0000891014-24-000089 | 10-Q | XBRL Viewer | Minerals Technologies INC

The following is a summary of long-term debt:

(in millions of dollars)	Jun. 30, 2024		Dec. 31, 2023
Secured Credit Agreement:
Term Loan due 2027, net of unamortized deferred financing costs of $2.1 million and $2.4 million	$	523.8	$	530.4

Senior Notes:
5.00% due 2028, net of unamortized deferred financing costs of $3.5 million and $3.9 million		396.5		396.1
Other debt		2.1		2.6
Total		922.4		929.1
Less: Current maturities		24.7		18.0
Total long-term debt	$	897.7	$	911.1

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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Restructuring and Other Items, net [Abstract]

Restructuring and Other Items, net

6 Months Ended

Jun. 30, 2024

Restructuring and Other Items, net

Note 5. Restructuring and Other Items, net

In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline its cost structure as a result of organizational efficiencies gained through the Company's resegmentation in the first quarter of 2023. As a result, the Company recorded a charge of $6.6 million for restructuring and other charges related to severance and other costs.

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				Six Months Ended
(in millions of dollar)	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Consumer & Specialties	$	—	$	0.6	$	—	$	0.6
Engineered Solutions		—		3.2		—		3.2
Corporate		—		2.8		—		2.8
Total restructuring and other items, net	$	—	$	6.6	$	—	$	6.6

At June 30, 2024, the Company had $2.8 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 within the next twelve months.

The following table is a reconciliation of our restructuring liability balance as of June 30, 2024:

(in millions of dollars)
Restructuring liability, December 31, 2023	$	3.8
Cash payments		(1.0	)
Restructuring liability, June 30, 2024	$	2.8

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	1-11430
Entity Registrant Name	MINERALS TECHNOLOGIES INC.
Entity Central Index Key	0000891014
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1190717
Entity Address, Address Line One	622 Third Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017-6707
City Area Code	212
Local Phone Number	878-1800
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	MTX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,168,725

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

6 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Term Loan due 2027 [Member]

$ 922.4

$ 929.1

Less: Current maturities

24.7

^[1]

18.0

^[2]

Total long-term debt

897.7

^[1]

911.1

^[2]

Unamortized deferred financing costs

$ 523.8

530.4

Maturity date

Feb. 11, 2027

$ 2.1

2.4

Senior Notes due 2028 [Member]

Unamortized deferred financing costs

Total long-term debt

$ 396.5

$ 396.1

Interest rate

5.00%

Maturity date

Jun. 30, 2028

$ 3.5

$ 3.9

Other Debt [Member]

$ 2.1

$ 2.6

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

Derivative Financial Instruments (Details) - Cash Flow Hedge [Member] - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2024	Jul. 02, 2023
Derivative Financial Instruments [Abstract]
Notional amount		$ 150.0
Other Assets and Deferred Charges [Member]
Derivative Financial Instruments [Abstract]
Fair value of derivative asset	$ 1.9

Inventories

6 Months Ended

Jun. 30, 2024

Inventories [Abstract]

Inventories

Note 7. Inventories

The following is a summary of inventories by major category:

(in millions of dollars)	Jun. 30, 2024		Dec. 31, 2023
Raw materials	$	149.4	$	144.3
Work-in-process		12.1		11.7
Finished goods		116.1		113.5
Packaging and supplies		55.4		55.9
Total inventories	$	333.0	$	325.4

Long-Term Debt and Commitments

6 Months Ended

Jun. 30, 2024

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)	Jun. 30, 2024		Dec. 31, 2023
Secured Credit Agreement:
Term Loan due 2027, net of unamortized deferred financing costs of $2.1 million and $2.4 million	$	523.8	$	530.4

Senior Notes:
5.00% due 2028, net of unamortized deferred financing costs of $3.5 million and $3.9 million		396.5		396.1
Other debt		2.1		2.6
Total		922.4		929.1
Less: Current maturities		24.7		18.0
Total long-term debt	$	897.7	$	911.1

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 BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) ("Oldco") and Barretts Ventures Texas LLC ("BVT") were removed as borrowers under, and Guarantors of, the Senior Secured Credit Facilities.

As of June 30, 2024, there were $69.0 million in loans and $9.1 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 Oldco and BVT 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 June 30, 2024, $1.1 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.1 million on this facility during 2024.

As part of the acquisition of Concept Pet Heimtierprodukte GmbH ("Concept Pet") in 2022, 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 $0.1 million on these loans during 2024.

As of June 30, 2024, the Company had $25.2 million in uncommitted short-term bank credit lines, of which none were in use.

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

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Revenue from Contracts with Customers [Abstract]

Earnings per Share

6 Months Ended

Jun. 30, 2024

Earnings per Share [Abstract]

Earnings per Share

Note 4. Earnings per Share (EPS)

Basic earnings per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding.

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

	Three Months Ended				Six Months Ended
(in millions of dollars, except per share data)	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Net income attributable to Minerals Technologies Inc.	$	19.7	$	26.6	$	66.4	$	63.6

Weighted average shares outstanding		32.2		32.5		32.3		32.5
Dilutive effect of stock options and deferred restricted stock units		0.2		0.1		0.1		—
Weighted average shares outstanding, adjusted		32.4		32.6		32.4		32.5

Basic earnings per share attributable to Minerals Technologies Inc.	$	0.61	$	0.82	$	2.06	$	1.96

Diluted earnings per share attributable to Minerals Technologies Inc.	$	0.61	$	0.82	$	2.05	$	1.96

Of the options outstanding of 1,482,563 and 1,607,833 for the three-month and six-month periods ended June 30, 2024 and July 2, 2023, respectively, options to purchase 196,471 shares and 1,289,235 shares of common stock for the three-month and six-month periods ending June 30, 2024 and July 2, 2023, 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.

