XML 34 R21.htm IDEA: XBRL DOCUMENT
v3.21.2

Segment and Related Information | 9 Months Ended
--- | ---
Oct. 03, 2021
Segment and Related Information [Abstract] |
Segment and Related Information | Note 15. Segment and Related 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 |
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 |
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 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration