SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 29, 2003
or
[ ] TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER 1-3295
--
MINERALS TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)
|
DELAWARE |
25-1190717 |
|
(State or other jurisdiction of |
(I.R.S. Employer |
405 Lexington Avenue, New York, New York 10174-1901
(Address of principal executive offices, including zip code)
(212) 878-1800
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
|
YES X |
NO _____ |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
|
YES X |
NO _____ |
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
|
CLASS Common Stock, $0.10 par value |
OUTSTANDING AT July 29, 2003 |
MINERALS TECHNOLOGIES INC.
INDEX TO FORM 10-Q
|
Page No. |
|
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PART I. FINANCIAL INFORMATION |
|
|
Item 1. |
|
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Financial Statements: |
|
|
Condensed
Consolidated Statement of Income for |
3 |
|
Condensed
Consolidated Balance Sheet as of |
4 |
|
Condensed
Consolidated Statement of |
5 |
|
Notes
to Condensed Consolidated |
6 |
|
Independent Auditors' Review Report |
13 |
|
Item 2. |
|
|
Management's
Discussion and Analysis of |
14 |
|
Item 3. |
|
|
Quantitative
and Qualitative Disclosures |
18 |
|
Item 4. |
|
|
Controls and Procedures |
19 |
|
PART II. OTHER INFORMATION |
|
|
Item 1. |
|
|
Legal Proceedings |
19 |
|
Item 6. |
|
|
Exhibits and Reports on Form 8-K |
19 |
|
Signature |
20 |
PART 1. FINANCIAL INFORMATION
ITEM 1. Financial Statements
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
|
Three Months Ended |
Six Months Ended |
|||
|
(in thousands, except per share data) |
June 29, |
June 30, |
June 29, |
June 30, |
|
Net sales |
$202,374 |
$186,828 |
$403,824 |
$365,828 |
|
Operating costs and expenses: |
||||
|
Cost of goods sold |
152,378 |
140,662 |
304,061 |
274,086 |
|
Marketing and
administrative |
21,862 |
19,357 |
42,999 |
37,793 |
|
Research and development |
6,535 |
5,825 |
12,620 |
11,529 |
|
Income from operations |
21,599 |
20,984 |
44,144 |
42,420 |
|
Non-operating deductions, net |
1,441 |
1,021 |
2,468 |
2,959 |
|
Income before provision for |
20,158 |
19,963 |
41,676 |
39,461 |
|
Provision for taxes on income |
5,494 |
5,599 |
11,628 |
11,234 |
|
Minority interests |
381 |
367 |
848 |
687 |
|
Income before cumulative effect |
14,283 |
13,997 |
29,200 |
27,540 |
|
Cumulative effect of accounting |
-- |
-- |
3,433 |
-- |
|
Net income |
$ 14,283 |
$ 13,997 |
$ 25,767 |
$ 27,540 |
|
Earnings per share: |
||||
|
Basic: |
||||
|
Before
cumulative effect of |
$ 0.71 |
$ 0.68 |
$ 1.45 |
$ 1.36 |
|
Cumulative
effect of |
-- |
-- |
(0.17 ) |
-- |
|
Basic earnings per share |
$ 0.71 |
$ 0.68 |
$ 1.28 |
$ 1.36 |
|
Diluted: |
||||
|
Before
cumulative effect of |
$ 0.70 |
$ 0.67 |
$ 1.44 |
$ 1.33 |
|
Cumulative
effect of |
-- |
-- |
(0.17 ) |
-- |
|
Diluted
earnings |
$ 0.70 |
$ 0.67 |
$ 1.27 |
$ 1.33 |
|
Cash dividends declared per common share |
$ 0.025 |
$ 0.025 |
$ 0.050 |
$ 0.050 |
|
Shares used in computation of earnings per share: |
||||
|
Basic |
20,094 |
20,457 |
20,105 |
20,221 |
|
Diluted |
20,335 |
20,973 |
20,279 |
20,768 |
See accompanying notes to Condensed Consolidated Financial Statements.
