Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 14, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ARMSTRONG WORLD INDUSTRIES, INC. | ||
Trading Symbol | AWI | ||
Entity Central Index Key | 0000007431 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Annual Report | true | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | PA | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 43,808,333 | ||
Entity Public Float | $ 3.3 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Certain sections of Armstrong World Industries, Inc.’s definitive Proxy Statement for use in connection with its 2024 annual meeting of shareholders, to be filed no later than April 29, 2024 (120 days after the last day of our 2023 fiscal year), are incorporated by reference into Part III of this Form 10-K Report where indicated. | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Philadelphia, PA | ||
Auditor Firm ID | 185 | ||
Document Financial Statement Error Correction [Flag] | false |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 1,295.2 | $ 1,233.1 | $ 1,106.6 |
Cost of goods sold | 798.2 | 784 | 701 |
Gross profit | 497 | 449.1 | 405.6 |
Selling, general and administrative expenses | 262.5 | 237 | 237.4 |
Loss (gain) related to change in fair value of contingent consideration | 0.1 | 11 | (4.1) |
Equity earnings from joint venture | (89.3) | (77.6) | (87.7) |
Operating income | 323.7 | 278.7 | 260 |
Interest expense | 35.3 | 27.1 | 22.9 |
Other non-operating (income), net | (9.9) | (6) | (5.6) |
Earnings from continuing operations before income taxes | 298.3 | 257.6 | 242.7 |
Income tax expense | 74.5 | 57.7 | 57.4 |
Earnings from continuing operations | 223.8 | 199.9 | 185.3 |
Earnings (loss) disposal of discontinued businesses, net of tax (benefit) expense of $ -, ($3.0) and $1.7 | 0 | 3 | (2.1) |
Net earnings (loss) from discontinued operations | 0 | 3 | (2.1) |
Net earnings | 223.8 | 202.9 | 183.2 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 0.5 | (1.8) | 0 |
Derivative (loss) gain, net | (9) | 18.6 | 9.9 |
Pension and postretirement adjustments | 3.9 | (7.3) | (10.2) |
Total other comprehensive (loss) income | (4.6) | 9.5 | (0.3) |
Total comprehensive income | $ 219.2 | $ 212.4 | $ 182.9 |
Earnings per share of common stock, continuing operations: | |||
Basic | $ 5 | $ 4.31 | $ 3.88 |
Diluted | 4.99 | 4.3 | 3.86 |
Earnings (loss) per share of common stock, discontinued operations | |||
Basic | 0 | 0.07 | (0.04) |
Diluted | 0 | 0.07 | (0.04) |
Net earnings per share of common stock | |||
Basic | 5 | 4.38 | 3.84 |
Diluted | $ 4.99 | $ 4.37 | $ 3.82 |
Average number of common shares outstanding: | |||
Basic | 44.7 | 46.3 | 47.6 |
Diluted | 44.8 | 46.4 | 47.9 |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Income tax (benefit) expense | $ 0 | $ (3) | $ 1.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 70.8 | $ 106 |
Accounts and notes receivable, net | 111 | 112.4 |
Inventories, net | 104 | 110 |
Income taxes receivable | 0.8 | 1.8 |
Other current assets | 26.4 | 26.3 |
Total current assets | 313 | 356.5 |
Property, plant, and equipment, net | 566.4 | 554.4 |
Operating lease assets | 26.6 | 18.8 |
Finance lease assets | 25.2 | 16 |
Prepaid pension costs | 84.6 | 83.2 |
Investment in joint venture | 17.4 | 23.9 |
Goodwill | 175.5 | 167.3 |
Intangible assets, net | 412.4 | 407.7 |
Other non-current assets | 51.3 | 59.4 |
Total assets | 1,672.4 | 1,687.2 |
Current liabilities: | ||
Current installments of long-term debt | 22.5 | 0 |
Accounts payable and accrued expenses | 159.9 | 172.5 |
Operating lease liabilities | 6.8 | 5.9 |
Finance lease liabilities | 3 | 2.2 |
Income taxes payable | 2.3 | 2.1 |
Total current liabilities | 194.5 | 182.7 |
Long-term debt, less current installments | 564.3 | 651.1 |
Operating lease liabilities | 20.4 | 13.2 |
Finance lease liabilities | 23.4 | 14.6 |
Postretirement benefit liabilities | 42.4 | 54.8 |
Pension benefit liabilities | 26.9 | 27.6 |
Other long-term liabilities | 26.8 | 25.8 |
Income taxes payable | 15 | 13.1 |
Deferred income taxes | 166.9 | 169.3 |
Total non-current liabilities | 886.1 | 969.5 |
Shareholders' equity: | ||
Common stock, $0.01 par value per share, 200 million shares authorized, 63,054,340 shares issued and 43,902,061 shares outstanding as of December 31, 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 | 591.7 | 573.6 |
Retained earnings | 1,346.6 | 1,169.9 |
Treasury stock, at cost, 19,152,279 shares as of December 31, 2023 and 17,364,635 shares as of December 31, 2022 | (1,242.4) | (1,109) |
Accumulated other comprehensive (loss) | (104.7) | (100.1) |
Total shareholders' equity | 591.8 | 535 |
Total liabilities and shareholders' equity | $ 1,672.4 | $ 1,687.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 63,054,340 | 62,936,820 |
Common stock, shares outstanding | 43,902,061 | 45,572,185 |
Treasury stock, shares | 19,152,279 | 17,364,635 |
Consolidated Statements of Shar
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, 2020 | $ 450.9 | $ 0.6 | $ 553.7 | $ 869.8 | $ (863.9) | $ (109.3) |
Balance, shares at Dec. 31, 2020 | 47,913,821 | 14,685,510 | ||||
Stock issuance, net | 0.1 | $ (0.1) | ||||
Stock issuance, net, shares | 173,379 | 2,445 | ||||
Cash dividends - per common share | (41.6) | (41.6) | ||||
Share-based employee compensation | 7.5 | 7.5 | ||||
Net earnings | 183.2 | 183.2 | ||||
Other comprehensive income (loss) | (0.3) | (0.3) | ||||
Acquisition of treasury stock | (80) | $ (80) | ||||
Acquisition of treasury stock, shares | (784,901) | 784,901 | ||||
Ending Balance at Dec. 31, 2021 | 519.7 | $ 0.6 | 561.3 | 1,011.4 | $ (944) | (109.6) |
Balance, shares at Dec. 31, 2021 | 47,302,299 | 15,472,856 | ||||
Stock issuance, net, shares | 159,628 | 2,037 | ||||
Cash dividends - per common share | (44.4) | (44.4) | ||||
Share-based employee compensation | 12.3 | 12.3 | ||||
Net earnings | 202.9 | 202.9 | ||||
Other comprehensive income (loss) | 9.5 | 9.5 | ||||
Acquisition of treasury stock | (165) | $ (165) | ||||
Acquisition of treasury stock, shares | (1,889,742) | 1,889,742 | ||||
Ending Balance at Dec. 31, 2022 | $ 535 | $ 0.6 | 573.6 | 1,169.9 | $ (1,109) | (100.1) |
Balance, shares at Dec. 31, 2022 | 45,572,185 | 45,572,185 | 17,364,635 | |||
Stock issuance, net | 0.1 | $ (0.1) | ||||
Stock issuance, net, shares | 115,701 | 1,819 | ||||
Cash dividends - per common share | $ (47.1) | (47.1) | ||||
Share-based employee compensation | 18 | 18 | ||||
Net earnings | 223.8 | 223.8 | ||||
Other comprehensive income (loss) | (4.6) | (4.6) | ||||
Acquisition of treasury stock | (133.3) | $ (133.3) | ||||
Acquisition of treasury stock, shares | (1,785,825) | 1,785,825 | ||||
Ending Balance at Dec. 31, 2023 | $ 591.8 | $ 0.6 | $ 591.7 | $ 1,346.6 | $ (1,242.4) | $ (104.7) |
Balance, shares at Dec. 31, 2023 | 43,902,061 | 43,902,061 | 19,152,279 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared | $ 1.042 | $ 0.947 | $ 0.861 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net Income (Loss) | $ 223.8 | $ 202.9 | $ 183.2 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 89.2 | 83.7 | 96.5 |
Write-off of debt refinancing fees | 0 | 0.6 | 0 |
Loss on disposal of discontinued operations | 0 | 0 | 0.4 |
Deferred income taxes | (0.8) | (1.6) | 8.7 |
Share-based compensation | 18.8 | 14.3 | 11.3 |
Equity earnings from joint venture | (89.3) | (77.6) | (87.7) |
Loss (gain) from change in fair value of contingent consideration | 0.1 | 11 | (4.1) |
Payments of contingent consideration in excess of acquisition date fair value | (5) | (1.9) | 0 |
Other non-cash adjustments, net | 0.5 | 0.3 | 1 |
Changes in operating assets and liabilities: | |||
Receivables | (1.6) | (12.4) | (30.9) |
Inventories | 6.1 | (19.7) | (10.6) |
Accounts payable and accrued expenses | 8 | (1.8) | 38.6 |
Income taxes receivable and payable, net | 3.2 | (6.9) | (2) |
Other assets and liabilities | (18.5) | (8.5) | (17.2) |
Net cash provided by operating activities | 233.5 | 182.4 | 187.2 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (83.8) | (74.8) | (79.8) |
Return of investment from joint venture | 96.9 | 104.5 | 78.3 |
Cash paid for acquisitions, net of cash acquired | (26.5) | (2.8) | (0.7) |
Proceeds from the sale of assets | 0 | 0 | 0.1 |
Payments to Knauf upon disposal of discontinued operations | 0 | 0 | (11.8) |
Proceeds from company-owned life insurance, net | 3 | 1.3 | 0 |
Net cash (used for) provided by investing activities | (10.4) | 28.2 | (13.9) |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility | 55 | 355 | 95 |
Payments of revolving credit facility | (120) | (315) | (155) |
Proceeds from long-term debt | 0 | 450 | 0 |
Payments of long-term debt | 0 | (468.7) | (25) |
Financing costs | 0 | (3.1) | 0 |
Dividends paid | (46.9) | (44.2) | (41.4) |
Payments from share-based compensation plans, net of tax | (1.8) | (2) | (3.6) |
Payments for finance leases | (2.7) | (2.2) | (2.1) |
Payments of acquisition related contingent consideration | (10.2) | (6.7) | 0 |
Payments for treasury stock acquired | (132) | (165) | (80) |
Net cash (used for) financing activities | (258.6) | (201.9) | (212.1) |
Effect of exchange rate changes on cash and cash equivalents | 0.3 | (0.8) | 0 |
Net (decrease) increase in cash and cash equivalents | (35.2) | 7.9 | (38.8) |
Cash and cash equivalents at beginning of year | 106 | 98.1 | 136.9 |
Cash and cash equivalents at end of year | 70.8 | 106 | 98.1 |
Supplemental Cash Flow Disclosures: | |||
Interest paid | 33.9 | 26.9 | 21.5 |
Income tax payments, net | 72.1 | 63.2 | 52.5 |
Amounts in accounts payable for capital expenditures | $ 2.4 | $ 2.8 | $ 0.3 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 223.8 | $ 202.9 | $ 183.2 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Business
Business | 12 Months Ended |
Dec. 31, 2023 | |
Business [Abstract] | |
Business | NOTE 1. BUSINESS Armstrong World Industries, Inc. (“AWI”) is a Pennsylvania corporation incorporated in 1891. When we refer to “AWI,” the “Company,” “we,” “our” and “us” in these notes, we are referring to AWI and its subsidiaries. Acquisitions In October 2023, we acquired a portion of the business and certain assets of Insolcorp, LLC (“Insolcorp”), based in Albemarle, NC, used to develop, test and manufacture energy saving products deployed in building and roofing installations. The acquired operations, assets and liabilities of Insolcorp are included in our Mineral Fiber segment. In July 2023, we acquired all of the issued and outstanding stock of BOK Modern, LLC (“BOK”), based in San Rafael, CA. BOK is a designer of metal facade architectural solutions. In November 2022, we acquired the business 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 BOK and GC Products are included in our Architectural Specialties segment. See Note 5 for additional details. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy . The consolidated financial statements and accompanying data in this report include the accounts of AWI and its majority-owned subsidiaries. All significant intercompany transactions have been eliminated from the consolidated financial statements. Use of Estimates . We prepare our financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. When preparing an estimate, management determines the amount based upon the consideration of relevant internal and external information. Actual results may differ from these estimates. Reclassifications . Certain amounts in the prior year’s Consolidated Financial Statements and related notes have been recast to conform to the 2023 presentation. Revenue Recognition . We recognize revenue upon transfer of control of our products to the customer, which typically occurs upon shipment. Our main performance obligation to our customers is the delivery of products in accordance with purchase orders. Each purchase order confirms the transaction price for the products purchased under the arrangement. Direct sales to building materials distributors, home centers, direct customers and retailers represent the majority of our sales. Our standard sales terms are Free On Board (“FOB”) shipping point. We have some sales terms that are FOB destination. At the point of shipment, the customer is required to pay under normal sales terms. In most cases our normal payment terms are 45 days or less and our sales arrangements do not have any material financing components. In addition, our customer arrangements do not produce contract assets or liabilities that are material to our Consolidated Financial Statements. Within our Architectural Specialties segment, the majority of revenues are customer project driven, which includes a minority of revenues derived from the sale of customer specified customized products that have no alternative use to us. The manufacturing cycle for these custom products is typically short. Incremental costs to fulfill our customer arrangements are expensed as incurred, as the amortization period is less than one year. Our products are sold with normal and customary return provisions. We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects. Warranties are not sold separately to customers. Our product warranties place certain requirements on the purchaser, including installation and maintenance in accordance with our written instructions. In addition to our warranty program, under certain limited circumstances, we will occasionally, at our sole discretion, provide a customer accommodation repair or replacement. Warranty repairs and replacements are most commonly made by professional installers employed by or affiliated with our independent distributors. Reimbursement for costs associated with warranty repairs are provided to our independent distributors through a credit against accounts receivable from the distributor to us. Sales returns and warranty claims have historically not been material and do not constitute separate performance obligations. We often offer incentive programs to our customers, primarily volume rebates and promotions. The majority of our rebates are designated as a percentage of annual customer purchases. We estimate the amount of rebates based on actual sales for the period and accrue for the projected incentive programs’ costs. We record the costs of rebate accruals as a reduction to the transaction price. See Note 4 to the Consolidated Financial Statements for additional information related to our revenues. Shipping and Handling Costs . We account for product shipping and handling costs as fulfillment activities and present the associated costs in costs of goods sold in the period in which we sell our product. Advertising Costs . We recognize advertising expenses as they are incurred. See Note 25 to the Consolidated Financial Statements for additional details. Research and Development Costs . We expense research and development costs, or product innovation costs, as they are incurred. See Note 25 to the Consolidated Financial Statements for additional details. Business Combinations . We account for acquisitions under the acquisition method and the results of acquired operations are included in the 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. Our definite-lived intangible assets are amortized over each respective asset's estimated useful life on a straight-line basis and recorded as a component of operating income. The fair value of acquired intangible assets is estimated by applying discounted cash flow models based on significant 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. Changes in the fair value of contingent consideration liabilities in reporting periods after the acquisition date are recorded within our Consolidated Statements of Earnings and Comprehensive Income. Pension and Postretirement Benefits . We have benefit plans that provide for pension, medical and life insurance benefits to certain eligible employees when they retire from active service. See Note 18 to the Consolidated Financial Statements for additional details. Taxes . The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the financial statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date, which result from differences in the timing of reported taxable income between tax and financial reporting. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses and forecasts of future profitability, the duration of statutory carryforward periods, and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are generally not used as positive evidence related to the realization of the deferred tax assets in the assessment. We recognize the tax benefits of an uncertain tax position if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earliest. Taxes collected from customers and remitted to governmental authorities are reported on a net basis. See Note 16 to the Consolidated Financial Statements for additional details. Earnings per Share . Basic earnings per share is computed by dividing the earnings attributable to common shares by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings and is calculated using the treasury stock method. Cash and Cash Equivalents . Cash and cash equivalents include cash on hand and short-term investments that have maturities of three months or less when purchased. Concentration of Credit . We principally sell products to customers in building products industries. We monitor the creditworthiness of our customers and generally do not require collateral. Revenues from two commercial distributors, included within our Mineral Fiber and Architectural Specialties segments, individually exceeded 10 % of our revenues in 2023, 2022 and 2021. Gross sales to these two customers totaled $ 631.9 million, $ 547.8 million and $ 495.8 million in 2023, 2022 and 2021, respectively. Receivables . We sell our products to select, pre-approved customers using customary trade terms that allow for payment in the future. Customer trade and miscellaneous receivables (which include supply related rebates and other), net of allowances for doubtful accounts, customer credits and warranties, are reported in accounts and notes receivable, net. Cash flows from the collection of receivables are classified as operating cash flows on the Consolidated Statements of Cash Flows. We establish creditworthiness prior to extending credit. We estimate the recoverability of receivables each period. This estimate is based upon new information in the period, which can include the review of any available financial statements and forecasts, as well as discussions with legal counsel and the management of the debtor company. When events occur that impact the collectability of the receivable, all or a portion of the receivable is reserved. Account balances are charged off against the allowance when the potential for recovery is considered remote. We do not have any off-balance sheet credit exposure related to our customers. Inventories . Inventories are valued at the lower of cost and net realizable value. See Note 8 to the Consolidated Financial Statements for additional details. Property Plant and Equipment . Property plant and equipment is recorded at cost reduced by accumulated depreciation and amortization. Depreciation and amortization expense is recognized on a straight-line basis over the assets’ estimated useful lives. Machinery and equipment includes manufacturing equipment (depreciated over 2 to 15 years ), computer equipment (depreciated over 3 to 5 years ) and office furniture and equipment (depreciated over 5 to 7 years ). Within manufacturing equipment, assets that are subject to accelerated obsolescence or wear out quickly, such as dryer components, are generally depreciated over shorter periods while heavy production equipment, such as conveyors and production presses, are generally depreciated over longer periods. Buildings are depreciated over 15 to 30 years , depending on factors such as type of construction and use. Computer software is amortized over 3 to 7 years . Property, plant and equipment is tested for impairment by asset group when indicators of impairment are present, such as operating losses and/or negative cash flows for each identified asset group. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying value exceeds the undiscounted future cash flows, we determine the fair value of the asset group based on discounted future cash flows expected to be generated by the asset group, or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants, or estimated salvage value if no sale is assumed. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. Impairments of assets related to our manufacturing operations are recorded in cost of goods sold. We did not test tangible assets for impairment in 2023, 2022 or 2021 as no indicators of impairment existed. When assets are disposed of or retired, their costs and related depreciation or amortization are removed from the financial statements, and any resulting gains or losses are normally reflected in cost of goods sold or selling, general and administrative (“SG&A”) expenses depending on the nature of the asset. See Note 10 to the Consolidated Financial Statements for additional details. Leases . We enter into operating and finance leases for certain manufacturing plants, warehouses, equipment and automobiles. Our leases have remaining lease terms of up to 14 years. Several leases include options for us to purchase leased items at fair value or renew for up to 5 years, or multiple 5-year renewal periods. Some of our leases include early termination options. We consider all of these options in determining the lease term used to establish our right-of-use (“ROU”) assets and lease liabilities when it is reasonably certain that we will exercise that option. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. We have lease agreements with lease and non-lease components, which we have elected to combine to determine the ROU assets and lease liabilities. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. As most of our leases do not provide an implicit rate, we use our Incremental Borrowing Rate (“IBR”) based on information that is available at the lease commencement date to compute the present value of lease payments. Relevant information used in determining the IBR includes the transactional currency of the lease and the lease term. See Note 12 to the Consolidated Financial Statements for additional details. Asset Retirement Obligations . We recognize the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which they are incurred. Upon initial recognition of a liability, the discounted cost is capitalized as part of the related long-lived asset and depreciated over the corresponding asset’s useful life. Over time, accretion of the liability is recognized as an operating expense to reflect the change in the liability’s present value. Goodwill and Intangible Assets . Our definite-lived intangible assets consist primarily of customer relationships (amortized over 2 to 20 years ), developed technology (amortized over 13 to 20 years ), acquired internally-developed software (amortized over 5 to 7 years ), trademarks and brand names (amortized over 3 to 20 years) and non-compete agreements (amortized over 3 to 5 years). We review definite-lived intangible assets for impairment by asset group when indicators of impairment are present, such as operating losses and/or negative cash flows for the respective asset group. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying value exceeds the undiscounted future cash flows, we determine the fair value of the asset group based on discounted future cash flows expected to be generated by the asset group or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. We did not test definite-lived intangible assets for impairment in 2023, 2022 or 2021 as no indicators of impairment existed. Our indefinite-lived assets include goodwill, trademarks and brand names, with Armstrong representing our primary trademark. Trademarks and brand names are integral to our corporate identity and are expected to contribute indefinitely to our cash flows. Accordingly, they have been assigned an indefinite life. We conduct our annual impairment tests on these indefinite-lived intangible assets and goodwill during the fourth quarter. These assets undergo more frequent tests if an indication of possible impairment exists. When performing an impairment test for indefinite-lived intangible assets and goodwill, we compare the carrying amount of the asset (when testing indefinite-lived intangible assets) and reporting unit (when testing goodwill) to the estimated fair value. For indefinite-lived intangible assets, the estimated fair value is based on discounted future cash flows using the relief from royalty method. For goodwill, the estimated fair value is based on discounted future cash flows expected to be generated by the reporting unit. If the fair value is less than the carrying value of the asset/reporting unit, we record an impairment charge equal to the difference between the fair value and carrying value of the asset/reporting unit. We did not test indefinite-lived intangible assets for impairment during any interim periods during 2023, as no indicators of impairment existed. We completed our annual impairment test in the fourth quarter of 2023 and no impairment charges were recorded in 2023, 2022 or 2021. See Note 13 to the Consolidated Financial Statements for additional details. Foreign Currency Transactions . Assets and liabilities of our subsidiaries operating outside the U.S. that are accounted in a functional currency other than U.S. dollars are translated using the period end exchange rate. Revenues and expenses are translated at exchange rates effective during each month. Foreign currency translation gains or losses are included as a component of accumulated other comprehensive (loss) income within shareholders' equity. Gains or losses on foreign currency transactions are recognized through earnings . Financial Instruments and Derivatives . We use derivatives and other financial instruments to offset the effect of interest rate variability. Derivatives are recognized on the balance sheet at fair value. For derivatives that meet the criteria as designated cash flow hedges, the changes in the fair value of the derivative are recognized in other comprehensive (loss) income until the hedged item is recognized in operations. See Notes 19 and 20 to the Consolidated Financial Statements for further discussion. Share-based Employee Compensation . We generally recognize share-based compensation expense on a straight-line basis over the vesting period for the entire award. Compensation expense for performance-based awards with non-market-based conditions are also recognized over the vesting period for the entire award, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. We estimate forfeitures based on actual historical forfeitures. See Note 22 to the Consolidated Financial Statements for additional information. Treasury Stock . Common shares repurchased by AWI are recorded on the settlement date at cost as treasury shares and result in a reduction of equity. We may reissue these treasury shares. When treasury shares are reissued, we determine the cost using the First-in, first-out cost method (“FIFO”). The difference between the cost of the treasury shares and reissuance price is included in additional paid-in capital or retained earnings. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Improvements to Reportable Segment Disclosures,” which modifies reportable segment disclosure requirements. This ASU expands annual and interim reportable segment disclosures, including: disclosure of the title and position of our chief operating decision maker (“CODM”), interim and annual disclosure of significant reportable segment expenses that are components of segment profit or loss information provided to the CODM, and interim disclosure of all annual reportable segment profit or loss and asset data currently only required to be disclosed annually. This guidance is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The adoption of this standard is not expected to have an impact on our financial statements, but will result in significantly expanded reportable segment disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which modifies the disclosure requirements for income taxes. This ASU requires disclosure of tabular statutory to effective rate reconciliation in both percentages and dollars, additional disaggregated rate reconciliation categories and disaggregation of both income taxes paid and income tax expense by jurisdiction. This guidance is effective for annual periods beginning after December 15, 2024. We expect this ASU to only impact our disclosures with no impact to our result of operations, cash flows and financial condition. |
Nature Of Operations
Nature Of Operations | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | NOTE 3. NATURE OF OPERATIONS Our operating segments are as follows: Mineral Fiber, Architectural Specialties and Unallocated Corporate. Mineral Fiber – produces suspended mineral fiber and soft fiber ceiling systems. Our mineral fiber products offer various performance attributes such as acoustical control, rated fire protection, and energy efficiency, along with other health and sustainability features and aesthetic appeal. Ceiling products are primarily sold to resale distributors, ceiling systems contractors and wholesalers, and retailers (including large home centers). The Mineral Fiber segment also includes the results of WAVE, which manufactures and sells suspension system (grid) products and ceiling component products that are invoiced by both AWI and WAVE. Segment results relating to WAVE consist primarily of equity earnings and reflect our 50 % equity interest in the joint venture. Ceiling component products consist of ceiling perimeters and trim, in addition to grid products that support drywall ceiling systems. For some customers, WAVE sells its suspension system products to AWI for resale to customers. Mineral Fiber segment results reflect those sales transactions. The Mineral Fiber segment also includes all assets and liabilities not specifically allocated to our Architectural Specialties or Unallocated Corporate segment, including all property and related depreciation associated with our Lancaster, PA headquarters. Operating results for the Mineral Fiber segment include a significant majority of allocated Corporate administrative expenses that represent a reasonable allocation of general services to support its operations. Architectural Specialties – produces, designs and sources ceilings, walls and facades primarily for use in commercial settings. Products are available in numerous materials, such as metal, wood and felt, in addition to various colors, shapes and designs. These products offer various performance attributes such as acoustical control, rated fire protection and aesthetic appeal. We sell standard, premium and customized products, a portion of which are sourced from third-party producers. Architectural Specialties products are sold primarily to resale distributors and direct customers, primarily ceiling systems contractors. The majority of this segment’s revenues are project driven, which can lead to more variability in sales patterns. Operating results for the Architectural Specialties segment include a portion of allocated Corporate administrative expenses that represent a reasonable allocation of general services to support its operations. Unallocated Corporate – includes certain assets, liabilities, income and expenses that have not been allocated to our other business segments and consists of: cash and cash equivalents, the net funded status of our U.S. Retirement Income Plan (“RIP”), the estimated fair value of interest rate swap contracts, outstanding borrowings under our senior secured credit facility and income tax balances. For the year ended 2023 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 932.4 $ 362.8 $ - $ 1,295.2 Equity (earnings) from joint venture ( 89.3 ) - - ( 89.3 ) Segment operating income (loss) 285.7 40.9 ( 2.9 ) 323.7 Segment assets 1,091.9 421.1 159.4 1,672.4 Depreciation and amortization 75.3 13.9 - 89.2 Investment in joint venture 17.4 - - 17.4 Purchases of property, plant and equipment 67.2 16.6 - 83.8 For the year ended 2022 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 887.4 $ 345.7 $ - $ 1,233.1 Equity (earnings) from joint venture ( 77.6 ) - - ( 77.6 ) Segment operating income (loss) 260.9 21.7 ( 3.9 ) 278.7 Segment assets 1,096.9 387.5 202.8 1,687.2 Depreciation and amortization 69.5 14.2 - 83.7 Investment in joint venture 23.9 - - 23.9 Purchases of property, plant and equipment 63.8 11.0 - 74.8 For the year ended 2021 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 818.5 $ 288.1 $ - $ 1,106.6 Equity (earnings) from joint venture ( 87.7 ) - - ( 87.7 ) Segment operating income (loss) 261.2 4.2 ( 5.4 ) 260.0 Segment assets 1,133.9 366.3 209.8 1,710.0 Depreciation and amortization 69.9 26.6 - 96.5 Investment in joint venture 50.0 - - 50.0 Purchases of property, plant and equipment 64.8 15.0 - 79.8 Segment operating income (loss) is the measure of segment profit or loss reviewed by the CODM. The sum of the segments’ operating income (loss) equals the total consolidated operating income as reported on our Consolidated Statements of Earnings and Comprehensive Income. The following reconciles our total consolidated operating income to earnings (loss) from continuing operations before income taxes. These items are only measured and managed on a consolidated basis: 2023 2022 2021 Total consolidated operating income $ 323.7 $ 278.7 $ 260.0 Interest expense 35.3 27.1 22.9 Other non-operating (income), net ( 9.9 ) ( 6.0 ) ( 5.6 ) Earnings from continuing operations before income taxes $ 298.3 $ 257.6 $ 242.7 Accounting policies of the segments are the same as those described in the summary of significant accounting policies. The sales in the table below are allocated to geographic areas based on the location of our selling entities. 2023 2022 2021 Geographic Areas Net sales Mineral Fiber: United States $ 854.2 $ 816.3 $ 754.2 Canada 78.2 71.1 64.3 Total Mineral Fiber 932.4 887.4 818.5 Architectural Specialties: United States 349.3 322.1 268.0 Canada 13.5 23.6 20.1 Total Architectural Specialties 362.8 345.7 288.1 Total net sales $ 1,295.2 $ 1,233.1 $ 1,106.6 Our product-based Mineral Fiber and Architectural Specialties segment net sales represent the product-based group offerings we sell to external customers. 2023 2022 Property, plant and equipment, net at December 31, Mineral Fiber: United States $ 494.9 $ 496.8 Total Mineral Fiber 494.9 496.8 Architectural Specialties: United States 66.5 52.3 Canada 5.0 5.3 Total Architectural Specialties 71.5 57.6 Total property, plant and equipment, net $ 566.4 $ 554.4 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | NOTE 4. 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 present net sales by major customer group within the Mineral Fiber and Architectural Specialties segments for the years ended December 31, 2023, 2022 and 2021: Mineral Fiber 2023 2022 2021 Distributors $ 682.3 $ 654.1 $ 603.9 Home centers 103.5 99.1 94.4 Direct customers 57.1 61.0 59.2 Other 89.5 73.2 61.0 Total $ 932.4 $ 887.4 $ 818.5 Architectural Specialties 2023 2022 2021 Distributors $ 192.7 $ 174.4 $ 150.5 Direct customers 159.7 168.0 134.6 Other 10.4 3.3 3.0 Total $ 362.8 $ 345.7 $ 288.1 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 5. ACQUISITIONS We account for acquisitions under the acquisition method and the results of operations of acquired operations are included in the Consolidated Financial Statements from the acquisition date. Acquisition related costs are expensed as incurred. For acquired businesses, 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 as of the acquisition date. The fair value of contingent consideration is 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 loss (gain) related to change in fair value of contingent consideration on our Consolidated Statements of Earnings and Comprehensive Income. INSOLCORP In October 2023, we acquired a portion of the business of Insolcorp for $ 1.7 million of cash and additional contingent consideration payable upon the achievement of certain future performance obligations from 2024 through 2031. We, with the assistance of an independent, third-party valuation specialist, determined the estimated fair value of the contingent consideration of $ 0.7 million at the acquisition date, resulting in a purchase price of $ 2.4 million. The total fair value of tangible assets acquired less liabilities assumed was $ 0.1 million. The total fair value of identifiable intangible assets acquired was $ 2.1 million, resulting in $ 0.2 million of goodwill. Acquired intangible assets were comprised of in-process research and development of $ 1.7 million and amortizable trademarks of $ 0.4 million. All acquired intangible assets are being amortized on a straight-line basis over a life of 20 years. 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. BOK In July 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 at the acquisition date, resulting in a purchase price of $ 14.6 million. The total fair value of tangible assets acquired less liabilities assumed was $ 1.4 million. The total fair value of identifiable intangible assets acquired was $ 5.4 million, resulting in $ 7.8 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 was paid in the fourth quarter of 2023. 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 In November 2022, we acquired the business 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 developed technology of $ 0.7 million, amortizable customer relationships of $ 0.6 million, and a non-compete agreement of $ 0.2 million, w hich are being amortized over a weighted-average life of 20 , 6 and 3 years, respectively . All of the acquired goodwill is deductible for tax purposes. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | NOTE 6. DISCONTINUED OPERATIONS 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 WAVE (collectively, the “Sale”), to Knauf International GmbH (“Knauf”). In 2021, we recorded a pre-tax loss on sale of $ 0.4 million for final purchase price adjustments related to certain pension liabilities included in the Sale and paid $ 11.8 million to Knauf related to this purchase price adjustment. In 2022, we recorded a $ 2.0 million tax benefit related to federal tax statute of limitation closures. ARMSTRONG FLOORING, INC. (“AFI”) On April 1, 2016, we completed our separation of 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. In 2022, we recorded a $ 1.0 million tax benefit related to federal tax statute of limitation closures. Summarized Financial Information of Discontinued Operations The following tables detail the businesses and line items that comprise discontinued operations on the Consolidated Statements of Earnings and Comprehensive Income. EMEA and Pacific Rim Businesses AFI Total 2022 Earnings from discontinued businesses before income tax $ - $ - $ - Income tax benefit ( 2.0 ) ( 1.0 ) ( 3.0 ) Net earnings from discontinued operations, net of tax $ 2.0 $ 1.0 $ 3.0 Net earnings from discontinued operations $ 2.0 $ 1.0 $ 3.0 EMEA and Pacific Rim Businesses 2021 (Loss) from disposal of discontinued businesses, before income tax $ ( 0.4 ) Income tax expense 1.7 (Loss) from disposal of discontinued businesses, net of tax $ ( 2.1 ) Net (loss) from discontinued operations $ ( 2.1 ) |
Accounts and Notes Receivable
Accounts and Notes Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts and Notes Receivable | NOTE 7. ACCOUNTS AND NOTES RECEIVABLE December 31, 2023 December 31, 2022 Customer receivables $ 102.1 $ 107.4 Miscellaneous receivables 11.8 8.2 Less allowance for warranties, discounts and losses ( 2.9 ) ( 3.2 ) Accounts and notes receivable, net $ 111.0 $ 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 of the outstanding ERC receivables were collected. See Note 16 to the Consolidated Financial Statements for further information. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 8. INVENTORIES December 31, 2023 December 31, 2022 Finished goods $ 55.1 $ 60.9 Goods in process 5.1 6.5 Raw materials and supplies 66.7 63.0 Less LIFO reserves ( 22.9 ) ( 20.4 ) Total inventories, net $ 104.0 $ 110.0 Approximately 62 % and 58 % of our total inventory in 2023 and 2022, respectively, were valued on a Last-in, first-out (“LIFO”) basis. The distinction between the use of different methods of inventory valuation is primarily based on type of inventory, legal entities and/or geographical locations. The following table summarizes the amount of inventory that is not accounted for under the LIFO method. December 31, 2023 December 31, 2022 U.S. locations $ 35.3 $ 43.2 Canada locations 4.0 3.1 Total $ 39.3 $ 46.3 Our U.S. locations generally use the weighted average cost method of inventory valuation and primarily represent certain finished goods sourced from third party suppliers and certain entities within our Architectural Specialties segment, most notably recent acquisitions, that also use the weighted average cost method given the nature of the inventory. Our Canadian locations use the FIFO method of inventory valuation, or other methods which closely approximate the FIFO method, primarily because the LIFO method is not permitted for local tax reporting purposes. In these situations, a conversion to LIFO would be highly complex and involve excessive cost and effort to achieve under local tax reporting requirements. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | NOTE 9. OTHER CURRENT ASSETS December 31, 2023 December 31, 2022 Prepaid expenses $ 15.9 $ 16.6 Assets held for sale 6.7 4.6 Fair value of derivative assets 1.1 3.7 Other 2.7 1.4 Total other current assets $ 26.4 $ 26.3 As of December 31, 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. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 10. PROPERTY, PLANT AND EQUIPMENT December 31, 2023 December 31, 2022 Land $ 31.0 $ 31.8 Buildings 273.3 267.8 Machinery and equipment 713.5 686.1 Computer software 85.1 69.2 Construction in progress 61.7 49.0 Less accumulated depreciation and amortization ( 598.2 ) ( 549.5 ) Net property, plant and equipment $ 566.4 $ 554.4 |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | NOTE 11. EQUITY INVESTMENTS Investment in joint venture as of December 31, 2023 and 2022 reflected 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 consolidated financial statements using the equity method of accounting. We use the cumulative earnings approach to determine the appropriate classification of distributions from WAVE within our cash flow statement. For all years presented, cumulative distributions received in prior periods, less distributions that were returns of investment, exceeded our cumulative equity earnings from WAVE as adjusted for the amortization of basis differences. Accordingly, the distributions were reflected as returns of investment in cash flows from investing activities in our Consolidated Statements of Cash Flows for all years presented. Distributions from WAVE in 2023, 2022 and 2021, were $ 96.9 million, $ 104.5 million, and $ 78.3 million, respectively. In certain markets, we sell WAVE products directly to customers pursuant to specific terms of sale. In those circumstances, we record the sales and associated costs within our consolidated financial statements. The total sales associated with these transactions were $ 47.2 million, $ 47.3 million and $ 42.3 million for the years ended 2023, 2022 and 2021, respectively. Condensed financial data for WAVE is summarized below. December 31, 2023 December 31, 2022 Current assets $ 88.9 $ 100.8 Non-current assets 87.2 86.3 Current liabilities 33.0 31.3 Non-current liabilities 363.9 372.3 2023 2022 2021 Net sales $ 449.0 $ 458.2 $ 430.8 Gross profit 263.2 231.1 244.5 Net earnings 187.2 163.7 184.6 Our recorded investment in WAVE was higher than our 50 % share of the carrying values reported in WAVE’s consolidated financial statements by $ 127.9 million as of December 31, 2023 and $ 132.2 million as of December 31, 2022. These differences are due to our adoption of fresh-start reporting upon emergence from Chapter 11 in October 2006, while WAVE’s consolidated financial statements do not reflect fresh-start reporting. The differences are composed of the following fair value adjustments to assets: December 31, 2023 December 31, 2022 Property, plant and equipment $ 0.4 $ 0.4 Other intangibles 97.1 101.4 Goodwill 30.4 30.4 Total $ 127.9 $ 132.2 Other intangibles include customer relationships and trademarks. Customer relationships are amortized over 20 years and trademarks have an indefinite life. Management regularly evaluates its investment in WAVE for impairment. Based on those evaluations, management concluded that its investment in WAVE was not impaired in 2023, 2022 or 2021. See discussion in Note 26 to the Consolidated Financial Statements for additional information on this related party. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | NOTE 12. LEASES The following table presents our lease costs: 2023 2022 2021 Operating lease cost $ 8.5 $ 7.0 $ 6.4 Finance lease cost: Amortization of leased assets $ 3.1 $ 2.4 $ 2.4 Interest on lease liabilities 0.9 0.6 0.7 Total finance lease cost $ 4.0 $ 3.0 $ 3.1 Short-term lease expense and variable lease cost were not material for the years ended December 31, 2023, 2022 and 2021 and are excluded from the table above. As of December 31, 2023, we did not have any material leases that have not yet commenced. The following table presents supplemental cash flow information related to our leases: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8.0 $ 6.8 $ 6.3 Operating cash flows from finance leases 0.8 0.6 0.7 Financing cash flows from finance leases 2.7 2.2 2.1 ROU assets obtained in exchange for lease liabilities Operating leases (1) $ 15.8 $ 3.9 $ 7.3 Finance leases (2) 12.3 - 0.3 (1) The year ended December 31, 2023 included a decrease of $ 1.0 million in ROU assets due to a change in lease classification upon modification and an increase of $ 0.6 million resulting from modifications that did not involve obtaining a new ROU asset. The years ended December 31, 2022 and 2021 included increases in ROU assets of $ 1.0 million and $ 3.2 million, respectively, resulting from modifications that did not involve obtaining a new ROU asset. Modifications resulted primarily from changes in the terms of existing leases. (2) The year ended December 31, 2023 included increases in ROU assets of $ 8.6 million due to the change in lease classification upon modification for an existing manufacturing facility within our Architectural Specialties segment which had a modified expected lease term of 13 years, in addition to an increase of $ 3.7 million for a lease modification that did not involve obtaining a new ROU asset. During 2023, we entered into a new operating lease for a manufacturing facility within our Architectural Specialties segment which, upon commencement, resulted in an initial ROU asset and lease liability of $ 13.0 million based on an expected lease term of approximately 5 years. The following table presents the weighted average assumptions used to compute our ROU assets and lease liabilities: December 31, 2023 December 31, 2022 Weighted average remaining lease term (in years) Operating leases 4.8 5.1 Finance leases 9.5 9.4 Weighted average discount rate Operating leases 5.7 % 3.8 % Finance leases 4.7 % 3.7 % Undiscounted future minimum lease payments as of December 31, 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 2024 $ 7.9 $ 4.2 2025 6.6 4.0 2026 5.3 4.2 2027 5.0 4.4 2028 3.5 2.5 Thereafter 2.5 14.3 Total lease payments 30.8 33.6 Less interest ( 3.6 ) ( 7.2 ) Present value of lease liabilities $ 27.2 $ 26.4 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 13. GOODWILL AND INTANGIBLE ASSETS We conduct our annual impairment testing of goodwill and non-amortizing intangible assets during the fourth quarter. The 2023, 2022 and 2021 reviews concluded that no impairment charges were necessary. See Note 2 to the Consolidated Financial Statements for a discussion of our accounting policy for goodwill and intangible assets. The following table details amounts related to our goodwill and intangible assets as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Estimated Gross Accumulated Amortization Gross Accumulated Amortization Amortizing intangible assets Customer relationships 2 - 20 years $ 183.6 $ 152.1 $ 182.1 $ 142.0 Developed technology 13 - 20 years 101.4 84.4 93.8 83.3 Software 5 - 7 years 15.6 4.6 9.1 2.6 Trademarks and brand names 3 - 20 years 6.2 3.4 4.0 2.6 Non-compete agreements 3 - 5 years 6.1 3.8 5.8 2.6 Other Various 2.8 0.2 1.1 0.1 Total $ 315.7 $ 248.5 $ 295.9 $ 233.2 Non-amortizing intangible assets Trademarks and brand names Indefinite 345.2 345.0 Total intangible assets $ 660.9 $ 640.9 Goodwill Indefinite $ 175.5 $ 167.3 2023 2022 2021 Amortization expense $ 15.3 $ 16.3 $ 33.8 The expected annual amortization expense for the years 2024 through 2028 are as follows: 2024 $ 16.2 2025 15.2 2026 11.2 2027 5.0 2028 2.9 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | NOTE 14. OTHER NON-CURRENT ASSETS December 31, 2023 December 31, 2022 Cash surrender value of company-owned life insurance policies $ 40.3 $ 42.8 Investment in employee deferred compensation plans 8.3 7.7 Fair value of derivative assets 1.8 7.7 Other 0.9 1.2 Total other non-current assets $ 51.3 $ 59.4 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable And Accrued Expenses | NOTE 15. ACCOUNTS PAYABLE AND ACCRUED EXPENSES December 31, 2023 December 31, 2022 Payables, trade and other $ 91.0 $ 105.0 Employment costs 33.6 20.0 Current portion of pension and postretirement liabilities 8.0 9.9 Acquisition-related contingent consideration - 15.2 Other 27.3 22.4 Total accounts payable and accrued expenses $ 159.9 $ 172.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 16. INCOME TAXES The tax effects of principal temporary differences between the carrying amounts of assets and liabilities and their tax basis are summarized below. Management believes it is more likely than not that the results of future operations will generate sufficient taxable income in the appropriate jurisdiction to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion, we considered the profit before tax generated for the years 2021 through 2023, future reversals of existing taxable temporary differences, and projections of future profit before tax. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, we consider all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses and forecasts of future profitability, the duration of statutory carryforward periods, and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. As of December 31, 2023 and 2022, we had $ 646.7 million and $ 675.5 million, respectively, of gross state net operating loss (“NOL”) carryforwards expiring between 2024 and 2043 . As of December 31, 2023 and 2022, we had capital loss carryforwards of $ 18.8 million that expire between 2024 and 2036. As of December 31, 2023 and 2022, we had valuation allowances of $ 49.1 million and $ 48.7 million, respectively. As of December 31, 2023, our valuation allowance consisted of $ 28.2 million for state deferred tax assets related to operating loss carryforwards, $ 17.9 million for federal and state deferred tax assets related to capital loss carryforwards and $ 3.0 million for state deferred tax assets related to state tax credits. We estimate we will need to generate future taxable income of approximately $ 240.9 million for state income tax purposes during the respective realization periods (ranging from 2024 to 2043 ) to be able to fully realize the net deferred income tax assets discussed above. We estimate we will need to generate capital gain income of $ 66.4 million to fully realize our federal capital loss carryforwards before they expire between 2024 and 2026 . We estimate we will need to generate capital gain income of $ 184.6 million to fully realize our state capital loss carryforwards before they expire between 2024 and 2036 . Our ability to utilize deferred tax assets may be impacted by certain future events, such as changes in tax legislation or insufficient future taxable income prior to expiration of certain deferred tax assets. December 31, 2023 December 31, 2022 Deferred income tax assets (liabilities) Net operating losses $ 32.2 $ 34.2 Postretirement benefits 13.1 16.7 Pension benefit liabilities 8.1 8.2 Deferred compensation 6.8 7.1 State tax credit carryforwards 4.4 4.7 Capital loss carryforwards 18.8 18.8 Capitalized research expenses 15.3 9.4 Lease liabilities 9.5 9.7 Other 9.0 3.8 Total deferred income tax assets 117.2 112.6 Valuation allowances ( 49.1 ) ( 48.7 ) Net deferred income tax assets 68.1 63.9 Intangibles ( 84.7 ) ( 85.1 ) Partnerships and investments ( 25.4 ) ( 25.5 ) Accumulated depreciation ( 87.3 ) ( 86.4 ) Prepaid pension costs ( 21.6 ) ( 21.2 ) Inventories ( 4.4 ) ( 4.9 ) Lease assets ( 9.9 ) ( 9.9 ) Other ( 1.7 ) ( 0.3 ) Total deferred income tax liabilities ( 235.0 ) ( 233.3 ) Net deferred income tax liabilities $ ( 166.9 ) $ ( 169.4 ) 2023 2022 2021 Details of taxes Earnings from continuing operations before income taxes Domestic $ 291.9 $ 251.7 $ 239.3 Foreign 6.4 5.9 3.4 Total $ 298.3 $ 257.6 $ 242.7 Income tax expense (benefit): Current: Federal $ 59.8 $ 46.3 $ 39.4 Foreign 1.7 1.3 0.6 State 13.9 11.3 8.7 Total current 75.4 58.9 48.7 Deferred: Federal ( 3.2 ) ( 1.9 ) 3.6 Foreign ( 0.2 ) ( 0.2 ) 0.6 State 2.5 0.9 4.5 Total deferred ( 0.9 ) ( 1.2 ) 8.7 Total income tax expense $ 74.5 $ 57.7 $ 57.4 The unremitted earnings of our foreign subsidiaries are not permanently reinvested. Accordingly, at December 31, 2023 and 2022, we have recorded deferred income taxes for foreign withholding taxes of $ 0.9 million and $ 0.9 million on approximately $ 17.5 million and $ 17.7 million of net undistributed earnings of foreign subsidiaries, respectively. 2023 2022 2021 Reconciliation to U.S. statutory tax rate Continuing operations tax expense at statutory rate $ 62.6 $ 54.1 $ 51.0 Increase (decrease) in valuation allowances on deferred income tax assets 0.3 ( 1.7 ) ( 17.8 ) Expiration of deferred income tax assets 0.2 0.7 18.3 State income tax expense, net of federal impact 13.7 11.0 11.0 Statute closures ( 0.6 ) ( 5.1 ) ( 3.8 ) Excess tax benefits on share-based compensation ( 0.1 ) ( 0.5 ) ( 0.8 ) U.S. permanent differences ( 2.6 ) ( 0.8 ) ( 1.3 ) Other 1.0 - 0.8 Tax expense at effective rate $ 74.5 $ 57.7 $ 57.4 We recognize the tax benefits of an uncertain tax position only if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but for which we are uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. We had $ 26.9 million of Unrecognized Tax Benefits (“UTB”) as of December 31, 2023, $ 12.8 million ($ 11.7 million, net of federal benefit) of this amount, if recognized in future periods, would impact the reported effective tax rate. It is reasonably possible that certain UTB’s may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities. Over the next twelve months we estimate that UTB’s may decrease by $ 0.5 million related to state statutes expiring. We account for all interest and penalties on uncertain income tax positions as income tax expense. We have $ 2.3 million and $ 1.7 million of interest and penalties accrued in non-current income tax payable in the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively. We had the following activity for UTB’s for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Unrecognized tax benefits balance at January 1, $ 27.3 $ 35.6 $ 41.7 Gross change for current year positions 0.4 0.4 1.7 Increase for prior period positions 0.2 0.2 - Decrease for prior period positions ( 0.5 ) ( 1.4 ) ( 3.6 ) Decrease due to statute expirations ( 0.5 ) ( 7.5 ) ( 4.2 ) Unrecognized tax benefits balance at December 31, $ 26.9 $ 27.3 $ 35.6 We file income tax returns in the U.S. and various states and international jurisdictions. In the normal course of business, we are subject to examination by taxing authorities in Canada and the U.S. Generally, we have open tax years subject to tax audit on average of between three years and six years . The statute of limitations is no longer open for U.S. federal returns before 2018. However, the U.S. federal return remains subject to examination by taxing authorities for 2017, specifically as it relates to the Section 965 Transition Tax incurred related to the Tax Cuts and Jobs Act of 2017. With few exceptions, the statute of limitations is no longer open for state or non-U.S. income tax examinations for years before 2019. With the exception of extending the 2018 and 2019 statute of limitations to August 31, 2024 as a result of ongoing U.S. federal income tax audits, we have not significantly extended any open statutes of limitation for any major jurisdiction and have reviewed and accrued for, where necessary, tax liabilities for open periods. 2023 2022 2021 Other taxes Payroll taxes $ 20.8 $ 18.3 $ 13.4 Property, franchise and capital stock taxes 5.4 4.5 4.4 In 2021, we recorded a $ 5.9 million ERC benefit, representing a refundable payroll tax credit for eligible wages paid to our employees in 2020 and 2021 under the CARES Act. We accounted for the ERC by applying the grant model . Based on our evaluation, we recognized the ERC benefit during 2021, primarily as an offset to payroll tax expenses within cost of goods sold and SG&A expenses in our Consolidated Statements of Earnings and Comprehensive Income. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 17. DEBT December 31, 2023 December 31, 2022 Revolving credit facility (due 2027) $ 140.0 $ 205.0 Term loan A (due 2027) 450.0 450.0 Principal debt outstanding 590.0 655.0 Unamortized debt financing costs ( 3.2 ) ( 3.9 ) Long-term debt 586.8 651.1 Less current installments of long-term debt 22.5 - Total long-term debt, less current installments of long-term debt $ 564.3 $ 651.1 We have a $ 950.0 million variable rate senior secured 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. The revolving credit facility and Term Loan A are currently priced at 1.375 % over the Secured Overnight Financing Rate (“SOFR”) , plus a 10 -basis point adjustment. We also have a $ 25.0 million bi-lateral letter of credit facility. The revolving credit facility and Term Loan A mature in December 2027. On December 7, 2022, we amended and restated our senior secured credit facility, extending the maturity of both the revolving credit facility and Term Loan A from September 2024 to December 2027. In connection with the refinancing, we paid $ 3.1 million of bank, legal and other fees, of which $ 3.0 million were capitalized. These fees are reflected as a component of long-term debt and amortized into interest expense over the lives of the underlying debt. Additionally, during the fourth quarter of 2022, we wrote off $ 0.6 million of unamortized debt financing costs, included as a component of interest expense, related to our previous credit facility. The senior secured credit facility includes two financial covenants that require the ratio of consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) to consolidated cash interest expense minus cash consolidated interest income to be greater than or equal to 3.0 to 1.0 and requires the ratio of consolidated funded indebtedness, minus AWI and domestic subsidiary unrestricted cash and cash equivalents up to $ 100 million, to consolidated EBITDA to be less than or equal to 3.75 to 1.0 (subject to certain exceptions for certain acquisitions). As of December 31, 2023, we were in compliance with all covenants of the senior secured credit facility. Our debt agreements include other restrictions, including restrictions pertaining to the incurrence of additional debt, the redemption, repurchase or retirement of our capital stock, payment of dividends, and certain financial transactions as it relates to specified assets. We currently believe that default under these covenants is unlikely. Scheduled payments of long-term debt: 2024 $ 22.5 2025 22.5 2026 22.5 2027 522.5 We utilize lines of credit and other commercial commitments in order 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: December 31, 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 |
Pension and Other Benefit Progr
Pension and Other Benefit Programs | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefit Programs | NOTE 18. PENSION AND OTHER BENEFIT PROGRAMS DEFINED CONTRIBUTION BENEFIT PLANS We sponsor several defined contribution plans, which cover substantially all U.S. and non-U.S. employees. Eligible employees may defer a portion of their pre-tax covered compensation on an annual basis. We match employee contributions up to pre-defined percentages. Employee contributions are 100 % vested. Employer contributions are vested based on pre-defined requirements. Costs for defined contribution benefit plans were $ 10.4 million in 2023, $ 8.4 million in 2022 and $ 9.1 million in 2021. DEFINED BENEFIT PENSION PLANS Benefits from defined benefit pension plans are based primarily on an employee's compensation and years of service. We fund our pension plans when appropriate. Our U.S. defined benefit pension plans include a qualified, funded RIP and a Retirement Benefit Equity Plan (“RBEP”), which is a nonqualified, unfunded plan designed to provide pension benefits in excess of the limits defined under Sections 415 and 401(a)(17) of the Internal Revenue Code. We have a defined benefit pension plan in Germany which remains from previously discontinued entities. This plan uses assumptions which are consistent with, but not identical to, those of the U.S. plans. The accumulated benefit obligation for the non-U.S. defined benefit pension plan was $ 2.0 million and $ 1.8 million as of December 31, 2023 and 2022, respectively. The following tables summarize the balance sheet impact of our U.S. defined benefit pension plans, as well as the related benefit obligations, assets, funded status and rate assumptions. We use a December 31 measurement date for all our defined benefit pension plans. 2023 2022 Change in benefit obligations: Benefit obligations as of beginning of period $ 337.1 $ 435.1 Service cost 2.6 3.7 Interest cost 16.9 10.5 Actuarial loss (gain) 13.7 ( 99.8 ) Benefits paid ( 13.8 ) ( 12.4 ) Benefit obligations as of end of period $ 356.5 $ 337.1 2023 2022 Change in plan assets: Fair value of plan assets as of beginning of period $ 391.7 $ 506.7 Actual return on plan assets 32.7 ( 105.4 ) Employer contributions 2.8 2.8 Benefits paid ( 13.8 ) ( 12.4 ) Fair value of plan assets as of end of period $ 413.4 $ 391.7 Funded status $ 56.9 $ 54.6 2023 2022 Weighted-average assumptions used to determine benefit Discount rate 5.01 % 5.21 % Rate of compensation increase 3.33 % 3.33 % Weighted-average assumptions used to determine net periodic Discount rate 5.21 % 2.97 % Expected return on plan assets 6.50 % 3.75 % Rate of compensation increase 3.33 % 3.05 % Basis of Rate-of-Return Assumption Long-term asset class return assumptions for the RIP are determined based on input from investment professionals on the expected performance of the asset classes over 10 to 30 years . The forecasts were averaged to come up with consensus passive return forecasts for each asset class. Incremental components were added for the expected return from active management and asset class rebalancing based on historical information obtained from investment consultants. These forecasted gross returns were reduced by estimated management fees and expenses, yielding a long-term return forecast of 6.50 % and 3.75 % for the years ended December 31, 2023 and 2022, respectively. The accumulated benefit obligation for the U.S. defined benefit pension plans was $ 355.2 million and $ 335.7 million as of December 31, 2023 and 2022, respectively. In 2023, the largest contributor to the net actuarial loss affecting the benefit obligations for the defined benefit pension plans was a decrease in discount rate and changes in census data. In 2022, the largest contributor to the net actuarial gains affecting the benefit obligations for the defined benefit pension plans was an increase in the discount rate, which was partially offset by other changes in assumptions and changes in census data. 2023 2022 Pension plans with benefit obligations in excess of assets RBEP Projected benefit obligation, December 31 $ 27.7 $ 28.6 RBEP Accumulated benefit obligation, December 31 27.7 28.6 The components of the pension cost for the U.S. defined benefit pension plans are as follows: 2023 2022 2021 Service cost of benefits earned during the period $ 2.6 $ 3.7 $ 4.8 Interest cost on projected benefit obligation 16.9 10.5 9.0 Expected return on plan assets ( 25.0 ) ( 18.4 ) ( 16.5 ) Amortization of net actuarial loss 5.4 4.2 3.5 Net periodic pension (credit) cost $ ( 0.1 ) $ - $ 0.8 For 2023, 2022 and 2021, actuarial gains and losses were amortized over the remaining life expectancy of plan participants, which was approximately 26 years for 2023, 26 years for 2022 and 27 years for 2021 for our U.S. defined benefit pension plans. Investment Policies U.S. Pension Plans The RIP’s primary investment objective is to maintain the funded status of the plan such that the likelihood we will be required to make significant contributions to the plan is limited. This objective is expected to be achieved by (a) investing a substantial portion of the plan assets in high quality corporate bonds whose duration is at least equal to that of the plan’s liabilities, (b) investing in publicly traded equities in order to increase the ratio of plan assets to liabilities over time, (c) limiting investment return volatility by diversifying among additional asset classes with differing expected rates of return and return correlations, and/or (d) using derivatives to either implement investment positions efficiently or to hedge risk but not to create investment leverage. Each asset class utilized by the RIP has defined asset allocation targets and allowable ranges. The table below shows the asset allocation targets and the December 31, 2023 and 2022 positions for each asset class: Target Weight at December 31, Position at December 31, Asset Class 2023 2023 2022 Long duration bonds 90.0 % 90.0 % 90.0 % Equities, real estate and private equity 10.0 % 10.0 % 10.0 % Pension plan assets are required to be reported and disclosed at fair value. 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 on 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. 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 asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table sets forth by level within the fair value hierarchy a summary of the RIP plan assets measured at fair value on a recurring basis: Value at December 31, 2023 Description Level 1 Level 2 Level 3 Total Collective trust funds - bonds $ - $ 371.5 $ - $ 371.5 Collective trust funds - equities - 34.3 - 34.3 Cash, other short-term investments and payables, net ( 0.3 ) 3.8 - 3.5 Net assets measured at fair value $ ( 0.3 ) $ 409.6 $ - $ 409.3 Investments measured at net asset value as a practical expedient 4.1 Net assets $ 413.4 Value at December 31, 2022 Description Level 1 Level 2 Level 3 Total Collective trust funds - bonds $ - $ 350.3 $ - $ 350.3 Collective trust funds - equities - 32.6 - 32.6 Cash, other short-term investments and payables, net ( 0.3 ) 3.5 - 3.2 Net assets measured at fair value $ ( 0.3 ) $ 386.4 $ - $ 386.1 Investments measured at net asset value as a practical expedient 5.6 Net assets $ 391.7 The RIP has investments in alternative investment funds as of December 31, 2023 and 2022 which are reported at fair value. These investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. We have concluded that the NAV reported by the underlying fund approximates the fair value of the investment. These investments are redeemable at NAV under agreements with the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the NAV of the funds and, consequently, the fair value of the U.S. defined benefit pension plan asset’s interest in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the U.S. defined benefit pension plan asset’s interest in the funds. As of December 31, 2023, there were no restrictions on redemption of these investments. The following table sets forth a summary of the RIP’s investments measured at NAV: Value at December 31, 2023 Description Fair Value Unfunded Redemption Redemption Real estate $ 4.1 $ 2.2 Quarterly 60 days Value at December 31, 2022 Description Fair Value Unfunded Redemption Redemption Real estate $ 5.6 $ 2.2 Quarterly 60 days Following is a description of the valuation methodologies used for assets measured at fair value and at NAV. Collective trust funds – bonds: Consists primarily of collective trust funds, in addition to registered investment funds and common trust funds, which invest in fixed income securities tailored to institutional investors. There are no readily available market quotations for registered investment company funds. The fair value of collective trust funds, registered investment funds and common trust funds have been classified as Level 2 assets above based on the determination that the funds have quoted prices in non-active markets. The funds are priced on a daily basis by their trustee and therefore have a readily determinable fair value; however, the number of trades occurring is not sufficient for the market to be considered active. Investments in pooled funds traded in a non-active market were valued at bid price and classified as Level 2 assets above. Collective trust funds – equities: Represents collective trust and funds holding equity investments, fixed income securities, commodity futures contracts, cash and other short-term securities. The fair value of collective trust funds have been classified as Level 2 assets above based on the determination that the funds have quoted prices in non-active markets. The funds are priced on a daily basis by their trustee and therefore have a readily determinable fair value; however, the number of trades occurring is not sufficient for the market to be considered active. Cash, other short-term investments and payables : Consists primarily of cash and cash equivalents, and plan receivables/payables. The carrying amounts of cash and cash equivalents and receivables/payables approximate fair value due to the short-term nature of these instruments. Other payables and receivables consist primarily of accrued fees and receivables related to investment positions liquidated for which proceeds had not been received as of December 31. Real estate: Consists of both open-end and closed-end real estate funds. There are no readily available market quotations for these real estate funds. These investments were measured at fair value using the NAV practical expedient. DEFINED BENEFIT RETIREE HEALTH AND LIFE INSURANCE PLANS We fund postretirement benefits on a pay-as-you-go basis, with the retiree paying a portion of the cost for health care benefits by means of deductibles and contributions. The following tables summarize the balance sheet impact of our postretirement benefit pension plan, as well as the related benefit obligations, funded status and rate assumptions. We use a December 31 measurement date for all our defined benefit postretirement benefit plans. 2023 2022 Change in benefit obligations: Benefit obligation as of beginning of period $ 61.9 $ 78.0 Interest cost 2.9 1.5 Plan participants' contributions 1.7 1.6 Actuarial gain ( 11.6 ) ( 12.4 ) Benefits paid ( 7.3 ) ( 6.8 ) Benefit obligations as of end of period $ 47.6 $ 61.9 2023 2022 Change in plan assets: Fair value of plan assets as of beginning of period $ - $ - Employer contributions 5.6 5.2 Plan participants' contributions 1.7 1.6 Benefits paid ( 7.3 ) ( 6.8 ) Fair value of plan assets as of end of period $ - $ - Funded status $ ( 47.6 ) $ ( 61.9 ) 2023 2022 Weighted-average discount rate used to determine benefit obligations at end of period 4.96 % 5.12 % Weighted-average discount rate used to determine net periodic benefit cost for the period 5.13 % 2.73 % In 2023, the largest contributor to the actuarial gains affecting the benefit obligation for the postretirement plans was an update to the per capita claims assumption and updated healthcare cost trend rates, partially offset by a decrease in discount rate. In 2022, the largest contributor to the actuarial gains affecting the benefit obligations for the postretirement plans was an increase in the discount rate, which was partially offset by an update to the per capita claims assumption. The components of postretirement benefit (credit) are as follows: 2023 2022 2021 Interest cost on accumulated postretirement benefit obligation $ 2.9 $ 1.5 $ 1.2 Amortization of prior service (credit) ( 0.3 ) ( 0.3 ) ( 0.3 ) Amortization of net actuarial gain ( 5.9 ) ( 2.8 ) ( 2.2 ) Net periodic postretirement benefit (credit) $ ( 3.3 ) $ ( 1.6 ) $ ( 1.3 ) For measurement purposes, an average rate of annual increase in the per capita cost of covered health care benefits of 7.8 % for pre-65 retirees and 10.4 % for post-65 retirees was assumed for 2023, decreasing ratably to an ultimate rate of 4.5 % in 2033. Amounts recognized in assets (liabilities) on the consolidated balance sheets at year end consist of: U.S. Pension Plans Non-U.S. Pension Plan Retiree Health and Life 2023 2022 2023 2022 2023 2022 Prepaid pension costs $ 84.6 $ 83.2 $ - $ - $ - $ - Accounts payable and accrued expenses ( 2.7 ) ( 2.7 ) ( 0.1 ) ( 0.1 ) ( 5.2 ) ( 7.1 ) Postretirement benefit liabilities - - - - ( 42.4 ) ( 54.8 ) Pension benefit liabilities ( 25.0 ) ( 25.9 ) ( 1.9 ) ( 1.7 ) - - Net amount recognized $ 56.9 $ 54.6 $ ( 2.0 ) $ ( 1.8 ) $ ( 47.6 ) $ ( 61.9 ) Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of: U.S. Pension Plans Retiree Health and Life 2023 2022 2023 2022 Net actuarial (loss) gain $ ( 172.4 ) $ ( 171.9 ) $ 28.9 $ 23.3 Prior service credit - - 0.9 1.2 Accumulated other comprehensive (loss) income $ ( 172.4 ) $ ( 171.9 ) $ 29.8 $ 24.5 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years for our U.S. plans: U.S. Pension (1) Retiree Health 2024 $ 19.2 $ 5.3 2025 21.1 4.8 2026 22.4 4.6 2027 23.7 4.2 2028 24.4 4.0 2029 - 2033 126.5 16.6 (1) We were not required and did not make contributions to the RIP during 2023, 2022 or 2021 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations. Benefit payments to RIP participants have been made directly from the RIP while benefit payments under the RBEP are funded by the Company. |
Financial Instruments and Conti
