0000891014-22-000042 | 10-Q | XBRL Viewer | Minerals Technologies INC

Other assets and deferred charges

913.2

907.5

Intangible assets

247.9

251.6

Deferred income taxes

22.4

23.0

98.9

114.5

Total assets

3,403.1

3,374.2

Current liabilities:

Short-term debt

110.0

80.0

Current maturities of long-term debt

0.8

Accounts payable

219.3

196.1

Other current liabilities

135.8

142.9

Total current liabilities

465.9

419.8

Long-term debt, net of unamortized discount and deferred financing costs

939.3

936.2

Deferred income taxes

190.8

188.1

Accrued pension and post retirement benefits

107.3

114.3

Other non-current liabilities

122.9

136.3

Total liabilities

1,826.2

1,794.7

Shareholders' equity:

Common stock

4.9

Additional paid-in capital

478.1

474.2

Retained earnings

2,254.7

2,168.9

Accumulated other comprehensive loss

(378.5)

(333.6)

Less common stock held in treasury

(815.8)

(775.1)

Total Minerals Technologies Inc. shareholders' equity

1,543.4

1,539.3

Non-controlling interests

33.5

40.2

Total shareholders' equity

1,576.9

1,579.5

Total liabilities and shareholders' equity

$ 3,403.1

$ 3,374.2

[1]	Unaudited
[2]	Condensed from audited financial statements

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

6 Months Ended

Jul. 03, 2022

Jul. 04, 2021

Operating Activities:

Consolidated net income

$ 90.4

$ 84.0

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

47.9

47.3

Non-cash pension settlement charge

1.5

2.2

Reduction of right of use asset

6.2

Other non-cash items

10.5

7.1

Pension plan funding

(2.3)

(4.2)

Net changes in operating assets and liabilities

(121.0)

(24.6)

Net cash provided by operating activities

33.2

118.0

Investing Activities:

Purchases of property, plant and equipment, net

(40.2)

(39.8)

Acquisition of business, net of cash acquired

(22.3)

0.0

Proceeds from sales of assets

0.3

Proceeds from sale of short-term investments

5.5

3.7

Purchases of short-term investments

(2.0)

(5.1)

Other investing activities

1.6

0.8

Net cash used in investing activities

(57.1)

(40.1)

Financing Activities:

Proceeds from issuance of short-term debt

(0.5)

(0.8)

30.0

0.5

Proceeds from issuance of stock under option plan

(40.7)

(36.9)

1.1

10.4

Excess tax benefits related to stock incentive programs

(3.3)

(2.8)

Net cash provided by (used in) financing activities

(6.3)

(0.6)

Cash dividends paid

(3.3)

(3.4)

(23.0)

(33.6)

Effect of exchange rate changes on cash and cash equivalents

(17.9)

(8.4)

Net increase (decrease) in cash and cash equivalents

(64.8)

35.9

Cash and cash equivalents at beginning of period

299.5

^[1]

367.7

Cash and cash equivalents at end of period

234.7

403.6

Supplemental disclosure of cash flow information:

Interest paid

29.7

28.1

Income taxes paid

24.4

23.6

Non-cash financing activities:

Treasury stock purchases settled after period end

$ 0.7

[1]	Condensed from audited financial statements

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 Loss [Member]

Treasury Stock [Member]

Non-controlling Interests [Member]

Total

Balance at Dec. 31, 2020

$ 4.9

$ 453.3

$ 2,011.3

$ (308.3)

$ (700.4)

$ 37.9

$ 1,498.7

0.0

39.9

0.0

1.1

41.0

0.0

(21.0)

0.0

(0.5)

(21.5)

0.0

(1.7)

0.0

(1.7)

Issuance of shares pursuant to employee stock compensation plans

0.0

(0.1)

0.0

5.8

0.0

5.8

0.0

(20.0)

0.0

(20.0)

Conversion of RSU's for tax withholding

0.0

2.8

0.0

2.8

0.0

(2.6)

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

84.0

(16.2)

Balance at Jul. 04, 2021

4.9

466.7

2,089.7

(324.3)

(737.3)

39.2

1,538.9

Balance at Apr. 04, 2021

4.9

459.3

2,049.5

(329.3)

(720.4)

38.4

1,502.4

0.0

41.9

0.0

1.1

43.0

0.0

5.0

0.0

0.3

5.3

0.0

(1.7)

0.0

(1.7)

Issuance of shares pursuant to employee stock compensation plans

0.0

(0.6)

0.0

4.6

0.0

4.6

0.0

(16.9)

0.0

(16.9)

0.0

2.8

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

Balance at Dec. 31, 2021

4.9

474.2

2,168.9

(333.6)

(775.1)

40.2

1,579.5

^[1]

0.0

44.1

0.0

0.8

44.9

0.0

(4.0)

0.0

0.1

(3.9)

0.0

(1.6)

0.0

(1.6)

Issuance of shares pursuant to employee stock compensation plans

0.0

(0.1)

0.0

0.9

0.0

0.9

0.0

(16.7)

0.0

(16.7)

Conversion of RSU's for tax withholding

0.0

2.8

0.0

2.8

0.0

(2.8)

0.0

(2.8)

Balance at Apr. 03, 2022

4.9

475.1

2,211.4

(337.6)

(791.8)

41.0

1,603.0

Balance at Dec. 31, 2021

4.9

474.2

2,168.9

(333.6)

(775.1)

40.2

1,579.5

^[1]

90.4

(44.9)

(46.7)

Balance at Jul. 03, 2022

4.9

478.1

2,254.7

(378.5)

(815.8)

33.5

1,576.9

^[2]

Balance at Apr. 03, 2022

4.9

475.1

2,211.4

(337.6)

(791.8)

41.0

1,603.0

0.0

44.9

0.0

0.6

45.5

0.0

(40.9)

0.0

(1.9)

(42.8)

0.0

(1.6)

0.0

(1.6)

Issuance of shares pursuant to employee stock compensation plans

0.0

(6.2)

0.0

0.2

0.0

0.2

0.0

(24.0)

0.0

(24.0)

0.0

2.8

0.0

2.8

Balance at Jul. 03, 2022

$ 4.9

$ 478.1

$ 2,254.7

$ (378.5)

$ (815.8)

$ 33.5

$ 1,576.9

^[2]

[1]	Condensed from audited financial statements
[2]	Unaudited

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jul. 03, 2022

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, 2021. 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 3, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

Company Operations

The Company is a resource- and technology-based company that develops, produces and markets worldwide a broad range of specialty minerals, mineral-based and synthetic mineral products and supporting systems and services.

The Company 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 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 Customers

6 Months Ended

Jul. 03, 2022

Revenue from Contracts with Customers [Abstract]

Revenue from Contracts with Customers

Note 2. Revenue from Contracts with Customers

The following table disaggregates our revenue by major source (product line) for the three and six-month periods ended July 3, 2022 and July 4, 2021:

(millions of dollars)	Three Months Ended				Six Months Ended
Net Sales	Jul. 3, 2022		Jul. 4, 2021		Jul. 3, 2022		Jul. 4, 2021

Household, Personal Care & Specialty Products	$	140.1	$	102.6	$	282.6	$	212.0
Metalcasting		88.8		80.5		169.0		162.2
Environmental Products		54.4		39.9		90.3		65.9
Building Materials		16.3		15.4		29.8		29.2
Performance Materials		299.6		238.4		571.7		469.3

Paper PCC		91.9		85.8		188.7		175.4
Specialty PCC		28.0		18.5		52.2		38.9
Ground Calcium Carbonate		28.9		25.5		55.4		49.5
Talc		15.5		12.9		31.1		26.7
Specialty Minerals		164.3		142.7		327.4		290.5

Refractory Products		70.2		58.0		135.0		116.8
Metallurgical Products		22.9		16.5		42.0		31.6
Refractories		93.1		74.5		177.0		148.4

Total	$	557.0	$	455.6	$	1,076.1	$	908.2

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Acquisitions

6 Months Ended

Jul. 03, 2022

Restructuring and Other Items, net [Abstract]

Acquisitions

Note 3. Acquisitions

Normerica Inc.

On July 26, 2021, the Company completed the acquisition of Normerica Inc., a leading North American supplier of premium pet care products. 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. The results of Normerica are included within our Household, Personal Care & Specialty Products product line in our Performance Materials segment. The fair value of the total consideration transferred, net of cash acquired, was $187.5 million.

The acquisition has been accounted for using the acquisition method of accounting, which requires, among other things, that we recognize the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. As of July 3, 2022, the purchase price allocation remains preliminary as the Company completes its assessment of property, certain reserves, legal and tax matters, obligations, intangible assets and deferred taxes, as well as completes its review of Normerica’s existing accounting policies.

The following table summarizes the Company's preliminary purchase price allocation for the Normerica acquisition as previously reported on the Company's Form 10-K for the year ended December 31, 2021. There have been no changes to the purchase price allocation during the period ended July 3, 2022.

(millions of dollars)	Preliminary Allocation Previously Reported on Form 10-K as of July 3, 2022

Accounts receivable	$	8.4
Inventories		5.1
Other current assets		1.4
Property, plant and equipment		21.2
Goodwill		104.5
Intangible assets		68.1
Total assets acquired		208.7
Accounts payable		12.8
Accrued expenses		8.4
Total liabilities assumed		21.2
Net assets acquired	$	187.5

The Company used the income, market, or cost approach (or a combination thereof) for the valuation and used valuation inputs and analyses that were based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. For certain items, the carrying value was determined to be a reasonable approximation of fair value based on the information available.

Goodwill was calculated as the excess of the consideration transferred over the assets acquired and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill is primarily attributable to fair value of expected synergies from combining the MTI and Normerica businesses and will be allocated to the Performance Materials segment. The allocation was completed during the third quarter of 2022.

Intangible assets acquired mainly include tradenames and customer relationships. Tradenames have an estimated useful life of approximately 15 years and customer relationships have an estimated useful life of approximately 20 years.

The Company incurred $2.6 million and $4.2 million of acquisition related transaction and integration costs during the three and six-month periods ended July 3, 2022 and $0.4 million in the three and six-months period ended July 4, 2021, which are reflected within the acquisition-related expense line of the Condensed Consolidated Statements of Income.

Concept Pet Heimtierprodukte GmbH

On April 29, 2022, the Company completed the acquisition of Concept Pet Heimtierprodukte GmbH ("Concept Pet"), a European supplier of pet litter products. The purchase of Concept Pet supports the expansion of our European pet care business, as well as provides additional mineral reserves. The purchase price was $28.0 million and acquisition was financed through cash on hand. The fair value of the total consideration transferred, net of cash acquired, was $22.3 million. The results of Concept Pet are included in our Performance Materials segment. The acquisition has been accounted for using the acquisition method of accounting, which requires, among other things, that we recognize the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The Company has recorded goodwill of $9.2 million and intangible assets of $4.3 million relating to this acquisition.

Earnings per Share

6 Months Ended

Jul. 03, 2022

Earnings per Share [Abstract]

Earnings per Share

Note 4. 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. 3, 2022		Jul. 4, 2021		Jul. 3, 2022		Jul. 4, 2021

Net income attributable to Minerals Technologies Inc.	$	44.9	$	41.9	$	89.0	$	81.8

Weighted average shares outstanding		32.8		33.7		33.0		33.8
Dilutive effect of stock options and stock units		0.1		0.4		0.1		0.2
Weighted average shares outstanding, adjusted		32.9		34.1		33.1		34.0

Basic earnings per share attributable to Minerals Technologies Inc.	$	1.37	$	1.24	$	2.70	$	2.42

Diluted earnings per share attributable to Minerals Technologies Inc.	$	1.36	$	1.23	$	2.69	$	2.41

Of the options outstanding of 1,524,368 and 1,415,684 for the three-month and six-month periods ended July 3, 2022 and July 4, 2021, respectively, options to purchase 728,322 shares and 253,895 shares of common stock for the three-month and six-month periods ending July 3, 2022 and July 4, 2021, 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, net

6 Months Ended

Jul. 03, 2022

Restructuring and Other Items, net

Note 5. Restructuring and Other Items, net

At July 3, 2022, the Company had $1.9 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 2022.

