Company Quick10K Filing
Minerals Technologies
Price54.71 EPS4
Shares35 P/E13
MCap1,926 P/FCF12
Net Debt634 EBIT201
TEV2,559 TEV/EBIT13
TTM 2019-09-29, in MM, except price, ratios
10-Q 2021-04-04 Filed 2021-05-07
10-K 2020-12-31 Filed 2021-02-19
10-Q 2020-09-27 Filed 2020-10-30
10-Q 2020-06-28 Filed 2020-07-31
10-Q 2020-03-29 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-29 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-07-01 Filed 2018-08-03
10-Q 2018-04-01 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-10-01 Filed 2017-11-03
10-Q 2017-07-02 Filed 2017-08-04
10-Q 2017-04-02 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-10-02 Filed 2016-11-04
10-Q 2016-07-03 Filed 2016-08-05
10-Q 2016-04-03 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-27 Filed 2015-10-23
10-Q 2015-06-28 Filed 2015-08-07
10-Q 2015-03-29 Filed 2015-04-24
10-K 2014-12-31 Filed 2015-02-18
10-Q 2014-09-28 Filed 2014-10-24
10-Q 2014-06-29 Filed 2014-08-08
10-Q 2014-03-30 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-29 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-07-26
10-Q 2013-03-31 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-07-01 Filed 2012-07-27
10-Q 2012-04-01 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-10-02 Filed 2011-10-28
10-Q 2011-07-03 Filed 2011-07-29
10-Q 2011-04-03 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-10-03 Filed 2010-10-29
10-Q 2010-07-04 Filed 2010-07-30
10-Q 2010-04-04 Filed 2010-04-30
10-K 2010-02-25 Filed 2010-02-25
8-K 2020-10-29
8-K 2020-10-26
8-K 2020-10-21
8-K 2020-07-30
8-K 2020-07-15
8-K 2020-06-30
8-K 2020-06-24
8-K 2020-06-23
8-K 2020-05-13
8-K 2020-04-30
8-K 2020-04-08
8-K 2020-01-30
8-K 2020-01-22
8-K 2020-01-09
8-K 2019-10-31
8-K 2019-10-23
8-K 2019-08-01
8-K 2019-07-17
8-K 2019-06-20
8-K 2019-05-15
8-K 2019-05-14
8-K 2019-05-02
8-K 2019-03-13
8-K 2019-01-31
8-K 2019-01-23
8-K 2018-11-01
8-K 2018-10-24
8-K 2018-08-02
8-K 2018-07-18
8-K 2018-05-31
8-K 2018-05-11
8-K 2018-05-03
8-K 2018-04-18
8-K 2018-03-13
8-K 2018-02-01
8-K 2018-01-24

MTX 10Q Quarterly Report

Part 1. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation and Summary of Significant Accounting Policies
Note 2. Revenue From Contracts with Customers
Note 3. Earnings per Share (Eps)
Note 4. Restructuring and Other Items, Net
Note 5. Income Taxes
Note 6. Inventories
Note 7. Goodwill and Other Intangible Assets
Note 8. Derivative Financial Instruments
Note 9. Long - Term Debt and Commitments
Note 10. Benefit Plans
Note 11. Comprehensive Income
Note 12. Accounting for Asset Retirement Obligations
Note 13. Contingencies
Note 14. Segment and Related Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Default Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 ex10_1.htm
EX-10.2 ex10_2.htm
EX-15 ex15.htm
EX-31.1 ex31_1.htm
EX-31.2 ex31_2.htm
EX-32 ex32.htm
EX-95 ex95.htm
EX-99 ex99.htm

Minerals Technologies Earnings 2021-04-04

Balance SheetIncome StatementCash Flow
3.42.72.01.40.70.02012201420172020
Assets, Equity
0.60.50.40.20.10.02012201420172020
Rev, G Profit, Net Income
1.50.80.1-0.5-1.2-1.92012201420172020
Ops, Inv, Fin


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 4, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-11430
--
MINERALS TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)

Delaware
 
25-1190717
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)

622 Third Avenue, New York, New York 10017-6707
(Address of principal executive offices, including zip code)

(212) 878-1800
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol
Name of exchange on which registered
Common Stock, $0.10 par value
MTX
New York Stock Exchange LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes 
 
NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes 
 
NO

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or and emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES
 
NO

As of April 26, 2021, there were 33,729,913 shares of common stock, par value of $0.10 per share, of the registrant outstanding.