Financial Instruments and Contingent Consideration | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Contingent Consideration | NOTE 19. 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: December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets (liabilities), net: Total long-term debt, including current portion $ ( 586.8 ) $ ( 586.8 ) $ ( 651.1 ) $ ( 645.3 ) Interest rate swap contracts ( 0.4 ) ( 0.4 ) 11.4 11.4 Acquisition-related contingent consideration ( 1.6 ) ( 1.6 ) ( 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 with the assistance of third-party valuation experts and verified by obtaining quotes from major financial institutions. We engaged independent, third-party valuation specialists to determine the fair value estimates for acquisition-related contingent consideration payable based on performance, which were primarily measured using a Monte Carlo simulation. As of December 31, 2023, acquisition-related contingent consideration liabilities of $ 1.6 million related to future financial and performance milestones for the BOK and Insolcorp acquisitions were classified as long-term liabilities on our Consolidated Balance Sheets. As of December 31, 2022, $ 15.2 million of acquisition-related contingent consideration liabilities payable, related to the final achievement of certain financial and performance milestones through December 31, 2022 for the acquisitions of Moz and Turf, was classified as accounts payable and accrued expenses on our Consolidated Balance Sheet and was equal to fair value as milestone achievements were known. The fair value measurement of assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets is summarized below: December 31, 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 $ ( 0.4 ) $ - $ 11.4 Acquisition-related contingent consideration - ( 1.6 ) - Acquisition-related contingent consideration of $ 1.6 million as of December 31, 2023 was measured 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 measurements were reco rded as a component of operating income on our Consolidated Statements of Earnings and Comprehensive Income. The following table summarizes the weighted-average of the significant unobservable inputs as of December 31, 2023: BOK Insolcorp Unobservable input Volatility 24.3 % 20.0 % Discount rates 4.5 % 4.8 % The changes in fair value of the acquisition-related contingent consideration liabilities for the years ended December 31, 2023, 2022 and 2021 were as follows: Fair Value of Contingent Consideration Balance as of December 31, 2020 $ 16.9 (Gain) related to change in fair value of contingent consideration ( 4.1 ) Balance as of December 31, 2021 $ 12.8 Cash consideration paid ( 8.6 ) Loss related to change in fair value of contingent consideration 11.0 Balance as of December 31, 2022 $ 15.2 Cash consideration paid ( 15.2 ) Acquisition date fair value of BOK contingent consideration 0.8 Acquisition date fair value of Insolcorp contingent consideration 0.7 Loss related to change in fair value of contingent consideration 0.1 Balance as of December 31, 2023 $ 1.6 As of December 31, 2023, acquisition-related contingent consideration liabilities represented additional cash consideration payable related to our acquisitions of Insolcorp and BOK that will be paid upon the final achievement of certain financial and performance milestones. As of December 31, 2022, the acquisition-related contingent consideration liabilities represented the additional cash consideration payable related to our acquisition of Turf upon the final achievement of certain financial and performance milestones through December 31, 2022, which we paid in the first quarter of 2023. During 2023, the change in fair value was due to changes in Monte Carlo simulation inputs for BOK. During 2022, the change in fair value was due to changes in Turf actual and projected results over the earn out period. During 2021, the change in fair value was primarily due to changes in Turf and Moz actual and projected results over the earn out period. During 2023, we paid $ 15.2 million of additional cash consideration for the acquisition of Turf, which represented the final achievement of certain financial and performance milestones through December 31, 2022. During 2022, we paid $ 8.6 million of additional cash consideration for the acquisitions of Moz and Turf, which represented the final achievement of certain financial and performance milestones through December 31, 2021. The additional cash consideration paid was classified as cash flows from financing activities in our 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 was classified as cash flows from operating activities in our Consolidated Statements of Cash Flows. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 20. 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. In March 2023, we amended our interest rate swaps outstanding in accordance with ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” changing our hedged interest rate from the discontinued London Interbank Offered Rate, or LIBOR, to SOFR. These swaps are designated as cash flow hedges against changes in the SOFR for a portion of our variable rate debt. The following table summarizes our interest rate swaps as of December 31, 2023: Coverage Period Notional Risk Coverage Trade Date March 2021 to March 2024 $ 50.0 USD-SOFR March 10, 2020 March 2021 to March 2024 $ 50.0 USD-SOFR March 11, 2020 November 2023 to June 2024 $ 50.0 USD-SOFR September 18, 2023 March 2021 to March 2025 $ 100.0 USD-SOFR November 28, 2018 November 2023 to December 2025 $ 50.0 USD-SOFR October 23, 2023 November 2023 to December 2026 $ 50.0 USD-SOFR October 10, 2023 November 2023 to November 2027 $ 50.0 USD-SOFR September 29, 2023 Under the terms of our interest rate swaps with trade dates prior to January 1, 2023 above, we pay a fixed rate monthly and receive a floating rate based on SOFR, inclusive of a 0 % floor. Under the terms of our interest rate swaps with trade dates after January 1, 2023 above, we 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 December 31, 2023 and 2022. We did not have any derivative assets or liabilities not designated as hedging instruments as of December 31, 2023 or 2022. The derivative asset and liability amounts below are shown gross and have not been netted. Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet December 31, December 31, Balance Sheet December 31, December 31, Interest rate swap contracts Other current assets $ 1.1 $ 3.7 Accounts payable and accrued expenses $ 0.1 $ - Interest rate swap contracts Other non-current assets 1.8 7.7 Other long-term liabilities 3.2 - Amount of (Loss) Gain Location of Gain (Loss) Reclassified from Gain Reclassified 2023 2022 2021 2023 2022 2021 Derivatives in cash flow hedging relationships Interest rate swap contracts $ ( 0.6 ) $ 26.9 $ 21.9 Interest expense $ 11.5 $ 2.0 $ 8.5 As of December 31, 2023, the amount of existing gains in AOCI expected to be recognized in earnings over the next twelve months was $ 3.2 million. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | NOTE 21. OTHER LONG-TERM LIABILITIES December 31, 2023 December 31, 2022 Long-term deferred compensation arrangements $ 12.3 $ 15.4 Fair value of derivative liabilities 3.2 - Environmental insurance recoveries received in excess of cumulative expenses incurred 2.6 3.5 Acquisition-related contingent consideration 1.6 - Other 7.1 6.9 Total other long-term liabilities $ 26.8 $ 25.8 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | NOTE 22. SHARE-BASED COMPENSATION PLANS The 2022 Equity and Cash Incentive Plan (“2022 ECIP”) authorizes us to issue stock options, stock appreciation rights, restricted stock awards, performance-based awards and cash awards to officers and key employees. The 2022 ECIP authorizes us to issue up to 2,651,472 shares of common stock, and expires on June 15, 2032 , after which time no further awards may be made. A s of December 31, 2023, 2,492,005 shares were available for future grants under the 2022 ECIP, which includes anticipated future adjustments to shares for performance-based awards that have been previously granted. The 2016 Directors Stock Unit Plan (“2016 Director’s Plan”) authorizes us to issue stock units to non-employee directors and expires on July 8, 2026 . The 2016 Director’s Plan authorizes us to issue up to 250,000 shares of common stock, which includes all shares that have been issued under the 2016 Director’s Plan. As of December 31, 2023, 132,351 shares were available for future grants under the 2016 Director’s Plan. The 2020 Inducement Award Plan (“2020 Inducement Plan”) authorizes us to issue stock options, stock appreciation rights, restricted stock awards and stock units to key employees and expires on December 14, 2030 , after which time no further awards may be made. The 2020 Inducement Plan authorizes us to issue up to 19,000 shares of common stock. As of December 31, 2023, 8,903 shares were available for future grants under the 2020 Inducement Plan. The following table presents stock option activity for the year ended December 31, 2023: Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value Option shares outstanding, December 31, 2022 33.9 $ 47.35 Option shares exercised ( 27.7 ) $ 47.01 Option shares outstanding, December 31, 2023 6.2 $ 48.86 0.4 $ 0.3 Option shares exercisable, vested and expected to vest, 6.2 $ 48.86 0.4 $ 0.3 We have reserved sufficient authorized shares to allow us to issue new shares upon exercise of all outstanding options. Options generally become exercisable in three years and expire 10 years from the date of grant. When options are exercised, we may issue new shares, use treasury shares (if available), acquire shares held by investors, or a combination of these alternatives in order to satisfy the option exercises. The following table presents information related to stock option exercises: 2023 2022 2021 Total intrinsic value of stock options exercised $ 1.3 $ 1.3 $ 4.1 Cash proceeds received from stock options exercised 0.2 1.8 2.5 Tax deduction realized from stock options exercised 0.3 0.1 0.4 The fair value of option grants was estimated on the date of grant using the Black-Scholes option pricing model. There have been no option grants since 2014. We also grant non-vested stock awards in the form of Restricted Stock Units (“RSUs”), Performance Stock Units (“PSUs”) and Restricted Stock Awards ("RSAs"). A summary of the 2023 activity related to the RSUs, PSUs and RSAs is as follows: Non-Vested Stock Awards RSUs PSUs RSAs Number of shares (thousands) Weighted- Number of shares (thousands) Weighted- Number of shares (thousands) Weighted- December 31, 2022 112.1 $ 86.66 306.4 $ 99.38 50.7 $ 78.05 Granted 180.5 73.61 101.1 98.06 - - Performance adjustments - - ( 80.3 ) ( 101.96 ) - - Vested ( 76.0 ) ( 86.36 ) - - ( 50.6 ) ( 78.05 ) Forfeited ( 11.2 ) ( 81.83 ) ( 18.7 ) ( 96.62 ) ( 0.1 ) ( 77.22 ) December 31, 2023 205.4 $ 75.56 308.5 $ 98.44 - $ - RSUs entitle the recipient to a specified number of shares of AWI’s common stock provided the prescribed service period is fulfilled. PSUs entitle the recipient to a specified number of shares of AWI’s common stock provided the prescribed service period is fulfilled and the defined financial targets are achieved at the end of the performance period. Upon vesting, final adjustments based upon financial achievements are reflected as performance adjustments in the table above. RSUs and PSUs generally have vesting periods of three years at the grant date. RSUs and PSUs earn dividends during the vesting period that are subject to forfeiture if the awards do not vest. In connection with the acquisition of Arktura in 2020, we issued RSAs to the former owners of Arktura as of the acquisition date that had an original vesting period of five years from the grant date and earn dividends during the vesting period, subject to the former owners’ continued employment. These awards to sellers were not issued under the 2020 Inducement Plan. In the fourth quarter of 2023, we accelerated the vesting of all outstanding awards due to a mutually agreed upon separation of service of the former owners of Arktura, resulting in no outstanding RSAs as of December 31, 2023. Also in connection with the acquisition of Arktura, we issued RSAs under the 2020 Inducement Plan to key employees as of the acquisition date, which had a vesting period of three years from the grant date and earned dividends during the vesting period, which were subject to forfeiture if the awards did not vest. Upon forfeiture, the key employee awards transferred to the former owners of Arktura. During the vesting period, 2,089 RSAs forfeited by key employees were transferred to the former owners of Arktura. All awards vested during the fourth quarter of 2023, resulting in none outstanding as of December 31, 2023. RSUs, PSUs and RSAs with non-market based performance conditions are measured at fair value based on the closing price of our stock on the date of grant. In 2023 and 2022, we granted 48,073 and 57,439 PSUs, respectively, with market-based performance conditions that are valued through the use of a Monte Carlo simulation. The weighted average assumptions for PSUs measured at fair value through the use of a Monte Carlo simulation are presented in the table below. 2023 2022 Weighted-average grant date fair value of market-based PSUs granted (dollars per award) $ 121.69 $ 104.92 Assumptions Risk-free rate of return 4.5 % 1.8 % Expected volatility 38.7 % 37.0 % Expected term (in years) 3.1 3.1 Expected dividend yield 0.0 % 0.0 % The risk-free rate of return was determined based on the implied yield available on zero coupon U.S. Treasury bills at the time of grant with a remaining term equal to the expected term of the PSUs. The expected volatility was based on historical volatility of our stock price commensurate with the expected term of the PSUs. The expected term represented the performance period for the underlying award. The expected dividend yield was assumed to be zero under the assumption that dividends distributed during the performance period are reinvested in AWI’s common stock. As of December 31, 2023 and 2022, there were 53,938 and 80,890 RSUs, respectively, outstanding under the 2016 Directors Stock Unit Plan not reflected in the non-vested stock awards table above. In 2023 and 2022, we granted 13,086 and 13,467 RSUs, respectively, to non-employee directors. These awards generally have a vesting period of one year , and as of December 31, 2023 and 2022, 40,852 and 67,423 shares, respectively, were vested but not yet delivered. The awards are generally payable upon vesting or the director’s deferral election. These awards earn dividends during the vesting period that are subject to forfeiture if the underlying award does not vest. We recognize share-based compensation expense on a straight-line basis over the vesting period. Share-based compensation cost was $ 18.8 million ($ 14.1 million net of tax benefit) in 2023, $ 14.3 million ($ 10.8 million net of tax benefit) in 2022, and $ 11.3 million ($ 8.5 million net of tax benefit) in 2021. As of December 31, 2023, there was $ 21.0 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements which is expected to be recognized over a weighted-average period of 2.0 years. |
Employee Costs
Employee Costs | 12 Months Ended |
Dec. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Employee Costs | NOTE 23. EMPLOYEE COSTS 2023 2022 2021 Wages, salaries and incentive compensation $ 282.1 $ 259.7 $ 259.9 Payroll taxes 20.8 18.3 13.4 Defined contribution and defined benefit pension plan expense, net 10.4 8.5 10.0 Insurance and other benefit costs 32.5 29.9 28.2 Share-based compensation 18.8 14.3 11.3 Total $ 364.6 $ 330.7 $ 322.8 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | NOTE 24. SHAREHOLDERS' EQUITY Common Stock Repurchase Plan On July 29, 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 (the "Program"). Since inception of the Program we have been authorized to repurchase up to an aggregate of $ 1,700.0 million of our outstanding shares of common stock through December 31, 2026. We had $ 716.8 million remaining under the Board’s repurchase authorization as of December 31, 2023. Repurchases of our common stock 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 2023, we repurchased 1.8 million shares under the Program for a total cost of $ 132.0 million, excluding commissions and taxes, or an average price of $ 73.91 per share. Since inception, we have repurchased 14.2 million shares under the Program for a total cost of $ 983.2 million, excluding commissions and taxes, or an average price of $ 69.32 per share. Dividends In February, April and July 2023, our Board of Directors declared $ 0.254 per share quarterly dividends, which were paid to shareholders in March , May and August 2023 . In October 2023, our Board of Directors declared a $ 0.28 per share quarterly dividend, which was paid to shareholders in November 2023 . On February 14, 2024, our Board of Directors declared a $ 0.28 per share quarterly dividend to be paid in March 2024 . Accumulated Other Comprehensive (Loss) The balance of each component of accumulated other comprehensive (loss), net of tax is presented in the table below. December 31, 2023 December 31, 2022 Foreign currency translation adjustments $ 1.0 $ 0.5 Derivative gain, net 0.5 9.5 Pension and postretirement adjustments ( 106.2 ) ( 110.1 ) Accumulated other comprehensive (loss) $ ( 104.7 ) $ ( 100.1 ) The amounts and related tax effects allocated to each component of other comprehensive income (loss) for 2023, 2022, and 2021 are presented in the tables below. Pre-tax Amount Tax (Expense) Benefit After-tax Amount 2023 Foreign currency translation adjustments $ 0.5 $ - $ 0.5 Derivative (loss), net ( 12.1 ) 3.1 ( 9.0 ) Pension and postretirement adjustments 5.2 ( 1.3 ) 3.9 Total other comprehensive (loss) $ ( 6.4 ) $ 1.8 $ ( 4.6 ) Pre-tax Amount Tax (Expense) Benefit After-tax Amount 2022 Foreign currency translation adjustments $ ( 1.8 ) $ - $ ( 1.8 ) Derivative gain, net 24.9 ( 6.3 ) 18.6 Pension and postretirement adjustments ( 9.6 ) 2.3 ( 7.3 ) Total other comprehensive income $ 13.5 $ ( 4.0 ) $ 9.5 Pre-tax Amount Tax Benefit (Expense) After-tax Amount 2021 Derivative gain, net $ 13.4 $ ( 3.5 ) $ 9.9 Pension and postretirement adjustments ( 13.4 ) 3.2 ( 10.2 ) Total other comprehensive (loss) $ - $ ( 0.3 ) $ ( 0.3 ) The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2023 and 2022: 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, 6.7 ), $ 2.6 and ($ 4.1 ) ( 1.8 ) 20.2 ( 8.1 ) 10.3 Amounts reclassified from accumulated other - ( 1.6 ) 0.8 ( 0.8 ) Net current period other comprehensive (loss) income ( 1.8 ) 18.6 ( 7.3 ) 9.5 Balance, December 31, 2022 0.5 9.5 ( 110.1 ) ( 100.1 ) Other comprehensive income (loss) before reclassifications, 0.2 , ($ 1.5 ) and ($ 1.3 ) 0.5 ( 0.4 ) 4.5 4.6 Amounts reclassified from accumulated other - ( 8.6 ) ( 0.6 ) ( 9.2 ) Net current period other comprehensive income (loss) 0.5 ( 9.0 ) 3.9 ( 4.6 ) Balance, December 31, 2023 $ 1.0 $ 0.5 $ ( 106.2 ) $ ( 104.7 ) (1) Amounts are net of tax and include our 50 % share of AOCI components from our WAVE joint venture. The amounts reclassified from AOCI, and the affected line item of the Consolidated Statements of Earnings and Comprehensive Income, are presented in the table below. Amounts Affected Line Item in the 2023 2022 Derivative Adjustments: Interest rate swap contracts, before tax $ ( 11.5 ) $ ( 2.0 ) Interest expense Tax impact 2.9 0.4 Income tax expense Total (income), net of tax ( 8.6 ) ( 1.6 ) Pension and Postretirement Adjustments: Prior service credit amortization ( 0.3 ) ( 0.3 ) Other non-operating (income), net Amortization of net actuarial (gain) loss ( 0.5 ) 1.4 Other non-operating (income), net Total (income) loss, before tax ( 0.8 ) 1.1 Tax impact 0.2 ( 0.3 ) Income tax expense Total (income) loss, net of tax ( 0.6 ) 0.8 Total reclassifications for the period $ ( 9.2 ) $ ( 0.8 ) |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | NOTE 25. SUPPLEMENTAL FINANCIAL INFORMATION 2023 2022 2021 Selected operating expense Maintenance and repair costs $ 48.3 $ 42.7 $ 41.9 Product innovation costs 14.5 14.9 14.6 Advertising costs 8.9 9.2 8.0 Other non-operating (income), net Interest income $ ( 3.5 ) $ ( 0.5 ) $ ( 0.1 ) Pension and postretirement (credits) ( 5.9 ) ( 5.3 ) ( 5.3 ) Other ( 0.5 ) ( 0.2 ) ( 0.2 ) Total $ ( 9.9 ) $ ( 6.0 ) $ ( 5.6 ) |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 26. RELATED PARTIES For some customers, we purchase grid products from WAVE for resale to customers. The total amount of these purchases was $ 32.6 million in 2023, $ 34.5 million in 2022 and $ 27.9 million in 2021. We also provide certain selling, promotional and administrative processing services to WAVE for which we receive reimbursement. Those services amounted to $ 27.8 million in 2023, $ 29.1 million in 2022, and $ 21.6 million in 2021. The net amount due to WAVE from us for all of our relationships was $ 1.9 million as of December 31, 2023 and $ 5.3 million as of December 31, 2022 . See Note 11 to the Consolidated Financial Statements for additional information. |
Litigation and Related Matters
Litigation and Related Matters | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Related Matters | NOTE 27. 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 Consolidated Balance Sheets. As of December 31, 2023 and 2022, insurance recoveries in excess of cumulative expenses were $ 2.6 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. 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 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”). 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 an 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. In June 2021, the PRPs submitted a Site Characterization Summary Report (“SCSR”) for Operable Unit 2 to the EPA. The purpose of the SCSR was to demonstrate that the available data for Operable Unit 2 was adequate for the risk assessment and for the development of remedial action objectives. In the second half of 2022, the EPA and the PRP's agreed to separate all non-groundwater aspects of the site. In August 2022, the PRPs submitted a Human Health Baseline Risk Assessment to the EPA, and in December 2022, the PRPs submitted a final Baseline Ecological Risk Assessment for Operable Unit 2 to the EPA. Both risk assessments serve as exhibits to the Remedial Investigation Report (“RIR”), which the EPA approved in July 2023. Based on findings in the RIR, the PRPs developed a draft Feasibility Study (“FS”) to identify and evaluate potential remedial alternatives for all non-groundwater elements of Operable Unit 2. The draft FS was submitted to the EPA in August 2023. The EPA and the State of Georgia provided comments in October 2023 and a revised FS was submitted in November 2023. The EPA is currently reviewing the FS and will ultimately select a remedy and issue a Proposed Remedial Action Plan for the non-groundwater elements at the site. The PRPs are now turning attention to completing the Remedial Investigation for the groundwater beneath Operable Unit 2. It is probable that we will incur field investigation, engineering and oversight costs associated with finalizing the FS for all non-groundwater elements of Operable Unit 2 and for completing an RI/FS for all groundwater elements of Operable Unit 2. We may also ultimately incur costs in remediating any contamination discovered during the RI/FS. The current estimate of future liability at this site includes only our estimated share of the costs of the investigative work that the EPA is requiring the PRPs to perform at this time. We are unable to reasonably estimate our final share of the total costs associated with the investigation work or any resulting remediation 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 known as 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 RI 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 (“IROD”) 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 U.S. on behalf of the Navy for the remedial design and remedial action for the interim remedy. Because the U.S. does not conduct work as a PRP at Superfund sites, similar to the 2007 agreement, the U.S. 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 on November 2022 to comments received from the EPA in September 2022. The EPA approved the revised RDWP in February 2023 and in June 2023, the parties submitted a Pre-Design Investigation Work Plan. The EPA provided comments on the Pre-Design Investigation Work Plan in November 2023 and the revised document was submitted to the EPA in December 2023. The current estimate of future liability at this site includes only our estimated share of the costs of implementing the interim remedial action under the IROD. 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 one 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, reflected within other long-term liabilities on the Consolidated Balance Sheets, for environmental matters that we consider probable and for which a reasonable estimate of the probable liability could be made were $ 0.5 million as of December 31, 2023 and 2022. During 2023, 2022 and 2021, we recorded $ 0.5 million, $ 1.3 million, and $ 0.2 million, respectively, of additional reserves for potential environmental liabilities. As noted above, expenses associated with the additional reserves recorded in 2023, 2022 and 2021 were 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 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 of indemnity, contribution or reimbursement from other parties 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 28. EARNINGS PER SHARE The following table is a reconciliation of earnings to earnings attributable to common shares used in our basic and diluted Earnings (Loss) Per Share (“EPS”) calculations for the years ended December 31, 2023, 2022 and 2021. EPS components may not add due to rounding. 2023 2022 2021 Earnings from continuing operations $ 223.8 $ 199.9 $ 185.3 (Earnings) allocated to participating vested share awards ( 0.1 ) ( 0.3 ) ( 0.3 ) Earnings from continuing operations attributable to common shares $ 223.7 $ 199.6 $ 185.0 The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the years ended December 31, 2023, 2022 and 2021 (shares in millions): 2023 2022 2021 Basic shares outstanding 44.7 46.3 47.6 Dilutive effect of common stock equivalents 0.1 0.1 0.3 Diluted shares outstanding 44.8 46.4 47.9 Anti-dilutive stock awards excluded from the computation of dilutive EPS for 2023, 2022 and 2021 were 46,846 , 19,134 and 8,548 , respectively. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II | SCHEDU LE II Armstrong World Industries, Inc., and Subsidiaries Valuation and Qualifying Reserves (amounts in millions) Balance at Additions Deductions Balance 2021 Provision for bad debts $ 1.4 $ 0.4 $ ( 0.8 ) $ 1.0 Provision for discounts 1.3 21.7 ( 21.3 ) 1.7 Provision for warranties 0.9 3.9 ( 4.0 ) 0.8 Provision for inventory obsolescence - 0.3 ( 0.1 ) 0.2 2022 Provision for bad debts $ 1.0 $ 0.1 $ ( 0.7 ) $ 0.4 Provision for discounts 1.7 24.4 ( 24.0 ) 2.1 Provision for warranties 0.8 5.6 ( 5.7 ) 0.7 Provision for inventory obsolescence 0.2 0.2 ( 0.1 ) 0.3 2023 Provision for bad debts $ 0.4 $ 0.4 $ ( 0.4 ) $ 0.4 Provision for discounts 2.1 26.4 ( 26.4 ) 2.1 Provision for warranties 0.7 5.4 ( 5.7 ) 0.4 Provision for inventory obsolescence 0.3 - ( 0.3 ) - |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation Policy | Consolidation Policy . The consolidated financial statements and accompanying data in this report include the accounts of AWI and its majority-owned subsidiaries. All significant intercompany transactions have been eliminated from the consolidated financial statements. |
