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Segment and Related Information | 12 Months Ended
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Dec. 31, 2022
Segment and Related Information [Abstract] |
Segment and Related Information | Note 21. Segment and Related Information The Company determines its operating segments based on the discrete financial information that is regularly evaluated by its chief operating decision maker, our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The Company's operating segments are strategic business units that offer different products and serve different markets. They are managed separately and require different technology and marketing strategies. As of December 31, 2022, the Company had three reportable segments: Performance Materials, Specialty Minerals and Refractories.
| ● | The Performance Materials segment is a leading global supplier of a wide range of bentonite-based and synthetic materials for consumer-oriented and industrial markets and for non-residential construction, environmental remediation, and infrastructure projects. This segment is the Company's largest and most diverse business segment with extensive technical, sales and commercial capabilities.
| ● | The Specialty Minerals segment produces and sells the synthetic mineral product precipitated calcium carbonate ("PCC") and processed mineral product quicklime ("lime"), and mines mineral ores then processes and sells natural mineral products, primarily limestone and talc. This segment is a leading supplier globally of PCC products. This segment's products are used principally in the paper and packaging, building materials, paint and coatings, glass, ceramic, polymer, food, automotive and pharmaceutical industries.
| ● | The Refractories segment produces monolithic and shaped refractory materials and specialty products. It also provides services and sells application and measurement equipment, calcium metal and metallurgical wire products. Refractories segment products are primarily used in high-temperature applications in the steel, non-ferrous metal and glass industries.
See Note 22 to the Consolidated Financial Statements for a discussion of changes to the Company's segments expected to be made for the first quarter of 2023. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on the operating income of the respective business units. The costs deducted to arrive at operating profit do not include several items, such as net interest or income tax expense. Depreciation expense related to corporate assets is allocated to the business segments and is included in their income from operations. However, such corporate depreciable assets are not included in the segment assets. Intersegment sales and transfers are not significant. Segment information for the years ended December 31, 2022, 2021 and 2020 was as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2022 |  |  | 2021 |  |  | 2020 |
Net Sales |  |  |  |  |  |  |  |  |
Performance Materials |  | $ | 1,127.7 |  |  | $ | 976.0 |  |  | $ | 825.8 |
Specialty Minerals |  |  | 648.4 |  |  |  | 578.9 |  |  |  | 510.9 |
Refractories |  |  | 349.4 |  |  |  | 303.4 |  |  |  | 258.1 |
Total |  |  | 2,125.5 |  |  |  | 1,858.3 |  |  |  | 1,594.8 |
Income from Operations |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  |  | 127.2 |  |  |  | 125.0 |  |  |  | 108.8 |
Specialty Minerals |  |  | 41.3 |  |  |  | 72.9 |  |  |  | 67.8 |
Refractories |  |  | 57.6 |  |  |  | 49.3 |  |  |  | 35.5 |
Total |  |  | 226.1 |  |  |  | 247.2 |  |  |  | 212.1 |
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  |  | 50.7 |  |  |  | 49.2 |  |  |  | 47.4 |
Specialty Minerals |  |  | 37.2 |  |  |  | 38.4 |  |  |  | 39.6 |
Refractories |  |  | 6.3 |  |  |  | 7.0 |  |  |  | 6.9 |
Total |  |  | 94.2 |  |  |  | 94.6 |  |  |  | 93.9 |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  |  | 2,442.1 |  |  |  | 2,393.2 |  |  |  | 2,219.1 |
Specialty Minerals |  |  | 609.3 |  |  |  | 605.9 |  |  |  | 559.6 |
Refractories |  |  | 303.7 |  |  |  | 293.1 |  |  |  | 290.8 |
