31, (millions of dollars) 2020 2019 2018 Net Sales Performance Materials $ 752.8 $ 823.3 $ 828.1 Specialty Minerals 510.9 574.4 589.3 Refractories 258.1 298.1 311.9 Energy Services 73.0 95.2 78.3 Total 1,594.8 1,791.0 1,807.6 Income from Operations Performance Materials 103.6 97.1 116.8 Specialty Minerals 67.8 83.1 95.4 Refractories 35.5 39.8 45.4 Energy Services 5.2 7.8 4.5 Total 212.1 227.8 262.1 Depreciation, Depletion and Amortization Performance Materials 41.4 43.6 41.1 Specialty Minerals 39.6 40.4 38.2 Refractories 6.9 7.0 6.6 Energy Services 6.0 7.4 8.4 Total 93.9 98.4 94.3 Segment Assets Performance Materials 2,111.6 2,091.2 2,119.7 Specialty Minerals 559.6 525.1 511.9 Refractories 290.8 293.2 296.6 Energy Services 107.5 121.5 110.4 Total 3,069.5 3,031.0 3,038.6 Capital Expenditures Performance Materials 10.0 16.8 22.4 Specialty Minerals 46.5 37.7 42.4 Refractories 5.5 5.7 5.0 Energy Services 4.6 4.7 4.9 Total 66.6 64.9 74.7 |
Reconciliation of Significant Items from Segments to Consolidated Totals | A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows: Year Ended December 31, (millions of dollars) 2020 2019 2018 Income from Operations before Provision for Taxes on Income Income from operations for reportable segments $ 212.1 $ 227.8 $ 262.1 Litigation expenses (10.4 ) (10.9 ) — Acquisition-related expenses (3.1 ) — (1.7 ) Unallocated corporate expenses (10.7 ) (8.2 ) (4.5 ) Consolidated income from operations 187.9 208.7 255.9 Non-operating deductions, net (49.9 ) (51.4 ) (51.8 ) Income from operations before provision for taxes and equity in earnings 138.0 157.3 204.1 Total Assets Total segment assets 3,069.5 3,031.0 3,038.6 Corporate assets 139.9 81.6 48.5 Consolidated total assets 3,209.4 3,112.6 3,087.1 Capital Expenditures Total segment capital expenditures 66.6 64.9 74.7 Corporate capital expenditures 0.2 0.1 1.2 Consolidated capital expenditures 66.8 65.0 75.9 |
Financial Information Related to Operations by Geographic Area | Financial information relating to the Company's operations by geographic area was as follows: Year Ended December 31, (millions of dollars) 2020 2019 2018 Net Sales United States $ 822.5 $ 962.4 $ 961.6 Canada/Latin America 70.5 80.2 83.7 Europe/Africa 410.0 435.3 443.4 Asia 291.8 313.1 318.9 Total International 772.3 828.6 846.0 Consolidated net sales 1,594.8 1,791.0 1,807.6 Long-Lived Assets United States $ 1,723.2 $ 1,742.3 $ 1,767.7 Canada/Latin America 11.3 13.0 13.7 Europe/Africa 182.9 190.7 225.0 Asia 126.5 117.2 123.0 Total International 320.7 320.9 361.7 Consolidated long-lived assets 2,043.9 2,063.2 2,129.4 |
Sales by Product Category | The Company's sales by product category are as follows: Year Ended December 31, (millions of dollars) 2020 2019 2018 Metalcasting $ 258.1 $ 291.2 $ 328.9 Household, Personal Care & Specialty Products 380.2 376.6 348.5 Environmental Products 58.6 86.6 80.3 Building Materials 55.9 68.9 70.4 Paper PCC 308.4 364.9 378.5 Specialty PCC 69.3 69.1 66.9 Ground Calcium Carbonate 89.3 91.3 91.0 Talc 43.9 49.1 52.9 Refractory Products 212.3 244.8 261.1 Metallurgical Products 45.8 53.3 50.8 Energy Services 73.0 95.2 78.3 Total $ 1,594.8 $ 1,791.0 $ 1,807.6 |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data (unaudited) [Abstract] | |
Quarterly Financial Data | 2020 (millions of dollars, except per share data) First Second Third Fourth Net sales by segment Performance Materials segment $ 186.2 $ 173.8 $ 190.6 $ 202.2 Specialty Minerals segment 137.1 109.8 125.1 138.9 Refractories segment 69.0 55.9 59.3 73.9 Energy Services segment 25.2 17.7 13.3 16.8 Net sales 417.5 357.2 388.3 431.8 Gross profit 106.8 88.9 98.4 111.3 Income from operations 57.7 27.2 48.5 54.5 Consolidated net income 39.6 14.9 29.3 32.0 Net income attributable to MTI 38.6 14.4 28.3 31.1 Basic earnings per share attributable to MTI shareholders $ 1.12 $ 0.42 $ 0.83 $ 0.91 Diluted earnings per share attributable to MTI shareholders $ 1.12 $ 0.42 $ 0.83 $ 0.91 Market price range per share of common stock: High $ 58.91 $ 55.42 $ 53.34 $ 64.16 Low $ 28.90 $ 31.91 $ 43.11 $ 51.10 Close $ 32.48 $ 43.20 $ 49.23 $ 62.12 Dividends paid per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 2019 Quarters (millions of dollars, except per share data) First Second Third Fourth Net sales by segment Performance Materials segment $ 199.2 $ 215.4 $ 207.3 $ 201.4 Specialty Minerals segment 144.4 145.1 143.1 141.8 Refractories segment 73.8 77.5 73.4 73.4 Energy Services segment 20.3 25.8 25.5 23.6 Net sales 437.7 463.8 449.3 440.2 Gross profit 109.7 112.0 111.2 107.7 Income from operations 62.0 45.5 53.5 47.7 Consolidated net income 40.0 27.6 39.1 29.6 Net income attributable to Minerals Technologies Inc. (MTI) 39.1 26.6 38.0 29.0 Basic earnings per share attributable to MTI shareholders $ 1.11 $ 0.76 $ 1.09 $ 0.83 Diluted earnings per share attributable to MTI shareholders $ 1.11 $ 0.75 $ 1.08 $ 0.83 Market price range per share of common stock: High $ 61.01 $ 63.20 $ 55.33 $ 58.12 Low $ 49.47 $ 51.78 $ 45.55 $ 48.92 Close $ 58.79 $ 53.51 $ 52.77 $ 57.63 Dividends paid per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Cash Equivalents and Short-term Investments [Abstract] | |||
Short-term investments | $ 4.1 | $ 1.6 | $ 4.1 |
Unrealized holding gains and losses on short-term bank investments | $ 0 | ||
Trade Accounts Receivable [Abstract] | |||
Past due threshold for individual collectability review | 90 days | ||
Allowance for doubtful accounts | 15 | 12.9 | $ 15 |
Property, Plant and Equipment [Abstract] | |||
Initial term of long term evergreen contracts | 10 years | ||
Investment in Joint Ventures [Abstract] | |||
Equity method investment | 17 | 16.1 | $ 17 |
Revenue Recognition [Abstract] | |||
Revenue adjustments | $ 0 | $ 0 | |
Buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 3.00% | ||
Buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 6.67% | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 6.67% | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 12.50% | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 8.00% | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 12.50% | ||
Computer Equipment and Software-related Assets [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 12.50% | ||
Computer Equipment and Software-related Assets [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Annual rates of depreciation | 25.00% | ||
PCC Production Facilities [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful life | 15 years | ||
Machinery and Equipment for Natural Stone Mining and Processing Plants and Chemical Plants [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful life | 15 years |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Lease Cost [Abstract] | |||
Operating lease cost | $ 15.2 | $ 15.5 | |
Short-term lease cost | 0.1 | 1.1 | |
Total | 15.3 | 16.6 | |
Operating cash flows information [Abstract] | |||
Cash paid for amounts included in the measurement of lease liabilities | 15.7 | ||
Non-cash activity [Abstract] | |||
Right-of-use assets obtained in the exchange for operating lease liabilities | $ 18.1 | ||
Weighted Average Remaining Lease Term and Discount Rates [Abstract] | |||
Weighted-average remaining operating lease term | 7 years 8 months 15 days | ||
Weighted-average operating leases discount rate | 5.00% | ||
Outstanding Lease Assets and Liabilities [Abstract] | |||
Right-of-use asset | $ 50.9 | $ 44.8 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent | |
Lease liability - current | $ 11.7 | $ 11.9 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent | |
Lease liability - non-current | $ 49.2 | $ 43.3 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent | |
Future Minimum Lease Payments [Abstract] | |||
2021 | $ 14.4 | ||
2022 | 12.1 | ||
2023 | 9.5 | ||
2024 | 7.6 | ||
2025 | 6.4 | ||
Thereafter | 24 | ||
Total future minimum lease payments | 74 | ||
Less imputed interest | (13.1) | ||
Total | $ 60.9 | ||
Rent Expense [Abstract] | |||
Rent expense | $ 19.5 | ||
Minimum [Member] | |||
Leases [Abstract] | |||
Remaining lease term | 1 year | ||
Maximum [Member] | |||
Leases [Abstract] | |||
Remaining lease term | 50 years |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | $ 431.8 | $ 388.3 | $ 357.2 | $ 417.5 | $ 440.2 | $ 449.3 | $ 463.8 | $ 437.7 | $ 1,594.8 | $ 1,791 | $ 1,807.6 |
