0000891014-23-000103 | 10-Q | XBRL Viewer | Minerals Technologies INC

Segment and Related Information, Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2023 USD ($)	Oct. 02, 2022 USD ($)	Oct. 01, 2023 USD ($) Segment ProductLine	Oct. 02, 2022 USD ($)
Segment and Related Information [Abstract]
Number of reportable segments \| Segment			2
Net sales	$ 547.8	$ 541.9	$ 1,645.4	$ 1,617.9
Income (loss) from operations	(7.9)	35.6	$ 105.0	171.2
Consumer & Specialties [Member]
Segment and Related Information [Abstract]
Number of product lines in segment \| ProductLine			2
Net sales	291.2	284.7	$ 878.8	851.4
Engineered Solutions [Member]
Segment and Related Information [Abstract]
Number of product lines in segment \| ProductLine			2
Net sales	256.6	257.2	$ 766.6	766.5
Reportable Segments [Member]
Segment and Related Information [Abstract]
Net sales	547.8	541.9	1,645.4	1,617.9
Income (loss) from operations	(6.0)	36.1	116.1	178.0
Reportable Segments [Member] \| Consumer & Specialties [Member]
Segment and Related Information [Abstract]
Net sales	291.2	284.7	878.8	851.4
Income (loss) from operations	(46.6)	(0.3)	5.0	62.6
Reportable Segments [Member] \| Engineered Solutions [Member]
Segment and Related Information [Abstract]
Net sales	256.6	257.2	766.6	766.5
Income (loss) from operations	$ 40.6	$ 36.4	$ 111.1	$ 115.4

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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+ Details

Revenue from Contracts with Customers (Tables)

9 Months Ended

Oct. 01, 2023

Revenue from Contracts with Customers [Abstract]

Disaggregation of Revenue by Major Source

The following table disaggregates our revenue by major source (product line) for the three and nine-month periods ended October 1, 2023 and October 2, 2022:

(in millions of dollars)	Three Months Ended				Nine Months Ended
Net Sales	Oct. 1, 2023		Oct. 2, 2022		Oct. 1, 2023		Oct. 2, 2022

Household & Personal Care	$	128.9	$	118.7	$	383.6	$	358.0
Specialty Additives		162.3		166.0		495.2		493.4
Consumer & Specialties Segment		291.2		284.7		878.8		851.4

High-Temperature Technologies		177.4		176.1		538.6		532.7
Environmental & Infrastructure		79.2		81.1		228.0		233.8
Engineered Solutions Segment		256.6		257.2		766.6		766.5

Total	$	547.8	$	541.9	$	1,645.4	$	1,617.9

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

9 Months Ended

Oct. 01, 2023

Oct. 02, 2022

Operating Activities:

Net income

$ 47.6

$ 105.0

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

Depreciation, depletion and amortization

71.5

71.2

Impairment of assets

71.7

0.0

Non-cash pension settlement charge

0.0

1.7

Reduction of right of use asset

10.6

9.5

Non-cash debt extinguishment expenses

0.0

6.9

Pension plan funding

(6.3)

(5.3)

Other non-cash items, net

(1.1)

15.1

Net changes in operating assets and liabilities

(55.7)

(140.5)

Net cash provided by operating activities

138.3

63.6

Investing Activities:

Purchases of property, plant and equipment, net

(71.0)

(59.4)

(1.8)

(22.4)

Proceeds from sale of assets

0.2

1.0

Proceeds from sale of short-term investments

8.5

6.1

Purchases of short-term investments

(12.0)

(2.8)

Other investing activities

0.3

1.6

Net cash used in investing activities

(75.8)

(75.9)

Financing Activities:

Long-term debt issuance

0.0

550.0

Deferred financing costs

0.0

(3.2)

Repayment of long-term debt

(11.0)

(548.7)

Proceeds from issuance of short-term debt

0.0

38.5

Repayment of short-term debt

(10.6)

0.0

Purchase of common stock for treasury

0.0

(56.0)

Proceeds from issuance of stock under option plan

0.2

3.5

Excess tax benefits related to stock incentive programs

(2.8)

(3.3)

Dividends paid to non-controlling interests

(1.0)

(6.3)

Cash dividends paid

(4.9)

Net cash used in financing activities

(30.1)

(30.4)

Effect of exchange rate changes on cash and cash equivalents

(11.2)

(32.7)

Net increase (decrease) in cash and cash equivalents

21.2

(75.4)

Cash and cash equivalents at beginning of period

247.2

^[1]

299.5

Cash and cash equivalents at end of period

268.4

224.1

Supplemental disclosure of cash flow information:

Interest paid

50.3

35.1

Income taxes paid

$ 38.1

$ 28.9

[1]	Condensed from audited financial statements

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

3 Months Ended

9 Months Ended

Oct. 01, 2023

Jul. 02, 2023

Apr. 02, 2023

Oct. 02, 2022

Jul. 03, 2022

Apr. 03, 2022

Oct. 01, 2023

Oct. 02, 2022

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

Balance at beginning of period

^[1]

$ 1,579.5

Total other comprehensive income (loss), net of tax

$ (21.0)

$ (25.2)

8.1

$ (44.0)

$ (42.8)

$ (3.9)

(38.1)

$ (90.8)

Balance at end of period

^[2]

1,589.1

Accumulated Other Comprehensive Loss [Member]

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

Balance at beginning of period

(366.5)

Other comprehensive loss before reclassifications

(37.0)

Amounts reclassified from AOCI

1.3

Total other comprehensive income (loss), net of tax

(19.4)

$ (24.0)

7.7

$ (42.9)

$ (40.9)

$ (4.0)

(35.7)

Balance at end of period

(402.2)

Foreign Currency Translation Adjustment [Member]

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

Balance at beginning of period

(345.7)

Other comprehensive loss before reclassifications

(35.8)

Amounts reclassified from AOCI

0.0

Total other comprehensive income (loss), net of tax

(35.8)

Balance at end of period

(381.5)

Unrecognized Pension Costs [Member]

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

Balance at beginning of period

(34.4)

Other comprehensive loss before reclassifications

0.0

Amounts reclassified from AOCI

1.3

Total other comprehensive income (loss), net of tax

1.3

Balance at end of period

(33.1)

Net Gain (Loss) on Derivative Instruments [Member]

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

Balance at beginning of period

$ 13.6

13.6

Other comprehensive loss before reclassifications

(1.2)

Amounts reclassified from AOCI

0.0

Total other comprehensive income (loss), net of tax

(1.2)

Balance at end of period

$ 12.4

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

- Definition

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

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

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

3 Months Ended

9 Months Ended

Apr. 29, 2022

Oct. 01, 2023

Jul. 02, 2023

Oct. 02, 2022

Oct. 01, 2023

Oct. 02, 2022

Dec. 31, 2022

^[2]

Acquisitions [Abstract]

$ 1.8

$ 22.4

Goodwill

$ 913.6

^[1]

913.6

^[1]

$ 914.8

Acquisition-related expenses

0.0

$ 0.5

0.3

4.7

Concept Pet [Member]

Acquisitions [Abstract]

Purchase price

$ 28.0

22.4

$ 1.8

Goodwill

9.3

Intangible assets

$ 4.3

Acquisition-related expenses

$ 0.0

$ 0.5

$ 0.3

$ 4.7

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

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

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, 2021

$ 4.9

$ 474.2

$ 2,168.9

$ (333.6)

$ (775.1)

$ 40.2

$ 1,579.5

Net income (loss)

0.0

44.1

0.0

0.8

44.9

Other comprehensive income (loss), net

0.0

(4.0)

0.0

0.1

(3.9)

Dividends declared

0.0

(1.6)

0.0

(1.6)

Dividends paid to non-controlling interests

0.0

(0.1)

Issuance of shares pursuant to employee stock compensation plans

0.0

0.9

0.0

0.9

Purchase of common stock for treasury

0.0

(16.7)

0.0

(16.7)

