Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 19, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | ARMSTRONG WORLD INDUSTRIES, INC. | |
Trading Symbol | AWI | |
Entity Central Index Key | 0000007431 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 44,180,285 | |
Entity Shell Company | false | |
Entity File Number | 1-2116 | |
Entity Tax Identification Number | 23-0366390 | |
Entity Address, Address Line One | 2500 Columbia Avenue | |
Entity Address, City or Town | Lancaster | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17603 | |
City Area Code | 717 | |
Local Phone Number | 397-0611 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | PA | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 347.3 | $ 325 | $ 982.9 | $ 928.6 |
Cost of goods sold | 205.9 | 207.5 | 605.4 | 591 |
Gross profit | 141.4 | 117.5 | 377.5 | 337.6 |
Selling, general and administrative expenses | 64.6 | 59.3 | 189.2 | 177.9 |
Loss related to change in fair value of contingent consideration | 0 | 7.1 | 0 | 13.3 |
Equity (earnings) from joint venture | (23.4) | (22.2) | (69.1) | (61.7) |
Operating income | 100.2 | 73.3 | 257.4 | 208.1 |
Interest expense | 8.8 | 7 | 26.7 | 17.9 |
Other non-operating (income), net | (2.3) | (1.4) | (6.9) | (4.1) |
Earnings from continuing operations before income taxes | 93.7 | 67.7 | 237.6 | 194.3 |
Income tax expense | 24.2 | 13.2 | 60.6 | 43.2 |
Earnings from continuing operations | 69.5 | 54.5 | 177 | 151.1 |
Earnings from disposal of discontinued businesses, net of tax (benefit) of $-, ($3.0), $- and $(3.0) | 0 | 3 | 0 | 3 |
Net earnings from discontinued operations | 0 | 3 | 0 | 3 |
Net earnings | 69.5 | 57.5 | 177 | 154.1 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | (0.5) | (2.1) | 0.1 | (2.3) |
Derivative (loss) gain, net | (1.9) | 4.9 | (4.3) | 18.5 |
Pension and postretirement adjustments | (0.2) | 0.2 | (0.1) | 0.9 |
Total other comprehensive (loss) income | (2.6) | 3 | (4.3) | 17.1 |
Total comprehensive income | $ 66.9 | $ 60.5 | $ 172.7 | $ 171.2 |
Earnings per share of common stock, continuing operations: | ||||
Basic | $ 1.56 | $ 1.18 | $ 3.93 | $ 3.24 |
Diluted | 1.56 | 1.18 | 3.93 | 3.23 |
Earnings per share of common stock, discontinued operations: | ||||
Basic | 0 | 0.07 | 0 | 0.06 |
Diluted | 0 | 0.07 | 0 | 0.06 |
Net earnings per share of common stock | ||||
Basic | 1.56 | 1.25 | 3.93 | 3.3 |
Diluted | $ 1.56 | $ 1.25 | $ 3.93 | $ 3.29 |
Average number of common shares outstanding: | ||||
Basic | 44.5 | 46.1 | 45 | 46.6 |
Diluted | 44.6 | 46.1 | 45 | 46.7 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Earnings and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Income tax (benefit) expense | $ 0 | $ (3) | $ 0 | $ (3) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 96.6 | $ 106 |
Accounts and notes receivable, net | 116.7 | 112.4 |
Inventories, net | 107.2 | 110 |
Income taxes receivable | 2 | 1.8 |
Other current assets | 27.6 | 26.3 |
Total current assets | 350.1 | 356.5 |
Property, plant, and equipment, less accumulated depreciation and amortization of $588.4 and $549.5, respectively | 559.1 | 554.4 |
Operating lease assets | 27.9 | 18.8 |
Finance lease assets | 26.1 | 16 |
Prepaid pension costs | 88.3 | 83.2 |
Investment in joint venture | 21.2 | 23.9 |
Goodwill | 174.8 | 167.3 |
Intangible assets, net | 413.8 | 407.7 |
Other non-current assets | 52.5 | 59.4 |
Total assets | 1,713.8 | 1,687.2 |
Current liabilities: | ||
Current installments of long-term debt | 16.9 | 0 |
Accounts payable and accrued expenses | 150.3 | 172.5 |
Operating lease liabilities | 7.1 | 5.9 |
Finance lease liabilities | 3.1 | 2.2 |
Income taxes payable | 8.4 | 2.1 |
Total current liabilities | 185.8 | 182.7 |
Long-term debt, less current installments | 604.8 | 651.1 |
Operating lease liabilities | 21.4 | 13.2 |
Finance lease liabilities | 24.1 | 14.6 |
Postretirement benefit liabilities | 52.8 | 54.8 |
Pension benefit liabilities | 26.5 | 27.6 |
Other long-term liabilities | 28.4 | 25.8 |
Income taxes payable | 14.5 | 13.1 |
Deferred income taxes | 170 | 169.3 |
Total non-current liabilities | 942.5 | 969.5 |
Shareholders' equity: | ||
Common stock, $0.01 par value per share, 200 million shares authorized, 63,014,515 shares issued and 44,304,517 shares outstanding as of September 30, 2023 and 62,936,820 shares issued and 45,572,185 shares outstanding as of December 31, 2022 | 0.6 | 0.6 |
Capital in excess of par value | 584.1 | 573.6 |
Retained earnings | 1,312.2 | 1,169.9 |
Treasury stock, at cost, 18,709,998 shares as of September 30, 2023 and 17,364,635 shares as of December 31, 2022 | (1,207) | (1,109) |
Accumulated other comprehensive loss | (104.4) | (100.1) |
Total shareholders' equity | 585.5 | 535 |
Total liabilities and shareholders' equity | $ 1,713.8 | $ 1,687.2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation and amortization | $ 588.4 | $ 549.5 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 63,014,515 | 62,936,820 |
Common stock, shares outstanding | 44,304,517 | 45,572,185 |
Treasury stock, shares | 18,709,998 | 17,364,635 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | AOCI Attributable to Parent | |
Beginning Balance at Dec. 31, 2021 | $ 519.7 | $ 0.6 | $ 561.3 | $ 1,011.4 | $ (944) | $ (109.6) | [1] |
Balance at Dec. 31, 2021 | 47,302,299 | 15,472,856 | |||||
Stock issuance, net, shares | 106,490 | ||||||
Cash dividends - per common share | (32.7) | (32.7) | |||||
Share-based employee compensation | 8 | 8 | |||||
Net earnings | 154.1 | 154.1 | |||||
Other comprehensive income (loss) | 17.1 | 17.1 | |||||
Acquisition of treasury stock | (145) | $ (145) | |||||
Acquisition of treasury stock, shares | (1,636,950) | 1,636,950 | |||||
Ending Balance at Sep. 30, 2022 | 521.2 | $ 0.6 | 569.3 | 1,132.8 | $ (1,089) | (92.5) | [1] |
Balance at Sep. 30, 2022 | 45,771,839 | 17,109,806 | |||||
Beginning Balance at Jun. 30, 2022 | 527.8 | $ 0.6 | 565.7 | 1,086 | $ (1,029) | (95.5) | [1] |
Balance at Jun. 30, 2022 | 46,462,821 | 16,413,011 | |||||
Stock issuance, net, shares | 5,813 | ||||||
Cash dividends - per common share | (10.7) | (10.7) | |||||
Share-based employee compensation | 3.6 | 3.6 | |||||
Net earnings | 57.5 | 57.5 | |||||
Other comprehensive income (loss) | 3 | 3 | |||||
Acquisition of treasury stock | (60) | $ (60) | |||||
Acquisition of treasury stock, shares | (696,795) | 696,795 | |||||
Ending Balance at Sep. 30, 2022 | 521.2 | $ 0.6 | 569.3 | 1,132.8 | $ (1,089) | (92.5) | [1] |
Balance at Sep. 30, 2022 | 45,771,839 | 17,109,806 | |||||
Beginning Balance at Dec. 31, 2022 | $ 535 | $ 0.6 | 573.6 | 1,169.9 | $ (1,109) | (100.1) | [1] |
Balance at Dec. 31, 2022 | 45,572,185 | 45,572,185 | 17,364,635 | ||||
Stock issuance, net, shares | 77,713 | (18) | |||||
Cash dividends - per common share | $ (34.7) | (34.7) | |||||
Share-based employee compensation | 10.5 | 10.5 | |||||
Net earnings | 177 | 177 | |||||
Other comprehensive income (loss) | (4.3) | (4.3) | |||||
Acquisition of treasury stock | (98) | $ (98) | |||||
Acquisition of treasury stock, shares | (1,345,381) | 1,345,381 | |||||
Ending Balance at Sep. 30, 2023 | $ 585.5 | $ 0.6 | 584.1 | 1,312.2 | $ (1,207) | (104.4) | [1] |
Balance at Sep. 30, 2023 | 44,304,517 | 44,304,517 | 18,709,998 | ||||
Beginning Balance at Jun. 30, 2023 | $ 566.7 | $ 0.6 | 580.4 | 1,254.1 | $ (1,166.6) | (101.8) | [1] |
Balance at Jun. 30, 2023 | 44,823,285 | 18,175,262 | |||||
Stock issuance, net, shares | 15,968 | ||||||
Cash dividends - per common share | (11.4) | (11.4) | |||||
Share-based employee compensation | 3.7 | 3.7 | |||||
Net earnings | 69.5 | 69.5 | |||||
Other comprehensive income (loss) | (2.6) | (2.6) | |||||
Acquisition of treasury stock | (40.4) | $ (40.4) | |||||
Acquisition of treasury stock, shares | (534,736) | 534,736 | |||||
Ending Balance at Sep. 30, 2023 | $ 585.5 | $ 0.6 | $ 584.1 | $ 1,312.2 | $ (1,207) | $ (104.4) | [1] |
Balance at Sep. 30, 2023 | 44,304,517 | 44,304,517 | 18,709,998 | ||||
[1] Amounts are net of tax. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared | $ 0.254 | $ 0.231 | $ 0.762 | $ 0.693 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net earnings | $ 177 | $ 154.1 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 65.8 | 63.5 |
Deferred income taxes | 2.1 | 1.5 |
Share-based compensation | 12 | 10.9 |
Equity earnings from joint venture | (69.1) | (61.7) |
Loss from change in fair value of contingent consideration | 0 | 13.3 |
Payments of contingent consideration in excess of acquisition-date fair value | (5) | (1.9) |
Other non-cash adjustments, net | (0.4) | 0.1 |
Changes in operating assets and liabilities: | ||
Receivables | (8.8) | (18.9) |
Inventories | 2.8 | (25.1) |
Accounts payable and accrued expenses | 1.1 | 4.2 |
Income taxes receivable and payable, net | 7.5 | (13.5) |
Other assets and liabilities | (8.6) | (7.3) |
Net cash provided by operating activities | 176.4 | 119.2 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (60.1) | (46.5) |
Cash paid for acquisition of co-ownership interest in software-related intellectual property | (10) | 0 |
Cash paid for acquisitions | (13.8) | 0 |
Return of investment from joint venture | 72.4 | 54.1 |
Other investing activities | 0.9 | 0.5 |
Net cash (used for) provided by investing activities | (10.6) | 8.1 |
Cash flows from financing activities: | ||
Proceeds from revolving credit facility | 30 | 130 |
Payments of revolving credit facility | (60) | (60) |
Payments of long-term debt | 0 | (18.7) |
Payments for finance leases | (2) | (1.7) |
Dividends paid | (34.4) | (32.6) |
Payments from share-based compensation plans, net of tax | (1.5) | (2.9) |
Payments of acquisition-related contingent consideration | (10.2) | (6.7) |
Payments for treasury stock acquired | (97) | (145) |
Net cash (used for) financing activities | (175.1) | (137.6) |
Effect of exchange rate changes on cash and cash equivalents | (0.1) | (1) |
Net (decrease) in cash and cash equivalents | (9.4) | (11.3) |
Cash and cash equivalents at beginning of year | 106 | 98.1 |
Cash and cash equivalents at end of period | 96.6 | 86.8 |
Supplemental Cash Flow Disclosures: | ||
Interest paid | 25.9 | 17 |
Income tax payments, net | 50.9 | 52.3 |
Amounts in accounts payable for capital expenditures | $ 0.6 | $ 1.2 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 69.5 | $ 57.5 | $ 177 | $ 154.1 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On August 31, 2023 , Victor D. Grizzle , our President and Chief Executive Officer , entered into a new 10b5-1 plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities and Exchange Act of 1934, as amended. This plan provides for the exercise and sale of 22,914 stock options at market price on December 28, 2023. The stock options subject to this plan have a ten-year exercise term limit and are scheduled to expire on February 25, 2024. |
Name | Victor D. Grizzle |
Title | President and Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 31, 2023 |
Aggregate Available | 22,914 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Business and Basis of Presentation | NOTE 1. BUSINESS AND BASIS OF PRESENTATION Armstrong World Industries, Inc. (“AWI”) is a Pennsylvania corporation incorporated in 1891. When we refer to “AWI,” the “Company,” “we,” “our” or “us” in these notes, we are referring to AWI and its subsidiaries. Except as disclosed in this note, the accounting policies used in preparing the Condensed Consolidated Financial Statements in this Form 10-Q are the same as those used in preparing the Consolidated Financial Statements for the year ended December 31, 2022. These statements should therefore be read in conjunction with the Consolidated Financial Statements and notes that are included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022. In the opinion of management, all adjustments of a normal recurring nature have been included to provide a fair statement of the results for the reporting periods presented. Operating results for the third quarter and first nine months of 2023 and 2022 included in this report are unaudited. Quarterly results are not necessarily indicative of annual earnings, primarily due to the different level of sales in each quarter of the year and the possibility of changes in general economic conditions. These Condensed Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements include management estimates and judgments, where appropriate. Management utilizes estimates to record many items, including certain asset values, contingent purchase price liabilities, allowances for bad debts, inventory obsolescence and lower of cost and net realizable value charges, warranty reserves, workers’ compensation, general liability and environmental claims, and income taxes. When preparing an estimate, management determines the amount based upon the consideration of relevant information and may confer with outside parties, including external counsel. Actual results may differ from these estimates. Certain prior year amounts have been reclassified in the Condensed Consolidated Financial Statements to conform to the 2023 presentation. Acquisitions In July 2023, we acquired all of the issued and outstanding stock of BOK Modern, LLC (“BOK”), based in San Rafael, California. BOK is a designer of metal facade architectural solutions. In November 2022, we acquired the business and assets of GC Products, Inc. (“GC Products”), based in Lincoln, CA. GC Products is a designer and manufacturer of glass-reinforced-gypsum, glass-reinforced-cement, molded ceiling and specialty wall products with one manufacturing facility. The operations, assets and liabilities of t hese acquisitions are included in our Architectural Specialties segment. See Note 4 for further information on our recent acquisitions. |
Segment Results