MINERALS TECHNOLOGIES INC.
INDEX TO FORM 10-Q

Page No.
PART I.   FINANCIAL INFORMATION
 
   
Item 1.
Financial Statements:
 
     
 
Condensed Consolidated Statements of Income for the three-month periods ended April 4, 2021 and March 29, 2020 (Unaudited)
3
     
 
Condensed Consolidated Statements of Comprehensive Income for the three-month periods ended April 4, 2021 and March 29, 2020 (Unaudited)
4
     
 
Condensed Consolidated Balance Sheets as of April 4, 2021 (Unaudited) and December 31, 2020
5
     
 
Condensed Consolidated Statements of Cash Flows for the three-month periods ended April 4, 2021 and March 29, 2020 (Unaudited)
6
     
 
Condensed Consolidated Statements of Changes in Shareholders' Equity for the three-month periods ended April 4, 2021 and March 29, 2020 (Unaudited)
7
     
 
8
     
 
18
     
Item 2.
19
     
Item 3.
27
     
Item 4.
27
     
PART II.   OTHER INFORMATION
 
     
Item 1.
27
     
Item 1A.
28
     
Item 2.
28
     
Item 3.
28
     
Item 4.
28
     
Item 5.
28
     
Item 6.
29
     
 
30





PART 1. FINANCIAL INFORMATION

ITEM 1.  Financial Statements

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 
Three Months Ended
 
(in millions of dollars, except per share data)
 
Apr. 4,
2021
   
Mar. 29,
2020
 
             
Net sales
 
$
452.6
   
$
417.5
 
                 
Cost of goods sold
   
340.8
     
310.7
 
                 
Production margin
   
111.8
     
106.8
 
                 
Marketing and administrative expenses
   
48.0
     
43.4
 
Research and development expenses
   
5.0
     
5.1
 
Litigation expenses
   
     
0.6
 
                 
Income from operations
   
58.8
     
57.7
 
                 
Interest expense, net
   
(9.9
)
   
(9.3
)
Other non-operating income, net
   
0.5
     
0.6
 
Total non-operating deductions, net
   
(9.4
)
   
(8.7
)
                 
Income from operations before tax and equity in earnings
   
49.4
     
49.0
 
                 
Provision for taxes on income
   
8.9
     
9.7
 
Equity in earnings of affiliates, net of tax
   
0.5
     
0.3
 
                 
Consolidated net income
   
41.0
     
39.6
 
Less:
               
Net income attributable to non-controlling interests
   
1.1
     
1.0
 
Net income attributable to Minerals Technologies Inc.
 
$
39.9
   
$
38.6
 
                 
Earnings per share:
               
                 
Basic:
               
Income from operations attributable to Minerals Technologies Inc.
 
$
1.18
   
$
1.12
 
                 
Diluted:
               
Income from operations attributable to Minerals Technologies Inc.
 
$
1.17
   
$
1.12
 
                 
Cash dividends declared per common share
 
$
0.05
   
$
0.05
 
                 
Shares used in computation of earnings per share:
               
Basic
   
33.8
     
34.4
 
Diluted
   
34.0
     
34.4
 

See accompanying Notes to Condensed Consolidated Financial Statements.
3



MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 
Three Months Ended
 
(millions of dollars)
 
Apr. 4,
2021
   
Mar. 29,
2020
 
             
Consolidated net income
 
$
41.0
   
$
39.6
 
Other comprehensive income (loss), net of tax:
               
Foreign currency translation adjustments
   
(28.9
)
   
(43.1
)
Pension and postretirement plan adjustments
   
2.5
     
2.1
 
Unrealized gains on cash flow hedges
   
4.9
     
1.8
 
Total other comprehensive (loss) income, net of tax
   
(21.5
)
   
(39.2
)
Total comprehensive income including non-controlling interests
   
19.5
     
0.4
 
Comprehensive income (loss) attributable to non-controlling interests
   
0.6
     
(0.3
)
Comprehensive income attributable to Minerals Technologies Inc.
 
$
18.9
   
$
0.7
 

See accompanying Notes to Condensed Consolidated Financial Statements.

4




MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS


(millions of dollars)
 
Apr. 4,
2021*
   
Dec. 31,
2020 **
 
ASSETS
           
             
Current assets:
           
Cash and cash equivalents
 
$
371.4
   
$
367.7
 
Short-term investments
   
4.3
     
4.1
 
Accounts receivable, net
   
377.1
     
369.0
 
Inventories
   
247.3
     
248.2
 
Prepaid expenses and other current assets
   
44.5
     
44.6
 
Total current assets
   
1,044.6
     
1,033.6
 
                 
Property, plant and equipment
   
2,264.9
     
2,276.9
 
Less accumulated depreciation and depletion
   
(1,233.6
)
   
(1,237.3
)
Property, plant and equipment, net
   
1,031.3
     
1,039.6
 
Goodwill
   
806.5
     
808.5
 
Intangible assets
   
192.5
     
195.8
 
Deferred income taxes
   
23.6
     
25.3
 
Other assets and deferred charges
   
114.7
     
106.6
 
Total assets
 
$
3,213.2
   
$
3,209.4
 
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
                 
Current liabilities:
               
Current maturities of long-term debt
 
$
0.9
   
$
1.0
 
Accounts payable
   
167.7
     
148.3
 
Other current liabilities
   
120.2
     
146.5
 
Total current liabilities
   
288.8
     
295.8
 
                 
Long-term debt, net of unamortized discount and deferred financing costs
   
933.6
     
933.2
 
Deferred income taxes
   
165.8
     
163.7
 
Accrued pension and post-retirement benefits
   
176.8
     
179.0
 
Other non-current liabilities
   
145.8
     
139.0
 
Total liabilities
   
1,710.8
     
1,710.7
 
                 
Shareholders' equity:
               
Common stock
   
4.9
     
4.9
 
Additional paid-in capital
   
459.3
     
453.3
 
Retained earnings
   
2,049.5
     
2,011.3
 
Accumulated other comprehensive loss
   
(329.3
)
   
(308.3
)
Less common stock held in treasury
   
(720.4
)
   
(700.4
)
                 
Total Minerals Technologies Inc. shareholders' equity
   
1,464.0
     
1,460.8
 
Non-controlling interests
   
38.4
     
37.9
 
Total shareholders' equity
   
1,502.4
     
1,498.7
 
Total liabilities and shareholders' equity
 
$
3,213.2
   
$
3,209.4
 

*
Unaudited
**   Condensed from audited financial statements

See accompanying Notes to Condensed Consolidated Financial Statements.
5



MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
Three Months Ended
 
(millions of dollars)
 
Apr. 4,
2021
   
Mar. 29,
2020
 
             
Operating Activities:
           
             
Consolidated net income
 
$
41.0
   
$
39.6
 
                 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation, depletion and amortization
   
24.1
     
22.9
 
Reduction of right of use asset
   
3.1
     
3.1
 
Other non-cash items
   
4.1
     
1.7
 
Net changes in operating assets and liabilities
   
(21.4
)
   
(37.0
)
Net cash provided by operating activities
   
50.9
     
30.3
 
                 
Investing Activities:
               
                 
Purchases of property, plant and equipment, net
   
(17.7
)
   
(16.6
)
Proceeds from sale of short-term investments
   
1.6
     
0.7
 
Purchases of short-term investments
   
(2.5
)
   
(3.7
)
Net cash used in investing activities
   
(18.6
)
   
(19.6
)
                 
Financing Activities:
               
                 
Repayment of long-term debt
   
(0.5
)
   
(0.5
)
Repayment of short-term debt
   
     
(0.3
)
Purchase of common stock for treasury
   
(20.0
)
   
(22.6
)
Proceeds from issuance of stock under option plan
   
5.8
     
0.4
 
Excess tax benefits related to stock incentive programs
   
(2.8
)
   
(2.0
)
Dividends paid to non-controlling interests
   
(0.1
)
   
 
Capital contribution from non-controlling interests
   
     
0.7
 
Cash dividends paid
   
(1.7
)
   
(1.7
)
Net cash provided by (used in) financing activities
   
(19.3
)
   
(26.0
)
                 
Effect of exchange rate changes on cash and cash equivalents
   
(9.3
)
   
(12.0
)
                 
Net (decrease) increase in cash and cash equivalents
   
3.7
     
(27.3
)
Cash and cash equivalents at beginning of period
   
367.7
     
241.6
 
Cash and cash equivalents at end of period
 
$
371.4
   
$
214.3
 
                 
Supplemental disclosure of cash flow information:
               
Interest paid
 
$
14.0
   
$
8.9
 
Income taxes paid
 
$
8.5
   
$
6.2
 
                 
Non-cash financing activities:
               
Treasury stock purchases settled after period end
 
$
0.7
   
$
 

See accompanying Notes to Condensed Consolidated Financial Statements.


6



MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)

 
Equity Attributable to Minerals Technologies Inc.
             
(millions of dollars)
 
Common
Stock
   
Additional
Paid-in
Capital
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Loss
   
Treasury
Stock
   
Non-controlling
Interests
   
Total
 
Balance as of December 31, 2020
 
$
4.9
   
$
453.3
   
$
2,011.3
   
$
(308.3
)
 
$
(700.4
)
 
$
37.9
   
$
1,498.7
 
                                                         
Net income
   
     
     
39.9
     
     
     
1.1
     
41.0
 
Other comprehensive loss
   
     
     
     
(21.0
)
   
     
(0.5
)
   
(21.5
)
Dividends declared
   
     
     
(1.7
)
   
     
     
     
(1.7
)
Dividends paid to non-controlling interests
   
     
     
     
     
     
(0.1
)
   
(0.1
)
Issuance of shares pursuant to employee stock compensation plans
   
     
5.8
     
     
     
     
     
5.8
 
Purchase of common stock for treasury
   
     
     
     
     
(20.0
)
   
     
(20.0
)
Stock-based compensation
   
     
2.8
     
     
     
     
     
2.8
 
Conversion of RSU's for tax withholding
   
     
(2.6
)
   
     
     
     
     
(2.6
)
Balance as of April 4, 2021
 
$
4.9
   
$
459.3
   
$
2,049.5
   
$
(329.3
)
 
$
(720.4
)
 
$
38.4
   
$
1,502.4
 

 
Equity Attributable to Minerals Technologies Inc.
             