Stock-based compensation

0.0

2.8

0.0

2.8

Conversion of RSU's for tax withholding

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

Net income (loss)

105.0

Other comprehensive income (loss), net

(90.8)

Balance at Oct. 02, 2022

4.9

483.3

2,266.3

(421.4)

(831.1)

33.6

1,535.6

Balance at Apr. 03, 2022

4.9

475.1

2,211.4

(337.6)

(791.8)

41.0

1,603.0

Net income (loss)

0.0

44.9

0.0

0.6

45.5

Other comprehensive income (loss), net

0.0

(40.9)

0.0

(1.9)

(42.8)

Dividends declared

0.0

(1.6)

0.0

(1.6)

Dividends paid to non-controlling interests

0.0

(6.2)

Issuance of shares pursuant to employee stock compensation plans

0.0

0.2

0.0

0.2

Purchase of common stock for treasury

0.0

(24.0)

0.0

(24.0)

Stock-based compensation

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

Net income (loss)

0.0

13.4

0.0

1.2

14.6

Other comprehensive income (loss), net

0.0

(42.9)

0.0

(1.1)

(44.0)

Dividends declared

0.0

(1.8)

0.0

(1.8)

Issuance of shares pursuant to employee stock compensation plans

0.0

2.4

0.0

2.4

Purchase of common stock for treasury

0.0

(15.3)

0.0

(15.3)

Stock-based compensation

0.0

2.8

0.0

2.8

Balance at Oct. 02, 2022

4.9

483.3

2,266.3

(421.4)

(831.1)

33.6

1,535.6

Balance at Dec. 31, 2022

4.9

487.6

2,284.6

(366.5)

(831.1)

33.7

1,613.2

^[1]

Net income (loss)

0.0

37.0

0.0

1.1

38.1

Other comprehensive income (loss), net

0.0

7.7

0.0

0.4

8.1

Dividends declared

0.0

(1.6)

0.0

(1.6)

Issuance of shares pursuant to employee stock compensation plans

0.0

0.2

0.0

0.2

Stock-based compensation

0.0

2.7

0.0

2.7

Conversion of RSU's for tax withholding

0.0

(2.7)

0.0

(2.7)

Balance at Apr. 02, 2023

4.9

487.8

2,320.0

(358.8)

(831.1)

35.2

1,658.0

Balance at Dec. 31, 2022

4.9

487.6

2,284.6

(366.5)

(831.1)

33.7

1,613.2

^[1]

Net income (loss)

47.6

Other comprehensive income (loss), net

(35.7)

(38.1)

Balance at Oct. 01, 2023

4.9

493.4

2,324.1

(402.2)

(831.1)

33.5

1,622.6

^[2]

Balance at Apr. 02, 2023

4.9

487.8

2,320.0

(358.8)

(831.1)

35.2

1,658.0

Net income (loss)

0.0

26.6

0.0

1.0

27.6

Other comprehensive income (loss), net

0.0

(24.0)

0.0

(1.2)

(25.2)

Dividends declared

0.0

(1.7)

0.0

(1.7)

Stock-based compensation

0.0

2.8

0.0

2.8

Balance at Jul. 02, 2023

4.9

490.6

2,344.9

(382.8)

(831.1)

35.0

1,661.5

Net income (loss)

0.0

(19.2)

0.0

1.1

(18.1)

Other comprehensive income (loss), net

0.0

(19.4)

0.0

(1.6)

(21.0)

Dividends declared

0.0

(1.6)

0.0

(1.6)

Dividends paid to non-controlling interests

0.0

(1.0)

Stock-based compensation

0.0

2.8

0.0

2.8

Balance at Oct. 01, 2023

$ 4.9

$ 493.4

$ 2,324.1

$ (402.2)

$ (831.1)

$ 33.5

$ 1,622.6

^[2]

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

- Definition

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

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Oct. 01, 2023

^[1]

Dec. 31, 2022

^[2]

Current assets:

Cash and cash equivalents

$ 268.4

$ 247.2

Short-term investments

9.8

5.6

Accounts receivable, net

418.3

404.0

Inventories

337.5

348.8

Prepaid expenses and other current assets

60.2

64.9

Total current assets

1,094.2

1,070.5

Property, plant and equipment

2,146.9

2,288.6

Less accumulated depreciation and depletion

(1,169.3)

(1,238.2)

Property, plant and equipment, net

977.6

1,050.4

Goodwill

913.6

914.8

Intangible assets

232.2

241.9

Deferred income taxes

24.3

24.4

Other assets and deferred charges

102.8

99.6

Total assets

3,344.7

3,401.6

Current liabilities:

Short-term debt

109.2

119.7

Current maturities of long-term debt

14.4

14.5

Accounts payable

184.8

193.8

Other current liabilities

165.1

174.6

Total current liabilities

473.5

502.6

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

918.0

928.1

Deferred income taxes

163.7

180.4

Accrued pension and post-retirement benefits

58.9

63.5

Other non-current liabilities

108.0

113.8

Total liabilities

1,722.1

1,788.4

Commitments and contingencies

Shareholders' equity:

Common stock

4.9

Additional paid-in capital

493.4

487.6

Retained earnings

2,324.1

2,284.6

Accumulated other comprehensive loss

(402.2)

(366.5)

Less common stock held in treasury

(831.1)

Total Minerals Technologies Inc. shareholders' equity

1,589.1

1,579.5

Non-controlling interests

33.5

33.7

Total shareholders' equity

1,622.6

1,613.2

Total liabilities and shareholders' equity

$ 3,344.7

$ 3,401.6

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

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Oct. 01, 2023

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

Basis of Presentation and Summary of Significant Accounting Policies

Note 1. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements have been prepared by management of Minerals Technologies Inc. (the “Company”, “MTI”, “we”, or “us”) in accordance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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 nine-month periods ended October 1, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

Company Operations

The Company is a leading, technology-driven specialty minerals company that develops, produces, and markets a broad range of mineral and mineral-based products, related systems and services. The Company serves globally a wide range of consumer and industrial markets, including household, food and pharmaceutical, paper, packaging, automotive, construction, and environmental.

In the first quarter of 2023, the Company realigned its business reporting structure into two segments to better align our business and technologies with our customers and end markets and create a more efficient and effective management structure which reflects the way performance is evaluated and resources are allocated.

The Company now has two reportable segments: Consumer & Specialties and Engineered Solutions.

–

The Consumer & Specialties segment serves consumer end markets directly and provides mineral-based solutions and technologies that are essential to our customers’ products. The two product lines in this segment are Household & Personal Care - our mineral-to-shelf product line that serves pet care, personal and household care, fluid purification and other consumer oriented markets, and Specialty Additives, delivering specialty mineral additives to a variety of consumer and industrial end markets including paper, packaging, construction, automotive, and food and pharmaceuticals.

–

The Engineered Solutions segment combines all engineered systems, mineral blends, and technologies that are designed to aid in customer processes and projects. The two product lines in this segment are High-Temperature Technologies – combining all of our mineral-based blends, technologies, and systems serving the foundry, steel, glass, aluminum and other high-temperature processing industries, and Environmental & Infrastructure, which includes environmental and remediation solutions such as geosynthetic clay lining systems, water remediation technologies as well as drilling, commercial building and infrastructure-related 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, contingent liabilities, 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.

Long-Term Debt and Commitments

9 Months Ended

Oct. 01, 2023

Long-Term Debt and Commitments [Abstract]

Long-Term Debt and Commitments

Note 10. Long-Term Debt and Commitments

The following is a summary of long-term debt:

(in millions of dollars)	Oct. 1, 2023		Dec. 31, 2022
Secured Credit Agreement:
Term Loan due 2027, net of unamortized deferred financing costs of $2.6 million and $3.1 million	$	533.6	$	543.5

Senior Notes:
5.00% due 2028, net of unamortized deferred financing costs of $4.1 million and $4.7 million		395.9		395.3
Other debt		2.9		3.8
Total		932.4		942.6
Less: Current maturities		14.4		14.5
Total long-term debt	$	918.0	$	928.1

On August 11, 2022, the Company entered into a Refinancing Facility Agreement (the “Amendment”) to amend the Company’s previous credit agreement (the “Previous Credit Agreement”; the previous credit agreement, as amended by the Amendment, being the “Amended Credit Agreement”). The Amendment provides for, among other things, a new senior secured revolving credit facility with aggregate commitments of $300 million (the “Revolving Facility”), a portion of which may be used for the issuance of letters of credit and swingline loans, and a new senior secured term loan facility with aggregate commitments of $550 million (the “Term Loan Facility” and, together with the Revolving Facility, the “Senior Secured Credit Facilities”). The Revolving Facility and the Term Loan Facility replaced the facilities under the Previous Credit Agreement, which provided for, among other things, a $788 million senior secured floating rate term loan facility and a $300 million senior secured revolving credit facility. The maturity date for loans under the Senior Secured Credit Facilities is August 11, 2027.

Loans under the Senior Secured Credit Facilities will bear interest at a rate equal to, at the election of the Company, Term SOFR plus a credit spread adjustment equal to 0.100% plus an applicable margin equal to 1.500% per annum or a base rate plus an applicable margin equal to 0.500% per annum, subject in each case to (a) an increase of 25 basis points in the event that, and for so long as, the net leverage ratio (as defined in the Amended Credit Agreement) is greater than or equal to 3.00 to 1.00 as of the last day of the preceding fiscal quarter, (b) a decrease of 12.5 basis points in the event that, and for so long as, the net leverage ratio is less than 2.00 to 1.00 and greater than or equal to 1.00 to 1.00 as of the last day of the preceding fiscal quarter and (c) an decrease of 25 basis points in the event that, and for so long as, the net leverage ratio is less than 1.00 to 1.00 as of the last day of the preceding fiscal quarter. The Company will pay certain fees under the Amended Credit Agreement, including (a) a commitment fee of 0.250% per annum on the undrawn portion of the Revolving Facility (subject to a step-up to 0.300% and step-downs to 0.175% and 0.150% at the same levels described above), (b) a fronting fee of 0.125% per annum on the average daily undrawn amount of, plus unreimbursed amounts in respect of disbursements under, letters of credit issued under the Revolving Facility and (c) 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 tangible and intangible assets of the Company and the Guarantors. In the third quarter of 2023, the Company's subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas LLC were removed as borrowers under, and Guarantors of, the Senior Secured Credit Facilities.

As of October 1, 2023, there were $108.0 million in loans and $10.6 million in letters of credit outstanding under the Revolving Facility.

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 “Indenture”). 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. In the third quarter of 2023, the Company’s subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas LLC were removed as guarantors of the Notes.

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.

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 Amended Credit Agreement and the Indenture both contain 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. In addition, the Amended Credit Agreement contains financial covenants that require the Company to maintain, as of the last day of any fiscal quarter, (x) a maximum net leverage ratio (as defined in the Amended Credit Agreement) of 4.00 to 1.00 for the four fiscal quarter period preceding such day (subject to an increase to 5.00 to 1.00 for four quarters in connection with certain significant acquisitions) and (y) a minimum interest coverage ratio (as defined in the Amended Credit Agreement) of 3.00 to 1.00. The Company is in compliance with all the covenants contained in the Amended Credit Agreement throughout the period covered by this report.

The Company has a committed loan facility in Japan. As of October 1, 2023, $1.5 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.4 million on this facility during 2023.

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 that matures in 2025 and one that matures in 2027. Both loans have annual payments and carry a variable interest rate. The Company repaid $0.4 million on these loans during 2023.

As of October 1, 2023, the Company had $25.1 million in uncommitted short-term bank credit lines, of which $1.2 million were in use.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

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		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Amortization of pension items [Abstract]
Pre-tax amount	$ 0.6	$ 1.1	$ 1.7	$ 5.6
Tax	(0.2)	(0.2)	(0.4)	(1.3)
Net of tax	$ 0.4	$ 0.9	$ 1.3	$ 4.3

Income Taxes	9 Months Ended
Income Taxes	Oct. 01, 2023
Income Taxes [Abstract]
Income Taxes	Note 6. Income Taxes Provision (benefit) for taxes was $(3.5) million and $14.5 million during the three-month and nine-month periods ended October 1, 2023. Provision for taxes was $3.2 million and $25.8 million during the three-month and nine-month periods ended October 2, 2022. The effective tax rate was a benefit of 15.5% for the three months ended October 1, 2023, as compared with 18.7% for the three months ended October 2, 2022. The lower tax rate was primarily due to the benefit recorded on the non-cash impairment of assets in the current year. The effective tax rate was 24.5% for the nine months ended October 1, 2023, as compared with 19.9% for the nine months ended October 2, 2022. The higher tax rate was primarily due to the mix of earnings. As of October 1, 2023, the Company had approximately $3.0 million of total unrecognized income tax benefits. Included in this amount were a total of $2.2 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 addition of approximately $0.1 million during the three-month period ended October 1, 2023 and had an accrued balance of $0.5 million of interest and penalties as of October 1, 2023. 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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+ Details

Benefit Plans (Tables)

9 Months Ended

Oct. 01, 2023

Benefit Plans [Abstract]

Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost

	Pension Benefits
	Three Months Ended						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023			Oct. 2, 2022

Service cost	$	1.2		$	1.6		$	3.5		$	5.2
Interest cost		4.0			3.1			11.9			7.8
Expected return on plan assets		(4.7	)		(5.1	)		(13.8	)		(16.5	)
Amortization:
Prior service cost		—			—			0.1			0.1
Recognized net actuarial loss		0.7			1.0			1.9			4.1
Settlement loss		—			0.2			—			1.7
Net periodic benefit cost	$	1.2		$	0.8		$	3.6		$	2.4

	Post-Retirement Benefits
	Three Months Ended						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023			Oct. 2, 2022

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

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

9 Months Ended

Oct. 01, 2023

Dec. 31, 2022

Long-Term Debt and Commitments [Abstract]

Long-term debt

$ 932.4

$ 942.6

Less: Current maturities

14.4

^[1]

14.5

^[2]

Total long-term debt

918.0

^[1]

928.1

^[2]

Term Loan due 2027 [Member]

Long-Term Debt and Commitments [Abstract]

Long-term debt

$ 533.6

543.5

Maturity date

Feb. 11, 2027

Unamortized deferred financing costs

$ 2.6

3.1

Senior Notes due 2028 [Member]

Long-Term Debt and Commitments [Abstract]

Total long-term debt

$ 395.9

$ 395.3

Interest rate

5.00%

Maturity date

Jun. 30, 2028

Unamortized deferred financing costs

$ 4.1

$ 4.7

Other Debt [Member]

Long-Term Debt and Commitments [Abstract]

Long-term debt

$ 2.9

$ 3.8

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

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 01, 2023	Oct. 20, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	1-11430
Entity Registrant Name	MINERALS TECHNOLOGIES INC.
Entity Central Index Key	0000891014
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1190717
Entity Address, Address Line One	622 Third Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017-6707
City Area Code	212
Local Phone Number	878-1800
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	MTX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,543,860

Segment and Related Information, Reconciliation of Income (Loss) from Operations (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Oct. 01, 2023	Jul. 02, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Segment and Related Information [Abstract]
Income (loss) from operations	$ (7.9)		$ 35.6	$ 105.0	$ 171.2
Restructuring and other items, net	(0.3)	$ (6.6)	0.0	(6.9)	0.0
Acquisition-related expenses	0.0		(0.5)	(0.3)	(4.7)
Litigation expenses	(12.9)		(31.1)	(26.8)	(32.6)
Non-operating deductions, net	(14.7)		(18.5)	(45.9)	(41.8)
Income (loss) before tax and equity in earnings	(22.6)		17.1	59.1	129.4
Reportable Segments [Member]
Segment and Related Information [Abstract]
Income (loss) from operations	(6.0)		36.1	116.1	178.0
Reconciling Item [Member]
Segment and Related Information [Abstract]
Restructuring and other items, net	0.0		0.0	(2.8)	0.0
Acquisition-related expenses	0.0		(0.5)	(0.3)	(4.7)
Litigation expenses	0.0		0.0	0.0	(1.5)
Non-operating deductions, net	(14.7)		(18.5)	(45.9)	(41.8)
Unallocated and Corporate [Member]
Segment and Related Information [Abstract]
Income (loss) from operations	(1.9)		0.0	(8.0)	(0.6)
Restructuring and other items, net	$ 0.0		$ 0.0	$ (2.8)	$ 0.0