Segment Results | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Results | NOTE 2. SEGMENT RESULTS Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net sales Mineral Fiber $ 249.7 $ 233.7 $ 712.1 $ 671.4 Architectural Specialties 97.6 91.3 270.8 257.2 Total net sales $ 347.3 $ 325.0 $ 982.9 $ 928.6 Our product-based Mineral Fiber and Architectural Specialties segment net sales represent the product-based group offerings we sell to external customers. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Segment operating income (loss) Mineral Fiber $ 85.5 $ 70.8 $ 224.8 $ 199.8 Architectural Specialties 15.5 3.4 34.9 11.0 Unallocated Corporate ( 0.8 ) ( 0.9 ) ( 2.3 ) ( 2.7 ) Total consolidated operating income $ 100.2 $ 73.3 $ 257.4 $ 208.1 Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total consolidated operating income $ 100.2 $ 73.3 $ 257.4 $ 208.1 Interest expense 8.8 7.0 26.7 17.9 Other non-operating (income), net ( 2.3 ) ( 1.4 ) ( 6.9 ) ( 4.1 ) Earnings before income taxes $ 93.7 $ 67.7 $ 237.6 $ 194.3 September 30, 2023 December 31, 2022 Segment assets Mineral Fiber $ 1,107.9 $ 1,096.9 Architectural Specialties 412.6 387.5 Unallocated Corporate 193.3 202.8 Total consolidated assets $ 1,713.8 $ 1,687.2 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | NOTE 3. REVENUE Disaggregation of Revenues Our Mineral Fiber and Architectural Specialties operating segments both manufacture and sell ceiling and wall systems (primarily mineral fiber, fiberglass wool, metal, wood, felt, wood fiber and glass-reinforced-gypsum) throughout the Americas. We disaggregate revenue based on our product-based segments and major customer channels, as they represent the most appropriate depiction of how the nature, amount and timing of revenues and cash flows are affected by economic factors. Net sales by major customer channel are as follows: Distributors – represents net sales to building materials distributors who re-sell our products to contractors, subcontractors’ alliances, large architect and design firms, and major facility owners. Geographically, this category includes sales throughout the U.S., Canada, and Latin America. Home centers – represents net sales to home centers, such as Lowe’s Companies, Inc. and The Home Depot, Inc. This category includes sales primarily to U.S. customers. Direct customers – represents net sales to contractors, subcontractors, and large architect and design firms. This category includes sales primarily to U.S. customers. Other – represents net sales to independent retailers and certain national account customers, including wholesalers who re-sell our products to dealers who service builders, contractors and consumers, online customers, major facility owners, group purchasing organizations and maintenance, repair and operating entities. Geographically, this category includes sales throughout the U.S., Canada, and Latin America. The following tables provide net sales by major customer channel within our Mineral Fiber and Architectural Specialties segments for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended September 30, September 30, Mineral Fiber 2023 2022 2023 2022 Distributors $ 182.0 $ 173.8 $ 516.4 $ 495.0 Home centers 25.5 24.0 80.0 75.6 Direct customers 15.7 16.1 45.6 46.6 Other 26.5 19.8 70.1 54.2 Total $ 249.7 $ 233.7 $ 712.1 $ 671.4 Three Months Ended Nine Months Ended September 30, September 30, Architectural Specialties 2023 2022 2023 2022 Distributors $ 57.4 $ 44.7 $ 142.5 $ 129.4 Direct customers 36.4 45.3 122.8 125.0 Other 3.8 1.3 5.5 2.8 Total $ 97.6 $ 91.3 $ 270.8 $ 257.2 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 4. ACQUISITIONS We account for acquisitions under the acquisition method and the results of operations of acquired operations are included in the Condensed Consolidated Financial Statements from the acquisition date. Acquisition related costs are expensed as incurred. We allocate total consideration to the assets acquired and liabilities assumed based on their estimated fair values, with the remaining unallocated amount recorded as goodwill. The fair value of acquired intangible assets is estimated by applying discounted cash flow models based on significant level 3 inputs not observable in the market. Key assumptions are developed based on each acquirees’ historical experience, future projections and comparable market data including future cash flows, long-term growth rates, implied royalty rates, attrition rates and discount rates. Acquisition-related contingent consideration that is classified as a liability is measured at fair value at the acquisition date. The fair value of contingent consideration will be remeasured at each reporting period, and any future changes in the fair value of contingent consideration recorded in reporting periods after the acquisition date are recorded within change in fair value of contingent consideration on our Condensed Consolidated Statements of Earnings and Comprehensive Income. BOK On July 17, 2023, we acquired all of the issued and outstanding stock of BOK for a purchase price of $ 13.8 million and additional contingent consideration payable upon the achievement of certain future performance obligations in 2024 and 2025 not to exceed $ 3.3 million. We, with the assistance of an independent, third-party valuation specialist, utilized a Monte Carlo simulation to determine the estimated fair value of the contingent consideration of $ 0.8 million, resulting in a purchase price of $ 14.6 million. The total fair value of tangible assets acquired less liabilities assumed was $ 1.7 million. The total fair value of identifiable intangible assets acquired was $ 5.4 million, resulting in $ 7.5 million of goodwill. Acquired intangible assets were comprised of amortizable patents of $ 1.9 million, amortizable trademarks of $ 1.8 million, amortizable customer relationships of $ 1.4 million, and non-compete agreements of $ 0.3 million, that are being amortized on a straight-line basis over a weighted-average life of 18 , 15 , 2 , and 3 years, respectively. All of the acquired goodwill is deductible for tax purposes. Valuations for assets acquired and liabilities assumed are based on preliminary estimates that are subject to revisions and may result in adjustments to preliminary values as valuations are finalized. SOFTWARE-RELATED INTELLECTUAL PROPERTY In May 2023, we acquired a co-ownership interest in certain software-related intellectual property for a total purchase price of $ 11.0 million, of which $ 10.0 million was paid in the second quarter of 2023 and an additional $ 1.0 million will be paid in the first half of 2024. As a result of this transaction, the total fair value of identifiable intangible assets acquired was $ 6.5 million of software and $ 4.5 million of developed technology, which are being amortized over a weighted-average life of 5 and 17 years, respectively. GC PRODUCTS On November 4, 2022, we acquired the business and assets of GC Products for $ 2.8 million of cash. The total fair value of tangible assets acquired, less liabilities assumed, was $ 0.3 million. The total fair value of intangible assets acquired was $ 1.8 million, resulting in goodwill of $ 0.7 million. Identified intangible assets consist primarily of amortizable technologies of $ 0.7 million, amortizable customer relationships of $ 0.6 million, and a non-compete agreement of $ 0.2 million. All of the acquired goodwill is deductible for tax purposes. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | NOTE 5. DISCONTINUED OPERATIONS Separation and Distribution of Armstrong Flooring, Inc. On April 1, 2016, we completed our separation of Armstrong Flooring, Inc. (“AFI”) by transferring the assets and liabilities related primarily to our Resilient and Wood Flooring segments to AFI and then distributing the common stock of AFI to our shareholders at a ratio of one share of AFI common stock for every two shares of AWI common stock. During the three and nine months ended September 30, 2022, we recorded a $ 1.0 million tax benefit related to federal tax statute of limitation closures. EMEA and Pacific Rim Businesses In 2019, we completed the sale of certain subsidiaries comprising our businesses and operations in Europe, the Middle East and Africa (including Russia) (“EMEA”) and the Pacific Rim, including the corresponding businesses and operations conducted by Worthington Armstrong Venture (“WAVE”), our joint venture with Worthington Industries, Inc. (“Worthington”) in which AWI holds a 50% interest (collectively, the “Sale”), to Knauf International GmbH. During the three and nine months ended September 30, 2022, we recorded a $ 2.0 million tax benefit related to federal tax statute of limitation closures. Summarized Financial Information of Discontinued Operations The following table details the line items that comprise discontinued operations on the Condensed Consolidated Statements of Earnings and Comprehensive Income: EMEA and Pacific Rim Businesses AFI Total Three and Nine Months Ended September 30, 2022 Earnings from disposal of discontinued businesses, before income tax $ - $ - $ - Income tax benefit ( 2.0 ) ( 1.0 ) ( 3.0 ) Earnings from disposal of discontinued businesses, net of tax $ 2.0 $ 1.0 $ 3.0 Net earnings from discontinued operations $ 2.0 $ 1.0 $ 3.0 |
Accounts and Notes Receivable
Accounts and Notes Receivable | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Accounts and Notes Receivable | NOTE 6. ACCOUNTS AND NOTES RECEIVABLE September 30, 2023 December 31, 2022 Customer receivables $ 112.8 $ 107.4 Miscellaneous receivables 7.0 8.2 Less allowance for warranties, discounts and losses ( 3.1 ) ( 3.2 ) Accounts and notes receivable, net $ 116.7 $ 112.4 We sell our products to select, pre-approved customers whose businesses are affected by changes in economic and market conditions. We consider these factors and the financial condition of each customer when establishing our allowance for losses from doubtful accounts. As of December 31, 2022, miscellaneous receivables included $ 4.8 million of Employee Retention Credit (“ERC”) receivables representing a refundable payroll tax credit for eligible wages paid to our employees in 2020 and 2021 under the Coronavirus Aid, Relief, and Economic Recovery Act (“CARES Act”). During the first quarter of 2023, all outstanding ERC receivables were collected. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 7. INVENTORIES September 30, 2023 December 31, 2022 Finished goods $ 58.8 $ 60.9 Goods in process 4.5 6.5 Raw materials and supplies 68.1 63.0 Less LIFO reserves ( 24.2 ) ( 20.4 ) Total inventories, net $ 107.2 $ 110.0 |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | NOTE 8. OTHER CURRENT ASSETS September 30, 2023 December 31, 2022 Prepaid expenses $ 15.1 $ 16.6 Assets held for sale 6.6 4.6 Fair value of derivative assets 3.2 3.7 Other 2.7 1.4 Total other current assets $ 27.6 $ 26.3 As of September 30, 2023 , assets held for sale included the land and property, plant and equipment of our idled Mineral Fiber plant in St. Helens, Oregon and the building and related land of an Architectural Specialties design center in Chicago, Illinois. As of December 31, 2022, assets held for sale included the land and property, plant and equipment of our idled Mineral Fiber plant in St. Helens, Oregon. |
Equity Investment
Equity Investment | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investment | NOTE 9. EQUITY INVESTMENT Investment in joint venture reflects the equity interest in our 50 % investment in our WAVE joint venture. The WAVE joint venture is reflected within the Mineral Fiber segment in our Condensed Consolidated Financial Statements using the equity method of accounting. Condensed financial statement data for WAVE is summarized below. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net sales $ 117.8 $ 116.9 $ 343.4 $ 356.3 Gross profit 68.5 64.0 200.9 180.1 Net earnings 49.1 46.7 144.5 130.0 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | NOTE 10. LEASES During the first quarter of 2023, we entered into a new operating lease for a manufacturing facility within our Architectural Specialties segment which commenced during the second quarter. Upon commencement, we recognized an initial right-of-use ("ROU") asset and lease liability of $ 13.0 million based on an expected lease term of approximately 5 years. During the third quarter of 2023, we modified a lease for an existing manufacturing facility within our Architectural Specialties segment; upon modification we recognized an additional ROU asset and lease liability of $ 8.6 million based on a modified expected lease term of 13 years. The following table presents supplemental cash flow information related to our leases: Nine Months Ended September 30, 2023 2022 ROU assets obtained in exchange for lease liabilities Operating leases $ 15.1 $ 2.5 Finance leases (1) 12.3 - (1) The nine months ended September 30, 2023 include increases in ROU assets of $ 12.3 million resulting from modifications that did not involve obtaining a new ROU asset. Modifications resulted from contractual extensions of existing leases. The following table presents the weighted-average discount rate assumption used to compute our ROU assets and lease liabilities: September 30, 2023 December 31, 2022 Weighted-average discount rate Operating leases 4.9 % 3.8 % Finance leases 4.6 % 3.7 % Undiscounted future minimum lease payments as of September 2023, by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows: Operating Leases Finance Leases Maturity of lease liabilities 2023 (1) $ 3.1 $ 1.4 2024 7.8 4.2 2025 6.2 4.0 2026 5.1 4.2 2027 5.0 4.4 Thereafter 6.0 16.8 Total lease payments 33.2 35.0 Less interest ( 4.7 ) ( 7.8 ) Present value of lease liabilities $ 28.5 $ 27.2 (1) Scheduled maturities of lease liabilities represent the time period of October 1, 2023 to December 31, 2023. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 11. GOODWILL AND INTANGIBLE ASSETS The following table details amounts related to our goodwill and intangible assets as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Estimated Gross Accumulated Amortization Gross Accumulated Amortization Amortizing intangible assets Customer relationships 2 - 20 years $ 183.5 $ 149.4 $ 182.1 $ 142.0 Developed technology 13 - 20 years 100.8 84.1 93.8 83.3 Software 5 - 7 years 15.6 4.0 9.1 2.6 Trademarks and brand names 3 - 15 years 5.9 3.2 4.0 2.6 Non-compete agreements 3 - 5 years 6.1 3.5 5.8 2.6 Other Various 1.1 0.2 1.1 0.1 Total $ 313.0 $ 244.4 $ 295.9 $ 233.2 Non-amortizing intangible assets Trademarks and brand names Indefinite 345.2 345.0 Total intangible assets $ 658.2 $ 640.9 Goodwill Indefinite $ 174.8 $ 167.3 The increase in goodwill as of September 30, 2023 compared to December 31, 2022 resulted from the acquisition of BOK. See Note 4 to the Condensed Consolidated Financial Statements for additional details. Nine Months Ended September 30, 2023 2022 Amortization expense $ 11.0 $ 12.8 |
Other non-Current Assets
Other non-Current Assets | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | NOTE 12. OTHER NON-CURRENT ASSETS September 30, 2023 December 31, 2022 Cash surrender value of company-owned life insurance policies $ 40.7 $ 42.8 Investment in employee deferred compensation plans 7.8 7.7 Fair value of derivative assets 3.0 7.7 Other 1.0 1.2 Total other non-current assets $ 52.5 $ 59.4 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable And Accrued Expenses | NOTE 13. ACCOUNTS PAYABLE AND ACCRUED EXPENSES September 30, 2023 December 31, 2022 Payables, trade and other $ 95.3 $ 105.0 Employment costs 20.8 20.0 Current portion of pension and postretirement liabilities 9.9 9.9 Acquisition-related contingent consideration - 15.2 Other 24.3 22.4 Total accounts payable and accrued expenses $ 150.3 $ 172.5 |
Income Tax Expense
Income Tax Expense | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | NOTE 14. INCOME TAX EXPENSE Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Earnings from continuing operations before income taxes $ 93.7 $ 67.7 $ 237.6 $ 194.3 Income tax expense 24.2 13.2 60.6 43.2 Effective tax rate 25.8 % 19.5 % 25.5 % 22.2 % The effective tax rate for the third quarter of 2023 was higher compared to the same period in 2022 primarily due to the benefits recognized from federal and state statute closures in the prior year. The effective tax rate for the first nine months of 2023 was higher compared to the same period in 2022 due primarily to the benefits recognized in the prior year from federal and state statute closures and the prior year reduction in our valuation allowance for capital loss carryforwards. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. However, an estimate of the range of reasonably possible outcomes cannot be reliably made at this time. Changes to unrecognized tax benefits could result from the expiration of statutes of limitations, the completion of ongoing examinations, or other unforeseen circumstances. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 15. DEBT Our long-term debt is comprised of borrowings outstanding under our $ 950.0 million variable rate senior credit facility, which is comprised of a $ 500.0 million revolving credit facility (with a $ 150.0 million sublimit for letters of credit) and a $ 450.0 million Term Loan A. As of September 30, 2023 and December 31, 2022, the principal balance of our Term Loan A was $ 450.0 million. As of September 30, 2023 and December 31, 2022, borrowings outstanding under our revolving credit facility were $ 175.0 million and $ 205.0 million, respectively. We also have a $ 25.0 million bi-lateral letter of credit facility separate from the senior secured credit facility. We utilize lines of credit and other commercial commitments to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility and our bi-lateral facility. Letters of credit may be issued to third-party suppliers, insurance and financial institutions and typically can only be drawn upon in the event of AWI’s failure to pay its obligations to the beneficiary. The following table presents details related to our letters of credit facilities: September 30, 2023 Financing Arrangements Limit Used Available Bi-lateral facility $ 25.0 $ 7.7 $ 17.3 Revolving credit facility 150.0 - 150.0 Total $ 175.0 $ 7.7 $ 167.3 |
Pensions and Other Benefit Prog
Pensions and Other Benefit Programs | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefit Programs | NOTE 16. PENSIONS AND OTHER BENEFIT PROGRAMS Following are the components of net periodic benefit costs (credits): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 U.S. defined benefit plans: Pension benefits Service cost of benefits earned during the period $ 0.6 $ 1.0 $ 1.9 $ 2.8 Interest cost on projected benefit obligation 4.3 2.6 12.8 7.9 Expected return on plan assets ( 6.3 ) ( 4.6 ) ( 18.8 ) ( 13.8 ) Amortization of net actuarial loss 1.4 1.0 4.1 3.1 Net periodic pension credit $ - $ - $ - $ - Retiree health and life insurance benefits Interest cost on projected benefit obligation $ 0.7 $ 0.4 2.1 $ 1.1 Amortization of prior service credit ( 0.1 ) ( 0.1 ) ( 0.2 ) ( 0.2 ) Amortization of net actuarial gain ( 1.4 ) ( 0.7 ) ( 4.3 ) ( 2.1 ) Net periodic postretirement credit $ ( 0.8 ) $ ( 0.4 ) $ ( 2.4 ) $ ( 1.2 ) We also have an unfunded defined benefit pension plan in Germany, which was not included as part of prior dispositions. This plan is reported as a component of our Unallocated Corporate segment. Net periodic pension cost for this plan was immaterial for the three and nine months ended September 30, 2023 and 2022. The service cost component of net benefit credit has been presented in the Condensed Consolidated Statements of Earnings and Comprehensive Income within cost of goods sold and selling, general and administrative ("SG&A") expenses for all periods presented, which are the same line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit credit are presented in the Condensed Consolidated Statements of Earnings and Comprehensive Income separately from the service cost component within other non-operating income, net. |
Financial Instruments and Conti
Financial Instruments and Contingent Consideration | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Contingent Consideration | NOTE 17. FINANCIAL INSTRUMENTS AND CONTINGENT CONSIDERATION We do not hold or issue financial instruments for trading purposes. The estimated fair values of our financial instruments and contingent consideration are as follows: September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets (liabilities), net: Total long-term debt, including current portion $ ( 621.7 ) $ ( 616.2 ) $ ( 651.1 ) $ ( 645.3 ) Interest rate swap contracts 6.2 6.2 11.4 11.4 Acquisition-related contingent consideration ( 0.8 ) ( 0.8 ) ( 15.2 ) ( 15.2 ) The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate fair value because of the short-term maturity of these instruments. The fair value estimates of long-term debt are based on quotes from a major financial institution of recently observed trading levels of our Term Loan A debt. The fair value estimates for interest rate swap contracts are estimated by obtaining quotes from major financial institutions with verification by internal valuation models. We engage an independent, third-party valuation specialist to determine the fair value estimate for acquisition-related contingent consideration payable based on future performance, which is measured using a Monte Carlo simulation. As of December 31, 2022, $ 15.2 million of the carrying amount of contingent consideration liabilities payable, related to final achievement of certain financial and performance milestones through December 31, 2022 for the acquisition of TURF Design, Inc ( “ Turf ” ), was equal to fair value as milestone achievements were known. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Three levels of inputs may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities; Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; or Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The fair value measurement of assets and liabilities measured at fair value on a recurring basis and reported on the Condensed Consolidated Balance Sheets is summarized below: September 30, 2023 December 31, 2022 Fair value based on Fair value based on Other Other Other Level 2 Level 3 Level 2 Assets (liabilities), net: Interest rate swap contracts $ 6.2 $ - $ 11.4 Acquisition-related contingent consideration - ( 0.8 ) - As of September 30, 2023, the acquisition-related contingent consideration represents the estimated fair value of additional cash consideration payable related to our acquisition of BOK upon the achievement of certain financial and performance milestones through December 31, 2025 and is classified as a long-term liability. Acquisition-related contingent consideration of $ 0.8 million as of September 30, 2023 was measured at fair value based on a Monte Carlo simulation with the use of significant unobservable inputs, which included financial projections over the earn-out period, the volatility of the underlying financial metrics and estimated discount rates. All changes in the contingent consideration liability subsequent to the initial acquisition date measurement was recorded as a component of operating income on our Condensed Consolidated Statements of Earnings and Comprehensive Income. The following table summarizes the weighted average of the significant unobservable inputs used to measure BOK ’ s acquisition-related contingent consideration as of September 30, 2023: Unobservable input Volatility 24.6 % Discount rates 5.0 % Unobservable inputs were weighted based on the relative fair value of the components of contingent consideration. See Note 4 for further information. The changes in fair value of the acquisition-related contingent consideration liability for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Fair value of contingent consideration as of beginning of period $ - $ 10.4 $ 15.2 $ 12.8 Cash consideration paid - - ( 15.2 ) ( 8.6 ) Acquisition date fair value of contingent consideration 0.8 - 0.8 - Loss related to change in fair value of contingent - 7.1 - 13.3 Fair value of contingent consideration as of end of period $ 0.8 $ 17.5 $ 0.8 $ 17.5 During the first quarter of 2023, we paid $ 15.2 million of additional cash consideration, which represented the final achievement of certain financial and performance milestones through December 31, 2022 for the acquisition of Turf. During the first quarter of 2022, we paid $ 8.6 million of additional cash consideration, which represented the final achievement of certain financial and performance milestones through December 31, 2021 for the acquisitions of Moz Designs, Inc. and Turf. The additional cash consideration paid was classified as cash flows from financing activities in our Condensed Consolidated Statements of Cash Flows, up to the acquisition date fair value. The portions of additional cash consideration paid in excess of the acquisition date fair value were classified as cash flows from operating activities in our Condensed Consolidated Statements of Cash Flows. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 18. DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risk from changes in foreign exchange rates, interest rates and commodity prices that could impact our results of operations, cash flows and financial condition. We use interest rate derivatives to manage our exposures to interest rates. At inception, interest rate swap derivatives that we designate as hedging instruments are formally documented as a hedge of a forecasted transaction or cash flow hedge. We also formally assess, both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, we discontinue hedge accounting and any future mark-to-market adjustments are recognized in earnings. We use derivative financial instruments as risk management tools and not for speculative trading purposes. Counterparty Risk We only enter into derivative transactions with established financial institution counterparties having an investment-grade credit rating. We monitor counterparty credit ratings on a regular basis. All of our derivative transactions with counterparties are governed by master International Swap and Derivatives Association agreements (“ISDAs”) with netting arrangements. These agreements can limit our exposure in situations where we have gain and loss positions outstanding with a single counterparty. We do not post nor do we receive cash collateral with any counterparty for our derivative transactions. These ISDAs do not have any credit contingent features; however, a default under our bank credit facility would trigger a default under these agreements. Exposure to individual counterparties is controlled and we consider the risk of counterparty default to be negligible. Interest Rate Risk We utilize interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. These swaps are designated as cash flow hedges against changes in interest rates for a portion of our variable rate debt. In the second quarter 2020, we adopted Accounting Standards Update 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU 2020-04”) which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”). In March 2023, we amended our interest rate swaps in accordance with ASU 2020-04, changing our hedged interest rate from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The following tables summarize our interest rate swaps, including forward-starting interest rate swaps, as of September 30, 2023: Coverage Period Notional Risk Coverage Trade Date November 2018 to November 2023 $ 200.0 USD-SOFR November 28, 2018 September 2022 to December 2023 $ 25.0 USD-SOFR September 19, 2022 March 2021 to March 2024 $ 50.0 USD-SOFR March 10, 2020 March 2021 to March 2024 $ 50.0 USD-SOFR March 11, 2020 March 2021 to March 2025 $ 100.0 USD-SOFR November 28, 2018 Under the terms of our interest rate swaps above, on a monthly basis, we pay a fixed rate monthly and receive a floating rate based on SOFR, inclusive of a 0 % floor. Coverage Period Notional Risk Coverage Trade Date November 2023 to June 2024 $ 50.0 USD-SOFR September 18, 2023 November 2023 to November 2027 $ 50.0 USD-SOFR September 29, 2023 Under the terms of our forward-starting interest rate swaps above, during the coverage period on a monthly basis, we will pay a fixed rate and receive a floating rate based on SOFR. In October 2023 , we entered into two $ 50 million notional forward-starting interest rate swaps. These swaps have coverage periods beginning on November 30, 2023, with one swap maturing on December 31, 2025 and another swap maturing on December 31, 2026 . Under the terms of these interest rate swaps, we will pay a fixed rate monthly and receive a floating rate based on SOFR. Financial Statement Impacts The following tables detail amounts related to our derivatives as of September 30, 2023 and December 31, 2022. We did not have any derivative assets or liabilities not designated as hedging instruments as of September 30, 2023 or December 31, 2022. The derivative asset amounts below are shown gross and have not been netted. Derivative Assets Fair Value Balance Sheet September 30, December 31, Interest rate swap contracts Other current assets $ 3.2 $ 3.7 Interest rate swap contracts Other non-current assets 3.0 7.7 Amount of Gain Location of Gain Reclassified from Gain Reclassified Nine Months Ended Three Months Ended Nine Months Ended September 30, September 30, September 30, 2023 2022 2023 2022 2023 2022 Derivatives in cash flow hedging relationships Interest rate swap contracts $ 2.8 $ 28.2 Interest expense $ 3.3 $ - $ 8.6 $ 3.5 As of September 30, 2023, the amount of existing gains in Accumulated Other Comprehensive Income (“AOCI”) expected to be recognized in net earnings over the next twelve months was $ 6.3 million. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | NOTE 19. SHAREHOLDERS’ EQUITY Common Stock Repurchase Plan In July 2016, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $ 150.0 million of our outstanding shares of common stock through July 2018 (the “Program”). Pursuant to additional authorizations and extensions of the Program approved by our Board of Directors, we are authorized to repurchase up to $ 1,700.0 million of our outstanding shares of common stock through December 31, 2026. We had $ 751.8 million remaining under the Board’s repurchase authorization as of September 30, 2023. Repurchases under the Program may be made through open market, block and privately negotiated transactions, including Rule 10b5-1 plans, at such times and in such amounts as management deems appropriate, subject to market and business conditions, regulatory requirements and other factors. The Program does not obligate AWI to repurchase any particular amount of common stock and may be suspended or discontinued at any time without notice. During the three months ended September 30, 2023, we repurchased 0.5 million shares under the Program for a total cost of $ 40.0 million, excluding commissions and taxes, or an average price of $ 74.80 per share. During the nine months ended September 30, 2023, we repurchased 1.3 million shares under the Program for a total cost of $ 97.0 million, excluding commissions and taxes, or an average price of $ 72.09 per share. Since inception and through September 30, 2023, we have repurchased 13.7 million shares under the Program for a total cost of $ 948.2 million, excluding commissions and taxes, or an average price of $ 69.00 per share. Dividends In February, April and July 2023, our Board of Directors declared a $ 0.254 per share quarterly dividend, which was paid to shareholders in March , May and August 2023 . On October 18, 2023, our Board of Directors declared a $ 0.28 per share quarterly dividend to be paid in November 2023 . Accumulated Other Comprehensive Loss Foreign Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, June 30, 2023 $ 1.1 $ 7.1 $ ( 110.0 ) $ ( 101.8 ) Other comprehensive (loss) income before reclassifications, 0.1 ), $- and ($ 0.1 ) ( 0.5 ) 0.7 ( 0.1 ) 0.1 Amounts reclassified from accumulated other - ( 2.6 ) ( 0.1 ) ( 2.7 ) Net current period other comprehensive (loss) ( 0.5 ) ( 1.9 ) ( 0.2 ) ( 2.6 ) Balance, September 30, 2023 $ 0.6 $ 5.2 $ ( 110.2 ) $ ( 104.4 ) Foreign Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, December 31, 2022 $ 0.5 $ 9.5 $ ( 110.1 ) $ ( 100.1 ) Other comprehensive income before reclassifications, 0.4 ), ($ 0.1 ) and ($ 0.5 ) 0.1 2.5 0.2 2.8 Amounts reclassified from accumulated other - ( 6.8 ) ( 0.3 ) ( 7.1 ) Net current period other comprehensive income (loss) 0.1 ( 4.3 ) ( 0.1 ) ( 4.3 ) Balance, September 30, 2023 $ 0.6 $ 5.2 $ ( 110.2 ) $ ( 104.4 ) Foreign Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, June 30, 2022 $ 2.1 $ 4.5 $ ( 102.1 ) $ ( 95.5 ) Other comprehensive (loss) income before reclassifications, 1.6 ), $- and ($ 1.6 ) ( 2.1 ) 4.9 - 2.8 Amounts reclassified from accumulated other - - 0.2 0.2 Net current period other comprehensive (loss) income ( 2.1 ) 4.9 0.2 3.0 Balance, September 30, 2022 $ - $ 9.4 $ ( 101.9 ) $ ( 92.5 ) Foreign Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, December 31, 2021 $ 2.3 $ ( 9.1 ) $ ( 102.8 ) $ ( 109.6 ) Other comprehensive (loss) income before reclassifications, 6.9 ), ($ 0.1 ) and ($ 7.0 ) ( 2.3 ) 21.3 0.3 19.3 Amounts reclassified from accumulated other - ( 2.8 ) 0.6 ( 2.2 ) Net current period other comprehensive (loss) income ( 2.3 ) 18.5 0.9 17.1 Balance, September 30, 2022 $ - $ 9.4 $ ( 101.9 ) $ ( 92.5 ) (1) Amounts are net of tax. Amounts Affected Line Item in the Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivative Adjustments: Interest rate swap contracts, before tax $ ( 3.3 ) $ - $ ( 8.6 ) $ ( 3.5 ) Interest expense Tax impact 0.7 - 1.8 0.7 Income tax expense Total (income), net of tax ( 2.6 ) - ( 6.8 ) ( 2.8 ) Pension and Postretirement Adjustments: Amortization of prior service credit ( 0.1 ) ( 0.1 ) ( 0.2 ) ( 0.2 ) Other non-operating (income), net Amortization of net actuarial (gain) loss - 0.3 ( 0.2 ) 1.0 Other non-operating (income), net Total (income) loss, before tax ( 0.1 ) 0.2 ( 0.4 ) 0.8 Tax impact - - 0.1 ( 0.2 ) Income tax expense Total loss (income), net of tax ( 0.1 ) 0.2 ( 0.3 ) 0.6 Total reclassifications for the period $ ( 2.7 ) $ 0.2 $ ( 7.1 ) $ ( 2.2 ) |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | NOTE 20 OTHER LONG-TERM LIABILITIES September 30, 2023 December 31, 2022 Long-term deferred compensation arrangements $ 17.0 $ 15.4 Environmental insurance recoveries received in excess of cumulative expenses incurred 2.7 3.5 Acquisition-related contingent consideration 0.8 - Other 7.9 6.9 Total other long-term liabilities $ 28.4 $ 25.8 |
Litigation and Related Matters
Litigation and Related Matters | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Related Matters | NOTE 21. LITIGATION AND RELATED MATTERS ENVIRONMENTAL MATTERS Environmental Compliance Our manufacturing and research facilities are affected by various federal, state and local requirements relating to the discharge of materials and the protection of the environment. We make expenditures necessary for compliance with applicable environmental requirements at each of our operating facilities. While these expenditures are not typically material, the applicable regulatory requirements continually change and, as a result, we cannot predict with certainty the amount, nature or timing of future expenditures associated with environmental compliance. Environmental Sites Summary We are actively involved in the investigation and remediation of existing or potential environmental contamination under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and state Superfund and similar environmental laws at two domestically owned locations allegedly resulting from past industrial activity. In each location, we are one of multiple potentially responsible parties and have agreed to jointly fund the required investigation and remediation, while preserving our defenses to the liability. We may also have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. We have pursued coverage and recoveries under those applicable insurance policies with respect to certain of the sites, including the Macon, GA site and the Elizabeth City, NC site, each of which is summarized below. Other than disclosed below, we are unable to predict the outcome of these matters or the timing of any future recoveries, whether through settlement or otherwise. We are also unable to predict the extent to which any recoveries might cover our final share of investigation and remediation costs for these sites. Our final share of investigation and remediation costs may exceed any such recoveries, and such amounts net of insurance recoveries may be material. Between 2017 and 2021, we entered settlement agreements totaling $ 53.0 million with certain legacy insurance carriers to resolve ongoing litigation and recover fees and costs previously incurred by us in connection with certain environmental sites. These settlements were recorded as reductions to cost of goods sold and SG&A expenses, reflecting the same income statement categories where environmental expenditures were historically recorded. Beginning in 2020, cumulative insurance recoveries exceeded cumulative expenses to date related to the respective environmental sites and the excess was recorded within long-term liabilities on our Condensed Consolidated Balance Sheets. As of September 30, 2023 and December 31, 2022, insurance recoveries in excess of cumulative expenses were $ 2.7 million and $ 3.5 million, respectively. The excess recoveries will be released to offset any future expenses, including additional reserves for potential liabilities, incurred on the respective environmental sites. We may enter into additional settlement agreements in the future, which may or may not be material, with other legacy insurers to obtain reimbursement or contribution for environmental site expenses. Estimates of our future liability at the environmental sites are based on evaluations of currently available facts regarding each individual site. We consider factors such as our activities associated with the site, existing technology, presently enacted laws and regulations and prior company experience in remediating contaminated sites. Although current law imposes joint and several liability on all parties at Superfund sites, our contribution to the remediation of these sites is expected to be limited by the number of other companies potentially liable for site remediation. As a result, our estimated liability reflects only our expected share. In determining the probability of contribution, we consider the solvency of other parties, the site activities of other parties, whether liability is being disputed, the terms of any existing agreements and experience with similar matters, and the effect of our October 2006 Chapter 11 reorganization upon the validity of the claim, if any. Specific Material Events Macon, GA The U.S. Environmental Protection Agency (the “EPA”) has listed two landfills located on a portion of our facility in Macon, GA, along with the former Macon Naval Ordnance Plant landfill adjacent to our property, portions of Rocky Creek, and certain tributaries leading to Rocky Creek (collectively, the “Macon Site”) as a Superfund site on the National Priorities List due to the presence of contaminants, most notably polychlorinated biphenyls (“PCBs”). In September 2010, we entered into an Administrative Order on Consent for a Removal Action (the “Removal Action”) with the EPA to investigate PCB contamination in one of the landfills on our property, the Wastewater Treatment Plant Landfill (“Operable Unit 1”). After completing an investigation of Operable Unit 1 and submitting our final Engineering Evaluation/Cost Analysis, the EPA issued an Action Memorandum in July 2013 selecting our recommended remedy for the Removal Action. The Operable Unit 1 response action is complete and the final report was submitted to the EPA in October 2016 . The EPA approved the final report in November 2016, and a Post-Removal Control Plan was submitted to the EPA in March 2017. It is probable that we will incur field investigation, engineering and oversight costs associated with a Remedial Investigation and Feasibility Study (“RI/FS”) with respect to the remainder of the Superfund site, which includes the other landfill on our property, as well as areas on and adjacent to our property and Rocky Creek (“Operable Unit 2”). In September 2015, AWI and other Potential Responsible Parties (“PRPs”) received a Special Notice Letter from the EPA under CERCLA inviting AWI and the PRPs to enter into the negotiation of an agreement to conduct an RI/FS of Operable Unit 2. We and the other PRPs entered into a settlement agreement with the EPA effective September 2018, in response to the Special Notice Letter to conduct the RI/FS. The PRPs submitted a complete RI/FS work plan, which was approved by the EPA in September 2019. Investigative work on this portion of the site commenced in December 2019. therefrom, although such amounts may be material to any one quarter's or year's results of operations in the future. We do not expect the total future costs to have a material adverse effect on our liquidity or financial condition as the cash payments may be made over many years. Elizabeth City, NC This site is a former cabinet manufacturing facility that from 1977 until 1996 was operated by Triangle Pacific Corporation, which became Armstrong Wood Products, Inc. (“AWP”), and is now AHF Products, LLC. The site was formerly owned by the U.S. Navy (“Navy”) and Westinghouse, which was purchased by Paramount Global (“Paramount”) (then known as CBS Corporation). We assumed ownership of the site when we acquired the stock of AWP in 1998. Prior to our acquisition, the North Carolina Department of Environment and Natural Resources listed the site as a hazardous waste site. In 1997, AWP entered into a cost sharing agreement with Westinghouse whereby the parties agreed to share equally in costs associated with investigation and potential remediation. In 2000, AWP and Paramount entered into an Administrative Order on Consent to conduct an RI/FS with the EPA for the site. In 2007, we and Paramount entered into an agreement with the Navy whereby the Navy agreed to pay one third of defined past and future investigative costs up to a certain amount, which has now been exhausted. The EPA approved the RI/FS work plan in August 2011. In January 2014, we