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Segment and Related Information | 12 Months Ended
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Dec. 31, 2024
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. The Company has two reportable segments: the Consumer & Specialties segment and the Engineered Solutions segment. 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. 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 revenues, expenses, operating income and a reconciliation of the operating segment totals to the applicable line items on the consolidated financial statements is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
(millions of dollars) |  | Consumer & Specialties |  |  | Engineered Solutions |  |  | Total |  |  | Consumer & Specialties |  |  | Engineered Solutions |  |  | Total |
Net Sales |  | $ | 1,140.2 |  |  | $ | 978.3 |  |  | $ | 2,118.5 |  |  | $ | 1,160.2 |  |  | $ | 1,009.7 |  |  | $ | 2,169.9 |
Cost of goods sold |  |  | 890.4 |  |  |  | 680.4 |  |  |  | 1,570.8 |  |  |  | 938.6 |  |  |  | 724.4 |  |  |  | 1,663.0 |
Segment production margin |  |  | 249.8 |  |  |  | 297.9 |  |  |  | 547.7 |  |  |  | 221.6 |  |  |  | 285.3 |  |  |  | 506.9 |
Marketing and administrative expenses |  |  | 71.7 |  |  |  | 125.8 |  |  |  | 197.5 |  |  |  | 69.1 |  |  |  | 124.6 |  |  |  | 193.7 |
Research and development expenses |  |  | 12.6 |  |  |  | 10.4 |  |  |  | 23.0 |  |  |  | 11.5 |  |  |  | 9.7 |  |  |  | 21.2 |
Gain on sale of assets, net |  |  | — |  |  |  | (12.3 | ) |  |  | (12.3 | ) |  |  | — |  |  |  | — |  |  |  | — |
Impairment of assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 71.7 |  |  |  | — |  |  |  | 71.7 |
Restructuring and other items, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.9 |  |  |  | 3.2 |  |  |  | 4.1 |
Litigation expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26.8 |  |  |  | — |  |  |  | 26.8 |
Segment income from operations |  | $ | 165.5 |  |  | $ | 174.0 |  |  | $ | 339.5 |  |  | $ | 41.6 |  |  | $ | 147.8 |  |  | $ | 189.4 |
|  | Year Ended December 31, |
|  | 2022 |
(millions of dollars) |  | Consumer & Specialties |  |  | Engineered Solutions |  |  | Total |
Net Sales |  | $ | 1,124.6 |  |  | $ | 1,000.9 |  |  | $ | 2,125.5 |
Cost of goods sold |  |  | 937.0 |  |  |  | 723.5 |  |  |  | 1,660.5 |
Segment production margin |  |  | 187.6 |  |  |  | 277.4 |  |  |  | 465.0 |
Marketing and administrative expenses |  |  | 63.1 |  |  |  | 120.7 |  |  |  | 183.8 |
Research and development expenses |  |  | 10.8 |  |  |  | 9.6 |  |  |  | 20.4 |
Acquisition-related expenses |  |  | 2.1 |  |  |  | — |  |  |  | 2.1 |
Litigation expenses |  |  | 32.6 |  |  |  | — |  |  |  | 32.6 |
Segment income from operations |  | $ | 79.0 |  |  | $ | 147.1 |  |  | $ | 226.1 |
|  | Year Ended December 31, |
(millions of dollars) |  | 2024 |  |  | 2023 |  |  | 2022 |
Segment income from operations |  | $ | 339.5 |  |  | $ | 189.4 |  |  | $ | 226.1 |
Interest expense, net |  |  | (56.4 | ) |  |  | (59.2 | ) |  |  | (43.9 | )
Other non-operating deductions, net |  |  | (4.7 | ) |  |  | (4.9 | ) |  |  | (3.8 | )
Unallocated expenses: |  |  |  |  |  |  |  |  |  |  |  |