The following table is a reconciliation of our restructuring liability balance as of July 3, 2022:

(millions of dollars)
Restructuring liability, December 31, 2021	$	2.2
Additional provision		—
Cash payments		(0.3	)
Restructuring liability, July 3, 2022	$	1.9

Income Taxes	6 Months Ended
Income Taxes	Jul. 03, 2022
Income Taxes [Abstract]
Income Taxes	Note 6. Income Taxes Provision for taxes was $11.4 million and $22.6 million during the three-month and six-month periods ended July 3, 2022. Provision for taxes was $9.8 million and $18.7 million for the three-month and six-month periods ended July 4, 2021. The effective tax rate was 20.2% for the three months ended July 3, 2022 as compared with 18.7% for the three months ended July 4, 2021. The effective tax rate was 20.1% for the six months ended July 3, 2022, as compared with 18.4% for the six months ended July 4, 2021. The higher tax rate was primarily due to a deferred tax benefit resulting from a foreign country rate change in the prior year. As of July 3, 2022, the Company had approximately $5.0 million of total unrecognized income tax benefits. Included in this amount were a total of $3.5 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 3, 2022 and an accrued balance of $1.1 million of interest and penalties as of July 3, 2022. 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 2015.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Goodwill and Other Intangible Assets [Abstract]

Inventories

6 Months Ended

Jul. 03, 2022

Inventories [Abstract]

Inventories

Note 7. Inventories

The following is a summary of inventories by major category:

(millions of dollars)	Jul. 3, 2022		Dec. 31, 2021

Raw materials	$	167.6	$	136.6
Work-in-process		14.3		10.7
Finished goods		105.9		99.4
Packaging and supplies		52.1		51.0
Total inventories	$	339.9	$	297.7

Goodwill and Other Intangible Assets

6 Months Ended

Jul. 03, 2022

Goodwill and Other Intangible Assets

Note 8. 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 $913.2 million and $907.5 million as of July 3, 2022 and December 31, 2021, respectively. The net change in goodwill from December 31, 2021 to July 3, 2022 is primarily attributable to the purchase of Concept Pet (see Note 3 to the Condensed Consolidated Financial Statements) and effects of foreign exchange.

Intangible assets subject to amortization as of July 3, 2022 and December 31, 2021 were as follows:

			July 3, 2022				December 31, 2021
(millions of dollars)	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization

Tradenames		34	$	221.5	$	48.6	$	221.6	$	44.9
Technology		13		18.8		12.0		18.8		11.2
Patents and trademarks		19		6.4		6.4		6.4		6.4
Customer relationships		21		77.6		9.4		75.2		7.9
		29	$	324.3	$	76.4	$	322.0	$	70.4

The weighted average amortization period for acquired intangible assets subject to amortization is approximately 29 years. Estimated amortization expense is $6.4 million for the remainder of 2022, $51.2 million for 2023–2026 and $190.3 million thereafter.

Derivative Financial Instruments

6 Months Ended

Jul. 03, 2022

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

Note 9. 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 an asset of $0.1 million at July 3, 2022 and is recorded in prepaid expenses and other current assets 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 one or more of our foreign subsidiaries. During the second quarter of 2018, the Company entered into a cross currency rate swap with a total notional value of $150 million to exchange monthly fixed-rate interest payments in U.S. dollars for monthly fixed-rate interest rate payments in Euros. This contract matures in May 2023 and requires the exchange of Euros and U.S. dollar principal payments upon maturity. The fair value of this swap is an asset of $16.7 million at July 3, 2022 and is recorded in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheet. Changes in the fair value of this financial instrument are recognized in accumulated other comprehensive income (loss) to offset the change in the carrying amount of the net investment being hedged. Amounts are reclassified out of accumulated other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated.

Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows:

●	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

6 Months Ended

Jul. 03, 2022

Long-Term Debt and Commitments

Note 10. Long-Term Debt and Commitments

The following is a summary of long-term debt:

(millions of dollars)	Jul. 3, 2022		December 31, 2021

Term Loan Facility-Variable Tranche due February 14, 2024, net of unamortized discount and deferred financing costs of $6.9 million and $8.8 million	$	541.1	$	539.2
Senior Notes due 2028, net of unamortized deferred financing costs of $5.1 million and $5.4 million		394.9		394.6
Netherlands Term Loan due 2022		—		0.2
Japan Loan Facilities		2.2		3.0
Austria Term Loan due 2027		1.4		—
Slovakia Term Loan due 2025		0.5		—
Total		940.1		937.0
Less: Current maturities		0.8		0.8
Total long-term debt	$	939.3	$	936.2

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 3, 2022, there were $110.0 million in loans and $10.4 million in letters of credit outstanding under the Revolving Facility. The Company is in compliance with all the covenants associated with the Revolving Facility throughout the period covered by this report.

On June 30, 2020, the Company issued $400 million aggregate principal amount of 5.0% Senior Notes due 2028 (the "Notes"). The Notes were issued pursuant to an indenture, dated as of June 30, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. The Company used the net proceeds of its offering of the Notes to repay all of its outstanding loans under the fixed rate tranche of the Term Facility, repay all of its outstanding borrowings under its Revolving Credit Facility, and the remainder for general corporate purposes.

The Notes bear an interest rate of 5.0% per annum payable semi-annually on January 1 and July 1 of each year, beginning on January 1, 2021. The Notes are unconditionally guaranteed on a senior unsecured basis by each of the Company's existing and future wholly owned domestic restricted subsidiaries that is a borrower under or that guarantees the Company's obligations under its Senior Secured Credit Facilities or that guarantees the Company's or any of the Company's wholly owned domestic subsidiaries’ long-term indebtedness in an aggregate amount in excess of $50 million.

At any time and from time to time prior to July 1, 2023, the Company may redeem some or all of the Notes for cash at a redemption price equal to 100% 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 40% of the aggregate principal amount of the Notes with funds from one or more equity offerings at a redemption price equal to 105% 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 101% 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 matured in the first quarter of 2022. During the first quarter of 2022, the Company repaid the remaining $0.2 million on this loan.

The Company has a committed loan facility in Japan. As of July 3, 2022, $2.2 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.3 million on this facility during the first six months of 2022.

As part of the Concept Pet acquisition, the Company assumed $1.9 million in long-term debt, recorded at fair value, consisting of two terms loans, one which matures in 2025 and one that matures in 2027. Both loans have annual payments and carry a variable interest rate.

As of July 3, 2022, the Company had $25.2 million in uncommitted short-term bank credit lines, of which none were in use.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Benefit Plans

6 Months Ended

Jul. 03, 2022

Benefit Plans [Abstract]

Benefit Plans

Note 11. 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. 3, 2022			Jul. 4, 2021			Jul. 3, 2022			Jul. 4, 2021

Service cost	$	1.8		$	2.0		$	3.6		$	4.0
Interest cost		2.3			2.0			4.7			4.0
Expected return on plan assets		(5.7	)		(5.4	)		(11.4	)		(10.8	)
Amortization:
Prior service cost		—			0.1			0.1			0.2
Recognized net actuarial loss		1.6			3.6			3.1			7.0
Settlement loss		1.5			2.2			1.5			2.2
Net periodic benefit cost	$	1.5		$	4.5		$	1.6		$	6.6

	Post-Retirement Benefits
	Three Months Ended						Six Months Ended
(millions of dollars)	Jul. 3, 2022			Jul. 4, 2021			Jul. 3, 2022			Jul. 4, 2021

Service cost	$	—		$	0.1		$	—		$	0.1
Interest cost		—			—			—			—
Amortization:
Recognized net actuarial (gain) loss		(0.1	)		(0.2	)		(0.2	)		(0.4	)
Net periodic benefit cost	$	(0.1	)	$	(0.1	)	$	(0.2	)	$	(0.3	)

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 $10.1 million to its pension plans and $0.5 million to its other postretirement benefit plans in 2022. As of July 3, 2022, $2.2 million has been contributed to the pension plans and approximately $0.1 million has been contributed to the other postretirement benefit plans.