(millions of dollars)
 
Common
Stock
   
Additional
Paid-in
Capital
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Loss
   
Treasury
Stock
   
Non-controlling
Interests
   
Total
 
Balance as of December 31, 2019
 
$
4.9
   
$
442.2
   
$
1,905.7
   
$
(290.4
)
 
$
(659.7
)
 
$
31.9
   
$
1,434.6
 
                                                         
Net income
   
     
     
38.6
     
     
     
1.0
     
39.6
 
Other comprehensive loss
   
     
     
     
(37.8
)
   
     
(1.4
)
   
(39.2
)
Dividends declared
   
     
     
(1.7
)
   
     
     
     
(1.7
)
Capital contribution from non-controlling interests
   
     
     
     
     
     
0.7
     
0.7
 
Issuance of shares pursuant to employee stock compensation plans
   
     
0.5
     
     
     
     
     
0.5
 
Purchase of common stock for treasury
   
     
     
     
     
(22.6
)
   
     
(22.6
)
Stock-based compensation
   
     
0.1
     
     
     
     
     
0.1
 
Balance as of March 29, 2020
 
$
4.9
   
$
442.8
   
$
1,942.6
   
$
(328.2
)
 
$
(682.3
)
 
$
32.2
   
$
1,412.0
 

See Notes to Consolidated Financial Statements, which are an integral part of these statements.



7


MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Note 1.  Basis of Presentation and Summary of Significant Accounting Policies


The accompanying unaudited condensed consolidated financial statements have been prepared by management of Minerals Technologies Inc. (the “Company”, “MTI”, “we”, or “us”) in accordance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three months period ended April 4, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

Company Operations


The Company is a resource- and technology-based company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and supporting systems and services.


In the first quarter of 2021, the Company reorganized the management structure for its Performance Materials and Energy Services operating segments into one operating segment, in order to support the Company's key growth initiatives, more closely align complementary technologies, processes and capabilities and better reflect the way performance is evaluated and resources are allocated.


The Company now has three reportable segments: Performance Materials, Specialty Minerals and Refractories.

The Performance Materials segment is a leading global supplier of bentonite and bentonite-related products and leonardite. This segment also provides products for non-residential construction, environmental and infrastructure projects worldwide, serving customers engaged in a broad range of construction and remediation projects as well as  offers a range of patented and unpatented technologies, products and services to the upstream and downstream oil and gas sector throughout the world.

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.

The Refractories segment produces and markets monolithic and shaped refractory materials and specialty products, services and application and measurement equipment, and calcium metal and metallurgical wire products.


Use of Estimates


The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances, and pension plan assumptions. Actual results could differ from those estimates.


Recently Adopted Accounting Standards

Simplifying the Accounting for Income Taxes


In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes", to simplify the accounting for income taxes and improve consistent application by clarifying or amending existing guidance. The Company adopted this guidance on January 1, 2021.  Adoption of this standard did not have a material impact on the Company's consolidated financial statements.
8


MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)



Investments - Equity Securities, Investments - Equity Method and Joint Ventures, and Derivatives and Hedging


In January 2020, the FASB issued ASU 2020-01, "Investments - Equity Securities, Investments - Equity Method and Joint Ventures, and Derivatives and Hedging", which addresses the accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments.  The Company adopted this guidance on January 1, 2021.  Adoption of this standard did not have a material impact on the Company's consolidated financial statements.


Recently Issued Accounting Standards


Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.  All recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations.


Note 2.  Revenue from Contracts with Customers


On a regular basis, the Company reviews its segments and the approach used by the chief operating decision maker to assess performance and allocate resources. Accordingly, in the first quarter of 2021, the Company reorganized the management structure for its Energy Services and Performance Materials operating segments to support MTI's key growth initiatives, more closely align complementary technologies, processes and capabilities, and better reflect the way performance is evaluated and resources are allocated.  As a result, Energy Services was combined into the Environmental Products product line within the Performance Materials operating segment.  Restated financial results, by product line, of this operating segment for each quarter of 2020 to conform to the current management structure are presented in Note 14.


The following table disaggregates our revenue by major source (product line) for the three-month periods ended April 4, 2021 and March 29, 2020:

(millions of dollars)
 
Three Months Ended
 
Net Sales
 
Apr. 4,
2021
   
Mar. 29,
2020
 
             
Metalcasting
 
$
81.7
   
$
61.7
 
Household, Personal Care & Specialty Products
   
109.4
     
96.2
 
Environmental Products
   
26.0
     
36.7
 
Building Materials
   
13.8
     
16.8
 
Performance Materials
   
230.9
     
211.4
 
                 
Paper PCC
   
89.6
     
85.1
 
Specialty PCC
   
20.4
     
17.5
 
Ground Calcium Carbonate
   
24.0
     
22.6
 
Talc
   
13.8
     
11.9
 
Specialty Minerals
   
147.8
     
137.1
 
                 
Refractory Products
   
58.8
     
55.8
 
Metallurgical Products
   
15.1
     
13.2
 
Refractories
   
73.9
     
69.0
 
                 
Total
 
$
452.6
   
$
417.5
 

9


MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Note 3.  Earnings per Share (EPS)


Basic earnings per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding.


The following table sets forth the computation of basic and diluted earnings per share:

   
Three Months Ended
 
(in millions, except per share data)
 
Apr. 4,
2021
   
Mar. 29,
2020
 
             
Net income attributable to Minerals Technologies Inc.
 
