XML 32 R20.htm IDEA: XBRL DOCUMENT
v3.23.2

Segment and Related Information | 6 Months Ended
--- | ---
Jul. 02, 2023
Segment and Related Information [Abstract] |
Segment and Related Information | Note 14. Segment and Related Information On a regular basis the Company reviews its segments and the approach used by the chief decision maker, the Company's Chief Executive Officer, to assess performance and allocate resources. Effective January 1, 2023, the Company realigned its business reporting structure and reorganized into two segments, Consumer & Specialties and Engineered Solutions. Following the realignment, the two new segments consist of the following businesses: 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 products that serves pet care, personal and household care, fluid purification and other consumer oriented businesses, and Specialty Additives, delivering functional additives to a variety of consumer and industrial end markets including paper, packaging, construction, automotive, and consumer markets including 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. We believe the new structure better aligns our businesses and technologies with our customers and end markets and creates a more efficient and effective management structure that reflects the way performance is evaluated and resources are allocated. 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 July 2, 2023 and July 3, 2022 is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
(in millions of dollars) |  | Jul. 2, 2023 |  |  | Jul. 3, 2022 |  |  | Jul. 2, 2023 |  |  | Jul. 3, 2022 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 290.3 |  |  | $ | 283.2 |  |  | $ | 587.6 |  |  | $ | 566.7 |
Engineered Solutions |  |  | 261.2 |  |  |  | 273.8 |  |  |  | 510.0 |  |  |  | 509.4 |
Total |  | $ | 551.5 |  |  | $ | 557.0 |  |  | $ | 1,097.6 |  |  | $ | 1,076.1 |
Income from Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 19.4 |  |  | $ | 31.6 |  |  | $ | 51.6 |  |  | $ | 62.9 |
Engineered Solutions |  |  | 35.2 |  |  |  | 41.7 |  |  |  | 70.5 |  |  |  | 79.0 |
Total |  | $ | 54.6 |  |  | $ | 73.3 |  |  | $ | 122.1 |  |  | $ | 141.9 |
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) |  | Jul. 2, 2023 |  |  | Jul. 3, 2022 |  |  | Jul. 2, 2023 |  |  | Jul. 3, 2022 |
Income from operations for reportable segments |  | $ | 54.6 |  |  | $ | 73.3 |  |  | $ | 122.1 |  |  | $ | 141.9 |
Restructuring and other items, net |  |  | (2.8 | ) |  |  | — |  |  |  | (2.8 | ) |  |  | — |
Acquisition-related expenses |  |  | (0.2 | ) |  |  | (2.6 | ) |  |  | (0.3 | ) |  |  | (4.2 | )
Litigation expenses |  |  | — |  |  |  | (1.5 | ) |  |  | — |  |  |  | (1.5 | )
Unallocated and other corporate expenses |  |  | (1.7 | ) |  |  | 0.2 |  |  |  | (6.1 | ) |  |  | (0.6 | )
Consolidated income from operations |  |  | 49.9 |  |  |  | 69.4 |  |  |  | 112.9 |  |  |  | 135.6 |
Non-operating deductions, net |  |  | (15.9 | ) |  |  | (13.1 | ) |  |  | (31.2 | ) |  |  | (23.3 | )
Income before tax and equity in earnings |  | $ | 34.0 |  |  | $ | 56.3 |  |  | $ | 81.7 |  |  | $ | 112.3 |
The Company’s sales by product category are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
(in millions of dollars) |  | Jul. 2, 2023 |  |  | Jul. 3, 2022 |  |  | Jul. 2, 2023 |  |  | Jul. 3, 2022 |
Household & Personal Care |  | $ | 125.5 |  |  | $ | 118.9 |  |  | $ | 254.7 |  |  | $ | 239.3 |
Specialty Additives |  |  | 164.8 |  |  |  | 164.3 |  |  |  | 332.9 |  |  |  | 327.4 |
High-Temperature Technologies |  |  | 182.6 |  |  |  | 186.7 |  |  |  | 361.2 |  |  |  | 356.6 |
Environmental & Infrastructure |  |  | 78.6 |  |  |  | 87.1 |  |  |  | 148.8 |  |  |  | 152.8 |
Total |  | $ | 551.5 |  |  | $ | 557.0 |  |  | $ | 1,097.6 |  |  | $ | 1,076.1 |

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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration