10q10k10q10k.net

What changed in MINERALS TECHNOLOGIES INC's 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of MINERALS TECHNOLOGIES INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+356 added−350 removedSource: 10-K (2026-02-20) vs 10-K (2025-02-21)

Top changes in MINERALS TECHNOLOGIES INC's 2025 10-K

356 paragraphs added · 350 removed · 285 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

82 edited+16 added−31 removed29 unchanged
Biggest changeOur research with bentonite clays includes a wide variety of applications including animal health, fabric care, personal care, paints, ink, asphalt emulsions and coating functional additives. • In the Specialty Additives product line, the Company’s research and development efforts include: the satellite precipitated calcium carbonate (PCC) and satellite ground calcium carbonate (GCC) plant concepts and applying our crystal engineering core technologies to create specific PCC and GCC particles for paper filling and coating applications, with our FulFill ® high filler technology systems, NewYield ® Waste Stream Process Technology, and ENVIROFIL ® Waste Stream Process Technology.
Biggest changeIn the Specialty Additives product line, the Company’s research and development efforts include application of our Crystal Engineering technology to create new PCC and GCC solutions for paper and packaging applications, including the repurposing of customer waste for use as a filler.
In building materials applications, the Company competes in a highly fragmented market comprised of a wide variety of alternative technologies. A number of integrated bentonite companies compete with the Company’s drilling products. Seasonality Some of our products in the Engineered Solutions segment, within the Environmental & Infrastructure product line are impacted by weather and soil conditions.
In building materials applications, the Company competes in a highly fragmented market comprised of a wide variety of alternative technologies. A number of integrated bentonite companies compete with the Company’s drilling products. Seasonality Some of our products within the Environmental & Infrastructure product line in the Engineered Solutions segment are impacted by weather and soil conditions.
Many of the products cannot be applied in wet or winter weather conditions and, as such, sales and profits tend to be greater during the period from April through October. Sales in our Specialty Additives product line, within Consumer & Specialties segment, are subject to similar seasonal patterns.
Many of the products cannot be applied in wet or winter weather conditions and, as such, sales and profits tend to be greater during the period from April through October. Sales in our Specialty Additives product line, within the Consumer & Specialties segment, are subject to similar seasonal patterns.
While offerings vary around the world, employees can access medical, dental, vision and free life insurance on the first day of employment. Additional benefits include 100% company paid tuition assistance, free counseling through our Employee Assistance Program and a robust fertility and family building benefit, paid time off and paid maternity leave.
While offerings vary around the world, employees can access medical, dental, vision, and free life insurance on the first day of employment. Additional benefits include 100% company paid tuition assistance, free counseling through our Employee Assistance Program, a robust fertility and family building benefit, paid time off, and paid maternity leave.
The Company supplies fabric care products and additives consisting of high-grade, agglomerated bentonite and other mineral additives that perform as softening agents in certain powdered-detergent formulations or act as carriers for colorants, surfactants, and fragrances. These fabric care products are formulated to adapt to our customers’ changing technical requirements.
In addition, the Company supplies fabric care products and additives consisting of high-grade, agglomerated bentonite and other mineral additives that perform as softening agents in certain powdered-detergent formulations or act as carriers for colorants, surfactants, and fragrances. These fabric care products are formulated to adapt to our customers’ changing technical requirements.
Our staff includes sales professionals and technical support engineers who analyze the suitability of our products in relation to the customer’s specific application and the conditions that products will endure or the environment in which they will operate. The continued use of skilled technical service teams is an important component of the Company’s business strategy.
Our staff includes sales professionals and technical support engineers who analyze the suitability of our products in relation to the customer’s specific application and the conditions that products will endure or the environment in which they will operate. 6 The continued use of skilled technical service teams is an important component of the Company’s business strategy.
The Company’s PCC is also used by the pharmaceutical industries as a source of calcium, as a buffering agent in tablets, food applications, and as a mild abrasive in toothpaste. 4 In addition, the Company mines and processes GCC products at its reserves in the eastern and western parts of the United States.
The Company’s PCC is also used by the pharmaceutical industries as a source of calcium, as a buffering agent in tablets, food applications, and as a mild abrasive in toothpaste. In addition, the Company mines and processes GCC products at its reserves in the eastern and western parts of the United States.
With respect to the Environmental & Infrastructure product line, the Company competes with geosynthetic clay liner manufacturers worldwide, several suppliers of alternative lining technologies, and providers of soil and environmental remediation solutions and products. In addition, the filtration and well-testing products compete with other oil and gas services companies.
With respect to the Environmental & Infrastructure product line, the Company competes with geosynthetic clay liner manufacturers worldwide, several suppliers of alternative lining technologies, and providers of soil and environmental remediation solutions and products. In addition, our filtration and well-testing services compete with other oil and gas services companies.
There is no assurance that in the future the Company will be able to maintain the coverage currently in place or that the premiums will not increase substantially. 10 Human Capital Resources Our people power the success of MTI.
There is no assurance that in the future the Company will be able to maintain the coverage currently in place or that the premiums will not increase substantially. Human Capital Resources Our people power the success of MTI.
Growth in the packaging segment is driven by growth trends in consumption, e-commerce and demand for sustainable packaging solutions. The Company offers mineral solutions for filler and coating applications in both the containerboard and cartonboard packaging.
Additionally, the Company offers mineral solutions for filler and coating applications in both containerboard and cartonboard packaging. Growth in the packaging segment is driven by trends in consumption, e-commerce, and demand for sustainable packaging solutions.
The following table sets forth the percentage of our revenues generated from each segment for each of our last three fiscal years: 2024 2023 2022 Percentage of Net Sales Consumer & Specialties 54 % 54 % 53 % Engineered Solutions 46 % 46 % 47 % Total 100 % 100 % 100 % See Note 21 to the Consolidated Financial Statements for additional details on our two business segments.
The following table sets forth the percentage of our revenues generated from each segment for each of our last three fiscal years: Percentage of Net Sales 2025 2024 2023 Consumer & Specialties 53 % 54 % 54 % Engineered Solutions 47 % 46 % 46 % Total 100 % 100 % 100 % See Note 21 to the Consolidated Financial Statements for additional details on our two business segments.
The Company is the leading manufacturer and supplier of PCC to the paper industry and specialty PCC in North America. The Company competes in sales of its limestone based primarily upon quality, price, and geographic location. With respect to the Company’s High-Temperature Technologies products, competitive conditions vary by geographic region.
The Company is the leading manufacturer and supplier of PCC to the paper industry and specialty PCC in North America. The Company competes in sales of its GCC products based primarily upon quality, price, and geographic location. With respect to the Company’s High-Temperature Technologies products, competitive conditions vary by geographic region.
Raw Materials The Company depends in part on having an adequate supply of raw materials for its manufacturing operations, particularly lime and carbon dioxide for the Specialty Additives product line, and magnesia and alumina for the High-Temperature Technologies’ operations. We also depend on having an adequate supply of bentonite, leonardite and limestone.
Raw Materials The Company depends in part on having an adequate supply of raw materials for its manufacturing operations, particularly lime and carbon dioxide for the Specialty Additives product line, and magnesia and alumina for the High-Temperature Technologies operations. We also depend on having an adequate supply of bentonite, leonardite, and limestone.
The Company also produces a number of other technologically advanced products for the steel industry, including calcium metal, metallurgical wire products and a number of metal treatment specialty products. 5 The Company also produces a specialized line of carbon composites and PYROID ® pyrolitic graphite, primarily to the aerospace and electronics industries.
The Company also produces a number of other technologically advanced products for the steel industry, including calcium metal, metallurgical wire products, and a number of metal treatment specialty products. The Company also produces a specialized line of carbon composites and PYROID ® pyrolitic graphite, primarily for the aerospace and electronics industries.
By 2023, we met or exceeded our targets in ten out of twelve total environmental emission and discharge reduction targets. Laws and regulations are subject to change. See Item 1A, Risk Factors, for information regarding the possible effects that compliance with new laws and regulations, including those relating to climate change, may have on our businesses and operating results.
By 2024, we met or exceeded our targets in eleven out of twelve total environmental emission and discharge reduction targets. Laws and regulations are subject to change. See Item 1A, Risk Factors, for information regarding the possible effects that compliance with new laws and regulations, including those relating to climate change, may have on our businesses and operating results.
The Company’s international marketing and sales efforts are directed from regional centers located in Brazil, China, Germany, India, Japan, Turkey and the United Kingdom. The Company believes that its worldwide network of sales personnel and manufacturing sites facilitates continued international expansion.
The Company’s international marketing and sales efforts are directed from regional centers located in Brazil, Canada, China, Germany, India, Japan, Netherlands, Spain, Turkey, and the United Kingdom. The Company believes that its worldwide network of sales personnel and manufacturing sites facilitates continued international expansion.
They are the cornerstone of our operational excellence and safety-first culture, key to our ability to execute on our growth strategies, and vital to our success. Our core values — people, excellence, honesty, customer focus and accountability — guide our actions. Workforce Demographics As of December 31, 2024, the Company employed 3,891 persons globally, located in over 30 countries.
They are the cornerstone of our operational excellence and safety first culture, key to our ability to execute on our growth strategies, and vital to our success. Our core values — people, excellence, honesty, customer focus, and accountability — guide our actions. Workforce Demographics As of December 31, 2025, the Company employed 3,782 persons globally, located in over 30 countries.
Over the past several years, we’ve taken meaningful steps to advance our broad range of sustainability initiatives, including establishing 2025 environmental reduction targets in six focus areas: Scope 1 and Scope 2 CO 2 emissions, airborne pollutants, water used, water discharged, and process waste landfilled , each on an absolute basis and per ton of production for each of our focus areas.
Over the past several years, we have taken meaningful steps to advance our broad range of sustainability initiatives, including establishing 2025 environmental reduction targets in six focus areas: Scope 1 and Scope 2 CO 2 emissions, airborne pollutants, water used, water discharged, and process waste disposed , each on an absolute basis and per ton of production for each of our focus areas.
Carbon dioxide is readily available in exhaust gas from the host paper mills, or other operations at our merchant facilities. The principal raw materials used in the Company’s monolithic refractory products are refractory-grade magnesia and various forms of alumina silicates. Approximately 55% of the Company’s magnesia requirements were purchased from sources in China over the past five years.
Carbon dioxide is readily available in exhaust gas from the host mills for our satellites, or other operations at our merchant facilities. The principal raw materials used in the Company’s monolithic refractory products are refractory-grade magnesia and various forms of alumina silicates. Approximately 57% of the Company’s magnesia requirements were purchased from sources in China over the past five years.
Every day, MTI employees show their engagement and apply their skills in ways that deliver measurable outcomes and create both business and social value. Human Capital Strategy and Total Rewards Our people are essential to the successful delivery of the MTI strategy and to sustaining superior business performance.
Every day, MTI employees show their engagement and apply their skills in ways that deliver measurable outcomes and create both business and social value. Human Capital Management and Inclusion Our people are essential to the successful delivery of the MTI strategy and to sustaining superior business performance.
The Company also produces and sells a full range of specialized PCC products on a merchant basis for non-paper applications, including surface-treated and untreated grades of PCC to the polymer industry for use in automotive and construction applications, and to the adhesives and printing inks industries.
The Company also produces and sells a full range of specialized PCC products on a merchant basis for non-paper and packaging applications, including surface-treated and untreated grades of PCC to the polymer industry for use in automotive and construction applications, and to the adhesives industry.
The Company’s Specialty Additives net sales were $610.2 million, $642.6 million and $648.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. ENGINEERED SOLUTIONS SEGMENT The Engineered Solutions segment provides advanced process technologies and solutions that are designed to improve our customers’ manufacturing processes and projects.
The Company’s Specialty Additives net sales were $584.9 million, $610.2 million, and $642.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. 4 ENGINEERED SOLUTIONS SEGMENT The Engineered Solutions segment provides advanced process technologies and solutions that are designed to improve our customers’ manufacturing processes and projects.
For the past 16 years, MTI has published an annual Corporate Responsibility and Sustainability Report that describes our efforts in continuous improvement regarding our safety culture, environmental performance, social impact, new product development, and community engagement.
For the past 17 years, MTI has published an annual Sustainability Report that describes our efforts in continuous improvement regarding our safety culture, environmental performance, new product development, social impact, and community engagement.
The Company also purchases calcium metal, calcium silicide, graphite, calcium carbide and various alloys for use in the production of metallurgical wire products and uses lime and aluminum in the production of calcium metal.
The Company also purchases calcium metal, calcium silicide, carbon, and various alloys for use in the production of metallurgical wire products and uses lime and aluminum in the production of calcium metal.
The Company is a provider of private-label cat litter to retail partners, as well as a provider of bulk cat litter to national brands and other private label packaging companies. The Company’s internal transportation group provides logistics services and is a key component of our capability in supplying customers on a national basis.
The Company is a provider of private-label cat litter to retail partners, as well as a provider of packaged and bulk cat litter to globally recognized national brands. The Company’s internal transportation group provides logistics services and is a key component of our capability in supplying customers on a national basis.
The price and availability of bulk raw materials from China are subject to fluctuations that could affect the Company’s sales to its customers. In addition, the volatility of transportation costs has also affected the delivered cost of raw materials imported from China to North America and Europe.
The price and availability of bulk raw materials from China are subject to fluctuations that could affect the Company’s sales to its customers. In addition, the volatility of transportation costs and application of U.S. tariffs have also affected the delivered cost of raw materials imported from China to North America and Europe.
Operational Excellence Culture Our Operational Excellence (OE) journey, rooted in the active engagement of our employees, began more than a decade ago when we developed a comprehensive and highly structured business system of lean principles closely integrated with safe and reliable work practices.
Operational Excellence Culture Our Operational Excellence (OE) journey, rooted in the active engagement of our employees, began almost two decades ago when we developed a comprehensive and highly structured business system of lean principles closely integrated with safe and reliable work practices.
Competition is based upon the performance characteristics of the product (including strength, consistency, thermal durability and ease of application), price, and the availability of technical support. The company is the world’s largest producer and supplier of Green Sand Bonds, as well as the leader in monolithic refractories and solid core calcium wire in North America.
Competition is based upon the performance characteristics of the product (including strength, consistency, thermal durability, and ease of application), price, and the availability of technical support. We believe the Company is the world’s largest producer and supplier of Green Sand Bonds, as well as the leader in refractory laser measurement systems, North American monolithic refractories, and solid core calcium wire.
The Company’s Environmental & Infrastructure net sales were $265.1 million, $288.8 million and $298.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. 6 Marketing and Sales The Company relies principally on its worldwide direct sales force to market its products.
The Company’s Environmental & Infrastructure net sales were $270.2 million, $265.1, million and $288.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. Marketing and Sales The Company relies principally on its worldwide direct sales force to market its products.
The Company sells the following refractory products: • Gunnable monolithic refractory products and application systems to users of basic oxygen furnaces and electric arc furnaces for application on furnace walls to prolong the life of furnace linings. • Monolithic refractory materials and pre-cast refractory shapes for iron and steel ladles, vacuum degassers, continuous casting tundishes, blast furnaces and reheating furnaces. • Refractory shapes and linings to the glass, cement, aluminum, petrochemicals, power generation and other non-steel industries.
The Company sells the following refractory products: Gunnable monolithic refractory products and application systems to users of basic oxygen furnaces and electric arc furnaces for application on furnace walls to prolong the life of furnace linings. Monolithic refractory materials and pre-cast refractory shapes for iron and steel ladles, vacuum degassers, continuous casting tundishes, blast furnaces, and reheating furnaces.
CONSUMER & SPECIALTIES SEGMENT The Consumer & Specialties segment provides technologically enhanced products to consumer-driven end markets, including mineral-to-market household products, as well as specialty additives that become functional components in a variety of consumer and industrial goods.
CONSUMER & SPECIALTIES SEGMENT The Consumer & Specialties segment provides technologically enhanced products to consumer-driven end markets, including mineral-to-market household products, as well as specialty additives that become functional components in a variety of consumer and industrial goods. This segment includes two product lines: Household & Personal Care and Specialty Additives.
In 2024, our TRIR was 0.78 and our LWIR was 0.13. This safety-first mindset helps us attract and retain top talent from around the world and drives continuous improvement in our manufacturing operations.
In 2025, our TRIR was 0.54 and our LWIR was 0.14. This safety-first mindset helps us attract and retain top talent from around the world and drives continuous improvement in our manufacturing operations.
The Company’s internal research team has dedicated years of experience into analyzing properties of minerals and synthetic materials while developing processes and applications to enhance their performance. Our expertise in our core technologies of crystal engineering, engineered blends, functional additives and particle surface modification apply to and support our product lines.
The Company’s internal research team has dedicated years of experience to analyzing properties of minerals and synthetic materials while developing processes and applications to enhance their performance. Our core technologies of Functional Additives, Crystal Engineering, Engineered Blends, and Particle Surface Modification are fundamental to our four major product lines.
The core technology used in this product line is called, “Crystal Engineering,” which involves proprietary processes to synthesize crystal type, size, and morphology to achieve specific functionality. The Company manufactures customized Precipitated Calcium Carbonate (PCC) and Ground Calcium Carbonate (GCC) products using proprietary processes for the paper, paperboard and fiber-based packaging industry.
This product line uses a core technology that we call “Crystal Engineering,” and involves proprietary processes to synthesize crystal type, size, and morphology to achieve specific functionality. The Company manufactures customized Precipitated Calcium Carbonate (PCC) and Ground Calcium Carbonate (GCC) products using proprietary processes for the paper, paperboard, and fiber-based packaging industry.
Sustainability is core to who we are and the foundation of how we operate our company. At MTI, we are focused on providing the safest workplace for our employees, reducing our environmental impact, preserving natural resources and making positive contributions to our local communities — all of which are ingrained in our values.
At MTI, we are focused on providing the safest workplace for our employees, reducing our environmental impact, preserving natural resources, and making positive contributions to our local communities — all of which are ingrained in our values.
The Company’s Household & Personal Care net sales were $530.0 million, $517.6 million and $476.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company’s Household & Personal Care net sales were $512.8 million, $530.0 million, and $517.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Investors may access these reports through the Company’s website by navigating to “Investors”, then to “Financials”, and then to “SEC Filings.” 12
Investors may access these reports through the Company’s website by navigating to “Investors,” then to “Financials,” and then to “SEC Filings.”
In fiscal 2024, compliance with the regulations applicable to us did not have a material effect on our capital expenditures, earnings, or competitive position, and the cost of compliance with these laws and regulations is not expected to have a material adverse effect on the Company in the future.
In fiscal 2025, compliance with the regulations applicable to us did not have a material effect on our capital expenditures, earnings, or competitive position, and the cost of compliance with these laws and regulations is not expected to have a material adverse effect on the Company in the future. 10 Sustainability is core to who we are and the foundation of how we operate our company.
Of these, 1,812 (47%) were located in North America, 992 (25%) were located in Asia, 902 (23%) were located in Europe, and 185 (5%) were located in Latin America. Focus on Safety Safety comes first at MTI. The health and safety of our people, partners, and communities is our top priority.
Of these, 1,755 (46%) were located in North America, 931 ( 25%) were located in Asia, 902 (24%) were located in Europe, and 194 (5%) were located in Latin America. 9 Focus on Safety Safety comes first at MTI. The health and safety of our people, partners, and communities is our top priority.
This segment includes two product lines: Household & Personal Care and Specialty Additives Household & Personal Care Products and Markets The Household & Personal Care product line delivers mineral-to-market products to a variety of consumer-oriented markets, including pet litter, personal care, fabric care, edible oil and renewable fuel purification, animal health, and agricultural.
Household & Personal Care Products and Markets The Household & Personal Care product line delivers mineral-to-market products to a variety of consumer-oriented markets, including cat litter, personal care, fabric care, edible oil and renewable fuel purification, animal health, and agriculture.
The Company’s High-Temperature Technologies net sales were $713.2 million, $720.9 million and $702.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. Environmental & Infrastructure Products and Markets The Environmental & Infrastructure product line provides environmental, construction and remediation solutions.
The Company’s High-Temperature Technologies net sales were $704.7 million, $713.2 million, and $720.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. 5 Environmental & Infrastructure Products and Markets The Environmental & Infrastructure product line offers project-based products and solutions for environmental remediation, water treatment, building materials, and infrastructure.
Compliance with these laws and regulations often requires the dedication of time and effort of employees, as well as financial resources. The Company believes its operations are in substantial compliance with these laws and regulations and that there are no violations that would have a material effect on the Company.
The Company believes its operations are in substantial compliance with these laws and regulations and that there are no violations that would have a material effect on the Company.
The core technology used in this product line is called “Engineered Blends,” which is the development of tailored blends of specific minerals and additives to enhance customer processes and product performance.
This product line uses a core technology that we call “Engineered Blends” and is the development of tailored blends of specific minerals and additives to enhance customer processes and product performance.
At December 31, 2024, 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 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 .
GCC is used and sold in the construction, automotive and consumer markets in addition to packaging applications. Our high-quality limestone and dolomitic limestone are defined primarily by the chemistry and color characteristics of the ore bodies.
GCC is used and sold in the construction, automotive, and consumer markets in addition to packaging applications. Our high-quality limestone and dolomitic limestone are defined primarily by the chemistry and color characteristics of the ore bodies. We serve multiple markets from each of our operations, each of which has different requirements relating to a combination of chemical and physical properties.
The Company has reserves of sodium and calcium bentonite at various locations in the U.S., including Wyoming, Montana, South Dakota, Nevada and Alabama, as well as in Australia, China, Slovakia, and Turkey. Through the Company’s affiliations and joint ventures, the Company also has access to bentonite deposits in Mexico.
Mineral Reserves and Mining Process The Company relies on access to bentonite reserves to support our businesses. The Company has reserves of sodium and calcium bentonite at various locations in the U.S., including Wyoming, Montana, South Dakota, Nevada, and Alabama, as well as in Australia, China, Slovakia, and Turkey.
The Company is also well known in the environmental remediation industry providing technologies that address a variety of complex and aggressive contaminants in soil, groundwater, and marine sediment. These products are marketed under the ORGANOCLAY TM trademark.
The end users of these products are specialty subcontractors trained by the company in the proper installation of all our products. The Company is also well known in the environmental remediation industry providing technologies that address a variety of complex and aggressive contaminants in soil, groundwater, and marine sediment.
The Company relies on shipping bulk cargos of bentonite within and from the United States, Turkey and China to customers, as well as our own subsidiaries, and we are sensitive to our ability to recover these shipping costs.
See Item 2, “Properties,” for more information with respect to these facilities and mines. 7 The Company relies on shipping cargos of bentonite from the United States, Turkey, and China to customers, as well as our own subsidiaries, and we are sensitive to our ability to recover these shipping costs.
Additionally, within this product line, the Company provides offshore filtration and well testing services to improve the production, cost, compliance, and environmental impact of activities performed globally in the oil and gas industry.
It also contributes to a drilling fluid’s ability to lubricate the drill bit and coat the underground formations to prevent hole collapse and drill-bit seizing. Additionally, within this product line, the Company provides offshore filtration and well testing services to improve the production, cost, compliance, and environmental impact of activities performed globally in the oil and gas industry.
There are numerous major producers of competing products and various regional suppliers in the areas the Company serves. Within the Consumer & Specialties segment, the Company is a global leader in private label cat litter, North America bulk clumping cat litter and European premium cat litter.
Within the Consumer & Specialties segment, the Company is a global leader in private-label cat litter, North America bulk clumping cat litter, and European premium cat litter.
Our products also contribute to improving our customer's sustainability profile. Patents and Trademarks The Company owns or has the right to use approximately 240 patents and approximately 1,810 trademarks related to its business. Our patents expire between 2025 and 2041. Our trademarks continue indefinitely.
Patents and Trademarks The Company owns or has the right to use approximately 232 patents and approximately 1,808 trademarks related to its business. Our patents expire between 2026 and 2041. Our trademarks continue indefinitely.
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.
Item 1. Business Minerals Technologies Inc. (together with its subsidiaries, the “Company,” “MTI,” “ we, ” “us” or “our”) is a global, technology-driven specialty minerals company that develops, produces, and markets a wide range of minerals and mineral-based products and services. We are the world's largest producer of bentonite and a leading producer of calcium carbonate.
Access to processing facilities from the mining areas is generally by private road, public highways, or railroads. For most of our leased properties and mining claims, there are multiple means of access. The Specialty Additives product line is supported by the Company’s limestone reserves located in the western and eastern parts of the United States.
For most of our leased properties and mining claims, there are multiple means of access. The Specialty Additives product line is supported by the Company’s limestone reserves located in the western and eastern parts of the United States. The Company generally owns and surface mines these reserves and processes its products at nearby processing plants.
In particular, we are subject to certain requirements under the Clean Air Act. In addition, certain of the Company’s operations involve and have involved the use and release of substances that have been and are classified as toxic or hazardous within the meaning of these laws and regulations.
In addition, certain of the Company’s operations involve and have involved the use and release of substances that have been and are classified as toxic or hazardous within the meaning of these laws and regulations. Environmental operating permits are, or may be, required for certain of the Company’s operations and such permits are subject to modification, renewal, and revocation.
For the foundry industry, this product line produces custom-blended mineral and non-mineral products to strengthen sand molds for casting for auto and heavy truck parts, agriculture and construction equipment, municipal, infrastructure and other industrial castings markets. These products help our customers in the foundry industry to improve productivity by reducing scrap from defects and poor surface quality.
For the foundry industry, this product line produces custom-blended mineral and non-mineral products, also known as Green Sand Bonds, to strengthen sand molds for casting for auto and heavy truck parts, agriculture, and construction equipment, municipal, infrastructure, and other industrial castings markets.
In addition to environmental and health and safety laws and regulations, we are subject to a wide variety of other federal, state, local and foreign laws and regulations in the countries where we conduct business. The Company regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations.
We are also subject to land reclamation requirements relating to our mining operations. In addition to environmental and health and safety laws and regulations, we are subject to a wide variety of other federal, state, local, and foreign laws and regulations in the countries where we conduct business.
In addition to bentonite and leonardite provided through our mining operations, our High-Temperature Technologies segment’s principal raw materials are coal, soda ash, chromite, and woven and unwoven polyester material, all of which are readily available from numerous sources. 7 Mineral Reserves and Mining Process The Company relies on access to bentonite reserves.
In addition to bentonite and leonardite provided through our mining operations, the principal raw materials for the products we supply to the foundry industry in our High-Temperature Technologies product line are coal, soda ash, and chromite, all of which are readily available from numerous sources.
Competition The Company is continually engaged in efforts to develop new products and technologies and refine existing products and technologies in order to remain competitive and to position itself as a market leader. The company is a world leader in bentonite and PCC. The Company competes on the basis of product quality, service, technical support, price, product availability and logistics.
Competition The Company is continually engaged in efforts to develop new products and technologies and refine existing products and technologies in order to remain competitive and to position itself as a market leader. The Company is the world's largest producer of bentonite and a leading producer of calcium carbonate.
In addition, the oil and gas production facilities are subject to natural disasters, such as hurricanes, which could lead to lower sales in the June to November months within this product line. 8 Research and Development Many of the Company’s product lines are technologically advanced.
In addition, the offshore oil and gas services are subject to natural disasters, such as hurricanes, which could lead to lower sales in the June to November months within the Environmental and Infrastructure product line. Research and Development Research and development and continuous innovation are one of the growth pillars of our Company.
The Company owns or controls the properties on which the bentonite reserves are located through long-term leases, royalty agreements (including easement and right of way agreements) and patented and unpatented mining claims. No single or group of mining claims or leases is significant or material to the financial condition or operations of our Company or our segments.
Through the Company’s affiliations and joint ventures, the Company also has access to bentonite deposits in Mexico. The Company owns or controls the properties on which the bentonite reserves are located through long-term leases, royalty agreements (including easement and right of way agreements), and patented and unpatented mining claims.
In general, our bentonite reserves are immediately adjacent to, or within sixty miles of, one of the related processing plants. All of the properties on which our reserves are located are either physically accessible for the purposes of mining and hauling or the cost of obtaining physical access would not be material.
All of the properties on which our reserves are located are either physically accessible for the purposes of mining and hauling or the cost of obtaining physical access would not be material. Access to processing facilities from the mining areas is generally by private road, public highway, or railroad.
Each product is designed to provide optimum balance of paper properties including brightness, opacity, bulk, strength, and improved printability. The majority of this product line's sales are to papermakers from “satellite” plants. A satellite plant is a manufacturing facility located near a paper mill thereby eliminating costs of transporting product from remote production sites to the paper mill.
Each product is designed to provide the optimum balance of paper properties including brightness, opacity, bulk, strength, and improved printability. The majority of this product line's sales to paper or packaging makers originate from “satellite” plants.
The vapor intrusion mitigation applications include specialized technologies to prevent gas vapor intrusion in new building construction. Products offered include Liquid Boot ® vapor barrier, a spray applied system that works as a stand alone or in conjunction with various membrane systems to provide best in class performance.
Products offered include Liquid Boot ® vapor barrier, a spray applied system that works as a stand-alone or in conjunction with various membrane systems to provide best in class performance. Additionally, the Company offers a wide variety of both active and passive waterproofing and greenroof technologies for use in protecting structures from groundwater intrusion.
Approximately 221 employees worldwide are engaged in research and development. The Company has an active new product and process development program. Each year, numerous new product and process ideas are submitted and undergo a rigorous stage gate evaluation process. As a result, the Company commercializes a number of these products each year.
Each year, numerous new product and process ideas are submitted and undergo a rigorous stage gate evaluation process. As a result, the Company commercializes a number of these products each year. Many of our products also contribute to improving our customers' sustainability profile.
The Company owns, operates and maintains all of its satellite facilities and owns or licenses the related technology. Generally, the Company and its customers enter into long-term evergreen agreements, initially ten to fifteen years in length, pursuant to which the Company supplies substantially all of the customer’s requirements.
Generally, the Company and its customers enter into long-term evergreen agreements, initially ten to fifteen years in length, pursuant to which the Company supplies substantially all of the customers' requirements. The Company is generally permitted to sell to third parties products produced at a satellite plant in excess of the host mill’s requirements.
The Company’s research and development spending as a percentage of sales was approximately 1.1%, 1.0% and 1.0% for 2024, 2023 and 2022, respectively. The Company maintains its primary research facilities in Bethlehem and Easton, Pennsylvania and Hoffman Estates, Illinois. It also has research and development facilities in China, England, Germany, Ireland, Japan, Turkey and additional sites in the United States.
The Company maintains its primary research facilities in Bethlehem and Easton, Pennsylvania and Hoffman Estates, Illinois. It also has research and development facilities in China, England, Germany, Ireland, Japan, Turkey, and additional sites in the United States. Approximately 216 employees worldwide are engaged in research and development. The Company has an active new product and process development program.
It also produces mineral ingredients providing improved feel and viscosity control in cosmetic formulations. The Company has been a market leader in retinol-based delivery systems and supplies liquid retinoid products. Products range from ingredient sales to fully formulated finished goods.
The Company also manufactures personal care ingredients for cosmetic anti-aging formulations and advanced delivery system technologies for the sustained release of retinoid and other actives in cosmetic, OTC, and prescription formulations. It also produces mineral ingredients providing improved feel and viscosity control in cosmetic formulations. Products range from ingredient sales to fully formulated finished goods.
The Company generally owns and surface mines these reserves and processes its products at nearby processing plants. The Company has ongoing exploration and development activities for all of its mineral interests with the intent to increase its proven and probable reserves. See Item 2, “Properties,” for more information with respect to these facilities and mines.
The Company has ongoing exploration and development activities for all of its mineral interests with the intent to increase its proven and probable reserves.
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 Company is focused on executing our growth strategy of expanding our business into faster-growing markets and geographies, strengthening our leadership positions in existing markets, and introducing innovative, high-value products.
The Company also offers a broad range of monolithic and pre-cast refractory products and related systems and services for the steel industry. The Company’s proprietary application equipment is used to apply refractory materials to the walls of steel-making furnaces and other high temperature vessels to maintain and extend their useful life.
Refractory shapes and linings to the glass, cement, aluminum, petrochemicals, power generation, and other non-steel industries. The Company’s proprietary application equipment is used to apply refractory materials to the walls of steel-making furnaces and other high temperature vessels to maintain and extend their useful life.
The ADDITROL ® blends also improve the efficiency and recycling of sand blends in mold sand systems by lowering clay consumption and improve air quality by reducing volatile organic compound emissions. Our mine to mold operational capability has resulted in providing a consistent high-quality product, technical support and reliable on-time delivery service valued by our customers.
Our mine to mold operational capability has resulted in providing a consistent high-quality product, technical support, and reliable on-time delivery service valued by our customers. The Company also offers a broad range of monolithic and pre-cast refractory products and related systems and services for the steel industry.
In the Consumer & Specialties segment, the Company’s commercial sales team sells our private-label cat litter to retail partners, as well as to national brands and other private label packaging companies.
In the Consumer & Specialties segment, the Company is a provider of private-label cat litter to retail partners, as well as a provider of packaged and bulk cat litter to globally recognized national brands.
The Company also specializes in treating soil, groundwater, landfill leachate, surface waters and drinking water sources contaminated with Per-and polyfluoroalkyl substances (PFAS) and Perfluorooctane sulfonate (PFOS) with our FLUORO-SORB ® absorbent. The Company's drilling products are used in environmental and geotechnical drilling applications, horizontal directional drilling, mineral exploration and foundation construction, as well as in oil and gas well drilling.
The reactive capping technologies and solutions are used to effectively contain residual contamination and to reduce costs associated with ex-situ remedies. The Company also specializes in treating soil, groundwater, landfill leachate, surface waters and drinking water sources contaminated with Per-and polyfluoroalkyl substances (PFAS) and Perfluorooctane sulfonate (PFOS) with our FLUORO-SORB ® adsorbent.
The core technology used in this product line is called, “Functional Additives,” which is the use of unique minerals and additives to deliver functionality to our products and our customers’ products.
This product line uses a core technology that we call “Functional Additives,” which is the use of unique minerals and additives to deliver functionality to our products and our customers’ products. The Company’s cat litter products include sodium bentonite-based scoopable (clumping), lightweight, alternative, and non-clumping cat litters sold throughout North America, Europe, and Asia.
The Company’s cat litter products include sodium bentonite-based scoopable (clumping), traditional and alternative cat litters sold to grocery and drug stores, mass merchandisers, wholesale clubs and pet specialty stores throughout North America, Europe, and Asia. The Company’s scoopable products’ clump-forming capability traps urine, thereby reducing waste by allowing for easy removal of only the odor-producing elements from the litter box.
The Company's cat litter products are marketed on a business-to-business basis under the SIVO™ global brand. The Company’s scoopable products’ clump-forming capability traps urine, reducing waste by allowing for easy removal of only the odor-producing elements from the litter box.
Through our Global Inclusion Council, which is chaired by our CEO, we continually evaluate how we promote and support diversity in all forms to develop strategies and meaningful programs to achieve our objectives. 11 Environmental, Health and Safety Matters and Government Regulation The Company’s operations are subject to federal, state, local and foreign laws and regulations relating to the environment and health and safety.
Environmental, Health, and Safety Matters and Government Regulation The Company’s operations are subject to federal, state, local, and foreign laws and regulations relating to the environment and health and safety. In particular, we are subject to certain requirements under the Clean Air Act.
The Hevi-Sand ® specialty chromite sand prevents metal penetration and can be used with most foundry binders in molds and cores. • In the Environmental & Infrastructure product line, particle surface modification core technologies are used to develop products to meet critical performance criteria for a variety of customers.
We develop solutions for broader applications within the steel production process and are developing new blends for our foundry customers in order to further enhance their productivity and sustainability profile. In the Environmental & Infrastructure product line, our Particle Surface Modification core technology is used to develop products that meet critical performance criteria for a variety of customers.
The Company’s FLUORO-SORB ® adsorbent is a proprietary, patented, NSF-certified product designed to globally support remediation efforts surrounding per- and polyflouroalkyl substances (PFAS) and Perflourooctane sulfonate (PFOS). For the years ended December 31, 2024, 2023 and 2022, the Company spent approximately $23.0 million, $21.2 million and $20.4 million, respectively, on research and development.
For the years ended December 31, 2025, 2024, and 2023, the Company spent approximately $22.9 million, $23.0 million, and $21.2 million, respectively, on research and development. The Company’s research and development spending as a percentage of sales was approximately 1.1%, 1.1%, and 1.0% for 2025, 2024 and 2023, respectively.
The Company’s Consumer & Specialties segment provides a portfolio of functional components, custom blended compounds, formulations and technologies for a variety of consumer and industrial goods and has two product lines, Household & Personal Care and Specialty Additives. • In the Household & Personal Care product line, the Company’s research and development efforts employ our functional additive core technologies to support both our private label and branded products.
The combination of our unique, differentiated global mineral reserves and our technologies and application know-how allows us to continually develop new products focused on secular and sustainable trends. 8 In the Household & Personal Care product line, the Company ’s research and development efforts employ our Functional Additives core technology to support both our private-label and branded products.
The core technology used in this product line is called, “Particle Surface Modification,” which is the modification of the outer layer of our minerals through chemistry.
This product line uses a core technology that we call “Particle Surface Modification” and is the modification of the outer layer of our minerals through chemistry. The Company’s geosynthetic clay lining systems are used for lining and capping landfills, mine waste disposal sites, and industrial waste storage sites such as bauxite residue and coal ash waste.

… 49 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

56 edited+11 added−3 removed69 unchanged
Biggest changeThe metalcasting market is dependent upon the demand for castings for automobile components, farm and construction equipment, oil and gas production equipment, power generation turbine castings, and rail car components. Many of these types of equipment are sensitive to fluctuations in demand during periods of recession or difficult economic conditions. This product line also serves the steel industry.
Biggest changeA significant portion of the sales of the High-Temperature Technologies product line of our Engineered Solutions segment are derived from the metalcasting market. The metalcasting market is dependent upon the demand for castings for automobile and heavy truck components, farm and construction equipment, oil and gas production equipment, power generation equipment, and rail car components.
We have in recent years expanded our operations in emerging markets, and we plan to continue to do so in the future, particularly in China, India, Brazil, the Middle East, and Eastern Europe.
We have in recent years expanded our operations in emerging markets, and we plan to continue to do so in the future, particularly in Brazil, China, India, the Middle East, and Eastern Europe.
Some of our operations are located in areas that have experienced political or economic instability, including Indonesia, Malaysia, Nigeria, Egypt, Saudi Arabia, Turkey, Brazil, Thailand, China and South Africa.
Some of our operations are located in areas that have experienced political or economic instability, including Brazil, China, Egypt, Indonesia, Malaysia, Nigeria, Saudi Arabia, South Africa, Thailand, and Turkey.
Our ability to maintain such mining permits, leases and other rights has been, and may continue to be, affected by changes in laws, regulations and governmental actions, particularly in emerging markets such as Turkey and China.
Our ability to maintain such mining permits, leases, and other rights has been, and may continue to be, affected by changes in laws, regulations, and governmental actions, particularly in emerging markets such as China and Turkey.
Bankruptcy Code, the potential for the Company’s talc-related exposure to extend beyond the Chapter 11 Debtors arising from claims by talc plaintiffs relating to the Company’s liability for talc claims, corporate veil piercing efforts or otherwise, any final resolution of the scope of the Pfizer indemnity, the ongoing costs of the Chapter 11 Cases, which may require additional funding from time to time, the cost and the length of time necessary to ultimately resolve the cases, either through settlement or as a result of litigation arising in connection with the Chapter 11 Cases, and the possibility that the Chapter 11 Debtors will be unsuccessful in attaining relief under Chapter 11.
Bankruptcy Code, the potential for the Company’s talc-related exposure to extend beyond the Chapter 11 Debtors arising from claims by talc plaintiffs relating to the Company’s liability for talc claims, corporate veil piercing efforts or otherwise, any final resolution of the scope of the Pfizer indemnity, the ongoing costs of the Chapter 11 Cases, which may require additional funding from time to time, the cost and length of time necessary to ultimately resolve the cases, either through settlement or as a result of litigation arising in connection with the Chapter 11 Cases, and the possibility that the Chapter 11 Debtors will be unsuccessful in attaining relief under Chapter 11.
Cyberattacks and other cyber incidents are occurring more frequently, the techniques used to gain access to information technology systems and data, disable or degrade service or sabotage systems are constantly evolving and becoming more sophisticated in nature and are being carried out by groups and individuals with a wide range of expertise and motives.
Cyberattacks and other cyber incidents are occurring more frequently and the techniques used to gain access to information technology systems and data, disable or degrade service or sabotage systems are constantly evolving, becoming more sophisticated in nature, and are being carried out by groups and individuals with a wide range of expertise and motives.
Cyberattacks and cyber incidents may be difficult to detect for periods of time and take many forms including cyber extortion, denial of service, social engineering, introduction of viruses or malware (such as ransomware), exploiting vulnerabilities in hardware, software or other infrastructure, hacking, website defacement or theft of passwords and other credentials, unauthorized use of computing resources and business email compromise.
Cyberattacks and cyber incidents may be difficult to detect for periods of time and take many forms including cyber extortion, denial of service, social engineering, introduction of viruses or malware (such as ransomware), exploiting vulnerabilities in hardware, software, or other infrastructure, hacking, website defacement, theft of passwords and other credentials, unauthorized use of computing resources, and business email compromise.
For a further discussion of the Chapter 11 Cases and Oldco's talc-related liabilities, see Note 17 to the Consolidated Financial Statements, included in this report. 17 The Company is subject to stringent regulation in the areas of environmental, health and safety, and tax, and may incur unanticipated costs or liabilities arising out of claims for various legal, environmental and tax matters or product stewardship issues that could materially harm the Company’s results of operations, cash flows and financial condition.
For a further discussion of the Chapter 11 Cases and Oldco's talc-related liabilities, see Note 17 to the Consolidated Financial Statements, included in this report. 16 The Company is subject to stringent regulation in the areas of environmental, health and safety, and tax, and may incur unanticipated costs or liabilities arising out of claims for various legal, environmental, and tax matters or product stewardship issues that could materially harm the Company’s results of operations, cash flows, and financial condition.
The Company is currently a party in various litigation matters and tax and environmental proceedings and faces risks arising from various unasserted litigation matters, including product liability, patent infringement, antitrust claims, and claims for third-party property damage or personal injury stemming from alleged torts, including, as discussed elsewhere in this Report, a number of cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by BMI Oldco.
The Company is currently a party in various litigation matters and tax and environmental proceedings and faces risks arising from various unasserted litigation matters, including product liability, patent infringement, antitrust claims, and claims for third-party property damage or personal injury stemming from alleged torts, including, as discussed elsewhere in this Report, a number of cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by Oldco.
In addition, governmental restrictions can, and during the COVID-19 pandemic did, affect our ability to ship our products. Operational Risks The Company’s subsidiaries, BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) (“Oldco”) and Barretts Ventures Texas LLC (together with Oldco, the “Chapter 11 Debtors”), have filed voluntary petitions for relief under Chapter 11 of the U.S.
In addition, governmental restrictions can, and during the COVID-19 pandemic did, affect our ability to ship our products. 15 Operational Risks The Company’s subsidiaries, BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) (“Oldco”) and Barretts Ventures Texas LLC (together with Oldco, the “Chapter 11 Debtors”), have filed voluntary petitions for relief under Chapter 11 of the U.S.
Global economic markets remain uncertain, and there can be no assurance that market conditions will improve in the near future. Future weakness in the global economy could materially and adversely affect our business and operating results. A number of our customers’ businesses are cyclical or have changing regional demands.
Global economic markets remain uncertain, and there can be no assurance that market conditions will improve in the near future. Future weakness in the global economy could materially and adversely affect our business and operating results. 11 A number of our customers’ businesses are cyclical or have changing regional demands.
A continued or renewed economic downturn in one or more of the industries or geographic regions that the Company serves, or in the worldwide economy, could cause actual results of operations to differ materially from historical and expected results. 13 The Company operates in very competitive industries, which could adversely affect our profitability. The Company has many competitors.
A continued or renewed economic downturn in one or more of the industries or geographic regions that the Company serves, or in the worldwide economy, could cause actual results of operations to differ materially from historical and expected results. The Company operates in very competitive industries, which could adversely affect our profitability. The Company has many competitors.
Our outstanding indebtedness will require a significant amount of cash to make interest payments. Further, the interest rate on a significant portion of our borrowings under our senior secured credit facility is based on SOFR interest rates, which has resulted in and could continue to result in higher interest expense in the event of continued increases in interest rates.
Our outstanding indebtedness will require a significant amount of cash to make interest payments. Further, the interest rate on a significant portion of our borrowings under our senior secured credit facility is based on SOFR interest rates, which has resulted in and could continue to result in higher interest expense in the event of increases in interest rates.
Further, the requirement to make significant interest payments may reduce the Company’s flexibility to respond to changing business and economic conditions or fund capital expenditure or working capital needs and may increase the Company’s vulnerability to adverse economic conditions. 14 The agreements and instruments governing our debt contain various covenants that could significantly impact our ability to operate our business.
Further, the requirement to make significant interest payments may reduce the Company’s flexibility to respond to changing business and economic conditions or fund capital expenditure or working capital needs and may increase the Company’s vulnerability to adverse economic conditions. The agreements and instruments governing our debt contain various covenants that could significantly impact our ability to operate our business.
In addition, development by the Company’s competitors of new products or technologies that are more effective or less expensive than those the Company offers could have a material adverse effect on the Company’s financial condition or results of operations. 15 The Company’s operations could be impacted by the increased risks of doing business abroad.
In addition, development by the Company’s competitors of new products or technologies that are more effective or less expensive than those the Company offers could have a material adverse effect on the Company’s financial condition or results of operations. The Company’s operations could be impacted by the increased risks of doing business abroad.
The contracts pursuant to which we construct and operate our satellite plants generally adjust pricing to reflect the pass-through of increases in costs resulting from inflation, including energy. However, there is a time lag before such price adjustments can be implemented.
The contracts pursuant to which we construct and operate our PCC satellite plants generally adjust pricing to reflect the pass-through of increases in costs resulting from inflation, including energy. However, there is a time lag before such price adjustments can be implemented.
Similar risks exist with respect to our business partners and third-party providers that we rely upon. We are subject to the risk that the activities associated with our business partners and third-party providers can adversely affect our business even if the attack or breach does not directly impact our systems or information.
Similar risks exist with respect to our business partners and third-party providers that we rely upon. We also are subject to the risk that the activities associated with our business partners and third-party providers can adversely affect our business even if the attack or breach does not directly impact our systems or information.
At any given time, we may be unable to obtain an adequate supply of these critical raw materials on a timely basis, on price and other terms, or at all. While most such raw materials are readily available, the Company has purchased approximately 55% of its magnesia requirements from sources in China over the past five years.
At any given time, we may be unable to obtain an adequate supply of these critical raw materials on a timely basis, on price and other terms, or at all. While most such raw materials are readily available, the Company has purchased approximately 57% of its magnesia requirements from sources in China over the past five years.
In addition, while we currently maintain insurance coverage that is intended to address costs associated with certain aspects of cyber incidents and information systems failures, this insurance coverage may not cover all losses or all types of claims that arise from an incident, or the damage to our reputation or brands that may result from an incident.
In addition, while we currently maintain insurance coverage that is intended to address costs associated with certain aspects of cyber incidents and information systems failures, this insurance coverage may not cover all losses or all types of claims that arise from an incident, or the damage to our reputation or brands that may result from an incident. Item 1B.
In addition, in the second quarter of 2024, the Company entered into a Debtor-in-Possession Credit Agreement with Oldco (the "DIP Credit Agreement") and recorded a provision for credit loss of $30 million for the maximum aggregate principal amount under such DIP Credit Agreement.
In addition, in the second quarter of 2024, the Company entered into a Debtor-in-Possession Credit Agreement with Oldco (the “DIP Credit Agreement”) and recorded a provision for credit loss of $30 million for the maximum aggregate principal amount under such DIP Credit Agreement.
The Company and certain of the Company’s subsidiaries are among numerous defendants in over six hundred cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by the Company’s subsidiary Oldco.
The Company and certain of the Company’s subsidiaries are among numerous defendants in over nine hundred cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by the Company’s subsidiary Oldco.
The mediation process is ongoing. During the pendency of the Chapter 11 Cases, the Company anticipates that the Chapter 11 Debtors will benefit from the operation of the automatic stay, which stays ongoing litigation in connection with talc-related claims against the Chapter 11 Debtors.
During the pendency of the Chapter 11 Cases, the Company anticipates that the Chapter 11 Debtors will benefit from the operation of the automatic stay, which stays ongoing litigation in connection with talc-related claims against the Chapter 11 Debtors.
We use these technologies for activities important to our business, including managing and operating our manufacturing facilities, communications within our company and with customers and suppliers, maintaining accurate financial records, protecting confidential information, complying with regulatory, financial reporting, and legal requirements, and otherwise storing, processing and transmitting our data.
We use these technologies for activities important to our business, including managing and operating our manufacturing facilities, communications within our company and with customers and suppliers, processing transactions, maintaining accurate financial records and other enterprise resource planning requirements, protecting confidential information, complying with regulatory, financial reporting, and legal requirements, and otherwise storing, processing, and transmitting our data.
The Company does business in many areas internationally. Approximately 49% of our sales in 2024 were derived from outside the United States and we have significant production facilities which are located outside of the United States.
The Company does business in many areas internationally. Approximately 48% of our sales in 2025 were derived from outside the United States and we have significant production facilities which are located outside of the United States.
These hazards, limitations, disruptions in supply and capacity constraints could adversely affect financial results. 18 Operating results for some of our businesses are seasonal. Certain of our businesses are affected by seasonal weather patterns.
These hazards, limitations, labor, and employee issues, disruptions in supply, and capacity constraints could adversely affect financial results. 17 Operating results for some of our businesses are seasonal. Certain of our businesses are affected by seasonal weather patterns.
These disruptions or incidents may be caused by cyberattacks and other cyber incidents, network or power outages, software, equipment or telecommunications failures, the unintentional or malicious actions of employees or contractors, natural disasters, fires or other catastrophic events.
These disruptions or incidents may be caused by cyberattacks and other cyber incidents, network or power outages, software, equipment, or telecommunications failures, the unintentional or malicious actions of employees or contractors, an inability to appropriately update our systems, natural disasters, fires, or other catastrophic events.
Although the Chapter 11 Cases are progressing, it is not possible at this time to predict how the Bankruptcy Court will rule on the Committee’s motion to dismiss the Chapter 11 Cases, the form of any ultimate resolution or when an ultimate resolution might occur.
Although the Chapter 11 Cases are progressing, it is not possible at this time to predict how the District Court will rule on the pending motions, whether an appellate court will affirm or reverse the Bankruptcy Court order denying the Committee’s motion to dismiss, the form of any ultimate resolution, or when an ultimate resolution might occur.
In the paper industry, which is served by the Specialty Additives product line of our Consumer & Specialties segment, production levels for uncoated freesheet within North America and Europe, our two largest markets, are projected to continue to decrease.
Our operations are subject to these trends, and we may not be able to mitigate these risks. In the paper industry, which is served by the Specialty Additives product line of our Consumer & Specialties segment, production levels for uncoated freesheet within North America and Europe, our two largest markets, are projected to continue to decrease.
The U.S. and foreign countries may also adopt or increase restrictions on foreign trade or investment, including currency exchange controls, tariffs or other taxes, or limitations on imports or exports (including recent and proposed changes in U.S. trade policy and resulting retaliatory actions by other countries).
The U.S. and foreign countries may also adopt or increase restrictions on foreign trade or investment, including currency exchange controls, tariffs or other taxes, or limitations on imports or exports.
At December 31, 2024, the Company had $971.3 million aggregate principal amount of total indebtedness (consisting primarily of $575.0 million aggregate principal amount of loans under our term facility, $400.0 million aggregate principal amount of notes and $4.5 million outstanding under our revolving credit facility) and an additional $386.4 million of borrowing capacity under the revolving credit facility (after giving effect to $9.1 million of outstanding letters of credit).
At December 31, 2025, the Company had $961.7 million aggregate principal amount of total indebtedness (consisting primarily of $569.3 million aggregate principal amount of loans under our term facility, $400.0 million aggregate principal amount of notes and no loans outstanding under our revolving credit facility) and an additional $390.8 million of borrowing capacity under the revolving credit facility (after giving effect to $9.2 million of outstanding letters of credit).
Further, geopolitical and terrorism threats, including armed conflict among countries, could in the future affect our business overseas, including leading to, among other things, impairment of our or our customers’ ability to conduct operations, adverse impact to our employees, and a loss of our investment.
The Company continues to monitor the economic effects of the trade environment, but the effects associated with the tariffs remain uncertain. 14 Further, geopolitical and terrorism threats, including armed conflict among countries, could in the future affect our business overseas, including leading to, among other things, impairment of our or our customers’ ability to conduct operations, adverse impact to our employees, and a loss of our investment.
Our operations have been and will continue to be subject to cyber-attacks and other disruptions to our information systems that could have a material adverse impact on our business, consolidated results of operations, and consolidated financial condition. Our operations are dependent on digital technologies and services.
Our operations have been and will continue to be subject to cyberattacks and other disruptions to our information systems that could have a material adverse impact on our business, consolidated results of operations, and consolidated financial condition. Our operations are dependent on digital technologies and services, including systems operated by third parties that include embedded artificial intelligence (“AI”).
Such consolidations in the major industries we serve concentrate purchasing power in the hands of a smaller number of manufacturers, enabling them to increase pressure on suppliers, such as the Company. This increased pressure could have an adverse effect on the Company’s results of operations in the future.
Such consolidations in the major industries we serve concentrate purchasing power in the hands of a smaller number of manufacturers, enabling them to increase pressure on suppliers, such as the Company.
Enactment of climate-related legislation or adoption of regulation that restrict emissions of greenhouse gases in areas in which we conduct business could have an adverse effect on our operations or demand for our products.
These concerns have resulted in, and may continue to result in, the enactment or adoption of climate-related legislation and regulation that would restrict emissions of greenhouse gases in areas in which we conduct business, result in additional compliance costs, or have an adverse effect on our operations or demand for our products.
The Company has a strategic growth initiative to increase penetration into geographic markets such as Brazil, India and China as well as other Asian and Eastern European countries. The Company also has a strategic growth initiative to increase penetration into consumer-oriented markets such as pet litter, personal care, and oil purification. Our strategy also anticipates growth through future acquisitions.
The Company also has a strategic growth initiative to increase penetration into consumer-oriented markets such as cat litter, personal care, animal and health care and natural oil purification. Our strategy also anticipates growth through future acquisitions.
If we cannot secure our container requirements or offset additional shipping costs with price increases to customers, our profitability could be impacted. We are also subject to other shipping risks. In particular, rail service interruptions have affected our ability to ship, and the availability of rail service, and our ability to recover increased rail costs, may be beyond our control.
We are also subject to other shipping risks. In particular, rail service interruptions have affected our ability to ship, and the availability of rail service, and our ability to recover increased rail costs, may be beyond our control.
Accordingly, the amount that will be necessary to fully and finally resolve all of Oldco’s current and future talc-related claims in connection with a confirmed Chapter 11 plan of reorganization cannot be estimated at this time.
Accordingly, the Company is unable to estimate the possible loss or range of loss related to the amount that will be necessary to fully and finally resolve all of Oldco’s current and future talc-related claims in connection with a confirmed Chapter 11 plan of reorganization beyond the amount accrued.
The Company is dependent on the continued operation of its production facilities. Production facilities are subject to hazards associated with the manufacturing, handling, storage, and transportation of chemical materials and products, including pipeline leaks and ruptures, explosions, fires, inclement weather and natural disasters, mechanical failure, unscheduled downtime, labor difficulties, transportation interruptions, and environmental risks.
Our production facilities and the transportation of our products and/or the raw materials used to manufacture our products are subject to hazards associated with the manufacturing, handling, storage, and transportation of chemical materials and products, including mechanical failure, leaks, ruptures, explosions, fires, inclement weather and natural disasters, transportation interruptions, and environmental risks.
We cannot assure you that we will implement policies and strategies that will be effective in each location where we do business. The Company’s operations are dependent on the availability of raw materials and access to ore reserves at its mining operations. Increases in costs of raw materials, energy, or shipping could adversely affect our financial results.
The Company’s operations are dependent on the availability of raw materials and access to ore reserves at its mining operations. Increases in costs of raw materials, energy, or shipping could adversely affect our financial results.
We cannot assure you that we will be granted waivers or amendments to these agreements if for any reason we are unable to comply with these agreements or that we will be able to refinance our debt on terms acceptable to us, or at all.
We cannot assure you that we will be granted waivers or amendments to these agreements if for any reason we are unable to comply with these agreements or that we will be able to refinance our debt on terms acceptable to us, or at all. 13 Technology, Development and Growth Risks The Company’s results could be adversely affected if it is unable to effectively achieve and implement its growth initiatives.
Although the cyber incidents that we have experienced to date have not had a material effect on our business, such incidents or disruptions could have a material adverse effect on us in the future.
Our use of AI software may create additional risks related to the unintentional disclosure of proprietary, confidential, or otherwise sensitive information. Although the cyber incidents that we have experienced to date have not had a material effect on our business, such incidents or disruptions could have a material adverse effect on us in the future.
Many of these risks are beyond our control and can lead to sudden, and potentially prolonged, changes in demand for our products, difficulty in enforcing agreements, and losses in the realizability of our assets. Adverse developments in any of the areas in which we do business could cause actual results to differ materially from historical and expected results.
Many of these risks are beyond our control and can lead to sudden, and potentially prolonged, changes in demand for our products, difficulty in enforcing agreements, and losses in the realizability of our assets.
We may incur losses beyond the limits, or outside the coverage, of our insurance policies. Further, from time to time, we may experience capacity limitations in our manufacturing operations. In addition, if we are unable to effectively forecast our customers’ demand, it could affect our ability to successfully manage operating capacity limitations.
Production facilities are also subject to governmental requirements that may affect our ability to operate. Further, from time to time, we may experience capacity limitations in our manufacturing operations. In addition, if we are unable to effectively forecast our customers’ demand, it could affect our ability to successfully manage operating capacity limitations.
In addition, the Specialty Additives product line of our Consumer & Specialties segment is affected by the domestic residential building and construction markets, as well as the automotive market. Demand for our products is subject to trends in these markets. During periods of economic slowdown, our customers often reduce their capital expenditure and defer or cancel pending projects.
The Environmental & Infrastructure product line of our Engineered Solutions segment serves the commercial construction, environmental remediation, infrastructure, and oil and gas markets. Demand for our products is subject to trends in these markets. During periods of economic slowdown, our customers often reduce their capital expenditure and defer or cancel pending projects.
To the extent that these laws and regulations affecting our customers change, demand for our products and services could also change and thereby affect our financial results.
To the extent that these laws and regulations affecting our customers change, demand for our products and services could also change and thereby affect our financial results. Greenhouse gas emissions have become the subject of an increasing amount of concern from state, national, and international governments and agencies.
The Company’s sales could be adversely affected by our failure to renew or extend long-term sales contracts for our satellite operations. The Company’s sales of calcium carbonate to paper customers are typically pursuant to long-term evergreen agreements, initially ten years in length, with paper mills where the Company operates satellite plants.
The Company’s sales of calcium carbonate to paper customers are typically pursuant to long-term evergreen agreements, initially ten to fifteen years in length, with paper mills where the Company operates satellite plants. Sales pursuant to these contracts represent a significant portion of our sales in the Specialty Additives product line of the Consumer & Specialties segment.
Sales pursuant to these contracts represent a significant portion of our sales in the Specialty Additives product line of the Consumer & Specialties segment. The terms of many of these agreements have been extended or renewed in the past, often in connection with an expansion of the satellite plant.
The terms of many of these agreements have been extended or renewed in the past, often in connection with an expansion of the satellite plant.
Bankruptcy Code and utilize this provision of the Bankruptcy Code to establish a trust that will address all current and future talc-related claims.
The Chapter 11 Debtors’ ultimate goal in the Chapter 11 Cases is to confirm a plan of reorganization under Section 524(g) of the U.S. Bankruptcy Code and utilize this provision of the Bankruptcy Code to establish a trust that will address all current and future talc-related claims.
In recent years, global steel production has been volatile. These trends have affected and may continue to affect the demand for our Engineered Solutions segment’s products and services. We expect steel consumption to be similar to 2024 levels.
Many of these types of equipment are sensitive to fluctuations in demand during periods of recession or difficult economic conditions. This product line also serves the steel industry. In recent years, global steel production has been volatile. These trends have affected and may continue to affect the demand for our Engineered Solutions segment’s products and services.
We cannot assure you that we will be able to maintain such mining permits, leases and other rights to the extent we currently maintain them or at all. 16 The Company relies on shipping bulk cargos of bentonite from the United States, Turkey and China to customers, as well as our own subsidiaries, and we are sensitive to our ability to recover these shipping costs.
The Company relies on shipping cargos of bentonite from the United States, Turkey, and China to customers, as well as our own subsidiaries, and we are sensitive to our ability to recover these shipping costs. If we cannot secure our container requirements or offset additional shipping costs with price increases to customers, our profitability could be impacted.
In the second quarter of 2024, Oldco sold its talc assets under section 363 of the U.S. Bankruptcy Code.
Discussions regarding the terms of a potential consensual plan of reorganization and the ultimate amount to be contributed to any trust are ongoing. In the second quarter of 2024, Oldco sold its talc assets under section 363 of the U.S. Bankruptcy Code.
Production facilities are also subject to governmental requirements that may, and during the Covid-19 pandemic did, affect our ability to operate. We maintain property, business interruption and casualty insurance but such insurance may not cover all risks associated with the hazards of our business and is subject to limitations, including deductibles and maximum liabilities covered.
Such operating problems may cause personal injury and/or loss of life, damage to or destruction of property and equipment, environmental damage, unscheduled downtime, and customer attrition. We maintain property, business interruption, and casualty insurance but such insurance may not cover all risks associated with the hazards of our business and is subject to limitations, including deductibles and maximum liabilities covered.
Proceeds of the sale of Oldco's talc assets and funds drawn by Oldco under the DIP Credit Agreement will be used to fund the Chapter 11 Cases. The Chapter 11 Debtors' ultimate goal in the Chapter 11 Cases is to confirm a plan of reorganization under Section 524(g) of the U.S.
In the second quarter of 2025, the Company amended the DIP Credit Agreement to increase the maximum principal amount available under the DIP Credit Agreement by $30 million. Proceeds of the sale of Oldco's talc assets and funds drawn by Oldco under the DIP Credit Agreement have been and will be used to fund the Chapter 11 Cases.
In addition, subject to certain exceptions, the filing or continued prosecution of all talc-related claims against the Chapter 11 Debtors' non-debtor affiliates is temporarily stayed through April 15, 2025 (subject to further extensions), the date on which a hearing is scheduled on the status of the Chapter 11 Cases.
In addition, the Bankruptcy Court temporarily enjoined the filing or continued prosecution of all talc-related claims against the Chapter 11 Debtors’ non-debtor affiliates, subject to certain exceptions. Such exceptions consist of claims premised solely on alleged inadequacies in testing of talc sold by Oldco. The Company is vigorously opposing and defending against these claims.
The reduced demand for premium writing paper products has resulted in closures and conversions of mills in both North America and Europe. We expect paper consumption to remain similar to prior year levels in both regions. The Environmental & Infrastructure product line of our Engineered Solutions segment serves the commercial construction, infrastructure and oil & gas markets.
The reduced demand for premium writing paper products has resulted in closures and conversions of mills in both North America and Europe. Additionally, the Specialty Additives product line is affected by the domestic residential building and construction markets, as well as the automotive market.
Technology, Development and Growth Risks The Company’s results could be adversely affected if it is unable to effectively achieve and implement its growth initiatives. Sales and income growth of the Company depends upon a number of uncertain events. Growth will depend in part on sales growth from our existing businesses and customers.
Sales and income growth of the Company depends upon a number of uncertain events. Growth will depend in part on sales growth from our existing businesses and customers. The Company has a strategic growth initiative to increase penetration into geographic markets such as Brazil, China, and India as well as other Asian and Eastern European countries.
Removed
Our operations are subject to these trends, and we may not be able to mitigate these risks. A significant portion of the sales of the High-Temperature product line of our Engineered Solutions segment are derived from the metalcasting market.
Added
This increased pressure could have an adverse effect on the Company’s results of operations in the future. 12 The Company’s sales could be adversely affected by our failure to renew or extend long-term sales contracts for our satellite operations.
Removed
In January 2024, the Chapter 11 Debtors and Minerals Technologies Inc. commenced a court-approved mediation process with the Official Committee of Unsecured Creditors (appointed in the Chapter 11 Cases as the representative of current talc claimants) (the “Committee”) and the Future Claimants Representative (appointed in the Chapter 11 Cases as the representative of future talc claimants) regarding the terms of a potential consensual plan of reorganization and the ultimate amount to be contributed to any trust.
Added
Beginning in the first quarter of 2025, the United States government has imposed additional tariffs on goods imported into the U.S. from numerous countries and multiple nations have responded with reciprocal tariffs and other actions. The scope and duration of such tariffs has continued to change and remains uncertain.
Removed
State, national, and international governments and agencies have been evaluating climate-related legislation and regulation that would restrict emissions of greenhouse gases in areas in which we conduct business, and some such legislation and regulation have already been enacted or adopted.
Added
While the Company generally manufactures products in the markets where they are sold, our businesses and suppliers import certain goods subject to U.S. imposed tariffs, in particular in our High-Temperature Technologies product line, as well as goods subject to reciprocal tariffs and other measures imposed by other countries.
Added
However, the imposition of tariffs as well as uncertainty about their scope and duration could negatively affect demand, result in an increase in some input costs and/or inflation that we are unable to mitigate, or otherwise adversely affect economic conditions.
Added
The United States Supreme Court on February 20, 2026 issued a ruling striking down certain tariffs imposed by the United States, including those affecting certain goods that the Company imports. We are currently evaluating the impact of such decision.
Added
We cannot assure you that we will implement policies and strategies that will be effective in each location where we do business. Adverse developments in any of the areas in which we do business could cause actual results to differ materially from historical and expected results.
Added
We cannot assure you that we will be able to maintain such mining permits, leases, and other rights to the extent we currently maintain them or at all.
Added
In the first quarter of 2025, the Company recorded a provision to establish an accrual of $215 million for estimated costs to fund a trust to resolve all current and future talc-related claims as well as fund the Chapter 11 Cases and related litigation costs (including the aforementioned $30 million increase to the maximum principal amount of the DIP Credit Agreement).
Added
The parties have not yet reached a final resolution of all matters in the Chapter 11 Cases, and the Company is unable to estimate the possible loss or range of loss beyond the amount accrued.
Added
The Company is dependent on the continued operation of its production facilities.
Added
We may incur losses beyond the limits, or outside the coverage, of our insurance policies. Production at our facilities may also be affected by labor disputes, labor shortages, and increased turnover, which could disrupt our operations, cause a decline in our production, increase employee-related costs, and divert the attention of our management.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

5 edited+0 added−1 removed12 unchanged
Biggest changeManagement has not identified risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition. For more information, see “Item 1A.
Biggest changeThird-party service providers are also typically contractually responsible for identifying and remediating security issues within their technology and service environment. Management has not identified risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition.
The reports discuss specific risks and mitigation efforts, including critical and high cyber risks from the risk register, the results of our annual independent review of the Company’s cybersecurity posture and other third party assessments and benchmarking information. It is management’s responsibility to manage cybersecurity risks, as described above, and bring to the Board’s attention material risks.
The reports discuss specific risks and mitigation efforts, including critical and high cyber risks from the risk register, the results of our annual independent review of the Company’s cybersecurity posture, and other third-party assessments and benchmarking information. 19 It is management’s responsibility to manage cybersecurity risks, as described above, and bring to the Board’s attention material risks.
Management reports on cybersecurity matters, including material risks and threats, to the Audit Committee at regularly scheduled Audit Committee meetings, which is then discussed with the Board of Directors.
Management reports on cybersecurity matters, including material risks and threats, to the Audit Committee at regularly scheduled Audit Committee meetings, which are then discussed with the Board of Directors.
Management’s risk oversight is also accomplished through the Company’s Strategic Risk Management Committee and Operating Risk Management Committee, which provides cross-functional support for cybersecurity risk management, as well as the Company’s Chief Compliance Officer. 20
Management’s risk oversight is also accomplished through the Company’s Strategic Risk Management Committee and Operating Risk Management Committee, which provide cross-functional support for cybersecurity risk management, as well as the Company’s Chief Compliance Officer.
Risk Factors, Our operations have been and will continue to be subject to cyber-attacks and other disruptions to our information systems that could have a material adverse impact on our business, consolidated results of operations, and consolidated financial condition ”.
For more information, see “Item 1A. Risk Factors, Our operations have been and will continue to be subject to cyberattacks and other disruptions to our information systems that could have a material adverse impact on our business, consolidated results of operations, and consolidated financial condition ”.
Removed
Third parties service providers are also typically contractually responsible for identifying and remediating security issues within their technology and service environment.

Item 2. Properties

Properties — owned and leased real estate

33 edited+10 added−10 removed20 unchanged
Biggest changeProven and Probable Reserves (1)(2) Tons (000s) Proven Reserves (1)(2) Tons (000s) Probable Reserves (1)(2) Tons (000s) Conversion Factor (%) Owned Unpatented (3) Leased Limestone Adams, MA 6,483 913 56 % 7,396 — — Canaan, CT 14,287 4,288 97 % 18,575 — — Lucerne Valley, CA 26,420 7,399 95 % 33,819 — — Pima County, AZ 6,327 — 90 % — 6,327 — Total Limestone 53,517 12,600 59,790 6,327 — 90 % 10 % 0 % Sodium Bentonite Australia — 952 80 % — — 952 Belle/Colony, WY/SD 28,856 24,369 77 % 3,399 11,869 37,957 Lovell, WY 29,968 4,217 87 % 14,988 15,023 4,174 Other SD, WY, MT 43,117 29,714 77 % 54,815 15,048 2,968 Total Sodium Bentonite 101,941 59,252 73,202 41,940 46,051 45 % 26 % 29 % Calcium Bentonite Chao Yang, Liaoning, China 140 379 78 % — — 519 Nevada — 1,054 75 % 1,010 44 — Sandy Ridge, AL 4,292 2,009 75 % 1,839 — 4,462 Slovakia, Lutila 947 1,702 84 % — — 2,649 Turkey, Enez 581 1,745 78 % — — 2,326 Turkey, Usak 801 962 43 % — — 1,763 Turkey, Unye — 4,843 80 % — — 4,843 Total Calcium Bentonite 6,761 12,694 2,849 44 16,562 15 % — 85 % Leonardite Gascoyne, ND 158 2,158 67 % — 2,158 158 0 % 93 % 7 % Chromite South Africa 2,113 1,001 75 % — — 3,114 0 % 0 % 100 % GRAND TOTALS 164,490 87,705 135,841 50,469 65,885 54 % 20 % 26 % (1) Certain definitions: The term “mineral reserve” represents an estimate of tonnage and grade or quality of indicated and measured mineral resources that can be the basis of an economically viable project.
Biggest changeProven and Probable Reserves (1)(2) (000s) Proven Probable Reserves (1)(2) Reserves (1)(2) Conversion Tons (000s) Tons (000s) Factor (%) Owned Unpatented (3) Leased Limestone Adams, MA 5,778 794 52% 6,572 - - Canaan, CT 14,634 4,365 100% 18,999 - - Lucerne Valley, CA 25,808 7,133 96% 32,941 - - Pima County, AZ 6,226 - 90% - 6,226 - Total Limestone 52,446 12,292 58,512 6,226 - 90% 10% 0% Sodium Bentonite Australia - 943 80% - - 943 Belle/Colony, WY/SD 27,832 24,586 77% 3,261 11,599 37,558 Lovell, WY 29,722 4,217 87% 14,809 15,004 4,126 Other SD, WY, MT 43,117 29,714 77% 54,815 15,048 2,968 Total Sodium Bentonite 100,671 59,460 72,885 41,651 45,595 46% 26% 28% Calcium Bentonite Chao Yang, Liaoning, China 26 374 78% - - 400 Nevada - 1,053 70% 1,009 44 - Sandy Ridge, AL 4,221 2,009 75% 1,839 - 4,391 Slovakia, Lutila 898 1,702 84% - - 2,600 Turkey, Enez 538 2,205 78% - - 2,743 Turkey, Uşak 754 962 43% - - 1,716 Turkey, Ünye - 4,671 80% - - 4,671 Total Calcium Bentonite 6,437 12,976 2,848 44 16,521 15% 0% 85% Leonardite Gascoyne, ND 134 2,157 67% - - 2,291 0% 0% 100% GRAND TOTALS 159,688 86,885 134,245 47,921 64,407 55% 19% 26% (1) Certain definitions: The term “mineral reserve” represents an estimate of tonnage and grade or quality of indicated and measured mineral resources that can be the basis of an economically viable project.
The term “inferred resource” indicates a mineral resource for which quantity and grade or quality are estimated based on limited geological evidence and sampling. (2) Mineral resources estimates were calculated and prepared by the Company’s in-house technical staff. (3) Quantity of resources that would be owned if patent was granted.
The term “inferred resource” indicates a mineral resource for which quantity and grade or quality are estimated based on limited geological evidence and sampling. (2) Mineral resource estimates were calculated and prepared by the Company’s in-house technical staff. (3) Quantity of resources that would be owned if patent was granted.
The Company believes that its facilities, which are of varying ages and are of different construction types, have been satisfactorily maintained, are in good condition, are suitable for the Company’s operations and generally provide sufficient capacity to meet the Company’s production requirements.
The Company believes that its facilities, which are of varying ages and different construction types, have been satisfactorily maintained, are in good condition, are suitable for the Company’s operations, and generally provide sufficient capacity to meet the Company’s production requirements.
One facility produces powder and granular bentonite products; the other facility produces geosynthetic clay liners and other environmental products. Both facilities have direct access to rail. The Lovell processing facility is supported by bentonite clay supplied from 34 million tons of proven and probable reserves, comprised of leases (12%), unpatented claims (44%), and owned properties (44%).
One facility produces powder and granular bentonite products; the other facility produces geosynthetic clay liners and other environmental products. Both facilities have direct access to rail. 22 The Lovell processing facility is supported by bentonite clay supplied from 34 million tons of proven and probable reserves, comprised of leases (12%), unpatented claims (44%), and owned properties (44%).
A wet-processing facility is located near Belle Fourche, SD. All three facilities have direct access to rail. 26 Lovell, Wyoming Mines The Company’s Lovell, WY mining operations are located in the Bighorn Basin near Lovell, WY with processing facilities located 3 miles East of the town of Lovell.
A wet-processing facility is located near Belle Fourche, SD. All three facilities have direct access to rail. Lovell, Wyoming Mines The Company’s Lovell, WY mining operations are located in the Bighorn Basin near Lovell, WY with processing facilities located 3 miles east of the town of Lovell.
The bentonite clay in the region is predominantly of the calcium type and is converted to sodium bentonite to produce the majority of products. The Dongming mines consist of 16 small mining areas under 4 mining permits covering approximately 1,200 acres controlled by the Company.
The bentonite clay in the region is predominantly of the calcium type and is converted to sodium bentonite to produce the majority of products. 23 The Dongming mines consist of 16 small mining areas under 4 mining permits covering approximately 1,200 acres controlled by the Company.
Lucerne Valley, California Mines The Company’s Lucerne Valley operation consists of three high-purity, calcium carbonate surface mining leases, a processing and packaging facility, and supporting infrastructure within 7,347 acres in the town of Lucerne Valley in San Bernardino County, California. Calcium carbonate mining onsite stretches back to the early 1950’s.
Lucerne Valley, California Mines The Company’s Lucerne Valley operation consists of three high-purity, calcium carbonate surface mining leases, a processing and packaging facility, and supporting infrastructure within 7,347 acres in the town of Lucerne Valley in San Bernardino County, California. Calcium carbonate mining onsite stretches back to the early 1950s.
In most cases, supply from 3 rd -party mines is directly supervised by local Company staff which assists with grading and quality control. All mines are operated by contractors with conventional open-pit truck & shovel mining methods. Clay from the mines is hauled by trucks to the Company’s processing facility.
In most cases, supply from third -party mines is directly supervised by local Company staff, which assists with grading and quality control. All mines are operated by contractors with conventional open-pit truck-and-shovel mining methods. Clay from the mines is hauled by trucks to the Company’s processing facility.
(2) Mineral reserves estimates were calculated and prepared by the Company’s in-house technical staff. (3) Quantity of reserves that would be owned if patent was granted. 30 Measured, Indicated and Inferred Resources The following table sets forth the Company’s measured, indicated and inferred resources by major minerals category at December 31, 2024.
(2) Mineral reserves estimates were calculated and prepared by the Company’s in-house technical staff. (3) Quantity of reserves that would be owned if patent was granted. 26 Measured, Indicated and Inferred Resources The following table sets forth the Company’s measured, indicated, and inferred resources by major minerals category at December 31, 2025.
All of the properties on which our reserves are located are either physically accessible for the purposes of mining and hauling or the cost of obtaining physical access would not be material. Access to processing facilities from the mining areas is generally by private road, public highways, or railroads.
All of the properties on which our reserves are located are either physically accessible for the purposes of mining and hauling or the cost of obtaining physical access would not be material. Access to processing facilities from the mining areas is generally by private road, public highway, or railroad.
See Note 17 to the consolidated financial statements. 29 Proven and Probable Reserves The following table sets forth the Company’s proven and probable reserves, as well as, the conversion factor for the conversion of in-situ materials to saleable products by major minerals category at December 31, 2024.
See Note 17 to the Consolidated Financial Statements. 25 Proven and Probable Reserves The following table sets forth the Company’s proven and probable reserves, as well as the conversion factor for the conversion of in-situ materials to saleable products by major minerals category at December 31, 2025.
Assuming the continuation of 2024 annualized usage rates, the Company has reserves of commercially usable sodium bentonite in excess of 50 years, commercially usable calcium bentonite for the next 15 years and commercially usable leonardite for more than 50 years. At current usage levels, the Company has reserves in excess of 28 years at its limestone production facilities.
Assuming the continuation of 2025 annualized usage rates, the Company has reserves of commercially usable sodium bentonite in excess of 50 years, commercially usable calcium bentonite for the next 18 years, and commercially usable leonardite for more than 50 years. At current usage levels, the Company has reserves in excess of 28 years at its limestone production facilities.
The local processing facilities are supported by bentonite clay supplied from 53 million tons of proven and probable reserves, comprised of leases (71%), unpatented claims (22%), and owned properties (7%). The area operates under 12 mining permits covering approximately 100,000 acres, with active mining and future mineral reserves located within 35 miles of the Colony processing facilities.
The local processing facilities are supported by bentonite clay supplied from 52 million tons of proven and probable reserves, comprised of leases (72%), unpatented claims (22%), and owned properties (6%). The area operates under 12 mining permits covering approximately 100,000 acres, with active mining and future mineral reserves located within 35 miles of the Colony processing facilities.
The Company also owns mineral deposits that it is not currently mining, including deposits of bentonite in Nevada and chromite in South Africa, and leases its limestone mine in Pima, Arizona to a third party. 25 Below is a map of our significant mines globally.
The Company also owns mineral deposits that it is not currently mining, including deposits of bentonite in Nevada, and leases its limestone mine in Pima, Arizona to a third party. 21 Below is a map of our significant mines globally.
Rights to the bentonite are leased from the Chinese government and separate agreements are made with land owners for surface access and mining. Much of the bentonite supplied to the Dongming processing facility is from 3 rd -party mines, with Company-controlled mines used to supplement supply and as strategic backup reserves.
Rights to the bentonite are leased from the Chinese government and separate agreements are made with landowners for surface access and mining. Much of the bentonite supplied to the Dongming processing facility is from third -party mines, with Company-controlled mines used to supplement supply and as strategic backup reserves.
These mines are operated by the Company via contract mining and hauling. Both mines use conventional open-pit truck & shovel mining methods. The properties are comprised of both government-issued mining claims and privately-owned lands. The orebodies were produced by hydrothermal alteration and generally occur as massive deposits greater than 10 meters in thickness.
These mines are operated by the Company via contract mining and hauling. Both mines use conventional open-pit truck-and-shovel mining methods. The properties are comprised of both government-issued mining claims and privately-owned lands. The orebodies were produced by hydrothermal alteration and generally occur as massive deposits greater than 10 meters in thickness. The bentonite ore is notable for its high brightness.
These assumptions relate to consistency of deposits in relation to drilling samples obtained with respect to both quantity and quality of reserves contained therein; the ratio of overburden to mineral deposits; any environmental or social impact of mining the minerals; and profitability of extracting those minerals, including haul distance to processing plants, applicability of minerals to various end markets and selling prices within those markets, and our past experiences in the deposits, several of which we have been operating in for many decades. 31 The Company maintains a Mining Lead Team that develops standards and systems to ensure Company-wide use of best practices for mining and exploration.
These assumptions relate to consistency of deposits in relation to drilling samples obtained with respect to both quantity and quality of reserves contained therein; the ratio of overburden to mineral deposits; any environmental or social impact of mining the minerals; and profitability of extracting those minerals, including haul distance to processing plants, applicability of minerals to various end markets and selling prices within those markets, and our past experiences in the deposits, several of which we have been operating in for many decades.
The bentonite deposits underlying these claims and leases generally lie in parcels of land varying between 20 and 40 acres. In general, our bentonite reserves are immediately adjacent to, or within sixty miles of, one of the related processing plants.
A majority of these are with private parties and located in South Dakota, Montana, and Wyoming. The bentonite deposits underlying these claims and leases generally lie in parcels of land varying between 20 and 40 acres. In general, our bentonite reserves are immediately adjacent to, or within sixty miles of, one of the related processing plants.
The Mining Lead Team ensures that the Company maintains robust controls over its exploration and resource and reserve estimation efforts. In particular, because the Company has a long history of operations at its mining operations, the Company is able to continuously validate its resource and reserve estimates by reference to actual production from each mine.
In particular, because the Company has a long history of operations at its mining operations, the Company is able to continuously validate its resource and reserve estimates by reference to actual production from each mine.
All mineral rights are owned by the Company. 28 Operating Statistics The following table sets forth the tons usage for the fiscal years 2024, 2023 and 2022 by major mineral category. 2024 2023 2022 Tons (000s) Tons (000s) Tons (000s) Limestone Adams, MA 298 401 315 Canaan, CT 674 641 562 Lucerne Valley, CA 1,262 1,267 1,202 Pima County, AZ 101 101 114 Total Limestone 2,335 2,410 2,193 Sodium Bentonite Australia 61 39 69 Belle/Colony, WY/SD 1,540 1,253 1,109 Lovell, WY 760 681 629 Total Sodium Bentonite 2,361 1,973 1,807 Calcium Bentonite Chao Yang, Liaoning, China 461 278 267 Nevada 1 1 1 Sandy Ridge, AL 104 96 98 Slovakia, Lutila 74 65 52 Turkey, Enez 188 168 172 Turkey, Usak 70 60 62 Turkey, Unye 386 368 331 Total Calcium Bentonite 1,284 1,036 983 Leonardite Gascoyne, ND 41 75 31 GRAND TOTALS (1) 6,021 5,494 5,014 (1) The Company also has mined, beneficiated and processed talc through its BMI Oldco Inc.
All mineral rights are owned by the Company. 24 Operating Statistics The following table sets forth the tons usage for the fiscal years 2025, 2024, and 2023 by major mineral category. 2025 2024 2023 Limestone Tons (000s) Tons (000s) Tons (000s) Adams, MA 363 298 401 Canaan, CT 669 674 641 Lucerne Valley, CA 1,219 1,262 1,267 Pima County, AZ 101 101 101 Total Limestone 2,352 2,335 2,410 Sodium Bentonite Australia 34 61 39 Belle/Colony, WY/SD 1,034 1,540 1,253 Lovell, WY 531 760 681 Total Sodium Bentonite 1,599 2,361 1,973 Calcium Bentonite Chao Yang, Liaoning, China 483 461 278 Nevada 1 1 1 Sandy Ridge, AL 71 104 96 Slovakia, Lutila 49 74 65 Turkey, Enez 235 188 168 Turkey, Uşak 72 70 60 Turkey, Ünye 173 386 368 Total Calcium Bentonite 1,084 1,284 1,036 Leonardite Gascoyne, ND 24 41 75 GRAND TOTALS (1) 5,059 6,021 5,494 (1) The Company also has mined, beneficiated, and processed talc through its BMI Oldco Inc.
The regional bentonite occurs within the Jurassic Jingangshan and Tuhulu formations which were deposited during the Upper Jurassic Period between 135 to 144 million years ago. The thickness of the bentonite layers varies from 0.5 to 40m.
Dongming, China Mines The Company’s Dongming mines and processing facilities are located in Jianping County, Liaoning Province, China. The regional bentonite occurs within the Jurassic Jingangshan and Tuhulu formations, which were deposited during the Upper Jurassic Period between 135 to 144 million years ago. The thickness of the bentonite layers varies from 0.5 to 40m.
The Company has reserves of sodium and calcium bentonite at various locations in the U.S., including Wyoming, Montana, South Dakota, Nevada and Alabama, as well as in Australia, China, Slovakia and Turkey. Through the Company’s affiliations and joint ventures, the Company also has access to bentonite deposits in India and Mexico.
The Company relies on access to bentonite reserves to support our businesses. The Company has reserves of sodium and calcium bentonite at various locations in the U.S., including Wyoming, Montana, South Dakota, Nevada, and Alabama, as well as in Australia, China, Slovakia, and Turkey.
A back-cast method of mining is used whereby small pits are progressively opened and then quickly backfilled in succession as mining progresses along outcrops. Most pits are reclaimed in the same year that they were first disturbed.
A back-cast method of mining is used whereby small pits are progressively opened and then quickly backfilled in succession as mining progresses along outcrops. Most pits are reclaimed in the same year that they were first disturbed. Annual exploration and permitting activities target the replacement of the number of tons mined to support the long-term sustainability of local operations.
The primary processing facility is located approximately 50 miles west of Chaoyang, Liaoning Province near the Dongming mines. 27 Adams, Massachusetts Mine The Company’s Adams mine and the associated processing facility is located in the town of Adams, in the Northwest corner of Massachusetts.
The primary processing facility is located approximately 50 miles west of Chaoyang, Liaoning Province near the Dongming mines. Adams, Massachusetts Mine The Company’s Adams mine and the associated processing facility is located in the town of Adams, in the Northwest corner of Massachusetts. The property consists of approximately 800 total acres, including the land on which the production facilities sit.
Total Resources (1)(2) Tons (000s) Measured Resources (1)(2) Tons (000s) Indicated Resources (1)(2) Tons (000s) Measured and Indicated (1)(2) Resources Tons (000s) Inferred (1)(2) Resources Tons (000s) Owned Unpatented (3) Leased Limestone Adams, MA 24,416 1,350 25,766 14,649 40,415 — — Canaan, CT 15,503 21,063 36,566 3,798 40,364 — — Lucerne Valley, CA 24,825 22,373 47,198 8,394 55,592 — — Pima County, AZ 7,142 — 7,142 — — 7,142 — Total Limestone 71,886 44,786 116,672 26,841 136,371 7,142 — 95 % 5 % 0 % Sodium Bentonite Australia — 1,220 1,220 — — — 1,220 Belle/Colony, WY/SD 9,407 6,902 16,309 94 556 8,137 7,710 Lovell, WY 410 57 467 2,952 1,075 2,217 127 Other SD, WY, MT 4,612 — 4,612 11,030 — 15,642 — Total Sodium Bentonite 14,429 8,179 22,608 14,076 1,631 25,996 9,057 4 % 71 % 25 % Calcium Bentonite Chao Yang, Liaoning, China — 200 200 345 — — 545 Nevada — — — — — — — Sandy Ridge, AL 195 — 195 — — — 195 Slovakia, Lutila — 4,113 4,113 1,892 — — 6,005 Turkey, Enez 350 — 350 1,192 — — 1,542 Turkey, Usak 580 229 809 2,749 — — 3,558 Turkey, Unye — 1,320 1,320 21,000 — — 22,320 Total Calcium Bentonite 1,125 5,862 6,987 27,178 — — 34,165 0 % 0 % 100 % Leonardite Gascoyne, ND 1,435 — 1,435 790 — — 2,225 0 % 0 % 100 % Chromite South Africa 800 584 1,384 7,093 — — 8,477 0 % 0 % 100 % Other Nevada — 2,997 2,997 3,031 — 6,028 — 0 % 100 % 0 % GRAND TOTALS 89,675 62,408 152,083 79,009 138,002 39,166 53,924 60 % 17 % 23 % (1) Certain definitions: The term “mineral resource” indicates a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction.
Total Resources (1)(2) Tons (000s) Measured and Measured Indicated Indicated (1)(2) Inferred (1)(2) Resources (1)(2) Resources (1)(2) Resources Resources Tons (000s) Tons (000s) Tons (000s) Tons (000s) Owned Unpatented (3) Leased Limestone Adams, MA 24,415 1,342 25,757 14,621 40,378 - - Canaan, CT 15,504 21,058 36,562 3,840 40,402 - - Lucerne Valley, CA 24,853 22,402 47,255 8,357 55,612 - - Pima County, AZ 7,041 - 7,041 - - 7,041 - Total Limestone 71,813 44,802 116,615 26,818 136,392 7,041 - 95% 5% 0% Sodium Bentonite Australia - 1,232 1,232 - - - 1,232 Belle/Colony, WY/SD 9,575 6,902 16,477 94 556 8,137 7,878 Lovell, WY 410 57 467 2,952 1,075 2,217 127 Other SD, WY, MT 4,612 - 4,612 11,030 - 15,642 - Total Sodium Bentonite 14,597 8,191 22,788 14,076 1,631 25,996 9,237 4% 71% 25% Calcium Bentonite Chao Yang, Liaoning, China - 1,441 1,441 3,639 - - 5,080 Nevada - - - - - - - Sandy Ridge, AL 195 - 195 - - - 195 Slovakia, Lutila - 6,964 6,964 1,893 - - 8,857 Turkey, Enez 350 - 350 1,192 - - 1,542 Turkey, Uşak 580 229 809 2,749 - - 3,558 Turkey, Ünye - 1,320 1,320 21,000 - - 22,320 Total Calcium Bentonite 1,125 9,954 11,079 30,473 - - 41,552 0% 0% 100% Leonardite Gascoyne, ND 1,435 - 1,435 790 - - 2,225 0% 0% 100% Other Nevada - 2,997 2,997 3,031 - 6,028 - 0% 100% 0% GRAND TOTALS 88,970 65,944 154,914 75,188 138,023 39,065 53,014 60% 17% 23% 27 (1) Certain definitions: The term “mineral resource” indicates a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction.
The Company owns or controls the properties on which the bentonite reserves are located through long-term leases, royalty agreements (including easement and right of way agreements) and patented and unpatented mining claims. No single or group of mining claims or leases is significant or material to the financial condition or operations of our Company or our segments.
Through the Company’s affiliations and joint ventures, the Company also has access to bentonite deposits in Mexico. The Company owns or controls the properties on which the bentonite reserves are located through long-term leases, royalty agreements (including easement and right of way agreements), and patented and unpatented mining claims.