3
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEET
ASSETS
|
(thousands of dollars) |
June 29, |
December 31, |
|
Current assets |
||
|
Cash and cash equivalents |
$ 45,771 |
$ 31,762 |
|
Accounts receivable, net |
148,299 |
129,608 |
|
Inventories |
82,065 |
82,909 |
|
Prepaid expenses and other current assets |
50,958 |
46,686 |
|
Total current assets |
327,093 |
290,965 |
|
Property, plant and equipment, less accumulated |
556,300 |
537,424 |
|
Goodwill |
51,721 |
51,291 |
|
Other assets and deferred charges |
33,042 |
20,197 |
|
Total assets |
$968,156 |
$899,877 |
LIABILITIES AND SHAREHOLDERS' EQUITY
|
Current liabilities: |
||
|
Short-term debt |
$ 30,000 |
$ 30,000 |
|
Current maturities of long-term debt |
2,503 |
1,331 |
|
Accounts payable |
38,701 |
37,435 |
|
Other current liabilities |
62,310 |
55,171 |
|
Total current liabilities |
133,514 |
123,937 |
|
Long-term debt |
99,037 |
89,020 |
|
Other non-current liabilities |
99,703 |
92,763 |
|
Total liabilities |
332,254 |
305,720 |
|
Shareholders' equity: |
||
|
Common stock |
2,701 |
2,694 |
|
Additional paid-in capital |
192,318 |
190,144 |
|
Retained earnings |
703,502 |
678,740 |
|
Accumulated other comprehensive loss |
(15,516 ) |
(35,034 ) |
|
883,005 |
836,544 |
|
|
Less treasury stock |
247,103 |
242,387 |
|
Total shareholders' equity |
635,902 |
594,157 |
|
Total liabilities
and |
$968,156 |
$899,877 |
* Unaudited
** Condensed from audited financial statements.
See accompanying Notes to Condensed Consolidated Financial Statements.
4
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
|
Six Months Ended |
||
|
(thousands of dollars) |
June 29, |
June 30, |
|
Operating Activities: |
||
|
Net income |
$ 25,767 |
$ 27,540 |
|
Adjustments to reconcile net income to net cash |
||
|
Cumulative effect of accounting change |
3,433 |
-- |
|
Depreciation, depletion and amortization |
34,373 |
33,453 |
|
Write-down of impaired assets |
-- |
750 |
|
Other non-cash items |
3,817 |
5,019 |
|
Net changes in operating assets and liabilities |
(24,818 ) |
(12,105 ) |
|
Net cash provided by operating activities |
42,572 |
54,657 |
|
Investing Activities: |
||
|
Purchases of property, plant and equipment |
(26,385) |
(18,294) |
|
Acquisition of businesses |
-- |
(11,600) |
|
Other |
751 |
-- |
|
Net cash used in investing activities |
(25,634 ) |
(29,894 ) |
|
Financing Activities: |
||
|
Proceeds from issuance of short-term debt |
5,318 |
68,919 |
|
Repayment of debt |
(5,565) |
(110,635) |
|
Purchase of common shares for treasury |
(4,716) |
(5,553) |
|
Proceeds from issuance of stock under option plan |
2,180 |
28,958 |
|
Cash dividends paid |
(1,004 ) |
(1,019 ) |
|
Net cash used in financing activities |
(3,787 ) |
(19,330 ) |
|
Effect of exchange rate changes on cash and |
858 |
777 |
|
Net increase in cash and cash equivalents |
14,009 |
6,210 |
|
Cash and cash equivalents at beginning of period |
31,762 |
13,046 |
|
Cash and cash equivalents at end of period |
$ 45,771 |
$ 19,256 |
|
Supplemental disclosure of cash flow information: |
||
|
Interest paid |
$ 3,152 |
$ 3,283 |
|
Income taxes paid |
$ 7,111 |
$ 8,891 |
|
Non-cash investing and financing activities: |
||
|
Property, plant and equipment acquired by |
$ 11,368 ====== |
$ -- |
|
Property, plant and equipment additions related to |
$ 6,762 |
$ -- |
See accompanying Notes to Condensed Consolidated Financial Statements.
5
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 -- Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2002. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three-month and six-month periods ended June 29, 2003 are not necessarily indicative of the results that may be expected for the year ending December 31, 2003.
Note 2 -- Summary of Significant Accounting Policies
Property, Plant and Equipment
Property, plant and equipment are recorded at cost. Significant improvements are capitalized, while maintenance and repair expenditures are charged to operations as incurred. The Company capitalizes interest cost as a component of construction in progress. In general, the straight-line method of depreciation is used for financial reporting purposes and accelerated methods are used for U.S. and certain foreign tax reporting purposes. The annual rates of depreciation are 4%-6.67% for buildings, 6.67%-12.5% for machinery and equipment, 8%-12.5% for furniture and fixtures and 12.5%-25% for computer equipment and software-related assets.