Use of Estimates | Use of Estimates . We prepare our financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. When preparing an estimate, management determines the amount based upon the consideration of relevant internal and external information. Actual results may differ from these estimates. |
Reclassifications | Reclassifications . Certain amounts in the prior year’s Consolidated Financial Statements and related notes have been recast to conform to the 2023 presentation. |
Revenue Recognition | Revenue Recognition . We recognize revenue upon transfer of control of our products to the customer, which typically occurs upon shipment. Our main performance obligation to our customers is the delivery of products in accordance with purchase orders. Each purchase order confirms the transaction price for the products purchased under the arrangement. Direct sales to building materials distributors, home centers, direct customers and retailers represent the majority of our sales. Our standard sales terms are Free On Board (“FOB”) shipping point. We have some sales terms that are FOB destination. At the point of shipment, the customer is required to pay under normal sales terms. In most cases our normal payment terms are 45 days or less and our sales arrangements do not have any material financing components. In addition, our customer arrangements do not produce contract assets or liabilities that are material to our Consolidated Financial Statements. Within our Architectural Specialties segment, the majority of revenues are customer project driven, which includes a minority of revenues derived from the sale of customer specified customized products that have no alternative use to us. The manufacturing cycle for these custom products is typically short. Incremental costs to fulfill our customer arrangements are expensed as incurred, as the amortization period is less than one year. Our products are sold with normal and customary return provisions. We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects. Warranties are not sold separately to customers. Our product warranties place certain requirements on the purchaser, including installation and maintenance in accordance with our written instructions. In addition to our warranty program, under certain limited circumstances, we will occasionally, at our sole discretion, provide a customer accommodation repair or replacement. Warranty repairs and replacements are most commonly made by professional installers employed by or affiliated with our independent distributors. Reimbursement for costs associated with warranty repairs are provided to our independent distributors through a credit against accounts receivable from the distributor to us. Sales returns and warranty claims have historically not been material and do not constitute separate performance obligations. We often offer incentive programs to our customers, primarily volume rebates and promotions. The majority of our rebates are designated as a percentage of annual customer purchases. We estimate the amount of rebates based on actual sales for the period and accrue for the projected incentive programs’ costs. We record the costs of rebate accruals as a reduction to the transaction price. See Note 4 to the Consolidated Financial Statements for additional information related to our revenues. |
Shipping and Handling Costs | Shipping and Handling Costs . We account for product shipping and handling costs as fulfillment activities and present the associated costs in costs of goods sold in the period in which we sell our product. |
Advertising Costs | Advertising Costs . We recognize advertising expenses as they are incurred. See Note 25 to the Consolidated Financial Statements for additional details. |
Research and Development Costs | Research and Development Costs . We expense research and development costs, or product innovation costs, as they are incurred. See Note 25 to the Consolidated Financial Statements for additional details. |
Business Combinations | Business Combinations . We account for acquisitions under the acquisition method and the results of acquired operations are included in the 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. Our definite-lived intangible assets are amortized over each respective asset's estimated useful life on a straight-line basis and recorded as a component of operating income. The fair value of acquired intangible assets is estimated by applying discounted cash flow models based on significant 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. Changes in the fair value of contingent consideration liabilities in reporting periods after the acquisition date are recorded within our Consolidated Statements of Earnings and Comprehensive Income. |
Pension and Postretirement Benefits | Pension and Postretirement Benefits . We have benefit plans that provide for pension, medical and life insurance benefits to certain eligible employees when they retire from active service. See Note 18 to the Consolidated Financial Statements for additional details. |
Taxes | Taxes . The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the financial statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date, which result from differences in the timing of reported taxable income between tax and financial reporting. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses and forecasts of future profitability, the duration of statutory carryforward periods, and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are generally not used as positive evidence related to the realization of the deferred tax assets in the assessment. We recognize the tax benefits of an uncertain tax position if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earliest. Taxes collected from customers and remitted to governmental authorities are reported on a net basis. See Note 16 to the Consolidated Financial Statements for additional details. |
Earnings per Share | Earnings per Share . Basic earnings per share is computed by dividing the earnings attributable to common shares by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings and is calculated using the treasury stock method. |
Cash and Cash Equivalents | Cash and Cash Equivalents . Cash and cash equivalents include cash on hand and short-term investments that have maturities of three months or less when purchased. |
Concentration of Credit | Concentration of Credit . We principally sell products to customers in building products industries. We monitor the creditworthiness of our customers and generally do not require collateral. Revenues from two commercial distributors, included within our Mineral Fiber and Architectural Specialties segments, individually exceeded 10 % of our revenues in 2023, 2022 and 2021. Gross sales to these two customers totaled $ 631.9 million, $ 547.8 million and $ 495.8 million in 2023, 2022 and 2021, respectively. |
Receivables | Receivables . We sell our products to select, pre-approved customers using customary trade terms that allow for payment in the future. Customer trade and miscellaneous receivables (which include supply related rebates and other), net of allowances for doubtful accounts, customer credits and warranties, are reported in accounts and notes receivable, net. Cash flows from the collection of receivables are classified as operating cash flows on the Consolidated Statements of Cash Flows. We establish creditworthiness prior to extending credit. We estimate the recoverability of receivables each period. This estimate is based upon new information in the period, which can include the review of any available financial statements and forecasts, as well as discussions with legal counsel and the management of the debtor company. When events occur that impact the collectability of the receivable, all or a portion of the receivable is reserved. Account balances are charged off against the allowance when the potential for recovery is considered remote. We do not have any off-balance sheet credit exposure related to our customers. |
Inventories | Inventories . Inventories are valued at the lower of cost and net realizable value. See Note 8 to the Consolidated Financial Statements for additional details. |
Property Plant and Equipment | Property Plant and Equipment . Property plant and equipment is recorded at cost reduced by accumulated depreciation and amortization. Depreciation and amortization expense is recognized on a straight-line basis over the assets’ estimated useful lives. Machinery and equipment includes manufacturing equipment (depreciated over 2 to 15 years ), computer equipment (depreciated over 3 to 5 years ) and office furniture and equipment (depreciated over 5 to 7 years ). Within manufacturing equipment, assets that are subject to accelerated obsolescence or wear out quickly, such as dryer components, are generally depreciated over shorter periods while heavy production equipment, such as conveyors and production presses, are generally depreciated over longer periods. Buildings are depreciated over 15 to 30 years , depending on factors such as type of construction and use. Computer software is amortized over 3 to 7 years . Property, plant and equipment is tested for impairment by asset group when indicators of impairment are present, such as operating losses and/or negative cash flows for each identified asset group. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying value exceeds the undiscounted future cash flows, we determine the fair value of the asset group based on discounted future cash flows expected to be generated by the asset group, or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants, or estimated salvage value if no sale is assumed. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. Impairments of assets related to our manufacturing operations are recorded in cost of goods sold. We did not test tangible assets for impairment in 2023, 2022 or 2021 as no indicators of impairment existed. When assets are disposed of or retired, their costs and related depreciation or amortization are removed from the financial statements, and any resulting gains or losses are normally reflected in cost of goods sold or selling, general and administrative (“SG&A”) expenses depending on the nature of the asset. See Note 10 to the Consolidated Financial Statements for additional details. |
Leases | Leases . We enter into operating and finance leases for certain manufacturing plants, warehouses, equipment and automobiles. Our leases have remaining lease terms of up to 14 years. Several leases include options for us to purchase leased items at fair value or renew for up to 5 years, or multiple 5-year renewal periods. Some of our leases include early termination options. We consider all of these options in determining the lease term used to establish our right-of-use (“ROU”) assets and lease liabilities when it is reasonably certain that we will exercise that option. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. We have lease agreements with lease and non-lease components, which we have elected to combine to determine the ROU assets and lease liabilities. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. As most of our leases do not provide an implicit rate, we use our Incremental Borrowing Rate (“IBR”) based on information that is available at the lease commencement date to compute the present value of lease payments. Relevant information used in determining the IBR includes the transactional currency of the lease and the lease term. See Note 12 to the Consolidated Financial Statements for additional details. |
Asset Retirement Obligations | Asset Retirement Obligations . We recognize the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which they are incurred. Upon initial recognition of a liability, the discounted cost is capitalized as part of the related long-lived asset and depreciated over the corresponding asset’s useful life. Over time, accretion of the liability is recognized as an operating expense to reflect the change in the liability’s present value. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets . Our definite-lived intangible assets consist primarily of customer relationships (amortized over 2 to 20 years ), developed technology (amortized over 13 to 20 years ), acquired internally-developed software (amortized over 5 to 7 years ), trademarks and brand names (amortized over 3 to 20 years) and non-compete agreements (amortized over 3 to 5 years). We review definite-lived intangible assets for impairment by asset group when indicators of impairment are present, such as operating losses and/or negative cash flows for the respective asset group. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying value exceeds the undiscounted future cash flows, we determine the fair value of the asset group based on discounted future cash flows expected to be generated by the asset group or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. We did not test definite-lived intangible assets for impairment in 2023, 2022 or 2021 as no indicators of impairment existed. Our indefinite-lived assets include goodwill, trademarks and brand names, with Armstrong representing our primary trademark. Trademarks and brand names are integral to our corporate identity and are expected to contribute indefinitely to our cash flows. Accordingly, they have been assigned an indefinite life. We conduct our annual impairment tests on these indefinite-lived intangible assets and goodwill during the fourth quarter. These assets undergo more frequent tests if an indication of possible impairment exists. When performing an impairment test for indefinite-lived intangible assets and goodwill, we compare the carrying amount of the asset (when testing indefinite-lived intangible assets) and reporting unit (when testing goodwill) to the estimated fair value. For indefinite-lived intangible assets, the estimated fair value is based on discounted future cash flows using the relief from royalty method. For goodwill, the estimated fair value is based on discounted future cash flows expected to be generated by the reporting unit. If the fair value is less than the carrying value of the asset/reporting unit, we record an impairment charge equal to the difference between the fair value and carrying value of the asset/reporting unit. We did not test indefinite-lived intangible assets for impairment during any interim periods during 2023, as no indicators of impairment existed. We completed our annual impairment test in the fourth quarter of 2023 and no impairment charges were recorded in 2023, 2022 or 2021. See Note 13 to the Consolidated Financial Statements for additional details. |
Foreign Currency Transactions | Foreign Currency Transactions . Assets and liabilities of our subsidiaries operating outside the U.S. that are accounted in a functional currency other than U.S. dollars are translated using the period end exchange rate. Revenues and expenses are translated at exchange rates effective during each month. Foreign currency translation gains or losses are included as a component of accumulated other comprehensive (loss) income within shareholders' equity. Gains or losses on foreign currency transactions are recognized through earnings |
Financial Instruments and Derivatives | Financial Instruments and Derivatives . We use derivatives and other financial instruments to offset the effect of interest rate variability. Derivatives are recognized on the balance sheet at fair value. For derivatives that meet the criteria as designated cash flow hedges, the changes in the fair value of the derivative are recognized in other comprehensive (loss) income until the hedged item is recognized in operations. See Notes 19 and 20 to the Consolidated Financial Statements for further discussion. |
Share-Based Employee Compensation | Share-based Employee Compensation . We generally recognize share-based compensation expense on a straight-line basis over the vesting period for the entire award. Compensation expense for performance-based awards with non-market-based conditions are also recognized over the vesting period for the entire award, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. We estimate forfeitures based on actual historical forfeitures. See Note 22 to the Consolidated Financial Statements for additional information. |
Treasury Stock | Treasury Stock . Common shares repurchased by AWI are recorded on the settlement date at cost as treasury shares and result in a reduction of equity. We may reissue these treasury shares. When treasury shares are reissued, we determine the cost using the First-in, first-out cost method (“FIFO”). The difference between the cost of the treasury shares and reissuance price is included in additional paid-in capital or retained earnings. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Improvements to Reportable Segment Disclosures,” which modifies reportable segment disclosure requirements. This ASU expands annual and interim reportable segment disclosures, including: disclosure of the title and position of our chief operating decision maker (“CODM”), interim and annual disclosure of significant reportable segment expenses that are components of segment profit or loss information provided to the CODM, and interim disclosure of all annual reportable segment profit or loss and asset data currently only required to be disclosed annually. This guidance is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The adoption of this standard is not expected to have an impact on our financial statements, but will result in significantly expanded reportable segment disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which modifies the disclosure requirements for income taxes. This ASU requires disclosure of tabular statutory to effective rate reconciliation in both percentages and dollars, additional disaggregated rate reconciliation categories and disaggregation of both income taxes paid and income tax expense by jurisdiction. This guidance is effective for annual periods beginning after December 15, 2024. We expect this ASU to only impact our disclosures with no impact to our result of operations, cash flows and financial condition. |
Environmental Matters | 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. 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 Consolidated Balance Sheets when realizable. We incur costs to pursue environmental insurance recoveries, which are expensed as incurred. |
Nature Of Operations (Tables)
Nature Of Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Segment Reporting Information | For the year ended 2023 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 932.4 $ 362.8 $ - $ 1,295.2 Equity (earnings) from joint venture ( 89.3 ) - - ( 89.3 ) Segment operating income (loss) 285.7 40.9 ( 2.9 ) 323.7 Segment assets 1,091.9 421.1 159.4 1,672.4 Depreciation and amortization 75.3 13.9 - 89.2 Investment in joint venture 17.4 - - 17.4 Purchases of property, plant and equipment 67.2 16.6 - 83.8 For the year ended 2022 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 887.4 $ 345.7 $ - $ 1,233.1 Equity (earnings) from joint venture ( 77.6 ) - - ( 77.6 ) Segment operating income (loss) 260.9 21.7 ( 3.9 ) 278.7 Segment assets 1,096.9 387.5 202.8 1,687.2 Depreciation and amortization 69.5 14.2 - 83.7 Investment in joint venture 23.9 - - 23.9 Purchases of property, plant and equipment 63.8 11.0 - 74.8 For the year ended 2021 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 818.5 $ 288.1 $ - $ 1,106.6 Equity (earnings) from joint venture ( 87.7 ) - - ( 87.7 ) Segment operating income (loss) 261.2 4.2 ( 5.4 ) 260.0 Segment assets 1,133.9 366.3 209.8 1,710.0 Depreciation and amortization 69.9 26.6 - 96.5 Investment in joint venture 50.0 - - 50.0 Purchases of property, plant and equipment 64.8 15.0 - 79.8 |
Reconciliation Of Total Consolidated Operating Income To Earnings Before Income Taxes | The following reconciles our total consolidated operating income to earnings (loss) from continuing operations before income taxes. These items are only measured and managed on a consolidated basis: 2023 2022 2021 Total consolidated operating income $ 323.7 $ 278.7 $ 260.0 Interest expense 35.3 27.1 22.9 Other non-operating (income), net ( 9.9 ) ( 6.0 ) ( 5.6 ) Earnings from continuing operations before income taxes $ 298.3 $ 257.6 $ 242.7 |
Schedule Of Sales Allocated To Geographic Area | The sales in the table below are allocated to geographic areas based on the location of our selling entities. 2023 2022 2021 Geographic Areas Net sales Mineral Fiber: United States $ 854.2 $ 816.3 $ 754.2 Canada 78.2 71.1 64.3 Total Mineral Fiber 932.4 887.4 818.5 Architectural Specialties: United States 349.3 322.1 268.0 Canada 13.5 23.6 20.1 Total Architectural Specialties 362.8 345.7 288.1 Total net sales $ 1,295.2 $ 1,233.1 $ 1,106.6 |
Schedule Of Property, Plant And Equipment Allocated To Geographic Area | 2023 2022 Property, plant and equipment, net at December 31, Mineral Fiber: United States $ 494.9 $ 496.8 Total Mineral Fiber 494.9 496.8 Architectural Specialties: United States 66.5 52.3 Canada 5.0 5.3 Total Architectural Specialties 71.5 57.6 Total property, plant and equipment, net $ 566.4 $ 554.4 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Mineral Fiber [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Group within Each Segment | The following tables present net sales by major customer group within the Mineral Fiber and Architectural Specialties segments for the years ended December 31, 2023, 2022 and 2021: Mineral Fiber 2023 2022 2021 Distributors $ 682.3 $ 654.1 $ 603.9 Home centers 103.5 99.1 94.4 Direct customers 57.1 61.0 59.2 Other 89.5 73.2 61.0 Total $ 932.4 $ 887.4 $ 818.5 |
Architectural Specialties [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Group within Each Segment | Architectural Specialties 2023 2022 2021 Distributors $ 192.7 $ 174.4 $ 150.5 Direct customers 159.7 168.0 134.6 Other 10.4 3.3 3.0 Total $ 362.8 $ 345.7 $ 288.1 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations [Abstract] | |
Summary of Results of Discontinued Operations | The following tables detail the businesses and line items that comprise discontinued operations on the Consolidated Statements of Earnings and Comprehensive Income. EMEA and Pacific Rim Businesses AFI Total 2022 Earnings from discontinued businesses before income tax $ - $ - $ - Income tax benefit ( 2.0 ) ( 1.0 ) ( 3.0 ) Net earnings from discontinued operations, net of tax $ 2.0 $ 1.0 $ 3.0 Net earnings from discontinued operations $ 2.0 $ 1.0 $ 3.0 EMEA and Pacific Rim Businesses 2021 (Loss) from disposal of discontinued businesses, before income tax $ ( 0.4 ) Income tax expense 1.7 (Loss) from disposal of discontinued businesses, net of tax $ ( 2.1 ) Net (loss) from discontinued operations $ ( 2.1 ) |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | December 31, 2023 December 31, 2022 Customer receivables $ 102.1 $ 107.4 Miscellaneous receivables 11.8 8.2 Less allowance for warranties, discounts and losses ( 2.9 ) ( 3.2 ) Accounts and notes receivable, net $ 111.0 $ 112.4 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | December 31, 2023 December 31, 2022 Finished goods $ 55.1 $ 60.9 Goods in process 5.1 6.5 Raw materials and supplies 66.7 63.0 Less LIFO reserves ( 22.9 ) ( 20.4 ) Total inventories, net $ 104.0 $ 110.0 |
Summary Of Inventory Not Accounted For Under LIFO | The following table summarizes the amount of inventory that is not accounted for under the LIFO method. December 31, 2023 December 31, 2022 U.S. locations $ 35.3 $ 43.2 Canada locations 4.0 3.1 Total $ 39.3 $ 46.3 Our |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | December 31, 2023 December 31, 2022 Prepaid expenses $ 15.9 $ 16.6 Assets held for sale 6.7 4.6 Fair value of derivative assets 1.1 3.7 Other 2.7 1.4 Total other current assets $ 26.4 $ 26.3 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | December 31, 2023 December 31, 2022 Land $ 31.0 $ 31.8 Buildings 273.3 267.8 Machinery and equipment 713.5 686.1 Computer software 85.1 69.2 Construction in progress 61.7 49.0 Less accumulated depreciation and amortization ( 598.2 ) ( 549.5 ) Net property, plant and equipment $ 566.4 $ 554.4 |
Equity Investments (Tables)