$
39.9
   
$
38.6
 
                 
Weighted average shares outstanding
   
33.8
     
34.4
 
Dilutive effect of stock options and stock units
   
0.2
     
 
Weighted average shares outstanding, adjusted
   
34.0
     
34.4
 
                 
Basic earnings per share attributable to Minerals Technologies Inc.
 
$
1.18
   
$
1.12
 
                 
Diluted earnings per share attributable to Minerals Technologies Inc.
 
$
1.17
   
$
1.12
 


Of the options outstanding of 1,499,373 and 1,492,819 for the three-month periods ended April 4, 2021 and March 29, 2020, respectively, options to purchase 558,734 shares and 1,181,945 shares of common stock for the three-month periods ending April 4, 2021 and March 29, 2020, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of the common shares.


Note 4.  Restructuring and Other Items, net


At April 4, 2021, the Company had $3.0 million included within accrued liabilities in the Condensed Consolidated Balance Sheet for cash expenditures needed to satisfy remaining obligations under workforce reduction initiatives. The Company expects to pay these amounts by the end of 2021.


The following table is a reconciliation of our restructuring liability balance as of April 4, 2021:

(millions of dollars)
     
Restructuring liability, December 31, 2020
 
$
3.6
 
Additional provision
   
 
Cash payments
   
(0.6
)
Restructuring liability, April 4, 2021
 
$
3.0
 


Note 5.  Income Taxes


Provision for taxes was $8.9 million and $9.7 million during the three-month periods ended April 4, 2021 and March 29, 2020, respectively.  The effective tax rate was 18.0%, as compared with 19.8% in the prior year.  The lower effective tax rate was primarily due to discrete items in the quarter.


As of April 4, 2021, the Company had approximately $6.8 million of total unrecognized income tax benefits. Included in this amount were a total of $4.5 million of unrecognized income tax benefits that, if recognized, would affect the Company’s effective tax rate.  While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, the Company does not expect the change to have a significant impact on the results of operations or the financial position of the Company.


The Company’s accounting policy is to recognize interest and penalties accrued relating to unrecognized income tax benefits as part of its provision for income taxes.  The Company had a net decrease of approximately $0.1 million during the three-months ended April 4, 2021  and an accrued balance of $1.8 million of interest and penalties as of April 4, 2021.


The Company operates in multiple taxing jurisdictions, both within and outside the U.S.  In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings.  The Company, with a few exceptions (none of which are material), is no longer subject to income tax examinations by tax authorities for years prior to 2010.

10


MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Note 6.  Inventories


The following is a summary of inventories by major category:

(millions of dollars)
 
Apr. 4,
2021
   
Dec. 31,
2020
 
             
Raw materials
 
$
106.0
   
$
107.1
 
Work-in-process
   
8.5
     
9.0
 
Finished goods
   
86.6
     
85.6
 
Packaging and supplies
   
46.2
     
46.5
 
Total inventories
 
$
247.3
   
$
248.2
 

Note 7.  Goodwill and Other Intangible Assets


Goodwill and other intangible assets with indefinite lives are not amortized, but instead are assessed for impairment, at least annually.  The carrying amount of goodwill was $806.5 million and $808.5 million as of April 4, 2021 and December 31, 2020, respectively.  The change in goodwill from December 31, 2020 to April 4, 2021 is attributable to the effects of foreign exchange.

Intangible assets subject to amortization as of April 4, 2021 and December 31, 2020 were as follows:

       
April 4, 2021
   
December 31, 2020
 
(millions of dollars)
 
Weighted Average
Useful Life
(Years)
   
Gross
Carrying
Amount
   
Accumulated
Amortization
   
Gross
Carrying
Amount
   
Accumulated
Amortization
 
                               
Tradenames
   
35
   
$
203.9
   
$
40.1
   
$
203.9
   
$
38.6
 
Technology
   
13
     
18.8
     
10.0
     
18.8
     
9.6
 
Patents and trademarks
   
19
     
6.4
     
6.2
     
6.4
     
6.1
 
Customer relationships
   
22
     
25.8
     
6.1
     
26.9
     
5.9
 
     
32
   
$
254.9
   
$
62.4
   
$
256.0
   
$
60.2
 


The weighted average amortization period for acquired intangible assets subject to amortization is approximately 32 years.  Estimated amortization expense is $6.9 million for the remainder of 2021, $36.1 million for 2022–2025 and $149.5 million thereafter.


Note 8.  Derivative Financial Instruments


As a multinational corporation with operations throughout the world, the Company is exposed to certain market risks.  The Company uses a variety of practices to manage these market risks, including, when considered appropriate, derivative financial instruments.  The Company's objective is to offset gains and losses resulting from interest rates and foreign currency exposures with gains and losses on the derivative contracts used to hedge them.  The Company uses derivative financial instruments only for risk management and not for trading or speculative purposes.


