Minerals Technologies Reports First Quarter 2019 Earnings Per Share of $1.11
Highlights:
- Sales Increase to
$438 Million - Double Digit Operating Margins Across All Segments
- Productivity Improvement of 4 Percent
- Start-up of 125,000 Ton PCC Satellite Plant in
Indonesia
Worldwide net sales increased 1 percent to
“MTI delivered solid first quarter results despite a slow start to the year in several of our markets and geographies. Productivity improvements, expense control and continued pricing actions offset lower volumes early in the quarter,” said
Mr. Dietrich added, “We made progress on several growth initiatives, highlighted by new product launches and capacity expansions to meet customer demand, including the recent start-up of our 125,000 ton PCC facility in Indonesia.”
Segment Information
Performance Materials and Specialty Minerals
Sales in the Minerals businesses, which include the Performance Materials and Specialty Minerals segments, grew 2 percent in the first quarter to
Performance Materials segment sales increased 6 percent to
Sales in Household, Personal Care & Specialty Products increased 54 percent due to the acquisition of Sivomatic in the second quarter of 2018 and the continued growth of our pet care products in
Sales growth in the segment was partially offset by decreased sales in Metalcasting,
Operating income for the segment increased slightly to
The Performance Materials segment provides a wide range of bentonite-based and synthetic materials for industrial and consumer markets and for non-residential construction, environmental remediation and infrastructure projects worldwide.
Specialty Minerals segment sales, which consist of the Precipitated Calcium Carbonate (PCC) and Processed Minerals product lines, decreased 3 percent to
Worldwide sales of PCC, which is used mainly in the manufacturing processes of the paper industry, decreased 4 percent to
Processed Minerals sales decreased 2 percent to
Segment operating income decreased to
Refractories and Energy Services
Sales in the Service businesses, which include the Refractories and Energy Services segments, were essentially flat compared to the prior year period at
Refractories segment sales decreased 2 percent to
Energy Services segment sales rose 6 percent to
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FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which describe or are based on current expectations. Actual results may differ materially from these expectations. In addition, any statements that are not historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our businesses, particularly those mentioned in the risk factors and other cautionary statements in our 2018 Annual Report on Form 10-K and in our other reports filed with the
About
Investor Contact: Cindi Buckwalter, (212) 878-1831 Media Contact: Michael Landau, (212) 878-1840 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | ||||||||||||||||
(in millions, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Quarter Ended | % Growth | |||||||||||||||
Mar. 31, | Dec. 31, | Apr. 1, | ||||||||||||||
2019 | 2018 | 2018 | Prior Qtr. | Prior Year | ||||||||||||
Net sales | ||||||||||||||||
Product sales | $ | 417.4 | $ | 427.2 | $ | 412.2 | (2 | )% | 1 | % | ||||||
Service revenue | 20.3 | 20.3 | 19.1 | 0 | % | 6 | % | |||||||||
Total net sales | 437.7 | 447.5 | 431.3 | (2 | )% | 1 | % | |||||||||
