Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 04, 2021 | Jul. 20, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 4, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 1-11430 | |
Entity Registrant Name | MINERALS TECHNOLOGIES INC | |
Entity Central Index Key | 0000891014 | |
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, $0.10 par value | |
Trading Symbol | MTX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,593,165 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | |
Statements of Income [Abstract] | ||||
Net sales | $ 455.6 | $ 357.2 | $ 908.2 | $ 774.7 |
Cost of goods sold | 340.2 | 268.3 | 681 | 579 |
Production margin | 115.4 | 88.9 | 227.2 | 195.7 |
Marketing and administrative expenses | 46.4 | 41.8 | 94.4 | 85.2 |
Research and development expenses | 4.9 | 5.1 | 9.9 | 10.2 |
Acquisition-related expenses | 0.4 | 0 | 0.4 | 0 |
Litigation expenses | 0 | 8.3 | 0 | 8.9 |
Restructuring and other items, net | 0 | 6.5 | 0 | 6.5 |
Income from operations | 63.7 | 27.2 | 122.5 | 84.9 |
Interest expense, net | (9.1) | (8.1) | (19) | (17.4) |
Non-cash pension settlement charge | (2.2) | (4.3) | (2.2) | (4.3) |
Other non-operating income (deductions), net | (0.1) | (0.2) | 0.4 | 0.4 |
Total non-operating deductions, net | (11.4) | (12.6) | (20.8) | (21.3) |
Income from operations before tax and equity in earnings | 52.3 | 14.6 | 101.7 | 63.6 |
Provision for taxes on income | 9.8 | 0.9 | 18.7 | 10.6 |
Equity in earnings of affiliates, net of tax | 0.5 | 1.2 | 1 | 1.5 |
Consolidated net income | 43 | 14.9 | 84 | 54.5 |
Less: Net income attributable to non-controlling interests | 1.1 | 0.5 | 2.2 | 1.5 |
Net income attributable to Minerals Technologies Inc. | $ 41.9 | $ 14.4 | $ 81.8 | $ 53 |
Basic: | ||||
Income from operations attributable to Minerals Technologies Inc. (in dollars per share) | $ 1.24 | $ 0.42 | $ 2.42 | $ 1.55 |
Diluted: | ||||
Income from operations attributable to Minerals Technologies Inc. (in dollars per share) | 1.23 | 0.42 | 2.41 | 1.55 |
Cash dividends declared per common share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.10 | $ 0.10 |
Shares used in computation of earnings per share: | ||||
Basic (in shares) | 33.7 | 34.1 | 33.8 | 34.2 |
Diluted (in shares) | 34.1 | 34.1 | 34 | 34.3 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Consolidated net income | $ 43 | $ 14.9 | $ 84 | $ 54.5 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 2 | 7.9 | (26.9) | (35.2) |
Pension and postretirement plan adjustments | 4.3 | 5.3 | 6.8 | 7.4 |
Unrealized gains (losses) on derivative instruments | (1) | (0.8) | 3.9 | 1 |
Total other comprehensive income (loss), net of tax | 5.3 | 12.4 | (16.2) | (26.8) |
Total comprehensive income including non-controlling interests | 48.3 | 27.3 | 67.8 | 27.7 |
Comprehensive income attributable to non-controlling interests | (1.3) | (1.5) | (1.9) | (1.2) |
Comprehensive income attributable to Minerals Technologies Inc. | $ 47 | $ 25.8 | $ 65.9 | $ 26.5 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jul. 04, 2021 | [1] | Dec. 31, 2020 | [2] |
Current assets: | ||||
Cash and cash equivalents | $ 403.6 | $ 367.7 | ||
Short-term investments | 5.3 | 4.1 | ||
Accounts receivable, net | 368.5 | 369 | ||
Inventories | 261.9 | 248.2 | ||
Prepaid expenses and other current assets | 46.2 | 44.6 | ||
Total current assets | 1,085.5 | 1,033.6 | ||
Property, plant and equipment | 2,283.3 | 2,276.9 | ||
Less accumulated depreciation and depletion | (1,249.6) | (1,237.3) | ||
Property, plant and equipment, net | 1,033.7 | 1,039.6 | ||
Goodwill | 806.4 | 808.5 | ||
Intangible assets | 190.4 | 195.8 | ||
Deferred income taxes | 23.8 | 25.3 | ||
Other assets and deferred charges | 113.5 | 106.6 | ||
Total assets | 3,253.3 | 3,209.4 | ||
Current liabilities: | ||||
Short-term debt | 0.5 | 0 | ||
Current maturities of long-term debt | 0.9 | 1 | ||
Accounts payable | 177.7 | 148.3 | ||
Other current liabilities | 114.8 | 146.5 | ||
Total current liabilities | 293.9 | 295.8 | ||
Long-term debt, net of unamortized discount and deferred financing costs | 934.4 | 933.2 | ||
Deferred income taxes | 167.1 | 163.7 | ||
Accrued pension and post-retirement benefits | 172.4 | 179 | ||
Other non-current liabilities | 146.6 | 139 | ||
Total liabilities | 1,714.4 | 1,710.7 | ||
Shareholders' equity: | ||||
Common stock | 4.9 | 4.9 | ||
Additional paid-in capital | 466.7 | 453.3 | ||
Retained earnings | 2,089.7 | 2,011.3 | ||
Accumulated other comprehensive loss | (324.3) | (308.3) | ||
Less common stock held in treasury | (737.3) | (700.4) | ||
Total Minerals Technologies Inc. shareholders' equity | 1,499.7 | 1,460.8 | ||
Non-controlling interests | 39.2 | 37.9 | ||
Total shareholders' equity | 1,538.9 | 1,498.7 | ||
Total liabilities and shareholders' equity | $ 3,253.3 | $ 3,209.4 | ||
[1] | Unaudited | |||
[2] | Condensed from audited financial statements |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | ||
Operating Activities: | |||
Consolidated net income | $ 84 | $ 54.5 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 47.3 | 46.3 | |
Non-cash pension settlement charge | 2.2 | 4.3 | |
Reduction of right of use asset | 6.2 | 6.2 | |
Asset impairment charges | 0 | 6 | |
Other non-cash items | 7.1 | 1.3 | |
Pension plan funding | (4.2) | (4.3) | |
Net changes in operating assets and liabilities | (24.6) | (20.2) | |
Net cash provided by operating activities | 118 | 94.1 | |
Investing Activities: | |||
Purchases of property, plant and equipment, net | (39.8) | (31.6) | |
Proceeds from sale of assets | 0.3 | 0 | |
Proceeds from sale of short-term investments | 3.7 | 0.7 | |
Purchases of short-term investments | (5.1) | (5.5) | |
Other investing activities | 0.8 | 0 | |
Net cash used in investing activities | (40.1) | (36.4) | |
Financing Activities: | |||
Repayment of long-term debt | (0.8) | (31.3) | |
Proceeds from issuance of short-term debt | 0.5 | 0 | |
Repayment of short-term debt | 0 | (0.9) | |
Purchase of common stock for treasury | (36.9) | (22.6) | |
Proceeds from issuance of stock under option plan | 10.4 | 0.7 | |
Excess tax benefits related to stock incentive programs | (2.8) | (2.1) | |
Dividends paid to non-controlling interests | (0.6) | (0.5) | |
Capital contribution from non-controlling interests | 0 | 1.7 | |
Cash dividends paid | (3.4) | (3.4) | |
Net cash used in financing activities | (33.6) | (58.4) | |
Effect of exchange rate changes on cash and cash equivalents | (8.4) | (8.1) | |
Net increase (decrease) in cash and cash equivalents | 35.9 | (8.8) | |
Cash and cash equivalents at beginning of period | 367.7 | [1] | 241.6 |
Cash and cash equivalents at end of period | 403.6 | [2] | 232.8 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 28.1 | 16.9 | |
Income taxes paid | 23.6 | 14.6 | |
Non-cash financing activities: | |||
Treasury stock purchases settled after period end | $ 0.7 | $ 0 | |
[1] | Condensed from audited financial statements | ||
[2] | Unaudited |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED 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 | |
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 | 38.6 | 0 | 0 | 1 | 39.6 | |
Other comprehensive income (loss) | 0 | 0 | 0 | (37.8) | 0 | (1.4) | (39.2) | |
Dividends declared | 0 | 0 | (1.7) | 0 | 0 | 0 | (1.7) | |
Capital contribution from non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0.7 | 0.7 | |
Issuance of shares pursuant to employee stock compensation plans | 0 | 0.5 | 0 | 0 | 0 | 0 | 0.5 | |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (22.6) | 0 | (22.6) | |
Stock-based compensation | 0 | 0.1 | 0 | 0 | 0 | 0 | 0.1 | |
Balance at Mar. 29, 2020 | 4.9 | 442.8 | 1,942.6 | (328.2) | (682.3) | 32.2 | 1,412 | |
Balance at Dec. 31, 2019 | 4.9 | 442.2 | 1,905.7 | (290.4) | (659.7) | 31.9 | 1,434.6 | |
Net income | 54.5 | |||||||
Other comprehensive income (loss) | (26.8) | |||||||
Balance at Jun. 28, 2020 | 4.9 | 445.5 | 1,955.3 | (316.9) | (682.3) | 34.3 | 1,440.8 | |
Balance at Mar. 29, 2020 | 4.9 | 442.8 | 1,942.6 | (328.2) | (682.3) | 32.2 | 1,412 | |
Net income | 0 | 0 | 14.4 | 0 | 0 | 0.5 | 14.9 | |
Other comprehensive income (loss) | 0 | 0 | 0 | 11.3 | 0 | 1.1 | 12.4 | |