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Disaggregation of Revenue by Major Source

The following table disaggregates our revenue by major source (product line) for the three and six-month periods ended June 30, 2024 and July 2, 2023:

(in millions of dollars)	Three Months Ended				Six Months Ended
Net Sales	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Household & Personal Care	$	126.8	$	125.5	$	265.2	$	254.7
Specialty Additives		157.5		164.8		316.0		332.9
Consumer & Specialties Segment		284.3		290.3		581.2		587.6

High-Temperature Technologies		184.7		182.6		362.0		361.2
Environmental & Infrastructure		72.2		78.6		132.5		148.8
Engineered Solutions Segment		256.9		261.2		494.5		510.0

Total	$	541.2	$	551.5	$	1,075.7	$	1,097.6

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

Jun. 30, 2024

Dec. 31, 2023

Inventories [Abstract]

Raw materials

$ 149.4

$ 144.3

Work-in-process

12.1

11.7

Finished goods

116.1

113.5

Packaging and supplies

55.4

55.9

Total inventories

$ 333.0

^[1]

$ 325.4

^[2]

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

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

6 Months Ended

Jun. 30, 2024

Jul. 02, 2023

Operating Activities:

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

$ 68.5

$ 65.7

Depreciation, depletion and amortization

47.5

47.2

Reduction of right of use asset

7.0

Provision for credit losses

30.0

0.0

Other non-cash items, net

9.7

10.1

Net changes in operating assets and liabilities

(56.7)

(50.8)

Net cash provided by operating activities

106.0

79.2

Investing Activities:

Purchases of property, plant and equipment, net

(36.7)

(45.9)

(4.0)

(1.8)

Proceeds from sale of assets

0.0

0.2

Proceeds from sale of short-term investments

3.1

7.0

Purchases of short-term investments

(5.2)

(9.1)

Other investing activities

(3.0)

0.3

Net cash used in investing activities

(45.8)

(49.3)

Financing Activities:

Repayment of short-term debt

(7.2)

(7.4)

(16.3)

(12.7)

Purchase of common stock for treasury

(34.6)

0.0

Proceeds from issuance of stock under option plan

13.0

0.2

Excess tax benefits related to stock incentive programs

(2.8)

Dividends paid to non-controlling interests

(0.4)

0.0

Cash dividends paid

(6.5)

(3.3)

Net cash used in financing activities

(54.8)

(26.0)

Effect of exchange rate changes on cash and cash equivalents

(12.0)

(4.0)

Net increase (decrease) in cash and cash equivalents

(6.6)

(0.1)

Cash and cash equivalents at beginning of period

317.2

^[1]

247.2

Cash and cash equivalents at end of period

310.6

247.1

Supplemental disclosure of cash flow information:

Interest paid

31.3

39.2

Income taxes paid

36.2

26.4

Non-cash financing activities:

Treasury stock purchases settled after period end

$ 0.3

$ 0.0

[1]	Condensed from audited financial statements

Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2024

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 six-month periods ended June 30, 2024 and July 2, 2023 is as follows:

	Three Months Ended				Six Months Ended
(in millions of dollars)	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Net Sales
Consumer & Specialties	$	284.3	$	290.3	$	581.2	$	587.6
Engineered Solutions		256.9		261.2		494.5		510.0
Total	$	541.2	$	551.5	$	1,075.7	$	1,097.6

Income from Operations
Consumer & Specialties	$	43.9	$	19.4	$	85.9	$	51.6
Engineered Solutions		44.7		35.2		83.2		70.5
Total	$	88.6	$	54.6	$	169.1	$	122.1

Reconciliation of Income from Operations

A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows:

	Three Months Ended						Six Months Ended
(in millions of dollars)	Jun. 30, 2024			Jul. 2, 2023			Jun. 30, 2024			Jul. 2, 2023

Income from operations for reportable segments	$	88.6		$	54.6		$	169.1		$	122.1
Provision for credit losses		(30.0	)		—			(30.0	)		—
Restructuring and other items, net		—			(2.8	)		—			(2.8	)
Acquisition-related expenses		—			(0.2	)		—			(0.3	)
Litigation expenses		(4.2	)		—			(6.3	)		—
Unallocated and other corporate expenses		(3.8	)		(1.7	)		(7.0	)		(6.1	)
Consolidated income from operations		50.6			49.9			125.8			112.9
Non-operating deductions, net		(16.0	)		(15.9	)		(31.1	)		(31.2	)
Income before tax and equity in earnings	$	34.6		$	34.0		$	94.7		$	81.7

Sales by Product Category

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

	Three Months Ended				Six Months Ended
(in millions of dollars)	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Household & Personal Care	$	126.8	$	125.5	$	265.2	$	254.7
Specialty Additives		157.5		164.8		316.0		332.9
High-Temperature Technologies		184.7		182.6		362.0		361.2
Environmental & Infrastructure		72.2		78.6		132.5		148.8
Total	$	541.2	$	551.5	$	1,075.7	$	1,097.6

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

6 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Goodwill and Other Intangible Assets [Abstract]

Goodwill

$ 912.8

^[1]

$ 913.6

^[2]

Intangible Assets Subject to Amortization [Abstract]

29 years

$ 324.9

325.7

Future Amortization Expense [Abstract]

$ 100.2

94.7

Weighted average amortization period

29 years

Estimated amortization expense, remainder of 2024

$ 6.8

Estimated amortization expense, 2025-2028

47.8

Estimated amortization expense, thereafter

$ 170.1

Tradenames [Member]

Intangible Assets Subject to Amortization [Abstract]

34 years

$ 221.3

221.5

Intangible Assets Subject to Amortization [Abstract]

$ 61.6

59.1

Technology [Member]

13 years

$ 18.8

18.8

Patents and Trademarks [Member]

$ 14.9

14.2

Intangible Assets Subject to Amortization [Abstract]

19 years

$ 6.4

6.4

Customer Relationships [Member]

$ 6.4

6.4

Intangible Assets Subject to Amortization [Abstract]

21 years

$ 78.4

79.0

$ 17.3

$ 15.0

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

Segment and Related Information, Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jul. 02, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jul. 02, 2023 USD ($)
Segment and Related Information [Abstract]
Number of reportable segments \| Segment			2
Net sales	$ 541.2	$ 551.5	$ 1,075.7	$ 1,097.6
Income from operations	50.6	49.9	125.8	112.9
Consumer & Specialties [Member]
Segment and Related Information [Abstract]
Net sales	284.3	290.3	581.2	587.6
Engineered Solutions [Member]
Segment and Related Information [Abstract]
Net sales	256.9	261.2	494.5	510.0
Reportable Segments [Member]
Segment and Related Information [Abstract]
Net sales	541.2	551.5	1,075.7	1,097.6
Income from operations	88.6	54.6	169.1	122.1
Reportable Segments [Member] \| Consumer & Specialties [Member]
Segment and Related Information [Abstract]
Net sales	284.3	290.3	581.2	587.6
Income from operations	43.9	19.4	85.9	51.6
Reportable Segments [Member] \| Engineered Solutions [Member]
Segment and Related Information [Abstract]
Net sales	256.9	261.2	494.5	510.0
Income from operations	$ 44.7	$ 35.2	$ 83.2	$ 70.5

