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Segment Information (Tables)
6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Schedule of Operating Segment Reporting Information

Financial information for our operating segments for the quarters and six months ended June 30, 2015 and 2014 is as follows:

 

 

 

(Unaudited)

 

(In millions)

 

Composite
Materials

 

 

Engineered
Products

 

 

Corporate
& Other (a)

 

 

Total

 

Second Quarter 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

...................... 

$

373.5

 

 

$

102.2

 

 

$

 

 

$

475.7

 

Intersegment sales

.......................................... 

 

19.9

 

 

 

 

 

 

(19.9

)

 

 

 

Total sales

............................................. 

 

393.4

 

 

 

102.2

 

 

 

(19.9

)

 

 

475.7

 

 

Operating income (a)

...................................... 

 

91.2

 

 

 

14.4

 

 

 

(15.0

)

 

 

90.6

 

Depreciation and amortization

....................... 

 

17.3

 

 

 

1.5

 

 

 

0.1

 

 

 

18.9

 

Stock-based compensation expense

............... 

 

1.1

 

 

 

0.2

 

 

 

1.1

 

 

 

2.4

 

Accrual basis additions to capital expenditures

               

 

71.6

 

 

 

3.4

 

 

 

 

 

 

75.0

 

 

Second Quarter 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

...................... 

$

361.6

 

 

$

108.5

 

 

$

 

 

$

470.1

 

Intersegment sales

.......................................... 

 

18.2

 

 

 

0.5

 

 

 

(18.7

)

 

 

 

Total sales

............................................. 

 

379.8

 

 

 

109.0

 

 

 

(18.7

)

 

 

470.1

 

 

Operating income (a)

...................................... 

 

79.8

 

 

 

17.6

 

 

 

(22.3

)

 

 

75.1

 

Other operating expense (b)

........................... 

 

 

 

 

 

 

 

6.0

 

 

 

6.0

 

Depreciation and amortization

....................... 

 

16.3

 

 

 

1.4

 

 

 

 

 

 

17.7

 

Stock-based compensation expense

............... 

 

0.1

 

 

 

 

 

 

2.6

 

 

 

2.7

 

Accrual basis additions to capital expenditures

               

 

62.6

 

 

 

2.2

 

 

 

 

 

 

64.8

 

 

Six Months Ended June 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

...................... 

$

740.9

 

 

$

206.6

 

 

$

 

 

$

947.5

 

Intersegment sales

.......................................... 

 

40.3

 

 

 

0.1

 

 

 

(40.4

)

 

 

 

Total sales

............................................. 

 

781.2

 

 

 

206.7

 

 

 

(40.4

)

 

 

947.5

 

 

Operating income (a)

...................................... 

 

180.4

 

 

 

29.1

 

 

 

(36.3

)

 

 

173.2

 

Depreciation and amortization

....................... 

 

34.0

 

 

 

3.0

 

 

 

0.2

 

 

 

37.2

 

Stock-based compensation expense

............... 

 

4.7

 

 

 

0.7

 

 

 

9.0

 

 

 

14.4

 

Accrual basis additions to capital expenditures

               

 

133.7

 

 

 

7.8

 

 

 

 

 

 

141.5

 

 

Six Months Ended June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

...................... 

$

717.9

 

 

$

213.9

 

 

$

 

 

$

931.8

 

Intersegment sales

.......................................... 

 

36.7

 

 

 

0.6

 

 

 

(37.3

)

 

 

 

Total sales

............................................. 

 

754.6

 

 

 

214.5

 

 

 

(37.3

)

 

 

931.8

 

 

Operating income (a)

...................................... 

 

155.7

 

 

 

34.0

 

 

 

(40.0

)

 

 

149.7

 

Other operating expense (b)

........................... 

 

 

 

 

 

 

 

6.0

 

 

 

6.0

 

Depreciation and amortization

....................... 

 

31.9

 

 

 

2.8

 

 

 

0.1

 

 

 

34.8

 

Stock-based compensation expense

............... 

 

3.4

 

 

 

0.7

 

 

 

7.4

 

 

 

11.5

 

Accrual basis additions to capital expenditures

               

 

101.0

 

 

 

3.8

 

 

 

 

 

 

104.8

 

 

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

(b)Other operating expense for the three and six months ended June 30, 2014 reflects an increase in environmental reserves primarily related to a former manufacturing facility in Lodi, New Jersey.

Schedule of Goodwill and Intangible Assets by Segment

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

 

(In millions)

 

June 30,
2015

 

 

December 31,
2014

 

Composite Materials

............................................................ 

$

43.5

 

 

$

43.7

 

Engineered Products

............................................................ 

 

16.0

 

 

 

16.1

 

Goodwill and intangible assets

............................................ 

$

59.5

 

 

$

59.8