10-Q 1 form10q.htm 10-Q
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 October 2, 2022

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 every Interactive Data File required to be submitted 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 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 October 20, 2022, there were 32,450,263 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 and nine-month periods ended October 2, 2022 and October 3, 2021 (Unaudited)
3
     
 
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three-month and nine-month periods ended October 2, 2022 and October 3, 2021 (Unaudited)
4
     
 
Condensed Consolidated Balance Sheets as of October 2, 2022 (Unaudited) and December 31, 2021
5
     
 
Condensed Consolidated Statements of Cash Flows for the nine-month periods ended October 2, 2022 and October 3, 2021 (Unaudited)
6
     
 
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three-month periods ended October 2, 2022, July 3, 2022 and April 3, 2022 and October 3, 2021, July 4, 2021 and April 4, 2021 (Unaudited)
7
     
 
9
     
 
20
     
Item 2.
21
     
Item 3.
32
     
Item 4.
33
     
PART II.   OTHER INFORMATION
 
     
Item 1.
33
     
Item 1A.
33
     
Item 2.
33
     
Item 3.
33
     
Item 4.
33
     
Item 5.
34
     
Item 6.
34
     
 
35




PART 1. FINANCIAL INFORMATION

ITEM 1.  Financial Statements

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

 
Three Months Ended
   
Nine Months Ended
 
(millions of dollars, except per share data)
 
Oct. 2,
2022
   
Oct. 3,
2021
   
Oct. 2,
2022
   
Oct. 3,
2021
 
                         
Net sales
 
$
541.9
   
$
473.2
   
$
1,617.9
   
$
1,381.4
 
Cost of goods sold
   
423.6
     
359.9
     
1,250.6
     
1,040.9
 
Production margin
   
118.3
     
113.3
     
367.3
     
340.5
 
                                 
Marketing and administrative expenses
   
46.0
     
45.5
     
143.6
     
139.9
 
Research and development expenses
   
5.1
     
4.6
     
15.2
     
14.5
 
Acquisition related transaction and integration costs
   
0.5
     
1.5
     
4.7
     
1.9
 
Litigation costs
   
31.1
     
     
32.6
     
 
Restructuring and other items, net
   
     
1.1
     
     
1.1
 
                                 
Income from operations
   
35.6
     
60.6
     
171.2
     
183.1
 
                                 
Interest expense, net
   
(11.0
)
   
(9.2
)
   
(31.2
)
   
(28.2
)
Debt extinguishment expenses
   
(6.9
)
   
     
(6.9
)
   
 
Non-cash pension settlement charge
   
(0.2
)
   
(0.8
)
   
(1.7
)
   
(3.0
)
Other non-operating income (deductions), net
   
(0.4
)
   
(0.1
)
   
(2.0
)
   
0.3
 
Total non-operating deductions, net
   
(18.5
)
   
(10.1
)
   
(41.8
)
   
(30.9
)
                                 
Income before tax and equity in earnings
   
17.1
     
50.5
     
129.4
     
152.2
 
Provision for taxes on income
   
3.2
     
8.9
     
25.8
     
27.6
 
Equity in earnings of affiliates, net of tax
   
0.7
     
0.8
     
1.4
     
1.8
 
                                 
Consolidated net income
   
14.6
     
42.4
     
105.0
     
126.4
 
Less:
                               
Net income attributable to non-controlling interests
   
1.2
     
1.0
     
2.6
     
3.2
 
Net income attributable to Minerals Technologies Inc.
 
$
13.4
   
$
41.4
   
$
102.4
   
$
123.2
 
                                 
Earnings per share:
                               
                                 
Basic:
                               
Income attributable to Minerals Technologies Inc.
 
$
0.41
   
$
1.24
   
$
3.12
   
$
3.66
 
                                 
Diluted:
                               
Income attributable to Minerals Technologies Inc.
 
$
0.41
   
$
1.22
   
$
3.11
   
$
3.63
 
                                 
Cash dividends declared per common share
 
$
0.05
   
$
0.05
   
$
0.15
   
$
0.15
 
                                 
Shares used in computation of earnings per share:
                               
Basic
   
32.5
     
33.5
     
32.8
     
33.7
 
Diluted
   
32.6
     
33.8
     
32.9
     
33.9
 

See accompanying Notes to Condensed Consolidated Financial Statements.

