MINERALS TECHNOLOGIES INC
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
MTX$61.87-1.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (millions of dollars) | 2023 | 2022 | 2021 |
| Operating Activities: | |||
| Net income | $88.3 | $126.3 | $168.5 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 95.0 | 94.2 | 94.6 |
| Loss (gain) on disposal of property, plant and equipment | 2.0 | (0.1) | 0.4 |
| Deferred income taxes | (34.8) | (17.2) | 2.1 |
| Pension amortization and settlement loss | 2.3 | 8.4 | 13.1 |
| Provision for bad debts | 2.8 | 4.1 | 0.9 |
| Stock-based compensation | 11.3 | 10.4 | 10.7 |
| Impairment of assets | 71.7 | — | 0.7 |
| Reduction of right of use asset | 14.1 | 12.8 | 12.3 |
| Non-cash debt extinguishment expenses | — | 6.9 | — |
| Restructuring costs | 6.9 | — | 0.4 |
| Other non-cash items | (4.3) | (1.7) | (3.2) |
| Changes in operating assets and liabilities | |||
| Accounts receivable | 1.8 | (48.3) | (7.2) |
| Inventories | 18.7 | (66.1) | (58.2) |
| Pension plan funding | (9.9) | (9.1) | (11.1) |
| Accounts payable | (2.9) | 7.2 | 43.0 |
| Restructuring liabilities | (2.8) | (0.7) | (1.4) |
| Income taxes payable | 6.7 | 11.7 | (6.0) |
| Prepaid expenses and other | (33.3) | (33.1) | (27.2) |
| Net cash provided by operating activities | 233.6 | 105.7 | 232.4 |
| Investing Activities: | |||
| Purchases of property, plant and equipment | (93.5) | (82.3) | (86.0) |
| Cash paid for acquisitions, net of cash acquired | (1.8) | (22.4) | (194.4) |
| Proceeds from sale of assets | 0.2 | 1.0 | 0.7 |
| Purchases of short-term investments | (17.9) | (6.6) | (9.4) |
| Proceeds from sale of short-term investments | 20.0 | 6.7 | 8.3 |
| Other investing activities | 1.3 | 2.0 | 2.2 |
| Net cash used in investing activities | (91.7) | (101.6) | (278.6) |
| Financing Activities: | |||
| Long-term debt issuance | — | 550.0 | — |
| Debt issuance costs | — | (3.3) | — |
| Repayment of long-term debt | (14.8) | (552.3) | (1.2) |
| Proceeds from issuance of short-term debt | — | 39.3 | 100.5 |
| Repayment of short-term debt | (34.5) | — | (20.5) |
| Purchase of common stock for treasury | (14.2) | (56.0) | (74.7) |
| Proceeds from issuance of stock under option plan | 5.1 | 5.7 | 12.8 |
| Tax withholding payments for stock-based compensation | (2.8) | (3.3) | (2.7) |
| Dividends paid to non-controlling interests | (2.4) | (7.7) | (1.8) |
| Cash dividends paid | (8.1) | (6.5) | (6.8) |
| Net cash provided by (used in) financing activities | (71.7) | (34.1) | 5.6 |
| Effect of exchange rate changes on cash and cash equivalents | (0.2) | (22.3) | (27.6) |
| Net increase (decrease) in cash and cash equivalents | 70.0 | (52.3) | (68.2) |
| Cash and cash equivalents at beginning of period | 247.2 | 299.5 | 367.7 |
| Cash and cash equivalents at end of period | $317.2 | $247.2 | $299.5 |
| Supplemental disclosure of cash flow information: | |||
| Non-cash financing activities | |||
| Treasury stock purchases settled after period end | $0.6 | $— | $0.5 |
CONSOLI
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