Dividends declared | 0 | 0 | (1.7) | 0 | 0 | 0 | (1.7) | |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (0.5) | (0.5) | |
Capital contribution from non-controlling interests | 0 | 0 | 0 | 0 | 0 | 1 | 1 | |
Issuance of shares pursuant to employee stock compensation plans | 0 | 0.2 | 0 | 0 | 0 | 0 | 0.2 | |
Stock-based compensation | 0 | 2.5 | 0 | 0 | 0 | 0 | 2.5 | |
Balance at Jun. 28, 2020 | 4.9 | 445.5 | 1,955.3 | (316.9) | (682.3) | 34.3 | 1,440.8 | |
Balance at Dec. 31, 2020 | 4.9 | 453.3 | 2,011.3 | (308.3) | (700.4) | 37.9 | 1,498.7 | [1] |
Net income | 0 | 0 | 39.9 | 0 | 0 | 1.1 | 41 | |
Other comprehensive income (loss) | 0 | 0 | 0 | (21) | 0 | (0.5) | (21.5) | |
Dividends declared | 0 | 0 | (1.7) | 0 | 0 | 0 | (1.7) | |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (0.1) | (0.1) | |
Issuance of shares pursuant to employee stock compensation plans | 0 | 5.8 | 0 | 0 | 0 | 0 | 5.8 | |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (20) | 0 | (20) | |
Stock-based compensation | 0 | 2.8 | 0 | 0 | 0 | 0 | 2.8 | |
Conversion of RSU's for tax withholding | 0 | (2.6) | 0 | 0 | 0 | 0 | (2.6) | |
Balance at Apr. 04, 2021 | 4.9 | 459.3 | 2,049.5 | (329.3) | (720.4) | 38.4 | 1,502.4 | |
Balance at Dec. 31, 2020 | 4.9 | 453.3 | 2,011.3 | (308.3) | (700.4) | 37.9 | 1,498.7 | [1] |
Net income | 84 | |||||||
Other comprehensive income (loss) | (16) | (16.2) | ||||||
Balance at Jul. 04, 2021 | 4.9 | 466.7 | 2,089.7 | (324.3) | (737.3) | 39.2 | 1,538.9 | [2] |
Balance at Apr. 04, 2021 | 4.9 | 459.3 | 2,049.5 | (329.3) | (720.4) | 38.4 | 1,502.4 | |
Net income | 0 | 0 | 41.9 | 0 | 0 | 1.1 | 43 | |
Other comprehensive income (loss) | 0 | 0 | 0 | 5 | 0 | 0.3 | 5.3 | |
Dividends declared | 0 | 0 | (1.7) | 0 | 0 | 0 | (1.7) | |
Dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | (0.6) | (0.6) | |
Issuance of shares pursuant to employee stock compensation plans | 0 | 4.6 | 0 | 0 | 0 | 0 | 4.6 | |
Purchase of common stock for treasury | 0 | 0 | 0 | 0 | (16.9) | 0 | (16.9) | |
Stock-based compensation | 0 | 2.8 | 0 | 0 | 0 | 0 | 2.8 | |
Balance at Jul. 04, 2021 | $ 4.9 | $ 466.7 | $ 2,089.7 | $ (324.3) | $ (737.3) | $ 39.2 | $ 1,538.9 | [2] |
[1] | Condensed from audited financial statements | |||||||
[2] | Unaudited |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 04, 2021 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by management of Minerals Technologies Inc. (the “Company”, “MTI”, “we”, or “us”) in accordance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three-month and six-month periods ended July 4, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Company Operations The Company is a resource- and technology-based company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and supporting systems and services. In the first quarter of 2021, the Company reorganized the management structure for its Performance Materials and Energy Services operating segments into one operating segment, in order to support the Company's key growth initiatives, more closely align complementary technologies, processes and capabilities and better reflect the way performance is evaluated and resources are allocated. The Company now has three reportable segments: Performance Materials, Specialty Minerals and Refractories. – The Performance Materials segment is a leading global supplier of bentonite and bentonite-related products 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 and remediation projects as well as offers a range of patented and unpatented technologies, products and services to the upstream and downstream oil and gas sector throughout the world. – 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. Use of Estimates The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances, and pension plan assumptions. Actual results could differ from those estimates. Recently Adopted Accounting Standards Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes", to simplify the accounting for income taxes and improve consistent application by clarifying or amending existing guidance. The Company adopted this guidance on January 1, 2021. Adoption of this standard did not have a material impact on the Company's consolidated financial statements. 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 Company adopted this guidance on January 1, 2021. Adoption of this standard did not have a material impact on the Company's consolidated 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. All recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jul. 04, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contracts with Customers | Note 2 . Revenue from Contracts with Customers On a regular basis, the Company reviews its segments and the approach used by the chief operating decision maker to assess performance and allocate resources. Accordingly, in the first quarter of 2021, the Company reorganized the management structure for its Energy Services and Performance Materials operating segments to support MTI's key growth initiatives, more closely align complementary technologies, processes and capabilities, and better reflect the way performance is evaluated and resources are allocated. As a result, Energy Services, was combined into the Environmental Products product line within the Performance Materials operating segment. Restated financial results, by product line, of this operating segment for each quarter of 2020 to conform to the current management structure are presented in Note 14. The following table disaggregates our revenue by major source (product line) for the three and six-month periods ended July 4, 2021 and June 28, 2020: (millions of dollars) Three Months Ended Six Months Ended Net Sales Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Metalcasting $ 80.5 $ 52.8 $ 162.2 $ 114.5 Household, Personal Care & Specialty Products 102.6 87.9 212.0 184.1 Environmental Products 39.9 37.6 65.9 74.3 Building Materials 15.4 13.2 29.2 30.0 Performance Materials 238.4 191.5 469.3 402.9 Paper PCC 85.8 65.5 175.4 150.6 Specialty PCC 18.5 14.9 38.9 32.4 Ground Calcium Carbonate 25.5 20.6 49.5 43.2 Talc 12.9 8.8 26.7 20.7 Specialty Minerals 142.7 109.8 290.5 246.9 Refractory Products 58.0 47.1 116.8 102.9 Metallurgical Products 16.5 8.8 31.6 22.0 Refractories 74.5 55.9 148.4 124.9 Total $ 455.6 $ 357.2 $ 908.2 $ 774.7 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jul. 04, 2021 | |
Earnings per Share [Abstract] | |
Earnings per Share | Note 3. Earnings per Share (EPS) Basic earnings per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended (in millions, except per share data) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Net income attributable to Minerals Technologies Inc. $ 41.9 $ 14.4 $ 81.8 $ 53.0 Weighted average shares outstanding 33.7 34.1 33.8 34.2 Dilutive effect of stock options and stock units 0.4 — 0.2 0.1 Weighted average shares outstanding, adjusted 34.1 34.1 34.0 34.3 Basic earnings per share attributable to Minerals Technologies Inc. $ 1.24 $ 0.42 $ 2.42 $ 1.55 Diluted earnings per share attributable to Minerals Technologies Inc. $ 1.23 $ 0.42 $ 2.41 $ 1.55 Of the options outstanding of 1,415,684 and 1,448,699 for the three-month and six-month periods ended July 4, 2021 and June 28, 2020, respectively, options to purchase 253,895 shares and 1,448,699 shares of common stock for the three-month and six-month periods ending July 4, 2021 and June 28, 2020, 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. |
Restructuring and Other Items,
Restructuring and Other Items, net | 6 Months Ended |
Jul. 04, 2021 | |
Restructuring and Other Items, net [Abstract] | |
Restructuring and Other Items, net | Note 4. Restructuring and Other Items, net At July 4, 2021, the Company had $2.8 million included within accrued liabilities in the Condensed Consolidated Balance Sheet for cash expenditures needed to satisfy remaining obligations under workforce reduction initiatives. The Company expects to pay these amounts by the end of 2021. The following table is a reconciliation of our restructuring liability balance as of July 4, 2021: (millions of dollars) Restructuring liability, December 31, 2020 $ 3.6 Additional provision — Cash payments (0.8 ) Restructuring liability, July 4, 2021 $ 2.8 In June 2020, Verso Papers announced they would be idling two of their paper mills indefinitely. As a result, the Company recorded a non-cash write-down of assets 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 $0.2 million in lease termination costs at one of the closed mills. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 04, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5. Income Taxes Provision for taxes was $9.8 million and $18.7 million during the three-month and six-month periods ended July 4, 2021, respectively. Provision for taxes was $0.9 million and $10.6 million for the three-month and six-month periods ended June 28, 2020. The effective tax rate was 18.7% for the three months ended July 4, 2021 as compared with 6.2% for the three months ended June 28, 2020. The effective tax rate was 18.4% for the six months ended July 4, 2021 as compared with16.7% for the six months ended June 28, 2020. The higher tax rate was primarily due to lower earnings in the prior year and the mix of earnings. As of July 4, 2021, the Company had approximately $7.0 million of total unrecognized income tax benefits. Included in this amount were a total of $4.5 million of unrecognized income tax benefits that, if recognized, would affect the Company’s effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, the Company does not expect the change to have a significant impact on the results of operations or the financial position of the Company. The Company’s accounting policy is to recognize interest and penalties accrued relating to unrecognized income tax benefits as part of its provision for income taxes. The Company had a net increase of approximately $0.1 million during the three-month period ended July 4, 2021 and no change during the six-month period ended July 4, 2021 and an accrued balance of $1.9 million of interest and penalties as of July 4, 2021. The Company operates in multiple taxing jurisdictions, both within and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company, with a few exceptions (none of which are material), is no longer subject to income tax examinations by tax authorities for years prior to 2010. |
Inventories
Inventories | 6 Months Ended |
Jul. 04, 2021 | |
Inventories [Abstract] | |
Inventories | Note 6. Inventories The following is a summary of inventories by major category: (millions of dollars) Jul. 4, 2021 Dec. 31, 2020 Raw materials $ 113.5 $ 107.1 Work-in-process 9.4 9.0 Finished goods 92.0 85.6 Packaging and supplies 47.0 46.5 Total inventories $ 261.9 $ 248.2 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jul. 04, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 7. 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 $806.4 million and $808.5 million as of July 4, 2021 and December 31, 2020, respectively. The change in goodwill from December 31, 2020 to July 4, 2021 is attributable to the effects of foreign exchange. Intangible assets subject to amortization as of July 4, 2021 and December 31, 2020 were as follows: July 4, 2021 December 31, 2020 (millions of dollars) Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Tradenames 35 $ 203.9 $ 41.6 $ 203.9 $ 38.6 Technology 13 18.8 10.4 18.8 9.6 Patents and trademarks 19 6.4 6.2 6.4 6.1 Customer relationships 22 26.1 6.6 26.9 5.9 32 $ 255.2 $ 64.8 $ 256.0 $ 60.2 The weighted average amortization period for acquired intangible assets subject to amortization is approximately 32 years. Estimated amortization expense is $4.8 million for the remainder of 2021, $36.1 million for 2022–2025 and $149.5 million thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jul. 04, 2021 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | Note 8. Derivative Financial Instruments As a multinational corporation with operations throughout the world, the Company is exposed to certain market risks. The Company uses a variety of practices to manage these market risks, including, when considered appropriate, derivative financial instruments. The Company's objective is to offset gains and losses resulting from interest rates and foreign currency exposures with gains and losses on the derivative contracts used to hedge them. The Company uses derivative financial instruments only for risk management and not for trading or speculative purposes. By using derivative financial instruments to hedge exposures to changes in interest rates and foreign currencies, the Company exposes itself to credit risk and market risk. Credit risk is the risk that the counterparty will fail to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty, and therefore, it does not face any credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with major financial institutions. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates, currency exchange rates, or commodity prices. The market risk associated with interest rate and forward exchange contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders' equity. The Company subsequently reclassifies the effective portion of gain or loss into earnings in the period during which the hedged transaction is recognized in earnings. The Company utilizes interest rate swaps to limit exposure to market fluctuations on floating-rate debt. In the second quarter of 2018, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this swap is a liability of $6.0 million at July 4, 2021 and is recorded in other non-current liabilities on the Condensed Consolidated Balance Sheet. This interest rate swap is designated as a cash flow hedge. As a result, the gains and losses associated with this interest rate swap is recorded in accumulated other comprehensive income (loss). Net Investment Hedges For derivative instruments that are designated and qualify as net investment hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders' equity. To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, the Company from time to time hedges a portion of our net investment in 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 financial 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. 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 - prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. ● Cost approach - amount that would be required to replace the service capacity of an asset or replacement cost. ● Income approach - techniques to convert future amounts to a single present amount based on market expectations, including present value techniques, option-pricing and other models. The Company primarily applies the income approach for interest rate derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value of our interest rate and cross currency rate swap contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets and are categorized as Level 2. |
Long-Term Debt and Commitments
Long-Term Debt and Commitments | 6 Months Ended |
Jul. 04, 2021 | |
Long-Term Debt and Commitments [Abstract] | |
Long-Term Debt and Commitments | Note 9. Long-Term Debt and Commitments The following is a summary of long-term debt: ( millions of dollars) Jul. 4, 2021 December 31, 2020 Term Loan Facility-Variable Tranche due February 14, 2024 10.6 12.4 $ 537.4 $ 535.6 Senior Notes due 2028 5.8 6.1 394.2 393.9 Netherlands Term Loan due 2022 0.3 0.6 Japan Loan Facilities 3.4 4.1 Total 935.3 934.2 Less: Current maturities 0.9 1.0 Total long-term debt $ 934.4 $ 933.2 On May 9, 2014, in connection with the acquisition of AMCOL International Corporation (“AMCOL”), the Company entered into a credit agreement providing for a $1.560 billion senior secured term loan facility (the “Term Facility”) and a $200 million senior secured revolving credit facility. 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 quarters preceding such day. As of July 4, 2021, there were no outstanding loans and $8.9 million in letters of credit outstanding under the Revolving Facility. The Company is in compliance with all the covenants associated with the Revolving Facility throughout the period covered by this report. On June 30, 2020, the Company issued $ million aggregate principal amount of 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 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 $ million. At any time and from time to time prior to July 1, 2023, 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 July 1, 2023, 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 July 1, 2023, 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. 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. This loan carries an interest rate of Euribor plus 2.0% and has quarterly repayments. During the first six months of 2021, the Company repaid $0.3 million on this loan. The Company has a committed loan facility in Japan. As of July 4, 2021, $3.4 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.5 million on this facility during the first six months of 2021. As of July 4, 2021, the Company had $25.3 million in uncommitted short-term bank credit lines, of which $0.5 million was in use. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jul. 04, 2021 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note 10. Benefit Plans The Company and its subsidiaries have pension plans covering eligible employees on a contributory or non-contributory basis. The Company also provides postretirement health care and life insurance benefits for eligible U.S. retired employees. Disclosures for the U.S. plans have been combined with those outside of the U.S. as the international plans do not have significantly different assumptions, and together represent less than 22% of our total benefit obligation. Components of Net Periodic Benefit Cost Pension Benefits Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Service cost $ 2.0 $ 2.0 $ 4.0 $ 3.9 Interest cost 2.0 2.9 4.0 5.9 Expected return on plan assets (5.4 ) (5.2 ) (10.8 ) (10.4 ) Amortization: Prior service cost 0.1 0.1 0.2 0.2 Recognized net actuarial loss 3.6 2.8 7.0 5.6 Settlement loss 2.2 4.3 2.2 4.3 Net periodic benefit cost $ 4.5 $ 6.9 $ 6.6 $ 9.5 Other Benefits Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Service cost $ 0.1 $ — $ 0.1 $ 0.1 Interest cost — 0.1 — 0.1 Amortization: Recognized net actuarial (gain) loss (0.2 ) (0.2 ) (0.4 ) (0.4 ) Net periodic benefit cost $ (0.1 ) $ (0.1 ) $ (0.3 ) $ (0.2 ) Amortization amounts of prior service costs and recognized net actuarial losses are recorded, net of tax, as increases to accumulated other comprehensive income. The Company expects to contribute approximately $11.0 million to its pension plans and $0.3 million to its other postretirement benefit plans in 2021. As of July 4, 2021, $4.1 million has been contributed to the pension plans and approximately $0.1 million has been contributed to the other postretirement benefit plans. |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jul. 04, 2021 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | Note 11. Comprehensive Income The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company: Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Amortization of pension items: Pre-tax amount $ 5.7 $ 7.0 $ 9.0 $ 9.7 Tax (1.4 ) (1.7 ) (2.2 ) (2.3 ) Net of tax $ 4.3 $ 5.3 $ 6.8 $ 7.4 The pre-tax amounts in the table above are included within the components of net periodic pension benefit cost (see Note 10 to the Condensed Consolidated Financial Statements) and the tax amounts are included within the provision for taxes on income line within the Condensed Consolidated Statements of Income. The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows: (millions of dollars) Foreign Currency Translation Adjustment Unrecognized Pension Costs Net Gain (Loss) on Derivative Instruments Total Balance as of December 31, 2020 $ (190.8 ) $ (114.9 ) $ (2.6 ) $ (308.3 ) Other comprehensive income (loss) before reclassifications (26.7 ) — 3.9 (22.8 ) Amounts reclassified from AOCI — 6.8 — 6.8 Net current period other comprehensive income (loss) (26.7 ) 6.8 3.9 (16.0 ) Balance as of July 4, 2021 $ (217.5 ) $ (108.1 ) $ 1.3 $ (324.3 ) |
Accounting for Asset Retirement
Accounting for Asset Retirement Obligations | 6 Months Ended |
Jul. 04, 2021 | |
Accounting for Asset Retirement Obligations [Abstract] | |
Accounting for Asset Retirement Obligations | Note 12. Accounting for Asset Retirement Obligations The Company records asset retirement obligations for situations in which the Company will be required to incur costs to retire tangible long-lived assets. The fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The Company also records liabilities related to land reclamation as a part of asset retirement obligations. The Company mines various minerals using a surface mining process that requires the removal of overburden. In certain areas and under various governmental regulations, the Company is obligated to restore the land comprising each mining site to its original condition at the completion of the mining activity. The obligation is adjusted to reflect the passage of time, mining activities, and changes in estimated future cash outflows. The asset retirement costs are capitalized as part of the carrying amount of the associated asset. The current portion of the liability of approximately $0.6 million is included in other current liabilities and the long-term portion of the liability of approximately $23.6 million is included in other non-current liabilities in the Condensed Consolidated Balance Sheet as of July 4, 2021. |
Contingencies
Contingencies | 6 Months Ended |
Jul. 04, 2021 | |
Contingencies [Abstract] | |
Contingencies | Note 13. 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. |
Segment and Related Information
Segment and Related Information | 6 Months Ended |
Jul. 04, 2021 | |
Segment and Related Information [Abstract] | |
Segment and Related Information | Note 14. Segment and Related Information On a regular basis, the Company reviews its segments and the approach used by the chief operating decision maker to assess performance and allocate resources. Accordingly, in the first quarter of 2021, the Company reorganized the management structure for its Energy Services and Performance Materials operating segments to support MTI's key growth initiatives, more closely align complementary technologies, processes and capabilities, and better reflect the way performance is evaluated and resources are allocated. As a result, Energy Services was combined into the Environmental Products product line within the Performance Materials operating segment. Presented below are the restated financial results, by product line, of this operating segment for each quarter of 2020 to conform to the current management structure. 2020 Quarters (millions of dollars) First Second Third Fourth Full Year 2020 Net Sales Metalcasting $ 61.7 $ 52.8 $ 66.3 $ 77.3 $ 258.1 Household, Personal Care & Specialty Products 96.2 87.9 93.9 102.2 380.2 Environmental Products 36.7 37.6 30.2 27.1 131.6 Building Materials 16.8 13.2 13.5 12.4 55.9 Performance Materials Segment 211.4 191.5 203.9 219.0 825.8 Income from operations Performance Materials Segment $ 27.3 $ 22.4 $ 28.2 30.9 $ 108.8 % of Sales 12.9 % 11.7 % 13.8 % 14.1 % 13.2 % The Company now has three reportable segments: Performance Materials, Specialty Minerals and Refractories. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and six-month periods ended July 4, 2021 and June 28, 2020 is as follows: Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Net Sales Performance Materials $ 238.4 $ 191.5 $ 469.3 $ 402.9 Specialty Minerals 142.7 109.8 290.5 246.9 Refractories 74.5 55.9 148.4 124.9 Total $ 455.6 $ 357.2 $ 908.2 $ 774.7 Income from Operations Performance Materials $ 34.7 $ 22.4 $ 64.5 $ 49.7 Specialty Minerals 20.0 9.0 41.1 29.3 Refractories 11.7 5.9 23.7 17.1 Total $ 66.4 $ 37.3 $ 129.3 $ 96.1 A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows: Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Income from operations for reportable segments $ 66.4 $ 37.3 $ 129.3 $ 96.1 Acquisition-related expenses (0.4 ) — (0.4 ) — Litigation expenses — (8.3 ) — (8.9 ) Unallocated and other corporate expenses (2.3 ) (1.8 ) (6.4 ) (2.3 ) Consolidated income from operations 63.7 27.2 122.5 84.9 Non-operating deductions, net (11.4 ) (12.6 ) (20.8 ) (21.3 ) Income from operations before tax and equity in earnings $ 52.3 $ 14.6 $ 101.7 $ 63.6 The Company's sales by product category are as follows: Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Metalcasting $ 80.5 $ 52.8 $ 162.2 $ 114.5 Household, Personal Care & Specialty Products 102.6 87.9 212.0 184.1 Environmental Products 39.9 37.6 65.9 74.3 Building Materials 15.4 13.2 29.2 30.0 Paper PCC 85.8 65.5 175.4 150.6 Specialty PCC 18.5 14.9 38.9 32.4 Ground Calcium Carbonate 25.5 20.6 49.5 43.2 Talc 12.9 8.8 26.7 20.7 Refractory Products 58.0 47.1 116.8 102.9 Metallurgical Products 16.5 8.8 31.6 22.0 Total $ 455.6 $ 357.2 $ 908.2 $ 774.7 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jul. 04, 2021 | |