Cost of sales | ||||||||||||||||
Cost of goods sold | 314.0 | 320.9 | 305.0 | (2 | )% | 3 | % | |||||||||
Cost of service revenue | 14.0 | 13.8 | 12.8 | 1 | % | 9 | % | |||||||||
Total cost of sales | 328.0 | 334.7 | 317.8 | (2 | )% | 3 | % | |||||||||
Production margin | 109.7 | 112.8 | 113.5 | (3 | )% | (3 | )% | |||||||||
Marketing and administrative expenses | 42.9 | 43.5 | 44.4 | (1 | )% | (3 | )% | |||||||||
Research and development expenses | 4.8 | 5.2 | 6.1 | (8 | )% | (21 | )% | |||||||||
Acquisition related transaction and integration costs | 0.0 | 0.0 | 0.4 | * | * | |||||||||||
Restructuring and other items, net | 0.0 | 1.8 | 0.0 | * | * | |||||||||||
Income from operations | 62.0 | 62.3 | 62.6 | (0 | )% | (1 | )% | |||||||||
Interest expense, net | (11.4 | ) | (12.0 | ) | (10.7 | ) | (5 | )% | 7 | % | ||||||
Non-cash pension settlement costs | 0.0 | (0.8 | ) | 0.0 | * | * | ||||||||||
Other non-operating deductions, net | (1.4 | ) | (1.0 | ) | (2.7 | ) | 40 | % | (48 | )% | ||||||
Total non-operating deductions, net | (12.8 | ) | (13.8 | ) | (13.4 | ) | (7 | )% | (4 | )% | ||||||
Income from operations before tax and equity in earnings | 49.2 | 48.5 | 49.2 | 1 | % | (0 | )% | |||||||||
Provision for taxes on income | 9.3 | 5.1 | 9.3 | 82 | % | 0 | % | |||||||||
Equity in earnings of affiliates, net of tax | 0.1 | 0.6 | 1.2 | (83 | )% | (92 | )% | |||||||||
Consolidated net income | 40.0 | 44.0 | 41.1 | (9 | )% | (3 | )% | |||||||||
Less: Net income attributable to non-controlling interests | 0.9 | 0.9 | 1.2 | 0 | % | (25 | )% | |||||||||
Net Income attributable to Minerals Technologies Inc. (MTI) | $ | 39.1 | $ | 43.1 | $ | 39.9 | (9 | )% | (2 | )% | ||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 35.2 | 35.2 | 35.4 | |||||||||||||
Diluted | 35.3 | 35.4 | 35.7 | |||||||||||||
Earnings per share attributable to MTI: | ||||||||||||||||
Basic | $ | 1.11 | $ | 1.22 | $ | 1.13 | (9 | )% | (2 | )% | ||||||
Diluted | $ | 1.11 | $ | 1.22 | $ | 1.12 | (9 | )% | (1 | )% | ||||||
Cash dividends declared per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | ||||||||||
* Percentage not meaningful | ||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | ||||||||||||
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
1 | ) | For comparative purposes, the quarterly periods ended March 31, 2019, December 31, 2018, and April 1, 2018 consisted of 90 days, 92 days, and 91 days, respectively. | ||||||||||
2 | ) | In the fourth quarter of 2018, the Company recorded impairment of assets charges relating to the shut-down of one of our Paper PCC facilities in the U.S. in the first quarter of 2019 and additional restructuring costs relating to our exited Energy Services businesses. | ||||||||||
(millions of dollars) | Quarter Ended | |||||||||||
Mar. 31, | Dec. 31, | Apr. 1, | ||||||||||
2019 | 2018 | 2018 | ||||||||||
Impairment of assets | ||||||||||||
Specialty Minerals | $ | 0.0 | $ | 0.7 | $ | 0.0 | ||||||
Total impairment of assets charge | $ | 0.0 | $ | 0.7 | $ | 0.0 | ||||||
Restructuring and other items, net | ||||||||||||
Severance, lease termination and other related costs | 0.0 | 1.1 | 0.0 | |||||||||
$ | 0.0 | $ | 1.1 | $ | 0.0 | |||||||
Total restructuring and other items, net | $ | 0.0 | $ | 1.8 | $ | 0.0 | ||||||
3 | ) | To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non-GAAP earnings per share, excluding special items, for the quarterly periods ended March 31, 2019, December 31, 2018, and April 1, 2018, and a reconciliation to reported earnings per share for such periods. The Company's management believes these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the ongoing operating results and thereby affect the comparability of results between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends. | ||||||||||
(millions of dollars) | Quarter Ended | |||||||||||
Mar. 31, | Dec. 31, | Apr. 1, | ||||||||||
2019 | 2018 | 2018 | ||||||||||
Income from continuing operations attributable to MTI | $ | 39.1 | $ | 43.1 | $ | 39.9 | ||||||
Special items: | ||||||||||||
Acquisition related transaction and integration costs | 0.0 | 0.0 | 0.4 | |||||||||
Non-cash pension settlement costs | 0.0 | 0.8 | 0.0 | |||||||||
Restructuring and other items, net | 0.0 | 1.1 | 0.0 | |||||||||
Impairment of assets | 0.0 | 0.7 | 0.0 | |||||||||
Related tax effects on special items | 0.0 | (0.5 | ) | (0.1 | ) | |||||||
Effect of U.S. tax law change | 0.0 | (3.7 | ) | 0.0 | ||||||||
Income from continuing operations attributable to MTI, excluding special items | $ | 39.1 | $ | 41.5 | $ | 40.2 | ||||||
Diluted earnings per share, excluding special items | $ | 1.11 | $ | 1.17 | $ | 1.13 | ||||||
4 | ) | Free cash flow is defined as cash flow from continuing operations less capital expenditures. The following is a presentation of the Company's non-GAAP free cash flow for the quarterly periods ended March 31, 2019, December 31, 2018, and April 1, 2018 and a reconciliation to cash flow from operations for such periods. The Company's management believes this non-GAAP measure provides meaningful supplemental information as management uses this measure to evaluate the Company's ability to maintain capital assets, satisfy current and future obligations, repurchase stock, pay dividends and fund future business opportunities. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure. The Company's definition of free cash flow may not be comparable to similarly titled measures reported by other companies. | ||||||||||
Quarter Ended | ||||||||||||
(millions of dollars) | Mar. 31, | Dec. 31, | Apr. 1, | |||||||||
2019 | 2018 | 2018 | ||||||||||
Cash flow from continuing operations | $ | 30.8 | $ | 70.2 | $ | 35.7 | ||||||
Capital expenditures | 17.6 | 19.5 | 17.9 | |||||||||
Free cash flow | $ | 13.2 | $ | 50.7 | $ | 17.8 | ||||||
5 | ) | On December 22, 2017, tax reform legislation was signed into law, encompassing a broad range of tax reform proposals, including a reduction of U.S. corporate tax rates from 35% to 21%, transitioning U.S. international taxation from a worldwide tax system to a territorial tax system and imposing a repatriation tax that is payable over eight years on deemed repatriated accumulated earnings of foreign subsidiaries. As required under ASC 740, Income Taxes, the Company is required to recognize the effects of changes in tax laws and rates on deferred tax positions and the retroactive effects of changes in tax laws in the period in which the new legislation is enacted. As such, the Company recorded a provisional $47 million income tax benefit in the fourth quarter of 2017, comprised of a tax benefit primarily from the lower U.S. tax rate, resulting in a reduction of deferred tax liabilities of $82 million and a $35 million charge related to the repatriation of accumulated foreign earnings. Such provisional amounts were based on reasonable estimates and subject to adjustment during the measurement period. Accordingly, in the fourth quarter of 2018, the Company recorded a $3.7 million reduction related to the repatriation of accumulated foreign earnings. | ||||||||||
6 | ) | The following table reflects the components of non-operating income and deductions: | ||||||||||
(millions of dollars) | Quarter Ended | |||||||||||
Mar. 31, | Dec. 31, | Apr. 1, | ||||||||||
2019 | 2018 | 2018 | ||||||||||
Interest income | $ | 0.6 | $ | 0.6 | $ | 0.5 | ||||||
Interest expense | (11.9 | ) | (12.6 | ) | (11.2 | ) | ||||||
Non-cash pension settlement costs | 0.0 | (0.8 | ) | 0.0 | ||||||||
Foreign exchange gains (losses) | 0.9 | 0.3 | (0.7 | ) | ||||||||
Other deductions | (2.4 | ) | (1.3 | ) | (2.0 | ) | ||||||
Non-operating deductions, net | $ | (12.8 | ) | $ | (13.8 | ) | $ | (13.4 | ) | |||
Included in non-operating deductions for the three-month period ended December 31, 2018 are non-cash pension settlement costs of $0.8 million associated with some of our pension plans in the U.S. | ||||||||||||
7 | ) | The analyst conference call to discuss operating results for the first quarter is scheduled for Friday, May 3, 2019 at 11:00 am and will be broadcast over the Company's website (www.mineralstech.com). The broadcast will remain on the Company's website for no less than one year. | ||||||||||
SUPPLEMENTARY DATA | ||||||||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | ||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Quarter Ended | % Growth | |||||||||||||||||||||
SALES DATA | Mar. 31, | % of | Dec. 31, | % of | Apr. 1, | % of | ||||||||||||||||
2019 | Total Sales | 2018 | Total Sales | 2018 | Total Sales | Prior Qtr. | Prior Year | |||||||||||||||
United States | $ | 231.7 | 53 | % | $ | 235.4 | 53 | % | $ | 232.3 | 54 | % | (2 | )% | (0 | )% | ||||||
International | 206.0 | 47 | % | 212.1 | 47 | % | 199.0 | 46 | % | (3 | )% | 4 | % | |||||||||
Net Sales | $ | 437.7 | 100 | % | $ | 447.5 | 100 | % | $ | 431.3 | 100 | % | (2 | )% | 1 | % | ||||||
Metalcasting | $ | 73.2 | 17 | % | $ | 83.1 | 19 | % | $ | 79.2 | 18 | % | (12 | )% | (8 | )% | ||||||
Household, Personal Care & Specialty Products | 74.9 | 17 | % | 69.6 | 16 | % | 48.7 | 11 | % | 8 | % | 54 | % | |||||||||
Environmental Products | 15.9 | 4 | % | 16.1 | 4 | % | 12.7 | 3 | % | (1 | )% | 25 | % | |||||||||
Building Materials | 15.3 | 3 | % | 15.5 | 3 | % | 18.9 | 4 | % | (1 | )% | (19 | )% | |||||||||
Basic Minerals | 19.9 | 5 | % | 22.5 | 5 | % | 27.8 | 6 | % | (12 | )% | (28 | )% | |||||||||
Performance Materials Segment | $ | 199.2 | 46 | % | $ | 206.8 | 46 | % | $ | 187.3 | 43 | % | (4 | )% | 6 | % | ||||||
Paper PCC | $ | 91.5 | 21 | % | $ | 93.9 | 21 | % | $ | 97.0 | 22 | % | (3 | )% | (6 | )% | ||||||
Specialty PCC | 18.1 | 4 | % | 15.7 | 4 | % | 17.0 | 4 | % | 15 | % | 6 | % | |||||||||
PCC Products | $ | 109.6 | 25 | % | $ | 109.6 | 24 | % | $ | 114.0 | 26 | % | (0 | )% | (4 | )% | ||||||
Ground Calcium Carbonate | $ | 22.3 | 5 | % | $ | 20.3 | 5 | % | $ | 22.5 | 5 | % | 10 | % | (1 | )% | ||||||
Talc | 12.5 | 3 | % | 12.6 | 3 | % | 13.1 | 3 | % | (1 | )% | (5 | )% | |||||||||
Processed Minerals Products | $ | 34.8 | 8 | % | $ | 32.9 | 7 | % | $ | 35.6 | 8 | % | 6 | % | (2 | )% | ||||||
Specialty Minerals Segment | $ | 144.4 | 33 | % | $ | 142.5 | 32 | % | $ | 149.6 | 35 | % | 1 | % | (3 | )% | ||||||
Total Minerals Businesses | $ | 343.6 | 79 | % | $ | 349.3 | 78 | % | $ | 336.9 | 78 | % | (2 | )% | 2 | % | ||||||
Refractory Products | $ | 62.0 | 14 | % | $ | 65.4 | 15 | % | $ | 62.3 | 14 | % | (5 | )% | (0 | )% | ||||||
Metallurgical Products | 11.8 | 3 | % | 12.5 | 3 | % | 13.0 | 3 | % | (6 | )% | (9 | )% | |||||||||
Refractories Segment | $ | 73.8 | 17 | % | $ | 77.9 | 17 | % | $ | 75.3 | 17 | % | (5 | )% | (2 | )% | ||||||
Energy Services Segment | $ | 20.3 | 4 | % | $ | 20.3 | 5 | % | $ | 19.1 | 4 | % | 0 | % | 6 | % | ||||||
Total Service Businesses | $ | 94.1 | 21 | % | $ | 98.2 | 22 | % | $ | 94.4 | 22 | % | (4 | )% | (0 | )% | ||||||
Net Sales | $ | 437.7 | 100 | % | $ | 447.5 | 100 | % | $ | 431.3 | 100 | % | (2 | )% | 1 | % | ||||||
SUPPLEMENTARY DATA | |||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||
(millions of dollars) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Quarter Ended | % Growth | ||||||||||||||||
Mar. 31, | Dec. 31, | Apr. 1, | Prior | Prior | |||||||||||||
SEGMENT OPERATING INCOME DATA | 2019 | 2018 | 2018 | Qtr. | Year | ||||||||||||
Performance Materials Segment | $ | 26.3 | $ | 29.2 | $ | 26.2 | (10 | )% | 0 | % | |||||||
% of Sales | 13.2 | % | 14.1 | % | 14.0 | % | |||||||||||
Specialty Minerals Segment | $ | 22.0 | $ | 21.2 | $ | 24.1 | 4 | % | (9 | )% | |||||||
% of Sales | 15.2 | % | 14.9 | % | 16.1 | % | |||||||||||
Total Minerals Businesses | $ | 48.3 | $ | 50.4 | $ | 50.3 | (4 | )% | (4 | )% | |||||||
% of Sales | 14.1 | % | 14.4 | % | 14.9 | % | |||||||||||
Refractories Segment | $ | 12.1 | $ | 10.8 | $ | 12.8 | 12 | % | (5 | )% | |||||||
% of Sales | 16.4 | % | 13.9 | % | 17.0 | % | |||||||||||
Energy Services Segment | $ | 2.4 | $ | 1.2 | $ | 1.5 | 100 | % | 60 | % | |||||||
% of Sales | 11.8 | % | 5.9 | % | 7.9 | % | |||||||||||
Total Service Businesses | $ | 14.5 | $ | 12.0 | $ | 14.3 | 21 | % | 1 | % | |||||||
% of Sales | 15.4 | % | 12.2 | % | 15.1 | % | |||||||||||
Unallocated Corporate Expenses | $ | (0.8 | ) | $ | (0.1 | ) | $ | (1.6 | ) | * | (50 | )% | |||||
Acquisition related transaction and integration costs | $ | 0.0 | $ | 0.0 | $ | (0.4 | ) | * | * | ||||||||
Consolidated | $ | 62.0 | $ | 62.3 | $ | 62.6 | (0 | )% | (1 | )% | |||||||
% of Sales | 14.2 | % | 13.9 | % | 14.5 | % | |||||||||||
SPECIAL ITEMS | |||||||||||||||||
Performance Materials Segment | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | |||||||||
Specialty Minerals Segment | $ | 0.0 | $ | 0.7 | $ | 0.0 | * | * | |||||||||
Total Minerals Businesses | $ | 0.0 | $ | 0.7 | $ | 0.0 | * | * | |||||||||
Refractories Segment | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | |||||||||
Energy Services Segment | $ | 0.0 | $ | 1.1 | $ | 0.0 | * | * | |||||||||
Total Service Businesses | $ | 0.0 | $ | 1.1 | $ | 0.0 | * | * | |||||||||
Unallocated and Other Corporate Expenses | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | |||||||||
Acquisition related transaction and integration costs | $ | 0.0 | $ | 0.0 | $ | 0.4 | * | * | |||||||||
Consolidated | $ | 0.0 | $ | 1.8 | $ | 0.4 | * | * | |||||||||