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue from Contracts with Customers [Abstract]

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

Revenue from Contracts with Customers

Note 2. Revenue from Contracts with Customers

The following table disaggregates our revenue by major source (product line) for the three and six-month periods ended June 30, 2024 and July 2, 2023:

(in millions of dollars)	Three Months Ended				Six Months Ended
Net Sales	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Household & Personal Care	$	126.8	$	125.5	$	265.2	$	254.7
Specialty Additives		157.5		164.8		316.0		332.9
Consumer & Specialties Segment		284.3		290.3		581.2		587.6

High-Temperature Technologies		184.7		182.6		362.0		361.2
Environmental & Infrastructure		72.2		78.6		132.5		148.8
Engineered Solutions Segment		256.9		261.2		494.5		510.0

Total	$	541.2	$	551.5	$	1,075.7	$	1,097.6

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Cash and cash equivalents

Comprehensive Income

6 Months Ended

Jun. 30, 2024

Comprehensive Income [Abstract]

Comprehensive Income

Note 12. Comprehensive Income

The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company:

	Three Months Ended						Six Months Ended
(in millions of dollars)	Jun. 30, 2024			Jul. 2, 2023			Jun. 30, 2024			Jul. 2, 2023

Amortization of pension items:
Pre-tax amount	$	0.3		$	0.7		$	0.6		$	1.2
Tax		(0.1	)		(0.3	)		(0.1	)		(0.4	)
Net of tax	$	0.2		$	0.4		$	0.5		$	0.8

The pre-tax amounts in the table above are included within the components of net periodic pension benefit cost (see Note 11 to the Condensed Consolidated Financial Statements) and the tax amounts are included within the provision for taxes on income line within the Condensed Consolidated Statements of Income.

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

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

Balance as of December 31, 2023	$	(350.9	)	$	(28.8	)	$	10.3	$	(369.4	)

Other comprehensive income (loss) before reclassifications		(32.8	)		—			1.5		(31.3	)
Amounts reclassified from AOCI		—			0.5			—		0.5
Net current period other comprehensive income (loss)		(32.8	)		0.5			1.5		(30.8	)
Balance as of June 30, 2024	$	(383.7	)	$	(28.3	)	$	11.8	$	(400.2	)

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

Jun. 30, 2024

^[1]

Dec. 31, 2023

^[2]

Current assets:

$ 310.6

$ 317.2

Short-term investments

5.8

4.3

Accounts receivable, net

405.1

399.1

Inventories

333.0

325.4

Prepaid expenses and other current assets

59.3

53.0

Total current assets

1,113.8

1,099.0

Property, plant and equipment

2,192.3

2,190.1

Less accumulated depreciation and depletion

(1,218.5)

(1,203.3)

Property, plant and equipment, net

973.8

986.8

Goodwill

912.8

913.6

Intangible assets

224.7

231.0

Deferred income taxes

17.4

16.0

Other assets and deferred charges

103.5

100.2

Total assets

3,346.0

3,346.6

Current liabilities:

Short-term debt

69.0

85.4

Current maturities of long-term debt

24.7

18.0

Accounts payable

184.4

188.7

Other current liabilities

175.5

165.2

Total current liabilities

453.6

457.3

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

897.7

911.1

Deferred income taxes

146.6

139.3

Accrued pension and post-retirement benefits

48.1

51.7

Other non-current liabilities

102.5

100.5

Total liabilities

1,648.5

1,659.9

Commitments and contingencies

Shareholders' equity:

Common stock

5.0

4.9

Additional paid-in capital

517.3

501.2

Retained earnings

2,420.5

2,360.6

Accumulated other comprehensive loss

(400.2)

(369.4)

Less common stock held in treasury

(880.0)

(845.3)

Total Minerals Technologies Inc. shareholders' equity

1,662.6

1,652.0

Non-controlling interests

34.9

34.7

Total shareholders' equity

1,697.5

1,686.7

Total liabilities and shareholders' equity

$ 3,346.0

$ 3,346.6

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

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

3 Months Ended

6 Months Ended

Apr. 29, 2022

Jun. 30, 2024

Jul. 02, 2023

Jun. 30, 2024

Jul. 02, 2023

Dec. 31, 2023

^[2]

Acquisitions [Abstract]

$ 4.0

$ 1.8

Goodwill

$ 912.8

^[1]

912.8

^[1]

$ 913.6

Acquisition-related expenses

0.0

$ 0.2

0.0

0.3

Concept Pet [Member]

Acquisitions [Abstract]

Purchase price

$ 28.0

$ 22.4

4.0

Acquisition-related expenses

$ 0.0

$ 0.2

$ 0.0

$ 0.3

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

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

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 $912.8 million and $913.6 million as of June 30, 2024 and December 31, 2023, respectively. The net change in goodwill from December 31, 2023 to June 30, 2024 is attributable to the effects of foreign exchange.

Acquired intangible assets subject to amortization as of June 30, 2024 and December 31, 2023 were as follows:

			Jun. 30, 2024				Dec. 31, 2023
(in millions of dollars)	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Tradenames		34	$	221.3	$	61.6	$	221.5	$	59.1
Technology		13		18.8		14.9		18.8		14.2
Patents and trademarks		19		6.4		6.4		6.4		6.4
Customer relationships		21		78.4		17.3		79.0		15.0
		29	$	324.9	$	100.2	$	325.7	$	94.7

The weighted average amortization period for acquired intangible assets subject to amortization is approximately 29 years. Estimated amortization expense is $6.8 million for the remainder of 2024, $47.8 million for 2025–2028 and $170.1 million thereafter.

Benefit Plans

6 Months Ended

Jun. 30, 2024

Benefit Plans [Abstract]

Benefit Plans

Note 11. Benefit Plans

The Company and its subsidiaries have pension plans covering the majority of its eligible employees on a contributory or non-contributory basis. The Company also provides postretirement health care and life insurance benefits for the majority of its 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 21% of our total benefit obligation.

Components of Net Periodic Benefit Cost

	Pension Benefits
	Three Months Ended						Six Months Ended
(in millions of dollars)	Jun. 30, 2024			Jul. 2, 2023			Jun. 30, 2024			Jul. 2, 2023

Service cost	$	1.1		$	1.2		$	2.3		$	2.3
Interest cost		4.0			3.9			8.0			7.9
Expected return on plan assets		(4.9	)		(4.6	)		(9.9	)		(9.1	)
Amortization:
Prior service cost		—			0.1			—			0.1
Recognized net actuarial loss		0.4			0.6			0.8			1.2
Net periodic benefit cost	$	0.6		$	1.2		$	1.2		$	2.4

	Post-Retirement Benefits
	Three Months Ended						Six Months Ended
(in millions of dollars)	Jun. 30, 2024			Jul. 2, 2023			Jun. 30, 2024			Jul. 2, 2023

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

Amortization amounts of prior service costs and recognized net actuarial losses are recorded, net of tax, as increases to accumulated other comprehensive income.