submitted draft Remedial Investigation and Risk Assessment reports and conducted supplemental investigative work based upon agency comments to those reports. In connection with the separation of Armstrong Flooring, Inc. in 2016, we agreed to retain any legacy environmental liabilities associated with the AWP site. The EPA published an Interim Action Proposed Plan for the site in April 2018 seeking public comment until June 2018. The EPA evaluated comments, including ours, and has published its Interim Record of Decision selecting an interim cleanup approach. In September 2018, AWI and Paramount received a Special Notice Letter from the EPA under CERCLA inviting AWI and Paramount to enter into the negotiation of a settlement agreement to conduct or finance the response action at the site. In response to the September 2018 Special Notice Letter, we and Paramount submitted a good faith offer to the EPA in May 2019. In June 2021, we entered into a negotiated Partial Consent Decree and Site Participation Agreement with the EPA, Paramount, and the United States on behalf of the Navy for the remedial design and remedial action for the interim remedy. Because the United States does not conduct work as a PRP at Superfund sites, similar to the 2007 agreement, the United States agreed to pay its share of the estimated costs of performing the work. The Partial Consent Decree was entered by the U.S. District Court for the Eastern District of North Carolina in January 2022. A Remedial Design Work Plan (“RDWP”) for the site was submitted to the EPA in June 2022, and AWI and Paramount responded in November 2022 to comments received from the EPA in September 2022. The EPA approved a revised RDWP in February 2023 and Paramount and AWI submitted a draft pre-design investigation work plan to the EPA in June 2023. The current estimate of future liability at this site includes only our estimated share of the costs of the interim remedial action that, at this time, we anticipate the EPA will require the PRPs to perform. We are unable to reasonably estimate our final share of the total costs associated with the interim or final remediation at the site, although such amounts may be material to any one quarter's or year’s results of operations in the future. We do not expect the total future costs to have a material adverse effect on our liquidity or financial condition as the cash payments may be made over many years. Summary of Financial Position Total liabilities of $ 0.8 million and $ 0.5 million as of September 30, 2023 and December 31, 2022 , respectively, reflected within other long-term liabilities on the Condensed Consolidated Balance Sheets, were recorded for environmental liabilities that we consider probable and for which a reasonable estimate of the probable liability could be made. During the three and nine months ended September 30, 2023, we recorded $ 0.5 million of additional reserves for potential environmental liabilities. During the nine months ended September 30, 2022, we recorded $ 0.6 million of additional reserves for potential environmental liabilities. As noted above, expenses associated with the additional reserves are offset through the release of a portion of the balance of insurance recoveries in excess of cumulative expenses. Where existing data is sufficient to estimate the liability, that estimate has been used; where only a range of probable liabilities is available and no amount within that range is more likely than any other, the lower end of the range has been used. As assessments and remediation activities progress at each site, these liabilities are reviewed to reflect new information as it becomes available and adjusted to reflect amounts actually incurred and paid. These liabilities are undiscounted. The estimated environmental liabilities above do not take into account any claims for additional recoveries from insurance or third parties. It is our policy to record insurance recoveries as assets in the Condensed Consolidated Balance Sheets when realizable. We incur costs to pursue environmental insurance recoveries, which are expensed as incurred. Actual costs to be incurred at identified sites may vary from our estimates. Based on our knowledge of the identified sites, it is not possible to reasonably estimate future costs in excess of amounts already recognized. OTHER CLAIMS From time to time, we are involved in other various lawsuits, claims, investigations and other legal matters that arise in the ordinary course of business, including matters involving our products, intellectual property, relationships with suppliers, relationships with distributors, other customers or end users, relationships with competitors, employees and other matters. In connection with those matters, we may have rights or obligations of indemnity, contribution or reimbursement or coverage under applicable insurance policies. When applicable and appropriate, we will seek indemnity, contribution or reimbursement from other parties and pursue coverage and recoveries under those policies, but are unable to predict the outcome of those demands. While complete assurance cannot be given to the outcome of any proceedings relating to these matters, we do not believe that any current claims, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations. |
Net Earnings Per Share
Net Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | NOTE 22. NET EARNINGS PER SHARE The following table is a reconciliation of earnings from continuing operations to earnings from continuing operations attributable to common shares used in our basic and diluted net Earnings Per Share (“EPS”) calculations for the three and nine months ended September 30, 2023 and 2022. EPS components may not add due to rounding. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Earnings from continuing operations $ 69.5 $ 54.5 $ 177.0 $ 151.1 Earnings allocated to participating vested share awards - ( 0.1 ) ( 0.1 ) ( 0.2 ) Earnings from continuing operations attributable to common shares $ 69.5 $ 54.4 $ 176.9 $ 150.9 The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the three and nine months ended September 30, 2023 and 2022 (shares in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Basic shares outstanding 44.5 46.1 45.0 46.6 Dilutive effect of common stock equivalents 0.1 - - 0.1 Diluted shares outstanding 44.6 46.1 45.0 46.7 Anti-dilutive stock awards excluded from the computation of dilutive EPS for the three and nine months ended September 30, 2023 were 44,932 and 103,740 , respectively. Anti-dilutive stock awards excluded from the computation of dilutive EPS for the three and nine months ended September 30, 2022 were 3,812 and 6,202 , respectively. |
Segment Results (Tables)
Segment Results (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net sales Mineral Fiber $ 249.7 $ 233.7 $ 712.1 $ 671.4 Architectural Specialties 97.6 91.3 270.8 257.2 Total net sales $ 347.3 $ 325.0 $ 982.9 $ 928.6 |
Schedule of Segment Operating Income (Loss) | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Segment operating income (loss) Mineral Fiber $ 85.5 $ 70.8 $ 224.8 $ 199.8 Architectural Specialties 15.5 3.4 34.9 11.0 Unallocated Corporate ( 0.8 ) ( 0.9 ) ( 2.3 ) ( 2.7 ) Total consolidated operating income $ 100.2 $ 73.3 $ 257.4 $ 208.1 |
Reconciliation of Total Consolidated Operating Income to Earnings Before Income Taxes | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total consolidated operating income $ 100.2 $ 73.3 $ 257.4 $ 208.1 Interest expense 8.8 7.0 26.7 17.9 Other non-operating (income), net ( 2.3 ) ( 1.4 ) ( 6.9 ) ( 4.1 ) Earnings before income taxes $ 93.7 $ 67.7 $ 237.6 $ 194.3 |
Reconciliation of Total Segment Assets to Total Consolidated Assets | September 30, 2023 December 31, 2022 Segment assets Mineral Fiber $ 1,107.9 $ 1,096.9 Architectural Specialties 412.6 387.5 Unallocated Corporate 193.3 202.8 Total consolidated assets $ 1,713.8 $ 1,687.2 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Mineral Fiber [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Channel within Each Segment | The following tables provide net sales by major customer channel within our Mineral Fiber and Architectural Specialties segments for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended September 30, September 30, Mineral Fiber 2023 2022 2023 2022 Distributors $ 182.0 $ 173.8 $ 516.4 $ 495.0 Home centers 25.5 24.0 80.0 75.6 Direct customers 15.7 16.1 45.6 46.6 Other 26.5 19.8 70.1 54.2 Total $ 249.7 $ 233.7 $ 712.1 $ 671.4 |
Architectural Specialties [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Channel within Each Segment | Three Months Ended Nine Months Ended September 30, September 30, Architectural Specialties 2023 2022 2023 2022 Distributors $ 57.4 $ 44.7 $ 142.5 $ 129.4 Direct customers 36.4 45.3 122.8 125.0 Other 3.8 1.3 5.5 2.8 Total $ 97.6 $ 91.3 $ 270.8 $ 257.2 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations [Abstract] | |
Summary of Results of Discontinued Operations | The following table details the line items that comprise discontinued operations on the Condensed Consolidated Statements of Earnings and Comprehensive Income: EMEA and Pacific Rim Businesses AFI Total Three and Nine Months Ended September 30, 2022 Earnings from disposal of discontinued businesses, before income tax $ - $ - $ - Income tax benefit ( 2.0 ) ( 1.0 ) ( 3.0 ) Earnings from disposal of discontinued businesses, net of tax $ 2.0 $ 1.0 $ 3.0 Net earnings from discontinued operations $ 2.0 $ 1.0 $ 3.0 |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | September 30, 2023 December 31, 2022 Customer receivables $ 112.8 $ 107.4 Miscellaneous receivables 7.0 8.2 Less allowance for warranties, discounts and losses ( 3.1 ) ( 3.2 ) Accounts and notes receivable, net $ 116.7 $ 112.4 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | September 30, 2023 December 31, 2022 Finished goods $ 58.8 $ 60.9 Goods in process 4.5 6.5 Raw materials and supplies 68.1 63.0 Less LIFO reserves ( 24.2 ) ( 20.4 ) Total inventories, net $ 107.2 $ 110.0 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | September 30, 2023 December 31, 2022 Prepaid expenses $ 15.1 $ 16.6 Assets held for sale 6.6 4.6 Fair value of derivative assets 3.2 3.7 Other 2.7 1.4 Total other current assets $ 27.6 $ 26.3 |
Equity Investment (Tables)
Equity Investment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
WAVE [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Investment in Joint Venture, Income Statement Data | Condensed financial statement data for WAVE is summarized below. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net sales $ 117.8 $ 116.9 $ 343.4 $ 356.3 Gross profit 68.5 64.0 200.9 180.1 Net earnings 49.1 46.7 144.5 130.0 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Summary of Supplemental Cash Flow Information Related To Leases | The following table presents supplemental cash flow information related to our leases: Nine Months Ended September 30, 2023 2022 ROU assets obtained in exchange for lease liabilities Operating leases $ 15.1 $ 2.5 Finance leases (1) 12.3 - (1) The nine months ended September 30, 2023 include increases in ROU assets of $ 12.3 million resulting from modifications that did not involve obtaining a new ROU asset. Modifications resulted from contractual extensions of existing leases. |
Schedule of Weighted Average Assumptions Used To Compute Right To Use Assets | The following table presents the weighted-average discount rate assumption used to compute our ROU assets and lease liabilities: September 30, 2023 December 31, 2022 Weighted-average discount rate Operating leases 4.9 % 3.8 % Finance leases 4.6 % 3.7 % |
Schedule of Undiscounted Future Minimum Payments | Undiscounted future minimum lease payments as of September 2023, by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows: Operating Leases Finance Leases Maturity of lease liabilities 2023 (1) $ 3.1 $ 1.4 2024 7.8 4.2 2025 6.2 4.0 2026 5.1 4.2 2027 5.0 4.4 Thereafter 6.0 16.8 Total lease payments 33.2 35.0 Less interest ( 4.7 ) ( 7.8 ) Present value of lease liabilities $ 28.5 $ 27.2 (1) Scheduled maturities of lease liabilities represent the time period of October 1, 2023 to December 31, 2023. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | The following table details amounts related to our goodwill and intangible assets as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Estimated Gross Accumulated Amortization Gross Accumulated Amortization Amortizing intangible assets Customer relationships 2 - 20 years $ 183.5 $ 149.4 $ 182.1 $ 142.0 Developed technology 13 - 20 years 100.8 84.1 93.8 83.3 Software 5 - 7 years 15.6 4.0 9.1 2.6 Trademarks and brand names 3 - 15 years 5.9 3.2 4.0 2.6 Non-compete agreements 3 - 5 years 6.1 3.5 5.8 2.6 Other Various 1.1 0.2 1.1 0.1 Total $ 313.0 $ 244.4 $ 295.9 $ 233.2 Non-amortizing intangible assets Trademarks and brand names Indefinite 345.2 345.0 Total intangible assets $ 658.2 $ 640.9 Goodwill Indefinite $ 174.8 $ 167.3 The increase in goodwill as of September 30, 2023 compared to December 31, 2022 resulted from the acquisition of BOK. See Note 4 to the Condensed Consolidated Financial Statements for additional details. Nine Months Ended September 30, 2023 2022 Amortization expense $ 11.0 $ 12.8 |
Other non-Current Assets (Table
Other non-Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Non-Current Assets | September 30, 2023 December 31, 2022 Cash surrender value of company-owned life insurance policies $ 40.7 $ 42.8 Investment in employee deferred compensation plans 7.8 7.7 Fair value of derivative assets 3.0 7.7 Other 1.0 1.2 Total other non-current assets $ 52.5 $ 59.4 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | September 30, 2023 December 31, 2022 Payables, trade and other $ 95.3 $ 105.0 Employment costs 20.8 20.0 Current portion of pension and postretirement liabilities 9.9 9.9 Acquisition-related contingent consideration - 15.2 Other 24.3 22.4 Total accounts payable and accrued expenses $ 150.3 $ 172.5 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Earnings from continuing operations before income taxes $ 93.7 $ 67.7 $ 237.6 $ 194.3 Income tax expense 24.2 13.2 60.6 43.2 Effective tax rate 25.8 % 19.5 % 25.5 % 22.2 % |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Schedule of Letters of Credit Facilities | The following table presents details related to our letters of credit facilities: September 30, 2023 Financing Arrangements Limit Used Available Bi-lateral facility $ 25.0 $ 7.7 $ 17.3 Revolving credit facility 150.0 - 150.0 Total $ 175.0 $ 7.7 $ 167.3 |