Contingencies (Details) $ in Millions	3 Months Ended		9 Months Ended
Contingencies (Details) $ in Millions	Oct. 01, 2023 USD ($) Claim	Oct. 02, 2022 USD ($) Claim	Oct. 01, 2023 USD ($) Claim	Oct. 02, 2022 USD ($) Claim
Contingencies [Abstract]
Litigation expenses \| $	$ 12.9	$ 31.1	$ 26.8	$ 32.6
Talc-Related Cases [Member]
Contingencies [Abstract]
Claims pending, beginning of period	507	430	439	345
Claims filed	60	59	181	184
Claims dismissed, settled or otherwise resolved	5	21	58	61
Claims pending, end of period	562	468	562	468
Litigation expenses \| $	$ 12.9

Contingencies (Tables)

9 Months Ended

Oct. 01, 2023

Contingencies [Abstract]

Case Activity Related to Talc Products Previously Sold by BMI

The following table details case activity related to talc products previously sold by BMI:

	Three Months Ended				Nine Months Ended
(number of claims)	Oct. 1, 2023		Oct. 2, 2022		Oct. 1, 2023		Oct. 2, 2022

Claims pending, beginning of period		507		430		439		345
Claims filed		60		59		181		184
Claims dismissed, settled or otherwise resolved		5		21		58		61

Claims pending, end of period		562		468		562		468

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

Oct. 01, 2023

Dec. 31, 2022

Inventories [Abstract]

Raw materials

$ 141.9

$ 163.4

Work-in-process

21.3

15.6

Finished goods

117.0

114.0

Packaging and supplies

57.3

55.8

Total inventories

$ 337.5

^[1]

$ 348.8

^[2]

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

Restructuring and Other Items, net (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Oct. 01, 2023	Jul. 02, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Restructuring and Other Items, net [Abstract]
Asset write-down charges	$ 71.7		$ 0.0	$ 71.7	$ 0.0
Severance and other costs	0.3	$ 6.6	0.0	6.9	0.0
Restructuring and other items, net	72.0		0.0	78.6	0.0
Restructuring Liability [Roll Forward]
Restructuring liability, beginning of period				0.0
Additional provision	0.3	$ 6.6	0.0	6.9	0.0
Cash payments				(1.3)
Restructuring liability, end of period	5.6			5.6
Other Current Liabilities [Member]
Restructuring and Other Items, net [Abstract]
Restructuring liability	5.6			5.6
Corporate [Member]
Restructuring and Other Items, net [Abstract]
Severance and other costs	0.0		0.0	2.8	0.0
Restructuring Liability [Roll Forward]
Additional provision	0.0		0.0	2.8	0.0
Consumer & Specialties [Member]
Restructuring and Other Items, net [Abstract]
Asset write-down charges	71.7		0.0	71.7	0.0
Severance and other costs	0.3		0.0	0.9	0.0
Restructuring Liability [Roll Forward]
Additional provision	0.3		0.0	0.9	0.0
Engineered Solutions [Member]
Restructuring and Other Items, net [Abstract]
Severance and other costs	0.0		0.0	3.2	0.0
Restructuring Liability [Roll Forward]
Additional provision	$ 0.0		$ 0.0	$ 3.2	$ 0.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 01, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings (Loss) per Share (Tables)

9 Months Ended

Oct. 01, 2023

Earnings (Loss) per Share [Abstract]

Computation of Basic and Diluted Earnings (Loss) per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share:

	Three Months Ended					Nine Months Ended
(in millions of dollars, except per share data)	Oct. 1, 2023			Oct. 2, 2022		Oct. 1, 2023		Oct. 2, 2022

Net income (loss) attributable to Minerals Technologies Inc.	$	(19.2	)	$	13.4	$	44.4	$	102.4

Weighted average shares outstanding		32.5			32.5		32.5		32.8
Dilutive effect of stock options and deferred restricted stock units		—			0.1		0.1		0.1
Weighted average shares outstanding, adjusted		32.5			32.6		32.6		32.9

Basic earnings (loss) per share attributable to Minerals Technologies Inc.	$	(0.59	)	$	0.41	$	1.37	$	3.12

Diluted earnings (loss) per share attributable to Minerals Technologies Inc.	$	(0.59	)	$	0.41	$	1.36	$	3.11

Revenue from Contracts with Customers

9 Months Ended

Oct. 01, 2023

Revenue from Contracts with Customers [Abstract]

Revenue from Contracts with Customers

Note 2. Revenue from Contracts with Customers

On a regular basis the Company reviews its segments and the approach used by the chief decision maker to assess performance and allocate resources. Effective January 1, 2023, the Company realigned its business reporting structure and reorganized into two reportable segments, Consumer & Specialties and Engineered Solutions.

The following table disaggregates our revenue by major source (product line) for the three and nine-month periods ended October 1, 2023 and October 2, 2022:

(in millions of dollars)	Three Months Ended				Nine Months Ended
Net Sales	Oct. 1, 2023		Oct. 2, 2022		Oct. 1, 2023		Oct. 2, 2022

Household & Personal Care	$	128.9	$	118.7	$	383.6	$	358.0
Specialty Additives		162.3		166.0		495.2		493.4
Consumer & Specialties Segment		291.2		284.7		878.8		851.4

High-Temperature Technologies		177.4		176.1		538.6		532.7
Environmental & Infrastructure		79.2		81.1		228.0		233.8
Engineered Solutions Segment		256.6		257.2		766.6		766.5

Total	$	547.8	$	541.9	$	1,645.4	$	1,617.9

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Segment and Related Information, Sales By Product Category (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Segment and Related Information [Abstract]
Net sales	$ 547.8	$ 541.9	$ 1,645.4	$ 1,617.9
Household & Personal Care [Member]
Segment and Related Information [Abstract]
Net sales	128.9	118.7	383.6	358.0
Specialty Additives [Member]
Segment and Related Information [Abstract]
Net sales	162.3	166.0	495.2	493.4
High-Temperature Technologies [Member]
Segment and Related Information [Abstract]
Net sales	177.4	176.1	538.6	532.7
Environmental & Infrastructure [Member]
Segment and Related Information [Abstract]
Net sales	$ 79.2	$ 81.1	$ 228.0	$ 233.8

- Definition

+ References

+ Details

Segment and Related Information (Tables)

9 Months Ended

Oct. 01, 2023

Segment Information

The Company has two reportable segments: Consumer & Specialties and Engineered Solutions. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and nine-month periods ended October 1, 2023 and October 2, 2022 is as follows:

	Three Months Ended						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023		Oct. 2, 2022

Net Sales
Consumer & Specialties	$	291.2		$	284.7		$	878.8	$	851.4
Engineered Solutions		256.6			257.2			766.6		766.5
Total	$	547.8		$	541.9		$	1,645.4	$	1,617.9

Income (loss) from Operations
Consumer & Specialties	$	(46.6	)	$	(0.3	)	$	5.0	$	62.6
Engineered Solutions		40.6			36.4			111.1		115.4
Total	$	(6.0	)	$	36.1		$	116.1	$	178.0

Reconciliation of Income (Loss) 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						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023			Oct. 2, 2022

Income (loss) from operations for reportable segments	$	(6.0	)	$	36.1		$	116.1		$	178.0
Restructuring and other items, net		—			—			(2.8	)		—
Acquisition-related expenses		—			(0.5	)		(0.3	)		(4.7	)
Litigation expenses		—			—			—			(1.5	)
Unallocated and other corporate expenses		(1.9	)		—			(8.0	)		(0.6	)
Consolidated income (loss) from operations		(7.9	)		35.6			105.0			171.2
Non-operating deductions, net		(14.7	)		(18.5	)		(45.9	)		(41.8	)
Income (loss) before tax and equity in earnings	$	(22.6	)	$	17.1		$	59.1		$	129.4

Sales by Product Category

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

	Three Months Ended				Nine Months Ended
(in millions of dollars)	Oct. 1, 2023		Oct. 2, 2022		Oct. 1, 2023		Oct. 2, 2022

Household & Personal Care	$	128.9	$	118.7	$	383.6	$	358.0
Specialty Additives		162.3		166.0		495.2		493.4
High-Temperature Technologies		177.4		176.1		538.6		532.7
Environmental & Infrastructure		79.2		81.1		228.0		233.8
Total	$	547.8	$	541.9	$	1,645.4	$	1,617.9

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Income Taxes [Abstract]
Provision (benefit) for taxes on income	$ (3.5)	$ 3.2	$ 14.5	$ 25.8
Effective income tax rate	15.50%	18.70%	24.50%	19.90%
Amount of unrecognized tax benefits	$ 3.0		$ 3.0
Unrecognized tax benefits that would impact effective tax rate	2.2		2.2
Unrecognized tax benefits, net increase in interest and penalties	0.1
Unrecognized tax benefits, accrued interest and penalties	$ 0.5		$ 0.5

- Definition

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

+ References + Details

Comprehensive Income (Tables)

9 Months Ended

Oct. 01, 2023

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						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023			Oct. 2, 2022

Amortization of pension items:
Pre-tax amount	$	0.6		$	1.1		$	1.7		$	5.6
Tax		(0.2	)		(0.2	)		(0.4	)		(1.3	)
Net of tax	$	0.4		$	0.9		$	1.3		$	4.3

Accumulated Other Comprehensive Loss

The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows:

(in millions of dollars)	Foreign Currency Translation Adjustment			Unrecognized Pension Costs			Net Gain (Loss) on Derivative Instruments			Total

Balance as of December 31, 2022	$	(345.7	)	$	(34.4	)	$	13.6		$	(366.5	)

Other comprehensive loss before reclassifications		(35.8	)		—			(1.2	)		(37.0	)
Amounts reclassified from AOCI		—			1.3			—			1.3
Net current period other comprehensive income (loss)		(35.8	)		1.3			(1.2	)		(35.7	)
Balance as of October 1, 2023	$	(381.5	)	$	(33.1	)	$	12.4		$	(402.2	)

Restructuring and Other Items, net (Tables)

9 Months Ended

Oct. 01, 2023

Restructuring and Other Items, net [Abstract]

Restructuring Charges

The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segment they relate to:

	Three Months Ended				Nine Months Ended
(in millions of dollars)	Oct. 1, 2023		Oct. 2, 2022		Oct. 1, 2023		Oct. 2, 2022

Asset Write-Downs
Consumer & Specialties	$	71.7	$	—	$	71.7	$	—
Total asset write-down charges	$	71.7	$	—	$	71.7	$	—

Severance and other costs
Consumer & Specialties	$	0.3	$	—	$	0.9	$	—
Engineered Solutions		—		—		3.2		—
Corporate		—		—		2.8		—
Total severance and other employee costs	$	0.3	$	—	$	6.9	$	—

Total restructuring and other items, net	$	72.0	$	—	$	78.6	$	—

Reconciliation of Restructuring Liability

The following table is a reconciliation of our restructuring liability balance as of October 1, 2023:

(in millions of dollars)
Restructuring liability, December 31, 2022	$	—
Additional provision		6.9
Cash payments		(1.3	)
Restructuring liability, October 1, 2023	$	5.6

Contingencies

9 Months Ended

Oct. 01, 2023

Contingencies [Abstract]

Contingencies

Note 13. Contingencies

The Company is party to a number of lawsuits arising in the normal course of our business. The Company and certain of the Company’s subsidiaries are among numerous defendants in a number of cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by the Company’s subsidiary Barretts Minerals Inc. (“BMI”). As of October 1, 2023, we had 562 open cases related to certain talc products previously sold by BMI, which is an increase in volume from previous years. The following table details case activity related to talc products previously sold by BMI:

	Three Months Ended				Nine Months Ended
(number of claims)	Oct. 1, 2023		Oct. 2, 2022		Oct. 1, 2023		Oct. 2, 2022

Claims pending, beginning of period		507		430		439		345
Claims filed		60		59		181		184
Claims dismissed, settled or otherwise resolved		5		21		58		61

Claims pending, end of period		562		468		562		468

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 most of these claims do not provide adequate information to assess their merits, the likelihood that the Company will be found liable, or the magnitude of such liability, if any. We are unable to state an amount or range of amounts claimed in any of these lawsuits because state court pleading practices do not require the plaintiff to identify the amount of the claimed damage. The Company’s position, as stated publicly, is that the talc products sold by BMI are safe and do not cause cancer.

The Company records accruals for loss contingencies associated with legal matters, including talc-related litigation, when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. Amounts accrued for legal contingencies often result from a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions including timing of related payments. The ability to make such estimates and judgments can be affected by various factors, including whether damages sought in the proceedings are unsubstantiated or indeterminate, the stage of the litigation, the factual and legal matters in dispute, the ability to achieve comprehensive settlements, the availability of co-defendants with substantial resources and assets participating in the litigation, and our evaluation of the unique attributes of each claim.

While costs relating to the talc-related cases have increased concurrently with the volume, the majority of these costs have historically been borne by Pfizer Inc. in connection with certain agreements entered into in connection with the Company’s initial public offering in 1992, and as long as the litigation is subject to the stay under the Chapter 11 Cases (discussed below), the Company will not be required to make any payments in respect thereof. The Company is entitled to indemnification, pursuant to agreement, for liabilities arising from sales prior to the initial public offering. The Company continues to receive information with respect to potential costs associated with the defense and/or settlement of talc-related cases not subject to indemnification from Pfizer Inc. Although the Company believes that the talc products are safe and that claims to the contrary are without merit, BMI opportunistically settled certain talc-related cases in 2022 and 2023. None of such settlements have been material to the Company. In the third quarter of 2023, the Company reviewed its estimates of the probability and amount of losses in connection with its current talc-related cases and recorded a charge of $12.9 million of litigation expenses incurred in connection with BMI's bankruptcy and by BMI to defend against and restore its reserve for claims associated with certain talc products.

On October 2, 2023 (the “Petition Date”), notwithstanding the Company’s confidence in the safety of BMI’s talc products, the Company’s subsidiaries, BMI and Barretts Ventures Texas LLC (together with BMI, “Barretts”), filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Chapter 11 Cases”) to address and comprehensively resolve BMI’s liabilities associated with talc. See Note 15. During the pendency of the Chapter 11 Cases, the Company anticipates that BMI will benefit from the operation of the automatic stay, which stays ongoing litigation in connection with talc-related claims against BMI. By agreement, the filing or continued prosecution of all talc-related claims against BMI’s non-debtor affiliates is temporarily stayed through November 14, 2023, the date on which a hearing is scheduled on whether to permanently enjoin the filing or further prosecution of any talc-related claims against BMI’s non-debtor affiliates during the pendency of the Chapter 11 Cases. Barretts has been deconsolidated from the Company’s financial statements since the Petition Date.

The broader litigation and regulatory environments for talc-related claims continue to evolve. Moreover, although the Chapter 11 Cases are progressing, it is not possible at this time to predict the form of any ultimate resolution or when an ultimate resolution might occur. Given the foregoing factors, it is reasonably possible that the Company will incur a loss for liabilities associated with future talc claims in excess of the amount currently recognized. This risk is based on the potential for new talc-related claims that could eventually be asserted together with their associated disposition cost and related legal costs, despite the automatic stay with respect to claims against BMI, taking into account the portion of such hypothetical claims that may be subject to indemnification by Pfizer Inc., as well as the inability to estimate the amount that may be necessary to fully and finally resolve all of BMI’s future talc-related claims in connection with a confirmed Chapter 11 plan of reorganization. Accordingly, the Company is currently unable to provide an estimate or range of the magnitude of any potential loss related to future talc claims.

