Minerals Technologies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Minerals Technologies Inc. has officially filed its comprehensive 2023 annual report (10-K) detailing its financial performance and position.</b>

AI Summary

MINERALS TECHNOLOGIES INC (MTX) filed a Annual Report (10-K) with the SEC on February 16, 2024. Minerals Technologies Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is in Industrial Inorganic Chemicals. The filing includes detailed financial information for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Common Stock, Treasury Stock, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for multiple periods.

Why It Matters

For investors and stakeholders tracking MINERALS TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides investors with the most up-to-date and detailed financial statements, operational highlights, and risk factors for Minerals Technologies Inc. The detailed breakdown of financial data across multiple years allows for trend analysis and comparison, crucial for investment decisions.

Risk Assessment

Risk Level: medium — MINERALS TECHNOLOGIES INC shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains forward-looking statements and risk factors typical for a company in the industrial chemicals sector, requiring careful review by investors.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to assess the company's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end date)
• 2024-02-16 — Filing Date (Date the 10-K was filed)
• 2023 — Reporting Period (Conformed period of report)
• 2022 — Previous Fiscal Year End (Comparative fiscal year end date)
• 2021 — Prior Fiscal Year End (Comparative fiscal year end date)

Key Players & Entities

• MINERALS TECHNOLOGIES INC (company) — Filer name
• 0000891014 (company) — Central Index Key
• 2810 (company) — Standard Industrial Classification code for Industrial Inorganic Chemicals
• DE (company) — State of Incorporation
• 212-878-1800 (dollar_amount) — Business Phone Number

FAQ

Risk Factors

• Market and Economic Conditions [medium — market]: The company's operations and financial results are subject to global and regional economic conditions, including inflation, interest rates, and geopolitical events.
• Supply Chain and Raw Material Availability [medium — operational]: Disruptions in the supply chain or availability of key raw materials can impact production and profitability.
• Environmental, Health, and Safety Regulations [medium — regulatory]: Compliance with stringent environmental, health, and safety regulations is critical and can lead to significant costs or operational changes.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Official date the 10-K was submitted to the SEC.

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 par value MTX New York Stock Exchan
• $517.6 m — ousehold & Personal Care net sales were $517.6 million, $476.2 million and $383.7 millio
• $476.2 million — nal Care net sales were $517.6 million, $476.2 million and $383.7 million for the years ended
• $383.7 million — were $517.6 million, $476.2 million and $383.7 million for the years ended December 31, 2023,
• $642.6 m — ny's Specialty Additives net sales were $642.6 million, $648.4 million and $578.9 millio
• $648.4 million — dditives net sales were $642.6 million, $648.4 million and $578.9 million for the years ended
• $578.9 million — were $642.6 million, $648.4 million and $578.9 million for the years ended December 31, 2023,
• $720.9 m — Temperature Technologies net sales were $720.9 million, $702.5 million and $642.7 millio
• $702.5 million — nologies net sales were $720.9 million, $702.5 million and $642.7 million for the years ended
• $642.7 million — were $720.9 million, $702.5 million and $642.7 million for the years ended December 31, 2023,
• $288.8 m — nmental & Infrastructure net sales were $288.8 million, $298.4 million and $253.0 millio
• $298.4 million — tructure net sales were $288.8 million, $298.4 million and $253.0 million for the years ended
• $253.0 million — were $288.8 million, $298.4 million and $253.0 million for the years ended December 31, 2023,

Filing Documents

• form10k.htm (10-K) — 3626KB
• exhibit21_1.htm (EX-21.1) — 69KB
• exhibit23_1.htm (EX-23.1) — 2KB
• exhibit24.htm (EX-24) — 10KB
• exhibit31_1.htm (EX-31.1) — 12KB
• exhibit31_2.htm (EX-31.2) — 11KB
• exhibit32.htm (EX-32) — 5KB
• exhibit95.htm (EX-95) — 55KB
• exhibit97.htm (EX-97) — 15KB
• image1.jpg (GRAPHIC) — 47KB
• image2.jpg (GRAPHIC) — 49KB
• image3.jpg (GRAPHIC) — 49KB
• image4.jpg (GRAPHIC) — 43KB
• 0000891014-24-000014.txt (&nbsp;) — 16554KB
• mtx-20231231.xsd (EX-101.SCH) — 73KB
• mtx-20231231_cal.xml (EX-101.CAL) — 134KB
• mtx-20231231_def.xml (EX-101.DEF) — 434KB
• mtx-20231231_lab.xml (EX-101.LAB) — 1289KB
• mtx-20231231_pre.xml (EX-101.PRE) — 793KB
• form10k_htm.xml (XML) — 3033KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6. [Reserved] 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 50 Item 9A.

Controls and Procedures

Controls and Procedures 50 Item 9B. Other Information 50 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 51 PART III Item 10. Directors, Executive Officers and Corporate Governance 51 Item 11.

Executive Compensation

Executive Compensation 51 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13. Certain Relationships and Related Transactions, and Director Independence 51 Item 14. Principal Accountant Fees and Services 52 PART IV Item 15. Exhibits and Financial Statement Schedules 53

Signatures

Signatures 57 2 PART I

Business

Item 1. Business Minerals Technologies Inc. (together with its subsidiaries, the "Company", "we", "MTI", "us" or "our") is a leading, technology-driven specialty minerals company that develops, produces, and markets a broad range of mineral and mineral-based products, related systems and services. The Company serves globally a wide range of consumer and industrial markets, including household and personal care, paper and packaging, food and pharmaceutical, automotive, construction, steel and foundry, environmental, and infrastructure. In the first quarter of 2023, the Company realigned its business reporting structure into two segments to better align our business and technologies with our customers and end markets and create a more efficient and effective management structure which reflects the way performance is evaluated and resources are allocated. At December 31, 2023, the Company reported our operations in the following two reportable business segments under which we managed our operations, assessed performance and reported earnings: Consumer & Specialties and Engineered Solutions. The Consumer & Specialties segment serves consumer end markets directly with mineral-to-market finished products and also provides specialty mineral-based solutions and technologies that are an essential component of our customers' finished products. The Engineered Solutions segment serves industrial end markets with engineered systems, mineral blends, and technologies that are designed to improve our customers' manufacturing processes and projects . The Company is focused on executing our growth strategy of expanding our business into faster-growing markets and geographies and strengthening our leadership positions in existing markets. In addition, the Company maintains a research and development focus by accelerating the development of advanced new products and technologies to satisfy the changing customer requirements and creating market opportunities. The following table

View Full Filing

View this 10-K filing on SEC EDGAR