The Company expects to contribute approximately $10.0 million to its pension plans and $0.1 million to its other postretirement benefit plans in 2024. As of June 30, 2024, $3.5 million has been contributed to the pension plans and no contributions have been made to the other postretirement benefit plans.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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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 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reclassifications Out of Accumulated Other Comprehensive Loss

Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2024

Comprehensive Income [Abstract]

The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company:

	Three Months Ended						Six Months Ended
(in millions of dollars)	Jun. 30, 2024			Jul. 2, 2023			Jun. 30, 2024			Jul. 2, 2023

Amortization of pension items:
Pre-tax amount	$	0.3		$	0.7		$	0.6		$	1.2
Tax		(0.1	)		(0.3	)		(0.1	)		(0.4	)
Net of tax	$	0.2		$	0.4		$	0.5		$	0.8

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, 2023	$	(350.9	)	$	(28.8	)	$	10.3	$	(369.4	)

Other comprehensive income (loss) before reclassifications		(32.8	)		—			1.5		(31.3	)
Amounts reclassified from AOCI		—			0.5			—		0.5
Net current period other comprehensive income (loss)		(32.8	)		0.5			1.5		(30.8	)
Balance as of June 30, 2024	$	(383.7	)	$	(28.3	)	$	11.8	$	(400.2	)

Restructuring and Other Items, net (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Other Items, net [Abstract]

Restructuring Charges by Segment

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

	Three Months Ended				Six Months Ended
(in millions of dollar)	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Consumer & Specialties	$	—	$	0.6	$	—	$	0.6
Engineered Solutions		—		3.2		—		3.2
Corporate		—		2.8		—		2.8
Total restructuring and other items, net	$	—	$	6.6	$	—	$	6.6

Reconciliation of Restructuring Liability

The following table is a reconciliation of our restructuring liability balance as of June 30, 2024:

(in millions of dollars)
Restructuring liability, December 31, 2023	$	3.8
Cash payments		(1.0	)
Restructuring liability, June 30, 2024	$	2.8

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

6 Months Ended

12 Months Ended

Apr. 29, 2022

USD ($)

Loan

Jun. 30, 2024

USD ($)

qtr

Jul. 02, 2023

USD ($)

Dec. 31, 2027

Loan

Dec. 31, 2025

Loan

Dec. 31, 2023

USD ($)

Aug. 11, 2022

USD ($)

Jun. 30, 2020

USD ($)

Apr. 18, 2018

USD ($)

Feb. 14, 2017

USD ($)

$ 922.4

$ 929.1

Senior Secured Credit Facilities [Member]

7.2

$ 7.4

Short-term debt

$ 69.0

^[1]

85.4

^[2]

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

Senior Secured Credit Facilities [Member] | Minimum [Member]

Senior Secured Credit Facilities [Member] | Maximum [Member]

Interest coverage ratio

Net leverage ratio under financial covenant

Net leverage ratio under financial covenant in connection with certain significant acquisitions

Term Loan due 2027 [Member]

Adjustment to applicable margin, Category a

Face amount

$ 550.0

0.25%

Adjustment to applicable margin, Category b

(0.125%)

Adjustment to applicable margin, Category c

(0.25%)

Term Loan due 2027 [Member] | Minimum [Member]

$ 523.8

$ 530.4

Net leverage ratio, Category a

Net leverage ratio, Category b

Term Loan due 2027 [Member] | Maximum [Member]

Net leverage ratio, Category b

Net leverage ratio, Category c

Term Loan due 2027 [Member] | SOFR [Member]

Term Loan due 2027 [Member] | Base Rate [Member]

Credit spread adjustment

0.10%

Applicable margin

1.50%

Revolving Facility [Member]

Applicable margin

0.50%

Maximum borrowing capacity

$ 300.0

Commitment fee

0.25%

Commitment fee, Category a

0.30%

Commitment fee, Category b

0.175%

Commitment fee, Category c

0.15%

Fronting fee

0.125%

Letters of credit outstanding

$ 69.0

$ 9.1

Term Loan due 2024 [Member]

Revolving Facility [Member]

Face amount

$ 788.0

Maximum borrowing capacity

$ 300.0

Senior Notes due 2028 [Member]

Senior Notes due 2028 [Member] | Redemption of Notes if Company Experiences Change of Control [Member]

Face amount

$ 400.0

Interest rate

5.00%

Guarantee amount

$ 50.0

Redemption price percentage

101.00%

Japan Loan Facility [Member]

$ 1.1

Austria and Slovakia Term Loans [Member]

0.1

Number of term loans assumed | Loan

Austria and Slovakia Term Loans [Member] | Plan [Member]

Number of term loans that mature | Loan

Austria and Slovakia Term Loans [Member] | Concept Pet [Member]

Long-term debt assumed as part of acquisition

$ 1.9

Uncommitted Short-Term Bank Credit Lines [Member]

0.1

Maximum borrowing capacity

25.2

Short-term debt

$ 0.0

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

Restructuring and Other Items, net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Restructuring and Other Items, net [Abstract]
Restructuring and other items, net	$ 0.0	$ 6.6	$ 0.0	$ 6.6
Restructuring Liability [Roll Forward]
Restructuring liability, beginning of period			3.8
Cash payments			(1.0)
Restructuring liability, end of period	2.8		2.8
Other Current Liabilities [Member]
Restructuring and Other Items, net [Abstract]
Restructuring liability	2.8		2.8
Corporate [Member]
Restructuring and Other Items, net [Abstract]
Restructuring and other items, net	0.0	2.8	0.0	2.8
Consumer & Specialties [Member]
Restructuring and Other Items, net [Abstract]
Restructuring and other items, net	0.0	0.6	0.0	0.6
Engineered Solutions [Member]
Restructuring and Other Items, net [Abstract]
Restructuring and other items, net	$ 0.0	$ 3.2	$ 0.0	$ 3.2

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventories [Abstract]

Inventories by Major Category

The following is a summary of inventories by major category:

(in millions of dollars)	Jun. 30, 2024		Dec. 31, 2023
Raw materials	$	149.4	$	144.3
Work-in-process		12.1		11.7
Finished goods		116.1		113.5
Packaging and supplies		55.4		55.9
Total inventories	$	333.0	$	325.4

Segment and Related Information, Reconciliation of Income from Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Segment and Related Information [Abstract]
Income from operations	$ 50.6	$ 49.9	$ 125.8	$ 112.9
Provision for credit losses	30.0	0.0	30.0	0.0
Restructuring and other items, net	0.0	6.6	0.0	6.6
Acquisition-related expenses	0.0	(0.2)	0.0	(0.3)
Litigation expenses	(4.2)	(13.9)	(6.3)	(13.9)
Non-operating deductions, net	(16.0)	(15.9)	(31.1)	(31.2)
Income before tax and equity in earnings	34.6	34.0	94.7	81.7
Reportable Segments [Member]
Segment and Related Information [Abstract]
Income from operations	88.6	54.6	169.1	122.1
Reconciling Item [Member]
Segment and Related Information [Abstract]
Provision for credit losses	(30.0)	0.0	(30.0)	0.0
Restructuring and other items, net	0.0	(2.8)	0.0	(2.8)
Acquisition-related expenses	0.0	(0.2)	0.0	(0.3)
Litigation expenses	(4.2)	0.0	(6.3)	0.0
Non-operating deductions, net	(16.0)	(15.9)	(31.1)	(31.2)
Unallocated and Corporate [Member]
Segment and Related Information [Abstract]
Income from operations	(3.8)	(1.7)	(7.0)	(6.1)
Restructuring and other items, net	$ 0.0	$ 2.8	$ 0.0	$ 2.8

Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Benefit Plans [Abstract]

Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost

	Pension Benefits
	Three Months Ended						Six Months Ended
(in millions of dollars)	Jun. 30, 2024			Jul. 2, 2023			Jun. 30, 2024			Jul. 2, 2023

Service cost	$	1.1		$	1.2		$	2.3		$	2.3
Interest cost		4.0			3.9			8.0			7.9
Expected return on plan assets		(4.9	)		(4.6	)		(9.9	)		(9.1	)
Amortization:
Prior service cost		—			0.1			—			0.1
Recognized net actuarial loss		0.4			0.6			0.8			1.2
Net periodic benefit cost	$	0.6		$	1.2		$	1.2		$	2.4

	Post-Retirement Benefits
	Three Months Ended						Six Months Ended
(in millions of dollars)	Jun. 30, 2024			Jul. 2, 2023			Jun. 30, 2024			Jul. 2, 2023

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

Basis of Presentation and Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2024 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

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Other Intangible Assets [Abstract]

Intangible Assets Subject to Amortization

Acquired intangible assets subject to amortization as of June 30, 2024 and December 31, 2023 were as follows:

			Jun. 30, 2024				Dec. 31, 2023
(in millions of dollars)	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Tradenames		34	$	221.3	$	61.6	$	221.5	$	59.1
Technology		13		18.8		14.9		18.8		14.2
Patents and trademarks		19		6.4		6.4		6.4		6.4
Customer relationships		21		78.4		17.3		79.0		15.0
		29	$	324.9	$	100.2	$	325.7	$	94.7

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, provision for credit losses, 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. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations. Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2024-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure, as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The new standard is effective for interim and annual periods beginning on or after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2024-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The new standard is effective for interim and annual periods beginning on or after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial statements.

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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

	Three Months Ended				Six Months Ended
(in millions of dollars, except per share data)	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Net income attributable to Minerals Technologies Inc.	$	19.7	$	26.6	$	66.4	$	63.6

Weighted average shares outstanding		32.2		32.5		32.3		32.5
Dilutive effect of stock options and deferred restricted stock units		0.2		0.1		0.1		—
Weighted average shares outstanding, adjusted		32.4		32.6		32.4		32.5

Basic earnings per share attributable to Minerals Technologies Inc.	$	0.61	$	0.82	$	2.06	$	1.96

Diluted earnings per share attributable to Minerals Technologies Inc.	$	0.61	$	0.82	$	2.05	$	1.96

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, 2022

$ 4.9

$ 487.6

$ 2,284.6

$ (366.5)

$ (831.1)

$ 33.7

$ 1,613.2

0.0

37.0

0.0

1.1

38.1

0.0

7.7

0.0

0.4

8.1

Issuance of shares pursuant to employee stock compensation plans

0.0

(1.6)

0.0

(1.6)

0.0

0.2

0.0

0.2

Conversion of RSU's for tax withholding

0.0

2.7

0.0

2.7

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

65.7

(17.0)

Balance at Jul. 02, 2023

4.9

490.6

2,344.9

(382.8)

(831.1)

35.0

1,661.5

Balance at Apr. 02, 2023

4.9

487.8

2,320.0

(358.8)

(831.1)

35.2

1,658.0

0.0

26.6

0.0

1.0

27.6

0.0

(24.0)

0.0

(1.2)

(25.2)

0.0

(1.7)

0.0

(1.7)

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

Balance at Dec. 31, 2023

4.9

501.2

2,360.6

(369.4)

(845.3)

34.7

1,686.7

^[1]

0.0

46.7

0.0

0.9

47.6

0.0

(21.9)

0.0

(0.8)

(22.7)

Issuance of shares pursuant to employee stock compensation plans

0.0

(3.2)

0.0

(3.2)

0.1

2.3

0.0

2.4

Purchase of common stock for treasury

0.0

(15.0)

0.0

(15.0)

Conversion of RSU's for tax withholding

0.0

2.9

0.0

2.9

0.0

(2.8)

0.0

(2.8)

Balance at Mar. 31, 2024

5.0

503.6

2,404.1

(391.3)

(860.3)

34.8

1,695.9

Balance at Dec. 31, 2023

4.9

501.2

2,360.6

(369.4)

(845.3)

34.7

1,686.7

^[1]

68.5

(30.8)

(32.3)

Balance at Jun. 30, 2024

5.0

517.3

2,420.5

(400.2)

(880.0)

34.9

1,697.5

^[2]

Balance at Mar. 31, 2024

5.0

503.6

2,404.1

(391.3)

(860.3)

34.8

1,695.9

0.0

19.7

0.0

1.2

20.9

0.0

(8.9)

0.0

(0.7)

(9.6)

Dividends paid to non-controlling interests

0.0

(3.3)

0.0

(3.3)

0.0

(0.4)

Issuance of shares pursuant to employee stock compensation plans

0.0

10.7

0.0

10.7

Purchase of common stock for treasury

0.0

(19.7)