By using derivative financial instruments to hedge exposures to changes in interest rates and foreign currencies, the Company exposes itself to credit risk and market risk. Credit risk is the risk that the counterparty will fail to perform under the terms of the derivative contract.  When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company.  When the fair value of a derivative contract is negative, the Company owes the counterparty, and therefore, it does not face any credit risk.  The Company minimizes the credit risk in derivative instruments by entering into transactions with major financial institutions.


Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates, currency exchange rates, or commodity prices.  The market risk associated with interest rate and forward exchange contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.

11


MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Cash Flow Hedges


For derivative instruments that are designated and qualify as cash flow hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders' equity.  The Company subsequently reclassifies the effective portion of gain or loss into earnings in the period during which the hedged transaction is recognized in earnings.


The Company utilizes interest rate swaps to limit exposure to market fluctuations on floating-rate debt.  In the second quarter of 2018, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million.  The fair value of this swap is a liability of $6.8 million at April 4, 2021 and is recorded in other non-current liabilities on the Condensed Consolidated Balance Sheet.  In addition, in the second quarter of 2016, the Company entered into a floating to fixed interest rate swap with an initial aggregate notional amount of $300 million.  The notional amount was $14 million at April 4, 2021.  The fair value of this swap is a liability less than $0.1 million at April 4, 2021 and is recorded in other current liabilities on the Condensed Consolidated Balance Sheet.  These interest rate swaps are designated as cash flow hedges.  As a result, the gains and losses associated with these interest rate swaps are recorded in accumulated other comprehensive income (loss).


Net Investment Hedges


For derivative instruments that are designated and qualify as net investment hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders' equity.


To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, the Company from time to time hedges a portion of our net investment in one or more of our foreign subsidiaries.  During the second quarter of 2018, the Company entered into a cross currency rate swap with a total notional value of $150 million to exchange monthly fixed-rate interest payments in U.S. dollars for monthly fixed-rate interest rate payments in Euros.  This contract matures in May 2023 and requires the exchange of Euros and U.S. dollar principal payments upon maturity.  The fair value of this swap is an asset of $6.1 million at April 4, 2021 and is recorded in other assets and deferred charges on the Condensed Consolidated Balance Sheet. Changes in the fair value of this financial instrument are recognized in accumulated other comprehensive income (loss) to offset the change in the carrying amount of the net investment being hedged. Amounts are reclassified out of accumulated other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated.


Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows:

Market approach - prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Cost approach - amount that would be required to replace the service capacity of an asset or replacement cost.
Income approach - techniques to convert future amounts to a single present amount based on market expectations, including present value techniques, option-pricing and other models.


The Company primarily applies the income approach for interest rate derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.


The fair value of our interest rate and cross currency rate swap contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets and are categorized as Level 2.

12


MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Note 9.  Long-Term Debt and Commitments


The following is a summary of long-term debt:

(millions of dollars)
 
Apr. 4,
2021
   
December 31,
2020
 
             
Term Loan Facility-Variable Tranche due February 14, 2024, net of unamortized discount and deferred financing costs of $11.5 million and $12.4 million
 
$
536.5
   
$
535.6
 
Senior Notes due 2028, net of unamortized deferred financing costs of  $5.9 million and $6.1 million
   
394.1
     
393.9
 
Netherlands Term Loan due 2022
   
0.4
     
0.6
 
Japan Loan Facilities
   
3.5
     
4.1
 
Total
   
934.5
     
934.2
 
Less: Current maturities
   
0.9
     
1.0
 
Total long-term debt
 
$
933.6
   
$
933.2
 


On May 9, 2014, in connection with the acquisition of AMCOL International Corporation (“AMCOL”), the Company entered into a credit agreement providing for a $1.560 billion senior secured term loan facility (the “Term Facility”) and a $200 million senior secured revolving credit facility.


On June 23, 2015, the Company entered into an amendment (the “First Amendment”) to the credit agreement to reprice the $1.378 billion then outstanding on the Term Facility.  As amended, the Term Facility had a $1.078 billion floating rate tranche and a $300 million fixed rate tranche.  On February 14, 2017, the Company entered into an amendment (the “Second Amendment”) to the credit agreement to reprice the $788 million floating rate tranche then outstanding, which extended the maturity and lowered the interest costs by 75 basis points.  On April 18, 2018, the Company entered into an amendment (the “Third Amendment”) to the credit agreement to refinance its then existing senior secured revolving credit facility. In connection with the Third Amendment, the existing senior secured revolving credit facility was replaced with a new revolving credit facility with $300 million of aggregate commitments (the “Revolving Credit Facility” and, together with the Term Facility, the “Senior Secured Credit Facilities”).  Following the amendments, the loans outstanding under the floating rate tranche of the Term Facility are scheduled to mature on February 14, 2024, and the loans outstanding (if any) and commitments under the Revolving Facility will mature and terminate, as the case may be, on April 18, 2023. Loans under the fixed rate tranche of the Term Facility were repaid in full in June 2020. Loans under the floating rate tranche of the Term Facility bear interest at a rate equal to an adjusted LIBOR rate (subject to a floor of 0.75%) plus an applicable margin equal to 2.25% per annum.  Loans under the Revolving Facility bear interest at a rate equal to an adjusted LIBOR rate plus an applicable margin equal to 1.625% per annum.  Such rates are subject to decrease by up to 25 basis points in the event that, and for so long as, the Company’s net leverage ratio (as defined in the credit agreement) is less than certain thresholds. The variable rate tranche has a 1% required amortization per year. The Company will pay certain fees under the credit agreement, including customary annual administration fees.  The obligations of the Company under the Senior Secured Credit Facilities are unconditionally guaranteed jointly and severally by, subject to certain exceptions, all material domestic subsidiaries of the Company (the “Guarantors”) and secured, subject to certain exceptions, by a security interest in substantially all of the assets of the Company and the Guarantors.