The entire disclosure for retirement benefits.

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Segment and Related Information

Comprehensive Income

6 Months Ended

Jul. 03, 2022

Comprehensive Income [Abstract]

Comprehensive Income

Note 12. 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. 3, 2022			Jul. 4, 2021			Jul. 3, 2022			Jul. 4, 2021

Amortization of pension items:
Pre-tax amount	$	3.0		$	5.7		$	4.5		$	9.0
Tax		(0.7	)		(1.4	)		(1.1	)		(2.2	)
Net of tax	$	2.3		$	4.3		$	3.4		$	6.8

The pre-tax amounts in the table above are included within the components of net periodic pension benefit cost (see Note 11 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, 2021	$	(269.8	)	$	(69.6	)	$	5.8	$	(333.6	)

Other comprehensive income (loss) before reclassifications		(57.6	)		—			9.3		(48.3	)
Amounts reclassified from AOCI		—			3.4			—		3.4
Net current period other comprehensive income (loss)		(57.6	)		3.4			9.3		(44.9	)
Balance as of July 3, 2022	$	(327.4	)	$	(66.2	)	$	15.1	$	(378.5	)

Contingencies	6 Months Ended
Contingencies	Jul. 03, 2022
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 asbestos containing materials related to our talc products and operations. As of July 3, 2022, we had 420 open asbestos cases, which is an increase in volume from previous years. These claims typically allege various theories of liability, including negligence, gross negligence and strict liability and seek compensatory and, in some cases, punitive damages, but 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. While the cost to the Company for the defense of these cases has increased concurrently with the volume, the majority of these costs, 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. 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

6 Months Ended

Jul. 03, 2022

Note 14. Segment and Related Information

The Company 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 3, 2022 and July 4, 2021 is as follows:

	Three Months Ended				Six Months Ended
(millions of dollars)	Jul. 3, 2022		Jul. 4, 2021		Jul. 3, 2022		Jul. 4, 2021

Net Sales
Performance Materials	$	299.6	$	238.4	$	571.7	$	469.3
Specialty Minerals		164.3		142.7		327.4		290.5
Refractories		93.1		74.5		177.0		148.4
Total	$	557.0	$	455.6	$	1,076.1	$	908.2

Income from Operations
Performance Materials	$	36.9	$	34.7	$	70.6	$	64.5
Specialty Minerals		20.2		20.0		38.6		41.1
Refractories		16.2		11.7		32.7		23.7
Total	$	73.3	$	66.4	$	141.9	$	129.3

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. 3, 2022			Jul. 4, 2021			Jul. 3, 2022			Jul. 4, 2021

Income from operations for reportable segments	$	73.3		$	66.4		$	141.9		$	129.3
Acquisition related transaction and integration costs		(2.6	)		(0.4	)		(4.2	)		(0.4	)
Litigation costs		(1.5	)		—			(1.5	)		—
Unallocated and other corporate expenses		0.2			(2.3	)		(0.6	)		(6.4	)
Consolidated income from operations		69.4			63.7			135.6			122.5
Non-operating deductions, net		(13.1	)		(11.4	)		(23.3	)		(20.8	)
Income before tax and equity in earnings	$	56.3		$	52.3		$	112.3		$	101.7

The Company's sales by product category are as follows:

	Three Months Ended				Six Months Ended
(millions of dollars)	Jul. 3, 2022		Jul. 4, 2021		Jul. 3, 2022		Jul. 4, 2021

Household, Personal Care & Specialty Products	$	140.1	$	102.6	$	282.6	$	212.0
Metalcasting		88.8		80.5		169.0		162.2
Environmental Products		54.4		39.9		90.3		65.9
Building Materials		16.3		15.4		29.8		29.2
Paper PCC		91.9		85.8		188.7		175.4
Specialty PCC		28.0		18.5		52.2		38.9
Ground Calcium Carbonate		28.9		25.5		55.4		49.5
Talc		15.5		12.9		31.1		26.7
Refractory Products		70.2		58.0		135.0		116.8
Metallurgical Products		22.9		16.5		42.0		31.6
Total	$	557.0	$	455.6	$	1,076.1	$	908.2

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Revenue from Contracts with Customers [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 03, 2022
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 Issued Accounting Standards	Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. All recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations.

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jul. 03, 2022

Disaggregation of Revenue

The following table disaggregates our revenue by major source (product line) for the three and six-month periods ended July 3, 2022 and July 4, 2021:

(millions of dollars)	Three Months Ended				Six Months Ended
Net Sales	Jul. 3, 2022		Jul. 4, 2021		Jul. 3, 2022		Jul. 4, 2021

Household, Personal Care & Specialty Products	$	140.1	$	102.6	$	282.6	$	212.0
Metalcasting		88.8		80.5		169.0		162.2
Environmental Products		54.4		39.9		90.3		65.9
Building Materials		16.3		15.4		29.8		29.2
Performance Materials		299.6		238.4		571.7		469.3

Paper PCC		91.9		85.8		188.7		175.4
Specialty PCC		28.0		18.5		52.2		38.9
Ground Calcium Carbonate		28.9		25.5		55.4		49.5
Talc		15.5		12.9		31.1		26.7
Specialty Minerals		164.3		142.7		327.4		290.5

Refractory Products		70.2		58.0		135.0		116.8
Metallurgical Products		22.9		16.5		42.0		31.6
Refractories		93.1		74.5		177.0		148.4

Total	$	557.0	$	455.6	$	1,076.1	$	908.2

Acquisitions (Tables)

6 Months Ended

Jul. 03, 2022

Preliminary Purchase Price Allocation for Normerica Acquisition

(millions of dollars)	Preliminary Allocation Previously Reported on Form 10-K as of July 3, 2022

Accounts receivable	$	8.4
Inventories		5.1
Other current assets		1.4
Property, plant and equipment		21.2
Goodwill		104.5
Intangible assets		68.1
Total assets acquired		208.7
Accounts payable		12.8
Accrued expenses		8.4
Total liabilities assumed		21.2
Net assets acquired	$	187.5