Segment and Related Information

9 Months Ended

Oct. 01, 2023

Segment and Related Information

Note 14. Segment and Related Information

On a regular basis the Company reviews its segments and the approach used by the chief decision maker, the Company's Chief Executive Officer, to assess performance and allocate resources. Effective January 1, 2023, the Company realigned its business reporting structure and reorganized into two segments, Consumer & Specialties and Engineered Solutions. Following the realignment, the two new segments consist of the following businesses:

We believe the new structure better aligns our businesses and technologies with our customers and end markets and creates a more efficient and effective management structure that reflects the way performance is evaluated and resources are allocated.

	Three Months Ended						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023		Oct. 2, 2022

Net Sales
Consumer & Specialties	$	291.2		$	284.7		$	878.8	$	851.4
Engineered Solutions		256.6			257.2			766.6		766.5
Total	$	547.8		$	541.9		$	1,645.4	$	1,617.9

Income (loss) from Operations
Consumer & Specialties	$	(46.6	)	$	(0.3	)	$	5.0	$	62.6
Engineered Solutions		40.6			36.4			111.1		115.4
Total	$	(6.0	)	$	36.1		$	116.1	$	178.0

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						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023			Oct. 2, 2022

Income (loss) from operations for reportable segments	$	(6.0	)	$	36.1		$	116.1		$	178.0
Restructuring and other items, net		—			—			(2.8	)		—
Acquisition-related expenses		—			(0.5	)		(0.3	)		(4.7	)
Litigation expenses		—			—			—			(1.5	)
Unallocated and other corporate expenses		(1.9	)		—			(8.0	)		(0.6	)
Consolidated income (loss) from operations		(7.9	)		35.6			105.0			171.2
Non-operating deductions, net		(14.7	)		(18.5	)		(45.9	)		(41.8	)
Income (loss) before tax and equity in earnings	$	(22.6	)	$	17.1		$	59.1		$	129.4

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

	Three Months Ended				Nine Months Ended
(in millions of dollars)	Oct. 1, 2023		Oct. 2, 2022		Oct. 1, 2023		Oct. 2, 2022

Household & Personal Care	$	128.9	$	118.7	$	383.6	$	358.0
Specialty Additives		162.3		166.0		495.2		493.4
High-Temperature Technologies		177.4		176.1		538.6		532.7
Environmental & Infrastructure		79.2		81.1		228.0		233.8
Total	$	547.8	$	541.9	$	1,645.4	$	1,617.9

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Acquisitions	9 Months Ended
Acquisitions	Oct. 01, 2023
Acquisitions [Abstract]
Acquisitions	Note 3. Acquisitions 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 providing 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 $22.4 million. In the second quarter of 2023, an additional $1.8 million of hold back consideration was paid. The results of Concept Pet are included within our Household & Personal Care product line in our Consumer & Specialties 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 $9.3 million and intangible assets of $4.3 million relating to this acquisition. The Company incurred $— million and $0.3 million of acquisition related transaction and integration costs during the three and nine-month periods ended October 1, 2023 and $0.5 million and $4.7 million in the three and nine-month periods ended October 2, 2022, which are reflected within the acquisition-related expenses line of the Condensed Consolidated Statements of Income (Loss).

Derivative Financial Instruments

9 Months Ended

Oct. 01, 2023

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. This interest rate swap matured in May 2023. In the second quarter of 2023, the Company entered into a new floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this swap is an asset of $2.8 million at October 1, 2023 and is recorded in other assets and deferred charges 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 are 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 matured in May 2023 and required the exchange of Euros and U.S. dollar principal payments upon maturity. Changes in the fair value of this financial instrument were recognized in accumulated other comprehensive income (loss) to offset the change in the carrying amount of the net investment being hedged. At maturity, the Company realized, in comprehensive income, from inception, an after-tax gain of $7.6 million. 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.

Comprehensive Income

9 Months Ended

Oct. 01, 2023

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						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023			Oct. 2, 2022

Amortization of pension items:
Pre-tax amount	$	0.6		$	1.1		$	1.7		$	5.6
Tax		(0.2	)		(0.2	)		(0.4	)		(1.3	)
Net of tax	$	0.4		$	0.9		$	1.3		$	4.3

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:

(in millions of dollars)	Foreign Currency Translation Adjustment			Unrecognized Pension Costs			Net Gain (Loss) on Derivative Instruments			Total

Balance as of December 31, 2022	$	(345.7	)	$	(34.4	)	$	13.6		$	(366.5	)

Other comprehensive loss before reclassifications		(35.8	)		—			(1.2	)		(37.0	)
Amounts reclassified from AOCI		—			1.3			—			1.3
Net current period other comprehensive income (loss)		(35.8	)		1.3			(1.2	)		(35.7	)
Balance as of October 1, 2023	$	(381.5	)	$	(33.1	)	$	12.4		$	(402.2	)

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Oct. 01, 2023

Goodwill and Other Intangible Assets [Abstract]

Intangible Assets Subject to Amortization

Intangible assets subject to amortization as of October 1, 2023 and December 31, 2022 were as follows:

			Oct. 1, 2023				Dec. 31, 2022
(in millions of dollars)	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Tradenames		34	$	220.7	$	56.5	$	221.2	$	52.2
Technology		13		18.8		13.8		18.8		12.6
Patents and trademarks		19		6.4		6.4		6.4		6.4
Customer relationships		21		78.4		15.4		78.4		11.7
		29	$	324.3	$	92.1	$	324.8	$	82.9

Inventories

9 Months Ended

Oct. 01, 2023

Inventories [Abstract]

Inventories

Note 7. Inventories

The following is a summary of inventories by major category:

(in millions of dollars)	Oct. 1, 2023		Dec. 31, 2022
Raw materials	$	141.9	$	163.4
Work-in-process		21.3		15.6
Finished goods		117.0		114.0
Packaging and supplies		57.3		55.8
Total inventories	$	337.5	$	348.8

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) [Abstract]
Net sales	$ 547.8	$ 541.9	$ 1,645.4	$ 1,617.9
Cost of goods sold	414.7	423.6	1,263.6	1,250.6
Production margin	133.1	118.3	381.8	367.3
Marketing and administrative expenses	50.9	46.0	155.0	143.6
Research and development expenses	5.2	5.1	16.1	15.2
Restructuring and other items, net	0.3	0.0	6.9	0.0
Impairment of assets	71.7	0.0	71.7	0.0
Acquisition-related expenses	0.0	0.5	0.3	4.7
Litigation expenses	12.9	31.1	26.8	32.6
Income (loss) from operations	(7.9)	35.6	105.0	171.2
Interest expense, net	(15.3)	(11.0)	(44.0)	(31.2)
Debt extinguishment expenses	0.0	(6.9)	0.0	(6.9)
Non-cash pension settlement charge	0.0	(0.2)	0.0	(1.7)
Other non-operating income (deductions), net	0.6	(0.4)	(1.9)	(2.0)
Total non-operating deductions, net	(14.7)	(18.5)	(45.9)	(41.8)
Income (loss) before tax and equity in earnings	(22.6)	17.1	59.1	129.4
Provision (benefit) for taxes on income	(3.5)	3.2	14.5	25.8
Equity in earnings of affiliates, net of tax	1.0	0.7	3.0	1.4
Net income (loss)	(18.1)	14.6	47.6	105.0
Less: Net income attributable to non-controlling interests	1.1	1.2	3.2	2.6
Net income (loss) attributable to Minerals Technologies Inc.	$ (19.2)	$ 13.4	$ 44.4	$ 102.4
Earnings (loss) per share:
Basic net income (loss) per share attributable to Minerals Technologies Inc. (in dollars per share)	$ (0.59)	$ 0.41	$ 1.37	$ 3.12
Diluted net income (loss) per share attributable to Minerals Technologies Inc. (in dollars per share)	(0.59)	0.41	1.36	3.11
Cash dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.15
Shares used in computation of earnings per share:
Basic (in shares)	32.5	32.5	32.5	32.8
Diluted (in shares)	32.5	32.6	32.6	32.9