Metalcasting [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 258.1 | 291.2 | 328.9 | ||||||||
Household, Personal Care and Specialty Products [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 380.2 | 376.6 | 348.5 | ||||||||
Environmental Products [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 58.6 | 86.6 | 80.3 | ||||||||
Building Materials [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 55.9 | 68.9 | 70.4 | ||||||||
Paper PCC [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 308.4 | 364.9 | 378.5 | ||||||||
Specialty PCC [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 69.3 | 69.1 | 66.9 | ||||||||
Ground Calcium Carbonate [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 89.3 | 91.3 | 91 | ||||||||
Talc [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 43.9 | 49.1 | 52.9 | ||||||||
Refractory Products [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 212.3 | 244.8 | 261.1 | ||||||||
Metallurgical Products [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 45.8 | 53.3 | 50.8 | ||||||||
Performance Materials [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 202.2 | 190.6 | 173.8 | 186.2 | 201.4 | 207.3 | 215.4 | 199.2 | 752.8 | 823.3 | 828.1 |
Performance Materials [Member] | Metalcasting [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 258.1 | 291.2 | 328.9 | ||||||||
Performance Materials [Member] | Household, Personal Care and Specialty Products [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 380.2 | 376.6 | 348.5 | ||||||||
Performance Materials [Member] | Environmental Products [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 58.6 | 86.6 | 80.3 | ||||||||
Performance Materials [Member] | Building Materials [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 55.9 | 68.9 | 70.4 | ||||||||
Specialty Minerals [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 138.9 | 125.1 | 109.8 | 137.1 | 141.8 | 143.1 | 145.1 | 144.4 | 510.9 | 574.4 | 589.3 |
Specialty Minerals [Member] | Paper PCC [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 308.4 | 364.9 | 378.5 | ||||||||
Specialty Minerals [Member] | Specialty PCC [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 69.3 | 69.1 | 66.9 | ||||||||
Specialty Minerals [Member] | Ground Calcium Carbonate [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 89.3 | 91.3 | 91 | ||||||||
Specialty Minerals [Member] | Talc [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 43.9 | 49.1 | 52.9 | ||||||||
Refractories [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 73.9 | 59.3 | 55.9 | 69 | 73.4 | 73.4 | 77.5 | 73.8 | 258.1 | 298.1 | 311.9 |
Refractories [Member] | Refractory Products [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 212.3 | 244.8 | 261.1 | ||||||||
Refractories [Member] | Metallurgical Products [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | 45.8 | 53.3 | 50.8 | ||||||||
Energy Services [Member] | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Net Sales | $ 16.8 | $ 13.3 | $ 17.7 | $ 25.2 | $ 23.6 | $ 25.5 | $ 25.8 | $ 20.3 | $ 73 | $ 95.2 | $ 78.3 |
Business Combination (Details)
Business Combination (Details) - USD ($) $ in Millions | Apr. 30, 2018 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Combination [Abstract] | ||||||||||||
Net sales | $ 431.8 | $ 388.3 | $ 357.2 | $ 417.5 | $ 440.2 | $ 449.3 | $ 463.8 | $ 437.7 | $ 1,594.8 | $ 1,791 | $ 1,807.6 | |
Estimated useful life of intangible assets acquired | 32 years | |||||||||||
Sivomatic [Member] | ||||||||||||
Business Combination [Abstract] | ||||||||||||
Net sales | $ 61.8 | |||||||||||
Total consideration transferred, net of cash acquired | $ 122.5 | |||||||||||
Additional deferred tax liability | $ 18.8 | |||||||||||
Sivomatic [Member] | Trade Names [Member] | ||||||||||||
Business Combination [Abstract] | ||||||||||||
Estimated useful life of intangible assets acquired | 20 years | |||||||||||
Sivomatic [Member] | Customer Relationships [Member] | ||||||||||||
Business Combination [Abstract] | ||||||||||||
Estimated useful life of intangible assets acquired | 20 years |
Restructuring and Other Items_3
Restructuring and Other Items, net (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 27, 2020USD ($) | Jun. 28, 2020USD ($)Mill | Mar. 31, 2019USD ($)Facility | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Restructuring Charges [Abstract] | ||||||
Asset write-down charges | $ 7.1 | $ 7.5 | $ 0.7 | |||
Severance and other employee costs | 0.3 | 5.7 | 1.8 | |||
Total restructuring and other items, net | 7.6 | 13.2 | 2.5 | |||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring liability, beginning of period | $ 2.5 | 5 | 2.5 | |||
Additional provisions | 0.3 | 5.7 | ||||
Cash payments | (1.6) | (3.2) | ||||
Other | (0.1) | 0 | ||||
Restructuring liability, ending of period | 3.6 | 5 | 2.5 | |||
Performance Materials [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Asset write-down charges | 0 | 4.2 | 0 | |||
Severance and other employee costs | 0 | 2.8 | 0 | |||
Specialty Minerals [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Asset write-down charges | 7.1 | 1.6 | 0.7 | |||
Severance and other employee costs | 0.3 | 0.9 | 0 | |||
Other | 0.2 | 0 | 0 | |||
Specialty Minerals [Member] | Paper PCC [Member] | ||||||
Restructuring and Other Items, Net [Abstract] | ||||||
Number of mills with lease terminations | Mill | 1 | |||||
Number of facilities shut down | Facility | 1 | |||||
Restructuring Charges [Abstract] | ||||||
Asset write-down charges | $ 1.1 | $ 6 | ||||
Severance and other employee costs | $ 0.3 | |||||
Refractories [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Severance and other employee costs | 0 | 0.8 | 0 | |||
Energy Services [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Asset write-down charges | 0 | 1.7 | 0 | |||
Severance and other employee costs | 0 | 0.1 | 1.8 | |||
Corporate [Member] | ||||||
Restructuring Charges [Abstract] | ||||||
Severance and other employee costs | $ 0 | $ 1.1 | $ 0 | |||
Verso Papers [Member] | ||||||
Restructuring and Other Items, Net [Abstract] | ||||||
Number of paper mills being idled indefinitely | Mill | 2 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Award and Incentive Plan and Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee service share-based compensation, aggregate disclosures [Abstract] | |||
Increase in number of shares available for issuance (in shares) | 1,300,000 | ||
Term of stock options granted under Plan | 10 years | ||
Share based compensation costs | $ 10.2 | $ 8.1 | $ 6.2 |
Minimum [Member] | |||
Employee service share-based compensation, aggregate disclosures [Abstract] | |||
Vesting period | 1 year | ||
Maximum [Member] | |||
Employee service share-based compensation, aggregate disclosures [Abstract] | |||
Percentage of shares not subject to minimum vesting requirement | 5.00% | ||
Stock Options [Member] | |||
Employee service share-based compensation, aggregate disclosures [Abstract] | |||
Vesting period | 3 years | ||
Share based compensation costs | $ 4.6 | 4.8 | 4.2 |
Tax benefit of share-based compensation | $ 1.2 | $ 1.3 | $ 1.1 |
Forfeiture rate assumed | 8.45% | 8.85% | 8.20% |
Weighted average grant date fair value for stock options granted (in dollars per share) | $ 18.99 | $ 18.86 | $ 25.79 |
Weighted average grant date fair value for stock options vested (in dollars per share) | $ 23.85 | $ 22.46 | $ 21.33 |
Total intrinsic value of stock options exercised | $ 2.3 | $ 2.2 | $ 3.3 |
Weighted Average Assumptions [Abstract] | |||
Expected life | 6 years 8 months 12 days | 6 years 7 months 6 days | 6 years 2 months 12 days |
Interest rate | 1.67% | 2.62% | 2.50% |
Volatility | 30.34% | 30.26% | 30.33% |
Expected dividend yield | 0.35% | 0.37% | 0.26% |
Stock Options [Roll Forward] | |||
Balance, beginning of year (in shares) | 1,227,620 | ||
Granted (in shares) | 286,078 | ||
Exercised (in shares) | (93,099) | ||
Canceled (in shares) | (57,233) | ||
Balance, end of year (in shares) | 1,363,366 | 1,227,620 | |
Exercisable, end of year (in shares) | 876,206 | ||
Weighted Average Exercise Price Per Share [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 55.83 | ||
Granted (in dollars per share) | 57.67 | ||
Exercised (in dollars per share) | 35.11 | ||
Canceled (in dollars per share) | 63.92 | ||
Balance, end of year (in dollars per share) | 57.29 | $ 55.83 | |
Exercisable, end of year (in dollars per share) | $ 56.55 | ||
Weighted Average Remaining Contractual Life [Abstract] | |||
Outstanding options, end of year | 6 years 1 month 24 days | ||
Exercisable options, end of year | 4 years 9 months 29 days | ||
Aggregate Intrinsic Value [Abstract] | |||
Outstanding options, end of year | $ 11.4 | ||
Exercisable options, end of year | $ 8.9 | ||
Additional Information [Abstract] | |||
Closing stock price on last business day of the period (in dollars per share) | $ 62.12 | ||
Weighted average intrinsic value of options exercised (in dollars per share) | $ 24.41 | $ 27.21 | $ 33.10 |
Unrecognized stock-based compensation expense | $ 4.7 | ||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized | 3 years | ||
Nonvested Stock Options [Member] | |||
Stock Options [Roll Forward] | |||
Balance, beginning of year (in shares) | 438,773 | ||
Granted (in shares) | 286,078 | ||
Vested (in shares) | (199,723) | ||
Canceled (in shares) | (37,968) | ||
Balance, end of year (in shares) | 487,160 | 438,773 | |
Weighted Average Exercise Price Per Share [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 63.15 | ||
Granted (in dollars per share) | 57.67 | ||
Vested (in dollars per share) | 66.94 | ||
Canceled (in dollars per share) | 60.15 | ||
Balance, end of year (in dollars per share) | $ 58.61 | $ 63.15 |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee service share-based compensation, aggregate disclosures [Abstract] | |||
Share based compensation costs | $ 10.2 | $ 8.1 | $ 6.2 |
Restricted Stock [Member] | |||
Employee service share-based compensation, aggregate disclosures [Abstract] | |||
Unrecognized stock-based compensation expense | $ 6.4 | ||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized | 3 years | ||
Share based compensation costs | $ 5.6 | 5.2 | 4.4 |
Reversals of compensation expense related to restricted stock forfeitures | $ 2.3 | $ 1.9 | $ 2.4 |
Restricted Stock [Roll Forward] | |||
Balance, beginning of year (in shares) | 177,736 | 134,578 | 180,110 |
Granted (in shares) | 108,212 | 116,901 | 69,361 |
Vested (in shares) | (43,702) | (40,776) | (59,649) |
Canceled (in shares) | (40,261) | (32,967) | (55,244) |
Balance, end of year (in shares) | 201,985 | 177,736 | 134,578 |
Weighted Average Grant Date Fair Value [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 62.40 | $ 68.64 | $ 58.57 |
Granted (in dollars per share) | 56.93 | 54.51 | 76.26 |
Vested (in dollars per share) | 66.07 | 60.79 | 56.44 |
Canceled (in dollars per share) | 65.42 | 61.87 | 58.57 |
Balance, end of year (in dollars per share) | $ 58.07 | $ 62.40 | $ 68.64 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to MTI | $ 31.1 | $ 28.3 | $ 14.4 | $ 38.6 | $ 29 | $ 38 | $ 26.6 | $ 39.1 | $ 112.4 | $ 132.7 | $ 169 |
Weighted average shares outstanding (in shares) | 34,200,000 | 35,000,000 | 35,300,000 | ||||||||
Dilutive effect of stock options and stock units (in shares) | 0 | 100,000 | 300,000 | ||||||||
Weighted average shares outstanding, adjusted (in shares) | 34,200,000 | 35,100,000 | 35,600,000 | ||||||||
Basic earnings per share attributable to MTI (in dollars per share) | $ 0.91 | $ 0.83 | $ 0.42 | $ 1.12 | $ 0.83 | $ 1.09 | $ 0.76 | $ 1.11 | $ 3.29 | $ 3.79 | $ 4.79 |
Diluted earnings per share attributable to MTI (in dollars per share) | $ 0.91 | $ 0.83 | $ 0.42 | $ 1.12 | $ 0.83 | $ 1.08 | $ 0.75 | $ 1.11 | $ 3.29 | $ 3.78 | $ 4.75 |
Stock Options [Member] | |||||||||||
Earnings per Share [Abstract] | |||||||||||
Options outstanding (in shares) | 1,363,366 | 1,227,620 | 1,363,366 | 1,227,620 | 1,054,259 | ||||||
Anti-dilutive securities not included in the weighted average commons shares outstanding calculation (in shares) | 591,322 | 825,331 | 568,284 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Measurement period adjustment | $ 4.4 | ||
Income from operations before provision for taxes [Abstract] | |||
Domestic | $ 21.4 | $ 46.9 | 93.1 |
Foreign | 116.6 | 110.4 | 111 |
Income from operations before tax and equity in earnings | 138 | 157.3 | 204.1 |
Domestic [Abstract] | |||
Taxes currently payable, Federal | (7.1) | (3.3) | (3.7) |
Taxes currently payable, State and local | 0.2 | 0.8 | 1.4 |
Deferred income taxes | 2.2 | (6.6) | 11.1 |
Domestic tax provision (benefit) | (4.7) | (9.1) | 8.8 |
Foreign [Abstract] | |||
Taxes currently payable | 34 | 26.7 | 21.3 |
Deferred income taxes | (4.9) | 5.2 | 4.3 |
Foreign tax provision | 29.1 | 31.9 | 25.6 |
Total tax provision (benefit) | $ 24.4 | $ 22.8 | $ 34.4 |
Reconciliation of U.S. federal statutory tax rate to effective tax rate [Abstract] | |||
U.S. statutory rate | 21.00% | 21.00% | 21.00% |
Depletion | (6.20%) | (5.00%) | (3.90%) |
Difference between tax provided on foreign earnings and the U.S. statutory rate | 3.30% | 3.80% | 1.10% |
Global Intangible Low-Tax Income (GILTI) | 0.40% | 0.00% | 0.80% |
Foreign Derived Intangible Income | (1.00%) | (0.80%) | (0.70%) |
State and local taxes, net of federal tax benefit | 0.00% | 0.20% | 1.90% |
Tax credits and foreign dividends | (0.60%) | (0.70%) | (0.30%) |
Change in valuation allowance | 0.00% | 1.00% | 0.00% |
Impact of uncertain tax positions | (0.20%) | (5.00%) | 0.50% |
Impact of officer's non-deductible compensation | 1.00% | 0.80% | 0.80% |
Impact of U.S. Tax Reform | 0.00% | (1.10%) | (2.20%) |
Other | 0.00% | 0.30% | (2.10%) |
Consolidated effective tax rate | 17.70% | 14.50% | 16.90% |
Deferred tax assets attributable to [Abstract] | |||
Accrued liabilities | $ 29.8 | $ 29.7 | |
Net operating loss carry forwards | 31.1 | 33.9 | |
Pension and post-retirement benefits costs | 46.3 | 39 | |
Other | 28.2 | 31.4 | |
Valuation allowance | (20.9) | (23.8) | |
Total deferred tax assets | 114.5 | 110.2 | |
Deferred tax liabilities attributable to [Abstract] | |||
Plant and equipment, principally due to differences in depreciation | 169.5 | 181.3 | |
Intangible assets | 69.5 | 69.5 | |
Other | 13.9 | 17 | |
Total deferred tax liabilities | 252.9 | 267.8 | |
Net deferred tax asset (liability), long-term | (138.4) | (157.6) | |
Current and long-term portion of net deferred tax assets [Abstract] | |||
Net deferred tax asset, long-term | 25.3 | 23 | |
Net deferred tax liability, long-term | 163.7 | 180.6 | |
Net deferred tax asset (liability), long-term | (138.4) | (157.6) | |
Operating loss carryforwards [Abstract] | |||
Deferred tax assets arising from tax loss carry forwards which will be realized through future operations | 31.1 | ||
Unrecognized tax benefits [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate | 5.1 | ||
Unrecognized tax benefits [Roll forward] | |||
Balance at beginning of the year | 7.9 | 16.6 | |
Increases related to current year tax positions | 0.7 | 1.5 | |
Increases related to new judgments | 0 | 0.7 | |
Decreases related to audit settlements and statute expirations | (1) | (10.9) | |
Balance at the end of the year | 7.6 | 7.9 | $ 16.6 |
Income Tax Penalties and Interest Expense [Abstract] | |||
Unrecognized tax benefits, interest and penalties | 0 | ||
Unrecognized tax benefits, accrued interest and penalties | 1.9 | ||
Cash paid for income taxes [Abstract] | |||
Net cash Income taxes paid | 28.5 | $ 29.5 | $ 43.8 |
Undistributed earnings of foreign subsidiaries [Abstract] | |||
Foreign subsidiaries' undistributed earnings | 460.1 | ||
Deferred tax liabilities with respect to foreign withholding taxes or state taxes have been recognized | 0 | ||
Finite lived tax loss carry forwards [Member] | |||
Operating loss carryforwards [Abstract] | |||
Deferred tax assets arising from tax loss carry forwards which will be realized through future operations | $ 17.6 | ||
Expiration period | 20 years | ||
Indefinite lived tax loss carry forwards [Member] | |||
Operating loss carryforwards [Abstract] | |||
Deferred tax assets arising from tax loss carry forwards which will be realized through future operations | $ 13.5 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Raw materials | $ 107.1 | $ 105.9 |
Work-in-process | 9 | 7.2 |
Finished goods | 85.6 | 95.5 |
Packaging and supplies | 46.5 | 44.7 |
Total inventories | $ 248.2 | $ 253.3 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | $ 2,276.9 | $ 2,257 | ||
Less: accumulated depreciation and depletion | (1,237.3) | (1,204.2) | ||