Provision for credit losses |  |  | 30.0 |  |  |  | — |  |  |  | — |
Restructuring and other items, net |  |  | — |  |  |  | 2.8 |  |  |  | — |
Acquisition-related expenses |  |  | — |  |  |  | 0.3 |  |  |  | 3.0 |
Litigation expenses |  |  | 11.3 |  |  |  | 2.4 |  |  |  | — |
Unallocated corporate expenses |  |  | 11.7 |  |  |  | 12.1 |  |  |  | 8.3 |
Debt extinguishment expenses |  |  | (1.8 | ) |  |  | — |  |  |  | (6.9 | )
Non-cash pension settlement charge |  |  | — |  |  |  | — |  |  |  | (3.5 | )
Income before tax and equity in earnings |  | $ | 223.6 |  |  | $ | 107.7 |  |  | $ | 156.7 |
Segment information for the years ended December 31, 2024, 2023 and 2022 was as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2024 |  |  | 2023 |  |  | 2022 |
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 47.2 |  |  | $ | 47.2 |  |  | $ | 48.0 |
Engineered Solutions |  |  | 47.7 |  |  |  | 47.7 |  |  |  | 46.2 |
Total |  | $ | 94.9 |  |  | $ | 94.9 |  |  | $ | 94.2 |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 1,289.4 |  |  | $ | 1,244.8 |  |  | $ | 1,107.5 |
Engineered Solutions |  |  | 2,028.0 |  |  |  | 2,028.5 |  |  |  | 2,187.5 |
Corporate |  |  | 76.5 |  |  |  | 73.3 |  |  |  | 106.6 |
Total |  | $ | 3,393.9 |  |  | $ | 3,346.6 |  |  | $ | 3,401.6 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 45.2 |  |  | $ | 56.8 |  |  | $ | 44.3 |
Engineered Solutions |  |  | 39.3 |  |  |  | 31.2 |  |  |  | 34.0 |
Corporate |  |  | 5.0 |  |  |  | 5.5 |  |  |  | 4.0 |
Total |  | $ | 89.5 |  |  | $ | 93.5 |  |  | $ | 82.3 |
Financial information relating to the Company’s operations by geographic area was as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2024 |  |  | 2023 |  |  | 2022 |
Net Sales |  |  |  |  |  |  |  |  |
United States |  | $ | 1,089.4 |  |  | $ | 1,144.0 |  |  | $ | 1,135.6 |
Canada/Latin America |  |  | 151.2 |  |  |  | 150.2 |  |  |  | 148.3 |
Europe/Africa |  |  | 521.1 |  |  |  | 525.5 |  |  |  | 496.8 |
Asia |  |  | 356.8 |  |  |  | 350.2 |  |  |  | 344.8 |
Total International |  | $ | 1,029.1 |  |  | $ | 1,025.9 |  |  | $ | 989.9 |
Consolidated net sales |  | $ | 2,118.5 |  |  | $ | 2,169.9 |  |  | $ | 2,125.5 |
Long-Lived Assets |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,849.1 |  |  | $ | 1,842.0 |  |  | $ | 1,915.8 |
Canada/Latin America |  |  | 14.6 |  |  |  | 17.7 |  |  |  | 16.4 |
Europe/Africa |  |  | 147.3 |  |  |  | 157.0 |  |  |  | 162.8 |
Asia |  |  | 110.6 |  |  |  | 114.7 |  |  |  | 112.1 |
Total International |  | $ | 272.5 |  |  | $ | 289.4 |  |  | $ | 291.3 |
Consolidated long-lived assets |  | $ | 2,121.6 |  |  | $ | 2,131.4 |  |  | $ | 2,207.1 |
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Household & Personal Care |  | $ | 530.0 |  |  | $ | 517.6 |  |  | $ | 476.2 |
Specialty Additives |  |  | 610.2 |  |  |  | 642.6 |  |  |  | 648.4 |
High-Temperature Technologies |  |  | 713.2 |  |  |  | 720.9 |  |  |  | 702.5 |
Environmental & Infrastructure |  |  | 265.1 |  |  |  | 288.8 |  |  |  | 298.4 |
Total |  | $ | 2,118.5 |  |  | $ | 2,169.9 |  |  | $ | 2,125.5 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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