Earnings per Share (Tables)

6 Months Ended

Jul. 03, 2022

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. 3, 2022		Jul. 4, 2021		Jul. 3, 2022		Jul. 4, 2021

Net income attributable to Minerals Technologies Inc.	$	44.9	$	41.9	$	89.0	$	81.8

Weighted average shares outstanding		32.8		33.7		33.0		33.8
Dilutive effect of stock options and stock units		0.1		0.4		0.1		0.2
Weighted average shares outstanding, adjusted		32.9		34.1		33.1		34.0

Basic earnings per share attributable to Minerals Technologies Inc.	$	1.37	$	1.24	$	2.70	$	2.42

Diluted earnings per share attributable to Minerals Technologies Inc.	$	1.36	$	1.23	$	2.69	$	2.41

Restructuring and Other Items, net (Tables)

6 Months Ended

Jul. 03, 2022

Restructuring and Other Items, net [Abstract]

Reconciliation of Restructuring Liability

The following table is a reconciliation of our restructuring liability balance as of July 3, 2022:

(millions of dollars)
Restructuring liability, December 31, 2021	$	2.2
Additional provision		—
Cash payments		(0.3	)
Restructuring liability, July 3, 2022	$	1.9

Inventories (Tables)

6 Months Ended

Jul. 03, 2022

Inventories [Abstract]

Inventories by Major Category

The following is a summary of inventories by major category:

(millions of dollars)	Jul. 3, 2022		Dec. 31, 2021

Raw materials	$	167.6	$	136.6
Work-in-process		14.3		10.7
Finished goods		105.9		99.4
Packaging and supplies		52.1		51.0
Total inventories	$	339.9	$	297.7

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jul. 03, 2022

Goodwill and Other Intangible Assets [Abstract]

Intangible Assets Subject to Amortization

Intangible assets subject to amortization as of July 3, 2022 and December 31, 2021 were as follows:

			July 3, 2022				December 31, 2021
(millions of dollars)	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization

Tradenames		34	$	221.5	$	48.6	$	221.6	$	44.9
Technology		13		18.8		12.0		18.8		11.2
Patents and trademarks		19		6.4		6.4		6.4		6.4
Customer relationships		21		77.6		9.4		75.2		7.9
		29	$	324.3	$	76.4	$	322.0	$	70.4

Long-Term Debt and Commitments (Tables)

6 Months Ended

Jul. 03, 2022

Long Term Debt

The following is a summary of long-term debt:

(millions of dollars)	Jul. 3, 2022		December 31, 2021

Term Loan Facility-Variable Tranche due February 14, 2024, net of unamortized discount and deferred financing costs of $6.9 million and $8.8 million	$	541.1	$	539.2
Senior Notes due 2028, net of unamortized deferred financing costs of $5.1 million and $5.4 million		394.9		394.6
Netherlands Term Loan due 2022		—		0.2
Japan Loan Facilities		2.2		3.0
Austria Term Loan due 2027		1.4		—
Slovakia Term Loan due 2025		0.5		—
Total		940.1		937.0
Less: Current maturities		0.8		0.8
Total long-term debt	$	939.3	$	936.2

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Net Periodic Benefit Cost

Benefit Plans (Tables)

6 Months Ended

Jul. 03, 2022

Benefit Plans [Abstract]

Components of Net Periodic Benefit Cost

	Pension Benefits
	Three Months Ended						Six Months Ended
(millions of dollars)	Jul. 3, 2022			Jul. 4, 2021			Jul. 3, 2022			Jul. 4, 2021

Service cost	$	1.8		$	2.0		$	3.6		$	4.0
Interest cost		2.3			2.0			4.7			4.0
Expected return on plan assets		(5.7	)		(5.4	)		(11.4	)		(10.8	)
Amortization:
Prior service cost		—			0.1			0.1			0.2
Recognized net actuarial loss		1.6			3.6			3.1			7.0
Settlement loss		1.5			2.2			1.5			2.2
Net periodic benefit cost	$	1.5		$	4.5		$	1.6		$	6.6

	Post-Retirement Benefits
	Three Months Ended						Six Months Ended
(millions of dollars)	Jul. 3, 2022			Jul. 4, 2021			Jul. 3, 2022			Jul. 4, 2021

Service cost	$	—		$	0.1		$	—		$	0.1
Interest cost		—			—			—			—
Amortization:
Recognized net actuarial (gain) loss		(0.1	)		(0.2	)		(0.2	)		(0.4	)
Net periodic benefit cost	$	(0.1	)	$	(0.1	)	$	(0.2	)	$	(0.3	)

Comprehensive Income (Tables)

6 Months Ended

Jul. 03, 2022

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. 3, 2022			Jul. 4, 2021			Jul. 3, 2022			Jul. 4, 2021

Amortization of pension items:
Pre-tax amount	$	3.0		$	5.7		$	4.5		$	9.0
Tax		(0.7	)		(1.4	)		(1.1	)		(2.2	)
Net of tax	$	2.3		$	4.3		$	3.4		$	6.8

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, 2021	$	(269.8	)	$	(69.6	)	$	5.8	$	(333.6	)

Other comprehensive income (loss) before reclassifications		(57.6	)		—			9.3		(48.3	)
Amounts reclassified from AOCI		—			3.4			—		3.4
Net current period other comprehensive income (loss)		(57.6	)		3.4			9.3		(44.9	)
Balance as of July 3, 2022	$	(327.4	)	$	(66.2	)	$	15.1	$	(378.5	)

Segment and Related Information (Tables)

6 Months Ended

Jul. 03, 2022

Segment Information

	Three Months Ended				Six Months Ended
(millions of dollars)	Jul. 3, 2022		Jul. 4, 2021		Jul. 3, 2022		Jul. 4, 2021

Net Sales
Performance Materials	$	299.6	$	238.4	$	571.7	$	469.3
Specialty Minerals		164.3		142.7		327.4		290.5
Refractories		93.1		74.5		177.0		148.4
Total	$	557.0	$	455.6	$	1,076.1	$	908.2

Income from Operations
Performance Materials	$	36.9	$	34.7	$	70.6	$	64.5
Specialty Minerals		20.2		20.0		38.6		41.1
Refractories		16.2		11.7		32.7		23.7
Total	$	73.3	$	66.4	$	141.9	$	129.3

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. 3, 2022			Jul. 4, 2021			Jul. 3, 2022			Jul. 4, 2021