Total |  |  | 3,355.1 |  |  |  | 3,292.2 |  |  |  | 3,069.5 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  |  | 30.8 |  |  |  | 22.0 |  |  |  | 14.6 |
Specialty Minerals |  |  | 39.8 |  |  |  | 51.7 |  |  |  | 46.5 |
Refractories |  |  | 10.4 |  |  |  | 9.7 |  |  |  | 5.5 |
Total |  |  | 81.0 |  |  |  | 83.4 |  |  |  | 66.6 |
A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements is as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2022 |  |  | 2021 |  |  | 2020 |
Income from Operations before Provision for Taxes on Income |  |  |  |  |  |  |  |  |
Income from operations for reportable segments |  | $ | 226.1 |  |  | $ | 247.2 |  |  | $ | 212.1 |
Litigation expenses |  |  | (1.5 | ) |  |  | — |  |  |  | (10.4 | )
Acquisition related transaction and integration costs |  |  | (5.1 | ) |  |  | (4.0 | ) |  |  | (3.1 | )
Unallocated corporate expenses |  |  | (4.7 | ) |  |  | (7.5 | ) |  |  | (10.7 | )
Consolidated income from operations |  |  | 214.8 |  |  |  | 235.7 |  |  |  | 187.9 |
Non-operating deductions, net |  |  | (58.1 | ) |  |  | (33.4 | ) |  |  | (49.9 | )
Income before tax and equity in earnings |  |  | 156.7 |  |  |  | 202.3 |  |  |  | 138.0 |
Total Assets |  |  |  |  |  |  |  |  |  |  |  |
Total segment assets |  |  | 3,355.1 |  |  |  | 3,292.2 |  |  |  | 3,069.5 |
Corporate assets |  |  | 46.5 |  |  |  | 82.0 |  |  |  | 139.9 |
Consolidated total assets |  |  | 3,401.6 |  |  |  | 3,374.2 |  |  |  | 3,209.4 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Total segment capital expenditures |  |  | 81.0 |  |  |  | 83.4 |  |  |  | 66.6 |
Corporate capital expenditures |  |  | 1.3 |  |  |  | 2.6 |  |  |  | 0.2 |
Consolidated capital expenditures |  |  | 82.3 |  |  |  | 86.0 |  |  |  | 66.8 |
Financial information relating to the Company's operations by geographic area was as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2022 |  |  | 2021 |  |  | 2020 |
Net Sales |  |  |  |  |  |  |  |  |
United States |  | $ | 1,135.6 |  |  | $ | 959.6 |  |  | $ | 822.5 |
Canada/Latin America |  |  | 148.3 |  |  |  | 99.8 |  |  |  | 70.5 |
Europe/Africa |  |  | 496.8 |  |  |  | 441.9 |  |  |  | 410.0 |
Asia |  |  | 344.8 |  |  |  | 357.0 |  |  |  | 291.8 |
Total International |  |  | 989.9 |  |  |  | 898.7 |  |  |  | 772.3 |
Consolidated net sales |  |  | 2,125.5 |  |  |  | 1,858.3 |  |  |  | 1,594.8 |
Long-Lived Assets |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,915.8 |  |  | $ | 1,925.9 |  |  | $ | 1,723.2 |
Canada/Latin America |  |  | 16.4 |  |  |  | 10.6 |  |  |  | 11.3 |
Europe/Africa |  |  | 162.8 |  |  |  | 151.1 |  |  |  | 182.9 |
Asia |  |  | 112.1 |  |  |  | 120.6 |  |  |  | 126.5 |
Total International |  |  | 291.3 |  |  |  | 282.3 |  |  |  | 320.7 |
Consolidated long-lived assets |  |  | 2,207.1 |  |  |  | 2,208.2 |  |  |  | 2,043.9 |
Net sales and long-lived assets are attributed to countries and geographic areas based on the location of the legal entity. No individual foreign country represents more than 10% of consolidated net sales or consolidated long-lived assets. The Company's sales by product category are as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2022 |  |  | 2021 |  |  | 2020 |
Household, Personal Care & Specialty Products |  | $ | 560.9 |  |  | $ | 460.5 |  |  | $ | 380.2 |
Metalcasting |  |  | 334.0 |  |  |  | 319.2 |  |  |  | 258.1 |
Environmental Products |  |  | 174.1 |  |  |  | 136.3 |  |  |  | 131.6 |
Building Materials |  |  | 58.7 |  |  |  | 60.0 |  |  |  | 55.9 |
Paper PCC |  |  | 381.7 |  |  |  | 349.7 |  |  |  | 308.4 |
Specialty PCC |  |  | 100.4 |  |  |  | 77.1 |  |  |  | 69.3 |
Ground Calcium Carbonate |  |  | 109.1 |  |  |  | 98.1 |  |  |  | 89.3 |
Talc |  |  | 57.2 |  |  |  | 54.0 |  |  |  | 43.9 |
Refractory Products |  |  | 273.4 |  |  |  | 237.1 |  |  |  | 212.3 |
Metallurgical Products |  |  | 76.0 |  |  |  | 66.3 |  |  |  | 45.8 |
Total |  | $ | 2,125.5 |  |  | $ | 1,858.3 |  |  | $ | 1,594.8 |

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- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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