Subsequent Event [Abstract] | |
Subsequent Event | Note 15. Subsequent Event On July 26, 2021, the Company completed the acquisition of Normerica Inc., a leading North American supplier of premium pet care products for approximately $185 million. Normerica has production facilities in Canada, the U.S. and Thailand. As a leader in the pet product industry, Normerica provides premium products, both branded and private label to world-class retailers. Its product portfolio consists primarily of bentonite-based cat litter products which are supplied from a network of strategically located manufacturing facilities in Canada and the United States. Normerica has approximately 300 employees and generated revenue of $140 million in 2020. The acquisition was financed through a combination of cash on hand and the Company’s credit facilities. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 04, 2021 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances, and pension plan assumptions. Actual results could differ from those estimates. |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes", to simplify the accounting for income taxes and improve consistent application by clarifying or amending existing guidance. The Company adopted this guidance on January 1, 2021. Adoption of this standard did not have a material impact on the Company's consolidated financial statements. 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 Company adopted this guidance on January 1, 2021. Adoption of this standard did not have a material impact on the Company's consolidated 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. All recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jul. 04, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our revenue by major source (product line) for the three and six-month periods ended July 4, 2021 and June 28, 2020: (millions of dollars) Three Months Ended Six Months Ended Net Sales Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Metalcasting $ 80.5 $ 52.8 $ 162.2 $ 114.5 Household, Personal Care & Specialty Products 102.6 87.9 212.0 184.1 Environmental Products 39.9 37.6 65.9 74.3 Building Materials 15.4 13.2 29.2 30.0 Performance Materials 238.4 191.5 469.3 402.9 Paper PCC 85.8 65.5 175.4 150.6 Specialty PCC 18.5 14.9 38.9 32.4 Ground Calcium Carbonate 25.5 20.6 49.5 43.2 Talc 12.9 8.8 26.7 20.7 Specialty Minerals 142.7 109.8 290.5 246.9 Refractory Products 58.0 47.1 116.8 102.9 Metallurgical Products 16.5 8.8 31.6 22.0 Refractories 74.5 55.9 148.4 124.9 Total $ 455.6 $ 357.2 $ 908.2 $ 774.7 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jul. 04, 2021 | |
Earnings per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended (in millions, except per share data) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Net income attributable to Minerals Technologies Inc. $ 41.9 $ 14.4 $ 81.8 $ 53.0 Weighted average shares outstanding 33.7 34.1 33.8 34.2 Dilutive effect of stock options and stock units 0.4 — 0.2 0.1 Weighted average shares outstanding, adjusted 34.1 34.1 34.0 34.3 Basic earnings per share attributable to Minerals Technologies Inc. $ 1.24 $ 0.42 $ 2.42 $ 1.55 Diluted earnings per share attributable to Minerals Technologies Inc. $ 1.23 $ 0.42 $ 2.41 $ 1.55 |
Restructuring and Other Items_2
Restructuring and Other Items, net (Tables) | 6 Months Ended |
Jul. 04, 2021 | |
Restructuring and Other Items, net [Abstract] | |
Reconciliation of Restructuring Liability | The following table is a reconciliation of our restructuring liability balance as of July 4, 2021: (millions of dollars) Restructuring liability, December 31, 2020 $ 3.6 Additional provision — Cash payments (0.8 ) Restructuring liability, July 4, 2021 $ 2.8 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 04, 2021 | |
Inventories [Abstract] | |
Inventories by Major Category | The following is a summary of inventories by major category: (millions of dollars) Jul. 4, 2021 Dec. 31, 2020 Raw materials $ 113.5 $ 107.1 Work-in-process 9.4 9.0 Finished goods 92.0 85.6 Packaging and supplies 47.0 46.5 Total inventories $ 261.9 $ 248.2 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jul. 04, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Intangible Assets Subject to Amortization | Intangible assets subject to amortization as of July 4, 2021 and December 31, 2020 were as follows: July 4, 2021 December 31, 2020 (millions of dollars) Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Tradenames 35 $ 203.9 $ 41.6 $ 203.9 $ 38.6 Technology 13 18.8 10.4 18.8 9.6 Patents and trademarks 19 6.4 6.2 6.4 6.1 Customer relationships 22 26.1 6.6 26.9 5.9 32 $ 255.2 $ 64.8 $ 256.0 $ 60.2 |
Long-Term Debt and Commitments
Long-Term Debt and Commitments (Tables) | 6 Months Ended |
Jul. 04, 2021 | |
Long-Term Debt and Commitments [Abstract] | |
Long Term Debt | The following is a summary of long-term debt: ( millions of dollars) Jul. 4, 2021 December 31, 2020 Term Loan Facility-Variable Tranche due February 14, 2024 10.6 12.4 $ 537.4 $ 535.6 Senior Notes due 2028 5.8 6.1 394.2 393.9 Netherlands Term Loan due 2022 0.3 0.6 Japan Loan Facilities 3.4 4.1 Total 935.3 934.2 Less: Current maturities 0.9 1.0 Total long-term debt $ 934.4 $ 933.2 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jul. 04, 2021 | |
Benefit Plans [Abstract] | |
Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost Pension Benefits Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Service cost $ 2.0 $ 2.0 $ 4.0 $ 3.9 Interest cost 2.0 2.9 4.0 5.9 Expected return on plan assets (5.4 ) (5.2 ) (10.8 ) (10.4 ) Amortization: Prior service cost 0.1 0.1 0.2 0.2 Recognized net actuarial loss 3.6 2.8 7.0 5.6 Settlement loss 2.2 4.3 2.2 4.3 Net periodic benefit cost $ 4.5 $ 6.9 $ 6.6 $ 9.5 Other Benefits Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Service cost $ 0.1 $ — $ 0.1 $ 0.1 Interest cost — 0.1 — 0.1 Amortization: Recognized net actuarial (gain) loss (0.2 ) (0.2 ) (0.4 ) (0.4 ) Net periodic benefit cost $ (0.1 ) $ (0.1 ) $ (0.3 ) $ (0.2 ) |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jul. 04, 2021 | |
Comprehensive Income [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company: Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Amortization of pension items: Pre-tax amount $ 5.7 $ 7.0 $ 9.0 $ 9.7 Tax (1.4 ) (1.7 ) (2.2 ) (2.3 ) Net of tax $ 4.3 $ 5.3 $ 6.8 $ 7.4 |
Accumulated Other Comprehensive Loss, Net of Related Tax | The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows: (millions of dollars) Foreign Currency Translation Adjustment Unrecognized Pension Costs Net Gain (Loss) on Derivative Instruments Total Balance as of December 31, 2020 $ (190.8 ) $ (114.9 ) $ (2.6 ) $ (308.3 ) Other comprehensive income (loss) before reclassifications (26.7 ) — 3.9 (22.8 ) Amounts reclassified from AOCI — 6.8 — 6.8 Net current period other comprehensive income (loss) (26.7 ) 6.8 3.9 (16.0 ) Balance as of July 4, 2021 $ (217.5 ) $ (108.1 ) $ 1.3 $ (324.3 ) |
Segment and Related Informati_2
Segment and Related Information (Tables) | 6 Months Ended |
Jul. 04, 2021 | |
Segment and Related Information [Abstract] | |