The majority of our current bentonite mining in the U.S. occurs on reserves where our rights to such reserves accrue to us through over 80 mining leases and royalty agreements and 2,000 mining claims. A majority of these are with private parties and located in South Dakota, Montana and Wyoming.
No single or group of mining claims or leases is significant or material to the financial condition or operations of our Company or our segments. The majority of our current bentonite mining in the U.S. occurs on reserves where our rights to such reserves accrue to us through over 80 mining leases and royalty agreements and 2,000 mining claims.
The bentonite ore is notable for its high brightness. Ore from the mines is transported by truck to a processing facility in the town of Unye where it is stockpiled, dried, and converted to granular products. Dongming, China Mines The Company’s Dongming mines and processing facilities are located in Jianping county, Liaoning province, China.
Ore from the mines is transported by truck to a processing facility in the town of Ünye, where it is stockpiled, dried, and converted to granular products. Uşak, Turkey Mines The Company’s Uşak-area mines are located southwest of the town of Uşak, Turkey, in the eastern Aegean region.
The property consists of approximately 800 total acres, including the land on which the production facilities sit. Production of lime began on the site back in the 1850s and continues today with GCC, Lime and PCC. The open-pit mine consists mainly of a mineral deposit of limestone (marble).
Production of lime began on the site in the 1850s and continues today with GCC, lime, and PCC. The open pit mine consists mainly of a mineral deposit of limestone. The deposit is part of the Shelburne geological formation, which runs up and down the eastern coast of the United States.
The resulting Ground Calcium Carbonate (GCC) is primarily used by high-end, high-volume construction markets in joint compound, floor coverings, asphalt roofing shingles and glass.
The open pit mine consists mainly of dolomitic limestone. The mined dolomite is finely pulverized at the processing facility using a variety of crushing and milling equipment. The resulting Ground Calcium Carbonate (GCC) is primarily used by high-end, high-volume construction markets in joint compounds, floor coverings, asphalt roofing shingles, and glass.
A mine plan has been developed based on the prior mining activities and a core drilling program was completed in 2019. The reserves and resources are the product of this recent life-of-mine study. Canaan, Connecticut Mine The Canaan mine and the associated processing facility are located in the town of North Canaan, Connecticut and consists of approximately 208 total acres.
The deposit is wholly owned by the Company. With over 150 years of mining on site by the Company and its predecessors, the resources are well understood. A mine plan has been developed based on the prior mining activities and a core drilling program was completed in 2019. The reserves and resources are the product of this recent life-of-mine study.
The mine is situated between Canaan Mountain to the South and Lower Road to the North. The mine is located approximately 1.0 miles south of the main processing facility. The open-pit mine consists mainly of dolomitic limestone. The mined dolomite is finely pulverized at the processing facility using a variety of crushing and milling equipment.
Canaan, Connecticut Mine The Canaan mine and the associated processing facility are located in the town of North Canaan, Connecticut and consists of approximately 208 total acres. The mine is situated between Canaan Mountain to the south and Lower Road to the north. The mine is located approximately 1.0 miles south of the main processing facility.
The deposit is part of the Shelburne geological formation, which runs up and down the eastern coast of the United States. The mined material is finely pulverized at the processing facility using a variety of crushing and milling equipment and sold as ground products, calcined into lime and is also synthesized into participated crystals or PCC.
The mined material is finely pulverized at the processing facility using a variety of crushing and milling equipment. It is sold as ground products, calcined into lime, or synthesized into precipitated crystals or PCC. The resulting calcium and calcium carbonate products are primarily used as food and pharmaceutical ingredients, sealant additives, high-end construction ingredients, and asphalt roofing shingles.
Removed
Item 2. Properties The Company’s corporate headquarters, sales offices, research laboratories, plants, mines and other facilities are owned by the Company except as otherwise noted. Set forth below is certain information relating to the Company’s principal plants and office and research facilities.
Added
Item 2. Properties The Company's global headquarters is located in New York City, New York. The leadership team for the Company is primarily located in our New York City and Bethlehem, Pennsylvania offices. At December 31, 2025, MTI had 113 manufacturing facilities, 12 research facilities, and 15 mining locations, which are generally owned by the Company.
Removed
Location Facility Product Line Segment United States Alabama, Sandy Ridge Plant; Mine High-Temperature Technologies and Household & Personal Care All Segments Alabama, Selma Satellite Plant Specialty Additives Consumer & Specialties Arizona, Phoenix Plant Household & Personal Care Consumer & Specialties Arizona, Pima County (1) Plant; Mine Specialty Additives Consumer & Specialties Arkansas, Ashdown Satellite Plant Specialty Additives Consumer & Specialties California, Lucerne Valley Plant; Mine Specialty Additives Consumer & Specialties Connecticut, Canaan Plant; Mine Specialty Additives, High-Temperature Technologies All Segments Georgia.
Added
In addition to its global headquarters, the Company leases or owns a number of sales and administrative offices globally. Among our two segments, there are 75 manufacturing facilities in our Consumer & Specialties segment and 25 manufacturing facilities in our Engineered Solutions segment with the remaining 13 manufacturing facilities being shared between the two segments.
Removed
Cartersville Plant Environmental & Infrastructure Engineered Solutions Illinois, Belvidere Plant High-Temperature Technologies Engineered Solutions Illinois, Hoffman Estates (2) Research Laboratories; Administrative office All Company Products All Segments Indiana, Portage Plant High-Temperature Technologies Engineered Solutions Indiana, Troy Plant High-Temperature Technologies Engineered Solutions Iowa, Shell Rock Plant High-Temperature Technologies Engineered Solutions Kentucky, Wickliffe Satellite Plant Specialty Additives Consumer & Specialties Louisiana, Baton Rouge Plant High-Temperature Technologies Engineered Solutions Louisiana, Broussard Administrative office Environmental & Infrastructure Engineered Solutions Louisiana, Lafayette Plant Household & Personal Care Consumer & Specialties Louisiana, New Iberia (2) Operations base Environmental & Infrastructure Engineered Solutions Massachusetts, Adams Plant; Mine Specialty Additives Consumer & Specialties Michigan, Albion Plant High-Temperature Technologies Engineered Solutions Michigan, Quinnesec Satellite Plant Specialty Additives Consumer & Specialties Minnesota, Cloquet Satellite Plant Specialty Additives Consumer & Specialties Minnesota, International Falls Satellite Plant Specialty Additives Consumer & Specialties Mississippi, Aberdeen Plant Specialty Additives and Environmental & Infrastructure All Segments Missouri, Ste.
Added
We believe that all of our significant facilities and equipment are in good condition, well-maintained and adequate for our present operations. The following table includes our manufacturing sites by operating segment.
Removed
Genevieve Plant Specialty Additives Consumer & Specialties Nebraska, Scottsbluff Transportation terminal All Company Products Engineered Solutions New York, New York (2) Headquarters All Company Products Headquarters New York, Ticonderoga Satellite Plant Specialty Additives Consumer & Specialties North Dakota, Gascoyne Plant; Mine High-Temperature Technologies, Environmental & Infrastructure and Household & Personal Care All Segments Ohio, Archbold Plant High-Temperature Technologies Engineered Solutions Ohio, Bryan Plant High-Temperature Technologies Engineered Solutions Ohio, Chillicothe Satellite Plant Specialty Additives Consumer & Specialties Ohio, Dover Plant High-Temperature Technologies Engineered Solutions Pennsylvania, Bethlehem Administrative Office; Research Laboratories; Sales Offices All Company Products All Segments Pennsylvania, Easton Administrative Office; Research Laboratories; Plant; Sales Offices All Company Products All Segments Pennsylvania, Slippery Rock Plant; Sales Offices High-Temperature Technologies Engineered Solutions Pennsylvania, York Plant High-Temperature Technologies and Household & Personal Care All Segments 21 Location Facility Product Line Segment South Carolina, Eastover Satellite Plant Specialty Additives Consumer & Specialties Tennessee, Chattanooga Plant High-Temperature Technologies Engineered Solutions Tennessee, Dyersburg Plant Household & Personal Care Consumer & Specialties Texas, Houston (2) Research Laboratories Environmental & Infrastructure Engineered Solutions Texas, Houston (2) Administrative Office Environmental & Infrastructure Engineered Solutions Washington, Longview Satellite Plant Specialty Additives Consumer & Specialties Wisconsin, Neenah Plant High-Temperature Technologies Engineered Solutions Wisconsin, Superior Satellite Plant Specialty Additives Consumer & Specialties Wyoming, Colony Plant; Mine High-Temperature Technologies, Environmental & Infrastructure and Household & Personal Care All Segments Wyoming, Lovell Plant; Mine High-Temperature Technologies, Environmental & Infrastructure and Household & Personal Care All Segments Location Facility Product Line Segment International Australia, Brisbane Sales Office/Administrative Office High-Temperature Technologies and Household & Personal Care All Segments Australia, Oak Flats (2) Sales Office High-Temperature Technologies Engineered Solutions Australia, Gurulmundi Plant; Mine High-Temperature Technologies and Household & Personal Care All Segments Australia, Perth (2) Operations base Environmental & Infrastructure Engineered Solutions Austria, Pucking Sales Office/Administrative Office Household & Personal Care Consumer & Specialties Austria, Rottersdorf Plant Household & Personal Care Consumer & Specialties Belgium, Brussels Administrative Office High-Temperature Technologies Engineered Solutions Brazil, Guaiba Satellite Plant Specialty Additives Consumer & Specialties Brazil, Jacarei Satellite Plant Specialty Additives Consumer & Specialties Brazil, Luiz Antonio Satellite Plant Specialty Additives Consumer & Specialties Brazil, Macae (2) Operations base Environmental & Infrastructure Engineered Solutions Brazil, Mucuri Satellite Plant Specialty Additives Consumer & Specialties Brazil, Sao Jose dos Campos Sales Office /Administrative Office Specialty Additives Consumer & Specialties Brazil, Suzano Satellite Plant Specialty Additives Consumer & Specialties Canada, Brantford, Ontario Plant Household & Personal Care Consumer & Specialties Canada, Lethbridge, Alberta Plant Household & Personal Care Consumer & Specialties Canada, Mississauga, Ontario Administrative Office Household & Personal Care Consumer & Specialties Canada, Pt.
Added
Manufacturing Site by Segment Location Consumer & Specialties Engineered Solutions Shared Australia 1 Austria 1 Brazil 5 Canada 4 China 13 2 Finland 2 France 2 Germany 1 1 India 11 1 Indonesia 2 Ireland 1 Italy 1 Japan 1 1 Malaysia 1 Netherlands 1 1 Poland 1 1 Portugal 1 Slovakia 3 South Africa 1 1 South Korea 1 Thailand 3 1 Turkey 2 2 1 United Kingdom 1 1 1 United States 19 14 6 20 Mining Properties Information concerning our mining properties in this Annual Report on Form 10-K is disclosed in accordance with the requirements of subpart 1300 of Regulation S-K.
Removed
Claire Administrative Office Specialty Additives/High-Temperature Technologies All Segments Canada, St.
Added
Enez, Turkey Mines The Company’s Enez-area bentonite mines are located near the town of Enez, Edirne Province, in the Thrace region of northwestern Turkey. These mines are operated through contract mining and hauling, using conventional open-pit truck-and-shovel methods. The properties consist of both government-issued mining claims and privately-owned lands.
Removed
Jerome, Quebec Satellite Plant Specialty Additives Consumer & Specialties Canada, Windsor, Quebec Satellite Plant Specialty Additives Consumer & Specialties China, Beihai Satellite Plant Specialty Additives Consumer & Specialties China, Beihai (New Yield) (4) Satellite Plant Specialty Additives Consumer & Specialties China, Beijing Sales Office/Administrative Office High-Temperature Technologies and Household & Personal Care All Segments China, Chao Yang, Liaoning Plant; Mine High-Temperature Technologies and Household & Personal Care All Segments China, Changshu Satellite Plant Specialty Additives Consumer & Specialties China, Dagang (3) Satellite Plant Specialty Additives Consumer & Specialties China, Henan Satellite Plant Specialty Additives Consumer & Specialties China, Rugao Satellite Plant Specialty Additives Consumer & Specialties China, Shandong Satellite Plant Specialty Additives Consumer & Specialties China, Shanghai Administrative Office/Sales Office Specialty Additives/High-Temperature Technologies All Segments 22 Location Facility Product Line Segment China, Shouguang (3) Satellite Plant Specialty Additives Consumer & Specialties China, Suzhou Plant Environmental & Infrastructure Engineered Solutions China, Suzhou Sales Office/Research Laboratories Specialty Additives/High-Temperature Technologies All Segments China, Taian (4) Satellite Plant Specialty Additives Consumer & Specialties China, Tianjin Plant; Mine; Research Laboratories High-Temperature Technologies and Household & Personal Care All Segments China, Yanzhou Satellite Plant Specialty Additives Consumer & Specialties China, Zhejiang (4) Satellite Plant Specialty Additives Consumer & Specialties China, Zhumadian Satellite Plant Specialty Additives Consumer & Specialties Finland, Äänekoski Satellite Plant Specialty Additives Consumer & Specialties Finland, Tervakoski Satellite Plant Specialty Additives Consumer & Specialties France, Quimperle Satellite Plant Specialty Additives Consumer & Specialties France, Saillat Sur Vienne Satellite Plant Specialty Additives Consumer & Specialties Germany, Duisburg Plant/Sales Office/Research Laboratories High-Temperature Technologies Engineered Solutions Germany, Schongau Satellite Plant Specialty Additives Consumer & Specialties Netherlands, Hengelo Plant/Administrative Office High-Temperature Technologies Engineered Solutions India, Ballarshah (3) Satellite Plant Specialty Additives Consumer & Specialties India, Chennai Plant High-Temperature Technologies Engineered Solutions India, Dandeli Satellite Plant Specialty Additives Consumer & Specialties India, Erode Satellite Plant Specialty Additives Consumer & Specialties India, Gaganapur (3) Satellite Plant Specialty Additives Consumer & Specialties India, Kala Amb Satellite Plant Specialty Additives Consumer & Specialties India, Mukstar Satellite Plant Specialty Additives Consumer & Specialties India, Mumbai (2) Sales Office /Administrative Office Specialty Additives/High-Temperature Technologies All Segments India, Lalkuan Satellite Plant Specialty Additives Consumer & Specialties India, Rajahmundry Satellite Plant Specialty Additives Consumer & Specialties India, Rayagada (3) Satellite Plant Specialty Additives Consumer & Specialties India, Saila Khurd Satellite Plant Specialty Additives Consumer & Specialties India, Sirpur (4) Satellite Plant Specialty Additives Consumer & Specialties Indonesia, Jakarta (2) Operations base Environmental & Infrastructure Engineered Solutions Indonesia, Perawang (3) Satellite Plant Specialty Additives Consumer & Specialties Indonesia, Perawang 2 (3) Satellite Plant Specialty Additives Consumer & Specialties Ireland, Cork (2) Plant; Administrative Office/ Research Laboratories High-Temperature Technologies Engineered Solutions Italy, Brescia Sales Office High-Temperature Technologies Engineered Solutions Italy, Nave Plant High-Temperature Technologies Engineered Solutions Japan, Gamagori Plant/Research laboratories High-Temperature Technologies Engineered Solutions Japan, Shiraoi (3) Satellite Plant Specialty Additives Consumer & Specialties Japan, Tokyo Sales/Administrative Office High-Temperature Technologies Engineered Solutions Malaysia, Kemaman (2) Operations base Environmental & Infrastructure Engineered Solutions Malaysia, Labuan (2) Operations base Environmental & Infrastructure Engineered Solutions Malaysia, Puchong (2) Sales Office/Administrative Office Environmental & Infrastructure Engineered Solutions Malaysia, Sipitang Satellite Plant Specialty Additives Consumer & Specialties Netherlands, Moerdijk Plant/Administrative Office Household & Personal Care Consumer & Specialties Nigeria, Port Harcourt (2) Operations base Environmental & Infrastructure Engineered Solutions 23 Location Facility Product Line Segment Poland, Kwidzyn Satellite Plant Specialty Additives Consumer & Specialties Poland, Szczytno Plant Environmental & Infrastructure Engineered Solutions Portugal, Figueira da Foz (3) Satellite Plant Specialty Additives Consumer & Specialties Slovakia, Bratislava Administrative Office; Mine Household & Personal Care Consumer & Specialties Slovakia, Kopernica Plant Household & Personal Care Consumer & Specialties Slovakia, Ruzomberok Satellite Plant Specialty Additives Consumer & Specialties South Africa, Johannesburg (2) Sales Office/Administrative Office High-Temperature Technologies and Specialty Additives All Segments South Africa, Merebank (3) Satellite Plant Specialty Additives Consumer & Specialties South Africa, Pietermaritzburg Plant High-Temperature Technologies Engineered Solutions South Korea, Yangbuk-Myeun, Kyeung-buk Plant High-Temperature Technologies and Household & Personal Care All Segments Spain, Santander Administrative Office High-Temperature Technologies Engineered Solutions Thailand, Laemchabang Plant High-Temperature Technologies and Household & Personal Care All Segments Thailand, Namphong Satellite Plant Specialty Additives Consumer & Specialties Thailand, Tha Toom (3) Satellite Plant Specialty Additives Consumer & Specialties Thailand, Tha Toom 2 (3) Satellite Plant Specialty Additives Consumer & Specialties Thailand, Wangnoi Plant Household & Personal Care Consumer & Specialties Turkey, Enez Plant; Mine High-Temperature Technologies, Environmental & Infrastructure and Household & Personal Care All Segments Turkey, Gebze Plant/Research Laboratories High-Temperature Technologies Engineered Solutions Turkey, Istanbul Sales Office/Administrative Office High-Temperature Technologies and Household & Personal Care All Segments Turkey, Kutahya Plant High-Temperature Technologies Engineered Solutions Turkey, Unye Plant; Mine Household & Personal Care Consumer & Specialties Turkey, Usak Plant; Mine Household & Personal Care Consumer & Specialties United Kingdom, Aberdeen (2) Operations base Environmental & Infrastructure Engineered Solutions United Kingdom, Birkenhead (2) Research Laboratories Environmental & Infrastructure Engineered Solutions United Kingdom, Lifford Plant Specialty Additives Consumer & Specialties United Kingdom, Rotherham Plant/Sales Office High-Temperature Technologies Engineered Solutions United Kingdom, Winsford Plant/Research Laboratories Household & Personal Care and High-Temperature Technologies All Segments (1) This plant and quarry is leased to another company.
Added
The bentonite deposits belong to the Upper Miocene Ergene Formation and were formed by the diagenetic alteration of volcanic ash and tuff in a lacustrine environment. The ore is primarily calcium bentonite (Ca-smectite), with associated minerals quartz, feldspar, and calcite. The ore is suitable for applications in metalcasting, drilling fluids, animal feeds, and bleaching.
Removed
(2) Leased by the Company. The facilities in Cork, Ireland, are operated pursuant to a 99-year lease, the term of which commenced in 1963. The Company’s headquarters in New York, New York, are held under a lease which expires in 2031. (3) These plants are owned through joint ventures.
Added
Ore from the mines is transported by truck to a nearby processing facility, where it is stockpiled, dried, and milled into granular or powdered products for shipment to end-use markets. Ünye , Turkey Mines The Company’s Ünye-area mines, Nadirli and Konan, are located southwest of the town of Ünye, Turkey on the southern coast of the Black Sea.
Removed
(4) These plants are under construction. 24 Mining Properties Information concerning our mining properties in this Annual Report on Form 10-K is disclosed in accordance with the requirements of subpart 1300 of Regulation S-K. The Company relies on access to bentonite reserves to support our businesses.
Added
These mines are operated by the Company through contract mining and hauling, using conventional open-pit truck-and-shovel methods. The properties consist of both government-issued mining claims and privately owned lands. The ore bodies were formed by diagenetic alteration of rhyolitic tuff and include silica and calcite as associated minerals.
Removed
Annual exploration and permitting activities target the replacement of the number of tons mined to support the long-term sustainability of local operations. Ünye, Turkey Mines The Company’s Unye-area mines, Nadirli and Konan, are located southwest of the town of Unye, Turkey on the southern coast of the Black Sea.
Added
The ore is notable for its high natural porosity, characteristics that enhance its suitability for purifying edible oils using environmentally friendly manufacturing processes. Ore from the mines is transported by truck to a processing facility in the town of Banaz/Uşak, where it is stockpiled, processed, and milled.
Removed
The resulting calcium and calcium carbonate products are primarily used as food and pharmaceutical ingredients, sealant additives, high-end construction ingredients, as well as asphalt roofing shingles. The deposit is wholly owned by the Company. With over 150 years of mining on site by the Company and its predecessors, the resources are well understood.
Added
The Company maintains a Mining Lead Team that develops standards and systems to ensure Company-wide use of best practices for mining and exploration. The Mining Lead Team ensures that the Company maintains robust controls over its exploration and resource and reserve estimation efforts.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed1 unchanged
Biggest changeAdditional information regarding legal proceedings is disclosed in Note 17 to the consolidated financial statements included elsewhere in this report, which disclosure is incorporated herein by reference.
Biggest changeAdditional information regarding legal proceedings is disclosed in Note 17 to the Consolidated Financial Statements included elsewhere in this report, which disclosure is incorporated herein by reference. 28