Property, plant and equipment are amortized over their useful lives. Useful lives are based on management's estimates of the period that the assets can generate revenue, which does not necessarily coincide with the remaining term of a customer's contractual obligation to purchase products made using those assets. The Company's sales of PCC are predominantly pursuant to long-term contracts, initially ten years in length, with paper mills at which the Company operates satellite PCC plants. The terms of many of these agreements have been extended, often in connection with an expansion of the satellite PCC plant. The Company also continues to supply PCC to two locations at which the PCC contracts have expired. Failure of a PCC customer to renew an agreement or continue to purchase PCC from the Company facility could result in an impairment of assets charge at such facility.
In the third quarter of 2002, the Company reduced the useful lives of satellite PCC plants at International Paper Company's ("IP") mills due to an increased risk that some or all of these PCC contracts would not be renewed. As a result of this change, the Company also reviewed the useful lives of the assets at its remaining satellite PCC facilities and other plants. During the first quarter of 2003, the Company revised the estimated useful lives of machinery and equipment pertaining to its natural stone mining and processing plants and chemical processing plants from 12.5 years (8%) to 15 years (6.67%) and reduced the useful lives of buildings at certain satellite PCC facilities from 25 years (4%) to 15 years (6.67%). The Company also reduced the estimated useful lives of certain software-related assets due to implementation of a new global enterprise resource planning system. During the second quarter of 2003, the Company reached an agreement with IP that extended eight PCC supply contracts and therefore extended the useful lives of the satellite PCC plants at those IP mills. The net effect of the changes in estimated useful lives was an increase to diluted earnings per share of $0.01 in the second quarter of 2003 and there was a minimal effect for the first half of 2003.
Depletion of mineral reserves is determined on a unit-of-extraction basis for financial reporting purposes and on a percentage depletion basis for tax purposes.
Mining costs associated with waste gravel and rock removal in excess of the expected average life of mine stripping ratio are deferred. These costs are charged to production on a unit-of-production basis when the ratio of waste to ore mined is less than the average life of mine stripping ratio.
6
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Accounting for Stock-Based Compensation
In December 2002, The FASB issued SFAS No. 148, "Accounting for Stock-Based Compensation - Transition and Disclosure, an amendment of SFAS No. 123." This statement amends SFAS No. 123, "Accounting for Stock-Based Compensation," to provide alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation, and requires additional disclosures in interim and annual financial statements. The disclosure in interim periods requires pro forma net income and net income per share as if the Company adopted the fair value method of accounting for stock-based awards. The fair value of stock-based awards to employees was calculated using the Black-Scholes option-pricing model, modified for dividends. Pro forma net income and earnings per share reflecting compensation cost for the fair value of stock options were as follows:
|
Three Months Ended |
Six Months Ended |
|||
|
(millions of dollars, except per share amounts) |
June 29, |
June 30, |
June 29, |
June 30, |
|
Income before cumulative effect of |
$ 14.3 |
$ 14.0 |
$ 29.2 |
$ 27.5 |
|
Deduct: Total stock-based employee |
0.5 |
0.6 |
0.9 |
1.1 |
|
Pro forma income before cumulative effect |
13.8 |
13.4 |
28.3 |
26.4 |
|
Cumulative effect of accounting change |
-- |
-- |
3.4 |
-- |
|
Pro forma net income |
$ 13.8 |
$ 13.4 |
$ 24.9 |
$ 26.4 |
|
Net income, as reported |