0.0

(19.7)

0.0

3.0

0.0

3.0

Balance at Jun. 30, 2024

$ 5.0

$ 517.3

$ 2,420.5

$ (400.2)

$ (880.0)

$ 34.9

$ 1,697.5

^[2]

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

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Derivative Financial Instruments [Abstract]

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 20.9	$ 27.6	$ 68.5	$ 65.7
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(9.9)	(26.1)	(34.3)	(16.0)
Pension and postretirement plan adjustments	0.2	0.4	0.5	0.9
Unrealized gains (losses) on derivative instruments	0.1	0.5	1.5	(1.9)
Total other comprehensive loss, net of tax	(9.6)	(25.2)	(32.3)	(17.0)
Total comprehensive income including non-controlling interests	11.3	2.4	36.2	48.7
Comprehensive income (loss) attributable to non-controlling interests	0.4	0.1	0.6	(1.3)
Comprehensive income attributable to Minerals Technologies Inc.	$ 10.9	$ 2.3	$ 35.6	$ 50.0

Contingencies

6 Months Ended

Jun. 30, 2024

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 BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) (“Oldco”). On October 2, 2023 (the “Petition Date”), notwithstanding the Company’s confidence in the safety of Oldco’s talc products, the Company’s subsidiaries, Oldco and Barretts Ventures Texas LLC ("BVT" and, together with Oldco, the “Chapter 11 Debtors”), 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 Oldco’s liabilities associated with talc. Minerals Technologies Inc. and the Company’s other subsidiaries were not included in the Chapter 11 filing. During the pendency of the Chapter 11 Cases, the Company anticipates that the Chapter 11 Debtors will benefit from the operation of the automatic stay, which stays ongoing litigation in connection with talc-related claims against the Chapter 11 Debtors. In addition, subject to certain exceptions, the filing or continued prosecution of all talc-related claims against the Chapter 11 Debtors' non-debtor affiliates is temporarily stayed through August 21, 2024 (subject to further extensions), the date on which a hearing is scheduled on the status of the Chapter 11 Cases.

As of June 30, 2024, we had 638 open cases related to certain talc products previously sold by Oldco, which is an increase in volume from previous years. As a result of the Chapter 11 Cases, subject to certain exceptions, these cases are stayed. The following table details case activity related to talc products previously sold by Oldco:

	Three Months Ended				Six Months Ended
(number of claims)	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Claims pending, beginning of period		594		460		574		439
Claims filed		49		79		79		141
Claims dismissed, settled or otherwise resolved		5		32		15		73

Claims pending, end of period		638		507		638		507

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 Oldco 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. ("Pfizer") 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 (subject to certain exceptions), 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. On May 22, 2024, Pfizer filed a motion in the Chapter 11 Cases seeking permission to file a lawsuit against the Company related to the 1992 agreement. That motion has been adjourned, and Pfizer and the Company have agreed to mediate their disputes. The Company continues to receive information from Pfizer with respect to potential costs associated with the defense and/or settlement of talc-related cases that Pfizer alleges are not subject to indemnification. Although the Company believes that the talc products are safe and that claims to the contrary are without merit, Oldco opportunistically settled certain talc-related cases in 2022 and 2023. None of such settlements have been material to the Company.

In the second quarter of 2024, Oldco sold its talc assets under section 363 of the Bankruptcy Code. In addition, in the second quarter of 2024, the Company entered into a Debtor-in-Possession Credit Agreement with Oldco (the “DIP Credit Agreement”). The DIP Credit Agreement provides for a delayed draw term loan facility pursuant to which Oldco may borrow funds from the Company up to a maximum aggregate principal amount of $30,000,000 (plus amounts in respect of accrued interest capitalized thereon). The Company evaluated the DIP Credit Agreement for expected credit losses. As a result, the Company recognized a $30 million credit loss for the maximum aggregate principal amount within the provision for credit losses line of the Condensed Consolidated Statements of Income for the three and six-months periods ending June 30, 2024. This amount represents $5 million that was drawn by Oldco in accordance with the DIP Credit Agreement in the second quarter of 2024 and the remaining $25 million unfunded loan commitment that is recorded within the other current liabilities line item on the Condensed Consolidated Balance Sheets. The Company expects the remaining funds to be drawn by the end of 2024.

Proceeds of the sale of Oldco’s talc assets and funds drawn by Oldco under the DIP Credit Agreement, will be used to fund the Chapter 11 Cases. The Chapter 11 Debtors' 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 of the Bankruptcy Code to establish a trust that will address all current and future talc-related claims. Following the Chapter 11 filing, the activities of the Chapter 11 Debtors are now subject to review and oversight by the bankruptcy court. As a result, the Chapter 11 Debtors were deconsolidated as of the Petition Date, and their assets and liabilities were derecognized from the Company’s consolidated financial statements on a prospective basis.

On June 25, 2024, the committee representing talc claimants (“Committee”) filed a motion to dismiss the Chapter 11 Cases. A hearing on the motion to dismiss is scheduled for August 21, 2024. The Chapter 11 Cases remain pending.

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 how the Bankruptcy Court will rule on the pending motion to dismiss, 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 the Chapter 11 Debtors, taking into account the portion of such hypothetical claims that may be subject to indemnification by Pfizer, as well as the inability to estimate the amount that may be necessary to fully and finally resolve all of the Chapter 11 Debtors’ 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. While possible losses associated with future talc claims are not reasonably estimable at this time based on our current knowledge, in light of the uncertainties involved in such matters, the resolution of, or recognition of additional liabilities in connection with, current or future talc claims could have a material adverse effect on the Company’s results of operations, cash flows and financial condition.

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

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 rate 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 2023, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this swap is an asset of $1.9 million at June 30, 2024 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).