Property, plant and equipment, net | 1,039.6 | 1,052.8 | ||
Acquisition of assets | $ 9.2 | |||
Depreciation and depletion expense | 77.9 | 82.1 | $ 80.7 | |
Mineral Rights and Reserves [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | 565.8 | 571 | ||
Land [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | 50.9 | 47.5 | ||
Buildings [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | 225.6 | 218.1 | ||
Machinery and Equipment [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | 1,254.3 | 1,241.2 | ||
Furniture and Fixtures and Other [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | 138.9 | 144.1 | ||
Construction in Progress [Member] | ||||
Property, plant and equipment, net [Abstract] | ||||
Property, plant and equipment, gross | $ 41.4 | $ 35.1 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Balance Beginning | $ 807.4 | $ 812.4 |
Change in goodwill relating to [Abstract] | ||
Foreign exchange translation | 1.1 | (5) |
Total changes | 1.1 | (5) |
Balance Ending | 808.5 | 807.4 |
Performance Materials [Member] | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 751.2 | 755.9 |
Change in goodwill relating to [Abstract] | ||
Foreign exchange translation | 1.2 | (4.7) |
Total changes | 1.2 | (4.7) |
Balance Ending | 752.4 | 751.2 |
Specialty Minerals [Member] | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 12.5 | 12.3 |
Change in goodwill relating to [Abstract] | ||
Foreign exchange translation | 0.2 | 0.2 |
Total changes | 0.2 | 0.2 |
Balance Ending | 12.7 | 12.5 |
Refractories [Member] | ||
Goodwill [Roll Forward] | ||
Balance Beginning | 43.7 | 44.2 |
Change in goodwill relating to [Abstract] | ||
Foreign exchange translation | (0.3) | (0.5) |
Total changes | (0.3) | (0.5) |
Balance Ending | $ 43.4 | $ 43.7 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets Subject to Amortization [Abstract] | |||
Weighted average useful life | 32 years | ||
Gross carrying amount | $ 256 | $ 253.8 | |
Accumulated amortization | $ 60.2 | 50.8 | |
Future Amortization Expense [Abstract] | |||
Weighted average amortization period | 32 years | ||
Amortization expense | $ 9.3 | 9.1 | $ 8.8 |
Estimated amortization expense, 2021 | 9.3 | ||
Estimated amortization expense, 2022 | 9.1 | ||
Estimated amortization expense, 2023 | 9 | ||
Estimated amortization expense, 2024 | 9 | ||
Estimated amortization expense, 2025 | 9 | ||
Estimated amortization expense, thereafter | $ 150.4 | ||
Trade Names [Member] | |||
Intangible Assets Subject to Amortization [Abstract] | |||
Weighted average useful life | 35 years | ||
Gross carrying amount | $ 203.9 | 203.9 | |
Accumulated amortization | $ 38.6 | 32.5 | |
Technology [Member] | |||
Intangible Assets Subject to Amortization [Abstract] | |||
Weighted average useful life | 13 years | ||
Gross carrying amount | $ 18.8 | 18.8 | |
Accumulated amortization | $ 9.6 | 8 | |
Patents and Trademarks [Member] | |||
Intangible Assets Subject to Amortization [Abstract] | |||
Weighted average useful life | 19 years | ||
Gross carrying amount | $ 6.4 | 6.4 | |
Accumulated amortization | $ 6.1 | 5.9 | |
Customer Relationships [Member] | |||
Intangible Assets Subject to Amortization [Abstract] | |||
Weighted average useful life | 22 years | ||
Gross carrying amount | $ 26.9 | 24.7 | |
Accumulated amortization | $ 5.9 | $ 4.4 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($)SubsidiaryContract | Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($) | Jul. 01, 2018USD ($) | Jul. 03, 2016USD ($) | |
Derivative, Fair Value [Abstract] | |||||
(Gains) losses in other non-operating income (deductions) | $ 5.3 | $ 8.2 | $ 1.5 | ||
Minimum [Member] | |||||
Derivative, Fair Value [Abstract] | |||||
Number of foreign subsidiaries in which portion of net investment is hedged | Subsidiary | 1 | ||||
Foreign Exchange Forward [Member] | |||||
Derivative, Fair Value [Abstract] | |||||
Number of contracts | Contract | 0 | 0 | |||
(Gains) losses in other non-operating income (deductions) | $ 0.2 | $ 2.1 | $ (0.7) | ||
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivative, Fair Value [Abstract] | |||||
Notional amount | $ 150 | ||||
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Non-Current Liabilities [Member] | |||||
Derivative, Fair Value [Abstract] | |||||
Fair value of derivative liability | 7.7 | ||||
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivative, Fair Value [Abstract] | |||||
Notional amount | 29 | $ 300 | |||
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Current Liabilities [Member] | Maximum [Member] | |||||
Derivative, Fair Value [Abstract] | |||||
Fair value of derivative liability | 0.1 | ||||
Net Investment Hedge [Member] | Designated as Hedging Instrument [Member] | Cross Currency Rate Swap [Member] | |||||
Derivative, Fair Value [Abstract] | |||||
Notional amount | $ 150 | ||||
Net Investment Hedge [Member] | Designated as Hedging Instrument [Member] | Cross Currency Rate Swap [Member] | Other Assets and Deferred Charges [Member] | |||||
Derivative, Fair Value [Abstract] | |||||
Fair value of derivative asset | $ 0.4 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Additional Fair Value Elements [Abstract] | ||
Transfers in or out of Level 3 | $ 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Deferred compensation plan assets | 14.2 | 13.7 |
Supplementary pension plan assets | 15 | 12.8 |
Cross currency rate swap | 0.4 | 10.2 |
Interest rate swaps | (7.6) | (5.9) |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Deferred compensation plan assets | 0 | 0 |
Supplementary pension plan assets | 0 | 0 |
Cross currency rate swap | 0 | 0 |
Interest rate swaps | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Deferred compensation plan assets | 14.2 | 13.7 |
Supplementary pension plan assets | 15 | 12.8 |
Cross currency rate swap | 0.4 | 10.2 |
Interest rate swaps | (7.6) | (5.9) |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Additional Fair Value Elements [Abstract] | ||
Deferred compensation plan assets | 0 | 0 |
Supplementary pension plan assets | 0 | 0 |
Cross currency rate swap | 0 | 0 |
Interest rate swaps | $ 0 | $ 0 |
Financial Instruments and Con_2
Financial Instruments and Concentrations of Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Instruments and Concentrations of Credit Risk [Abstract] | |||
Bad debt expense | $ 2.6 | $ 6.3 | $ 3.2 |
Long-Term Debt and Commitments,
Long-Term Debt and Commitments, Summary of Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Feb. 14, 2017 | Jun. 23, 2015 | |
Long-Term Debt and Commitments [Abstract] | ||||
Total long-term debt | $ 934.2 | $ 826.4 | ||
Less: Current maturities | 1 | 2.1 | ||
Long-term debt | 933.2 | 824.3 | ||
Term Loan Facility - Variable Tranche [Member] | ||||
Long-Term Debt and Commitments [Abstract] | ||||
Total long-term debt | $ 535.6 | 642 | $ 788 | $ 1,078 |
Maturity date | Feb. 14, 2024 | |||
Unamortized discount and deferred financing costs | $ 12.4 | 16 | ||
Senior Notes due 2028 [Member] | ||||
Long-Term Debt and Commitments [Abstract] | ||||
Total long-term debt | $ 393.9 | 0 | ||
Maturity date | Jun. 30, 2028 | |||
Unamortized deferred financing cost | $ 6.1 | |||
Term Loan Facility - Fixed Tranche [Member] | ||||
Long-Term Debt and Commitments [Abstract] | ||||
Total long-term debt | $ 0 | 177.8 | $ 300 | |
Maturity date | May 9, 2021 | |||
Unamortized discount and deferred financing costs | $ 0 | 0.2 | ||
Netherlands Term Loan Due 2020 [Member] | ||||
Long-Term Debt and Commitments [Abstract] | ||||
Total long-term debt | $ 0 | 1.1 | ||
Maturity date | Dec. 31, 2020 | |||
Netherlands Term Loan Due 2022 [Member] | ||||
Long-Term Debt and Commitments [Abstract] | ||||
Total long-term debt | $ 0.6 | 1 | ||
Maturity date | Dec. 31, 2022 | |||
Japan Loan Facilities [Member] | ||||
Long-Term Debt and Commitments [Abstract] | ||||
Total long-term debt | $ 4.1 | $ 4.5 |
Long-Term Debt and Commitment_2
Long-Term Debt and Commitments, Long-Term Debt (Details) $ in Millions | Apr. 30, 2018USD ($) | Feb. 14, 2017USD ($) | Sep. 27, 2020Loan | Dec. 31, 2020USD ($)LoanOfferingqtr | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2020USD ($) | Jun. 23, 2015USD ($) | May 09, 2014USD ($) |
Long-Term Debt and Commitments [Abstract] | |||||||||
Long-term debt | $ 934.2 | $ 826.4 | |||||||
Repayments of long-term debt | 290.1 | 88.2 | $ 66.3 | ||||||