$ 14.3 |
$ 14.0 |
$ 25.8 |
$ 27.5 |
|
Basic EPS |
||||
|
Income before cumulative effect |
$ 0.71 |
$ 0.68 |
$ 1.45 |
$ 1.36 |
|
Pro forma income before cumulative effect |
$ 0.69 |
$ 0.66 |
$ 1.41 |
$ 1.33 |
|
Pro forma net income |
$ 0.69 |
$ 0.66 |
$ 1.24 |
$ 1.33 |
|
Net income, as reported |
$ 0.71 |
$ 0.68 |
$ 1.28 |
$ 1.36 |
|
Diluted EPS |
||||
|
Income before cumulative effect |
$ 0.70 |
$ 0.67 |
$ 1.44 |
$ 1.33 |
|
Pro forma income before cumulative effect |
$ 0.68 |
$ 0.64 |
$ 1.42 |
$ 1.30 |
|
Pro forma net income |
$ 0.68 |
$ 0.64 |
$ 1.25 |
$ 1.30 |
|
Net income, as reported |
$ 0.70 |
$ 0.67 |
$ 1.27 |
$ 1.33 |
Note 3 -- Inventories
The following is a summary of inventories by major category:
|
(thousands of dollars) |
June 29, |
December 31, |
|
|
Raw materials |
$32,635 |
$32,967 |
|
|
Work-in-process |
7,864 |
7,153 |
|
|
Finished goods |
24,350 |
25,459 |
|
|
Packaging and supplies |
17,216 |
17,330 |
|
|
Total inventories |
$82,065 |
$82,909 |
7
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 4 -- Long-Term Debt and Commitments
The following is a summary of long-term debt:
|
(thousands of dollars) |
June 29, |
December 31, |
|
|
7.49% Guaranteed Senior Notes Due July 24, 2006 |
$ 50,000 |
$ 50,000 |
|
|
Yen-denominated Guaranteed Credit Agreement |
8,725 |
8,957 |
|
|
Variable/Fixed Rate Industrial |
4,000 |
4,000 |
|
|
Economic Development Authority Refunding |
4,600 |
4,600 |
|
|
Variable/Fixed Rate Industrial |
8,000 |
8,000 |
|
|
Variable/Fixed Rate Industrial |
8,200 |
8,200 |
|
|
Variable/Fixed Rate Industrial |
5,000 |
5,000 |
|
|
Installment obligations |
11,368 |
-- |
|
|
Other borrowings |
1,647 |
1,594 |
|
|
Total |
101,540 |
90,351 |
|
|
Less: Current maturities |
2,503 |
1,331 |
|
|
Long-term debt |
$ 99,037 |
$ 89,020 |
On May 31, 2003, the Company acquired land and limestone ore reserves from the Cushenberry Mine Trust for approximately $17.5 million. Approximately $6.1 million was paid at the closing and $11.4 million was financed through an installment obligation. The average interest rate on this obligation is approximately 4.25%. The principal payments are as follows: 2004 - $0.8 million; 2005 - $0.9 million; 2006 - $0.9 million; 2007 - $0.9 million; 2008 - $6.5 million; 2013 - $1.4 million.
Note 5 -- Earnings Per Share (EPS)
Basic earnings per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all dilutive potential common shares outstanding. The following table sets forth the computation of basic and diluted earnings per share:
|
Three Months Ended |
Six Months Ended |
||||
|
Basic EPS |
June 29, |
June 30, |
June 29, |
June 30, |
|
|
Income before cumulative effect |
$14,283 |
$13,997 |
$29,200 |
$27,540 |
|
|
Cumulative effect of accounting change |
-- |
-- |
(3,433) |
-- |
|
|
Net income |
$14,283 |
$13,997 |
$25,767 |
$27,540 |
|
|
Weighted average shares outstanding |
20,094 |
20,457 |
20,105 |
20,221 |
|
|
Basic earnings per share |
$ 0.71 |
$ 0.68 |
$ 1.45 |
$ 1.36 |
|
|
Cumulative effect of accounting change |
-- |
-- |
(0.17 ) |
-- |
|
|
Basic earnings per share |
$ 0.71 |
$ 0.68 |
$ 1.28 |
$ 1.36 |
|
8
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
Three Months Ended |
Six Months Ended |
|||
|
Diluted EPS |
June 29, |
June 30, |
June 29, |
June 30, |
|
Income before cumulative effect |
$14,283 |
$13,997 |
$29,200 |
$27,540 |
|
Cumulative effect of |
-- |
-- |
(3,433 ) |
-- |
|
Net income |
$14,283 |
$13,997 |
$25,767 |
$27,540 |
|
Weighted average shares outstanding |
20,094 |
20,457 |
20,105 |
20,221 |
|
Dilutive effect of stock options |
241 |
516 |
174 |
547 |
|
Weighted average shares outstanding, adjusted |
20,335 |
20,973 |
20,279 |
20,768 |
|
Diluted earnings per share before |
$ 0.70 |
$ 0.67 |
$ 1.44 |
$ 1.33 |
|
Cumulative effect of accounting change |
-- |
-- |
(0.17 ) |
-- |
|
Diluted earnings per share |
$ 0.70 |
$ 0.67 |
$ 1.27 |
$ 1.33 |
Note 6 -- Comprehensive Income (Loss)
The following are the components of comprehensive income:
|
Three Months Ended |
Six Months Ended |
|||
|
(thousands of dollars) |