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

4 edited+0 added−0 removed15 unchanged
Biggest changeDietrich 55 Chairman of the Board and Chief Executive Officer Erik C. Aldag 40 Senior Vice President, Finance and Treasury, and Chief Financial Officer Brett Argirakis 60 Group President, Engineered Solutions Michael A. Cipolla 67 Vice President, Corporate Controller and Chief Accounting Officer Erin N. Cutler 37 Vice President, Human Resources Jonathan J.
Biggest changeDietrich 56 Chairman of the Board and Chief Executive Officer Erik C. Aldag 41 Senior Vice President, Finance and Treasury, and Chief Financial Officer Brett Argirakis 61 Group President, Engineered Solutions Michael A. Cipolla 68 Vice President, Corporate Controller and Chief Accounting Officer Erin N. Cutler 38 Vice President, Human Resources Jonathan J.
Monagle worked for the Paper Technology Group at Hercules between 1990 and 2003, where he held sales and marketing positions of increasing responsibility. Between 1985 and 1990, he served as an aviation officer in the U.S. Army’s 11th Armored Cavalry Regiment, leaving the service as a troop commander with a rank of Captain. 33 PART II
Monagle worked for the Paper Technology Group at Hercules between 1990 and 2003, where he held sales and marketing positions of increasing responsibility. Between 1985 and 1990, he served as an aviation officer in the U.S. Army’s 11th Armored Cavalry Regiment, leaving the service as a troop commander with a rank of Captain. PART II
Prior to that he held positions of increasing responsibility at Rohm and Haas, including Vice President & General Manager – Packaging and Building Materials – Europe. Timothy J. Jordan was named Vice President, General Counsel, Secretary and Chief Compliance Officer effective January 2023.
Prior to that he held positions of increasing responsibility at Rohm and Haas, including Vice President & General Manager – Packaging and Building Materials – Europe. 29 Timothy J. Jordan was named Vice President, General Counsel, Secretary, and Chief Compliance Officer effective January 2023.
Hastings 62 Senior Vice President, Strategy and M&A Timothy J. Jordan 50 Vice President, General Counsel, Secretary and Chief Compliance Officer D.J. Monagle, III 62 Group President, Consumer & Specialties 32 Douglas T. Dietrich was elected Chairman of the Board in March 2021. He has served as the Chief Executive Officer since December 2016.
Hastings 63 Senior Vice President, Strategy and M&A Timothy J. Jordan 51 Vice President, General Counsel, Secretary and Chief Compliance Officer D.J. Monagle, III 63 Group President, Consumer & Specialties Douglas T. Dietrich was elected Chairman of the Board in March 2021. He has served as the Chief Executive Officer since December 2016.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

5 edited+0 added−3 removed0 unchanged
Biggest changeIssuer Purchases of Equity Securities Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of the Publicly Announced Program Dollar Value of Shares that May Yet be Purchased Under the Program September 30 - October 27 44,182 $ 76.49 1,034,692 $ 4,233 Total 44,182 $ 76.49 October 28 - November 24 — $ — — $ 200,000,000 November 25 - December 31 34,934 $ 79.27 34,934 $ 197,230,926 Total 34,934 $ 79.27 On October 18, 2023, the Company’s Board of Directors authorized the Company’s management to repurchase, at its discretion, up to $75 million of the Company’s shares over a one-year period.
Biggest changeIssuer Purchases of Equity Securities Total Total Number of Dollar Value of Number Average Shares Purchased as Shares that May of Shares Price Paid Part of the Publicly Yet be Purchased Purchased Per Share Announced Program Under the Program September 29 - October 26 87,200 $ 60.67 904,190 $ 144,416,451 October 27 - November 23 37,128 $ 57.12 941,318 $ 142,295,825 November 24 - December 31 58,804 $ 60.24 1,000,122 $ 138,753,299 183,132 $ 59.81 On October 16, 2024, the Company's Board of Directors authorized the Company's management to repurchase, at its discretion, up to $200 million of the Company's shares.
This authorization has no expiration date. 34 Performance Graph The graph below compares Minerals Technologies Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P SmallCap 600 index, the Russell 2000 index and the Dow Jones US Basic Materials index.
This authorization has no expiration date. 30 Performance Graph The graph below compares the Company's cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P SmallCap 600 index, the Russell 2000 index, and the Dow Jones US Basic Materials index.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information The Company’s common stock is traded on the New York Stock Exchange under the symbol “MTX”. Holders On February 7, 2025 there were approximately 186 holders of record of the common stock.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information The Company’s common stock is traded on the New York Stock Exchange under the symbol “MTX.” Holders On February 6, 2026 there were approximately 184 holders of record of the common stock.
As of December 31, 2024, 34,934 shares have been repurchased under this program for $2.8 million, or an average price of approximately $79.27 per share.
As of December 31, 2025, 1,000,122 shares have been repurchased under this program for $61.3 million, or an average price of approximately $61.24 per share.
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from 12/31/2023 to 12/31/2024. 2023 2024 Minerals Technologies Inc. $ 100.00 $ 107.45 S&P SmallCap 600 100.00 108.70 Russell 2000 100.00 111.54 Dow Jones US Basic Materials 100.00 94.69 37 Item 6. [Reserved]
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2020 to December 31, 2025. 2020 2021 2022 2023 2024 2025 Minerals Technologies Inc. $ 100.00 $ 118.07 $ 98.31 $ 115.97 $ 124.61 $ 100.40 S&P SmallCap 600 100.00 126.82 106.4 123.48 134.22 142.30 Russell 2000 100.00 114.82 91.35 106.82 119.14 134.40 Dow Jones US Basic Materials 100.00 127.78 118.11 131.12 124.15 146.21 Item 6. [Reserved] 31
Removed
Over this program's one-year period, 1,034,692 shares have been repurchased for $75 million, or an average price of approximately $72.48 per share. This program is now complete. On October 16, 2024, the Company's Board of Directors authorized the Company's management to repurchase, at its discretion, up to $200 million of the Company's shares.
Removed
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from 12/31/2019 to 12/31/2024. 2019 2020 2021 2022 2023 2024 Minerals Technologies Inc. $ 100.00 $ 108.19 $ 127.74 $ 106.37 $ 125.47 $ 134.81 S&P SmallCap 600 100.00 111.29 141.13 118.41 137.42 149.37 Russell 2000 100.00 119.96 137.74 109.59 128.14 142.93 Dow Jones US Basic Materials 100.00 118.32 151.20 139.75 155.14 146.90 35 The graph below compares Minerals Technologies Inc.’s cumulative 3-year total shareholder return on common stock with the cumulative total returns of the S&P SmallCap 600 index, the Russell 2000 index and the Dow Jones US Basic Materials index.
Removed
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from 12/31/2021 to 12/31/2024. 2021 2022 2023 2024 Minerals Technologies Inc. $ 100.00 $ 83.27 $ 98.22 $ 105.54 S&P SmallCap 600 100.00 83.90 97.37 105.84 Russell 2000 100.00 79.56 93.03 103.77 Dow Jones US Basic Materials 100.00 92.43 102.61 97.16 36 The graph below compares Minerals Technologies Inc.’s cumulative 1-year total shareholder return on common stock with the cumulative total returns of the S&P SmallCap 600 index, the Russell 2000 index and the Dow Jones US Basic Materials index.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

92 edited+31 added−17 removed56 unchanged
Biggest changeHowever, there can be no assurance that we will achieve success in implementing any one or more of these opportunities. 39 Results of Operations Consolidated Income Statement Review Year Ended December 31, (millions of dollars) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Net sales $ 2,118.5 $ 2,169.9 $ 2,125.5 (2.4 )% 2.1 % Cost of goods sold 1,570.8 1,662.8 1,660.5 (5.5 )% 0.1 % Production margin 547.7 507.1 465.0 8.0 % 9.1 % Production margin % 25.9 % 23.4 % 21.9 % Marketing and administrative expenses 209.2 206.0 192.1 1.6 % 7.2 % Research and development expenses 23.0 21.2 20.4 8.5 % 3.9 % Provision for credit losses 30.0 — — * * Restructuring and other items, net — 6.9 — * * Impairment of assets — 71.7 — * * Acquisition-related expenses — 0.3 5.1 * (94.1 )% Gain on sale of assets, net (12.3 ) — — * * Litigation expenses 11.3 29.2 32.6 (61.3 )% (10.4 )% Income from operations 286.5 171.8 214.8 66.8 % (20.0 )% Operating margin % 13.5 % 7.9 % 10.1 % Interest expense, net (56.4 ) (59.2 ) (43.9 ) (4.7 )% 34.9 % Debt extinguishment expenses (1.8 ) — (6.9 ) * * Non-cash pension settlement charge — — (3.5 ) * * Other non-operating deductions, net (4.7 ) (4.9 ) (3.8 ) (4.1 )% 28.9 % Total non-operating deductions, net (62.9 ) (64.1 ) (58.1 ) (1.9 )% 10.3 % Income before tax and equity in earnings 223.6 107.7 156.7 107.6 % (31.3 )% Provision for taxes on income 59.4 23.7 32.1 150.6 % (26.2 )% Effective tax rate 26.6 % 22.0 % 20.5 % Equity in earnings of affiliates, net of tax 6.7 4.3 1.7 55.8 % 152.9 % Consolidated net income 170.9 88.3 126.3 93.5 % (30.1 )% Less: Net income attributable to non-controlling interests 3.8 4.2 4.1 (9.5 )% 2.4 % Net income attributable to Minerals Technologies Inc.
Biggest changeHowever, there can be no assurance that we will achieve success in implementing any one or more of these opportunities. 33 Results of Operations Consolidated Income (Loss) Statement Review Year Ended December 31, (in millions of dollars) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Net sales $ 2,072.6 $ 2,118.5 $ 2,169.9 (2 )% (2 )% Cost of goods sold 1,554.6 1,570.8 1,662.8 (1 )% (6 )% Production margin 518.0 547.7 507.1 (5 )% 8 % Production margin % 25.0 % 25.9 % 23.4 % Marketing and administrative expenses 208.0 209.2 206.0 (1 )% 2 % Research and development expenses 22.9 23.0 21.2 0 % 8 % Provision for litigation accrual and credit losses 215.0 30.0 - * * Restructuring and other items 15.0 - 6.9 * * Impairment of assets - - 71.7 * * Acquisition-related expenses - - 0.3 * * Gain on sale of assets, net (9.9 ) (12.3 ) - (20 )% * Litigation expenses 19.6 11.3 29.2 73 % (61 )% Income from operations 47.4 286.5 171.8 (83 )% 67 % Operating margin % 2.3 % 13.5 % 7.9 % Interest expense, net (54.5 ) (56.4 ) (59.2 ) (3 )% (5 )% Debt extinguishment expenses - (1.8 ) - * * Other non-operating deductions, net (6.9 ) (4.7 ) (4.9 ) 47 % (4 )% Total non-operating deductions, net (61.4 ) (62.9 ) (64.1 ) (2 )% (2 )% Income (loss) before tax and equity in earnings (14.0 ) 223.6 107.7 * 108 % Provision for taxes on income 4.9 59.4 23.7 (92 )% 151 % Effective tax rate (35.0 )% 26.6 % 22.0 % Equity in earnings of affiliates, net of tax 4.9 6.7 4.3 (27 )% 56 % Net income (loss) (14.0 ) 170.9 88.3 * 94 % Net income attributable to non-controlling interests 4.4 3.8 4.2 16 % (10 )% Net income (loss) attributable to Minerals Technologies Inc. $ (18.4 ) $ 167.1 $ 84.1 * 99 % * Percentage not meaningful Net Sales Year Ended December 31, (in millions of dollars) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 United States $ 1,075.0 $ 1,089.4 $ 1,144.0 (1 )% (5 )% International 997.6 1,029.1 1,025.9 (3 )% 0 % Total net sales $ 2,072.6 $ 2,118.5 $ 2,169.9 (2 )% (2 )% Consumer & Specialties Segment $ 1,097.7 $ 1,140.2 $ 1,160.2 (4 )% (2 )% Environmental Solutions Segment 974.9 978.3 1,009.7 0 % (3 )% Total net sales $ 2,072.6 $ 2,118.5 $ 2,169.9 (2 )% (2 )% 34 Worldwide net sales in 2025 decreased 2% from the previous year to $2.1 billion.
High-Temperature Technologies sales decreased 1.1% to $713.2 million, as compared with $720.9 million in the prior year. This decrease was driven by softer demand in some industrial end markets. Environmental & Infrastructure sales decreased 8.2% to $265.1 million, as compared with $288.8 million in the prior year as a result of low levels of project activity.
High-Temperature Technologies sales decreased 1% to $713.2 million, as compared with $720.9 million in the prior year. This decrease was driven by softer demand in some industrial end markets. Environmental & Infrastructure sales decreased 8% to $265.1 million, as compared with $288.8 million in the prior year as a result of low levels of project activity.
Our sales of PCC are predominately pursuant to long-term evergreen contracts, initially ten years in length, with paper mills at which we operate satellite PCC plants. The terms of many of these agreements have been extended, often in connection with an expansion of the satellite PCC plant.
Our sales of PCC are predominately pursuant to long-term evergreen contracts, initially ten to fifteen years in length, with paper mills at which we operate satellite PCC plants. The terms of many of these agreements have been extended, often in connection with an expansion of the satellite PCC plant.
Revenues from sales of equipment are recorded upon completion of installation and transfer of control to the customer. Revenues from services are recorded when the services are performed. 46 In most of our PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year.
Revenues from sales of equipment are recorded upon completion of installation and transfer of control to the customer. Revenues from services are recorded when the services are performed. In most of our PCC contracts, the price per ton is based upon the total number of tons sold to the customer during the year.
To the extent we establish a valuation allowance or change this allowance in a period, we must include an expense within the tax provision in the Consolidated Statements of Income. Deferred tax liabilities represent the amount of income taxes payable in future periods.
To the extent we establish a valuation allowance or change this allowance in a period, we must include an expense within the tax provision in the Consolidated Statements of Income (Loss). Deferred tax liabilities represent the amount of income taxes payable in future periods.
No dividend will be payable unless declared by the Board and unless funds are legally available for payment thereof. The Company and certain of the Company’s subsidiaries are among numerous defendants in over six hundred cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by the Company’s subsidiary Oldco.
No dividend will be payable unless declared by the Board and unless funds are legally available for payment thereof. The Company and certain of the Company’s subsidiaries are among numerous defendants in over nine hundred cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by the Company’s subsidiary Oldco.
At the end of 2024, the average remaining service period of active employees or life expectancy for fully eligible employees was 9 years. For a detailed discussion on the application of these and other accounting policies, see “Summary of Significant Accounting Policies” in Note 1 to the Consolidated Financial Statements.
At the end of 2025, the average remaining service period of active employees or life expectancy for fully eligible employees was 9 years. For a detailed discussion on the application of these and other accounting policies, see “Summary of Significant Accounting Policies” in Note 1 to the Consolidated Financial Statements.
The Company typically uses its available credit lines to fund working capital requirements or local capital spending needs. We anticipate that capital expenditures for 2025 should be between $90 million and $100 million, principally related to opportunities to improve our operations and meet our strategic growth objectives.
The Company typically uses its available credit lines to fund working capital requirements or local capital spending needs. We anticipate that capital expenditures for 2026 should be between $90 million and $100 million, principally related to opportunities to improve our operations and meet our strategic growth objectives.
In the fourth quarter of 2024, the Company performed a qualitative assessment of each of its reporting units and determined it was not more likely than not that the fair value of any of its reporting units was less than their carrying values. Property, plant and equipment are depreciated over their useful lives.
In the fourth quarter of 2025, the Company performed a qualitative assessment of each of its reporting units and determined it was not more likely than not that the fair value of any of its reporting units was less than their carrying values. Property, plant, and equipment are depreciated over their useful lives.
There were no significant revenue adjustments in the fourth quarter of 2024 and 2023, respectively. We have consignment arrangements with certain customers in our Engineered Solutions segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer.
There were no significant revenue adjustments in the fourth quarter of 2025 and 2024, respectively. We have consignment arrangements with certain customers in our Engineered Solutions segment. Revenues for these transactions are recorded when the consigned products are consumed by the customer.
The investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to both preserve and grow plan assets to meet future plan obligations. The Company’s average rate of return on assets from inception through December 31, 2024 was approximately 9%.
The investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to both preserve and grow plan assets to meet future plan obligations. The Company’s average rate of return on assets from inception through December 31, 2025, was approximately 9%.
Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid.
Adoption of Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid.
Loans under the Term Loan Facility amortize at a rate equal to 1.00% per annum, payable in equal quarterly instalments, and were issued with original issue discount at 99.875% of par.
Loans under the Term Loan Facility amortize at a rate equal to 1.00% per annum, payable in equal quarterly installments, and were issued with original issue discount at 99.875% of par.
In addition, in the second quarter of 2024, the Company entered into a Debtor-in-Possession Credit Agreement with Oldco (the "DIP Credit Agreement") and recorded a provision for credit loss of $30 million for the maximum principal amount under such DIP Credit Agreement.
In addition, in the second quarter of 2024, the Company entered into a Debtor-in-Possession Credit Agreement with Oldco (the “DIP Credit Agreement”) and recorded a provision for credit loss of $30 million for the maximum principal amount under such DIP Credit Agreement.
The Amendment provides for, among other things, a new senior secured revolving credit facility with aggregate commitments of $400 million (the “Revolving Facility”), a portion of which may be used for the issuance of letters of credit and swingline loans, and a new senior secured term loan facility with aggregate commitments of $575 million (the “Term Loan Facility” and, together with the Revolving Facility, the "Senior Secured Credit Facilities").
The Amendment provides for, among other things, a new senior secured revolving credit facility with aggregate commitments of $400 million (the “Revolving Facility”), a portion of which may be used for the issuance of letters of credit and swingline loans, and a new senior secured term loan facility with aggregate commitments of $575 million (the “Term Loan Facility” and, together with the Revolving Facility, the “Senior Secured Credit Facilities”).
Allowance for Credit Losses The allowance for credit losses (ACL) is management's estimate of the current expected credit losses at the balance sheet date. Our credit exposure includes an unfunded load commitment.
Allowance for Credit Losses The allowance for credit losses (ACL) is management's estimate of the current expected credit losses at the balance sheet date. Our credit exposure includes an unfunded loan commitment.
Percentage depletion allowances (tax deductions for depletion that may exceed our tax basis in our mineral reserves) are available to us under the income tax laws of the United States for operations conducted in the United States. The tax benefits from percentage depletion were $10.0 million in 2024, $11.1 million in 2023 and $9.6 million in 2022.
Percentage depletion allowances (tax deductions for depletion that may exceed our tax basis in our mineral reserves) are available to us under the income tax laws of the United States for operations conducted in the United States. The tax benefits from percentage depletion were $8.9 million in 2025, $10.0 million in 2024, and $11.1 million in 2023.
The mediation process is ongoing. During the pendency of the Chapter 11 Cases, the Company anticipates that the Chapter 11 Debtors will benefit from the operation of the automatic stay, which stays ongoing litigation in connection with talc-related claims against Oldco.
During the pendency of the Chapter 11 Cases, the Company anticipates that the Chapter 11 Debtors will benefit from the operation of the automatic stay, which stays ongoing litigation in connection with talc-related claims against Oldco.
In addition, the Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum Net Leverage Ratio of 4.00 to 1.00 for each four fiscal quarter period (subject to an increase to 5.00 to 1.00 for four quarters in connection with certain significant acquisitions). The Company has a committed loan facility in Japan.
In addition, the Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum Net Leverage Ratio of 4.00 to 1.00 for each four fiscal quarter period (subject to an increase to 5.00 to 1.00 for four quarters in connection with certain significant acquisitions).
The Company has elected, as its accounting policy, to treat the taxes due from GILTI as a current period expense when incurred. The net charge to the Company for GILTI was $1.5 million, $1.1 million and $3.5 million for 2024, 2023 and 2022, respectively.
The Company has elected, as its accounting policy, to treat the taxes due from GILTI as a current period expense when incurred. The net charge to the Company for GILTI was $1.8 million, $1.5 million, and $1.1 million for 2025, 2024, and 2023, respectively.
These sources of income inherently rely heavily on estimates. We use our historical experience and business forecasts to provide insight. The amount recorded for the net deferred tax liability was $115.7 million and $123.3 million at December 31, 2024 and 2023, respectively. The application of income tax law is inherently complex.
These sources of income inherently rely heavily on estimates. We use our historical experience and business forecasts to provide insight. The amount recorded for the net deferred tax liability was $75.5 million and $115.7 million at December 31, 2025 and 2024, respectively. The application of income tax law is inherently complex.
Income from operations was $174.0 million and 17.8% of sales, as compared with $147.8 million and 14.6% of sales in the prior year. Included in income from operations for 2024 is a $12.3 million net gain on sale of assets.
Income from operations was $174.0 million and 17.8% of sales, as compared with $147.8 million and 14.6% of sales in the prior year. Included in income from operations for 2024 was a $12.3 million net gain on sale of assets. Included in income from operations for 2023 was $3.2 million of restructuring expenses.
Included in sales from the prior year were $40.6 million of sales related to Oldco, which was deconsolidated in the fourth quarter of 2023 and primarily impacted sales in the United States. Net sales in the United States decreased 4.8% to $1,089.4 million in 2024 and represented 51.0% of consolidated net sales.
Included in sales from the prior year were $40.6 million of sales related to Oldco, which was deconsolidated in the fourth quarter of 2023 and primarily impacted sales in the United States. Net sales in the United States decreased 5% to $1.1 billion in 2024 and represented 51% of consolidated net sales.
Engineered Solutions Segment Year Ended December 31, (millions of dollars) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Net Sales High-Temperature Technologies $ 713.2 $ 720.9 $ 702.5 $ (7.7 ) $ 18.4 Environmental & Infrastructure 265.1 288.8 298.4 (23.7 ) (9.6 ) Total net sales $ 978.3 $ 1,009.7 $ 1,000.9 $ (31.4 ) $ 8.8 Income from operations $ 174.0 $ 147.8 $ 147.1 $ 26.2 $ 0.7 % of net sales 17.8 % 14.6 % 14.7 % 2024 v 2023 Net sales in the Engineered Solutions segment decreased 3.1% to $978.3 million, as compared with $1,009.7 million in the prior year.
Engineered Solutions Segment Year Ended December 31, (in millions of dollars) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Net Sales High-Temperature Technologies $ 704.7 $ 713.2 $ 720.9 $ (8.5 ) $ (7.7 ) Environmental & Infrastructure 270.2 265.1 288.8 5.1 (23.7 ) Total net sales $ 974.9 $ 978.3 $ 1,009.7 $ (3.4 ) $ (31.4 ) Income from operations $ 169.7 $ 174.0 $ 147.8 $ (4.3 ) $ 26.2 % of net sales 17.4 % 17.8 % 14.6 % 37 2025 v 2024 Net sales in the Engineered Solutions segment decreased slightly to $974.9 million, as compared with $978.3 million in the prior year.
Consumer & Specialties Segment Year Ended December 31, (millions of dollars) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Net Sales Household & Personal Care $ 530.0 $ 517.6 $ 476.2 $ 12.4 $ 41.4 Specialty Additives 610.2 642.6 648.4 (32.4 ) (5.8 ) Total net sales $ 1,140.2 $ 1,160.2 $ 1,124.6 $ (20.0 ) $ 35.6 Income from operations $ 165.5 $ 41.6 $ 79.0 $ 123.9 $ (37.4 ) % of net sales 14.5 % 3.6 % 7.0 % 2024 v 2023 Net sales in the Consumer & Specialties segment decreased 1.7% to $1,140.2 million, as compared with $1,160.2 million in the prior year.
Consumer & Specialties Segment Year Ended December 31, (in millions of dollars) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Net Sales Household & Personal Care $ 512.8 $ 530.0 $ 517.6 $ (17.2 ) $ 12.4 Specialty Additives 584.9 610.2 642.6 (25.3 ) (32.4 ) Total net sales $ 1,097.7 $ 1,140.2 $ 1,160.2 $ (42.5 ) $ (20.0 ) Income from operations $ 124.2 $ 165.5 $ 41.6 $ (41.3 ) $ 123.9 % of net sales 11.3 % 14.5 % 3.6 % 2025 v 2024 Net sales in the Consumer & Specialties segment decreased 4% to $1,097.7 million, as compared with $1,140.2 million in the prior year.
In addition, the Company recorded debt extinguishment expenses of $1.8 million related to the refinancing of its credit facilities in the fourth quarter of 2024. Included in non-operating deductions was net interest expense of $ 59.2 million in 2023 as compared to $ 43.9 million in the prior year, primarily due to higher interest rates .
Included in non-operating deductions was net interest expense of $56.4 million in 2024 as compared to $59.2 million in the prior year. In addition, the Company recorded debt extinguishment expenses of $1.8 million related to the refinancing of its credit facilities in the fourth quarter of 2024.
As part of the Concept Pet acquisition, the Company assumed $1.9 million in long-term debt, recorded at fair value, consisting of two terms loans, one that matures in 2025 and one that matures in 2027. Both loans have annual payments and carry a variable interest rate. The Company repaid $0.3 million on these loans during 2024.
The Company repaid $0.5 million on this loan in 2025. As part of the acquisition of Concept Pet Heimtierprodukte GmbH, the Company assumed $1.9 million in long-term debt, recorded at fair value, consisting of two term loans, one that matured in 2025 and one that matures in 2027. Both loans have annual payments and carry a variable interest rate.
As of December 31, 2024, there were $4.5 million in loans and $9.1 million in letters of credit outstanding under the Revolving Facility. 44 On June 30, 2020, the Company issued $400 million aggregate principal amount of Notes.
As of December 31, 2025, there were no loans and $9.2 million in letters of credit outstanding under the Revolving Facility. On June 30, 2020, the Company issued $400 million aggregate principal amount of Notes.
The fair value of this instrument as of December 31, 2024 is an asset of $0.3 million. In addition to long-term debt, the Company has committed cash outflow related to pension and post-retirement benefit obligations, non-cancelable operating leases, primarily for office space and equipment, and other long-term contractual obligations.
The fair value of this instrument as of December 31, 2025, is a liability of $0.2 million. In addition to long-term debt, the Company has committed cash outflow related to pension and postretirement benefit obligations, non-cancelable operating leases, primarily for office space and equipment, and other long-term contractual obligations.
The other factors having the most significant impact on our effective tax rates in recent periods are percentage depletion, the Global Intangible Low-Tax Income provision ("GILTI"), Foreign-Derived Intangible Income (“FDII”), 162(m) disallowance, and the tax benefits on restructuring and impairment charges.
The other factors having the most significant impact on our effective tax rates in recent periods are percentage depletion, the Global Intangible Low-Tax Income provision ("GILTI"), Foreign-Derived Intangible Income (“FDII”), 162(m) disallowance, and the non-deductible DIP Credit Agreement.
Included in income from operations in 2023 was a $ 71.7 million non-cash impairment charge for Oldco's fixed assets and $ 29.2 million of litigation expenses in connection with Oldco's bankruptcy filing and by Oldco to defend against and restore its reserve for claims associated with certain talc products.
In 2023, the Company recorded a $71.7 million non-cash impairment of Oldco's fixed assets and litigation expenses of $29.2 million in connection with Oldco's bankruptcy filing and by Oldco to defend against and restore its accrual for claims associated with certain talc products.
Consolidated Net Income Attributable to MTI Shareholders Consolidated net income was $170.9 million in 2024 and included a $31.7 million charge, net of tax. This charge consisted of a provision for credit loss and litigation expenses, offset by a gain on a sale of assets.
This charge consisted of a provision for litigation accrual and credit losses, litigation expenses, and restructuring and other items, offset by a net gain on sale of assets. Consolidated net income was $170.9 million in 2024 and included a $31.7 million charge, net of tax.
As of December 31, 2024, the Company had $24.3 million in uncommitted short-term bank credit lines, $0.6 million of which were in use. The credit lines are primarily outside the U.S. and are generally one year in term at competitive market rates at large, well-established institutions.
The Company repaid $0.4 million on these loans during 2025. As of December 31, 2025, the Company had $18.4 million in uncommitted short-term bank credit lines, $0.4 million of which were in use. The credit lines are primarily outside the U.S. and are generally one year in term at competitive market rates at large, well-established institutions.
Income from operations in 2024 reflected a $30.0 million charge for a provision of credit losses in connection with the DIP Credit Agreement and $11.3 million of litigation expenses. In addition, the Company recorded a $12.3 million net gain on sale of refractories manufacturing assets in China.
In 2024, the Company recorded a $30.0 million provision for credit losses in connection with the DIP Credit Agreement. In addition, the Company recorded litigation expenses of $11.3 million in connection with Oldco's bankruptcy filing. The Company also recorded a $12.3 million net gain on the installment sale of refractories manufacturing assets in China.
The new standard is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.
The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The adoption of this standard is not expected to have a material impact on the Company’s Consolidated Financial Statements but will result in disaggregation of the Company's income statement expenses.
See Notes 2, 8, 15, 16 and 20 to the Consolidated Financial Statements. On October 18, 2023, the Company’s Board of Directors authorized the Company’s management to repurchase, at its discretion, up to $75 million of the Company’s shares over a one-year period.
See Notes 2, 8, 15, 16 and 20 to the Consolidated Financial Statements. On October 16, 2024, the Company's Board of Directors authorized the Company's management to repurchase, at its discretion, up to $200 million of the Company's shares.
Critical Accounting Policies and Estimates Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles.
See Note 17 to the Consolidated Financial Statements included in this report for more information. Critical Accounting Policies and Estimates Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles.
These differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income, and to the extent we believe that recovery is not likely, we must establish a valuation allowance.
We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income, and to the extent we believe that recovery is not likely, we must establish a valuation allowance.
As of December 31, 2024, the Company had approximately 55% of its pension assets in equity securities, 33% in fixed income securities and 12% in other securities. The Company recognized pension expense of $1.9 million in 2024 as compared to $5.7 million in 2023.
As of December 31, 2025, the Company had approximately 56% of its pension assets in equity securities, 32% in fixed income securities and 12% in other securities. The Company recognized pension (benefit) expense of $(0.6) million in 2025 as compared to $1.9 million in 2024.
For this exposure, we recognized an ACL associated with the unfunded amount, which is reported as a liability in accrued expenses and other current liabilities on our consolidated balance sheet.
For this exposure, we recognized an ACL associated with the unfunded amount, which is reported as a liability in accrued expenses and other current liabilities on our consolidated balance sheet. 41 Legal Contingencies The Company is party to a number of lawsuits arising in the normal course of our business.
Non-Operating Income (Deductions) The Company recorded non-operating deductions, net of $62.9 million in 2024 as compared with $64.1 million in the previous year. Included in non-operating deductions was net interest expense of $56.4 million in 2024 as compared to $59.2 million in the prior year.
Non-Operating Deductions, net The Company recorded non-operating deductions, net of $61.4 million in 2025 as compared with $62.9 million in the previous year. 35 Included in non-operating deductions was net interest expense of $54.5 million in 2025 as compared to $56.4 million in the prior year.
Investors should refer to the Company’s subsequent filings under the Securities Exchange Act of 1934 for further disclosures. Executive Summary Worldwide sales decreased 2% in 2024 to $2.119 billion as compared with $2.170 billion in 2023. Consolidated income from operations was $286.5 million, as compared with $171.8 million in the prior year.
Investors should refer to the Company’s subsequent filings under the Securities Exchange Act of 1934 for further disclosures. Executive Summary Worldwide net sales were $2.1 billion in 2025, a 2% decrease from 2024. Consolidated income from operations was $47.4 million in 2025, as compared with $286.5 million in 2024.
As of December 31, 2024, 34,934 shares have been repurchased under this program for $2.8 million, or an average price of approximately $79.27 per share. This authorization has no expiration date. 45 On January 22, 2025, the Company’s Board of Directors declared a regular quarterly dividend on its common stock of $0.11 per share.
As of December 31, 2025, 1,000,122 shares have been repurchased under this program for $61.3 million, or an average price of approximately $61.24 per share. This authorization has no expiration date. On January 21, 2026, the Company’s Board of Directors declared a regular quarterly dividend on its common stock of $0.12 per share.
Specialty Additives sales decreased 5.0% to $610.2 million from $642.6 million primarily as a result of the deconsolidation of Oldco in the fourth quarter of 2023. Included in Specialty Additives' sales from the prior year were $40.6 million of sales related to Oldco. 42 Income from operations was $165.5 million in 2024, as compared to $41.6 million in 2023.
Included in Specialty Additives' sales from the prior year were $40.6 million of sales related to Oldco. Income from operations was $165.5 million in 2024, as compared to $41.6 million in 2023.
In addition, the Company recorded $29.2 million of net litigation expenses in connection with Oldco’s bankruptcy and by Oldco to defend against and restore its reserve for claims associated with certain talc products.
In addition, the Company recorded $29.2 million of net litigation expenses in connection with Oldco’s bankruptcy and by Oldco to defend against and restore its accrual for claims associated with certain talc products. Income from Operations During 2025, the Company recorded income from operations of $47.4 million, as compared with $286.5 million in the prior year.
Cash flows provided from operations in 2024 were principally used to fund capital expenditures, repay debt, repurchase shares and to pay the Company’s dividend to common shareholders. The Company’s intention is to use cash flow for investments in growth, returns to shareholders, and continued debt reduction.
Cash flows provided from operations in 2025 were principally used to fund capital expenditures, repay debt, repurchase shares, and pay the Company’s dividend to common shareholders.
International sales increased 3.6% to $1,025.9 million in 2023 and represented 47.0% of consolidated net sales. Operating Costs and Expenses Consolidated cost of sales was $1,570.8 million, $1,662.8 million and $1,660.5 million in 2024, 2023 and 2022, respectively. Production margin as a percentage of net sales was 25.9% in 2024, 23.4% in 2023 and 21.9% in 2022.
International net sales increased slightly to $1.0 billion in 2024 and represented 49% of consolidated net sales. Operating Costs and Expenses Consolidated cost of sales was $1.6 billion, $1.6 billion, and $1.7 billion in 2025, 2024, and 2023, respectively. Production margin as a percentage of net sales was 25.0% in 2025, 25.9% in 2024, and 23.4% in 2023.
The Company and its customers will typically negotiate reasonable price adjustments in order to recover a portion of these escalating costs, but there can be no assurance that we will be able to recover increasing costs through such negotiations. 43 Cyclical Nature of Customers’ Businesses Portions of our sales to customers in the paper manufacturing, metalcasting, steel manufacturing, oil and gas and construction industries have historically been cyclical.
The Company and its customers will typically negotiate reasonable price adjustments in order to recover a portion of these escalating costs, but there can be no assurance that we will be able to recover increasing costs through such negotiations.
This has had the effect of decreasing the demand and increasing competition for the services we provide. We cannot predict the economic outlook in the countries in which we do business, nor in the key industries we serve. Liquidity and Capital Resources Cash provided from continuing operations in 2024 was $236.4 million, compared with $233.6 million in prior year.
We cannot predict the economic outlook in the countries in which we do business, nor in the key industries we serve. Liquidity and Capital Resources Cash flow provided from continuing operations in 2025 was $193.7 million, compared with $236.4 million in prior year.
Consolidated net income was $88.3 million in 2023 and included a $85.8 million charge, net of tax. This charge consisted of impairment of assets, litigation expenses, restructuring and acquisition-related expenses. Segment Review The following discussions highlight the operating results for each of our two segments.
This charge consisted of impairment of assets, litigation expenses, restructuring, and acquisition-related expenses. 36 Segment Review The following discussions highlight the operating results for each of our two segments.
In 2023, a net gain of $7.6 million ($5.6 million after-tax) was recorded in other comprehensive income, primarily due to actuarial gains, driven by a change in discount rates. In 2022, a net gain of $46.3 million ($35.3 million after-tax) was recorded in other comprehensive income, primarily due to a change in discount rates.
A net gain of $11.5 million ($8.4 million after-tax) primarily due to actuarial gains, driven by a change in discount rates is included in other comprehensive income in 2025. In 2024, a net gain of $40.6 million ($30.6 million after-tax) was recorded in other comprehensive income, primarily due to actuarial gains, driven by a change in discount rates.
Such credit loss is not currently deductible as the loans under such agreement are treated as an equity contribution for tax purposes. The current expected credit loss may become fully deductible in a future period. The timing of such deductibility is dependent on developments in the bankruptcy proceedings.
The current expected credit loss may become fully deductible in a future period. The timing of such deductibility is dependent on developments in the bankruptcy proceedings.
We use the income, market or cost approach (or a combination thereof) for the valuation and use valuation inputs and analyses that are based on market participant assumptions. Changes in assumptions can have a significant impact on the fair value of tangible assets.
When we acquire a company, we determine fair value on the acquisition date of assets acquired and liabilities assumed. We use the income, market, or cost approach (or a combination thereof) for the valuation and use valuation inputs and analyses that are based on market participant assumptions.
In connection with the refinancing, the Company incurred $1.8 million of debt extinguishment expenses. In 2024, the Company continued to deliver on its strategic growth initiatives driven by multi-year advancements in new product development, positioning in growth markets and geographies, geographic penetration and growth from acquisitions. Our balance sheet continues to be strong.
In 2025, the Company continued to deliver on its strategic growth initiatives driven by multi-year advancements in new product development, positioning in growth markets and geographies, geographic penetration, and growth from acquisitions. Our balance sheet continues to be strong. Cash, cash equivalents, and short-term investments were $332.6 million as of December 31, 2025.
The Company adopted this guidance on January 1, 2024 and updated the disclosures contained in Note 21. This guidance did not impact the Company's consolidated financial statements.
The Company adopted this guidance on January 1, 2025, on a prospective basis and updated the disclosures contained in Note 8 to the Consolidated Financial Statements. This guidance did not impact the Company’s Consolidated Financial Statements but resulted in the disaggregation of the Company's tax footnote disclosures.
Goodwill is calculated as the excess of the consideration transferred over the assets acquired and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized.
Goodwill is calculated as the excess of the consideration transferred over the assets acquired and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. 42 Income Taxes As part of the process of preparing our consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate.
Differences between the actual and expected returns are also recognized in Accumulated other comprehensive income (loss) and subsequently amortized into earnings as actuarial gains and losses.
Differences between the actual and expected returns are also recognized in Accumulated other comprehensive income (loss) and subsequently amortized into earnings as actuarial gains and losses. At the end of 2025, total actuarial losses recognized in Accumulated other comprehensive (gain) loss for pension plans were $(7.3) million as compared to $1.3 million in 2024.
The Company’s position is that these cases are meritless and all talc products sold by Oldco are safe. On October 2, 2023 (the “Petition Date”), notwithstanding the Company’s confidence in the safety of Oldco’s talc products, the Chapter 11 Debtors filed voluntary petitions for relief under Chapter 11 of the U.S.
On October 2, 2023 (the “Petition Date”), notwithstanding the Company’s confidence in the safety of Oldco’s talc products, Oldco and Barretts Ventures Texas LLC (“BVT” and together with Oldco, the “Chapter 11 Debtors”) filed voluntary petitions for relief under Chapter 11 of the U.S.
On November 26, 2024, the Company, entered into a Refinancing Facility Agreement and Incremental Facility Amendment (the “Amendment”) to amend the Company's previous credit agreement (the "Previous Credit Agreement; the previous credit agreement, as amended by the Amendment, being the "Amended Credit Agreement").
The Company’s intention is to use cash flow for investments in growth, returns to shareholders, and continued debt reduction. 38 On November 26, 2024, the Company entered into a Refinancing Facility Agreement and Incremental Facility Amendment (the “Amendment”) to amend the Company’s previous credit agreement (the “Previous Credit Agreement; ” the previous credit agreement, as amended by the Amendment, being the “Amended Credit Agreement”).
International sales increased 0.3% to $1,029.1 million in 2024 and represented 49.0% of consolidated net sales. 40 Worldwide net sales in 2023 increased 2.1% from the previous year to $2,169.9 million. Net sales in the United States increased 0.7% to $1,144.0 million in 2023 and represented 53.0% of consolidated net sales.
Net sales in the United States decreased 1% to $1.1 billion in 2025 and represented 52% of consolidated net sales. International net sales decreased 3% to $1.0 billion in 2025 and represented 48% of consolidated net sales. Worldwide net sales in 2024 decreased 2% from the previous year to $2.1 billion.
Engineered Solutions Segment ● Increase our presence and gain penetration of our bentonite-based foundry solutions in emerging markets. ● Deploy value-added formulations of refractory materials that not only reduce costs but improve performance. ● Deploy our laser measurement technologies into new applications. ● Expand our refractory maintenance model to other steel makers globally. ● Continue the development and market penetration of our FLUORO-SORB ® products which address PFAS contamination in soil, groundwater, drinking water sources, landfill leachate and wastewater treatment facilities. ● Pursue opportunities for the expanded use of our products in environmental, building and construction, infrastructure, and oil and gas drilling and water treatment globally. ● Increase our presence and market share for geosynthetic clay liners globally.
Deploy value-added formulations of refractory materials. Deploy our laser measurement technologies into new applications . Expand our refractory maintenance model to other steel makers globally . Continue the development and market penetration of our FLUORO-SORB ® adsorbent products which address PFAS contamination in soil, groundwater, drinking water sources, landfill leachate, and wastewater treatment facilities .
The Amended Credit Agreement and the Indenture both contain 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.
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. 39 The Amended Credit Agreement and the Indenture both contain 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.
Actuarial losses for pensions will be impacted in future periods by actual asset returns, discount rate changes, actual demographic experience and other factors that impact these expenses.
In 2023, a net gain of $7.6 million ($5.6 million after-tax) was recorded in other comprehensive income, primarily due to a change in discount rates. 43 Actuarial losses for pensions will be impacted in future periods by actual asset returns, discount rate changes, actual demographic experience, and other factors that impact these expenses.
Bankruptcy Code and utilize this provision of the Bankruptcy Code to establish a trust that will address all current and future talc-related claims.
The Chapter 11 Debtors’ ultimate goal in the Chapter 11 Cases is to confirm a plan of reorganization under Section 524(g) of the U.S. Bankruptcy Code and utilize this provision of the Bankruptcy Code to establish a trust that will address all current and future talc-related claims.
The Company began implementation of the Pillar 2 Model Rules in the first quarter of 2024. The Company continues to assess the effect of the Pillar 2 rules in all jurisdictions and does not expect that Pillar 2 will have a material impact on its consolidated financial statements.
The Company continues to assess the effect of the Pillar Two Model Rules in all jurisdictions and does not expect that Pillar Two will have a material impact on its Consolidated Financial Statements. Consolidated Net Income (Loss) Attributable to MTI Shareholders Consolidated net loss was $14.0 million in 2025 and included a $191.8 million charge, net of tax.
As of December 31, 2024, there was an outstanding balance of $0.9 million on this facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.4 million on these loans in 2024.
The Company is in compliance with all the covenants contained in the Amended Credit Agreement throughout the period covered by this report. The Company has a committed loan facility in Japan. As of December 31, 2025, there was an outstanding balance of $0.4 million on this facility. Principal will be repaid in accordance with the payment schedule ending in 2026.
Income Taxes As part of the process of preparing our consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating current tax expense together with assessing temporary differences resulting from differing treatments of items for tax and accounting purposes.
This process involves estimating current tax expense together with assessing temporary differences resulting from differing treatments of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheet.
Income from Operations During 2024, the Company recorded income from operations of $286.5 million, as compared with $171.8 million in the prior year. Income from operations represented 13.5% of sales compared with 7.9% of sales in the prior year.
Income from operations represented 2.3% of sales compared with 13.5% of sales in the prior year.
Critical assumptions used in conducting these tests included expectations of our business performance and financial results, useful lives of assets, discount rates and comparable market data. 47 When we acquire a company, we determine fair value on the acquisition date of assets acquired and liabilities assumed.
For testing the recoverability, we primarily use discounted cash flow models or cost approach to estimate the fair value of these assets. Critical assumptions used in conducting these tests included expectations of our business performance and financial results, useful lives of assets, discount rates, and comparable market data.
Household & Personal Care sales increased 2.4% to $530.0 million from $517.6 million the prior year. This increase was primarily driven by strong demand for our pet litter products in all regions and growth in other high-margin consumer-oriented products.
This increase was primarily driven by strong demand for our cat litter products in all regions and growth in other high-margin consumer-oriented products. Specialty Additives sales decreased 5% to $610.2 million from $642.6 million primarily as a result of the deconsolidation of Oldco in the fourth quarter of 2023.
Accordingly, the amount that will be necessary to fully and finally resolve all of the Chapter 11 Debtors' current and future talc-related claims in connection with a confirmed Chapter 11 plan of reorganization cannot be estimated with certainty at this time. See Note 17 to the consolidated financial statements included in this report for more information.
Accordingly, the Company is unable to estimate the possible loss or range of loss related to the amount that will be necessary to fully and finally resolve all of the Chapter 11 Debtors’ current and future talc-related claims in connection with a confirmed Chapter 11 plan of reorganization beyond the amount accrued.
In addition, the Company recorded $ 6.9 million of restructuring charges in 2023. Net income was $167.1 million in 2024, as compared to $84.1 million in the prior year. The Company reported diluted earnings of $5.17 per share in 2024 as compared with $2.58 per share in the prior year.
In addition, the Company recorded $11.3 million of litigation expenses incurred in connection with the bankruptcy of Oldco. Net loss was $18.4 million in 2025, as compared to income of $167.1 million in the prior year. The Company reported a loss of $0.59 per share in 2025 as compared with diluted earnings of $5.17 per share in the prior year.
The effective tax rates were 26.6%, 22.0% and 20.5% during 2024, 2023 and 2022, respectively. 41 The higher effective tax rate in 2024 as compared to 2023 was primarily due to the expected credit loss in connection with the DIP Credit Agreement that the Company entered into with its subsidiary, Oldco.
The higher effective tax rate in 2024 as compared to 2023 was primarily due to the expected credit loss in connection with the DIP Credit Agreement that the Company entered into with its subsidiary, Oldco. Such credit loss is not currently deductible as the loans under such agreement are treated as an equity contribution for tax purposes.
The pricing structure of some of our long-term PCC contracts makes our PCC business less sensitive to declines in the quantity of product purchased. Oil and natural gas prices decreased significantly between 2014 through 2017 and again in 2020, which has caused exploration companies to reduce their capital expenditures and production and exploration activities.
Oil and natural gas prices decreased significantly between 2014 through 2017 and again in 2020, which has caused exploration companies to reduce their capital expenditures and production and exploration activities. This has had the effect of decreasing the demand and increasing competition for the services we provide.
In the second quarter of 2024, Oldco sold its talc assets under section 363 of the U.S. Bankruptcy Code.
Discussions regarding the terms of a potential consensual plan of reorganization and the ultimate amount to be contributed to any trust are ongoing. In the second quarter of 2024, Oldco sold its talc assets under section 363 of the U.S. Bankruptcy Code.
In addition, in 2024, the Company entered into a Debtor-in-Possession Credit Agreement with Oldco (the "DIP Credit Agreement") which resulted in a $30.0 million provision for credit loss charge. The Company also recorded a $12.3 million net gain on the sale of assets relating to a facility in the Engineered Solutions segment in 2024.
Included in income from operations for 2024 was a $30.0 million provision for credit loss charge relating to the initial funding of the DIP Credit Agreement with Oldco, which was offset by a net gain of $12.3 million for the installment sale of refractories manufacturing assets in China.
Included in income from operations for 2023 are $3.2 million of restructuring expenses. 2023 v 2022 Net sales in the Engineered Solutions segment increased 0.9% to $1,009.7 million, as compared with $1,000.9 million in the prior year. High-Temperature Technologies sales increased 2.6% to $720.9 million, as compared with $702.5 million in the prior year.
Included in income from operations for 2025 was $9.5 million of restructuring and other items. 2024 v 2023 Net sales in the Consumer & Specialties segment decreased 2% to $1,140.2 million, as compared with $1,160.2 million in the prior year. Household & Personal Care sales increased 2% to $530.0 million from $517.6 million the prior year.
Production margin increased in 2024 primarily due to improved pricing, lower input costs and higher productivity. Marketing and administrative costs were $209.2 million, $206.0 million and $192.1 million in 2024, 2023 and 2022, respectively. Marketing and administrative costs as a percentage of net sales were 9.9% in 2024, 9.5% in 2023 and 9.0% in 2022.
Marketing and administrative costs were $208.0 million, $209.2 million, and $206.0 million in 2025, 2024, and 2023, respectively. Marketing and administrative costs as a percentage of net sales were 10.0% in 2025, 9.9% in 2024, and 9.5% in 2023. Research and development expenses were $22.9 million, $23.0 million, and $21.2 million in 2025, 2024, and 2023, respectively.
The Chapter 11 Debtors have been deconsolidated from the Company’s financial statements since the Petition Date. Although the Chapter 11 Cases are progressing, it is not possible to predict the form of any ultimate resolution or when an ultimate resolution might occur at this time.
Although the Chapter 11 Cases are progressing, it is not possible to predict how the District Court will rule on the pending motions, whether an appellate court will affirm or reverse the Bankruptcy Court order denying the Committee’s motion to dismiss, the form of any ultimate resolution, or when an ultimate resolution might occur at this time.
All Segments ● Further operational excellence principles into all aspects of the organization, including system infrastructure and lean principles. ● Continue to explore selective acquisitions to fit our competencies in minerals and our core technologies.
Continue to explore selective acquisitions to fit our competencies in minerals and our core technologies.