Short-term borrowings | 0 | $ 101.2 | |||||||
Weighted average interest rate on short-term borrowings | 3.90% | ||||||||
Maturities of Long-term Debt [Abstract] | |||||||||
2021 | 4.5 | ||||||||
2022 | 0.2 | ||||||||
2023 | 0 | ||||||||
2024 | 548 | ||||||||
2025 | 0 | ||||||||
Thereafter | 400 | ||||||||
Interest Costs [Abstract] | |||||||||
Interest costs | 40.7 | $ 46 | 48.6 | ||||||
Capitalized interest cost | 0.6 | 0.6 | $ 0.5 | ||||||
Sivomatic [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Long-term debt assumed as part of acquisition | $ 10.7 | ||||||||
Credit Agreement [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Letters of credit excluded from financial covenant | $ 25 | ||||||||
Number of quarters to maintain net leverage ratio under financial covenant | qtr | 4 | ||||||||
Credit Agreement [Member] | Maximum [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Net leverage ratio | 3.50 | ||||||||
Term Facility [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Face amount | $ 1,560 | ||||||||
Long-term debt | $ 1,378 | ||||||||
Repayments of long-term debt | $ 288 | ||||||||
Term Loan Facility - Variable Tranche [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Long-term debt | $ 788 | $ 535.6 | 642 | 1,078 | |||||
Decrease in basis spread on variable rate | (0.75%) | ||||||||
Maturity date | Feb. 14, 2024 | ||||||||
Required annual amortization | 1.00% | ||||||||
Term Loan Facility - Variable Tranche [Member] | Minimum [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Interest rate | 0.75% | ||||||||
Term Loan Facility - Variable Tranche [Member] | LIBOR [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Basis spread on variable rate | 2.25% | ||||||||
Term Loan Facility - Fixed Tranche [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Long-term debt | $ 0 | 177.8 | $ 300 | ||||||
Maturity date | May 9, 2021 | ||||||||
Revolving Facility [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Maximum borrowing capacity | $ 300 | $ 200 | |||||||
Long-term debt | $ 0 | ||||||||
Maturity date | Apr. 18, 2023 | ||||||||
Letters of credit outstanding | $ 9.5 | ||||||||
Revolving Facility [Member] | Maximum [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Decrease in basis spread if net leverage ratio is less than certain thresholds | (0.25%) | ||||||||
Revolving Facility [Member] | LIBOR [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Basis spread on variable rate | 1.625% | ||||||||
Senior Notes due 2028 [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Face amount | $ 400 | ||||||||
Long-term debt | $ 393.9 | 0 | |||||||
Maturity date | Jun. 30, 2028 | ||||||||
Interest rate | 5.00% | ||||||||
Guarantee amount | $ 50 | ||||||||
Number of equity offerings where funds can be used to redeem percentage of aggregate principal amount | Offering | 1 | ||||||||
Senior Notes due 2028 [Member] | Redemption of Notes for Cash Prior to July 1, 2023 [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Redemption price percentage | 100.00% | ||||||||
Senior Notes due 2028 [Member] | Redemption of Notes with Funds from One or More Equity Offerings Prior to July 1, 2023 [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Redemption price percentage | 105.00% | ||||||||
Percentage of aggregate principal amount that can be redeemed | 40.00% | ||||||||
Senior Notes due 2028 [Member] | Redemption of Notes if Company Experiences Change of Control [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Redemption price percentage | 101.00% | ||||||||
Netherlands Term Loans [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Repayments of long-term debt | $ 1.5 | ||||||||
Number of term loans | Loan | 2 | ||||||||
Number of term loans that matured | Loan | 1 | ||||||||
Netherlands Term Loans [Member] | Euribor [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Basis spread on variable rate | 2.00% | ||||||||
Japan Loan Facilities [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Long-term debt | $ 4.1 | $ 4.5 | |||||||
Repayments of long-term debt | 0.6 | ||||||||
Uncommitted Short-Term Bank Credit Lines [Member] | |||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||
Maximum borrowing capacity | 25.6 | ||||||||
Short-term borrowings | $ 0 |
Benefit Plans, Pension Obligati
Benefit Plans, Pension Obligation and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Benefit Plans [Abstract] | |||
Employee vesting period for defined benefit plans | 5 years | ||
Employer Contributions [Abstract] | |||
Maximum percentage of total benefit obligation represented by international pension plans | 22.00% | ||
Change in plan assets [Roll Forward] | |||
Beginning fair value | $ 340 | ||
Ending fair value | 358.2 | $ 340 | |
Pension Benefits [Member] | |||
Change in benefit obligations [Roll Forward] | |||
Beginning projected benefit obligation | 484.4 | 416.3 | |
Service cost | 7.7 | 6.8 | $ 8.1 |
Interest cost | 10.5 | 14 | 13 |
Actuarial (gain)/loss | 56.5 | 63.9 | |
Benefits paid | (12.3) | (18.6) | |
Settlements | (18.4) | (0.5) | |
Foreign exchange impact | 5.5 | 2.1 | |
Other | 0.4 | 0.4 | |
Ending projected benefit obligation | 534.3 | 484.4 | 416.3 |
Change in plan assets [Roll Forward] | |||
Beginning fair value | 340 | 296.7 | |
Actual return on plan assets | 31.1 | 52.4 | |
Employer contributions | 11.8 | 7.7 | |
Plan participants' contributions | 0.3 | 0.4 | |
Benefits paid | (12.2) | (18.6) | |
Settlements | (16.9) | (0.2) | |
Foreign exchange impact | 4.1 | 1.6 | |
Ending fair value | 358.2 | 340 | 296.7 |
Defined benefit plan, funded (unfunded) status of plan [Abstract] | |||
Funded status of the plan | (176.1) | (144.4) | |
Post-Retirement Benefits [Member] | |||
Change in benefit obligations [Roll Forward] | |||
Beginning projected benefit obligation | 5.9 | 5.7 | |
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 0.2 | 0.2 | 0.2 |
Actuarial (gain)/loss | (1.3) | 0.3 | |
Benefits paid | (0.4) | (0.5) | |
Settlements | 0 | 0 | |
Foreign exchange impact | 0 | 0 | |
Other | 0 | 0 | |
Ending projected benefit obligation | 4.6 | 5.9 | 5.7 |
Change in plan assets [Roll Forward] | |||
Beginning fair value | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0.4 | 0.5 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | (0.4) | (0.5) | |
Settlements | 0 | 0 | |
Foreign exchange impact | 0 | 0 | |
Ending fair value | 0 | 0 | $ 0 |
Defined benefit plan, funded (unfunded) status of plan [Abstract] | |||
Funded status of the plan | $ (4.6) | $ (5.9) |
Benefit Plans, Amounts Recogniz
Benefit Plans, Amounts Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Amounts recognized in Balance Sheet [Abstract] | ||
Current liability | $ (60.3) | $ (50.7) |
Non-current liability | (179) | (148.9) |
Pension Benefits [Member] | ||
Amounts recognized in Balance Sheet [Abstract] | ||
Current liability | (1.4) | (1.1) |
Non-current liability | (174.7) | (143.3) |
Recognized liability | (176.1) | (144.4) |
Post-Retirement Benefits [Member] | ||
Amounts recognized in Balance Sheet [Abstract] | ||
Current liability | (0.3) | (0.4) |
Non-current liability | (4.3) | (5.5) |
Recognized liability | $ (4.6) | $ (5.9) |
Benefit Plans, Amounts Recogn_2
Benefit Plans, Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Amounts recognized in accumulated other comprehensive income [Abstract] | ||
Amount recognized end of year | $ 114.9 | $ 96.1 |
Accumulated benefit obligation | 501.7 | 450.5 |
Pension Benefits [Member] | ||
Amounts recognized in accumulated other comprehensive income [Abstract] | ||
Net actuarial (gain) loss | 119 | 99.6 |
Prior service cost | 0.1 | 0.1 |
Amount recognized end of year | 119.1 | 99.7 |
Post-Retirement Benefits [Member] | ||
Amounts recognized in accumulated other comprehensive income [Abstract] | ||
Net actuarial (gain) loss | (4.2) | (3.7) |
Prior service cost | 0 | 0 |
Amount recognized end of year | $ (4.2) | $ (3.7) |
Benefit Plans, Changes in Plan
Benefit Plans, Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in Plan assets and benefit obligations recognized in other comprehensive income [Abstract] | |||
Amortization of prior service credit (gain) loss | $ (10) | $ (7.1) | $ (9.1) |
Total recognized in other comprehensive income | 18.7 | 16.1 | $ (16.9) |
Pension Benefits [Member] | |||
Changes in Plan assets and benefit obligations recognized in other comprehensive income [Abstract] | |||
Current year actuarial gain (loss) | (29.6) | (23) | |
Amortization of actuarial (gain) loss | 10.5 | 7.7 | |
Amortization of prior service credit (gain) loss | 0 | 0 | |
Total recognized in other comprehensive income | (19.1) | (15.3) | |
Post-Retirement Benefits [Member] | |||
Changes in Plan assets and benefit obligations recognized in other comprehensive income [Abstract] | |||
Current year actuarial gain (loss) | 0.9 | (0.2) | |
Amortization of actuarial (gain) loss | (0.5) | (0.6) | |
Amortization of prior service credit (gain) loss | 0 | 0 | |
Total recognized in other comprehensive income | $ 0.4 | $ (0.8) |
Benefit Plans, Net Periodic Ben
Benefit Plans, Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 7.7 | $ 6.8 | $ 8.1 |
Interest cost | 10.5 | 14 | 13 |
Expected return on plan assets | (20.1) | (18.2) | (20.2) |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized net actuarial (gain) loss | 13.9 | 10.1 | 10.7 |
Settlement/curtailment (gain) loss | 6.4 | (0.1) | 4.4 |
Net periodic benefit cost | 18.4 | 12.6 | 16 |
Post-Retirement Benefits [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 0.2 | 0.2 | 0.2 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | (0.9) |
Recognized net actuarial (gain) loss | (0.9) | (0.9) | (0.8) |
Settlement/curtailment (gain) loss | 0 | 0 | 0 |
Net periodic benefit cost | $ (0.5) | $ (0.5) | $ (1.3) |
Benefit Plans, Weighted Average
Benefit Plans, Weighted Average Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate | 2.74% | 3.75% | 3.16% |
Expected return on plan assets | 6.32% | 6.43% | 6.40% |
Rate of compensation increase | 2.72% | 3.01% | 3.01% |
Interest crediting rate | 3.75% | 2.57% | 3.70% |
Weighted average assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 2.01% | 2.75% | 3.75% |
Rate of compensation increase | 2.98% | 2.99% | 3.01% |
Actual return (loss) on pension assets | 9.00% | 15.00% | (5.00%) |
Maximum health care cost trend rate | 5.00% |
Benefit Plans, Weighted Avera_2
Benefit Plans, Weighted Average Asset Allocation Percentages (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted average asset allocations [Abstract] | ||
Weighted average asset allocation percentages, Total | 100.00% | 100.00% |
Equity Securities [Member] | ||
Weighted average asset allocations [Abstract] | ||
Weighted average asset allocation percentages, Total | 55.80% | 55.10% |
Fixed Income Securities [Member] | ||
Weighted average asset allocations [Abstract] | ||
Weighted average asset allocation percentages, Total | 27.80% | 29.10% |
Real Estate [Member] | ||
Weighted average asset allocations [Abstract] | ||
Weighted average asset allocation percentages, Total | 0.30% | 0.30% |
Other [Member] | ||
Weighted average asset allocations [Abstract] | ||
Weighted average asset allocation percentages, Total | 16.10% | 15.50% |
Benefit Plans, Fair Values by A
Benefit Plans, Fair Values by Asset Category (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted average asset allocations value [Abstract] | ||
Fair value of plan assets | $ 358.2 | $ 340 |
Equity Securities [Member] | ||
Weighted average asset allocations value [Abstract] | ||
Fair value of plan assets | 200 | 187.5 |
Fixed Income Securities [Member] | ||
Weighted average asset allocations value [Abstract] | ||
Fair value of plan assets | 99.7 | 98.8 |
Real Estate [Member] | ||
Weighted average asset allocations value [Abstract] | ||
Fair value of plan assets | 1 | 0.9 |
Other [Member] | ||
Weighted average asset allocations value [Abstract] | ||
Fair value of plan assets | $ 57.5 | $ 52.8 |
Benefit Plans, Defined Benefit
Benefit Plans, Defined Benefit Pension Plan Assets Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | $ 358.2 | $ 340 | |
U.S. Plans [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 271.6 | 261.5 | $ 227.1 |
International Plans [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 86.6 | 78.5 | $ 69.6 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 280.7 | 270.5 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 69.2 | 61.6 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 8.3 | 7.9 | |
Equity Securities [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 200 | 187.5 | |
US Equities [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 182 | 169.7 | |
US Equities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 182 | 169.7 | |
US Equities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
US Equities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non-US Equities [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 18 | 17.8 | |
Non-US Equities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 18 | 17.8 | |
Non-US Equities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Non-US Equities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 99.7 | 98.8 | |
Corporate Debt Instruments [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 99.7 | 98.8 | |
Corporate Debt Instruments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 80.4 | 82.6 | |
Corporate Debt Instruments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 19.3 | 16.2 | |
Corporate Debt Instruments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 1 | 0.9 | |
Real Estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 1 | 0.9 | |
Other [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 57.5 | 52.8 | |
Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 0.3 | 0.4 | |
Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | 49.9 | 45.4 | |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets [Abstract] | |||
Fair value of plan assets | $ 7.3 | $ 7 |
Benefit Plans, Reconciliation o
Benefit Plans, Reconciliation of Changes in Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs (Details) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in fair value measurement of plan assets [Roll Forward] | ||
Beginning balance | $ 21 | $ 20 |
Purchases, sales, settlements | 0 | 0 |
Actual return on plan assets still held at reporting date | (12.8) | 0.9 |
Foreign exchange impact | 0.1 | 0.1 |
Ending balance | 8.3 | 21 |
Fair Value Transfers [Abstract] | ||
Fair value, assets, Level 3 transfers in, amount | 0 | 0 |
Fair value, assets, Level 3 transfers out, amount | $ 0 | $ 0 |
Benefit Plans, Contributions (D
Benefit Plans, Contributions (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |
Expected company contribution in 2021 | $ 11.3 |
Post-Retirement Benefits [Member] | |
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |
Expected company contribution in 2021 | $ 0.3 |
Benefit Plans, Estimated Future
Benefit Plans, Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Benefits [Member] | |
Estimated future benefit payments [Abstract] | |
2021 | $ 24 |
2022 | 25.2 |
2023 | 27.3 |
2024 | 27.1 |
2025 | 26.7 |
2026-2030 | 133.4 |
Post-Retirement Benefits [Member] | |
Estimated future benefit payments [Abstract] | |
2021 | 0.3 |
2022 | 0.3 |
2023 | 0.3 |
2024 | 0.3 |
2025 | 0.3 |
2026-2030 | $ 1.7 |
Benefit Plans, Investment Strat
Benefit Plans, Investment Strategies (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Average rate of return on assets | 9.00% |
Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target long-term investment portfolio mix | 55.00% |
Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target long-term investment portfolio mix | 65.00% |
Fixed Income Securities [Member] | Minimum [Member] | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target long-term investment portfolio mix | 30.00% |
Fixed Income Securities [Member] | Maximum [Member] | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target long-term investment portfolio mix | 35.00% |
Other Securities [Member] | Minimum [Member] | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target long-term investment portfolio mix | 0.00% |
Other Securities [Member] | Maximum [Member] | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |
Target long-term investment portfolio mix | 15.00% |
Benefit Plans, Savings and Inve
Benefit Plans, Savings and Investment Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Benefit Plans [Abstract] | |||
Company's contributions to employee voluntary savings and investment plan | $ 5.2 | $ 5.4 | $ 5.4 |
Contingencies (Details)
Contingencies (Details) | 12 Months Ended |
Dec. 31, 2020Case | |