Income from operations for reportable segments	$	73.3		$	66.4		$	141.9		$	129.3
Acquisition related transaction and integration costs		(2.6	)		(0.4	)		(4.2	)		(0.4	)
Litigation costs		(1.5	)		—			(1.5	)		—
Unallocated and other corporate expenses		0.2			(2.3	)		(0.6	)		(6.4	)
Consolidated income from operations		69.4			63.7			135.6			122.5
Non-operating deductions, net		(13.1	)		(11.4	)		(23.3	)		(20.8	)
Income before tax and equity in earnings	$	56.3		$	52.3		$	112.3		$	101.7

Sales by Product Category

The Company's sales by product category are as follows:

	Three Months Ended				Six Months Ended
(millions of dollars)	Jul. 3, 2022		Jul. 4, 2021		Jul. 3, 2022		Jul. 4, 2021

Household, Personal Care & Specialty Products	$	140.1	$	102.6	$	282.6	$	212.0
Metalcasting		88.8		80.5		169.0		162.2
Environmental Products		54.4		39.9		90.3		65.9
Building Materials		16.3		15.4		29.8		29.2
Paper PCC		91.9		85.8		188.7		175.4
Specialty PCC		28.0		18.5		52.2		38.9
Ground Calcium Carbonate		28.9		25.5		55.4		49.5
Talc		15.5		12.9		31.1		26.7
Refractory Products		70.2		58.0		135.0		116.8
Metallurgical Products		22.9		16.5		42.0		31.6
Total	$	557.0	$	455.6	$	1,076.1	$	908.2

Basis of Presentation and Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jul. 03, 2022 Segment
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of reportable segments	3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Disaggregation of Revenue [Abstract]
Net sales	$ 557.0	$ 455.6	$ 1,076.1	$ 908.2
Household, Personal Care & Specialty Products [Member]
Disaggregation of Revenue [Abstract]
Net sales	140.1	102.6	282.6	212.0
Metalcasting [Member]
Disaggregation of Revenue [Abstract]
Net sales	88.8	80.5	169.0	162.2
Environmental Products [Member]
Disaggregation of Revenue [Abstract]
Net sales	54.4	39.9	90.3	65.9
Building Materials [Member]
Disaggregation of Revenue [Abstract]
Net sales	16.3	15.4	29.8	29.2
Paper PCC [Member]
Disaggregation of Revenue [Abstract]
Net sales	91.9	85.8	188.7	175.4
Specialty PCC [Member]
Disaggregation of Revenue [Abstract]
Net sales	28.0	18.5	52.2	38.9
Ground Calcium Carbonate [Member]
Disaggregation of Revenue [Abstract]
Net sales	28.9	25.5	55.4	49.5
Talc [Member]
Disaggregation of Revenue [Abstract]
Net sales	15.5	12.9	31.1	26.7
Refractory Products [Member]
Disaggregation of Revenue [Abstract]
Net sales	70.2	58.0	135.0	116.8
Metallurgical Products [Member]
Disaggregation of Revenue [Abstract]
Net sales	22.9	16.5	42.0	31.6
Performance Materials [Member]
Disaggregation of Revenue [Abstract]
Net sales	299.6	238.4	571.7	469.3
Performance Materials [Member] \| Household, Personal Care & Specialty Products [Member]
Disaggregation of Revenue [Abstract]
Net sales	140.1	102.6	282.6	212.0
Performance Materials [Member] \| Metalcasting [Member]
Disaggregation of Revenue [Abstract]
Net sales	88.8	80.5	169.0	162.2
Performance Materials [Member] \| Environmental Products [Member]
Disaggregation of Revenue [Abstract]
Net sales	54.4	39.9	90.3	65.9
Performance Materials [Member] \| Building Materials [Member]
Disaggregation of Revenue [Abstract]
Net sales	16.3	15.4	29.8	29.2
Specialty Minerals [Member]
Disaggregation of Revenue [Abstract]
Net sales	164.3	142.7	327.4	290.5
Specialty Minerals [Member] \| Paper PCC [Member]
Disaggregation of Revenue [Abstract]
Net sales	91.9	85.8	188.7	175.4
Specialty Minerals [Member] \| Specialty PCC [Member]
Disaggregation of Revenue [Abstract]
Net sales	28.0	18.5	52.2	38.9
Specialty Minerals [Member] \| Ground Calcium Carbonate [Member]
Disaggregation of Revenue [Abstract]
Net sales	28.9	25.5	55.4	49.5
Specialty Minerals [Member] \| Talc [Member]
Disaggregation of Revenue [Abstract]
Net sales	15.5	12.9	31.1	26.7
Refractories [Member]
Disaggregation of Revenue [Abstract]
Net sales	93.1	74.5	177.0	148.4
Refractories [Member] \| Refractory Products [Member]
Disaggregation of Revenue [Abstract]
Net sales	70.2	58.0	135.0	116.8
Refractories [Member] \| Metallurgical Products [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 22.9	$ 16.5	$ 42.0	$ 31.6

Acquisitions (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Apr. 29, 2022

Jul. 26, 2021

Jul. 03, 2022

Jul. 04, 2021

Jul. 03, 2022

Jul. 04, 2021

Dec. 31, 2021

^[2]

Total consideration transferred, net of cash acquired

$ 22.3

$ 0.0

Preliminary Purchase Price Allocation [Abstract]

Estimated useful life of intangible assets acquired

$ 913.2

^[1]

$ 913.2

^[1]

$ 907.5

29 years

2.6

$ 0.4

$ 4.2

$ 0.4

Normerica [Member]

Total consideration transferred, net of cash acquired

$ 187.5

Preliminary Purchase Price Allocation [Abstract]

Accounts receivable

8.4

Inventories

5.1

Other current assets

1.4

Property, plant and equipment

21.2

Total liabilities assumed

104.5

Intangible assets

68.1

Total assets acquired

208.7

Accounts payable

12.8

Accrued expenses

8.4

21.2

Net assets acquired

187.5

$ 2.6

$ 4.2

Normerica [Member] | Trade Names [Member]

Preliminary Purchase Price Allocation [Abstract]

Estimated useful life of intangible assets acquired

15 years

Normerica [Member] | Customer Relationships [Member]

Preliminary Purchase Price Allocation [Abstract]

Estimated useful life of intangible assets acquired

20 years

Concept Pet [Member]

Total consideration transferred, net of cash acquired

Purchase price

$ 28.0

22.3

Preliminary Purchase Price Allocation [Abstract]