The credit agreement contains certain customary affirmative and negative covenants that limit or restrict the ability of the Company and its restricted subsidiaries to enter into certain transactions or take certain actions. In addition, the credit agreement contains a financial covenant that requires the Company, if on the last day of any fiscal quarter loans or letters of credit were outstanding under the Revolving Facility (excluding up to $25 million of letters of credit), to maintain a maximum net leverage ratio (as defined in the credit agreement) of  3.50 to 1.00 for the four fiscal quarters preceding such day. As of April 4, 2021, there were no outstanding loans and $8.3 million in letters of credit outstanding under the Revolving Facility.  The Company is in compliance with all the covenants associated with the Revolving Facility throughout the period covered by this report.


On June 30, 2020, the Company issued $400 million aggregate principal amount of 5.0% Senior Notes due 2028 (the "Notes").  The Notes were issued pursuant to an indenture, dated as of June 30, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee.  The Company used the net proceeds of its offering of the Notes to repay all of its outstanding loans under the fixed rate tranche of the Term Facility, repay all of its outstanding borrowings under its Revolving Credit Facility, and the remainder for general corporate purposes.

13


MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


The Notes bear an interest rate of 5.0% per annum payable semi-annually on January 1 and July 1 of each year, beginning on January 1, 2021.  The Notes are unconditionally guaranteed on a senior unsecured basis by each of the Company's existing and future wholly owned domestic restricted subsidiaries that is a borrower under or that guarantees the Company's obligations under its Senior Secured Credit Facilities or that guarantees the Company's or any of the Company's wholly owned domestic subsidiaries’ long-term indebtedness in an aggregate amount in excess of $50 million.


At any time and from time to time prior to July 1, 2023, the Company may redeem some or all of the Notes for cash at a redemption price equal to 100% of their principal amount, plus the “make-whole” premium described in the Indenture and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Beginning on July 1, 2023, the Company may redeem some or all of the Notes at any time and from time to time at the applicable redemption prices listed in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time and from time to time prior to July 1, 2023, the Company may redeem up to 40% of the aggregate principal amount of the Notes with funds from one or more equity offerings at a redemption price equal to 105% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.


If the Company experiences a change of control (as defined in the indenture), the Company is required to offer to repurchase the Notes at 101% of the principal amount of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.


The indenture contains certain customary affirmative and negative covenants that limit or restrict the ability of the Company and its restricted subsidiaries to enter into certain transactions or take certain actions, as well as customary events of default.


As part of the Sivomatic acquisition, the Company assumed $10.7 million in long-term debt, recorded at fair value, consisting of two term loans, one of which matured in the third quarter of 2020 and the other of which matures in 2022.  This loan carries an interest rate of Euribor plus 2.0% and has quarterly repayments.  During the first three months of 2021, the Company repaid $0.2 million on this loan.


The Company has a committed loan facility in Japan.  As of April 4, 2021, $3.5 million was outstanding under this loan facility.  Principal will be repaid in accordance with the payment schedule ending in 2021.  The Company repaid $0.3 million on this facility during the first three months of 2021.


As of April 4, 2021, the Company had $25.3 million in uncommitted short-term bank credit lines, of which none were in use.


Note 10.  Benefit Plans


The Company and its subsidiaries have pension plans covering eligible employees on a contributory or non-contributory basis.  The Company also provides postretirement health care and life insurance benefits for its U.S. retired employees.  Disclosures for the U.S. plans have been combined with those outside of the U.S. as the international plans do not have significantly different assumptions, and together represent less than 22% of our total benefit obligation.

Components of Net Periodic Benefit Cost

 
Pension Benefits
 
   
Three Months Ended
 
(millions of dollars)
 
Apr. 4,
2021
   
Mar. 29,
2020
 
             
Service cost
 
$
2.0
   
$
2.0
 
Interest cost
   
2.0
     
2.9
 
Expected return on plan assets
   
(5.4
)
   
(5.2
)
Amortization:
               
Prior service cost
   
0.1
     
0.1
 
Recognized net actuarial loss
   
3.4
     
2.8
 
Net periodic benefit cost
 
$
2.1
   
$
2.6
 
14


MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


 
Other Benefits
 
   
Three Months Ended
 
(millions of dollars)
 
Apr. 4,
2021
   
Mar. 29,
2020
 
             
Service cost
 
$
   
$
0.1
 
Interest cost
   
     
 
Amortization:
               
Recognized net actuarial (gain)
   
(0.2
)
   
(0.2
)
Net periodic benefit cost
 
$
(0.2
)
 
$
(0.1
)


Amortization amounts of prior service costs and recognized net actuarial losses are recorded, net of tax, as increases to accumulated other comprehensive income.


The Company expects to contribute approximately $11.3 million to its pension plans and $0.3 million to its other postretirement benefit plans in 2021.  As of April 4, 2021, approximately $1.0 million has been contributed to the pension plans and no contributions to the other postretirement benefit plans.


Note 11.  Comprehensive Income


The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company:

   
Three Months Ended
 
(millions of dollars)
 
Apr. 4,
2021
   
Mar. 29,
2020
 
             
Amortization of pension items:
           
Pre-tax amount
 
$
3.3
   
$
2.7
 
Tax
   
(0.8
)
   
(0.6
)
Net of tax
 
$
2.5
   
$
2.1
 


The pre-tax amounts in the table above are included within the components of net periodic pension benefit cost (see Note 10 to the Condensed Consolidated Financial Statements) and the tax amounts are included within the provision for taxes on income line within the Condensed Consolidated Statements of Income.


The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows:

(millions of dollars)
 
Foreign Currency
Translation Adjustment
   
Unrecognized
Pension Costs
   
Net Gain (Loss)
on Derivative Instruments
   
Total
 
                         
Balance as of December 31, 2020
 
$
(190.8
)
 
$
(114.9
)
 
$
(2.6
)
 
$
(308.3
)
                                 
Other comprehensive income (loss) before reclassifications
   
(28.4
)
   
     
4.9
     
(23.5
)
Amounts reclassified from AOCI
   
     
2.5
     
     
2.5
 
Net current period other comprehensive income (loss)
   
(28.4
)
   
2.5
     
4.9
     
(21.0
)
Balance as of April 4, 2021
 
$
(219.2
)
 
$
(112.4
)
 
$
2.3
   
$
(329.3
)

15


MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Note 12.  Accounting for Asset Retirement Obligations


The Company records asset retirement obligations for situations in which the Company will be required to incur costs to retire tangible long-lived assets.  The fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made.


The Company also records liabilities related to land reclamation as a part of asset retirement obligations.  The Company mines various minerals using a surface mining process that requires the removal of overburden.  In certain areas and under various governmental regulations, the Company is obligated to restore the land comprising each mining site to its original condition at the completion of the mining activity.  The obligation is adjusted to reflect the passage of time, mining activities, and changes in estimated future cash outflows.


The asset retirement costs are capitalized as part of the carrying amount of the associated asset.  The current portion of the liability of approximately $0.6 million is included in other current liabilities and the long-term portion of the liability of approximately $23.4 million is included in other non-current liabilities in the Condensed Consolidated Balance Sheet as of April 4, 2021.


Note 13.  Contingencies


The Company is party to a number of lawsuits arising in the normal course of our business. Certain of the Company’s subsidiaries are among numerous defendants in a number of cases seeking damages for exposure to silica or to asbestos containing materials. Most of these claims do not provide adequate information to assess their merits, the likelihood that the Company will be found liable, or the magnitude of such liability, if any.  We are unable to state an amount or range of amounts claimed in any of the lawsuits because state court pleading practices do not require identifying the amount of the claimed damage. The aggregate cost to the Company for the legal defense of these cases since inception continues to be insignificant. The majority of the costs of defense for these cases, excluding cases against our subsidiaries AMCOL International Corporation or American Colloid Company, which we acquired in 2014, are reimbursed by Pfizer Inc. pursuant to the terms of certain agreements entered into in connection with the Company’s initial public offering in 1992. The Company is entitled to indemnification, pursuant to agreement, for liabilities related to sales prior to the initial public offering. The Company has settled only one silica lawsuit, for a nominal amount, and no asbestos lawsuits to date (not including any that may have been settled by AMCOL or American Colloid prior to completion of the acquisition). At this time, management anticipates that the amount of the Company’s liability, if any, and the cost of defending such claims, will not have a material effect on its financial position or results of operations.


Note 14.  Segment and Related Information


On a regular basis, the Company reviews its segments and the approach used by the chief operating decision maker to assess performance and allocate resources. Accordingly, in the first quarter of 2021, the Company reorganized the management structure for its Energy Services and Performance Materials operating segments to support MTI's key growth initiatives, more closely align complementary technologies, processes and capabilities, and better reflect the way performance is evaluated and resources are allocated. As a result, Energy Services was combined into the Environmental Products product line within the Performance Materials operating segment. Presented below are the restated financial results, by product line, of this operating segment for each quarter of 2020 to conform to the current management structure.

 
2020 Quarters
       
(millions of dollars)
 
First
   
Second
   
Third
   
Fourth
   
Full Year 2020
 
                               
Net Sales
                             
Metalcasting
 
$
61.7
   
$
52.8
   
$
66.3
   
$
77.3
   
$
258.1
 
Household, Personal Care & Specialty Products
   
96.2
     
87.9
     
93.9