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Segment and Related Information (Tables) | 9 Months Ended
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Oct. 03, 2021
Segment and Related Information [Abstract] |
Segment Information | On a regular basis, the Company reviews its segments and the approach used by the chief operating decision maker to assess performance and allocate resources. Accordingly, in the first quarter of 2021, the Company reorganized the management structure for its Energy Services and Performance Materials operating segments to support MTI's key growth initiatives, more closely align complementary technologies, processes and capabilities, and better reflect the way performance is evaluated and resources are allocated. As a result, Energy Services was combined into the Environmental Products product line within the Performance Materials operating segment. Presented below are the restated financial results, by product line, of this operating segment for each quarter of 2020 to conform to the current management structure.
|  | 2020 Quarters |  |  |  |
(millions of dollars) |  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  | Full Year 2020 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metalcasting |  | $ | 61.7 |  |  | $ | 52.8 |  |  | $ | 66.3 |  |  | $ | 77.3 |  |  | $ | 258.1 |
Household, Personal Care & Specialty Products |  |  | 96.2 |  |  |  | 87.9 |  |  |  | 93.9 |  |  |  | 102.2 |  |  |  | 380.2 |
Environmental Products |  |  | 36.7 |  |  |  | 37.6 |  |  |  | 30.2 |  |  |  | 27.1 |  |  |  | 131.6 |
Building Materials |  |  | 16.8 |  |  |  | 13.2 |  |  |  | 13.5 |  |  |  | 12.4 |  |  |  | 55.9 |
Performance Materials Segment |  | $ | 211.4 |  |  | $ | 191.5 |  |  | $ | 203.9 |  |  | $ | 219.0 |  |  | $ | 825.8 |
Income from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials Segment |  | $ | 27.3 |  |  | $ | 22.4 |  |  | $ | 28.2 |  |  | $ | 30.9 |  |  | $ | 108.8 |
% of Sales |  |  | 12.9 | % |  |  | 11.7 | % |  |  | 13.8 | % |  |  | 14.1 | % |  |  | 13.2 | %
The Company now has three reportable segments: Performance Materials, Specialty Minerals and Refractories. See Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and nine-month periods ended October 3, 2021 and September 27, 2020 is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(millions of dollars) |  | Oct. 3, 2021 |  |  | Sep. 27, 2020 |  |  | Oct. 3, 2021 |  |  | Sep. 27, 2020 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  | $ | 250.4 |  |  | $ | 203.9 |  |  | $ | 719.7 |  |  | $ | 606.8 |
Specialty Minerals |  |  | 146.9 |  |  |  | 125.1 |  |  |  | 437.4 |  |  |  | 372.0 |
Refractories |  |  | 75.9 |  |  |  | 59.3 |  |  |  | 224.3 |  |  |  | 184.2 |
Total |  | $ | 473.2 |  |  | $ | 388.3 |  |  | $ | 1,381.4 |  |  | $ | 1,163.0 |
Income from Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  | $ | 32.0 |  |  | $ | 28.2 |  |  | $ | 96.5 |  |  | $ | 77.9 |
Specialty Minerals |  |  | 17.3 |  |  |  | 16.6 |  |  |  | 58.4 |  |  |  | 45.9 |
Refractories |  |  | 13.2 |  |  |  | 7.3 |  |  |  | 36.9 |  |  |  | 24.4 |
Total |  | $ | 62.5 |  |  | $ | 52.1 |  |  | $ | 191.8 |  |  | $ | 148.2 |
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 |  |  | Nine Months Ended |
(millions of dollars) |  | Oct. 3, 2021 |  |  | Sep. 27, 2020 |  |  | Oct. 3, 2021 |  |  | Sep. 27, 2020 |
Income from operations for reportable segments |  | $ | 62.5 |  |  | $ | 52.1 |  |  | $ | 191.8 |  |  | $ | 148.2 |
Acquisition-related expenses |  |  | (0.9 | ) |  |  | — |  |  |  | (1.3 | ) |  |  | — |
Litigation expenses |  |  | — |  |  |  | (1.5 | ) |  |  | — |  |  |  | (10.4 | )
Unallocated and other corporate expenses |  |  | (1.0 | ) |  |  | (2.1 | ) |  |  | (7.4 | ) |  |  | (4.4 | )
Consolidated income from operations |  |  | 60.6 |  |  |  | 48.5 |  |  |  | 183.1 |  |  |  | 133.4 |
Non-operating deductions, net |  |  | (10.1 | ) |  |  | (12.7 | ) |  |  | (30.9 | ) |  |  | (34.0 | )
Income from operations before tax and equity in earnings |  | $ | 50.5 |  |  | $ | 35.8 |  |  | $ | 152.2 |  |  | $ | 99.4 |
Sales by Product Category | The Company's sales by product category are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(millions of dollars) |  | Oct. 3, 2021 |  |  | Sep. 27, 2020 |  |  | Oct. 3, 2021 |  |  | Sep. 27, 2020 |
Metalcasting |  | $ | 72.9 |  |  | $ | 66.3 |  |  | $ | 235.0 |  |  | $ | 180.8 |
Household, Personal Care & Specialty Products |  |  | 121.8 |  |  |  | 93.9 |  |  |  | 333.9 |  |  |  | 278.0 |
Environmental Products |  |  | 39.8 |  |  |  | 30.2 |  |  |  | 105.8 |  |  |  | 104.5 |
Building Materials |  |  | 15.9 |  |  |  | 13.5 |  |  |  | 45.0 |  |  |  | 43.5 |
Paper PCC |  |  | 89.5 |  |  |  | 74.5 |  |  |  | 264.9 |  |  |  | 225.1 |
Specialty PCC |  |  | 18.2 |  |  |  | 17.3 |  |  |  | 57.1 |  |  |  | 49.7 |
Ground Calcium Carbonate |  |  | 25.0 |  |  |  | 23.2 |  |  |  | 74.5 |  |  |  | 66.4 |
Talc |  |  | 14.2 |  |  |  | 10.1 |  |  |  | 40.9 |  |  |  | 30.8 |
Refractory Products |  |  | 58.3 |  |  |  | 48.8 |  |  |  | 175.1 |  |  |  | 151.7 |
Metallurgical Products |  |  | 17.6 |  |  |  | 10.5 |  |  |  | 49.2 |  |  |  | 32.5 |
Total |  | $ | 473.2 |  |  | $ | 388.3 |  |  | $ | 1,381.4 |  |  | $ | 1,163.0 |

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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