Equity Investments (Tables) - WAVE [Member] | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Investment in Joint Venture, Balance Sheet Data | Condensed financial data for WAVE is summarized below. December 31, 2023 December 31, 2022 Current assets $ 88.9 $ 100.8 Non-current assets 87.2 86.3 Current liabilities 33.0 31.3 Non-current liabilities 363.9 372.3 |
Summary of Investment in Joint Venture, Income Statement Data | 2023 2022 2021 Net sales $ 449.0 $ 458.2 $ 430.8 Gross profit 263.2 231.1 244.5 Net earnings 187.2 163.7 184.6 |
Summary of the Difference Between Carrying Amount and Underlying Equity of Equity Method Investment | Our recorded investment in WAVE was higher than our 50 % share of the carrying values reported in WAVE’s consolidated financial statements by $ 127.9 million as of December 31, 2023 and $ 132.2 million as of December 31, 2022. These differences are due to our adoption of fresh-start reporting upon emergence from Chapter 11 in October 2006, while WAVE’s consolidated financial statements do not reflect fresh-start reporting. The differences are composed of the following fair value adjustments to assets: December 31, 2023 December 31, 2022 Property, plant and equipment $ 0.4 $ 0.4 Other intangibles 97.1 101.4 Goodwill 30.4 30.4 Total $ 127.9 $ 132.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Costs | The following table presents our lease costs: 2023 2022 2021 Operating lease cost $ 8.5 $ 7.0 $ 6.4 Finance lease cost: Amortization of leased assets $ 3.1 $ 2.4 $ 2.4 Interest on lease liabilities 0.9 0.6 0.7 Total finance lease cost $ 4.0 $ 3.0 $ 3.1 |
Summary of Supplemental Cash Flow Information Related To Leases | The following table presents supplemental cash flow information related to our leases: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8.0 $ 6.8 $ 6.3 Operating cash flows from finance leases 0.8 0.6 0.7 Financing cash flows from finance leases 2.7 2.2 2.1 ROU assets obtained in exchange for lease liabilities Operating leases (1) $ 15.8 $ 3.9 $ 7.3 Finance leases (2) 12.3 - 0.3 (1) The year ended December 31, 2023 included a decrease of $ 1.0 million in ROU assets due to a change in lease classification upon modification and an increase of $ 0.6 million resulting from modifications that did not involve obtaining a new ROU asset. The years ended December 31, 2022 and 2021 included increases in ROU assets of $ 1.0 million and $ 3.2 million, respectively, resulting from modifications that did not involve obtaining a new ROU asset. Modifications resulted primarily from changes in the terms of existing leases. The year ended December 31, 2023 included increases in ROU assets of $ 8.6 million due to the change in lease classification upon modification for an existing manufacturing facility within our Architectural Specialties segment which had a modified expected lease term of 13 years, in addition to an increase of $ 3.7 million for a lease modification that did not involve obtaining a new ROU asset. |
Schedule of Weighted Average Assumptions Used To Compute Right To Use Assets | The following table presents the weighted average assumptions used to compute our ROU assets and lease liabilities: December 31, 2023 December 31, 2022 Weighted average remaining lease term (in years) Operating leases 4.8 5.1 Finance leases 9.5 9.4 Weighted average discount rate Operating leases 5.7 % 3.8 % Finance leases 4.7 % 3.7 % |
Schedule of Undiscounted Future Minimum Payments | Undiscounted future minimum lease payments as of December 31, 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 2024 $ 7.9 $ 4.2 2025 6.6 4.0 2026 5.3 4.2 2027 5.0 4.4 2028 3.5 2.5 Thereafter 2.5 14.3 Total lease payments 30.8 33.6 Less interest ( 3.6 ) ( 7.2 ) Present value of lease liabilities $ 27.2 $ 26.4 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Estimated Gross Accumulated Amortization Gross Accumulated Amortization Amortizing intangible assets Customer relationships 2 - 20 years $ 183.6 $ 152.1 $ 182.1 $ 142.0 Developed technology 13 - 20 years 101.4 84.4 93.8 83.3 Software 5 - 7 years 15.6 4.6 9.1 2.6 Trademarks and brand names 3 - 20 years 6.2 3.4 4.0 2.6 Non-compete agreements 3 - 5 years 6.1 3.8 5.8 2.6 Other Various 2.8 0.2 1.1 0.1 Total $ 315.7 $ 248.5 $ 295.9 $ 233.2 Non-amortizing intangible assets Trademarks and brand names Indefinite 345.2 345.0 Total intangible assets $ 660.9 $ 640.9 Goodwill Indefinite $ 175.5 $ 167.3 2023 2022 2021 Amortization expense $ 15.3 $ 16.3 $ 33.8 |
Schedule of Expected Annual Amortization Expense | The expected annual amortization expense for the years 2024 through 2028 are as follows: 2024 $ 16.2 2025 15.2 2026 11.2 2027 5.0 2028 2.9 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Non-Current Assets | December 31, 2023 December 31, 2022 Cash surrender value of company-owned life insurance policies $ 40.3 $ 42.8 Investment in employee deferred compensation plans 8.3 7.7 Fair value of derivative assets 1.8 7.7 Other 0.9 1.2 Total other non-current assets $ 51.3 $ 59.4 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | December 31, 2023 December 31, 2022 Payables, trade and other $ 91.0 $ 105.0 Employment costs 33.6 20.0 Current portion of pension and postretirement liabilities 8.0 9.9 Acquisition-related contingent consideration - 15.2 Other 27.3 22.4 Total accounts payable and accrued expenses $ 159.9 $ 172.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Deferred Tax Assets and Liabilities | December 31, 2023 December 31, 2022 Deferred income tax assets (liabilities) Net operating losses $ 32.2 $ 34.2 Postretirement benefits 13.1 16.7 Pension benefit liabilities 8.1 8.2 Deferred compensation 6.8 7.1 State tax credit carryforwards 4.4 4.7 Capital loss carryforwards 18.8 18.8 Capitalized research expenses 15.3 9.4 Lease liabilities 9.5 9.7 Other 9.0 3.8 Total deferred income tax assets 117.2 112.6 Valuation allowances ( 49.1 ) ( 48.7 ) Net deferred income tax assets 68.1 63.9 Intangibles ( 84.7 ) ( 85.1 ) Partnerships and investments ( 25.4 ) ( 25.5 ) Accumulated depreciation ( 87.3 ) ( 86.4 ) Prepaid pension costs ( 21.6 ) ( 21.2 ) Inventories ( 4.4 ) ( 4.9 ) Lease assets ( 9.9 ) ( 9.9 ) Other ( 1.7 ) ( 0.3 ) Total deferred income tax liabilities ( 235.0 ) ( 233.3 ) Net deferred income tax liabilities $ ( 166.9 ) $ ( 169.4 ) |
Schedule of Components of Income Tax Expense (Benefit) | 2023 2022 2021 Details of taxes Earnings from continuing operations before income taxes Domestic $ 291.9 $ 251.7 $ 239.3 Foreign 6.4 5.9 3.4 Total $ 298.3 $ 257.6 $ 242.7 Income tax expense (benefit): Current: Federal $ 59.8 $ 46.3 $ 39.4 Foreign 1.7 1.3 0.6 State 13.9 11.3 8.7 Total current 75.4 58.9 48.7 Deferred: Federal ( 3.2 ) ( 1.9 ) 3.6 Foreign ( 0.2 ) ( 0.2 ) 0.6 State 2.5 0.9 4.5 Total deferred ( 0.9 ) ( 1.2 ) 8.7 Total income tax expense $ 74.5 $ 57.7 $ 57.4 |
Schedule Of The Reconciliation To U.S. Statutory Tax Rate | 2023 2022 2021 Reconciliation to U.S. statutory tax rate Continuing operations tax expense at statutory rate $ 62.6 $ 54.1 $ 51.0 Increase (decrease) in valuation allowances on deferred income tax assets 0.3 ( 1.7 ) ( 17.8 ) Expiration of deferred income tax assets 0.2 0.7 18.3 State income tax expense, net of federal impact 13.7 11.0 11.0 Statute closures ( 0.6 ) ( 5.1 ) ( 3.8 ) Excess tax benefits on share-based compensation ( 0.1 ) ( 0.5 ) ( 0.8 ) U.S. permanent differences ( 2.6 ) ( 0.8 ) ( 1.3 ) Other 1.0 - 0.8 Tax expense at effective rate $ 74.5 $ 57.7 $ 57.4 |
Schedule Of Unrecognized Tax Benefits | We had the following activity for UTB’s for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Unrecognized tax benefits balance at January 1, $ 27.3 $ 35.6 $ 41.7 Gross change for current year positions 0.4 0.4 1.7 Increase for prior period positions 0.2 0.2 - Decrease for prior period positions ( 0.5 ) ( 1.4 ) ( 3.6 ) Decrease due to statute expirations ( 0.5 ) ( 7.5 ) ( 4.2 ) Unrecognized tax benefits balance at December 31, $ 26.9 $ 27.3 $ 35.6 |
Schedule Of Other Taxes | 2023 2022 2021 Other taxes Payroll taxes $ 20.8 $ 18.3 $ 13.4 Property, franchise and capital stock taxes 5.4 4.5 4.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument [Line Items] | |
Schedule Of Debt | December 31, 2023 December 31, 2022 Revolving credit facility (due 2027) $ 140.0 $ 205.0 Term loan A (due 2027) 450.0 450.0 Principal debt outstanding 590.0 655.0 Unamortized debt financing costs ( 3.2 ) ( 3.9 ) Long-term debt 586.8 651.1 Less current installments of long-term debt 22.5 - Total long-term debt, less current installments of long-term debt $ 564.3 $ 651.1 |
Scheduled Payments Of Long-Term Debt | Scheduled payments of long-term debt: 2024 $ 22.5 2025 22.5 2026 22.5 2027 522.5 |
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: December 31, 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 |
Pension And Other Benefit Pro_2
Pension And Other Benefit Programs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Amounts Recognized In Assets And Liabilities | Amounts recognized in assets (liabilities) on the consolidated balance sheets at year end consist of: U.S. Pension Plans Non-U.S. Pension Plan Retiree Health and Life 2023 2022 2023 2022 2023 2022 Prepaid pension costs $ 84.6 $ 83.2 $ - $ - $ - $ - Accounts payable and accrued expenses ( 2.7 ) ( 2.7 ) ( 0.1 ) ( 0.1 ) ( 5.2 ) ( 7.1 ) Postretirement benefit liabilities - - - - ( 42.4 ) ( 54.8 ) Pension benefit liabilities ( 25.0 ) ( 25.9 ) ( 1.9 ) ( 1.7 ) - - Net amount recognized $ 56.9 $ 54.6 $ ( 2.0 ) $ ( 1.8 ) $ ( 47.6 ) $ ( 61.9 ) |
Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) At Year End | Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of: U.S. Pension Plans Retiree Health and Life 2023 2022 2023 2022 Net actuarial (loss) gain $ ( 172.4 ) $ ( 171.9 ) $ 28.9 $ 23.3 Prior service credit - - 0.9 1.2 Accumulated other comprehensive (loss) income $ ( 172.4 ) $ ( 171.9 ) $ 29.8 $ 24.5 |
Schedule Of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years for our U.S. plans: U.S. Pension (1) Retiree Health 2024 $ 19.2 $ 5.3 2025 21.1 4.8 2026 22.4 4.6 2027 23.7 4.2 2028 24.4 4.0 2029 - 2033 126.5 16.6 (1) We were not required and did not make contributions to the RIP during 2023, 2022 or 2021 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations. Benefit payments to RIP participants have been made directly from the RIP while benefit payments under the RBEP are funded by the Company. |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Funded Status | 2023 2022 Change in benefit obligations: Benefit obligations as of beginning of period $ 337.1 $ 435.1 Service cost 2.6 3.7 Interest cost 16.9 10.5 Actuarial loss (gain) 13.7 ( 99.8 ) Benefits paid ( 13.8 ) ( 12.4 ) Benefit obligations as of end of period $ 356.5 $ 337.1 2023 2022 Change in plan assets: Fair value of plan assets as of beginning of period $ 391.7 $ 506.7 Actual return on plan assets 32.7 ( 105.4 ) Employer contributions 2.8 2.8 Benefits paid ( 13.8 ) ( 12.4 ) Fair value of plan assets as of end of period $ 413.4 $ 391.7 Funded status $ 56.9 $ 54.6 |
Schedule Of Assumptions Used | 2023 2022 Weighted-average assumptions used to determine benefit Discount rate 5.01 % 5.21 % Rate of compensation increase 3.33 % 3.33 % Weighted-average assumptions used to determine net periodic Discount rate 5.21 % 2.97 % Expected return on plan assets 6.50 % 3.75 % Rate of compensation increase 3.33 % 3.05 % |
Schedule Of Benefit Obligations In Excess Of Assets | 2023 2022 Pension plans with benefit obligations in excess of assets RBEP Projected benefit obligation, December 31 $ 27.7 $ 28.6 RBEP Accumulated benefit obligation, December 31 27.7 28.6 |
Schedule Of Periodic Benefit Costs | The components of the pension cost for the U.S. defined benefit pension plans are as follows: 2023 2022 2021 Service cost of benefits earned during the period $ 2.6 $ 3.7 $ 4.8 Interest cost on projected benefit obligation 16.9 10.5 9.0 Expected return on plan assets ( 25.0 ) ( 18.4 ) ( 16.5 ) Amortization of net actuarial loss 5.4 4.2 3.5 Net periodic pension (credit) cost $ ( 0.1 ) $ - $ 0.8 |
Schedule Of Defined Asset Allocation | Each asset class utilized by the RIP has defined asset allocation targets and allowable ranges. The table below shows the asset allocation targets and the December 31, 2023 and 2022 positions for each asset class: Target Weight at December 31, Position at December 31, Asset Class 2023 2023 2022 Long duration bonds 90.0 % 90.0 % 90.0 % Equities, real estate and private equity 10.0 % 10.0 % 10.0 % |
Summary Of Fair Value Of Assets Plan | The following table sets forth by level within the fair value hierarchy a summary of the RIP plan assets measured at fair value on a recurring basis: Value at December 31, 2023 Description Level 1 Level 2 Level 3 Total Collective trust funds - bonds $ - $ 371.5 $ - $ 371.5 Collective trust funds - equities - 34.3 - 34.3 Cash, other short-term investments and payables, net ( 0.3 ) 3.8 - 3.5 Net assets measured at fair value $ ( 0.3 ) $ 409.6 $ - $ 409.3 Investments measured at net asset value as a practical expedient 4.1 Net assets $ 413.4 Value at December 31, 2022 Description Level 1 Level 2 Level 3 Total Collective trust funds - bonds $ - $ 350.3 $ - $ 350.3 Collective trust funds - equities - 32.6 - 32.6 Cash, other short-term investments and payables, net ( 0.3 ) 3.5 - 3.2 Net assets measured at fair value $ ( 0.3 ) $ 386.4 $ - $ 386.1 Investments measured at net asset value as a practical expedient 5.6 Net assets $ 391.7 |
Summary Of Assets Measured At NAV | The following table sets forth a summary of the RIP’s investments measured at NAV: Value at December 31, 2023 Description Fair Value Unfunded Redemption Redemption Real estate $ 4.1 $ 2.2 Quarterly 60 days Value at December 31, 2022 Description Fair Value Unfunded Redemption Redemption Real estate $ 5.6 $ 2.2 Quarterly 60 days |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Funded Status | 2023 2022 Change in benefit obligations: Benefit obligation as of beginning of period $ 61.9 $ 78.0 Interest cost 2.9 1.5 Plan participants' contributions 1.7 1.6 Actuarial gain ( 11.6 ) ( 12.4 ) Benefits paid ( 7.3 ) ( 6.8 ) Benefit obligations as of end of period $ 47.6 $ 61.9 2023 2022 Change in plan assets: Fair value of plan assets as of beginning of period $ - $ - Employer contributions 5.6 5.2 Plan participants' contributions 1.7 1.6 Benefits paid ( 7.3 ) ( 6.8 ) Fair value of plan assets as of end of period $ - $ - Funded status $ ( 47.6 ) $ ( 61.9 ) |
Schedule Of Assumptions Used | 2023 2022 Weighted-average discount rate used to determine benefit obligations at end of period 4.96 % 5.12 % Weighted-average discount rate used to determine net periodic benefit cost for the period 5.13 % 2.73 % |
Schedule Of Periodic Benefit Costs | The components of postretirement benefit (credit) are as follows: 2023 2022 2021 Interest cost on accumulated postretirement benefit obligation $ 2.9 $ 1.5 $ 1.2 Amortization of prior service (credit) ( 0.3 ) ( 0.3 ) ( 0.3 ) Amortization of net actuarial gain ( 5.9 ) ( 2.8 ) ( 2.2 ) Net periodic postretirement benefit (credit) $ ( 3.3 ) $ ( 1.6 ) $ ( 1.3 ) |
Financial Instruments and Con_2
Financial Instruments and Contingent Consideration (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets (liabilities), net: Total long-term debt, including current portion $ ( 586.8 ) $ ( 586.8 ) $ ( 651.1 ) $ ( 645.3 ) Interest rate swap contracts ( 0.4 ) ( 0.4 ) 11.4 11.4 Acquisition-related contingent consideration ( 1.6 ) ( 1.6 ) ( 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 Consolidated Balance Sheets is summarized below: December 31, 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 $ ( 0.4 ) $ - $ 11.4 Acquisition-related contingent consideration - ( 1.6 ) - |
Schedule of Weighted-average Of Significant Unobservable Inputs | The following table summarizes the weighted-average of the significant unobservable inputs as of December 31, 2023: BOK Insolcorp Unobservable input Volatility 24.3 % 20.0 % Discount rates 4.5 % 4.8 % |
Schedule of Changes in Fair Value of the Acquisition-related Contingent Consideration Liability | The changes in fair value of the acquisition-related contingent consideration liabilities for the years ended December 31, 2023, 2022 and 2021 were as follows: Fair Value of Contingent Consideration Balance as of December 31, 2020 $ 16.9 (Gain) related to change in fair value of contingent consideration ( 4.1 ) Balance as of December 31, 2021 $ 12.8 Cash consideration paid ( 8.6 ) Loss related to change in fair value of contingent consideration 11.0 Balance as of December 31, 2022 $ 15.2 Cash consideration paid ( 15.2 ) Acquisition date fair value of BOK contingent consideration 0.8 Acquisition date fair value of Insolcorp contingent consideration 0.7 Loss related to change in fair value of contingent consideration 0.1 Balance as of December 31, 2023 $ 1.6 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | The following table summarizes our interest rate swaps as of December 31, 2023: Coverage Period Notional Risk Coverage Trade Date March 2021 to March 2024 $ 50.0 USD-SOFR March 10, 2020 March 2021 to March 2024 $ 50.0 USD-SOFR March 11, 2020 November 2023 to June 2024 $ 50.0 USD-SOFR September 18, 2023 March 2021 to March 2025 $ 100.0 USD-SOFR November 28, 2018 November 2023 to December 2025 $ 50.0 USD-SOFR October 23, 2023 November 2023 to December 2026 $ 50.0 USD-SOFR October 10, 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 Derivative Liabilities Fair Value Fair Value Balance Sheet December 31, December 31, Balance Sheet December 31, December 31, Interest rate swap contracts Other current assets $ 1.1 $ 3.7 Accounts payable and accrued expenses $ 0.1 $ - Interest rate swap contracts Other non-current assets 1.8 7.7 Other long-term liabilities 3.2 - |
Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | Amount of (Loss) Gain Location of Gain (Loss) Reclassified from Gain Reclassified 2023 2022 2021 2023 2022 2021 Derivatives in cash flow hedging relationships Interest rate swap contracts $ ( 0.6 ) $ 26.9 $ 21.9 Interest expense $ 11.5 $ 2.0 $ 8.5 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | December 31, 2023 December 31, 2022 Long-term deferred compensation arrangements $ 12.3 $ 15.4 Fair value of derivative liabilities 3.2 - Environmental insurance recoveries received in excess of cumulative expenses incurred 2.6 3.5 Acquisition-related contingent consideration 1.6 - Other 7.1 6.9 Total other long-term liabilities $ 26.8 $ 25.8 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Changes in Stock Options | The following table presents stock option activity for the year ended December 31, 2023: Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value Option shares outstanding, December 31, 2022 33.9 $ 47.35 Option shares exercised ( 27.7 ) $ 47.01 Option shares outstanding, December 31, 2023 6.2 $ 48.86 0.4 $ 0.3 Option shares exercisable, vested and expected to vest, 6.2 $ 48.86 0.4 $ 0.3 |
Schedule of Information Related to Stock Option Exercises | The following table presents information related to stock option exercises: 2023 2022 2021 Total intrinsic value of stock options exercised $ 1.3 $ 1.3 $ 4.1 Cash proceeds received from stock options exercised 0.2 1.8 2.5 Tax deduction realized from stock options exercised 0.3 0.1 0.4 |
Schedule of Restricted Stock and Restricted Stock Units Activity | We also grant non-vested stock awards in the form of Restricted Stock Units (“RSUs”), Performance Stock Units (“PSUs”) and Restricted Stock Awards ("RSAs"). A summary of the 2023 activity related to the RSUs, PSUs and RSAs is as follows: Non-Vested Stock Awards RSUs PSUs RSAs Number of shares (thousands) Weighted- Number of shares (thousands) Weighted- Number of shares (thousands) Weighted- December 31, 2022 112.1 $ 86.66 306.4 $ 99.38 50.7 $ 78.05 Granted 180.5 73.61 101.1 98.06 - - Performance adjustments - - ( 80.3 ) ( 101.96 ) - - Vested ( 76.0 ) ( 86.36 ) - - ( 50.6 ) ( 78.05 ) Forfeited ( 11.2 ) ( 81.83 ) ( 18.7 ) ( 96.62 ) ( 0.1 ) ( 77.22 ) December 31, 2023 205.4 $ 75.56 308.5 $ 98.44 - $ - |
ScheduleOfShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsValuationAssumptionsTableTextBlock | 2023 2022 Weighted-average grant date fair value of market-based PSUs granted (dollars per award) $ 121.69 $ 104.92 Assumptions Risk-free rate of return 4.5 % 1.8 % Expected volatility 38.7 % 37.0 % Expected term (in years) 3.1 3.1 Expected dividend yield 0.0 % 0.0 % |
Employee Costs (Tables)
Employee Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Schedule Of Employee Costs | 2023 2022 2021 Wages, salaries and incentive compensation $ 282.1 $ 259.7 $ 259.9 Payroll taxes 20.8 18.3 13.4 Defined contribution and defined benefit pension plan expense, net 10.4 8.5 10.0 Insurance and other benefit costs 32.5 29.9 28.2 Share-based compensation 18.8 14.3 11.3 Total $ 364.6 $ 330.7 $ 322.8 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The balance of each component of accumulated other comprehensive (loss), net of tax is presented in the table below. December 31, 2023 December 31, 2022 Foreign currency translation adjustments $ 1.0 $ 0.5 Derivative gain, net 0.5 9.5 Pension and postretirement adjustments ( 106.2 ) ( 110.1 ) Accumulated other comprehensive (loss) $ ( 104.7 ) $ ( 100.1 ) |
Schedule of Other Comprehensive Income (Loss) | The amounts and related tax effects allocated to each component of other comprehensive income (loss) for 2023, 2022, and 2021 are presented in the tables below. Pre-tax Amount Tax (Expense) Benefit After-tax Amount 2023 Foreign currency translation adjustments $ 0.5 $ - $ 0.5 Derivative (loss), net ( 12.1 ) 3.1 ( 9.0 ) Pension and postretirement adjustments 5.2 ( 1.3 ) 3.9 Total other comprehensive (loss) $ ( 6.4 ) $ 1.8 $ ( 4.6 ) Pre-tax Amount Tax (Expense) Benefit After-tax Amount 2022 Foreign currency translation adjustments $ ( 1.8 ) $ - $ ( 1.8 ) Derivative gain, net 24.9 ( 6.3 ) 18.6 Pension and postretirement adjustments ( 9.6 ) 2.3 ( 7.3 ) Total other comprehensive income $ 13.5 $ ( 4.0 ) $ 9.5 Pre-tax Amount Tax Benefit (Expense) After-tax Amount 2021 Derivative gain, net $ 13.4 $ ( 3.5 ) $ 9.9 Pension and postretirement adjustments ( 13.4 ) 3.2 ( 10.2 ) Total other comprehensive (loss) $ - $ ( 0.3 ) $ ( 0.3 ) |
Schedule of Accumulated Other Comprehensive Income Activity | The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2023 and 2022: 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, 6.7 ), $ 2.6 and ($ 4.1 ) ( 1.8 ) 20.2 ( 8.1 ) 10.3 Amounts reclassified from accumulated other - ( 1.6 ) 0.8 ( 0.8 ) Net current period other comprehensive (loss) income ( 1.8 ) 18.6 ( 7.3 ) 9.5 Balance, December 31, 2022 0.5 9.5 ( 110.1 ) ( 100.1 ) Other comprehensive income (loss) before reclassifications, 0.2 , ($ 1.5 ) and ($ 1.3 ) 0.5 ( 0.4 ) 4.5 4.6 Amounts reclassified from accumulated other - ( 8.6 ) ( 0.6 ) ( 9.2 ) Net current period other comprehensive income (loss) 0.5 ( 9.0 ) 3.9 ( 4.6 ) Balance, December 31, 2023 $ 1.0 $ 0.5 $ ( 106.2 ) $ ( 104.7 ) (1) Amounts are net of tax and include our 50 % share of AOCI components from our WAVE joint venture. |
Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified from AOCI, and the affected line item of the Consolidated Statements of Earnings and Comprehensive Income, are presented in the table below. Amounts Affected Line Item in the 2023 2022 Derivative Adjustments: Interest rate swap contracts, before tax $ ( 11.5 ) $ ( 2.0 ) Interest expense Tax impact 2.9 0.4 Income tax expense Total (income), net of tax ( 8.6 ) ( 1.6 ) Pension and Postretirement Adjustments: Prior service credit amortization ( 0.3 ) ( 0.3 ) Other non-operating (income), net Amortization of net actuarial (gain) loss ( 0.5 ) 1.4 Other non-operating (income), net Total (income) loss, before tax ( 0.8 ) 1.1 Tax impact 0.2 ( 0.3 ) Income tax expense Total (income) loss, net of tax ( 0.6 ) 0.8 Total reclassifications for the period $ ( 9.2 ) $ ( 0.8 ) |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Financial Information [Abstract] | |
Schedule Of Supplemental Financial Information | 2023 2022 2021 Selected operating expense Maintenance and repair costs $ 48.3 $ 42.7 $ 41.9 Product innovation costs 14.5 14.9 14.6 Advertising costs 8.9 9.2 8.0 Other non-operating (income), net Interest income $ ( 3.5 ) $ ( 0.5 ) $ ( 0.1 ) Pension and postretirement (credits) ( 5.9 ) ( 5.3 ) ( 5.3 ) Other ( 0.5 ) ( 0.2 ) ( 0.2 ) Total $ ( 9.9 ) $ ( 6.0 ) $ ( 5.6 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings to Earnings Attributable to Common Shares Used in Basic and Diluted Earnings (Loss) Per Share Calculation | The following table is a reconciliation of earnings to earnings attributable to common shares used in our basic and diluted Earnings (Loss) Per Share (“EPS”) calculations for the years ended December 31, 2023, 2022 and 2021. EPS components may not add due to rounding. 2023 2022 2021 Earnings from continuing operations $ 223.8 $ 199.9 $ 185.3 (Earnings) allocated to participating vested share awards ( 0.1 ) ( 0.3 ) ( 0.3 ) Earnings from continuing operations attributable to common shares $ 223.7 $ 199.6 $ 185.0 |
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 years ended December 31, 2023, 2022 and 2021 (shares in millions): 2023 2022 2021 Basic shares outstanding 44.7 46.3 47.6 Dilutive effect of common stock equivalents 0.1 0.1 0.3 Diluted shares outstanding 44.8 46.4 47.9 |
Business (Narrative) (Details)
