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Segment and Related Information | 3 Months Ended
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Mar. 30, 2025
Segment and Related Information [Abstract] |
Segment and Related Information | Note 13. 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: Consumer & Specialties and Engineered Solutions. See Note 1 to the Condensed Consolidated Financial Statements for further information. 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 condensed consolidated financial statements is as follows for the three-month periods ended March 30, 2025 and March 31, 2024:
| Three Months Ended
| Mar. 30, 2025 |  | Mar. 31, 2024
(millions of dollars) | Consumer & Specialties |  | Engineered Solutions |  | Total |  | Consumer & Specialties |  | Engineered Solutions |  | Total
Net Sales | $ | 268.3 |  | $ | 223.5 |  | $ | 491.8 |  | $ | 296.9 |  | $ | 237.6 |  | $ | 534.5
Cost of goods sold |  | 215.8 |  |  | 156.4 |  |  | 372.2 |  |  | 233.3 |  |  | 165.3 |  |  | 398.6
Segment production margin |  | 52.5 |  |  | 67.1 |  |  | 119.6 |  |  | 63.6 |  |  | 72.3 |  |  | 135.9
Marketing and administrative expenses |  | 19.1 |  |  | 30.3 |  |  | 49.4 |  |  | 18.6 |  |  | 31.2 |  |  | 49.8
Research and development expenses |  | 3.4 |  |  | 2.4 |  |  | 5.8 |  |  | 3.0 |  |  | 2.6 |  |  | 5.6
Restructuring and other items, net |  | 2.5 |  |  | 0.8 |  |  | 3.3 |  |  | — |  |  | — |  |  | —
Segment income from operations | $ | 27.5 |  | $ | 33.6 |  | $ | 61.1 |  | $ | 42.0 |  | $ | 38.5 |  | $ | 80.5
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|  | Three Months Ended |
(millions of dollars) |  | Mar. 30, 2025 |  |  | Mar. 31, 2024 |
Segment income from operations |  | $ | 61.1 |  |  | $ | 80.5 |
Interest expense, net |  |  | (14.2 | ) |  |  | (14.9 | )
Other non-operating deductions, net |  |  | (2.0 | ) |  |  | (0.2 | )
Unallocated expenses: |  |  |  |  |  |  |  |
Provision for litigation reserve |  |  | 215.0 |  |  |  | — |
Restructuring and other items, net |  |  | 2.2 |  |  |  | — |
Litigation expenses |  |  | 2.8 |  |  |  | 2.1 |
Unallocated corporate expenses |  |  | 1.2 |  |  |  | 3.2 |
Income (loss) before taxes and equity in earnings |  | $ | (176.3 | ) |  | $ | 60.1 |
Segment information is as follows for the three-month periods ended March 30, 2025 and March 31, 2024:
|  | Three Months Ended |
(in millions of dollars) |  | Mar. 30, 2025 |  |  | Mar. 31, 2024 |
Depreciation, Depletion and Amortization |  |  |  |  |  |
Consumer & Specialties |  | $ | 10.8 |  |  | $ | 11.4 |
Engineered Solutions |  |  | 12.7 |  |  |  | 12.1 |
Total |  | $ | 23.5 |  |  | $ | 23.5 |
Capital Expenditures |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 11.5 |  |  | $ | 6.5 |
Engineered Solutions |  |  | 5.8 |  |  |  | 9.1 |
Corporate |  |  | 1.0 |  |  |  | 0.9 |
Total |  | $ | 18.3 |  |  | $ | 16.5 |
The Company's segment assets as of March 30, 2025 and December 31, 2024 are as follows:
(in millions of dollars) |  | Mar. 30, |  |  | Dec. 31,
Segment Assets |  | 2025 |  |  | 2024
Consumer & Specialties | $ | 1,297.1 |  | $ | 1,289.4
Engineered Solutions |  | 2,035.9 |  |  | 2,028.0
Corporate |  | 68.2 |  |  | 76.5
Total | $ | 3,401.2 |  | $ | 3,393.9
The Company's sales by product category are as follows:
|  | Three Months Ended |
(in millions of dollars) |  | Mar. 30, 2025 |  |  | Mar. 31, 2024 |
Household & Personal Care |  | $ | 123.1 |  |  | $ | 138.4 |
Specialty Additives |  |  | 145.2 |  |  |  | 158.5 |
High-Temperature Technologies |  |  | 169.4 |  |  |  | 177.3 |
Environmental & Infrastructure |  |  | 54.1 |  |  |  | 60.3 |
Total |  | $ | 491.8 |  |  | $ | 534.5 |

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- Definition The entire disclosure for reporting segments including data and tables. 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