Segment Information | On a regular basis, the Company reviews its segments and the approach used by the chief operating decision maker to assess performance and allocate resources. Accordingly, in the first quarter of 2021, the Company reorganized the management structure for its Energy Services and Performance Materials operating segments to support MTI's key growth initiatives, more closely align complementary technologies, processes and capabilities, and better reflect the way performance is evaluated and resources are allocated. As a result, Energy Services was combined into the Environmental Products product line within the Performance Materials operating segment. Presented below are the restated financial results, by product line, of this operating segment for each quarter of 2020 to conform to the current management structure. 2020 Quarters (millions of dollars) First Second Third Fourth Full Year 2020 Net Sales Metalcasting $ 61.7 $ 52.8 $ 66.3 $ 77.3 $ 258.1 Household, Personal Care & Specialty Products 96.2 87.9 93.9 102.2 380.2 Environmental Products 36.7 37.6 30.2 27.1 131.6 Building Materials 16.8 13.2 13.5 12.4 55.9 Performance Materials Segment 211.4 191.5 203.9 219.0 825.8 Income from operations Performance Materials Segment $ 27.3 $ 22.4 $ 28.2 30.9 $ 108.8 % of Sales 12.9 % 11.7 % 13.8 % 14.1 % 13.2 % The Company now has three reportable segments: Performance Materials, Specialty Minerals and Refractories. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and six-month periods ended July 4, 2021 and June 28, 2020 is as follows: Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Net Sales Performance Materials $ 238.4 $ 191.5 $ 469.3 $ 402.9 Specialty Minerals 142.7 109.8 290.5 246.9 Refractories 74.5 55.9 148.4 124.9 Total $ 455.6 $ 357.2 $ 908.2 $ 774.7 Income from Operations Performance Materials $ 34.7 $ 22.4 $ 64.5 $ 49.7 Specialty Minerals 20.0 9.0 41.1 29.3 Refractories 11.7 5.9 23.7 17.1 Total $ 66.4 $ 37.3 $ 129.3 $ 96.1 |
Reconciliation of Income from Operations | A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows: Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Income from operations for reportable segments $ 66.4 $ 37.3 $ 129.3 $ 96.1 Acquisition-related expenses (0.4 ) — (0.4 ) — Litigation expenses — (8.3 ) — (8.9 ) Unallocated and other corporate expenses (2.3 ) (1.8 ) (6.4 ) (2.3 ) Consolidated income from operations 63.7 27.2 122.5 84.9 Non-operating deductions, net (11.4 ) (12.6 ) (20.8 ) (21.3 ) Income from operations before tax and equity in earnings $ 52.3 $ 14.6 $ 101.7 $ 63.6 |
Sales by Product Category | The Company's sales by product category are as follows: Three Months Ended Six Months Ended (millions of dollars) Jul. 4, 2021 Jun. 28, 2020 Jul. 4, 2021 Jun. 28, 2020 Metalcasting $ 80.5 $ 52.8 $ 162.2 $ 114.5 Household, Personal Care & Specialty Products 102.6 87.9 212.0 184.1 Environmental Products 39.9 37.6 65.9 74.3 Building Materials 15.4 13.2 29.2 30.0 Paper PCC 85.8 65.5 175.4 150.6 Specialty PCC 18.5 14.9 38.9 32.4 Ground Calcium Carbonate 25.5 20.6 49.5 43.2 Talc 12.9 8.8 26.7 20.7 Refractory Products 58.0 47.1 116.8 102.9 Metallurgical Products 16.5 8.8 31.6 22.0 Total $ 455.6 $ 357.2 $ 908.2 $ 774.7 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jul. 04, 2021Segment | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Number of reportable segments | 3 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jul. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | $ 455.6 | $ 357.2 | $ 908.2 | $ 774.7 | ||||
Metalcasting [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 80.5 | 52.8 | 162.2 | 114.5 | ||||
Household, Personal Care & Specialty Products [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 102.6 | 87.9 | 212 | 184.1 | ||||
Environmental Products [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 39.9 | 37.6 | 65.9 | 74.3 | ||||
Building Materials [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 15.4 | 13.2 | 29.2 | 30 | ||||
Paper PCC [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 85.8 | 65.5 | 175.4 | 150.6 | ||||
Specialty PCC [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 18.5 | 14.9 | 38.9 | 32.4 | ||||
Ground Calcium Carbonate [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 25.5 | 20.6 | 49.5 | 43.2 | ||||
Talc [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 12.9 | 8.8 | 26.7 | 20.7 | ||||
Refractory Products [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 58 | 47.1 | 116.8 | 102.9 | ||||
Metallurgical Products [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 16.5 | 8.8 | 31.6 | 22 | ||||
Performance Materials [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 238.4 | $ 219 | $ 203.9 | 191.5 | $ 211.4 | 469.3 | 402.9 | $ 825.8 |
Performance Materials [Member] | Metalcasting [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 80.5 | 77.3 | 66.3 | 52.8 | 61.7 | 162.2 | 114.5 | 258.1 |
Performance Materials [Member] | Household, Personal Care & Specialty Products [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 102.6 | 102.2 | 93.9 | 87.9 | 96.2 | 212 | 184.1 | 380.2 |
Performance Materials [Member] | Environmental Products [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 39.9 | 27.1 | 30.2 | 37.6 | 36.7 | 65.9 | 74.3 | 131.6 |
Performance Materials [Member] | Building Materials [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 15.4 | $ 12.4 | $ 13.5 | 13.2 | $ 16.8 | 29.2 | 30 | $ 55.9 |
Specialty Minerals [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 142.7 | 109.8 | 290.5 | 246.9 | ||||
Specialty Minerals [Member] | Paper PCC [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 85.8 | 65.5 | 175.4 | 150.6 | ||||
Specialty Minerals [Member] | Specialty PCC [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 18.5 | 14.9 | 38.9 | 32.4 | ||||
Specialty Minerals [Member] | Ground Calcium Carbonate [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 25.5 | 20.6 | 49.5 | 43.2 | ||||
Specialty Minerals [Member] | Talc [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 12.9 | 8.8 | 26.7 | 20.7 | ||||
Refractories [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 74.5 | 55.9 | 148.4 | 124.9 | ||||
Refractories [Member] | Refractory Products [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | 58 | 47.1 | 116.8 | 102.9 | ||||
Refractories [Member] | Metallurgical Products [Member] | ||||||||
Disaggregation of Revenue [Abstract] | ||||||||
Total net sales | $ 16.5 | $ 8.8 | $ 31.6 | $ 22 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | |
Earnings per Share [Abstract] | ||||
Net income attributable to Minerals Technologies Inc. | $ 41.9 | $ 14.4 | $ 81.8 | $ 53 |
Weighted average shares outstanding (in shares) | 33,700,000 | 34,100,000 | 33,800,000 | 34,200,000 |
Dilutive effect of stock options and stock units (in shares) | 400,000 | 0 | 200,000 | 100,000 |
Weighted average shares outstanding, adjusted (in shares) | 34,100,000 | 34,100,000 | 34,000,000 | 34,300,000 |
Basic earnings per share attributable to Minerals Technologies Inc. (in dollars per share) | $ 1.24 | $ 0.42 | $ 2.42 | $ 1.55 |
Diluted earnings per share attributable to Minerals Technologies Inc. (in dollars per share) | $ 1.23 | $ 0.42 | $ 2.41 | $ 1.55 |
Earnings per Share [Abstract] | ||||
Options outstanding (in shares) | 1,415,684 | 1,448,699 | 1,415,684 | 1,448,699 |
Stock Options [Member] | ||||
Earnings per Share [Abstract] | ||||
Anti-dilutive securities not included in computation of diluted earnings per share (in shares) | 253,895 | 1,448,699 | 253,895 | 1,448,699 |
Restructuring and Other Items_3
Restructuring and Other Items, net (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 28, 2020USD ($)Mill | Jul. 04, 2021USD ($) | Jun. 28, 2020USD ($)Mill | |
Restructuring Reserve [Roll Forward] | |||
Restructuring liability, beginning of period | $ 3.6 | ||
Additional provision | 0 | ||
Cash payments | (0.8) | ||
Restructuring liability, ending of period | 2.8 | ||
Restructuring and Other Items, Net [Abstract] | |||
Asset write-down charges | $ 0 | $ 6 | |
Paper PCC [Member] | |||
Restructuring and Other Items, Net [Abstract] | |||
Asset write-down charges | $ 6 | 6 | |
Severance costs | 0.3 | 0.3 | |
Lease termination costs | $ 0.2 | $ 0.2 | |
Number of mills with lease terminations | Mill | 1 | 1 | |
Verso Papers [Member] | |||
Restructuring and Other Items, Net [Abstract] | |||
Number of paper mills being idled indefinitely | Mill | 2 | 2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | |
Income Taxes [Abstract] | ||||
Provision for taxes on income | $ 9.8 | $ 0.9 | $ 18.7 | $ 10.6 |
Effective income tax rate | 18.70% | 6.20% | 18.40% | 16.70% |
Amount of unrecognized tax benefits | $ 7 | $ 7 | ||
Unrecognized tax benefits that would impact effective tax rate | 4.5 | 4.5 | ||
Net change in interest and penalties relating to unrecognized tax benefits | 0.1 | 0 | ||