Silica Cases [Member] | |
Contingencies [Abstract] | |
Number of lawsuits settled | 1 |
Asbestos Cases [Member] | |
Contingencies [Abstract] | |
Number of lawsuits settled | 0 |
Stockholders' Equity, Capital S
Stockholders' Equity, Capital Stock and Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2021 | |
Capital Stock [Abstract] | ||||||||||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||
Common stock, shares outstanding (in shares) | 33,882,187 | 34,544,307 | 33,882,187 | 34,544,307 | ||||||||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | 0 | ||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | ||||||||
Cash Dividends [Abstract] | ||||||||||||
Cash dividends paid | $ 6.8 | $ 7 | $ 7.1 | |||||||||
Cash dividends paid (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.20 | |||
Subsequent Event [Member] | Dividend Declared 2021 Q1 [Member] | ||||||||||||
Cash Dividends [Abstract] | ||||||||||||
Cash dividend declared | $ 1.7 | |||||||||||
Cash dividend declared (in dollars per share) | $ 0.05 |
Stockholders' Equity, Stock Awa
Stockholders' Equity, Stock Award and Incentive Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Award and Incentive Plan [Abstract] | |||
Increase in number of shares available for issuance (in shares) | 1,300,000 | ||
Term of stock options granted under Plan | 10 years | ||
Shares Available for Grant [Roll Forward] | |||
Balance, beginning of year (in shares) | 529,042 | 866,023 | 1,036,505 |
Authorized (in shares) | 1,300,000 | ||
Granted (in shares) | (394,290) | (388,162) | (260,508) |
Exercised/vested (in shares) | 0 | 0 | 0 |
Canceled (in shares) | 97,494 | 51,181 | 90,026 |
Balance, end of year (in shares) | 1,532,246 | 529,042 | 866,023 |
Minimum [Member] | |||
Stock Award and Incentive Plan [Abstract] | |||
Vesting period | 1 year | ||
Maximum [Member] | |||
Stock Award and Incentive Plan [Abstract] | |||
Percentage of shares not subject to minimum vesting requirement | 5.00% | ||
Stock Options [Member] | |||
Stock Award and Incentive Plan [Abstract] | |||
Vesting period | 3 years | ||
Stock Options [Roll Forward] | |||
Balance, beginning of year (in shares) | 1,227,620 | 1,054,259 | 996,839 |
Granted (in shares) | 286,078 | 271,261 | 191,147 |
Exercised/vested (in shares) | (93,099) | (79,686) | (98,945) |
Canceled (in shares) | (57,233) | (18,214) | (34,782) |
Balance, end of year (in shares) | 1,363,366 | 1,227,620 | 1,054,259 |
Weighted Average Exercise Price Per Share [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 55.83 | $ 54.04 | $ 48.21 |
Granted (in dollars per share) | 57.67 | 54.44 | 76.09 |
Exercised/vested (in dollars per share) | 35.11 | 27.26 | 33.83 |
Canceled (in dollars per share) | 63.92 | 66.93 | 65.47 |
Balance, end of year (in dollars per share) | $ 57.29 | $ 55.83 | $ 54.04 |
Restricted Stock [Member] | |||
Restricted Stock [Roll Forward] | |||
Balance, beginning of year (in shares) | 177,736 | 134,578 | 180,110 |
Granted (in shares) | 108,212 | 116,901 | 69,361 |
Exercised/vested (in shares) | (43,702) | (40,776) | (59,649) |
Canceled (in shares) | (40,261) | (32,967) | (55,244) |
Balance, end of year (in shares) | 201,985 | 177,736 | 134,578 |
Weighted Average Exercise Price Per Share [Abstract] | |||
Balance, beginning of year (in dollars per share) | $ 62.40 | $ 68.64 | $ 58.57 |
Granted (in dollars per share) | 56.93 | 54.51 | 76.26 |
Exercised/vested (in dollars per share) | 66.07 | 60.79 | 56.44 |
Canceled (in dollars per share) | 65.42 | 61.87 | 58.57 |
Balance, end of year (in dollars per share) | $ 58.07 | $ 62.40 | $ 68.64 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Cumulative foreign currency translation | $ (190.8) | $ (200.2) | |
Unrecognized pension costs (net of tax benefit of $64.6 in 2020 and $30.5 in 2019) | (114.9) | (96.1) | |
Unrealized gain (loss) on cash flow hedges (net of tax (benefit) expense of $(3.1) in 2020 and $0.3 in 2019) | (2.6) | 5.9 | |
Total accumulated other comprehensive income (loss) | (308.3) | (290.4) | |
Unrecognized pension costs, tax benefit | 64.6 | 30.5 | |
Unrealized gain (loss) on cash flow hedges, tax expense | (3.1) | 0.3 | |
Foreign currency translation adjustment [Abstract] | |||
Foreign currency translation adjustment, pre-tax amount | 10.9 | (29.9) | $ (67.9) |
Foreign currency translation adjustment, tax (expense) benefit | 0 | 0 | 0 |
Foreign currency translation adjustments, net-of-tax amount | 10.9 | (29.9) | (67.9) |
Pension plans [Abstract] | |||
Net actuarial gains (losses) and prior service costs arising during the period, pre-tax amount | (37.9) | (30.6) | 9.6 |
Net actuarial gains (losses) and prior service costs arising during the period, tax (expense) benefit | 9.2 | 7.4 | (1.8) |
Net actuarial gains (losses) and prior service costs arising during the period, net-of-tax amount | (28.7) | (23.2) | 7.8 |
Amortization of net actuarial (gains) losses and prior service costs, pre-tax amount | 13.4 | 9.4 | 12.1 |
Amortization of net actuarial (gains) losses and prior service costs, tax (expense) benefit | (3.4) | (2.3) | (3) |
Amortization of net actuarial (gains) losses and prior service costs, net-of-tax amount | 10 | 7.1 | 9.1 |
Unrealized gains (losses) on cash flow hedges [Abstract] | |||
Unrealized gains (losses) on cash flow hedges, pre-tax amount | (11.6) | 0.3 | 1.5 |
Unrealized gains (losses) on cash flow hedges, tax (expense) benefit | 3.1 | (0.1) | 0.1 |
Unrealized gains (losses) on cash flow hedges, net-of-tax amount | (8.5) | 0.2 | 1.6 |
Total other comprehensive income (loss), pre-tax amount | (25.2) | (50.8) | (44.7) |
Total other comprehensive income (loss), tax | 8.9 | 5 | (4.7) |
Total other comprehensive income (loss), net of tax | $ (16.3) | $ (45.8) | $ (49.4) |
Accounting for Asset Retireme_3
Accounting for Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Asset retirement obligation [Roll Forward] | ||
Asset retirement obligation, beginning of period | $ 23.9 | $ 23.4 |
Accretion expense | 2.3 | 2.7 |
Other | 1.1 | 1.1 |
Payments | (3.4) | (3.3) |
Foreign currency translation | 0.2 | 0 |
Asset retirement obligation, end of period | 24.1 | $ 23.9 |
Asset retirement obligation [Abstract] | ||
Asset retirement obligation, current portion | 0.4 | |
Asset retirement obligation, noncurrent portion | $ 23.7 |
Segment and Related Informati_3
Segment and Related Information, Segment Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 27, 2020USD ($) | Jun. 28, 2020USD ($) | Mar. 29, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 29, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment and Related Information [Abstract] | |||||||||||
Number of reportable segments | Segment | 4 | ||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | $ 431.8 | $ 388.3 | $ 357.2 | $ 417.5 | $ 440.2 | $ 449.3 | $ 463.8 | $ 437.7 | $ 1,594.8 | $ 1,791 | $ 1,807.6 |
Income from operations | 54.5 | 48.5 | 27.2 | 57.7 | 47.7 | 53.5 | 45.5 | 62 | 187.9 | 208.7 | 255.9 |
Depreciation, depletion and amortization | 93.9 | 98.4 | 94.3 | ||||||||
Segment assets | 3,209.4 | 3,112.6 | 3,209.4 | 3,112.6 | 3,087.1 | ||||||
Capital expenditures | 66.8 | 65 | 75.9 | ||||||||
Income from Operations before Tax and Equity in Earnings [Abstract] | |||||||||||
Litigation expenses | (10.4) | (10.9) | 0 | ||||||||
Acquisition-related expenses | (3.1) | 0 | (1.7) | ||||||||
Unallocated corporate expenses | (10.7) | (8.2) | (4.5) | ||||||||
Consolidated income from operations | 54.5 | 48.5 | 27.2 | 57.7 | 47.7 | 53.5 | 45.5 | 62 | 187.9 | 208.7 | 255.9 |
Non-operating deductions, net | (49.9) | (51.4) | (51.8) | ||||||||
Income from operations before provision for taxes and equity in earnings | 138 | 157.3 | 204.1 | ||||||||
Performance Materials [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 202.2 | 190.6 | 173.8 | 186.2 | 201.4 | 207.3 | 215.4 | 199.2 | 752.8 | 823.3 | 828.1 |
Specialty Minerals [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 138.9 | 125.1 | 109.8 | 137.1 | 141.8 | 143.1 | 145.1 | 144.4 | 510.9 | 574.4 | 589.3 |
Refractories [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 73.9 | 59.3 | 55.9 | 69 | 73.4 | 73.4 | 77.5 | 73.8 | 258.1 | 298.1 | 311.9 |
Energy Services [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 16.8 | $ 13.3 | $ 17.7 | $ 25.2 | 23.6 | $ 25.5 | $ 25.8 | $ 20.3 | 73 | 95.2 | 78.3 |
Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 1,594.8 | 1,791 | 1,807.6 | ||||||||
Income from operations | 212.1 | 227.8 | 262.1 | ||||||||
Depreciation, depletion and amortization | 93.9 | 98.4 | 94.3 | ||||||||
Segment assets | 3,069.5 | 3,031 | 3,069.5 | 3,031 | 3,038.6 | ||||||
Capital expenditures | 66.6 | 64.9 | 74.7 | ||||||||
Income from Operations before Tax and Equity in Earnings [Abstract] | |||||||||||
Consolidated income from operations | 212.1 | 227.8 | 262.1 | ||||||||
Reportable Segments [Member] | Performance Materials [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 752.8 | 823.3 | 828.1 | ||||||||
Income from operations | 103.6 | 97.1 | 116.8 | ||||||||
Depreciation, depletion and amortization | 41.4 | 43.6 | 41.1 | ||||||||
Segment assets | 2,111.6 | 2,091.2 | 2,111.6 | 2,091.2 | 2,119.7 | ||||||
Capital expenditures | 10 | 16.8 | 22.4 | ||||||||
Income from Operations before Tax and Equity in Earnings [Abstract] | |||||||||||
Consolidated income from operations | 103.6 | 97.1 | 116.8 | ||||||||
Reportable Segments [Member] | Specialty Minerals [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 510.9 | 574.4 | 589.3 | ||||||||
Income from operations | 67.8 | 83.1 | 95.4 | ||||||||
Depreciation, depletion and amortization | 39.6 | 40.4 | 38.2 | ||||||||
Segment assets | 559.6 | 525.1 | 559.6 | 525.1 | 511.9 | ||||||
Capital expenditures | 46.5 | 37.7 | 42.4 | ||||||||
Income from Operations before Tax and Equity in Earnings [Abstract] | |||||||||||
Consolidated income from operations | 67.8 | 83.1 | 95.4 | ||||||||
Reportable Segments [Member] | Refractories [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 258.1 | 298.1 | 311.9 | ||||||||
Income from operations | 35.5 | 39.8 | 45.4 | ||||||||
Depreciation, depletion and amortization | 6.9 | 7 | 6.6 | ||||||||
Segment assets | 290.8 | 293.2 | 290.8 | 293.2 | 296.6 | ||||||
Capital expenditures | 5.5 | 5.7 | 5 | ||||||||
Income from Operations before Tax and Equity in Earnings [Abstract] | |||||||||||
Consolidated income from operations | 35.5 | 39.8 | 45.4 | ||||||||
Reportable Segments [Member] | Energy Services [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 73 | 95.2 | 78.3 | ||||||||
Income from operations | 5.2 | 7.8 | 4.5 | ||||||||
Depreciation, depletion and amortization | 6 | 7.4 | 8.4 | ||||||||
Segment assets | 107.5 | 121.5 | 107.5 | 121.5 | 110.4 | ||||||
Capital expenditures | 4.6 | 4.7 | 4.9 | ||||||||
Income from Operations before Tax and Equity in Earnings [Abstract] | |||||||||||
Consolidated income from operations | 5.2 | 7.8 | 4.5 | ||||||||
Unallocated and Other Corporate Expenses [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Segment assets | $ 139.9 | $ 81.6 | 139.9 | 81.6 | 48.5 | ||||||
Capital expenditures | $ 0.2 | $ 0.1 | $ 1.2 |
Segment and Related Informati_4
Segment and Related Information, Financial Information Related to Operations by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Abstract] | |||||||||||
Net sales | $ 431.8 | $ 388.3 | $ 357.2 | $ 417.5 | $ 440.2 | $ 449.3 | $ 463.8 | $ 437.7 | $ 1,594.8 | $ 1,791 | $ 1,807.6 |
Long-lived assets | 2,043.9 | 2,063.2 | 2,043.9 | 2,063.2 | 2,129.4 | ||||||
Total International [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 772.3 | 828.6 | 846 | ||||||||
Long-lived assets | 320.7 | 320.9 | 320.7 | 320.9 | 361.7 | ||||||
Reportable Geographical Components [Member] | United States [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 822.5 | 962.4 | 961.6 | ||||||||
Long-lived assets | 1,723.2 | 1,742.3 | 1,723.2 | 1,742.3 | 1,767.7 | ||||||
Reportable Geographical Components [Member] | Canada/Latin America [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 70.5 | 80.2 | 83.7 | ||||||||
Long-lived assets | 11.3 | 13 | 11.3 | 13 | 13.7 | ||||||
Reportable Geographical Components [Member] | Europe/Africa [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 410 | 435.3 | 443.4 | ||||||||
Long-lived assets | 182.9 | 190.7 | 182.9 | 190.7 | 225 | ||||||
Reportable Geographical Components [Member] | Asia [Member] | |||||||||||
Segment Reporting Information [Abstract] | |||||||||||
Net sales | 291.8 | 313.1 | 318.9 | ||||||||
Long-lived assets | $ 126.5 | $ 117.2 | $ 126.5 | $ 117.2 | $ 123 |
Segment and Related Informati_5
Segment and Related Information, Sales by Product Category (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Abstract] | |||||||||||
Net sales | $ 431.8 | $ 388.3 | $ 357.2 | $ 417.5 | $ 440.2 | $ 449.3 | $ 463.8 | $ 437.7 | $ 1,594.8 | $ 1,791 | $ 1,807.6 |
Metalcasting [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 258.1 | 291.2 | 328.9 | ||||||||
Household, Personal Care & Specialty Products [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 380.2 | 376.6 | 348.5 | ||||||||
Environmental Products [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 58.6 | 86.6 | 80.3 | ||||||||
Building Materials [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 55.9 | 68.9 | 70.4 | ||||||||
Paper PCC [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 308.4 | 364.9 | 378.5 | ||||||||
Specialty PCC [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 69.3 | 69.1 | 66.9 | ||||||||
Ground Calcium Carbonate [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 89.3 | 91.3 | 91 | ||||||||
Talc [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 43.9 | 49.1 | 52.9 | ||||||||
Refractory Products [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 212.3 | 244.8 | 261.1 | ||||||||
Metallurgical Products [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 45.8 | 53.3 | 50.8 | ||||||||
Energy Services [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | $ 73 | $ 95.2 | $ 78.3 |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Abstract] | |||||||||||
Net sales | $ 431.8 | $ 388.3 | $ 357.2 | $ 417.5 | $ 440.2 | $ 449.3 | $ 463.8 | $ 437.7 | $ 1,594.8 | $ 1,791 | $ 1,807.6 |
Gross profit | 111.3 | 98.4 | 88.9 | 106.8 | 107.7 | 111.2 | 112 | 109.7 | 405.4 | 440.6 | 461.4 |
Income from operations | 54.5 | 48.5 | 27.2 | 57.7 | 47.7 | 53.5 | 45.5 | 62 | 187.9 | 208.7 | 255.9 |
Consolidated net income | 32 | 29.3 | 14.9 | 39.6 | 29.6 | 39.1 | 27.6 | 40 | 115.8 | 136.4 | 173.2 |
Net income attributable to MTI | $ 31.1 | $ 28.3 | $ 14.4 | $ 38.6 | $ 29 | $ 38 | $ 26.6 | $ 39.1 | $ 112.4 | $ 132.7 | $ 169 |
Basic earnings per share attributable to MTI shareholders (in dollars per share) | $ 0.91 | $ 0.83 | $ 0.42 | $ 1.12 | $ 0.83 | $ 1.09 | $ 0.76 | $ 1.11 | $ 3.29 | $ 3.79 | $ 4.79 |
Diluted earnings per share attributable to MTI shareholders (in dollars per share) | 0.91 | 0.83 | 0.42 | 1.12 | 0.83 | 1.08 | 0.75 | 1.11 | 3.29 | 3.78 | $ 4.75 |
Market price range per share of common stock [Abstract] | |||||||||||
High (in dollars per share) | 64.16 | 53.34 | 55.42 | 58.91 | 58.12 | 55.33 | 63.20 | 61.01 | |||
Low (in dollars per share) | 51.10 | 43.11 | 31.91 | 28.90 | 48.92 | 45.55 | 51.78 | 49.47 | |||
Close (in dollars per share) | 62.12 | 49.23 | 43.20 | 32.48 | 57.63 | 52.77 | 53.51 | 58.79 | 62.12 | $ 57.63 | |
Dividends paid per common share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.20 | ||
Performance Materials Segment [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | $ 202.2 | $ 190.6 | $ 173.8 | $ 186.2 | $ 201.4 | $ 207.3 | $ 215.4 | $ 199.2 | $ 752.8 | $ 823.3 | $ 828.1 |
Specialty Minerals Segment [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 138.9 | 125.1 | 109.8 | 137.1 | 141.8 | 143.1 | 145.1 | 144.4 | 510.9 | 574.4 | 589.3 |
Refractories Segment [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | 73.9 | 59.3 | 55.9 | 69 | 73.4 | 73.4 | 77.5 | 73.8 | 258.1 | 298.1 | 311.9 |
Energy Services Segment [Member] | |||||||||||
Revenue from External Customer [Abstract] | |||||||||||
Net sales | $ 16.8 | $ 13.3 | $ 17.7 | $ 25.2 | $ 23.6 | $ 25.5 | $ 25.8 | $ 20.3 | $ 73 | $ 95.2 | $ 78.3 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Valuation and Qualifying Accounts Disclosure [Roll Forward] | ||||
Balance at beginning of period | $ 12.9 | $ 3.2 | $ 4.2 | |
Additions charged to costs, provisions and expenses | 2.6 | 6.3 | 3.2 | |
Deductions | [1] | (0.5) | 3.4 | (4.2) |
Balance at end of period | $ 15 | $ 12.9 | $ 3.2 | |
[1] | Includes impact of write-offs, translation of foreign currencies and reclassifications for presentation purposes. |