3


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

 
Three Months Ended
   
Nine Months Ended
 
(millions of dollars)
 
Oct. 2,
2022
   
Oct. 3,
2021
   
Oct. 2,
2022
   
Oct. 3,
2021
 
                         
Consolidated net income
 
$
14.6
   
$
42.4
   
$
105.0
   
$
126.4
 
Other comprehensive loss, net of tax:
                               
Foreign currency translation adjustments
   
(52.0
)
   
(14.9
)
   
(111.5
)
   
(41.8
)
Pension and postretirement plan adjustments
   
0.9
     
2.2
     
4.3
     
9.0
 
Unrealized gains (losses) on derivative instruments
   
7.1
     
2.6
     
16.4
     
6.5
 
Total other comprehensive loss, net of tax
   
(44.0
)
   
(10.1
)
   
(90.8
)
   
(26.3
)
Total comprehensive income (loss) including non-controlling interests
   
(29.4
)
   
32.3
     
14.2
     
100.1
 
Comprehensive (income) loss attributable to non-controlling interests
   
(0.1
)
   
(1.1
)
   
0.3
     
(3.0
)
Comprehensive income (loss) attributable to Minerals Technologies Inc.
 
$
(29.5
)
 
$
31.2
   
$
14.5
   
$
97.1
 

See accompanying Notes to Condensed Consolidated Financial Statements.

4



MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS


(millions of dollars)
 
Oct. 2,
2022*
   
Dec. 31,
2021 **
 
ASSETS
           
             
Current assets:
           
Cash and cash equivalents
 
$
224.1
   
$
299.5
 
Short-term investments
   
2.3
     
4.9
 
Accounts receivable, net
   
430.6
     
367.8
 
Inventories
   
344.6
     
297.7
 
Prepaid expenses and other current assets
   
71.9
     
58.6
 
Total current assets
   
1,073.5
     
1,028.5
 
                 
Property, plant and equipment
   
2,251.7
     
2,296.4
 
Less accumulated depreciation and depletion
   
(1,213.4
)
   
(1,247.3
)
Property, plant and equipment, net
   
1,038.3
     
1,049.1
 
Goodwill
   
912.2
     
907.5
 
Intangible assets
   
243.5
     
251.6
 
Deferred income taxes
   
22.2
     
23.0
 
Other assets and deferred charges
   
97.6
     
114.5
 
Total assets
 
$
3,387.3
   
$
3,374.2
 
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
                 
Current liabilities:
               
Short-term debt
 
$
118.5
   
$
80.0
 
Current maturities of long-term debt
   
0.7
     
0.8
 
Accounts payable
   
210.1
     
196.1
 
Other current liabilities
   
164.2
     
142.9
 
Total current liabilities
   
493.5
     
419.8
 
                 
Long-term debt, net of unamortized discount and deferred financing costs
   
944.9
     
936.2
 
Deferred income taxes
   
194.5
     
188.1
 
Accrued pension and post-retirement benefits
   
102.2
     
114.3
 
Other non-current liabilities
   
116.6
     
136.3
 
Total liabilities
   
1,851.7
     
1,794.7
 
                 
Shareholders’ equity:
               
Common stock
   
4.9
     
4.9
 
Additional paid-in capital
   
483.3
     
474.2
 
Retained earnings
   
2,266.3
     
2,168.9
 
Accumulated other comprehensive loss
   
(421.4
)
   
(333.6
)
Less common stock held in treasury
   
(831.1
)
   
(775.1
)
                 
Total Minerals Technologies Inc. shareholders’ equity
   
1,502.0
     
1,539.3
 
Non-controlling interests
   
33.6
     
40.2
 
Total shareholders’ equity
   
1,535.6
     
1,579.5
 
Total liabilities and shareholders’ equity
 
$
3,387.3
   
$
3,374.2
 

*
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)

 
Nine Months Ended
 
(millions of dollars)
 
Oct. 2,
2022
   
Oct. 3,
2021
 
             
Operating Activities:
           
             
Consolidated net income
 
$
105.0
   
$
126.4
 
                 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation, depletion and amortization
   
71.2
     
71.0
 
Non-cash pension settlement charge
   
1.7
     
3.0
 
Reduction of right of use asset
   
9.5
     
9.2
 
Non-cash debt extinguishment expenses
   
6.9
     
 
Asset impairment charges
   
     
0.7
 
    Pension plan funding
   
(5.3
)
   