9.2

Intangible assets

$ 4.3

[1]	Unaudited
[2]	Condensed from audited financial statements

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Earnings per Share [Abstract]
Net income attributable to Minerals Technologies Inc.	$ 44.9	$ 41.9	$ 89.0	$ 81.8
Weighted average shares outstanding (in shares)	32,800,000	33,700,000	33,000,000.0	33,800,000
Dilutive effect of stock options and stock units (in shares)	100,000	400,000	100,000	200,000
Weighted average shares outstanding, adjusted (in shares)	32,900,000	34,100,000	33,100,000	34,000,000.0
Basic earnings per share attributable to Minerals Technologies Inc. (in dollars per share)	$ 1.37	$ 1.24	$ 2.70	$ 2.42
Diluted earnings per share attributable to Minerals Technologies Inc. (in dollars per share)	$ 1.36	$ 1.23	$ 2.69	$ 2.41
Stock Options [Member]
Earnings per Share [Abstract]
Options outstanding (in shares)	1,524,368	1,415,684	1,524,368	1,415,684
Anti-dilutive securities not included in computation of diluted earnings per share (in shares)	728,322	253,895	728,322	253,895

Restructuring and Other Items, net (Details) $ in Millions	6 Months Ended
Restructuring and Other Items, net (Details) $ in Millions	Jul. 03, 2022 USD ($)
Restructuring Liability [Roll Forward]
Restructuring liability, beginning of period	$ 2.2
Additional provision	0.0
Cash payments	(0.3)
Restructuring liability, end of period	$ 1.9

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Income Taxes [Abstract]
Provision for taxes on income	$ 11.4	$ 9.8	$ 22.6	$ 18.7
Effective income tax rate	20.20%	18.70%	20.10%	18.40%
Amount of unrecognized tax benefits	$ 5.0		$ 5.0
Unrecognized tax benefits that would impact effective tax rate	3.5		3.5
Unrecognized tax benefits, net increase in interest and penalties	0.1
Unrecognized tax benefits, accrued interest and penalties	$ 1.1		$ 1.1

Goodwill and Other Intangible Assets [Abstract]

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Inventories (Details) - USD ($)
$ in Millions

Jul. 03, 2022

Dec. 31, 2021

Inventories [Abstract]

Raw materials

$ 167.6

$ 136.6

Work-in-process

14.3

10.7

Finished goods

105.9

99.4

Packaging and supplies

52.1

51.0

Total inventories

$ 339.9

^[1]

$ 297.7

^[2]

[1]	Unaudited
[2]	Condensed from audited financial statements

Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions

6 Months Ended

Jul. 03, 2022

Dec. 31, 2021

Intangible Assets Subject to Amortization [Abstract]

$ 913.2

^[1]

$ 907.5

^[2]

29 years

$ 324.3

322.0

Future Amortization Expense [Abstract]

$ 76.4

70.4

Weighted average amortization period

29 years

Estimated amortization expense, remainder of 2022

$ 6.4

Estimated amortization expense, 2023

51.2

Estimated amortization expense, 2024

51.2

Estimated amortization expense, 2025

51.2

Estimated amortization expense, 2026

51.2

Estimated amortization expense, thereafter

$ 190.3

Tradenames [Member]

Intangible Assets Subject to Amortization [Abstract]

34 years

$ 221.5

221.6

Intangible Assets Subject to Amortization [Abstract]

$ 48.6

44.9

Technology [Member]

13 years

$ 18.8

18.8

Patents and Trademarks [Member]

$ 12.0

11.2

Intangible Assets Subject to Amortization [Abstract]

19 years

$ 6.4

6.4

Customer Relationships [Member]

$ 6.4

6.4

Intangible Assets Subject to Amortization [Abstract]

21 years

$ 77.6

75.2

$ 9.4

$ 7.9

[1]	Unaudited
[2]	Condensed from audited financial statements

Derivative Financial Instruments (Details) $ in Millions	Jul. 03, 2022 USD ($) Subsidiary	Jul. 01, 2018 USD ($)
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		$ 150.0
Cash Flow Hedge [Member] \| Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivative Financial Instruments [Abstract]
Fair value of derivative asset	$ 0.1
Net Investment Hedge [Member] \| Cross Currency Rate Swap [Member] \| Designated as Hedging Instrument [Member]
Derivative Financial Instruments [Abstract]
Notional amount		$ 150.0
Net Investment Hedge [Member] \| Cross Currency Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivative Financial Instruments [Abstract]
Fair value of derivative asset	$ 16.7

Long-Term Debt and Commitments, Summary of Long-Term Debt (Details) - USD ($)
$ in Millions

6 Months Ended

Jul. 03, 2022

Dec. 31, 2021

Feb. 14, 2017

Jun. 23, 2015

Term Loan Facility - Variable Tranche [Member]

$ 940.1

$ 937.0

Less: Current maturities

0.8

^[1]

0.8

^[2]

Total long-term debt

939.3

^[1]

936.2

^[2]

$ 541.1

539.2

$ 788.0

$ 1,078.0

Unamortized discount and deferred financing costs

Feb. 14, 2024

$ 6.9

8.8

Senior Notes due 2028 [Member]

$ 394.9

394.6

Unamortized deferred financing costs

Jun. 30, 2028

$ 5.1

5.4

Netherlands Term Loan Due 2022 [Member]

$ 0.0

0.2

Japan Loan Facilities [Member]

Dec. 31, 2022

Austria Term Loan Due 2027 [Member]

$ 2.2

3.0

$ 1.4

0.0

Slovakia Term Loan Due 2025 [Member]

Dec. 31, 2027

$ 0.5

$ 0.0

Dec. 31, 2025

[1]	Unaudited
[2]	Condensed from audited financial statements

Long-Term Debt and Commitments, Long-Term Debt (Details)
$ in Millions

3 Months Ended

6 Months Ended

Apr. 29, 2022

USD ($)

Loan

Apr. 30, 2018

USD ($)

Loan

Feb. 14, 2017

USD ($)

Apr. 03, 2022

Loan

Sep. 27, 2020

Loan

Jul. 03, 2022

USD ($)

qtr

Offering

Jul. 04, 2021

USD ($)

Dec. 31, 2021

USD ($)

Jun. 30, 2020

USD ($)

Jun. 23, 2015

USD ($)

May 09, 2014

USD ($)

$ 940.1

$ 937.0

0.5

$ 0.8

Short-term debt

110.0

^[1]

80.0

^[2]

Concept Pet [Member]

Long-term debt assumed as part of acquisition

$ 1.9

Sivomatic [Member]

Long-term debt assumed as part of acquisition

$ 10.7

Credit Agreement [Member]

Letters of credit excluded from financial covenant

$ 25.0

Number of quarters to maintain net leverage ratio under financial covenant | qtr

Credit Agreement [Member] | Maximum [Member]