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.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Net sales	$ 541.2	$ 551.5	$ 1,075.7	$ 1,097.6
Cost of goods sold	397.3	423.5	795.9	848.9
Production margin	143.9	128.0	279.8	248.7
Marketing and administrative expenses	53.3	51.8	106.3	104.1
Research and development expenses	5.8	5.6	11.4	10.9
Provision for credit losses	30.0	0.0	30.0	0.0
Restructuring and other items, net	0.0	6.6	0.0	6.6
Acquisition-related expenses	0.0	0.2	0.0	0.3
Litigation expenses	4.2	13.9	6.3	13.9
Income from operations	50.6	49.9	125.8	112.9
Interest expense, net	(14.9)	(14.5)	(29.8)	(28.7)
Other non-operating deductions, net	(1.1)	(1.4)	(1.3)	(2.5)
Total non-operating deductions, net	(16.0)	(15.9)	(31.1)	(31.2)
Income before tax and equity in earnings	34.6	34.0	94.7	81.7
Provision for taxes on income	15.6	7.5	29.5	18.0
Equity in earnings of affiliates, net of tax	1.9	1.1	3.3	2.0
Net income	20.9	27.6	68.5	65.7
Less: Net income attributable to non-controlling interests	1.2	1.0	2.1	2.1
Net income attributable to Minerals Technologies Inc.	$ 19.7	$ 26.6	$ 66.4	$ 63.6
Earnings per share:
Basic Net income attributable to Minerals Technologies Inc. (in dollars per share)	$ 0.61	$ 0.82	$ 2.06	$ 1.96
Diluted Net income attributable to Minerals Technologies Inc. (in dollars per share)	0.61	0.82	2.05	1.96
Cash dividends declared per common share (in dollars per share)	$ 0.1	$ 0.05	$ 0.2	$ 0.1
Shares used in computation of earnings per share:
Basic (in shares)	32.2	32.5	32.3	32.5
Diluted (in shares)	32.4	32.6	32.4	32.5

Segment and Related Information, Sales By Product Category (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Segment and Related Information [Abstract]
Net sales	$ 541.2	$ 551.5	$ 1,075.7	$ 1,097.6
Household & Personal Care [Member]
Segment and Related Information [Abstract]
Net sales	126.8	125.5	265.2	254.7
Specialty Additives [Member]
Segment and Related Information [Abstract]
Net sales	157.5	164.8	316.0	332.9
High-Temperature Technologies [Member]
Segment and Related Information [Abstract]
Net sales	184.7	182.6	362.0	361.2
Environmental & Infrastructure [Member]
Segment and Related Information [Abstract]
Net sales	$ 72.2	$ 78.6	$ 132.5	$ 148.8

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

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Jul. 02, 2023

Apr. 02, 2023

Jun. 30, 2024

Jul. 02, 2023

^[1]

$ 1,652.0

$ (9.6)

(22.7)

$ (25.2)

$ 8.1

(32.3)

$ (17.0)

Accumulated Other Comprehensive Loss [Member]

^[2]

1,662.6

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

Other comprehensive income (loss) before reclassifications

(369.4)

(31.3)

0.5

(8.9)

(21.9)

$ (24.0)

$ 7.7

(30.8)

Foreign Currency Translation Adjustment [Member]

(400.2)

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

Other comprehensive income (loss) before reclassifications

(350.9)

(32.8)

0.0

(32.8)

Unrecognized Pension Costs [Member]

(383.7)

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

Other comprehensive income (loss) before reclassifications

(28.8)

0.0

0.5

0.5

Net Gain (Loss) on Derivative Instruments [Member]

(28.3)

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

Other comprehensive income (loss) before reclassifications

$ 10.3

10.3

1.5

0.0

1.5

$ 11.8

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

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

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

+ References + Details

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

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Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Taxes [Abstract]
Income Taxes	Note 6. Income Taxes Provision for taxes was $15.6 million and $29.5 million during the three-month and six-month periods ended June 30, 2024. Provision for taxes was $7.5 million and $18.0 million during the three-month and six-month periods ended July 2, 2023. The effective tax rate was 45.1% for the three-month period ended June 30, 2024, as compared with 22.1% for the three-month period ended July 2, 2023. The effective tax rate was 31.2% for the six-month period ended June 30, 2024, as compared with 22.0% for the six-month period ended July 2, 2023. The higher tax rate for the current year was primarily due to the expected credit loss in connection with the Debtor-in-Possession Credit Agreement that the Company entered into with its subsidiary BMI Oldco Inc. (see Note 13 to the Condensed Consolidated Financial Statements). Such credit loss is not currently deductible as the loans under such agreement are treated as an equity contribution for tax purposes. The current expected credit loss may become fully deductible in a future period. The timing of such deductibility is dependent on developments in the bankruptcy proceedings. As of June 30, 2024, 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 or benefit 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 June 30, 2024 and had an accrued balance of $0.1 million of interest and penalties as of June 30, 2024. The Company operates in multiple taxing jurisdictions, both within and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company, with a few exceptions (none of which are material), is no longer subject to U.S. federal, state, local, and international income tax examinations by tax authorities for years prior to 2017. In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released the Pillar Two Model Rules which aim to reform international corporate taxation rules, including the implementation of a global minimum tax rate. The Company began implementation of the Pillar Two Model Rules in the first quarter of 2024. The Company continues to assess the rules in all jurisdictions and does not anticipate a material impact to its financial statements.

The entire disclosure for income tax.

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

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2024
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 the 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 2024, an additional $4.0 million was paid, which represents the final hold back consideration. The results of Concept Pet are included within our Household & Personal Care product line in our Consumer & Specialties segment. The Company recorded acquisition related transaction and integration costs of $0.2 million and $0.3 million in the three and six-month periods ended July 2, 2023, respectively, which are reflected within the acquisition-related expenses line of the Condensed Consolidated Statements of Income. The Company did not record any acquisition related transaction and integration costs during the three and six-month periods ended June 30, 2024.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Benefit Plans (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Benefit Plans [Abstract]
Percentage of total benefit obligation represented by international pension plans	21.00%		21.00%
Pension Benefits [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	$ 1.1	$ 1.2	$ 2.3	$ 2.3
Interest cost	4.0	3.9	8.0	7.9
Expected return on plan assets	(4.9)	(4.6)	(9.9)	(9.1)
Amortization of prior service cost	0.0	0.1	0.0	0.1
Amortization of recognized net actuarial (gain) loss	0.4	0.6	0.8	1.2
Net periodic benefit cost	0.6	1.2	1.2	2.4
Employer Contributions [Abstract]
Expected company contribution in 2024	10.0		10.0
Employer contributions to benefit plans			3.5
Post-Retirement Benefits [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	0.0	0.0	0.0	0.0
Interest cost	0.0	0.0	0.0	0.0
Amortization of recognized net actuarial (gain) loss	(0.1)	(0.1)	(0.2)	(0.2)
Net periodic benefit cost	(0.1)	$ (0.1)	(0.2)	$ (0.2)
Employer Contributions [Abstract]
Expected company contribution in 2024	$ 0.1		0.1
Employer contributions to benefit plans			$ 0.0