(7.6
)
Other non-cash items
   
15.1
     
10.2
 
Net changes in operating assets and liabilities
   
(140.5
)
   
(49.8
)
Net cash provided by operating activities
   
63.6
     
163.1
 
                 
Investing Activities:
               
                 
Purchases of property, plant and equipment, net
   
(59.4
)
   
(63.0
)
Cash paid for acquisitions, net of cash acquired
   
(22.4
)
   
(186.9
)
Proceeds from sale of assets
   
1.0
     
0.4
 
Proceeds from sale of short-term investments
   
6.1
     
7.8
 
Purchases of short-term investments
   
(2.8
)
   
(5.2
)
Other investing activities
   
1.6
     
2.2
 
Net cash used in investing activities
   
(75.9
)
   
(244.7
)
                 
Financing Activities:
               
                 
Long-term debt issuance
   
550.0
     
 
Deferred financing costs
   
(3.2
)
   
 
Repayment of long-term debt
   
(548.7
)
   
(1.0
)
Proceeds from issuance of short-term debt
   
38.5
     
100.5
 
Purchase of common stock for treasury
   
(56.0
)
   
(62.9
)
Proceeds from issuance of stock under option plan
   
3.5
     
10.6
 
Excess tax benefits related to stock incentive programs
   
(3.3
)
   
(2.8
)
Dividends paid to non-controlling interests
   
(6.3
)
   
(1.6
)
Cash dividends paid
   
(4.9
)
   
(5.1
)
Net cash provided by (used in) financing activities
   
(30.4
)
   
37.7
 
                 
Effect of exchange rate changes on cash and cash equivalents
   
(32.7
)
   
(13.9
)
                 
Net decrease in cash and cash equivalents
   
(75.4
)
   
(57.8
)
Cash and cash equivalents at beginning of period
   
299.5
     
367.7
 
Cash and cash equivalents at end of period
 
$
224.1
   
$
309.9
 
                 
Supplemental disclosure of cash flow information:
               
Interest paid
 
$
35.1
   
$
32.4
 
Income taxes paid
 
$
28.9
   
$
34.0
 
                 
Non-cash financing activities:
               
Treasury stock purchases settled after period end
 
$
   
$
0.6
 

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, 2021
 
$
4.9
   
$
474.2
   
$
2,168.9
   
$
(333.6
)
 
$
(775.1
)
 
$
40.2
   
$
1,579.5
 
                                                         
Net income
   
     
     
44.1
     
     
     
0.8
     
44.9
 
Other comprehensive income (loss)
   
     
     
     
(4.0
)
   
     
0.1
     
(3.9
)
Dividends declared
   
     
     
(1.6
)
   
     
     
     
(1.6
)
Dividends paid to non-controlling interests
   
     
     
     
     
     
(0.1
)
   
(0.1
)
Issuance of shares pursuant to employee stock compensation plans
   
     
0.9
     
     
     
     
     
0.9
 
Purchase of common stock for treasury
   
     
     
     
     
(16.7
)
   
     
(16.7
)
Stock-based compensation
   
     
2.8
     
     
     
     
     
2.8
 
Conversion of RSU's for tax withholding
   
     
(2.8
)
   
     
     
     
     
(2.8
)
Balance as of April 3, 2022
 
$
4.9
   
$
475.1
   
$
2,211.4
   
$
(337.6
)
 
$
(791.8
)
 
$
41.0
   
$
1,603.0
 
                                                         
Net income
   
     
     
44.9
     
     
     
0.6
     
45.5
 
Other comprehensive loss
   
     
     
     
(40.9
)
   
     
(1.9
)
   
(42.8
)
Dividends declared
   
     
     
(1.6
)
   
     
     
     
(1.6
)
Dividends paid to non-controlling interests
   
     
     
     
     
     
(6.2
)
   
(6.2
)
Issuance of shares pursuant to employee stock compensation plans
   
     
0.2
     
     
     
     
     
0.2
 
Purchase of common stock for treasury
   
     
     
     
     
(24.0
)
   
     
(24.0
)
Stock-based compensation
   
     
2.8
     
     
     
     
     
2.8
 
Balance as of July 3, 2022
 
$
4.9
   
$
478.1
   
$
2,254.7
   
$
(378.5
)
 
$
(815.8
)
 
$
33.5
   
$
1,576.9
 
                                                         
Net income
   
     
     
