Segment Information

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024 and 2023 was as follows:

	(Unaudited)
	Composite		Engineered		Corporate &
(In millions)	Materials		Products		Other (a)			Total
Quarter Ended March 31, 2024
Net sales to external customers	$	379.5	$	92.8	$	—		$	472.3
Intersegment sales		23.3		0.3		(23.6	)		—
Total sales	$	402.8	$	93.1	$	(23.6	)	$	472.3
Other operating expense		0.8		0.4		—			1.2
Operating income (loss)		63.7		12.9		(23.7	)		52.9
Depreciation and amortization		27.2		3.8		—			31.0
Stock-based compensation		3.1		0.8		9.2			13.1
Accrual basis additions to capital expenditures		16.7		1.9		-			18.6
Quarter Ended March 31, 2023
Net sales to external customers	$	378.2	$	79.5	$	—		$	457.7
Intersegment sales		19.3		1.0		(20.3	)		—
Total sales	$	397.5	$	80.5	$	(20.3	)	$	457.7
Other operating expense		0.2		-		-			0.2
Operating income (loss)		73.2		12.0		(22.4	)		62.8
Depreciation and amortization		27.2		3.5		—			30.7
Stock-based compensation		3.1		0.8		9.0			12.9
Accrual basis additions to capital expenditures		13.1		3.7		—			16.8

(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, 2023	$	87.2		$	164.1		$	251.3
Amortization expense		(0.4	)		(1.2	)		(1.6	)
Currency translation adjustments		(1.0	)		—			(1.0	)
Balance at March 31, 2024	$	85.8		$	162.9		$	248.7

At March 31, 2024, the balance of goodwill and intangible assets was $187.8 million and $60.9 million, respectively.