Contingencies (Details)	3 Months Ended		6 Months Ended
Contingencies (Details)	Jun. 30, 2024 USD ($) Claim Case	Jul. 02, 2023 USD ($) Claim	Jun. 30, 2024 USD ($) Claim Case	Jul. 02, 2023 USD ($) Claim
Contingencies [Abstract]
Claims pending, end of period \| Case	638		638
Contingencies [Abstract]
Provision for credit losses \| $	$ 30,000,000	$ 0	$ 30,000,000	$ 0
Talc-Related Cases [Member]
Contingencies [Abstract]
Claims pending, beginning of period \| Claim	594	460	574	439
Claims filed \| Claim	49	79	79	141
Claims dismissed, settled or otherwise resolved \| Claim	5	32	15	73
Claims pending, end of period \| Claim	638	507	638	507
DIP Credit Agreement [Member]
Contingencies [Abstract]
Maximum borrowing capacity \| $	$ 30,000,000		$ 30,000,000
Draws made by Oldco \| $	5,000,000
Remaining borrowing capacity \| $	$ 25,000,000		$ 25,000,000

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

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, 2023. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three-month and six-month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

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.

The Company 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, provision for credit losses, and pension plan assumptions. Actual results could differ from those estimates.

Allowance for Credit Losses

The allowance for credit losses (ACL) is management's estimate of the current expected credit losses at the balance sheet date. Our credit exposure includes an unfunded loan commitment. For this exposure, we recognized an ACL associated with the unfunded amount, which is reported as a liability in accrued expenses and other liabilities on our consolidated balance sheet.

Recently Issued Accounting Standards

Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations.

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2024-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure, as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The new standard is effective for interim and annual periods beginning on or after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial statements.

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2024-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The new standard is effective for interim and annual periods beginning on or after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s financial statements.

Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Contingencies [Abstract]

Case Activity Related to Talc Products Previously Sold by Oldco

	Three Months Ended				Six Months Ended
(number of claims)	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Claims pending, beginning of period		594		460		574		439
Claims filed		49		79		79		141
Claims dismissed, settled or otherwise resolved		5		32		15		73

Claims pending, end of period		638		507		638		507

Segment and Related Information

6 Months Ended

Jun. 30, 2024

Segment and Related Information

Note 14. Segment and Related Information

	Three Months Ended				Six Months Ended
(in millions of dollars)	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Net Sales
Consumer & Specialties	$	284.3	$	290.3	$	581.2	$	587.6
Engineered Solutions		256.9		261.2		494.5		510.0
Total	$	541.2	$	551.5	$	1,075.7	$	1,097.6

Income from Operations
Consumer & Specialties	$	43.9	$	19.4	$	85.9	$	51.6
Engineered Solutions		44.7		35.2		83.2		70.5
Total	$	88.6	$	54.6	$	169.1	$	122.1

A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows:

	Three Months Ended						Six Months Ended
(in millions of dollars)	Jun. 30, 2024			Jul. 2, 2023			Jun. 30, 2024			Jul. 2, 2023

Income from operations for reportable segments	$	88.6		$	54.6		$	169.1		$	122.1
Provision for credit losses		(30.0	)		—			(30.0	)		—
Restructuring and other items, net		—			(2.8	)		—			(2.8	)
Acquisition-related expenses		—			(0.2	)		—			(0.3	)
Litigation expenses		(4.2	)		—			(6.3	)		—
Unallocated and other corporate expenses		(3.8	)		(1.7	)		(7.0	)		(6.1	)
Consolidated income from operations		50.6			49.9			125.8			112.9
Non-operating deductions, net		(16.0	)		(15.9	)		(31.1	)		(31.2	)
Income before tax and equity in earnings	$	34.6		$	34.0		$	94.7		$	81.7

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

	Three Months Ended				Six Months Ended
(in millions of dollars)	Jun. 30, 2024		Jul. 2, 2023		Jun. 30, 2024		Jul. 2, 2023

Household & Personal Care	$	126.8	$	125.5	$	265.2	$	254.7
Specialty Additives		157.5		164.8		316.0		332.9
High-Temperature Technologies		184.7		182.6		362.0		361.2
Environmental & Infrastructure		72.2		78.6		132.5		148.8
Total	$	541.2	$	551.5	$	1,075.7	$	1,097.6

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

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Income Taxes [Abstract]
Provision for taxes on income	$ 15.6	$ 7.5	$ 29.5	$ 18.0
Effective income tax rate	45.10%	22.10%	31.20%	22.00%
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	$ 0.1		$ 0.1

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

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Earnings per Share [Abstract]
Net income attributable to Minerals Technologies Inc.	$ 19.7	$ 26.6	$ 66.4	$ 63.6
Weighted average shares outstanding (in shares)	32,200,000	32,500,000	32,300,000	32,500,000
Dilutive effect of stock options and deferred restricted stock units (in shares)	200,000	100,000	100,000	0
Weighted average shares outstanding, adjusted (in shares)	32,400,000	32,600,000	32,400,000	32,500,000
Basic earnings per share attributable to Minerals Technologies Inc. (in dollars per share)	$ 0.61	$ 0.82	$ 2.06	$ 1.96
Diluted earnings per share attributable to Minerals Technologies Inc. (in dollars per share)	$ 0.61	$ 0.82	$ 2.05	$ 1.96
Stock Options [Member]
Earnings Per Share [Abstract]
Options outstanding (in shares)	1,482,563	1,607,833	1,482,563	1,607,833
Anti-dilutive securities not included in computation of diluted earnings per share (in shares)	196,471	1,289,235	196,471	1,289,235

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Revenue from Contracts with Customers [Abstract]
Net sales	$ 541.2	$ 551.5	$ 1,075.7	$ 1,097.6
Household & Personal Care [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	126.8	125.5	265.2	254.7
Specialty Additives [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	157.5	164.8	316.0	332.9
High-Temperature Technologies [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	184.7	182.6	362.0	361.2
Environmental & Infrastructure [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	72.2	78.6	132.5	148.8
Consumer & Specialties [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	284.3	290.3	581.2	587.6
Consumer & Specialties [Member] \| Household & Personal Care [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	126.8	125.5	265.2	254.7
Consumer & Specialties [Member] \| Specialty Additives [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	157.5	164.8	316.0	332.9
Engineered Solutions [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	256.9	261.2	494.5	510.0
Engineered Solutions [Member] \| High-Temperature Technologies [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	184.7	182.6	362.0	361.2
Engineered Solutions [Member] \| Environmental & Infrastructure [Member]
Revenue from Contracts with Customers [Abstract]
Net sales	$ 72.2	$ 78.6	$ 132.5	$ 148.8