Unrecognized tax benefits, accrued interest and penalties | $ 1.9 | $ 1.9 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jul. 04, 2021 | Dec. 31, 2020 | ||
Inventories [Abstract] | ||||
Raw materials | $ 113.5 | $ 107.1 | ||
Work-in-process | 9.4 | 9 | ||
Finished goods | 92 | 85.6 | ||
Packaging and supplies | 47 | 46.5 | ||
Total inventories | $ 261.9 | [1] | $ 248.2 | [2] |
[1] | Unaudited | |||
[2] | Condensed from audited financial statements |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jul. 04, 2021 | Dec. 31, 2020 | |||
Goodwill and Other Intangible Assets [Abstract] | ||||
Goodwill | $ 806.4 | [1] | $ 808.5 | [2] |
Intangible Assets Subject to Amortization [Abstract] | ||||
Weighted average useful life | 32 years | |||
Gross carrying amount | $ 255.2 | 256 | ||
Accumulated amortization | $ 64.8 | 60.2 | ||
Future Amortization Expense [Abstract] | ||||
Weighted average amortization period | 32 years | |||
Estimated amortization expense, remainder of 2021 | $ 4.8 | |||
Estimated amortization expense, 2022 | 36.1 | |||
Estimated amortization expense, 2023 | 36.1 | |||
Estimated amortization expense, 2024 | 36.1 | |||
Estimated amortization expense, 2025 | 36.1 | |||
Estimated amortization expense, thereafter | $ 149.5 | |||
Tradenames [Member] | ||||
Intangible Assets Subject to Amortization [Abstract] | ||||
Weighted average useful life | 35 years | |||
Gross carrying amount | $ 203.9 | 203.9 | ||
Accumulated amortization | $ 41.6 | 38.6 | ||
Technology [Member] | ||||
Intangible Assets Subject to Amortization [Abstract] | ||||
Weighted average useful life | 13 years | |||
Gross carrying amount | $ 18.8 | 18.8 | ||
Accumulated amortization | $ 10.4 | 9.6 | ||
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 | $ 6.2 | 6.1 | ||
Customer Relationships [Member] | ||||
Intangible Assets Subject to Amortization [Abstract] | ||||
Weighted average useful life | 22 years | |||
Gross carrying amount | $ 26.1 | 26.9 | ||
Accumulated amortization | $ 6.6 | $ 5.9 | ||
[1] | Unaudited | |||
[2] | Condensed from audited financial statements |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) $ in Millions | Jul. 04, 2021USD ($)Subsidiary | Jul. 01, 2018USD ($) |
Minimum [Member] | ||
Derivative Financial Instruments [Abstract] | ||
Number of foreign subsidiaries in which portion of net investment is hedged | Subsidiary | 1 | |
Cash Flow Hedge [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Financial Instruments [Abstract] | ||
Notional amount | $ 150 | |
Cash Flow Hedge [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Non-Current Liabilities [Member] | ||
Derivative Financial Instruments [Abstract] | ||
Fair value of derivative liability | $ 6 | |
Net Investment Hedge [Member] | Cross Currency Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Financial Instruments [Abstract] | ||
Notional amount | $ 150 | |
Net Investment Hedge [Member] | Cross Currency Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets and Deferred Charges [Member] | ||
Derivative Financial Instruments [Abstract] | ||
Fair value of derivative asset | $ 4 |
Long-Term Debt and Commitments,
Long-Term Debt and Commitments, Summary of Long-Term Debt (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jul. 04, 2021 | Dec. 31, 2020 | Feb. 14, 2017 | Jun. 23, 2015 | |||
Long-Term Debt and Commitments [Abstract] | ||||||
Long-term debt | $ 935.3 | $ 934.2 | ||||
Less: Current maturities | 0.9 | [1] | 1 | [2] | ||
Total long-term debt | 934.4 | [1] | 933.2 | [2] | ||
Term Loan Facility - Variable Tranche [Member] | ||||||
Long-Term Debt and Commitments [Abstract] | ||||||
Long-term debt | $ 537.4 | 535.6 | $ 788 | $ 1,078 | ||
Maturity date | Feb. 14, 2024 | |||||
Unamortized discount and deferred financing costs | $ 10.6 | 12.4 | ||||
Senior Notes due 2028 [Member] | ||||||
Long-Term Debt and Commitments [Abstract] | ||||||
Long-term debt | $ 394.2 | 393.9 | ||||
Maturity date | Jun. 30, 2028 | |||||
Unamortized deferred financing costs | $ 5.8 | 6.1 | ||||
Netherlands Term Loan Due 2022 [Member] | ||||||
Long-Term Debt and Commitments [Abstract] | ||||||
Long-term debt | $ 0.3 | 0.6 | ||||
Maturity date | Dec. 31, 2022 | |||||
Japan Loan Facilities [Member] | ||||||
Long-Term Debt and Commitments [Abstract] | ||||||
Long-term debt | $ 3.4 | $ 4.1 | ||||
[1] | Unaudited | |||||
[2] | Condensed from audited financial statements |
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 | Jul. 04, 2021USD ($)LoanqtrOffering | Jun. 28, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 23, 2015USD ($) | May 09, 2014USD ($) | ||
Long-Term Debt and Commitments [Abstract] | |||||||||||
Long-term debt | $ 935.3 | $ 934.2 | |||||||||
Repayment of long-term debt | 0.8 | $ 31.3 | |||||||||
Short-term debt | 0.5 | [1] | 0 | [2] | |||||||
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 | ||||||||||
Term Loan Facility - Variable Tranche [Member] | |||||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||||
Long-term debt | $ 788 | $ 537.4 | 535.6 | 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 | $ 300 | ||||||||||
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 | $ 8.9 | ||||||||||
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 | $ 394.2 | 393.9 | |||||||||
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] | |||||||||||
Number of term loans | Loan | 2 | ||||||||||
Number of term loans that matured | Loan | 1 | ||||||||||
Repayment of long-term debt | $ 0.3 | ||||||||||
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 | $ 3.4 | $ 4.1 | |||||||||
Repayment of long-term debt | 0.5 | ||||||||||
Uncommitted Short-Term Bank Credit Lines [Member] | |||||||||||
Long-Term Debt and Commitments [Abstract] | |||||||||||
Maximum borrowing capacity | 25.3 | ||||||||||
Short-term debt | $ 0.5 | ||||||||||
[1] | Unaudited | ||||||||||
[2] | Condensed from audited financial statements |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | |
Benefit Plans [Abstract] | ||||
Maximum percentage of total benefit obligation represented by international pension plans | 22.00% | 22.00% | ||
Pension Benefits [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 2 | $ 2 | $ 4 | $ 3.9 |
Interest cost | 2 | 2.9 | 4 | 5.9 |
Expected return on plan assets | (5.4) | (5.2) | (10.8) | (10.4) |
Amortization of prior service cost | 0.1 | 0.1 | 0.2 | 0.2 |
Amortization of recognized net actuarial (gain) loss | 3.6 | 2.8 | 7 | 5.6 |
Settlement loss | 2.2 | 4.3 | 2.2 | 4.3 |
Net periodic benefit cost | 4.5 | 6.9 | 6.6 | 9.5 |
Employer Contributions [Abstract] | ||||
Expected company contribution in 2021 | 11 | 11 | ||
Employer contributions to benefit plans | 4.1 | |||
Post-Retirement Benefits [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0.1 | 0 | 0.1 | 0.1 |
Interest cost | 0 | 0.1 | 0 | 0.1 |
Amortization of recognized net actuarial (gain) loss | (0.2) | (0.2) | (0.4) | (0.4) |
Net periodic benefit cost | (0.1) | $ (0.1) | (0.3) | $ (0.2) |
Employer Contributions [Abstract] | ||||
Expected company contribution in 2021 | $ 0.3 | 0.3 | ||
Employer contributions to benefit plans | $ 0.1 |
Comprehensive Income, Reclassif
Comprehensive Income, Reclassification Out of Accumulated Other Comprehensive Loss (Details) - Pension Costs [Member] - Reclassification out of Accumulated Other Comprehensive Loss [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | |
Amortization of pension items [Abstract] | ||||
Pre-tax amount | $ 5.7 | $ 7 | $ 9 | $ 9.7 |
Tax | (1.4) | (1.7) | (2.2) | (2.3) |
Net of tax | $ 4.3 | $ 5.3 | $ 6.8 | $ 7.4 |
Comprehensive Income, Accumulat
Comprehensive Income, Accumulated Other Comprehensive Loss, Net of Related Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jul. 04, 2021 | Apr. 04, 2021 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | ||
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | [1] | $ 1,460.8 | $ 1,460.8 | ||||
Total other comprehensive income (loss), net of tax | $ 5.3 | (21.5) | $ 12.4 | $ (39.2) | (16.2) | $ (26.8) | |
Balance at end of period | [2] | 1,499.7 | 1,499.7 | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | (308.3) | (308.3) | |||||
Other comprehensive income (loss) before reclassifications | (22.8) | ||||||
Amounts reclassified from AOCI | 6.8 | ||||||