Pensions and Other Benefit Pr_2
Pensions and Other Benefit Programs (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Periodic Benefit Costs (Credits) | Following are the components of net periodic benefit costs (credits): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 U.S. defined benefit plans: Pension benefits Service cost of benefits earned during the period $ 0.6 $ 1.0 $ 1.9 $ 2.8 Interest cost on projected benefit obligation 4.3 2.6 12.8 7.9 Expected return on plan assets ( 6.3 ) ( 4.6 ) ( 18.8 ) ( 13.8 ) Amortization of net actuarial loss 1.4 1.0 4.1 3.1 Net periodic pension credit $ - $ - $ - $ - Retiree health and life insurance benefits Interest cost on projected benefit obligation $ 0.7 $ 0.4 2.1 $ 1.1 Amortization of prior service credit ( 0.1 ) ( 0.1 ) ( 0.2 ) ( 0.2 ) Amortization of net actuarial gain ( 1.4 ) ( 0.7 ) ( 4.3 ) ( 2.1 ) Net periodic postretirement credit $ ( 0.8 ) $ ( 0.4 ) $ ( 2.4 ) $ ( 1.2 ) |
Financial Instruments and Con_2
Financial Instruments and Contingent Consideration (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | The estimated fair values of our financial instruments and contingent consideration are as follows: September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets (liabilities), net: Total long-term debt, including current portion $ ( 621.7 ) $ ( 616.2 ) $ ( 651.1 ) $ ( 645.3 ) Interest rate swap contracts 6.2 6.2 11.4 11.4 Acquisition-related contingent consideration ( 0.8 ) ( 0.8 ) ( 15.2 ) ( 15.2 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair value measurement of assets and liabilities measured at fair value on a recurring basis and reported on the Condensed Consolidated Balance Sheets is summarized below: September 30, 2023 December 31, 2022 Fair value based on Fair value based on Other Other Other Level 2 Level 3 Level 2 Assets (liabilities), net: Interest rate swap contracts $ 6.2 $ - $ 11.4 Acquisition-related contingent consideration - ( 0.8 ) - |
Schedule of Weighted-average Of Significant Unobservable Inputs | The following table summarizes the weighted average of the significant unobservable inputs used to measure BOK ’ s acquisition-related contingent consideration as of September 30, 2023: Unobservable input Volatility 24.6 % Discount rates 5.0 % |
Schedule of Changes in Fair Value of the Acquisition-related Contingent Consideration Liability | The changes in fair value of the acquisition-related contingent consideration liability for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Fair value of contingent consideration as of beginning of period $ - $ 10.4 $ 15.2 $ 12.8 Cash consideration paid - - ( 15.2 ) ( 8.6 ) Acquisition date fair value of contingent consideration 0.8 - 0.8 - Loss related to change in fair value of contingent - 7.1 - 13.3 Fair value of contingent consideration as of end of period $ 0.8 $ 17.5 $ 0.8 $ 17.5 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | The following tables summarize our interest rate swaps, including forward-starting interest rate swaps, as of September 30, 2023: Coverage Period Notional Risk Coverage Trade Date November 2018 to November 2023 $ 200.0 USD-SOFR November 28, 2018 September 2022 to December 2023 $ 25.0 USD-SOFR September 19, 2022 March 2021 to March 2024 $ 50.0 USD-SOFR March 10, 2020 March 2021 to March 2024 $ 50.0 USD-SOFR March 11, 2020 March 2021 to March 2025 $ 100.0 USD-SOFR November 28, 2018 Coverage Period Notional Risk Coverage Trade Date November 2023 to June 2024 $ 50.0 USD-SOFR September 18, 2023 November 2023 to November 2027 $ 50.0 USD-SOFR September 29, 2023 |
Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet | Derivative Assets Fair Value Balance Sheet September 30, December 31, Interest rate swap contracts Other current assets $ 3.2 $ 3.7 Interest rate swap contracts Other non-current assets 3.0 7.7 |
Summary of Amount of Gain Recognized in Accumulated Other Comprehensive Income | Amount of Gain Location of Gain Reclassified from Gain Reclassified Nine Months Ended Three Months Ended Nine Months Ended September 30, September 30, September 30, 2023 2022 2023 2022 2023 2022 Derivatives in cash flow hedging relationships Interest rate swap contracts $ 2.8 $ 28.2 Interest expense $ 3.3 $ - $ 8.6 $ 3.5 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Activity | Accumulated Other Comprehensive Loss Foreign Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, June 30, 2023 $ 1.1 $ 7.1 $ ( 110.0 ) $ ( 101.8 ) Other comprehensive (loss) income before reclassifications, 0.1 ), $- and ($ 0.1 ) ( 0.5 ) 0.7 ( 0.1 ) 0.1 Amounts reclassified from accumulated other - ( 2.6 ) ( 0.1 ) ( 2.7 ) Net current period other comprehensive (loss) ( 0.5 ) ( 1.9 ) ( 0.2 ) ( 2.6 ) Balance, September 30, 2023 $ 0.6 $ 5.2 $ ( 110.2 ) $ ( 104.4 ) Foreign Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, December 31, 2022 $ 0.5 $ 9.5 $ ( 110.1 ) $ ( 100.1 ) Other comprehensive income before reclassifications, 0.4 ), ($ 0.1 ) and ($ 0.5 ) 0.1 2.5 0.2 2.8 Amounts reclassified from accumulated other - ( 6.8 ) ( 0.3 ) ( 7.1 ) Net current period other comprehensive income (loss) 0.1 ( 4.3 ) ( 0.1 ) ( 4.3 ) Balance, September 30, 2023 $ 0.6 $ 5.2 $ ( 110.2 ) $ ( 104.4 ) Foreign Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, June 30, 2022 $ 2.1 $ 4.5 $ ( 102.1 ) $ ( 95.5 ) Other comprehensive (loss) income before reclassifications, 1.6 ), $- and ($ 1.6 ) ( 2.1 ) 4.9 - 2.8 Amounts reclassified from accumulated other - - 0.2 0.2 Net current period other comprehensive (loss) income ( 2.1 ) 4.9 0.2 3.0 Balance, September 30, 2022 $ - $ 9.4 $ ( 101.9 ) $ ( 92.5 ) Foreign Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, December 31, 2021 $ 2.3 $ ( 9.1 ) $ ( 102.8 ) $ ( 109.6 ) Other comprehensive (loss) income before reclassifications, 6.9 ), ($ 0.1 ) and ($ 7.0 ) ( 2.3 ) 21.3 0.3 19.3 Amounts reclassified from accumulated other - ( 2.8 ) 0.6 ( 2.2 ) Net current period other comprehensive (loss) income ( 2.3 ) 18.5 0.9 17.1 Balance, September 30, 2022 $ - $ 9.4 $ ( 101.9 ) $ ( 92.5 ) (1) Amounts are net of tax. |
Reclassification out of Accumulated Other Comprehensive (Loss) | Amounts Affected Line Item in the Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivative Adjustments: Interest rate swap contracts, before tax $ ( 3.3 ) $ - $ ( 8.6 ) $ ( 3.5 ) Interest expense Tax impact 0.7 - 1.8 0.7 Income tax expense Total (income), net of tax ( 2.6 ) - ( 6.8 ) ( 2.8 ) Pension and Postretirement Adjustments: Amortization of prior service credit ( 0.1 ) ( 0.1 ) ( 0.2 ) ( 0.2 ) Other non-operating (income), net Amortization of net actuarial (gain) loss - 0.3 ( 0.2 ) 1.0 Other non-operating (income), net Total (income) loss, before tax ( 0.1 ) 0.2 ( 0.4 ) 0.8 Tax impact - - 0.1 ( 0.2 ) Income tax expense Total loss (income), net of tax ( 0.1 ) 0.2 ( 0.3 ) 0.6 Total reclassifications for the period $ ( 2.7 ) $ 0.2 $ ( 7.1 ) $ ( 2.2 ) |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | September 30, 2023 December 31, 2022 Long-term deferred compensation arrangements $ 17.0 $ 15.4 Environmental insurance recoveries received in excess of cumulative expenses incurred 2.7 3.5 Acquisition-related contingent consideration 0.8 - Other 7.9 6.9 Total other long-term liabilities $ 28.4 $ 25.8 |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings to Earnings Attributable to Common Shares Used in Basic and Diluted Earnings Per Share Calculation | The following table is a reconciliation of earnings from continuing operations to earnings from continuing operations attributable to common shares used in our basic and diluted net Earnings Per Share (“EPS”) calculations for the three and nine months ended September 30, 2023 and 2022. EPS components may not add due to rounding. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Earnings from continuing operations $ 69.5 $ 54.5 $ 177.0 $ 151.1 Earnings allocated to participating vested share awards - ( 0.1 ) ( 0.1 ) ( 0.2 ) Earnings from continuing operations attributable to common shares $ 69.5 $ 54.4 $ 176.9 $ 150.9 |
Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding | The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the three and nine months ended September 30, 2023 and 2022 (shares in millions): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Basic shares outstanding 44.5 46.1 45.0 46.6 Dilutive effect of common stock equivalents 0.1 - - 0.1 Diluted shares outstanding 44.6 46.1 45.0 46.7 |
Business and Basis of Present_2
Business and Basis of Presentation (Narrative) (Details) $ in Millions | 1 Months Ended | |||
Jul. 17, 2023 USD ($) | Nov. 30, 2022 Facility | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Business And Basis Of Presentation [Line Items] | ||||
Acquisition-related contingent consideration | $ 0 | $ 15.2 | ||
GC Products, Inc [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Number of manufacturing facility | Facility | 1 | |||
BOK Modern, LLC [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Business combination, Total cash consideration | $ 14.6 | |||
Acquisition-related contingent consideration | 0.8 | |||
BOK Modern, LLC [Member] | Maximum [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Acquisition-related contingent consideration | $ 3.3 |
Segment Results (Schedule of Ne
Segment Results (Schedule of Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 347.3 | $ 325 | $ 982.9 | $ 928.6 |
Mineral Fiber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 249.7 | 233.7 | 712.1 | 671.4 |
Architectural Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 97.6 | $ 91.3 | $ 270.8 | $ 257.2 |
Segment Results (Schedule of Se
Segment Results (Schedule of Segment Operating Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total Consolidated Operating Income (Loss) | $ 100.2 | $ 73.3 | $ 257.4 | $ 208.1 |
Mineral Fiber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Consolidated Operating Income (Loss) | 85.5 | 70.8 | 224.8 | 199.8 |
Architectural Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Consolidated Operating Income (Loss) | 15.5 | 3.4 | 34.9 | 11 |
Unallocated Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Consolidated Operating Income (Loss) | $ (0.8) | $ (0.9) | $ (2.3) | $ (2.7) |
Segment Results (Reconciliation
Segment Results (Reconciliation of Total Consolidated Operating Income to Earnings Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting [Abstract] | ||||
Total consolidated operating income | $ 100.2 | $ 73.3 | $ 257.4 | $ 208.1 |
Interest expense | 8.8 | 7 | 26.7 | 17.9 |
Other non-operating (income), net | (2.3) | (1.4) | (6.9) | (4.1) |
Earnings before income taxes | $ 93.7 | $ 67.7 | $ 237.6 | $ 194.3 |
Segment Results (Reconciliati_2
Segment Results (Reconciliation of Total Segment Assets to Total Consolidated Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 1,713.8 | $ 1,687.2 |
Mineral Fiber [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,107.9 | 1,096.9 |
Architectural Specialties [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 412.6 | 387.5 |
Unallocated Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 193.3 | $ 202.8 |
Revenue (Schedule of Net Sales
Revenue (Schedule of Net Sales by Major Customer Group within Each Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 347.3 | $ 325 | $ 982.9 | $ 928.6 |
Mineral Fiber [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 249.7 | 233.7 | 712.1 | 671.4 |
Mineral Fiber [Member] | Distributors [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 182 | 173.8 | 516.4 | 495 |
Mineral Fiber [Member] | Home Centers [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 25.5 | 24 | 80 | 75.6 |
Mineral Fiber [Member] | Direct Customers [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 15.7 | 16.1 | 45.6 | 46.6 |
Mineral Fiber [Member] | Other [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26.5 | 19.8 | 70.1 | 54.2 |
Architectural Specialties [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 97.6 | 91.3 | 270.8 | 257.2 |
Architectural Specialties [Member] | Distributors [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 57.4 | 44.7 | 142.5 | 129.4 |
Architectural Specialties [Member] | Direct Customers [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 36.4 | 45.3 | 122.8 | 125 |
Architectural Specialties [Member] | Other [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3.8 | $ 1.3 | $ 5.5 | $ 2.8 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jul. 17, 2023 | Nov. 04, 2022 | May 31, 2023 | Jun. 30, 2023 | Jun. 30, 2024 | Sep. 30, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 174.8 | $ 167.3 | |||||
Acquisition-related contingent consideration | 0 | $ 15.2 | |||||
Intangible assets acquired | $ 11 | ||||||
Payments to acquire intangible assets | $ 10 | ||||||
Scenario Forecast [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire intangible assets | $ 1 | ||||||
Software [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of intangible assets acquired | $ 6.5 | ||||||
Amortizable intangible asset weighted average useful life | 5 years | ||||||
Developed Technology [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of intangible assets acquired | $ 4.5 | ||||||
Amortizable intangible asset weighted average useful life | 17 years | ||||||
Patents [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of intangible assets acquired | $ 1.9 | ||||||
GC Products, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 2.8 | ||||||
Business acquisition, total fair value of liabilities assumed, less tangible assets acquired | 0.3 | ||||||
Fair value of intangible assets acquired | 1.8 | ||||||
Goodwill | 0.7 | ||||||