… 60 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

7 edited+3 added−0 removed8 unchanged
Biggest changeOur accounts receivable financial instruments are carried at amounts that approximate fair value. In addition, in 2024, our credit exposure included an unfunded loan commitment in connection with the DIP Credit Agreement. As a result, the Company recorded a provision for credit loss of $30 million in the second quarter of 2024 (see Note 17 to the Consolidated Financial Statements).
Biggest changeIncluded in this provision is $30 million of additional unfunded loan commitments in connection with the DIP Credit Agreement (see Note 17 to the Consolidated Financial Statements). In addition, in 2024, our credit exposure included an unfunded loan commitment in connection with the DIP Credit Agreement.
An immediate 10% increase in the interest rates would not have a material effect on our results of operations over the next fiscal year. A one percentage point change in interest rates would cost $4.3 million in incremental interest charges on an annual basis. Credit Risk We are exposed to credit risk on certain assets, primarily accounts receivable.
An immediate 10% increase in the interest rates would not have a material effect on our results of operations over the next fiscal year. A one percentage point change in interest rates would cost $4.2 million in incremental interest charges on an annual basis. Credit Risk We are exposed to credit risk on certain assets, primarily accounts receivable.
This foreign currency risk is diversified and involves assets, liabilities and cash flows denominated in currencies other than the U.S. Dollar (USD). 49 We manage our foreign currency exchange risk in part through operational means, including managing the same currency revenues versus same currency costs, as well as, same currency assets versus same currency liabilities.
This foreign currency risk is diversified and involves assets, liabilities, and cash flows denominated in currencies other than the U.S. Dollar (USD). 44 We manage our foreign currency exchange risk in part through operational means, including managing the same currency revenues versus same currency costs, as well as same currency assets versus same currency liabilities.
We also have subsidiaries with the same currency exposures which may offset each other, providing a natural hedge against one another’s currency risk. When appropriate, we enter into derivative financial instruments, such as forward exchange contracts and cross currency interest rate swaps, to mitigate the impact of foreign exchange rate movements on our operating results.
We also have subsidiaries with the same currency exposures which may offset each other, providing a natural hedge against one another’s currency risk. When appropriate, we enter into derivative financial instruments, such as forward exchange contracts and cross-currency interest rate swaps, to mitigate the impact of foreign exchange rate movements on our operating results. The counterparties are major financial institutions.
The counterparties are major financial institutions. Such forward exchange contracts would not subject us to additional risk from the exchange rate because gains and losses on these contracts would offset losses and gains on the assets, liabilities, and transactions being hedged.
Such forward exchange contracts would not subject us to additional risk from the exchange rate because gains and losses on these contracts would offset losses and gains on the assets, liabilities, and transactions being hedged.
In the second quarter of 2023, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this instrument as of December 31, 2024 is an asset of $0.3 million.
In the second quarter of 2023, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this instrument as of December 31, 2025, is a liability of $0.2 million.
Sovereign Debt Risk We do not have any material credit risk with sovereign governments as we do not sell our products to them. We do, however, sell to customers in these countries, but we believe our risk associated with these customers is not material.
We do, however, sell to customers in these countries, but we believe our risk associated with these customers is not material.
Added
Our accounts receivable financial instruments are carried at amounts that approximate fair value.
Added
In 2025, the Company recorded a provision for litigation accrual and credit losses of $215.0 million to establish an accrual for estimated costs to fund a trust to resolve all current and future talc-related claims, as well as fund the bankruptcy of Oldco and Barretts Ventures Texas LLC ("BVT"), and related litigation costs.
Added
As a result, the Company recorded a provision for credit loss of $30 million in the second quarter of 2024 (see Note 17 to the Consolidated Financial Statements). Sovereign Debt Risk We do not have any material credit risk with sovereign governments as we do not sell our products to them.

Other MTX 10-K year-over-year comparisons