Business (Narrative) (Details) | 1 Months Ended |
Nov. 30, 2022 Facility | |
GC Products, Inc [Member] | |
Business And Basis Of Presentation [Line Items] | |
Number of manufacturing facility | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Customer | Dec. 31, 2022 USD ($) Customer | Dec. 31, 2021 USD ($) Customer | |
Significant Accounting Policies [Line Items] | |||
Payment terms on sales | 45 days | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,295,200,000 | $ 1,233,100,000 | $ 1,106,600,000 |
Lease renewal term operating and finance lease | 5 years | ||
Operating and finance lease existence of option to terminate | true | ||
Short-term leases term | 12 months | ||
Impairment charges | $ 0 | $ 0 | $ 0 |
Minimum [Member] | Computer Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 3 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 5 years | ||
Minimum [Member] | Building [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 15 years | ||
Minimum [Member] | Computer Software [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 3 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 2 years | ||
Minimum [Member] | Customer Relationships [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 2 years | ||
Minimum [Member] | Developed Technology [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 13 years | ||
Minimum [Member] | Software Development [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 5 years | ||
Minimum [Member] | Trademarks And Brand Names [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 3 years | ||
Minimum [Member] | Non-compete Agreements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 3 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Remaining lease term operating and finance lease | 14 years | ||
Maximum [Member] | Computer Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 5 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 7 years | ||
Maximum [Member] | Building [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 30 years | ||
Maximum [Member] | Computer Software [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 7 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 15 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 20 years | 20 years | |
Maximum [Member] | Developed Technology [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 20 years | 20 years | |
Maximum [Member] | Software Development [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 7 years | ||
Maximum [Member] | Trademarks And Brand Names [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 20 years | 20 years | |
Maximum [Member] | Non-compete Agreements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 5 years | 5 years | |
Gross Sales [Member] | Concentration Risk On Two Customers [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of customers accounted for significant percentage of net sales | Customer | 2 | 2 | 2 |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 631,900,000 | $ 547,800,000 | $ 495,800,000 |
Gross Sales [Member] | Geographic Concentration Risk [Member] | Operating Segments [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 10% | 10% | 10% |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
WAVE [Member] | ||
Segment Reporting Information [Line Items] | ||
Equity interest percentage | 50% | 50% |
Nature of Operations (Schedule
Nature of Operations (Schedule of Net Sales to External Customers) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,295.2 | $ 1,233.1 | $ 1,106.6 |
Equity (earnings) from joint venture | (89.3) | (77.6) | (87.7) |
Segment operating income (loss) | 323.7 | 278.7 | 260 |
Segment assets | 1,672.4 | 1,687.2 | 1,710 |
Depreciation and amortization | 89.2 | 83.7 | 96.5 |
Investment in joint venture | 17.4 | 23.9 | 50 |
Purchases of property, plant and equipment | 83.8 | 74.8 | 79.8 |
Mineral Fiber [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 932.4 | 887.4 | 818.5 |
Equity (earnings) from joint venture | (89.3) | (77.6) | (87.7) |
Segment operating income (loss) | 285.7 | 260.9 | 261.2 |
Segment assets | 1,091.9 | 1,096.9 | 1,133.9 |
Depreciation and amortization | 75.3 | 69.5 | 69.9 |
Investment in joint venture | 17.4 | 23.9 | 50 |
Purchases of property, plant and equipment | 67.2 | 63.8 | 64.8 |
Architectural Specialties [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 362.8 | 345.7 | 288.1 |
Segment operating income (loss) | 40.9 | 21.7 | 4.2 |
Segment assets | 421.1 | 387.5 | 366.3 |
Depreciation and amortization | 13.9 | 14.2 | 26.6 |
Purchases of property, plant and equipment | 16.6 | 11 | 15 |
Unallocated Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment operating income (loss) | (2.9) | (3.9) | (5.4) |
Segment assets | $ 159.4 | $ 202.8 | $ 209.8 |
Nature of Operations (Reconcili
Nature of Operations (Reconciliation Of Total Consolidated Operating Income To Earnings Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Total consolidated operating income | $ 323.7 | $ 278.7 | $ 260 |
Interest expense | 35.3 | 27.1 | 22.9 |
Other non-operating (income), net | (9.9) | (6) | (5.6) |
Earnings from continuing operations before income taxes | $ 298.3 | $ 257.6 | $ 242.7 |
Nature of Operations (Schedul_2
Nature of Operations (Schedule Of Sales Allocated To Geographic Area) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | $ 1,295.2 | $ 1,233.1 | $ 1,106.6 |
Mineral Fiber [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 932.4 | 887.4 | 818.5 |
Mineral Fiber [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 854.2 | 816.3 | 754.2 |
Mineral Fiber [Member] | Canada [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 78.2 | 71.1 | 64.3 |
Architectural Specialties [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 362.8 | 345.7 | 288.1 |
Architectural Specialties [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 349.3 | 322.1 | 268 |
Architectural Specialties [Member] | Canada [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | $ 13.5 | $ 23.6 | $ 20.1 |
Nature of Operations (Schedul_3
Nature of Operations (Schedule Of Property, Plant And Equipment Allocated To Geographic Area) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | $ 566.4 | $ 554.4 |
Mineral Fiber [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | 494.9 | 496.8 |
Mineral Fiber [Member] | United States [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | 494.9 | 496.8 |
Architectural Specialties [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | 71.5 | 57.6 |
Architectural Specialties [Member] | United States [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | 66.5 | 52.3 |
Architectural Specialties [Member] | Canada [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | $ 5 | $ 5.3 |
Revenue (Schedule of Net Sales
Revenue (Schedule of Net Sales by Major Customer Group within Each Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,295.2 | $ 1,233.1 | $ 1,106.6 |
Mineral Fiber [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 932.4 | 887.4 | 818.5 |
Mineral Fiber [Member] | Distributors [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 682.3 | 654.1 | 603.9 |
Mineral Fiber [Member] | Home Centers [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 103.5 | 99.1 | 94.4 |
Mineral Fiber [Member] | Direct Customers [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 57.1 | 61 | 59.2 |
Mineral Fiber [Member] | Other [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 89.5 | 73.2 | 61 |
Architectural Specialties [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 362.8 | 345.7 | 288.1 |
Architectural Specialties [Member] | Distributors [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 192.7 | 174.4 | 150.5 |
Architectural Specialties [Member] | Direct Customers [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 159.7 | 168 | 134.6 |
Architectural Specialties [Member] | Other [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10.4 | $ 3.3 | $ 3 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2023 | Jul. 31, 2023 | May 31, 2023 | Nov. 30, 2022 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 175.5 | $ 175.5 | $ 167.3 | |||||
Intangible assets acquired | $ 11 | |||||||
Payments to acquire intangible assets | 1 | $ 10 | ||||||
Acquisition-related contingent consideration | 0 | 0 | $ 15.2 | |||||
Software [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of intangible assets acquired | 6.5 | $ 6.5 | ||||||
Estimated Useful Life | 5 years | |||||||
Developed Technology [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of intangible assets acquired | $ 4.5 | $ 4.5 | ||||||
Estimated Useful Life | 17 years | |||||||
Insolcorp, LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire business | $ 1.7 | |||||||
Fair value of intangible assets acquired | 2.1 | |||||||
Goodwill | $ 0.2 | |||||||
Estimated Useful Life | 20 years | |||||||
Acquisition-related contingent consideration | $ 0.7 | |||||||
Business combination, purchase price | 2.4 | |||||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 0.1 | |||||||
Insolcorp, LLC [Member] | In-Process Research and Development [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of intangible assets acquired | 1.7 | |||||||
Insolcorp, LLC [Member] | Technology [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of intangible assets acquired | $ 0.4 | |||||||
BOK Modern, LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire business | $ 13.8 | |||||||
Fair value of intangible assets acquired | 5.4 | |||||||
Goodwill | 7.8 | |||||||
Acquisition-related contingent consideration | 0.8 | |||||||
Business combination, purchase price | 14.6 | |||||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 1.4 | |||||||
BOK Modern, LLC [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition-related contingent consideration | 3.3 | |||||||
BOK Modern, LLC [Member] | Patents [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of intangible assets acquired | $ 1.9 | |||||||
Estimated Useful Life | 18 years | |||||||
BOK Modern, LLC [Member] | Non-compete Agreements [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of intangible assets acquired | $ 0.3 | |||||||
Estimated Useful Life | 3 years | |||||||
BOK Modern, LLC [Member] | Technology [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of intangible assets acquired | $ 1.8 | |||||||
Estimated Useful Life | 15 years | |||||||
BOK Modern, LLC [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of intangible assets acquired | $ 1.4 | |||||||
Estimated Useful Life | 2 years | |||||||
GC Products, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments to acquire business | $ 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 | |||||||
Estimated Useful Life | 3 years | |||||||
GC Products, Inc. [Member] | Developed Technology [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of intangible assets acquired | $ 0.7 | |||||||
Estimated Useful Life | 20 years | |||||||
GC Products, Inc. [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of intangible assets acquired | $ 0.6 | |||||||
Estimated Useful Life | 6 years |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net loss due to change in carrying value of discontinued operations net assets | $ 0 | $ 0 | $ (0.4) |
Income tax benefit | $ 0 | (3) | 1.7 |
Valuation loss on pension liabilities | $ 11.8 | ||
EMEA and Pacific Rim Business [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Income tax benefit | (2) | ||
Armstrong Flooring Inc [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net loss due to change in carrying value of discontinued operations net assets | 0 | ||
Income tax benefit | $ (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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Earnings (Loss) from disposal of discontinued businesses, before income tax | $ 0 | $ 0 | $ (0.4) |
Income tax (benefit) expense | 0 | (3) | 1.7 |
(Loss) gain from disposal of discontinued businesses, net of tax | 0 | 3 | (2.1) |
Net earnings (loss) from discontinued operations | $ 0 | 3 | (2.1) |
EMEA and Pacific Rim Businesses [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Earnings (Loss) from disposal of discontinued businesses, before income tax | 0 | (0.4) | |
Income tax (benefit) expense | (2) | 1.7 | |
(Loss) gain from disposal of discontinued businesses, net of tax | 2 | (2.1) | |
Net earnings (loss) from discontinued operations | 2 | $ (2.1) | |
Armstrong Flooring Inc [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Earnings (Loss) from disposal of discontinued businesses, before income tax | 0 | ||
Income tax (benefit) expense | (1) | ||
(Loss) gain from disposal of discontinued businesses, net of tax | 1 | ||
Net earnings (loss) from discontinued operations | $ 1 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Customer receivables | $ 102.1 | $ 107.4 |
Miscellaneous receivables | 11.8 | 8.2 |
Less allowance for warranties, discounts and losses | (2.9) | (3.2) |
Accounts and notes receivable, net | $ 111 | $ 112.4 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Miscellaneous receivables | $ 5.9 | |
Employee Retention Credit [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Miscellaneous receivables | $ 4.8 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 55.1 | $ 60.9 |
Goods in process | 5.1 | 6.5 |
Raw materials and supplies | 66.7 | 63 |
Less LIFO reserves | (22.9) | (20.4) |
Total inventories, net | $ 104 | $ 110 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Percent of inventory valued on a LIFO basis | 62% | 58% |
Inventories (Summary Of Invento
Inventories (Summary Of Inventory Not Accounted For Under LIFO) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
FIFO inventory | $ 39.3 | $ 46.3 |
U.S. Locations [Member] | ||
Segment Reporting Information [Line Items] | ||
FIFO inventory | 35.3 | 43.2 |
Canada Locations [Member] | ||
Segment Reporting Information [Line Items] | ||
FIFO inventory | $ 4 | $ 3.1 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 15.9 | $ 16.6 |
Assets held for sale | 6.7 | 4.6 |
Fair value of derivative assets | 1.1 | 3.7 |
Other | 2.7 | 1.4 |
Total other current assets | $ 26.4 | $ 26.3 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 31 | $ 31.8 |
Buildings | 273.3 | 267.8 |
Machinery and equipment | 713.5 | 686.1 |
Computer software | 85.1 | 69.2 |
Construction in progress | 61.7 | 49 |
Less accumulated depreciation and amortization | (598.2) | (549.5) |
Net property, plant and equipment | $ 566.4 | $ 554.4 |
Equity Investments (Narrative)
Equity Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Distributions from equity interest | $ 96.9 | $ 104.5 | $ 78.3 |
Equity method investment, sales reported on consolidated financial statements | $ 47.2 | $ 47.3 | 42.3 |
WAVE [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest percentage | 50% | 50% | |
Distributions from equity interest | $ 96.9 | $ 104.5 | $ 78.3 |
Percentage of difference in carrying value of investment recorded in discontinued operation | 50% | ||
Equity method investment, difference between carrying amount and underlying equity | $ 127.9 | $ 132.2 | |
WAVE [Member] | Customer Relationships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortizing intangible assets, Estimated Useful Life | 20 years | ||
WAVE [Member] | Trademarks [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-amortizing intangible assets, estimated useful life | indefinite |
Equity Investments (Summary of
Equity Investments (Summary of Investment in Joint Venture, Balance Sheet Data) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 313 | $ 356.5 |
Current liabilities | 194.5 | 182.7 |
Non-current liabilities | 886.1 | 969.5 |
WAVE [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 88.9 | 100.8 |
Non-current assets | 87.2 | 86.3 |
Current liabilities | 33 | 31.3 |
Non-current liabilities | $ 363.9 | $ 372.3 |
Equity Investments (Summary o_2
Equity Investments (Summary of Investment in Joint Venture, Income Statement Data) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 1,295.2 | $ 1,233.1 | $ 1,106.6 |
Gross profit | 497 | 449.1 | 405.6 |
Net earnings | 223.8 | 202.9 | 183.2 |
WAVE [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales | 449 | 458.2 | 430.8 |
Gross profit | 263.2 | 231.1 | 244.5 |
Net earnings | $ 187.2 | $ 163.7 | $ 184.6 |
Equity Investments (Summary o_3
Equity Investments (Summary of the Difference Between Carrying Amount and Underlying Equity of Equity Method Investment) (Details) - WAVE [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | $ 127.9 | $ 132.2 |
Property, Plant and Equipment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | 0.4 | 0.4 |
Other Intangibles [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | 97.1 | 101.4 |
Goodwill [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | $ 30.4 | $ 30.4 |
Leases (Schedule of Lease Costs
Leases (Schedule of Lease Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | |||
Operating lease cost | $ 8.5 | $ 7 | $ 6.4 |
Finance lease cost | |||
Amortization of leased assets | 3.1 | 2.4 | 2.4 |
Interest on lease liabilities | 0.9 | 0.6 | 0.7 |
Total finance lease cost | $ 4 | $ 3 | $ 3.1 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short term lease expense description | not material | not material | not material |
Material lease description | As of December 31, 2023, we did not have any material leases that have not yet commenced. | ||
Operating lease liability | $ 27.2 | ||
Finance lease liability | 26.4 | ||
Right-of-use Asset [Member] | |||
Operating lease liability | $ 13 | ||
Expected lease term | 5 years |
Leases (Summary of Supplemental
Leases (Summary of Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash paid for amounts included in the measurement of lease liabilities | ||||
Operating cash flows from operating leases | $ 8 | $ 6.8 | $ 6.3 | |
Operating cash flows from finance leases | 0.8 | 0.6 | 0.7 | |
Financing cash flows from finance leases | 2.7 | 2.2 | 2.1 | |
ROU assets obtained in exchange for lease liabilities | ||||
Operating leases | [1] | 15.8 | 3.9 | 7.3 |
Finance leases | [2] | $ 12.3 | $ 0 | $ 0.3 |
[1] The year ended December 31, 2023 included a decrease of $ 1.0 million in ROU assets due to a change in lease classification upon modification and an increase of $ 0.6 million resulting from modifications that did not involve obtaining a new ROU asset. The years ended December 31, 2022 and 2021 included increases in ROU assets of $ 1.0 million and $ 3.2 million, respectively, resulting from modifications that did not involve obtaining a new ROU asset. Modifications resulted primarily from changes in the terms of existing leases. The year ended December 31, 2023 included increases in ROU assets of $ 8.6 million due to the change in lease classification upon modification for an existing manufacturing facility within our Architectural Specialties segment which had a modified expected lease term of 13 years, in addition to an increase of $ 3.7 million for a lease modification that did not involve obtaining a new ROU asset. |
Leases (Summary of Supplement_2
Leases (Summary of Supplemental Cash Flow Information Related to Leases) (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Increase of ROU asset upon modification | $ 8.6 | ||
ROU assets | 0.6 | $ 1 | $ 3.2 |
Decrease of ROU asset upon modification | 1 | ||
Right-of-use Asset [Member] | |||
ROU assets | $ 3.7 | ||
Modified expected lease term | 13 years |
Leases (Schedule of Weighted Av
Leases (Schedule of Weighted Average Assumptions Used To Compute ROU Assets and Lease Liabilities) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted average remaining lease term, Operating leases | 4 years 9 months 18 days | 5 years 1 month 6 days |
Weighted average remaining lease term, Finance leases | 9 years 6 months | 9 years 4 months 24 days |
Weighted average discount rate, Operating leases | 5.70% | 3.80% |
Weighted average discount rate, Finance leases | 4.70% | 3.70% |
Leases (Schedule of Undiscounte
Leases (Schedule of Undiscounted Future Minimum Payments) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Maturity of lease liabilities | |
2024 | $ 7.9 |
2025 | 6.6 |
2026 | 5.3 |
2027 | 5 |
2028 | 3.5 |
Thereafter | 2.5 |
Total lease payments | 30.8 |
Less interest | (3.6) |
Present value of lease liabilities | 27.2 |
Maturity of lease liabilities | |
2024 | 4.2 |
2025 | 4 |
2026 | 4.2 |
2027 | 4.4 |
2028 | 2.5 |
Thereafter | 14.3 |
Total lease payments | 33.6 |
Less interest | (7.2) |
Finance lease liability | $ 26.4 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangible asset impairment | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Estimated Useful Life | Indefinite | |
Amortizing intangible assets, Gross Carrying Amount | $ 315.7 | $ 295.9 |
Amortizing intangible assets, Accumulated Amortization | 248.5 | 233.2 |
Non-amortizing intangible assets | 345.2 | 345 |
Total intangible assets | 660.9 | 640.9 |
Goodwill | $ 175.5 | 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 | $ 183.6 | 182.1 |
Amortizing intangible assets, Accumulated Amortization | $ 152.1 | $ 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 | 20 years |
Developed Technology [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 101.4 | $ 93.8 |
Amortizing intangible assets, Accumulated Amortization | $ 84.4 | $ 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 | 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 | $ 4.6 | 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 | $ 6.2 | 4 |
Amortizing intangible assets, Accumulated Amortization | $ 3.4 | $ 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 | 20 years | 20 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 | $ 3.8 | $ 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 | 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 | $ 2.8 | $ 1.1 |
Amortizing intangible assets, Accumulated Amortization | $ 0.2 | $ 0.1 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 15.3 | $ 16.3 | $ 33.8 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Schedule of Expected Annual Amortization Expense) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 16.2 |
2025 | 15.2 |
2026 | 11.2 |
2027 | 5 |
2028 | $ 2.9 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Cash surrender value of company-owned life insurance policies | $ 40.3 | $ 42.8 |
Investment in employee deferred compensation plans | 8.3 | 7.7 |
Fair value of derivative assets | 1.8 | 7.7 |
Other | 0.9 | 1.2 |
Total other non-current assets | $ 51.3 | $ 59.4 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Accounts Payble And Accrued Expenses [Line Items] | ||
Payables, trade and other | $ 91 | $ 105 |
Employment costs | 33.6 | 20 |
Current portion of pension and postretirement liabilities | 8 | 9.9 |
Acquisition-related contingent consideration | 0 | 15.2 |
Other | 27.3 | 22.4 |
Total accounts payable and accrued expenses | $ 159.9 | $ 172.5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | ||||
Valuation allowances | $ 49.1 | $ 48.7 | ||
Unremitted earnings not taxed | 17.5 | 17.7 | ||
Income tax reconciliation foreign withholding taxes | 0.9 | 0.9 | ||
Unrecognized tax benefits | 26.9 | 27.3 | $ 35.6 | $ 41.7 |
UTB if recognized, would impact the reported effective tax rate | 12.8 | |||
UTB if recognized, would impact the reported effective tax rate, net of federal benefit | 11.7 | |||
Interest and penalties reported as accrued income tax | 2.3 | 1.7 | ||
Employee retention credit receivable | $ 5.9 | |||
Capital Loss Carryforward [Member] | ||||
Income Taxes [Line Items] | ||||
Capital loss carryforwards | $ 18.8 | 18.8 | ||
Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Number of open tax years subject to audit | 3 years | |||
Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Number of open tax years subject to audit | 6 years | |||
State [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | $ 646.7 | $ 675.5 | ||
Valuation allowances | 28.2 | |||
Estimated future taxable income to utilize deferred tax assets | 240.9 | |||
Estimated future capital gain to realize capital loss carryforwards | $ 184.6 | |||
Estimated future capital gain to realize capital loss carryforwards, expiration year | 2024 | |||
UTB decrease due to uncertain tax positions | $ 0.5 | |||
State [Member] | State Tax Credits [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowances | $ 3 | |||
State [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, expiration date | 2024 | |||
State [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, expiration date | 2043 | |||
Estimated future capital gain to realize capital loss carryforwards, expiration year | 2036 | |||
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Estimated future capital gain to realize capital loss carryforwards | $ 66.4 | |||
Federal [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Estimated future capital gain to realize capital loss carryforwards, expiration year | 2024 | |||
Federal [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Estimated future capital gain to realize capital loss carryforwards, expiration year | 2026 | |||
Federal and State [Member] | Capital Loss Carryforward [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowances | $ 17.9 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 32.2 | $ 34.2 |
Postretirement benefits | 13.1 | 16.7 |
Pension benefit liabilities | 8.1 | 8.2 |
Deferred compensation | 6.8 | 7.1 |
State tax credit carryforwards | 4.4 | 4.7 |