Net leverage ratio

3.50

Term Facility [Member]

Face amount

$ 1,560.0

Term Loan Facility - Variable Tranche [Member]

$ 1,378.0

Decrease in basis spread on variable rate

$ 788.0

$ 541.1

539.2

1,078.0

(0.75%)

Required annual amortization

1.00%

Term Loan Facility - Variable Tranche [Member] | Minimum [Member]

Term Loan Facility - Variable Tranche [Member] | LIBOR [Member]

Interest rate

0.75%

Basis spread on variable rate

2.25%

Term Loan Facility - Fixed Tranche [Member]

Revolving Facility [Member]

$ 300.0

Maximum borrowing capacity

$ 300.0

$ 200.0

Letters of credit outstanding

110.0

$ 10.4

Revolving Facility [Member] | Maximum [Member]

Decrease in basis spread if net leverage ratio is less than certain thresholds

(0.25%)

Revolving Facility [Member] | LIBOR [Member]

Basis spread on variable rate

1.625%

Senior Notes due 2028 [Member]

Face amount

$ 400.0

Number of equity offerings where funds can be used to redeem percentage of aggregate principal amount | Offering

$ 394.9

394.6

Interest rate

5.00%

Guarantee amount

$ 50.0

Senior Notes due 2028 [Member] | Redemption of Notes for Cash Prior to July 1, 2023 [Member]

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]

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]

Redemption price percentage

101.00%

Austria and Slovakia Term Loans [Member]

Number of term loans assumed | Loan

Netherlands Term Loans [Member]

Number of term loans assumed | Loan

Number of term loans that matured | Loan

Japan Loan Facilities [Member]

$ 0.2

2.2

$ 3.0

Uncommitted Short-Term Bank Credit Lines [Member]

0.3

Maximum borrowing capacity

25.2

Short-term debt

$ 0.0

[1]	Unaudited
[2]	Condensed from audited financial statements

Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Benefit Plans (Details) - USD ($) $ in Millions	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
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	$ 1.8	$ 2.0	$ 3.6	$ 4.0
Interest cost	2.3	2.0	4.7	4.0
Expected return on plan assets	(5.7)	(5.4)	(11.4)	(10.8)
Amortization of prior service cost	0.0	0.1	0.1	0.2
Amortization of recognized net actuarial (gain) loss	1.6	3.6	3.1	7.0
Settlement loss	1.5	2.2	1.5	2.2
Net periodic benefit cost	1.5	4.5	1.6	6.6
Employer Contributions [Abstract]
Expected company contribution in 2022	10.1		10.1
Employer contributions to benefit plans			2.2
Post-Retirement Benefits [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	0.0	0.1	0.0	0.1
Interest cost	0.0	0.0	0.0	0.0
Amortization of recognized net actuarial (gain) loss	(0.1)	(0.2)	(0.2)	(0.4)
Net periodic benefit cost	(0.1)	$ (0.1)	(0.2)	$ (0.3)
Employer Contributions [Abstract]
Expected company contribution in 2022	$ 0.5		0.5
Employer contributions to benefit plans			$ 0.1

Comprehensive Income, Reclassification Out of Accumulated Other Comprehensive Loss (Details) - Pension Costs [Member] - Reclassification out of Accumulated Other Comprehensive Loss [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Amortization of pension items [Abstract]
Pre-tax amount	$ 3.0	$ 5.7	$ 4.5	$ 9.0
Tax	(0.7)	(1.4)	(1.1)	(2.2)
Net of tax	$ 2.3	$ 4.3	$ 3.4	$ 6.8

Comprehensive Income, Accumulated Other Comprehensive Loss, Net of Related Tax (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jul. 03, 2022

Apr. 03, 2022

Jul. 04, 2021

Apr. 04, 2021

Jul. 03, 2022

Jul. 04, 2021

Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]

Total other comprehensive income (loss), net of tax

^[1]

$ 1,539.3

$ (42.8)

(3.9)

$ 5.3

$ (21.5)

(46.7)

$ (16.2)

Accumulated Other Comprehensive Loss [Member]

^[2]

1,543.4

Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

(333.6)

(48.3)

Total other comprehensive income (loss), net of tax

3.4

(40.9)

(4.0)

$ 5.0

$ (21.0)

(44.9)

Foreign Currency Translation Adjustment [Member]

(378.5)

Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

(269.8)

(57.6)

Total other comprehensive income (loss), net of tax

0.0

(57.6)

Unrecognized Pension Costs [Member]

(327.4)

Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

(69.6)

0.0

Total other comprehensive income (loss), net of tax

3.4

3.4

Net Gain (Loss) on Derivative Instruments [Member]

(66.2)

Components of Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

$ 5.8

5.8

9.3

Total other comprehensive income (loss), net of tax

0.0

9.3

$ 15.1

[1]	Condensed from audited financial statements
[2]	Unaudited

Amount after tax and reclassification adjustments of other comprehensive income (loss).

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Contingencies (Details)	Jul. 03, 2022 Case
Asbestos Cases [Member]
Contingencies [Abstract]
Number of open cases	420

Segment and Related Information, Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2022 USD ($)	Jul. 04, 2021 USD ($)	Jul. 03, 2022 USD ($) Segment	Jul. 04, 2021 USD ($)
Segment and Related Information [Abstract]
Number of reportable segments \| Segment			3
Net sales	$ 557.0	$ 455.6	$ 1,076.1	$ 908.2
Income from operations	69.4	63.7	135.6	122.5
Performance Materials [Member]
Segment and Related Information [Abstract]
Net sales	299.6	238.4	571.7	469.3
Specialty Minerals [Member]
Segment and Related Information [Abstract]
Net sales	164.3	142.7	327.4	290.5
Refractories [Member]
Segment and Related Information [Abstract]
Net sales	93.1	74.5	177.0	148.4
Reportable Segments [Member]
Segment and Related Information [Abstract]
Net sales	557.0	455.6	1,076.1	908.2
Income from operations	73.3	66.4	141.9	129.3
Reportable Segments [Member] \| Performance Materials [Member]
Segment and Related Information [Abstract]
Net sales	299.6	238.4	571.7	469.3
Income from operations	36.9	34.7	70.6	64.5
Reportable Segments [Member] \| Specialty Minerals [Member]
Segment and Related Information [Abstract]
Net sales	164.3	142.7	327.4	290.5
Income from operations	20.2	20.0	38.6	41.1
Reportable Segments [Member] \| Refractories [Member]
Segment and Related Information [Abstract]
Net sales	93.1	74.5	177.0	148.4
Income from operations	$ 16.2	$ 11.7	$ 32.7	$ 23.7

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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