Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Note 9 — Segment Information

The financial results for our operating segments are prepared using a management approach, which is consistent with the basis and manner in which we internally segregate financial information for the purpose of assisting in making internal operating decisions. We evaluate the performance of our operating segments based on operating income, and generally account for intersegment sales based on arm’s length prices. Corporate and certain other expenses are not allocated to the operating segments, except to the extent that the expense can be directly attributable to the business segment.

Financial information for our operating segments for the quarters and six months ended June 30, 2022 and 2021 were as follows:

	(Unaudited)
	Composite		Engineered			Corporate &
(In millions)	Materials		Products			Other (a)			Total
Quarter Ended June 30, 2022
Net sales to external customers	$	318.1	$	74.9		$	—		$	393.0
Intersegment sales		18.5		1.0			(19.5	)		—
Total sales	$	336.6	$	75.9		$	(19.5	)	$	393.0
Other operating (income) expense		0.3		-			(19.4	)		(19.1	)
Operating income		47.2		9.1			7.5			63.8
Depreciation and amortization		28.1		3.5			0.1			31.7
Stock-based compensation		0.9		0.3			1.2			2.4
Accrual basis additions to capital expenditures		14.5		2.7			—			17.2
Quarter Ended June 30, 2021
Net sales to external customers	$	240.9	$	79.4		$	—		$	320.3
Intersegment sales		14.6		0.8			(15.4	)		—
Total sales	$	255.5	$	80.2		$	(15.4	)	$	320.3
Other operating (income) expense		2.8		0.2			0.1			3.1
Operating income		24.5		5.9			(14.2	)		16.2
Depreciation and amortization		30.5		3.6			0.1			34.2
Stock-based compensation		0.8		0.1			3.4			4.3
Accrual basis additions to capital expenditures		3.4		0.4			—			3.8
Six Months Ended June 30, 2022
Net sales to external customers	$	631.9	$	151.7		$	—		$	783.6
Intersegment sales		35.0		1.3			(36.3	)		—
Total sales	$	666.9	$	153.0		$	(36.3	)	$	783.6
Other operating (income) expense		1.2		0.1			(19.4	)		(18.1	)
Operating income		89.8		19.7			(15.6	)		93.9
Depreciation and amortization		56.7		7.1			0.1			63.9
Stock-based compensation		3.5		1.0			8.3			12.8
Accrual basis additions to capital expenditures		24.6		3.7			—			28.3
Six Months Ended June 30, 2021
Net sales to external customers	$	478.1	$	152.5		$	—		$	630.6
Intersegment sales		27.8		1.4			(29.2	)		—
Total sales	$	505.9	$	153.9		$	(29.2	)	$	630.6
Other operating (income) expense		15.5		(0.5	)		0.2			15.2
Operating income		31.9		10.6			(36.5	)		6.0
Depreciation and amortization		61.3		7.3			0.1			68.7
Stock-based compensation		1.4		0.3			11.6			13.3
Accrual basis additions to capital expenditures		7.0		0.8			—			7.8

(a)We do not allocate corporate expenses to the operating segments.

Goodwill and Intangible Assets	Composite			Engineered
(In millions)	Materials			Products			Total
Balance at December 31, 2021	$	93.4		$	174.1		$	267.5
Amortization expense		(0.5	)		(1.3	)		(1.8	)
Currency translation adjustments		(5.7	)		(1.2	)		(6.9	)
Balance at June 30, 2022	$	87.2		$	171.6		$	258.8

At June 30, 2022, the balance of goodwill and intangible assets was $186.5 million and $72.3 million, respectively.