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 01, 2023
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, contingent liabilities, 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 (Details) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2023 USD ($)	Oct. 02, 2022 USD ($)	Oct. 01, 2023 USD ($) Segment	Oct. 02, 2022 USD ($)
Revenue from Contracts with Customers [Abstract]
Number of reportable segments \| Segment			2
Revenue from Contracts with Customers [Abstract]
Net sales	$ 547.8	$ 541.9	$ 1,645.4	$ 1,617.9
Household & Personal Care [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	128.9	118.7	383.6	358.0
Specialty Additives [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	162.3	166.0	495.2	493.4
High-Temperature Technologies [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	177.4	176.1	538.6	532.7
Environmental & Infrastructure [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	79.2	81.1	228.0	233.8
Consumer & Specialties [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	291.2	284.7	878.8	851.4
Consumer & Specialties [Member] \| Household & Personal Care [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	128.9	118.7	383.6	358.0
Consumer & Specialties [Member] \| Specialty Additives [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	162.3	166.0	495.2	493.4
Engineered Solutions [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	256.6	257.2	766.6	766.5
Engineered Solutions [Member] \| High-Temperature Technologies [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	177.4	176.1	538.6	532.7
Engineered Solutions [Member] \| Environmental & Infrastructure [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	$ 79.2	$ 81.1	$ 228.0	$ 233.8

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Earnings (Loss) per Share [Abstract]
Net income (loss) attributable to Minerals Technologies Inc.	$ (19.2)	$ 13.4	$ 44.4	$ 102.4
Weighted average shares outstanding (in shares)	32,500,000	32,500,000	32,500,000	32,800,000
Dilutive effect of stock options and deferred restricted stock units (in shares)	0	100,000	100,000	100,000
Weighted average shares outstanding, adjusted (in shares)	32,500,000	32,600,000	32,600,000	32,900,000
Basic earnings (loss) per share attributable to Minerals Technologies Inc. (in dollars per share)	$ (0.59)	$ 0.41	$ 1.37	$ 3.12
Diluted earnings (loss) per share attributable to Minerals Technologies Inc. (in dollars per share)	$ (0.59)	$ 0.41	$ 1.36	$ 3.11
Stock Options [Member]
Earnings (Loss) per Share [Abstract]
Options outstanding (in shares)	1,604,217	1,460,734	1,604,217	1,460,734
Anti-dilutive securities not included in computation of diluted earnings per share (in shares)	1,285,619	1,106,596	1,285,619	1,106,596

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

9 Months Ended

Oct. 01, 2023

Dec. 31, 2022

Goodwill and Other Intangible Assets [Abstract]

Goodwill

$ 913.6

^[1]

$ 914.8

^[2]

Intangible Assets Subject to Amortization [Abstract]

Weighted average useful life

29 years

Gross carrying amount

$ 324.3

324.8

Accumulated amortization

$ 92.1

82.9

Future Amortization Expense [Abstract]

Weighted average amortization period

29 years

Estimated amortization expense, remainder of 2023

$ 3.3

Estimated amortization expense, 2024-2027

47.8

Estimated amortization expense, thereafter

$ 181.1

Tradenames [Member]

Intangible Assets Subject to Amortization [Abstract]

Weighted average useful life

34 years

Gross carrying amount

$ 220.7

221.2

Accumulated amortization

$ 56.5

52.2

Technology [Member]

Intangible Assets Subject to Amortization [Abstract]

Weighted average useful life

13 years

Gross carrying amount

$ 18.8

18.8

Accumulated amortization

$ 13.8

12.6

Patents and Trademarks [Member]

Intangible Assets Subject to Amortization [Abstract]

Weighted average useful life

19 years

Gross carrying amount

$ 6.4

6.4

Accumulated amortization

$ 6.4

6.4

Customer Relationships [Member]

Intangible Assets Subject to Amortization [Abstract]

Weighted average useful life

21 years

Gross carrying amount

$ 78.4

78.4

Accumulated amortization

$ 15.4

$ 11.7

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

Earnings (Loss) per Share

9 Months Ended

Oct. 01, 2023

Earnings (Loss) per Share [Abstract]

Earnings (Loss) per Share

Note 4. Earnings (Loss) per Share (EPS)

Basic earnings (loss) per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings (loss) 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 (loss) per share:

	Three Months Ended					Nine Months Ended
(in millions of dollars, except per share data)	Oct. 1, 2023			Oct. 2, 2022		Oct. 1, 2023		Oct. 2, 2022

Net income (loss) attributable to Minerals Technologies Inc.	$	(19.2	)	$	13.4	$	44.4	$	102.4

Weighted average shares outstanding		32.5			32.5		32.5		32.8
Dilutive effect of stock options and deferred restricted stock units		—			0.1		0.1		0.1
Weighted average shares outstanding, adjusted		32.5			32.6		32.6		32.9

Basic earnings (loss) per share attributable to Minerals Technologies Inc.	$	(0.59	)	$	0.41	$	1.37	$	3.12

Diluted earnings (loss) per share attributable to Minerals Technologies Inc.	$	(0.59	)	$	0.41	$	1.36	$	3.11

Of the options outstanding of 1,604,217 and 1,460,734 for the three-month and nine-month periods ended October 1, 2023 and October 2, 2022, respectively, options to purchase 1,285,619 shares and 1,106,596 shares of common stock for the three-month and nine-month periods ending October 1, 2023 and October 2, 2022, 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.

Goodwill and Other Intangible Assets

9 Months Ended

Oct. 01, 2023

Goodwill and Other Intangible Assets [Abstract]

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 $913.6 million and $914.8 million as of October 1, 2023 and December 31, 2022, respectively. The net change in goodwill from December 31, 2022 to October 1, 2023 is primarily attributable to the effects of foreign exchange.

As a result of the reorganization of the Company's segments in the first quarter of 2023, we were required to reallocate our goodwill amongst the new operating segments. The allocation of goodwill was based on the fair value of each reporting unit under both our old and new management structures and the portions being transferred. This was completed in the third quarter of 2023.

Intangible assets subject to amortization as of October 1, 2023 and December 31, 2022 were as follows:

			Oct. 1, 2023				Dec. 31, 2022
(in millions of dollars)	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Tradenames		34	$	220.7	$	56.5	$	221.2	$	52.2
Technology		13		18.8		13.8		18.8		12.6
Patents and trademarks		19		6.4		6.4		6.4		6.4
Customer relationships		21		78.4		15.4		78.4		11.7
		29	$	324.3	$	92.1	$	324.8	$	82.9

The weighted average amortization period for acquired intangible assets subject to amortization is approximately 29 years. Estimated amortization expense is $3.3 million for the remainder of 2023, $47.8 million for 2024–2027 and $181.1 million thereafter.