June 29, |
June 30, |
June 29, |
June 30, |
|
Net income |
$ 14,283 |
$ 13,997 |
$ 25,767 |
$ 27,540 |
|
Other comprehensive income, net of tax: |
||||
|
Foreign currency translation adjustments |
15,005 |
18,454 |
19,518 |
14,911 |
|
Cash flow hedges: |
||||
|
Net derivative losses |
-- |
(250) |
-- |
(222) |
|
Reclassification adjustment |
-- |
(189 ) |
-- |
(223 ) |
|
Comprehensive income |
$ 29,288 |
$ 32,012 |
$ 45,285 |
$ 42,006 |
The components of accumulated other comprehensive loss, net of related tax, are as follows:
|
(millions of dollars) |
June 29, |
December 31, |
|
|
Foreign currency translation adjustments |
$(13.3) |
$(32.8) |
|
|
Minimum pension liability adjustment |
(1.3) |
(1.3) |
|
|
Net loss on cash flow hedges |
(0.9 ) |
(0.9 ) |
|
|
Accumulated other comprehensive loss |
$(15.5) |
$(35.0) |
9
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 7 -- Segment and Related Information
Segment information for the three months and six months ended June 29, 2003 and June 30, 2002 was as follows:
|
Net Sales |
|||||
|
(thousands of dollars) |
Three Months Ended |
Six Months Ended |
|||
|
June 29, |
June 30, |
June 29, |
June 30, |
||
|
Specialty Minerals |
$137,357 |
$127,700 |
$275,132 |
$252,015 |
|
|
Refractories |
65,017 |
59,128 |
128,692 |
113,813 |
|
|
Total |
$202,374 |
$186,828 |
$403,824 |
$365,828 |
|
|
Income from Operations |
|||||
|
(thousands of dollars) |
Three Months Ended |
Six Months Ended |
|||
|
June 29, |
June 30, |
June 29, |
June 30, |
||
|
Specialty Minerals |
$ 15,584 |
$ 15,614 |
$ 31,128 |
$ 30,833 |
|
|
Refractories |
6,015 |
5,370 |
13,016 |
11,587 |
|
|
Total |
$ 21,599 |
$ 20,984 |
$ 44,144 |
$ 42,420 |
|
Included in income from operations of the Specialty Minerals segment for the first quarter of 2003 was a charge for one-time termination benefits of $660,000. Included in income from operations of the Specialty Minerals segment for the first quarter of 2002 was a write-down of impaired assets of $750,000.
The carrying amount of goodwill by reportable segment as of June 29, 2003 and December 31, 2002 was as follows:
|
Goodwill |
||
|
(thousands of dollars) |
June 29, |
December 31, |
|
Specialty Minerals |
$14,967 |
$14,637 |
|
Refractories |
36,754 |
36,654 |
|
Total |
$51,721 |
$51,291 |
A reconciliation of the totals reported for the operating segments to the applicable line items in the condensed consolidated financial statements is as follows:
| (thousands of dollars) |
Three Months Ended |
Six Months Ended |
|||
|
Income before provision for taxes on |
June 29, |
June 30, |
June 29, |
June 30, |
|
|
Income from operations |
$ 21,599 |
$ 20,984 |
$ 44,144 |
$ 42,420 |
|
|
Non-operating deductions, net |
1,441 |
1,021 |
2,468 |
2,959 |
|
|
Income before provision for taxes |
$ 20,158 |
$ 19,963 |
$ 41,676 |
$ 39,461 |
|
10
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 8 -- Goodwill and Other Intangible Assets
The Company accounts for goodwill and other intangible assets in accordance with Statement of Financial Accounting Standards (SFAS) No. 142, "Goodwill and Other Intangible Assets." Under SFAS No. 142, goodwill and other intangible assets with indefinite lives are no longer amortized, but instead are tested for impairment at least annually in accordance with the provisions of SFAS No. 142.
The carrying amount of goodwill was $51.7 million and $51.3 million as of June 29, 2003 and December 31, 2002, respectively. The net change in goodwill since January 1, 2003 was primarily attributable to the effects of foreign exchange rates.
Acquired intangible assets subject to amortization as of June 29, 2003 and December 31, 2002 were as follows:
|
June 29, 2003 |
December 31, 2002 |
||||
|
(millions of dollars) |
Gross Carrying Amount |
Accumulated Amortization |
Gross Carrying Amount |
Accumulated Amortization |
|
|
Patents and trademarks |
$ 5.8 |
$ 0.7 |
$ 5.8 |
$ 0.7 |
|
|
Customer lists |
1.4 |
0.2 |
1.4 |
0.1 |
|
|
Other |
0.2 |
-- |
0.2 |
-- |
|
|
$ 7.4 |
$ 0.9 |
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