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Segment and Related Information | 12 Months Ended
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Dec. 31, 2023
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. 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 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. 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 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, 2023, 2022 and 2021 was as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2023 |  |  | 2022 |  |  | 2021 |
Net Sales |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 1,160.2 |  |  | $ | 1,124.6 |  |  | $ | 962.6 |
Engineered Solutions |  |  | 1,009.7 |  |  |  | 1,000.9 |  |  |  | 895.7 |
Total |  |  | 2,169.9 |  |  |  | 2,125.5 |  |  |  | 1,858.3 |
Income from Operations |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  |  | 41.6 |  |  |  | 79.0 |  |  |  | 119.5 |
Engineered Solutions |  |  | 147.8 |  |  |  | 147.1 |  |  |  | 127.7 |
Total |  |  | 189.4 |  |  |  | 226.1 |  |  |  | 247.2 |
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  |  | 47.2 |  |  |  | 48.0 |  |  |  | 45.1 |
Engineered Solutions |  |  | 47.7 |  |  |  | 46.2 |  |  |  | 49.5 |
Total |  |  | 94.9 |  |  |  | 94.2 |  |  |  | 94.6 |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  |  | 1,244.8 |  |  |  | 1,107.5 |  |  |  | 1,062.8 |
Engineered Solutions |  |  | 2,028.5 |  |  |  | 2,187.5 |  |  |  | 2,229.4 |
Total |  |  | 3,273.3 |  |  |  | 3,295.0 |  |  |  | 3,292.2 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  |  | 56.8 |  |  |  | 44.3 |  |  |  | 55.7 |
Engineered Solutions |  |  | 31.2 |  |  |  | 34.0 |  |  |  | 26.6 |
Total |  |  | 88.0 |  |  |  | 78.3 |  |  |  | 82.3 |
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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Income from Operations before Provision for Taxes on Income |  |  |  |  |  |  |  |  |
Income from operations for reportable segments |  | $ | 189.4 |  |  | $ | 226.1 |  |  | $ | 247.2 |
Restructuring and other items, net |  |  | (2.8 | ) |  |  | — |  |  |  | — |
Acquisition-related expenses |  |  | (0.3 | ) |  |  | (5.1 | ) |  |  | (4.0 | )
Litigation expenses |  |  | (2.4 | ) |  |  | (1.5 | ) |  |  | — |
Unallocated corporate expenses |  |  | (14.9 | ) |  |  | (4.7 | ) |  |  | (7.5 | )
Consolidated income from operations |  | $ | 171.8 |  |  | $ | 214.8 |  |  | $ | 235.7 |
Non-operating deductions, net |  |  | (64.1 | ) |  |  | (58.1 | ) |  |  | (33.4 | )
Income before tax and equity in earnings |  | $ | 107.7 |  |  | $ | 156.7 |  |  | $ | 202.3 |
Total Assets |  |  |  |  |  |  |  |  |  |  |  |
Total segment assets |  |  | 3,273.3 |  |  |  | 3,295.0 |  |  |  | 3,292.2 |
Corporate assets |  |  | 73.3 |  |  |  | 106.6 |  |  |  | 82.0 |
Consolidated total assets |  | $ | 3,346.6 |  |  | $ | 3,401.6 |  |  | $ | 3,374.2 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Total segment capital expenditures |  |  | 88.0 |  |  |  | 78.3 |  |  |  | 82.3 |
Corporate capital expenditures |  |  | 5.5 |  |  |  | 4.0 |  |  |  | 3.7 |
Consolidated capital expenditures |  | $ | 93.5 |  |  | $ | 82.3 |  |  | $ | 86.0 |
Financial information relating to the Company’s operations by geographic area was as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2023 |  |  | 2022 |  |  | 2021 |
Net Sales |  |  |  |  |  |  |  |  |
United States |  | $ | 1,144.0 |  |  | $ | 1,135.6 |  |  | $ | 959.6 |
Canada/Latin America |  |  | 150.2 |  |  |  | 148.3 |  |  |  | 99.8 |
Europe/Africa |  |  | 525.5 |  |  |  | 496.8 |  |  |  | 441.9 |
Asia |  |  | 350.2 |  |  |  | 344.8 |  |  |  | 357.0 |
Total International |  | $ | 1,025.9 |  |  | $ | 989.9 |  |  | $ | 898.7 |
Consolidated net sales |  | $ | 2,169.9 |  |  | $ | 2,125.5 |  |  | $ | 1,858.3 |
Long-Lived Assets |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,842.0 |  |  | $ | 1,915.8 |  |  | $ | 1,925.9 |
Canada/Latin America |  |  | 17.7 |  |  |  | 16.4 |  |  |  | 10.6 |
Europe/Africa |  |  | 157.0 |  |  |  | 162.8 |  |  |  | 151.1 |
Asia |  |  | 114.7 |  |  |  | 112.1 |  |  |  | 120.6 |
Total International |  | $ | 289.4 |  |  | $ | 291.3 |  |  | $ | 282.3 |
Consolidated long-lived assets |  | $ | 2,131.4 |  |  | $ | 2,207.1 |  |  | $ | 2,208.2 |
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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Household & Personal Care |  | $ | 517.6 |  |  | $ | 476.2 |  |  | $ | 383.7 |
Specialty Additives |  |  | 642.6 |  |  |  | 648.4 |  |  |  | 578.9 |
High-Temperature Technologies |  |  | 720.9 |  |  |  | 702.5 |  |  |  | 642.7 |
Environmental & Infrastructure |  |  | 288.8 |  |  |  | 298.4 |  |  |  | 253.0 |
Total |  | $ | 2,169.9 |  |  | $ | 2,125.5 |  |  | $ | 1,858.3 |

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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 -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
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