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Segment Information
 3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
Segment Information

Note 10 — 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, 2018 and 2017 were as follows:

 

 

 

(Unaudited)

 

 

 

Composite

 

 

Engineered

 

 

Corporate &

 

 

 

 

 

(In millions)

 

Materials

 

 

Products

 

 

Other (a)

 

 

Total

 

First Quarter 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

444.6

 

 

$

95.5

 

 

$

—

 

 

$

540.1

 

Intersegment sales

 

 

19.2

 

 

 

—

 

 

 

(19.2

)

 

 

—

 

Total sales

 

$

463.8

 

 

$

95.5

 

 

$

(19.2

)

 

$

540.1

 

Operating income

 

 

91.0

 

 

 

9.9

 

 

 

(18.5

)

 

 

82.4

 

Depreciation and amortization

 

 

27.5

 

 

 

2.3

 

 

 

—

 

 

 

29.8

 

Stock-based compensation

 

 

3.6

 

 

 

0.7

 

 

 

5.6

 

 

 

9.9

 

Accrual basis additions to capital expenditures

 

 

45.3

 

 

 

—

 

 

 

—

 

 

 

45.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

387.5

 

 

$

91.3

 

 

$

—

 

 

$

478.8

 

Intersegment sales

 

 

17.1

 

 

 

—

 

 

 

(17.1

)

 

 

—

 

Total sales

 

$

404.6

 

 

$

91.3

 

 

$

(17.1

)

 

$

478.8

 

Operating income

 

 

81.9

 

 

 

13.0

 

 

 

(16.3

)

 

 

78.6

 

Depreciation and amortization

 

 

22.5

 

 

 

1.8

 

 

 

0.1

 

 

 

24.4

 

Stock-based compensation

 

 

3.4

 

 

 

0.7

 

 

 

6.8

 

 

 

10.9

 

Accrual basis additions to capital expenditures

 

 

86.6

 

 

 

6.3

 

 

 

—

 

 

 

92.9

 

 

 

(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:

 

 

 

March 31,

 

 

December 31,

 

(In millions)

 

2018

 

 

2017

 

Composite Materials

 

$

105.4

 

 

$

103.7

 

Engineered Products

 

44.8

 

 

 

45.0

 

Goodwill and intangible assets

 

$

150.2

 

 

$

148.7

 

 

No impairments have been recorded against these amounts.