GC Products, Inc. [Member] | Non-compete Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of intangible assets acquired | 0.2 | ||||||
GC Products, Inc. [Member] | Technology [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of intangible assets acquired | 0.7 | ||||||
GC Products, Inc. [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of intangible assets acquired | $ 0.6 | ||||||
BOK Modern, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | 13.8 | ||||||
Fair value of intangible assets acquired | 5.4 | ||||||
Goodwill | 7.5 | ||||||
Acquisition-related contingent consideration | 0.8 | ||||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 1.7 | ||||||
Business combination, purchase price | 14.6 | ||||||
BOK Modern, LLC [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition-related contingent consideration | 3.3 | ||||||
BOK Modern, LLC [Member] | Non-compete Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of intangible assets acquired | $ 0.3 | ||||||
Amortizable intangible asset weighted average useful life | 3 years | ||||||
BOK Modern, LLC [Member] | Patents [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Amortizable intangible asset weighted average useful life | 18 years | ||||||
BOK Modern, LLC [Member] | Technology [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of intangible assets acquired | $ 1.8 | ||||||
Amortizable intangible asset weighted average useful life | 15 years | ||||||
BOK Modern, LLC [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of intangible assets acquired | $ 1.4 | ||||||
Amortizable intangible asset weighted average useful life | 2 years |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 0 | $ 0 | ||
Income tax benefit | $ 0 | (3) | $ 0 | (3) |
EMEA and Pacific Rim Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 0 | ||
Income tax benefit | (2) | (2) | ||
Armstrong Flooring Inc [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 0 | ||
Income tax benefit | $ (1) | $ (1) |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Business Details and Line Items Comprising Discontinued Operations on Statements of Earnings and Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Earnings from disposal of discontinued businesses, before income tax | $ 0 | $ 0 | ||
Income tax benefit | $ 0 | (3) | $ 0 | (3) |
Earnings from disposal of discontinued businesses, net of tax | 0 | 3 | 0 | 3 |
Net earnings from discontinued operations | $ 0 | 3 | $ 0 | 3 |
EMEA and Pacific Rim Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Earnings from disposal of discontinued businesses, before income tax | 0 | 0 | ||
Income tax benefit | (2) | (2) | ||
Earnings from disposal of discontinued businesses, net of tax | 2 | 2 | ||
Net earnings from discontinued operations | 2 | 2 | ||
Armstrong Flooring Inc [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Earnings from disposal of discontinued businesses, before income tax | 0 | 0 | ||
Income tax benefit | (1) | (1) | ||
Earnings from disposal of discontinued businesses, net of tax | 1 | 1 | ||
Net earnings from discontinued operations | $ 1 | $ 1 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Customer receivables | $ 112.8 | $ 107.4 |
Miscellaneous receivables | 7 | 8.2 |
Less allowance for warranties, discounts and losses | (3.1) | (3.2) |
Accounts and notes receivable, net | $ 116.7 | $ 112.4 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Miscellaneous receivables | $ 7 | $ 8.2 |
Employee Retention Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Miscellaneous receivables | $ 4.8 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 58.8 | $ 60.9 |
Goods in process | 4.5 | 6.5 |
Raw materials and supplies | 68.1 | 63 |
Less LIFO reserves | (24.2) | (20.4) |
Total inventories, net | $ 107.2 | $ 110 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 15.1 | $ 16.6 |
Assets held for sale | 6.6 | 4.6 |
Fair value of derivative assets | 3.2 | 3.7 |
Other | 2.7 | 1.4 |
Total other current assets | $ 27.6 | $ 26.3 |
Equity Investment (Narrative) (
Equity Investment (Narrative) (Details) | Sep. 30, 2023 |
WAVE [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity interest percentage | 50% |
Equity Investment (Summary of I
Equity Investment (Summary of Investment in Joint Venture, Income Statement Data) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 347.3 | $ 325 | $ 982.9 | $ 928.6 |
Gross profit | 141.4 | 117.5 | 377.5 | 337.6 |
Net earnings | 69.5 | 57.5 | 177 | 154.1 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Partnership Interest Member | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 117.8 | 116.9 | 343.4 | 356.3 |
Gross profit | 68.5 | 64 | 200.9 | 180.1 |
Net earnings | $ 49.1 | $ 46.7 | $ 144.5 | $ 130 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Lease liability | $ 28.5 |
Right-of-use asset | |
Lease liability | $ 13 |
Expected lease term | 5 years |
Additional ROU asset and lease liability | $ 8.6 |
Modified expected lease term | 13 years |
Leases (Summary of Supplemental
Leases (Summary of Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
ROU assets obtained in exchange for lease liabilities | |||
Operating leases | $ 15.1 | $ 2.5 | |
Finance leases | [1] | $ 12.3 | $ 0 |
[1] The nine months ended September 30, 2023 include increases in ROU assets of $ 12.3 million resulting from modifications that did not involve obtaining a new ROU asset. Modifications resulted from contractual extensions of existing leases. |
Leases (Summary of Supplement_2
Leases (Summary of Supplemental Cash Flow Information Related to Leases) (Parenthetical) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Lease, Cost [Abstract] | |
ROU assets | $ 12.3 |
Leases (Schedule of Weighted Av
Leases (Schedule of Weighted Average Assumptions Used To Compute ROU Assets and Lease Liabilities) (Details) | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted average discount rate, Operating leases | 4.90% | 3.80% |
Weighted average discount rate, Finance leases | 4.60% | 3.70% |
Leases (Schedule of Undiscounte
Leases (Schedule of Undiscounted Future Minimum Payments) (Details) $ in Millions | Sep. 30, 2023 USD ($) | |
Maturity of lease liabilities | ||
2023 | $ 3.1 | [1] |
2024 | 7.8 | |
2025 | 6.2 | |
2026 | 5.1 | |
2027 | 5 | |
Thereafter | 6 | |
Total lease payments | 33.2 | |
Less interest | (4.7) | |
Present value of lease liabilities | 28.5 | |
Maturity of lease liabilities | ||
2023 | 1.4 | [1] |
2024 | 4.2 | |
2025 | 4 | |
2026 | 4.2 | |
2027 | 4.4 | |
Thereafter | 16.8 | |
Total lease payments | 35 | |
Less interest | (7.8) | |
Present value of lease liabilities | $ 27.2 | |
[1] Scheduled maturities of lease liabilities represent the time period of October 1, 2023 to December 31, 2023. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Estimated Useful Life | Indefinite | |
Amortizing intangible assets, Gross Carrying Amount | $ 313 | $ 295.9 |
Amortizing intangible assets, Accumulated Amortization | 244.4 | 233.2 |
Non-amortizing intangible assets | 345.2 | 345 |
Total intangible assets | 658.2 | 640.9 |
Goodwill | $ 174.8 | 167.3 |
Trademarks And Brand Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Non-amortizing intangible assets, Estimated Useful Life | Indefinite | |
Customer Relationships [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 183.5 | 182.1 |
Amortizing intangible assets, Accumulated Amortization | $ 149.4 | 142 |
Customer Relationships [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 2 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 20 years | |
Developed Technology [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 100.8 | 93.8 |
Amortizing intangible assets, Accumulated Amortization | $ 84.1 | 83.3 |
Developed Technology [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 13 years | |
Developed Technology [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 20 years | |
Software [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 15.6 | 9.1 |
Amortizing intangible assets, Accumulated Amortization | $ 4 | 2.6 |
Software [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 5 years | |
Software [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 7 years | |
Trademarks And Brand Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 5.9 | 4 |
Amortizing intangible assets, Accumulated Amortization | $ 3.2 | 2.6 |
Trademarks And Brand Names [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 3 years | |
Trademarks And Brand Names [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 15 years | |
Non-compete Agreements [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 6.1 | 5.8 |
Amortizing intangible assets, Accumulated Amortization | $ 3.5 | 2.6 |
Non-compete Agreements [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 3 years | |
Non-compete Agreements [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 5 years | |
Other [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | Various | |
Amortizing intangible assets, Gross Carrying Amount | $ 1.1 | 1.1 |
Amortizing intangible assets, Accumulated Amortization | $ 0.2 | $ 0.1 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 11 | $ 12.8 |
Goodwill and Intangible Asset (
Goodwill and Intangible Asset (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
May 31, 2023 | Sep. 30, 2023 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Intangible assets acquired | $ 11 | |
Software [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Fair value of intangible assets acquired | $ 6.5 | |
Amortizable intangible asset weighted average useful life | 5 years | |
Developed Technology [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Fair value of intangible assets acquired | $ 4.5 | |
Amortizable intangible asset weighted average useful life | 17 years |
Other non-Current Assets (Detai
Other non-Current Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Cash surrender value of company-owned life insurance policies | $ 40.7 | $ 42.8 |
Investment in employee deferred compensation plans | 7.8 | 7.7 |
Fair value of derivative assets | 3 | 7.7 |
Other | 1 | 1.2 |
Total other non-current assets | $ 52.5 | $ 59.4 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Accounts Payble And Accrued Expenses [Line Items] | ||
Payables, trade and other | $ 95.3 | $ 105 |
Employment costs | 20.8 | 20 |
Current portion of pension and postretirement liabilities | 9.9 | 9.9 |
Acquisition-related contingent consideration | 0 | 15.2 |
Other | 24.3 | 22.4 |
Total accounts payable and accrued expenses | $ 150.3 | $ 172.5 |
Income Tax Expenses (Details)
Income Tax Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Earnings from continuing operations before income taxes | $ 93.7 | $ 67.7 | $ 237.6 | $ 194.3 |
Income tax expense | $ 24.2 | $ 13.2 | $ 60.6 | $ 43.2 |
Effective tax rate | 25.80% | 19.50% | 25.50% | 22.20% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility amount | $ 7,700,000 | |
Line of credit availability | 175,000,000 | |
Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit availability | 450,000,000 | |
Principal debt outstanding | 450,000,000 | $ 450,000,000 |
Bi-lateral Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility amount | 7,700,000 | |
Line of credit availability | 25,000,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit availability | 500,000,000 | |
Amount outstanding | 175,000,000 | $ 205,000,000 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit availability | 150,000,000 | |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility amount | $ 950,000,000 |
Debt (Schedule of Letters of Cr
Debt (Schedule of Letters of Credit Facilities) (Details) | Sep. 30, 2023 USD ($) |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | $ 175,000,000 |
Letters of credit, Used | 7,700,000 |
Letters of credit, Available | 167,300,000 |
Letter of Credit [Member] | Bi-lateral Facility [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 25,000,000 |
Letters of credit, Used | 7,700,000 |
Letters of credit, Available | 17,300,000 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 500,000,000 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 150,000,000 |
Letters of credit, Available | $ 150,000,000 |
Pensions and Other Benefit Pr_3
Pensions and Other Benefit Programs (Schedule of Periodic Benefit Costs (Credits) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
U.S. Defined-Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost of benefits earned during the period | $ 0.6 | $ 1 | $ 1.9 | $ 2.8 |
Interest cost on projected benefit obligation | 4.3 | 2.6 | 12.8 | 7.9 |
Expected return on plan assets | (6.3) | (4.6) | (18.8) | (13.8) |
Amortization of net actuarial (gain) loss | 1.4 | 1 | 4.1 | 3.1 |
Net periodic pension/postretirement cost (credit) | 0 | 0 | 0 | 0 |
Retiree Health And Life Insurance Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost on projected benefit obligation | 0.7 | 0.4 | 2.1 | 1.1 |
Amortization of prior service credit | (0.1) | (0.1) | (0.2) | (0.2) |
Amortization of net actuarial (gain) loss | (1.4) | (0.7) | (4.3) | (2.1) |
Net periodic pension/postretirement cost (credit) | $ (0.8) | $ (0.4) | $ (2.4) | $ (1.2) |
Financial Instruments and Con_3
Financial Instruments and Contingent Consideration (Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Acquisition-related contingent consideration | $ 0 | $ (15.2) |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | (621.7) | (651.1) |
Acquisition-related contingent consideration | (0.8) | (15.2) |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | (616.2) | (645.3) |
Acquisition-related contingent consideration | (0.8) | (15.2) |
Interest Rate Swap Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | 6.2 | 11.4 |
Interest Rate Swap Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | $ 6.2 | $ 11.4 |
Financial Instruments and Con_4
Financial Instruments and Contingent Consideration (Summary of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Acquisition-related contingent consideration | $ 0 | $ (15.2) |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Acquisition-related contingent consideration | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Acquisition-related contingent consideration | (0.8) | |