Basis of Presentation and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Oct. 01, 2023 Segment ProductLine
Company Operations [Abstract]
Number of reportable segments \| Segment	2
Consumer & Specialties [Member]
Company Operations [Abstract]
Number of product lines in segment	2
Engineered Solutions [Member]
Company Operations [Abstract]
Number of product lines in segment	2

Long-Term Debt and Commitments (Tables)

9 Months Ended

Oct. 01, 2023

Long-Term Debt and Commitments [Abstract]

Long Term Debt

The following is a summary of long-term debt:

(in millions of dollars)	Oct. 1, 2023		Dec. 31, 2022
Secured Credit Agreement:
Term Loan due 2027, net of unamortized deferred financing costs of $2.6 million and $3.1 million	$	533.6	$	543.5

Senior Notes:
5.00% due 2028, net of unamortized deferred financing costs of $4.1 million and $4.7 million		395.9		395.3
Other debt		2.9		3.8
Total		932.4		942.6
Less: Current maturities		14.4		14.5
Total long-term debt	$	918.0	$	928.1

- Definition

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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+ Details

Inventories (Tables)

9 Months Ended

Oct. 01, 2023

Inventories [Abstract]

Inventories by Major Category

The following is a summary of inventories by major category:

(in millions of dollars)	Oct. 1, 2023		Dec. 31, 2022
Raw materials	$	141.9	$	163.4
Work-in-process		21.3		15.6
Finished goods		117.0		114.0
Packaging and supplies		57.3		55.8
Total inventories	$	337.5	$	348.8

Restructuring and Other Items, net

9 Months Ended

Oct. 01, 2023

Restructuring and Other Items, net [Abstract]

Restructuring and Other Items, net

Note 5. Restructuring and Other Items, net

In the third quarter of 2023, the Company recorded a $71.7 million non-cash impairment of long-lived assets charge related to its subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas LLC within the Consumer & Specialties segment. This impairment was triggered by increased claims and continued increases in legal costs, which led to the voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code to address and comprehensively resolve Barretts Minerals Inc.'s liabilities associated with the talc claims. See Notes 13 and 15 to the Condensed Consolidated Financial Statements for further information.

In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline our cost structure as a result of organizational efficiencies gained through our recent resegmentation. As a result, the Company recorded a charge of $6.6 million for restructuring and other charges related to severance and other costs. In the third quarter of 2023, an incremental charge of $0.3 million was recorded relating to this program.

The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segment they relate to:

	Three Months Ended				Nine Months Ended
(in millions of dollars)	Oct. 1, 2023		Oct. 2, 2022		Oct. 1, 2023		Oct. 2, 2022

Asset Write-Downs
Consumer & Specialties	$	71.7	$	—	$	71.7	$	—
Total asset write-down charges	$	71.7	$	—	$	71.7	$	—

Severance and other costs
Consumer & Specialties	$	0.3	$	—	$	0.9	$	—
Engineered Solutions		—		—		3.2		—
Corporate		—		—		2.8		—
Total severance and other employee costs	$	0.3	$	—	$	6.9	$	—

Total restructuring and other items, net	$	72.0	$	—	$	78.6	$	—

At October 1, 2023, the Company had $5.6 million included within other current 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 end of the second quarter of 2024.

The following table is a reconciliation of our restructuring liability balance as of October 1, 2023:

(in millions of dollars)
Restructuring liability, December 31, 2022	$	—
Additional provision		6.9
Cash payments		(1.3	)
Restructuring liability, October 1, 2023	$	5.6

Derivative Financial Instruments (Details) $ in Millions	Oct. 01, 2023 USD ($) Subsidiary	Jul. 02, 2023 USD ($)	May 31, 2023 USD ($)	Jul. 01, 2018 USD ($)
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		$ 150.0
Cash Flow Hedge [Member] \| Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Other Assets and Deferred Charges [Member]
Derivative Financial Instruments [Abstract]
Fair value of derivative asset	$ 2.8
Net Investment Hedge [Member] \| Cross Currency Rate Swap [Member] \| Designated as Hedging Instrument [Member]
Derivative Financial Instruments [Abstract]
Notional amount				$ 150.0
After-tax accumulated gain on net investment hedge			$ 7.6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ (18.1)	$ 14.6	$ 47.6	$ 105.0
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(22.1)	(52.0)	(38.2)	(111.5)
Pension and postretirement plan adjustments	0.4	0.9	1.3	4.3
Unrealized gains (losses) on derivative instruments	0.7	7.1	(1.2)	16.4
Total other comprehensive income (loss), net of tax	(21.0)	(44.0)	(38.1)	(90.8)
Total comprehensive income (loss) including non-controlling interests	(39.1)	(29.4)	9.5	14.2
Comprehensive income (loss) attributable to non-controlling interests	0.5	(0.1)	(0.8)	0.3
Comprehensive income (loss) attributable to Minerals Technologies Inc.	$ (38.6)	$ (29.5)	$ 8.7	$ 14.5

Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Benefit Plans (Details) - USD ($) $ in Millions	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Benefit Plans [Abstract]
Maximum percentage of total benefit obligation represented by international pension plans	20.00%		20.00%
Pension Benefits [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	$ 1.2	$ 1.6	$ 3.5	$ 5.2
Interest cost	4.0	3.1	11.9	7.8
Expected return on plan assets	(4.7)	(5.1)	(13.8)	(16.5)
Amortization of prior service cost	0.0	0.0	0.1	0.1
Amortization of recognized net actuarial (gain) loss	0.7	1.0	1.9	4.1
Settlement loss	0.0	0.2	0.0	1.7
Net periodic benefit cost	1.2	0.8	3.6	2.4
Employer Contributions [Abstract]
Expected company contribution in 2023	10.0		10.0
Employer contributions to benefit plans			6.3
Post-Retirement Benefits [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	0.0	0.0	0.0	0.0
Interest cost	0.1	0.0	0.1	0.0
Amortization of recognized net actuarial (gain) loss	(0.1)	(0.1)	(0.3)	(0.3)
Net periodic benefit cost	0.0	$ (0.1)	(0.2)	$ (0.3)
Employer Contributions [Abstract]
Expected company contribution in 2023	$ 0.5		0.5
Employer contributions to benefit plans			$ 0.0

Subsequent Event	9 Months Ended
Subsequent Event	Oct. 01, 2023
Subsequent Event [Abstract]
Subsequent Event	Note 15. Subsequent Event On October 2, 2023 (the “Petition Date”), notwithstanding the Company’s confidence in the safety of the talc products of the Company’s subsidiary, Barretts Minerals Inc. (“BMI”), the Company’s subsidiaries, BMI and Barretts Ventures Texas LLC (together with BMI, “Barretts”), filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Chapter 11 Cases”) to address and comprehensively resolve BMI’s liabilities associated with talc. Minerals Technologies Inc. and the Company’s other subsidiaries were not included in the Chapter 11 filing. BMI intends to pursue a sale of its talc assets under section 363 of the Bankruptcy Code. Proceeds of the sale will be used to fund the Chapter 11 case. BMI’s ultimate goal in the Chapter 11 Cases is to confirm a plan of reorganization under Section 524(g) of the U.S. Bankruptcy Code and utilize this provision to establish a trust that will address all current and future talc-related claims. Following the Chapter 11 filing, the activities of Barretts are now subject to review and oversight by the bankruptcy court. As a result, Barretts was deconsolidated as of the Petition Date, and its assets and liabilities were derecognized from the Company’s consolidated financial statements on a prospective basis.

Benefit Plans

9 Months Ended

Oct. 01, 2023

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 20% of our total benefit obligation.

Components of Net Periodic Benefit Cost

	Pension Benefits
	Three Months Ended						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023			Oct. 2, 2022

Service cost	$	1.2		$	1.6		$	3.5		$	5.2
Interest cost		4.0			3.1			11.9			7.8
Expected return on plan assets		(4.7	)		(5.1	)		(13.8	)		(16.5	)
Amortization:
Prior service cost		—			—			0.1			0.1
Recognized net actuarial loss		0.7			1.0			1.9			4.1
Settlement loss		—			0.2			—			1.7
Net periodic benefit cost	$	1.2		$	0.8		$	3.6		$	2.4

	Post-Retirement Benefits
	Three Months Ended						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023			Oct. 2, 2022

Service cost	$	—		$	—		$	—		$	—
Interest cost		0.1			—			0.1			—
Amortization:
Recognized net actuarial (gain) loss		(0.1	)		(0.1	)		(0.3	)		(0.3	)
Net periodic benefit cost	$	—		$	(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 $10.0 million to its pension plans and $0.5 million to its other postretirement benefit plans in 2023. As of October 1, 2023, $6.3 million has been contributed to the pension plans and no contributions have been made to the other postretirement benefit plans.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details