Segment Information

3 Months Ended

Mar. 31, 2016

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 ended March 31, 2016 and 2015 is as follows:

	(Unaudited)
	Composite		Engineered		Corporate &
(In millions	Materials		Products		Other (a)			Total
First Quarter 2016
Net sales to external customers	$	395.8	$	101.9	$	—		$	497.7
Intersegment sales		18.1		—		(18.1	)		—
Total sales		413.9		101.9		(18.1	)		497.7
Operating income		90.8		12.3		(19.2	)		83.9
Depreciation and amortization		20.4		1.8		-			22.2
Stock-based compensation		3.1		0.6		6.8			10.5
Accrual basis additions to capital expenditures		70.0		3.3		—			73.3
First Quarter 2015
Net sales to external customers	$	367.4	$	104.4	$	—		$	471.8
Intersegment sales		20.4		0.1		(20.5	)		—
Total sales		387.8		104.5		(20.5	)		471.8
Operating income		89.2		14.7		(21.3	)		82.6
Depreciation and amortization		16.7		1.5		0.1			18.3
Stock-based compensation		3.6		0.5		7.9			12.0
Accrual basis additions to capital expenditures		62.1		4.4		—			66.5
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(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, 2016		December 31, 2015
Composite Materials	$	60.5	$	42.8
Engineered Products		16.0		16.1
Goodwill and intangible assets	$	76.5	$	58.9

Goodwill and intangible assets increased by $17.6 million in the first quarter of 2016 primarily due to the Formax acquisition. No impairments have been recorded against these amounts.