Interest Rate Swap Contracts [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | 6.2 | $ 11.4 |
Interest Rate Swap Contracts [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | $ 0 |
Financial Instruments and Con_5
Financial Instruments and Contingent Consideration (Schedule of Weighted-Average of Significant Unobservable Inputs) (Details) - BOK Modern, LLC [Member] | Sep. 30, 2023 |
Volatility [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Discount rates | 24.60% |
Discount Rates [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Discount rates | 5% |
Financial Instruments and Con_6
Financial Instruments and Contingent Consideration (Schedule of Changes in Fair Value of the Acquisition Related Contingent Consideration Liability) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Combinations [Abstract] | ||||
Fair value of contingent consideration as of beginning of period | $ 0 | $ 10.4 | $ 15.2 | $ 12.8 |
Cash consideration paid | 0 | 0 | (15.2) | (8.6) |
Acquisition date fair value of contingent consideration | 0.8 | 0 | 0.8 | 0 |
Loss related to change in fair value of contingent consideration | 0 | 7.1 | 0 | 13.3 |
Fair value of contingent consideration as of end of period | $ 0.8 | $ 17.5 | $ 0.8 | $ 17.5 |
Financial Instruments and Con_7
Financial Instruments and Contingent Consideration (Additional Information) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Business Acquisition [Line Items] | ||||
Acquisition-related contingent consideration | $ 0 | $ 15.2 | ||
Cash consideration paid | $ 15.2 | $ 8.6 | ||
Level 3 [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related contingent consideration | $ 0.8 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Summary of Interest Rate Swaps) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
November 2018 to November 2023 [Member] | |
Derivative [Line Items] | |
Coverage Period | November 2018 to November 2023 |
Notional Amount | $ 200 |
Risk Coverage | USD-SOFR |
Trade Date | Nov. 28, 2018 |
September 2022 to December 2023 [Member] | |
Derivative [Line Items] | |
Coverage Period | September 2022 to December 2023 |
Notional Amount | $ 25 |
Risk Coverage | USD-SOFR |
Trade Date | Sep. 19, 2022 |
March 2021 to March 2024 [Member] | |
Derivative [Line Items] | |
Coverage Period | March 2021 to March 2024 |
Notional Amount | $ 50 |
Risk Coverage | USD-SOFR |
Trade Date | Mar. 10, 2020 |
March 2021 to March 2024 [Member] | |
Derivative [Line Items] | |
Coverage Period | March 2021 to March 2024 |
Notional Amount | $ 50 |
Risk Coverage | USD-SOFR |
Trade Date | Mar. 11, 2020 |
March 2021 to March 2025 [Member] | |
Derivative [Line Items] | |
Coverage Period | March 2021 to March 2025 |
Notional Amount | $ 100 |
Risk Coverage | USD-SOFR |
Trade Date | Nov. 28, 2018 |
November 2023 to June 2024 [Member] | |
Derivative [Line Items] | |
Coverage Period | November 2023 to June 2024 |
Notional Amount | $ 50 |
Risk Coverage | USD-SOFR |
Trade Date | Sep. 18, 2023 |
November 2023 to November 2027 [Member] | |
Derivative [Line Items] | |
Coverage Period | November 2023 to November 2027 |
Notional Amount | $ 50 |
Risk Coverage | USD-SOFR |
Trade Date | Sep. 29, 2023 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Oct. 23, 2023 | Oct. 23, 2023 | Sep. 30, 2023 | |
Derivative [Line Items] | |||
Gain in AOCI expected to be recognized in earnings over the next twelve months | $ 6.3 | ||
Interest Rate Swap Contracts [Member] | |||
Derivative [Line Items] | |||
SOFR floor | 0% | ||
November 30, 2023 through December 31, 2026 [Member] | Subsequent Event [Member] | |||
Derivative [Line Items] | |||
Trade Date | Oct. 31, 2023 | ||
Notional Amount | $ 50 | $ 50 | |
November 30, 2023 through December 31, 2025 [Member] | Subsequent Event [Member] | |||
Derivative [Line Items] | |||
Trade Date | Oct. 31, 2023 | ||
Notional Amount | $ 50 | $ 50 | |
Interest rate swaps on October 2023 [Member] | Subsequent Event [Member] | |||
Derivative [Line Items] | |||
Coverage Period | These swaps have coverage periods beginning on November 30, 2023, with one swap maturing on December 31, 2025 and another swap maturing on December 31, 2026 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet) (Details) - Interest Rate Swap Contracts [Member] - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other Non-Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 3 | $ 7.7 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 3.2 | $ 3.7 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Derivative Financial Instrume_6
Derivative Financial Instruments (Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax |
Derivatives in Cash Flow Hedging Relationships [Member] | Interest Rate Swap Contracts [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain Recognized in AOCI | $ 2.8 | $ 28.2 | ||
Gain reclassified from AOCI into net earnings | $ 3.3 | $ 0 | $ 8.6 | $ 3.5 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Oct. 18, 2023 | Jul. 29, 2016 | Jul. 31, 2023 | Apr. 30, 2023 | Feb. 28, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Oct. 31, 2023 | Aug. 31, 2023 | May 31, 2023 | Mar. 31, 2023 | |
Equity Class Of Treasury Stock [Line Items] | |||||||||||||
Shares repurchase program, repurchased cost | $ 40,400,000 | $ 60,000,000 | $ 98,000,000 | $ 145,000,000 | |||||||||
Quarterly dividends declared | $ 0.28 | $ 0.254 | $ 0.254 | $ 0.254 | |||||||||
Dividends payable, date to be paid, year and month | 2023-08 | 2023-05 | 2023-03 | ||||||||||
Subsequent Event [Member] | |||||||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||||||
Dividends payable, date to be paid, year and month | 2023-11 | ||||||||||||
Common Stock | |||||||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 751,800,000 | $ 751,800,000 | |||||||||||
Shares repurchase program, shares repurchased | (534,736) | (696,795) | (1,345,381) | (1,636,950) | |||||||||
Common Stock | Share Repurchase Program Excluding Accelerated Share Repurchase | |||||||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||||||
Shares repurchase program, shares repurchased | 500,000 | 1,300,000 | |||||||||||
Shares repurchase program, repurchased cost | $ 40,000,000 | $ 97,000,000 | |||||||||||
Shares repurchase program, average price per share | $ 74.8 | $ 72.09 | |||||||||||
Common Stock | Share Repurchase Program Including Accelerated Share Repurchase | |||||||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||||||
Shares repurchase program, shares repurchased | 13,700,000 | ||||||||||||
Shares repurchase program, repurchased cost | $ 948,200,000 | ||||||||||||
Shares repurchase program, average price per share | $ 69 | ||||||||||||
July 2018 program | Common Stock | |||||||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||||||
Shares repurchase program, expiration date | Jul. 31, 2018 | ||||||||||||
July 2018 program | Common Stock | Maximum [Member] | |||||||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||||||
Shares repurchase program, authorized amount | $ 150,000,000 | ||||||||||||
December 2026 program | Common Stock | Maximum [Member] | |||||||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||||||
Shares repurchase program, authorized amount | $ 1,700,000,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Accumulated Other Comprehensive (Loss) Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | $ 566.7 | $ 527.8 | $ 535 | $ 519.7 | |
Ending Balance | 585.5 | 521.2 | 585.5 | 521.2 | |
Foreign Currency Translation Adjustments [Member] | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | 1.1 | 2.1 | 0.5 | 2.3 | |
Other comprehensive (loss) income before reclassifications, net of tax (expense) | (0.5) | (2.1) | 0.1 | (2.3) | |
Amounts reclassified from accumulated other comprehensive (loss) | 0 | 0 | 0 | 0 | |
Net current period other comprehensive (loss) | (0.5) | (2.1) | 0.1 | (2.3) | |
Ending Balance | 0.6 | 0 | 0.6 | 0 | |
Derivative (Loss) Gain [Member] | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | [1] | 7.1 | 4.5 | 9.5 | (9.1) |
Other comprehensive (loss) income before reclassifications, net of tax (expense) | [1] | 0.7 | 4.9 | 2.5 | 21.3 |
Amounts reclassified from accumulated other comprehensive (loss) | [1] | (2.6) | 0 | (6.8) | (2.8) |
Net current period other comprehensive (loss) | [1] | (1.9) | 4.9 | (4.3) | 18.5 |
Ending Balance | [1] | 5.2 | 9.4 | 5.2 | 9.4 |
Pension And Postretirement Adjustments [Member] | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | [1] | (110) | (102.1) | (110.1) | (102.8) |
Other comprehensive (loss) income before reclassifications, net of tax (expense) | [1] | (0.1) | 0 | 0.2 | 0.3 |
Amounts reclassified from accumulated other comprehensive (loss) | [1] | (0.1) | 0.2 | (0.3) | 0.6 |
Net current period other comprehensive (loss) | [1] | (0.2) | 0.2 | (0.1) | 0.9 |
Ending Balance | [1] | (110.2) | (101.9) | (110.2) | (101.9) |
Accumulated Other Comprehensive (Loss) [Member] | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | [1] | (101.8) | (95.5) | (100.1) | (109.6) |
Other comprehensive (loss) income before reclassifications, net of tax (expense) | [1] | 0.1 | 2.8 | 2.8 | 19.3 |
Amounts reclassified from accumulated other comprehensive (loss) | [1] | (2.7) | 0.2 | (7.1) | (2.2) |
Net current period other comprehensive (loss) | [1] | (2.6) | 3 | (4.3) | 17.1 |
Ending Balance | [1] | $ (104.4) | $ (92.5) | $ (104.4) | $ (92.5) |
[1] Amounts are net of tax. |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule of Accumulated Other Comprehensive (Loss) Activity) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss) before reclassifications, tax benefit (expense) | $ (0.1) | $ (1.6) | $ (0.5) | $ (7) |
Derivative (Loss) Gain [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss) before reclassifications, tax benefit (expense) | $ (0.1) | $ (1.6) | (0.4) | (6.9) |
Pension And Postretirement Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss) before reclassifications, tax benefit (expense) | $ (0.1) | $ (0.1) |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | $ (8.8) | $ (7) | $ (26.7) | $ (17.9) |
Tax impact | (24.2) | (13.2) | (60.6) | (43.2) |
Total (income), net of tax | (69.5) | (57.5) | (177) | (154.1) |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Derivative (Loss) Gain [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax impact | 0.7 | 0 | 1.8 | 0.7 |
Total (income), net of tax | (2.6) | 0 | (6.8) | (2.8) |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Derivative (Loss) Gain [Member] | Interest Rate Swap Contracts, Before Tax [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | (3.3) | 0 | (8.6) | (3.5) |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Amortization of prior service credit [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other non-operating (income), net | (0.1) | (0.1) | (0.2) | (0.2) |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Amortization of Net Actuarial (Gain) Loss [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other non-operating (income), net | 0 | 0.3 | (0.2) | 1 |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Pension And Postretirement Adjustments [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total (income) loss, before tax | (0.1) | 0.2 | (0.4) | 0.8 |
Tax impact | 0 | 0 | 0.1 | (0.2) |
Total loss, net of tax | (0.1) | 0.2 | (0.3) | 0.6 |
Total reclassifications for the period | $ (2.7) | $ 0.2 | $ (7.1) | $ (2.2) |
Other Long-Term Liabilities (Sc
Other Long-Term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Long-term deferred compensation arrangements | $ 17 | $ 15.4 |
Environmental insurance recoveries received in excess of cumulative expenses incurred | 2.7 | 3.5 |
Acquisition-related contingent consideration | 0.8 | 0 |
Other | 7.9 | 6.9 |
Total other long-term liabilities | $ 28.4 | $ 25.8 |
Litigation and Related Matters
Litigation and Related Matters (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 60 Months Ended | ||
Sep. 30, 2010 Site | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) Site | Sep. 30, 2022 USD ($) | Dec. 31, 2007 | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||||||
Settlement agreement amount of litigation agreement | $ 53 | ||||||
Environmental insurance recoveries received in excess of cumulative expenses incurred | $ 2.7 | $ 2.7 | $ 3.5 | ||||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | 0.5 | $ 0.5 | $ 0.6 | ||||
Macon Site [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of landfills listed as Superfund site | Site | 2 | ||||||
Number of landfills AWI entered into an Administrative Order on Consent for a Removal Action | Site | 1 | ||||||
Submission date of final report to EPA | Oct. 31, 2016 | ||||||
Elizabeth City [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of site costs Navy agreed to pay | 33.33% | ||||||
Other Long-Term Liabilities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Environmental liabilities | $ 0.8 | $ 0.8 | $ 0.5 |
Net Earnings Per Share (Reconci
Net Earnings Per Share (Reconciliation of Earnings (loss) to Earnings (loss) Attributable to Common Shares Used in Basic and Diluted (Loss) Earnings Per Share Calculation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Earnings from continuing operations | $ 69.5 | $ 54.5 | $ 177 | $ 151.1 |
Earnings allocated to participating vested share awards | 0 | (0.1) | (0.1) | (0.2) |
Earnings allocated to participating vested share awards | 0 | (0.1) | (0.1) | (0.2) |
Earnings from continuing operations attributable to common shares | $ 69.5 | $ 54.4 | $ 176.9 | $ 150.9 |
Net Earnings Per Share (Recon_2
Net Earnings Per Share (Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Basic shares outstanding | 44.5 | 46.1 | 45 | 46.6 |
Dilutive effect of common stock equivalents | 0.1 | 0 | 0 | 0.1 |
Diluted shares outstanding | 44.6 | 46.1 | 45 | 46.7 |
Net Earnings Per Share (Narrati
Net Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Common stock equivalents not included in the computation of diluted EPS | 44,932 | 3,812 | 103,740 | 6,202 |