Segment Information

3 Months Ended

Mar. 31, 2013

Segment Information

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 ended March 31, 2013 and 2012 is as follows:

	(Unaudited)
(In millions)	Composite Materials		Engineered Products		Corporate & Other (a)			Total
First Quarter 2013
Net sales to external customers:
Commercial aerospace	$	201.7	$	67.2	$	—		$	268.9
Space and defense	72.8		23.2		—			96.0
Industrial	50.3		1.3		—			51.6
Net sales to external customers	324.8		91.7		—			416.5
Intersegment sales	16.7		0.6		(17.3		)	—
Total sales	341.5		92.3		(17.3		)	416.5
Operating income (a)	67.9		13.4		(18.3		)	63.0
Depreciation and amortization	13.1		1.2		—			14.3
Stock-based compensation expense	2.0		0.5		6.2			8.7
Accrual basis additions to capital expenditures	38.4		3.0		—			41.4
First Quarter 2012
Net sales to external customers:
Commercial aerospace	$	179.5	$	62.8	$	—		$	242.3
Space and defense	63.9		21.0		—			84.9
Industrial	72.8		0.1		—			72.9
Net sales to external customers	316.2		83.9		—			400.1
Intersegment sales	15.9		0.1		(16.0		)	—
Total sales	332.1		84.0		(16.0		)	400.1
Operating income (a)	65.8		11.8		(17.0		)	60.6
Depreciation and amortization	12.9		1.1		—			14.0
Stock-based compensation expense	2.1		0.4		5.0			7.5
Accrual basis additions to capital expenditures	43.6		1.1		—			44.7

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

Goodwill and Intangible Assets

The carrying amount of gross goodwill and intangible assets by segment is as follows:

(In millions)	March 31, 2013		December 31, 2012
Composite Materials	$	41.2	$	41.7
Engineered Products	16.0		16.1
Goodwill and intangible assets	$	57.2	$	57.8

No impairments have been recorded against these amounts.