13.4
     
     
     
1.2
     
14.6
 
Other comprehensive loss
   
     
     
     
(42.9
)
   
     
(1.1
)
   
(44.0
)
Dividends declared
   
     
     
(1.8
)
   
     
     
     
(1.8
)
Issuance of shares pursuant to employee stock compensation plans
   
     
2.4
     
     
     
     
     
2.4
 
Purchase of common stock for treasury
   
     
     
     
     
(15.3
)
   
     
(15.3
)
Stock-based compensation
   
     
2.8
     
     
     
     
     
2.8
 
Balance as of October 2, 2022
 
$
4.9
   
$
483.3
   
$
2,266.3
   
$
(421.4
)
 
$
(831.1
)
 
$
33.6
   
$
1,535.6
 

See accompanying Notes to Condensed Consolidated Financial Statements.

7


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
 
                                                         
Net income
   
     
     
41.9
     
     
     
1.1
     
43.0
 
Other comprehensive income
   
     
     
     
5.0
     
     
0.3
     
5.3
 
Dividends declared
   
     
     
(1.7
)
   
     
     
     
(1.7
)
Dividends paid to non-controlling interests
   
     
     
     
     
     
(0.6
)
   
(0.6
)
Issuance of shares pursuant to employee stock compensation plans
   
     
4.6
     
     
     
     
     
4.6
 
Purchase of common stock for treasury
   
     
     
     
     
(16.9
)
   
     
(16.9
)
Stock-based compensation
   
     
2.8
     
     
     
     
     
2.8
 
Balance as of July 4, 2021
 
$
4.9
   
$
466.7
   
$
2,089.7
   
$
(324.3
)
 
$
(737.3
)
 
$
39.2
   
$
1,538.9
 
                                                         
Net income
   
     
     
41.4
     
     
     
1.0
     
42.4
 
Other comprehensive loss
   
     
     
     
(10.1
)
   
     
     
(10.1
)
Dividends declared
   
     
     
(1.6
)
   
     
     
     
(1.6
)
Dividends paid to non-controlling interests
   
     
     
     
     
     
(0.9
)
   
(0.9
)
Issuance of shares pursuant to employee stock compensation plans
   
     
0.1
     
     
     
     
     
0.1
 
Purchase of common stock for treasury
   
     
     
     
     
(26.0
)
   
     
(26.0
)
Stock-based compensation
   
     
2.8
     
     
     
     
     
2.8
 
Balance as of October 3, 2021
 
$
4.9
   
$
469.6
   
$
2,129.5
   
$
(334.4
)
 
$
(763.3
)
 
$
39.3
   
$
1,545.6
 

See accompanying Notes to Condensed Consolidated Financial Statements.


8

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, 2021. 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-month and nine-month periods ended October 2, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

Company Operations


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


The Company 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 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.

9

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



Note 2Revenue from Contracts with Customers


The following table disaggregates our revenue by major source (product line) for the three and nine-month periods ended October 2, 2022 and October 3, 2021:

(millions of dollars)
 
Three Months Ended
   
Nine Months Ended
 
Net Sales
 
Oct. 2,
2022
   
Oct. 3,
2021
   
Oct. 2,
2022
   
Oct. 3,
2021
 
                         
Household, Personal Care & Specialty Products
 
$
141.5
   
$
121.8
   
$
424.1
   
$
333.9
 
Metalcasting
   
85.4
     
72.9
     
254.4
     
235.0
 
Environmental Products
   
47.7
     
39.8
     
138.0
     
105.8
 
Building Materials
   
15.8
     
15.9
     
45.6
     
45.0
 
Performance Materials
   
290.4
     
250.4
     
862.1
     
719.7
 
                                 
Paper PCC
   
97.7
     
89.5
     
286.4
     
264.9
 
Specialty PCC
   
25.5
     
18.2
     
77.7
     
57.1
 
Ground Calcium Carbonate
   
28.6
     
25.0
     
84.0
     
74.5
 
Talc
   
14.2
     
14.2
     
45.2
     
40.9
 
Specialty Minerals
   
166.0
     
146.9
     
493.3
     
437.4
 
                                 
Refractory Products
   
68.9
     
58.3
     
203.9
     
175.1
 
Metallurgical Products
   
16.6
     
17.6
     
58.6
     
49.2
 
Refractories
   
85.5
     
75.9
     
262.5
     
224.3