XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.22.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2022
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 and six months ended June 30, 2022 and 2021 were as follows:
|  | (Unaudited) |
|  | Composite |  |  | Engineered |  |  | Corporate & |  |  |  |
(In millions) |  | Materials |  |  | Products |  |  | Other (a) |  |  | Total |
Quarter Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 318.1 |  |  | $ | 74.9 |  |  | $ | — |  |  | $ | 393.0 |
Intersegment sales |  |  | 18.5 |  |  |  | 1.0 |  |  |  | (19.5 | ) |  |  | — |
Total sales |  | $ | 336.6 |  |  | $ | 75.9 |  |  | $ | (19.5 | ) |  | $ | 393.0 |
Other operating (income) expense |  |  | 0.3 |  |  |  | - |  |  |  | (19.4 | ) |  |  | (19.1 | )
Operating income |  |  | 47.2 |  |  |  | 9.1 |  |  |  | 7.5 |  |  |  | 63.8 |
Depreciation and amortization |  |  | 28.1 |  |  |  | 3.5 |  |  |  | 0.1 |  |  |  | 31.7 |
Stock-based compensation |  |  | 0.9 |  |  |  | 0.3 |  |  |  | 1.2 |  |  |  | 2.4 |
Accrual basis additions to capital expenditures |  |  | 14.5 |  |  |  | 2.7 |  |  |  | — |  |  |  | 17.2 |
Quarter Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 240.9 |  |  | $ | 79.4 |  |  | $ | — |  |  | $ | 320.3 |
Intersegment sales |  |  | 14.6 |  |  |  | 0.8 |  |  |  | (15.4 | ) |  |  | — |
Total sales |  | $ | 255.5 |  |  | $ | 80.2 |  |  | $ | (15.4 | ) |  | $ | 320.3 |
Other operating (income) expense |  |  | 2.8 |  |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 3.1 |
Operating income |  |  | 24.5 |  |  |  | 5.9 |  |  |  | (14.2 | ) |  |  | 16.2 |
Depreciation and amortization |  |  | 30.5 |  |  |  | 3.6 |  |  |  | 0.1 |  |  |  | 34.2 |
Stock-based compensation |  |  | 0.8 |  |  |  | 0.1 |  |  |  | 3.4 |  |  |  | 4.3 |
Accrual basis additions to capital expenditures |  |  | 3.4 |  |  |  | 0.4 |  |  |  | — |  |  |  | 3.8 |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 631.9 |  |  | $ | 151.7 |  |  | $ | — |  |  | $ | 783.6 |
Intersegment sales |  |  | 35.0 |  |  |  | 1.3 |  |  |  | (36.3 | ) |  |  | — |
Total sales |  | $ | 666.9 |  |  | $ | 153.0 |  |  | $ | (36.3 | ) |  | $ | 783.6 |
Other operating (income) expense |  |  | 1.2 |  |  |  | 0.1 |  |  |  | (19.4 | ) |  |  | (18.1 | )
Operating income |  |  | 89.8 |  |  |  | 19.7 |  |  |  | (15.6 | ) |  |  | 93.9 |
Depreciation and amortization |  |  | 56.7 |  |  |  | 7.1 |  |  |  | 0.1 |  |  |  | 63.9 |
Stock-based compensation |  |  | 3.5 |  |  |  | 1.0 |  |  |  | 8.3 |  |  |  | 12.8 |
Accrual basis additions to capital expenditures |  |  | 24.6 |  |  |  | 3.7 |  |  |  | — |  |  |  | 28.3 |
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 478.1 |  |  | $ | 152.5 |  |  | $ | — |  |  | $ | 630.6 |
Intersegment sales |  |  | 27.8 |  |  |  | 1.4 |  |  |  | (29.2 | ) |  |  | — |
Total sales |  | $ | 505.9 |  |  | $ | 153.9 |  |  | $ | (29.2 | ) |  | $ | 630.6 |
Other operating (income) expense |  |  | 15.5 |  |  |  | (0.5 | ) |  |  | 0.2 |  |  |  | 15.2 |
Operating income |  |  | 31.9 |  |  |  | 10.6 |  |  |  | (36.5 | ) |  |  | 6.0 |
Depreciation and amortization |  |  | 61.3 |  |  |  | 7.3 |  |  |  | 0.1 |  |  |  | 68.7 |
Stock-based compensation |  |  | 1.4 |  |  |  | 0.3 |  |  |  | 11.6 |  |  |  | 13.3 |
Accrual basis additions to capital expenditures |  |  | 7.0 |  |  |  | 0.8 |  |  |  | — |  |  |  | 7.8 |
(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, 2021 |  | $ | 93.4 |  |  | $ | 174.1 |  |  | $ | 267.5 |
Amortization expense |  |  | (0.5 | ) |  |  | (1.3 | ) |  |  | (1.8 | )
Currency translation adjustments |  |  | (5.7 | ) |  |  | (1.2 | ) |  |  | (6.9 | )
Balance at June 30, 2022 |  | $ | 87.2 |  |  | $ | 171.6 |  |  | $ | 258.8 |
At June 30, 2022, the balance of goodwill and intangible assets was $186.5 million and $72.3 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration