Segment Information

9 Months Ended

Sep. 30, 2023

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 September, 2023 and 2022 were as follows:

	(Unaudited)
	Composite			Engineered		Corporate &
(In millions)	Materials			Products		Other (a)			Total
Quarter Ended September 30, 2023
Net sales to external customers	$	340.5		$	79.0	$	—		$	419.5
Intersegment sales		16.2			0.2		(16.4	)		—
Total sales	$	356.7		$	79.2	$	(16.4	)	$	419.5
Other operating income		(0.8	)		—		—			(0.8	)
Operating income (loss)		43.7			6.2		(6.3	)		43.6
Depreciation and amortization		27.8			3.7		—			31.5
Stock-based compensation		1.0			0.3		1.3			2.6
Accrual basis additions to capital expenditures		15.6			2.6		—			18.2
Quarter Ended September 30, 2022
Net sales to external customers	$	293.5		$	71.2	$	—		$	364.7
Intersegment sales		15.4			0.7		(16.1	)		—
Total sales	$	308.9		$	71.9	$	(16.1	)	$	364.7
Other operating expense		0.4			—		—			0.4
Operating income (loss)		41.4			6.0		(6.6	)		40.8
Depreciation and amortization		27.5			3.5		—			31.0
Stock-based compensation		1.0			0.3		1.1			2.4
Accrual basis additions to capital expenditures		17.9			2.8		0.1			20.8
Nine Months Ended September 30, 2023
Net sales to external customers	$	1,097.2		$	234.3	$	—		$	1,331.5
Intersegment sales		54.0			1.7		(55.7	)		—
Total sales	$	1,151.2		$	236.0	$	(55.7	)	$	1,331.5
Other operating (income) expense		(0.3	)		0.2		—			(0.1	)
Operating income (loss)		181.1			25.0		(38.4	)		167.7
Depreciation and amortization		82.5			10.7		—			93.2
Stock-based compensation		5.2			1.4		11.7			18.3
Accrual basis additions to capital expenditures		41.6			47.1		—			88.7
Nine Months Ended September 30, 2022
Net sales to external customers	$	925.4		$	222.9	$	—		$	1,148.3
Intersegment sales		50.4			2.0		(52.4	)		—
Total sales	$	975.8		$	224.9	$	(52.4	)	$	1,148.3
Other operating expense (income)		1.6			0.1		(19.4	)		(17.7	)
Operating income (loss)		131.2			25.7		(22.2	)		134.7
Depreciation and amortization		84.2			10.6		0.1			94.9
Stock-based compensation		4.5			1.3		9.4			15.2
Accrual basis additions to capital expenditures		42.5			6.5		0.1			49.1

(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, 2022	$	86.9		$	169.1		$	256.0
Amortization expense		(0.5	)		(1.3	)		(1.8	)
Currency translation adjustments		(1.1	)		(2.5	)		(3.6	)
Balance at September 30, 2023	$	85.3		$	165.3		$	250.6

At September 30, 2023, the balance of goodwill and intangible assets was $186.7 million and $63.9 million, respectively.