To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non-GAAP operating income, excluding special items (set forth in the above table), for the quarterly periods ended March 31, 2019, December 31, 2018, and April 1, 2018, constituting a reconciliation to GAAP operating income set forth above. The Company's management believe these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of ongoing operating results and thereby affect the comparability of results between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends. | |||||||||||||||||
Quarter Ended | % Growth | ||||||||||||||||
SEGMENT OPERATING INCOME, | Mar. 31, | Dec. 31, | Apr. 1, | ||||||||||||||
EXCLUDING SPECIAL ITEMS | 2019 | 2018 | 2018 | Prior Qtr. | Prior Year | ||||||||||||
Performance Materials Segment | $ | 26.3 | $ | 29.2 | $ | 26.2 | (10 | )% | 0 | % | |||||||
% of Sales | 13.2 | % | 14.1 | % | 14.0 | % | |||||||||||
Specialty Minerals Segment | $ | 22.0 | $ | 21.9 | $ | 24.1 | 0 | % | (9 | )% | |||||||
% of Sales | 15.2 | % | 15.4 | % | 16.1 | % | |||||||||||
Total Minerals Businesses | $ | 48.3 | $ | 51.1 | $ | 50.3 | (5 | )% | (4 | )% | |||||||
% of Sales | 14.1 | % | 14.6 | % | 14.9 | % | |||||||||||
Refractories Segment | $ | 12.1 | $ | 10.8 | $ | 12.8 | 12 | % | (5 | )% | |||||||
% of Sales | 16.4 | % | 13.9 | % | 17.0 | % | |||||||||||
Energy Services Segment | $ | 2.4 | $ | 2.3 | $ | 1.5 | 4 | % | 60 | % | |||||||
% of Sales | 11.8 | % | 11.3 | % | 7.9 | % | |||||||||||
Total Service Businesses | $ | 14.5 | $ | 13.1 | $ | 14.3 | 11 | % | 1 | % | |||||||
% of Sales | 15.4 | % | 13.3 | % | 15.1 | % | |||||||||||
Unallocated Corporate Expenses | $ | (0.8 | ) | $ | (0.1 | ) | $ | (1.6 | ) | * | (50 | )% | |||||
Consolidated | $ | 62.0 | $ | 64.1 | $ | 63.0 | (3 | )% | (2 | )% | |||||||
% of Sales | 14.2 | % | 14.3 | % | 14.6 | % | |||||||||||
* Percentage not meaningful | |||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
ASSETS | ||||||
(In Millions of Dollars) | ||||||
Mar. 31, | December 31, | |||||
2019* | 2018** | |||||
Current assets: | ||||||
Cash & cash equivalents | $ | 202.7 | $ | 208.8 | ||
Short-term investments | 4.3 | 3.8 | ||||
Accounts receivable, net | 406.4 | 387.3 | ||||
Inventories | 254.4 | 239.2 | ||||
Prepaid expenses and other current assets | 36.1 | 37.2 | ||||
Total current assets | 903.9 | 876.3 | ||||
Property, plant and equipment | 2,269.0 | 2,256.0 | ||||
Less accumulated depreciation | (1,167.9 | ) | (1,153.1 | ) | ||
Net property, plant & equipment | 1,101.1 | 1,102.9 | ||||
Goodwill | 812.4 | 812.4 | ||||
Intangible assets | 211.8 | 214.1 | ||||
Other assets and deferred charges | 134.2 | 81.4 | ||||
Total assets | $ | 3,163.4 | $ | 3,087.1 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 104.7 | $ | 105.2 | ||
Current maturities of long-term debt | 2.7 | 3.3 | ||||
Accounts payable | 178.2 | 169.1 | ||||
Other current liabilities | 105.2 | 104.3 | ||||
Total current liabilities | 390.8 | 381.9 | ||||
Long-term debt | 893.4 | 907.8 | ||||
Deferred income taxes | 198.1 | 196.8 | ||||
Other non-current liabilities | 253.7 | 215.3 | ||||
Total liabilities | 1,736.0 | 1,701.8 | ||||
Total MTI shareholders' equity | 1,393.5 | 1,353.5 | ||||
Non-controlling Interests | 33.9 | 31.8 | ||||
Total shareholders' equity | 1,427.4 | 1,385.3 | ||||
Total liabilities and shareholders' equity | $ | 3,163.4 | $ | 3,087.1 | ||
*Unaudited | ||||||
**Condensed from audited financial statements. |
Source: Minerals Technologies Inc.