Total other comprehensive income (loss), net of tax | 5 | (21) | $ 11.3 | $ (37.8) | (16) | ||
Balance at end of period | (324.3) | (324.3) | |||||
Foreign Currency Translation Adjustment [Member] | |||||||
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | (190.8) | (190.8) | |||||
Other comprehensive income (loss) before reclassifications | (26.7) | ||||||
Amounts reclassified from AOCI | 0 | ||||||
Total other comprehensive income (loss), net of tax | (26.7) | ||||||
Balance at end of period | (217.5) | (217.5) | |||||
Unrecognized Pension Costs [Member] | |||||||
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | (114.9) | (114.9) | |||||
Other comprehensive income (loss) before reclassifications | 0 | ||||||
Amounts reclassified from AOCI | 6.8 | ||||||
Total other comprehensive income (loss), net of tax | 6.8 | ||||||
Balance at end of period | (108.1) | (108.1) | |||||
Net Gain (Loss) on Derivative Instruments [Member] | |||||||
Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | $ (2.6) | (2.6) | |||||
Other comprehensive income (loss) before reclassifications | 3.9 | ||||||
Amounts reclassified from AOCI | 0 | ||||||
Total other comprehensive income (loss), net of tax | 3.9 | ||||||
Balance at end of period | $ 1.3 | $ 1.3 | |||||
[1] | Condensed from audited financial statements | ||||||
[2] | Unaudited |
Accounting for Asset Retireme_2
Accounting for Asset Retirement Obligations (Details) $ in Millions | Jul. 04, 2021USD ($) |
Asset Retirement Obligation [Abstract] | |
Asset retirement obligation, current portion | $ 0.6 |
Asset retirement obligation, noncurrent portion | $ 23.6 |
Contingencies (Details)
Contingencies (Details) | 6 Months Ended |
Jul. 04, 2021Case | |
Silica Cases [Member] | |
Contingencies [Abstract] | |
Number of lawsuits settled | 1 |
Asbestos Cases [Member] | |
Contingencies [Abstract] | |
Number of lawsuits settled | 0 |
Segment and Related Informati_3
Segment and Related Information, Restated Financial Results for Performance Materials Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jul. 04, 2021 | Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Dec. 31, 2020 | |
Segment and Related Information [Abstract] | ||||||||
Net sales | $ 455.6 | $ 357.2 | $ 908.2 | $ 774.7 | ||||
Income from operations | 63.7 | $ 27.2 | 122.5 | 84.9 | ||||
% of Sales | 14.10% | 13.80% | 11.70% | 12.90% | 13.20% | |||
Metalcasting [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 80.5 | $ 52.8 | 162.2 | 114.5 | ||||
Household, Personal Care & Specialty Products [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 102.6 | 87.9 | 212 | 184.1 | ||||
Environmental Products [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 39.9 | 37.6 | 65.9 | 74.3 | ||||
Building Materials [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 15.4 | 13.2 | 29.2 | 30 | ||||
Performance Materials [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 238.4 | $ 219 | $ 203.9 | 191.5 | $ 211.4 | 469.3 | 402.9 | $ 825.8 |
Income from operations | 30.9 | 28.2 | 22.4 | 27.3 | 108.8 | |||
Performance Materials [Member] | Metalcasting [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 80.5 | 77.3 | 66.3 | 52.8 | 61.7 | 162.2 | 114.5 | 258.1 |
Performance Materials [Member] | Household, Personal Care & Specialty Products [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 102.6 | 102.2 | 93.9 | 87.9 | 96.2 | 212 | 184.1 | 380.2 |
Performance Materials [Member] | Environmental Products [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 39.9 | 27.1 | 30.2 | 37.6 | 36.7 | 65.9 | 74.3 | 131.6 |
Performance Materials [Member] | Building Materials [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | $ 15.4 | $ 12.4 | $ 13.5 | $ 13.2 | $ 16.8 | $ 29.2 | $ 30 | $ 55.9 |
Segment and Related Informati_4
Segment and Related Information, Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jul. 04, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 27, 2020USD ($) | Jun. 28, 2020USD ($) | Mar. 29, 2020USD ($) | Jul. 04, 2021USD ($)Segment | Jun. 28, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment and Related Information [Abstract] | ||||||||
Number of reportable segments | Segment | 3 | |||||||
Net sales | $ 455.6 | $ 357.2 | $ 908.2 | $ 774.7 | ||||
Income from operations | 63.7 | 27.2 | 122.5 | 84.9 | ||||
Performance Materials [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 238.4 | $ 219 | $ 203.9 | 191.5 | $ 211.4 | 469.3 | 402.9 | $ 825.8 |
Income from operations | $ 30.9 | $ 28.2 | 22.4 | $ 27.3 | $ 108.8 | |||
Specialty Minerals [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 142.7 | 109.8 | 290.5 | 246.9 | ||||
Refractories [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 74.5 | 55.9 | 148.4 | 124.9 | ||||
Reportable Segments [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 455.6 | 357.2 | 908.2 | 774.7 | ||||
Income from operations | 66.4 | 37.3 | 129.3 | 96.1 | ||||
Reportable Segments [Member] | Performance Materials [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 238.4 | 191.5 | 469.3 | 402.9 | ||||
Income from operations | 34.7 | 22.4 | 64.5 | 49.7 | ||||
Reportable Segments [Member] | Specialty Minerals [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 142.7 | 109.8 | 290.5 | 246.9 | ||||
Income from operations | 20 | 9 | 41.1 | 29.3 | ||||
Reportable Segments [Member] | Refractories [Member] | ||||||||
Segment and Related Information [Abstract] | ||||||||
Net sales | 74.5 | 55.9 | 148.4 | 124.9 | ||||
Income from operations | $ 11.7 | $ 5.9 | $ 23.7 | $ 17.1 |
Segment and Related Informati_5
Segment and Related Information, Reconciliation of Income from Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | |
Segment and Related Information [Abstract] | ||||
Income from operations | $ 63.7 | $ 27.2 | $ 122.5 | $ 84.9 |
Acquisition-related expenses | (0.4) | 0 | (0.4) | 0 |
Litigation expenses | 0 | (8.3) | 0 | (8.9) |
Non-operating deductions, net | (11.4) | (12.6) | (20.8) | (21.3) |
Income from operations before tax and equity in earnings | 52.3 | 14.6 | 101.7 | 63.6 |
Reportable Segments [Member] | ||||
Segment and Related Information [Abstract] | ||||
Income from operations | 66.4 | 37.3 | 129.3 | 96.1 |
Unallocated and Other Corporate Expenses [Member] | ||||
Segment and Related Information [Abstract] | ||||
Income from operations | $ (2.3) | $ (1.8) | $ (6.4) | $ (2.3) |
Segment and Related Informati_6
Segment and Related Information, Sales By Product Category (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | |
Segment and Related Information [Abstract] | ||||
Net sales | $ 455.6 | $ 357.2 | $ 908.2 | $ 774.7 |
Metalcasting [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 80.5 | 52.8 | 162.2 | 114.5 |
Household, Personal Care & Specialty Products [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 102.6 | 87.9 | 212 | 184.1 |
Environmental Products [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 39.9 | 37.6 | 65.9 | 74.3 |
Building Materials [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 15.4 | 13.2 | 29.2 | 30 |
Paper PCC [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 85.8 | 65.5 | 175.4 | 150.6 |
Specialty PCC [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 18.5 | 14.9 | 38.9 | 32.4 |
Ground Calcium Carbonate [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 25.5 | 20.6 | 49.5 | 43.2 |
Talc [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 12.9 | 8.8 | 26.7 | 20.7 |
Refractory Products [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | 58 | 47.1 | 116.8 | 102.9 |
Metallurgical Products [Member] | ||||
Segment and Related Information [Abstract] | ||||
Net sales | $ 16.5 | $ 8.8 | $ 31.6 | $ 22 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | Jul. 26, 2021USD ($) | Jul. 04, 2021USD ($) | Jun. 28, 2020USD ($) | Jul. 04, 2021USD ($) | Jun. 28, 2020USD ($) | Dec. 31, 2020USD ($)Employee |
Subsequent Event [Abstract] | ||||||
Revenue | $ 455.6 | $ 357.2 | $ 908.2 | $ 774.7 | ||
Normerica Inc. [Member] | ||||||
Subsequent Event [Abstract] | ||||||
Number of employees | Employee | 300 | |||||
Revenue | $ 140 | |||||
Subsequent Event [Member] | Normerica Inc. [Member] | ||||||
Subsequent Event [Abstract] | ||||||
Acquisition of business | $ 185 |