Capital loss carryforwards | 18.8 | 18.8 |
Capitalized research expenses | 15.3 | 9.4 |
Lease liabilities | 9.5 | 9.7 |
Other | 9 | 3.8 |
Total deferred income tax assets | 117.2 | 112.6 |
Valuation allowances | (49.1) | (48.7) |
Net deferred income tax assets | 68.1 | 63.9 |
Intangibles | (84.7) | (85.1) |
Partnerships and investments | (25.4) | (25.5) |
Accumulated depreciation | (87.3) | (86.4) |
Prepaid pension costs | (21.6) | (21.2) |
Inventories | (4.4) | (4.9) |
Lease assets | (9.9) | (9.9) |
Other | (1.7) | (0.3) |
Total deferred income tax liabilities | (235) | (233.3) |
Net deferred income tax liabilities | $ (166.9) | $ (169.4) |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Earnings before income taxes, Domestic | $ 291.9 | $ 251.7 | $ 239.3 |
Earnings before income taxes, Foreign | 6.4 | 5.9 | 3.4 |
Earnings from continuing operations before income taxes | 298.3 | 257.6 | 242.7 |
Current income tax expense (benefit), Federal | 59.8 | 46.3 | 39.4 |
Current income tax expense (benefit), Foreign | 1.7 | 1.3 | 0.6 |
Current income tax expense (benefit), State | 13.9 | 11.3 | 8.7 |
Current income tax expense (benefit), Total | 75.4 | 58.9 | 48.7 |
Deferred income tax expense (benefit), Federal | (3.2) | (1.9) | 3.6 |
Deferred income tax expense (benefit), Foreign | (0.2) | (0.2) | 0.6 |
Deferred income tax expense (benefit), State | 2.5 | 0.9 | 4.5 |
Deferred income tax expense (benefit), Total | (0.9) | (1.2) | 8.7 |
Tax expense at effective rate | $ 74.5 | $ 57.7 | $ 57.4 |
Income Taxes (Schedule Of The R
Income Taxes (Schedule Of The Reconciliation To U.S. Statutory Tax Rate) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Continuing operations tax expense at statutory rate | $ 62.6 | $ 54.1 | $ 51 |
Increase (decrease) in valuation allowances on deferred income tax assets | 0.3 | (1.7) | (17.8) |
Expiration of deferred income tax assets | 0.2 | 0.7 | 18.3 |
State income tax expense, net of federal impact | 13.7 | 11 | 11 |
Statute closures | (0.6) | (5.1) | (3.8) |
Excess tax benefits on share-based compensation | (0.1) | (0.5) | (0.8) |
U.S. permanent differences | (2.6) | (0.8) | (1.3) |
Other | 1 | 0 | 0.8 |
Tax expense at effective rate | $ 74.5 | $ 57.7 | $ 57.4 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits balance at January 1, | $ 27.3 | $ 35.6 | $ 41.7 |
Gross change for current year positions | 0.4 | 0.4 | 1.7 |
Increases for prior period positions | 0.2 | 0.2 | 0 |
Decrease for prior period positions | (0.5) | (1.4) | (3.6) |
Decrease due to statute expirations | (0.5) | (7.5) | (4.2) |
Unrecognized tax benefits balance at December 31, | $ 26.9 | $ 27.3 | $ 35.6 |
Income Taxes (Schedule Of Other
Income Taxes (Schedule Of Other Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Payroll taxes | $ 20.8 | $ 18.3 | $ 13.4 |
Property, franchise and capital stock taxes | $ 5.4 | $ 4.5 | $ 4.4 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal debt outstanding | $ 590 | $ 655 |
Unamortized debt financing costs | (3.2) | (3.9) |
Less current installments of long-term debt | 22.5 | 0 |
Long-term debt, less current installments of long-term debt | 564.3 | 651.1 |
Revolving credit facility (due 2027) [Member] | ||
Debt Instrument [Line Items] | ||
Principal debt outstanding | 140 | 205 |
Term loan A (due 2027) [Member] | ||
Debt Instrument [Line Items] | ||
Principal debt outstanding | 450 | 450 |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 586.8 | 651.1 |
Short-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Less current installments of long-term debt | 22.5 | 0 |
Long-Term Debt, Less Current Portion [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, less current installments of long-term debt | $ 564.3 | $ 651.1 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 07, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||
Bank, legal and other fees | $ 3.1 | ||||
Amount capitalized and recorded as a component of long-term debt | $ 3 | ||||
Basis point SOFR adjustment | 10 | ||||
Unamortized debt financing costs wrote off | $ 0.6 | $ 0 | $ 0.6 | $ 0 | |
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | 7.7 | ||||
Line of credit availability | 175 | ||||
Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit availability | 450 | ||||
Bi-lateral Facility [Member] | Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | 7.7 | ||||
Line of credit availability | 25 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit availability | 500 | ||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit availability | $ 150 | ||||
Revolving Credit Facility [Member] | Term Loan A [Member] | SOFR [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.375% | ||||
Refinanced Senior Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Financial covenants | The senior secured credit facility includes two financial covenants that require the ratio of consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) to consolidated cash interest expense minus cash consolidated interest income to be greater than or equal to 3.0 to 1.0 and requires the ratio of consolidated funded indebtedness, minus AWI and domestic subsidiary unrestricted cash and cash equivalents up to $100 million, to consolidated EBITDA to be less than or equal to 3.75 to 1.0 (subject to certain exceptions for certain acquisitions). | ||||
Maximum unrestricted cash and cash equivalents for leverage ratio calculation | $ 100 | ||||
Refinanced Senior Credit Facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Ratio of EBITDA to consolidated cash interest expense minus cash consolidated interest income | 3 | ||||
Refinanced Senior Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Ratio of consolidated funded indebtedness, minus unrestricted cash and cash equivalents | 3.75 | ||||
Senior Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | $ 950 |
Debt (Scheduled Payments Of Lon
Debt (Scheduled Payments Of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 22.5 |
2025 | 22.5 |
2026 | 22.5 |
2027 | $ 522.5 |
Debt (Schedule of Letters of Cr
Debt (Schedule of Letters of Credit Facilities) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | $ 175 |
Letters of credit, Used | 7.7 |
Letters of credit, Available | 167.3 |
Letter of Credit [Member] | Bi-lateral Facility [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 25 |
Letters of credit, Used | 7.7 |
Letters of credit, Available | 17.3 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 500 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 150 |
Letters of credit, Available | $ 150 |
Pension and Other Benefit Pro_3
Pension and Other Benefit Programs (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 2 | $ 1.8 | |
Defined Benefit Pension Plans [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate of return forecast period | 30 years | ||
Defined Benefit Pension Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate of return forecast period | 10 years | ||
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 355.2 | $ 335.7 | |
Long-term return forecast | 6.50% | 3.75% | |
U.S. Defined-Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial gain (loss) amortization period | 26 years | 26 years | 27 years |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average rate of annual increase in the per capita costs, pre-65 | 7.80% | ||
Average rate of annual increase in the per capita costs, post-65 | 10.40% | ||
Ultimate rate | 4.50% | ||
U.S. and Non-U.S. Plans [Member] | Defined Contribution Benefit Plans [member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee contributions, vested percentage | 100% | ||
Costs for defined contribution benefit plans | $ 10.4 | $ 8.4 | $ 9.1 |
Pension and Other Benefit Pro_4
Pension and Other Benefit Programs (Schedule of Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations as of beginning of period | $ 337.1 | $ 435.1 | |
Defined Benefit Plan, Service Cost | 2.6 | 3.7 | |
Defined Benefit Plan, Interest Cost | 16.9 | 10.5 | |
Actuarial loss (gain) | 13.7 | (99.8) | |
Benefits paid | (13.8) | (12.4) | |
Benefit obligations as of end of period | 356.5 | 337.1 | $ 435.1 |
Fair value of plan assets as of beginning of period | 391.7 | 506.7 | |
Actual return on plan assets | 32.7 | (105.4) | |
Employer contributions | 2.8 | 2.8 | |
Benefits paid | (13.8) | (12.4) | |
Fair value of plan assets as of end of period | 413.4 | 391.7 | 506.7 |
Funded status | 56.9 | 54.6 | |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations as of beginning of period | 61.9 | 78 | |
Defined Benefit Plan, Interest Cost | 2.9 | 1.5 | 1.2 |
Plan participants' contributions | 1.7 | 1.6 | |
Actuarial loss (gain) | (11.6) | (12.4) | |
Benefits paid | (7.3) | (6.8) | |
Benefit obligations as of end of period | 47.6 | 61.9 | 78 |
Fair value of plan assets as of beginning of period | 0 | 0 | |
Employer contributions | 5.6 | 5.2 | |
Plan participants' contributions | 1.7 | 1.6 | |
Benefits paid | (7.3) | (6.8) | |
Fair value of plan assets as of end of period | 0 | 0 | $ 0 |
Funded status | $ (47.6) | $ (61.9) |
Pension and Other Benefit Pro_5
Pension and Other Benefit Programs (Schedule of Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 4.96% | 5.12% |
Net periodic benefit cost discount rate | 5.13% | 2.73% |
U S Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 5.01% | 5.21% |
Benefit obligation rate of compensation increase | 3.33% | 3.33% |
Net periodic benefit cost discount rate | 5.21% | 2.97% |
Net periodic benefit cost expected return on plan assets | 6.50% | 3.75% |
Net periodic benefit cost rate of compensation increase | 3.33% | 3.05% |
Pension and Other Benefit Pro_6
Pension and Other Benefit Programs (Schedule of Benefit Obligations in Excess of Assets) (Details) - RBEP [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
RBEP Projected benefit obligation, December 31 | $ 27.7 | $ 28.6 |
RBEP Accumulated benefit obligation, December 31 | $ 27.7 | $ 28.6 |
Pension and Other Benefit Pro_7
Pension and Other Benefit Programs (Schedule of Periodic Benefit Costs for U.S. Defined Benefit Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | $ 2.6 | $ 3.7 | |
Interest cost on projected benefit obligation | 16.9 | 10.5 | |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | 2.6 | 3.7 | $ 4.8 |
Interest cost on projected benefit obligation | 16.9 | 10.5 | 9 |
Expected return on plan assets | $ (25) | $ (18.4) | $ (16.5) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax |
Amortization of net actuarial loss | $ 5.4 | $ 4.2 | $ 3.5 |
Net periodic postretirement benefit (credit) | $ (0.1) | $ 0 | $ 0.8 |
Pension and Other Benefit Pro_8
Pension and Other Benefit Programs (Schedule of Defined Asset Allocation) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Long Duration Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 90% | |
Position | 90% | 90% |
Equities Real Estate And Private Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 10% | |
Position | 10% | 10% |
Pension and Other Benefit Pro_9
Pension and Other Benefit Programs (Summary of Fair Value Of Assets Plan) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | $ 409.3 | $ 386.1 | |
Investments measured at net asset value | 4.1 | 5.6 | |
Net assets | 413.4 | 391.7 | $ 506.7 |
Collective trust funds - bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 371.5 | 350.3 | |
Collective trust funds - equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 34.3 | 32.6 | |
Cash, Other Short-Term Investments and Payables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 3.5 | 3.2 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | (0.3) | (0.3) | |
Level 1 [Member] | Collective trust funds - bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 0 | 0 | |
Level 1 [Member] | Collective trust funds - equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 0 | 0 | |
Level 1 [Member] | Cash, Other Short-Term Investments and Payables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | (0.3) | (0.3) | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 409.6 | 386.4 | |
Level 2 [Member] | Collective trust funds - bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 371.5 | 350.3 | |
Level 2 [Member] | Collective trust funds - equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 34.3 | 32.6 | |
Level 2 [Member] | Cash, Other Short-Term Investments and Payables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 3.8 | 3.5 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 0 | 0 | |
Level 3 [Member] | Collective trust funds - bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 0 | 0 | |
Level 3 [Member] | Collective trust funds - equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 0 | 0 | |
Level 3 [Member] | Cash, Other Short-Term Investments and Payables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | $ 0 | $ 0 |
Pension and Other Benefit Pr_10
Pension and Other Benefit Programs (Summary of Assets Measured at NAV) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investment, Type [Extensible Enumeration] | Real Estate [Member] | Real Estate [Member] |
Investments measured at net asset value | $ 4.1 | $ 5.6 |
Unfunded commitments | $ 2.2 | $ 2.2 |
Redemption frequency | Quarterly | Quarterly |
Redemption notice period | 60 days | 60 days |
Pension and Other Benefit Pr_11
Pension and Other Benefit Programs (Schedule of Periodic Benefit (Credit) Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | $ 2.6 | $ 3.7 | |
Interest cost on accumulated postretirement benefit obligation | $ 16.9 | $ 10.5 | |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax |
Interest cost on accumulated postretirement benefit obligation | $ 2.9 | $ 1.5 | $ 1.2 |
Amortization of prior service (credit) | (0.3) | (0.3) | (0.3) |
Amortization of net actuarial (gain) loss | (5.9) | (2.8) | (2.2) |
Net periodic postretirement benefit (credit) | $ (3.3) | $ (1.6) | $ (1.3) |
Pension and Other Benefit Pr_12
Pension and Other Benefit Programs (Schedule of Amounts Recognized in Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | $ 84.6 | $ 83.2 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | 84.6 | 83.2 |
Accounts payable and accrued expenses | (2.7) | (2.7) |
Postretirement benefit liabilities | 0 | 0 |
Pension benefit liabilities | (25) | (25.9) |
Net amount recognized | 56.9 | 54.6 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | 0 | 0 |
Accounts payable and accrued expenses | (0.1) | (0.1) |
Postretirement benefit liabilities | 0 | 0 |
Pension benefit liabilities | (1.9) | (1.7) |
Net amount recognized | (2) | (1.8) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | 0 | 0 |
Accounts payable and accrued expenses | (5.2) | (7.1) |
Postretirement benefit liabilities | (42.4) | (54.8) |
Pension benefit liabilities | 0 | 0 |
Net amount recognized | $ (47.6) | $ (61.9) |
Pension and Other Benefit Pr_13
Pension and Other Benefit Programs (Schedule of Amounts in Accumulated Other Comprehensive) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (172.4) | $ (171.9) |
Prior service credit | 0 | 0 |
Accumulated other comprehensive (loss) income | (172.4) | (171.9) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 28.9 | 23.3 |
Prior service credit | 0.9 | 1.2 |
Accumulated other comprehensive (loss) income | $ 29.8 | $ 24.5 |
Pension and Other Benefit Pr_14
Pension and Other Benefit Programs (Schedule of Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
U.S. Defined-Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 19.2 |
2025 | 21.1 |
2026 | 22.4 |
2027 | 23.7 |
2028 | 24.4 |
2029 - 2032 | 126.5 |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 5.3 |
2025 | 4.8 |
2026 | 4.6 |
2027 | 4.2 |
2028 | 4 |
2029 - 2032 | $ 16.6 |
Financial Instruments and Con_3
Financial Instruments and Contingent Consideration (Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 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 | (586.8) | (651.1) |
Acquisition-related contingent consideration | (1.6) | (15.2) |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | (586.8) | (645.3) |
Acquisition-related contingent consideration | (1.6) | (15.2) |
Interest Rate Swap Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | (0.4) | 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 | $ (0.4) | $ 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 | Dec. 31, 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 | (1.6) | |
Interest Rate Swap Contracts [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | (0.4) | $ 11.4 |
Interest Rate Swap Contracts [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts |
Financial Instruments and Con_5
Financial Instruments and Contingent Consideration (Schedule of Weighted-Average of Significant Unobservable Inputs) (Details) | Dec. 31, 2023 |
BOK Modern, LLC [Member] | Volatility [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Discount rates | 24.30% |
BOK Modern, LLC [Member] | Discount Rates [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Discount rates | 4.50% |
Insolcorp L L C [Member] | Volatility [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Discount rates | 20% |
Insolcorp L L C [Member] | Discount Rates [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Discount rates | 4.80% |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Balance as of beginning of period | $ 15.2 | $ 12.8 | $ 16.9 |
Cash consideration paid | 15.2 | (8.6) | |
Loss (Gain) related to change in fair value of contingent consideration | (0.1) | (11) | $ (4.1) |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | ||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Income [Extensible List] | Loss (gain) from change in fair value of contingent consideration | ||
Balance as of end of period | 1.6 | $ 15.2 | $ 12.8 |
BOK Modern, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition date fair value of contingent consideration | 0.8 | ||
Insolcorp L L C [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition date fair value of contingent consideration | $ 0.7 |
Financial Instruments and Con_7
Financial Instruments and Contingent Consideration (Additional Information) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Oct. 31, 2023 | Jul. 31, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | ||||
Acquisition-related contingent consideration | $ 1.6 | $ 0 | ||
Business combination, consideration transferred estimated fair value | 0 | 15.2 | ||
Cash consideration paid | $ 8.6 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, consideration transferred estimated fair value | 1.6 | |||
BOK Modern, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, consideration transferred estimated fair value | $ 0.8 | |||
Insolcorp L L C [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, consideration transferred estimated fair value | $ 0.7 | |||
Turf [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash consideration paid | $ 15.2 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Summary of Interest Rate Swaps) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
March 2021 to March 2024 [Member] | |
Derivative [Line Items] | |
Trade Date | Mar. 10, 2020 |
Notional Amount | $ 50 |
Coverage Period | March 2021 to March 2024 |
Risk Coverage | USD-SOFR |
November 2023 to June 2024 | |
Derivative [Line Items] | |
Trade Date | Sep. 18, 2023 |
Notional Amount | $ 50 |
Coverage Period | November 2023 to June 2024 |
Risk Coverage | USD-SOFR |
March 2021 to March 2024 [Member] | |
Derivative [Line Items] | |
Trade Date | Mar. 11, 2020 |
Notional Amount | $ 50 |
Coverage Period | March 2021 to March 2024 |
Risk Coverage | USD-SOFR |
November 2023 to December 2025 | |
Derivative [Line Items] | |
Trade Date | Oct. 23, 2023 |
Notional Amount | $ 50 |
Coverage Period | November 2023 to December 2025 |
Risk Coverage | USD-SOFR |
November 2023 to December 2026 | |
Derivative [Line Items] | |
Trade Date | Oct. 10, 2023 |
Notional Amount | $ 50 |
Coverage Period | November 2023 to December 2026 |
Risk Coverage | USD-SOFR |
November 2023 to November 2027 | |
Derivative [Line Items] | |
Trade Date | Sep. 29, 2023 |
Notional Amount | $ 50 |
Coverage Period | November 2023 to November 2027 |
Risk Coverage | USD-SOFR |
March 2021 to March 2025 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 28, 2018 |
Notional Amount | $ 100 |
Coverage Period | March 2021 to March 2025 |
Risk Coverage | USD-SOFR |
Derivative Financial Instrume_4
Derivative Financial Instruments (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Derivative [Line Items] | |
Gain in AOCI expected to be recognized in earnings over the next twelve months | $ 3.2 |
Interest Rate Swap Contracts [Member] | |
Derivative [Line Items] | |
SOFR floor | 0% |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 1.1 | $ 3.7 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Other Non-Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 1.8 | $ 7.7 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Accounts Payable and Accrued Expenses [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ 0.1 | $ 0 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current |
Other Long-Term Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ 3.2 | $ 0 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Derivative Financial Instrume_6
Derivative Financial Instruments (Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain Recognized in AOCI | $ (12.1) | $ 24.9 | $ 13.4 |
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 |
Derivatives in Cash Flow Hedging Relationships [Member] | Interest Rate Swap Contracts [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain Recognized in AOCI | $ (0.6) | $ 26.9 | $ 21.9 |
Gain reclassified from AOCI into net earnings | $ 11.5 | $ 2 | $ 8.5 |
Other Long-Term Liabilities (Sc
Other Long-Term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Long-term deferred compensation arrangements | $ 12.3 | $ 15.4 |
Fair value of derivative liabilities | 3.2 | 0 |
Environmental insurance recoveries received in excess of cumulative expenses incurred | 2.6 | 3.5 |
Acquisition-related contingent consideration | 1.6 | 0 |
Other | 7.1 | 6.9 |
Total other long-term liabilities | $ 26.8 | $ 25.8 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares outstanding | 6,200 | 33,900 | |
Adjusted share-based compensation cost | $ 18.8 | $ 14.3 | $ 11.3 |
Share-based compensation cost, net of tax | 14.1 | $ 10.8 | $ 8.5 |
Total unrecognized compensation cost | $ 21 | ||
Total unrecognized compensation cost, weighted-average period | 2 years | ||
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Award expiration period | 10 years | ||
Market Based Performance Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares granted | 48,073 | 57,439 | |
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
RSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares granted | 180,500 | ||
2022 ECIP [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized | 2,651,472 | ||
Shares available for grant | 2,492,005 | ||
Plan expiration date | Jun. 15, 2032 | ||
2016 Director Stock Unit Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized | 250,000 | ||
Shares available for grant | 132,351 | ||
Plan expiration date | Jul. 08, 2026 | ||
2016 Director Stock Unit Plan [Member] | RSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Number of shares granted | 13,086 | 13,467 | |
Number of shares outstanding | 53,938 | 80,890 | |
Vested director stock units | 40,852 | 67,423 | |
2020 Inducement Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized | 19,000 | ||
Shares available for grant | 8,903 | ||
Plan expiration date | Dec. 14, 2030 | ||
2020 Inducement Plan [Member] | Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Number of shares outstanding | 0 | ||
Awards forfeited | 2,089 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans (Schedule Of Changes In Stock Options) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Option shares outstanding, December 31, 2022, Number of shares | shares | 33,900 |
Option shares exercised, Number of shares | shares | (27,700) |
Option shares outstanding, December 31, 2023, Number of shares | shares | 6,200 |
Option shares exercisable, vested and expected to vest, December 31, 2023, Number of shares | shares | 6,200 |
Option shares outstanding, December 31, 2022, Weighted-average exercise price | $ / shares | $ 47.35 |
Option shares exercised, Weighted-average exercise price | $ / shares | 47.01 |
Option shares outstanding, December 31, 2023, Weighted-average exercise price | $ / shares | 48.86 |
Option shares exercisable, vested and expected to vest, December 31, 2023, Weighted-average exercise price | $ / shares | $ 48.86 |
Option shares outstanding, December 31, 2023, Weighted-average remaining contractual term | 4 months 24 days |
Option shares exercisable, vested and expected to vest, December 31, 2023, Weighted-average remaining contractual term | 4 months 24 days |
Option shares outstanding, December 31, 2023, Aggregate intrinsic value | $ | $ 0.3 |
Option shares exercisable, vested and expected to vest, December 31, 2023, Aggregate intrinsic value | $ | $ 0.3 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Schedule Of Stock Option Exercises) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Total intrinsic value of stock options exercised | $ 1.3 | $ 1.3 | $ 4.1 |
Cash proceeds received from stock options exercised | 0.2 | 1.8 | 2.5 |
Tax deduction realized from stock options exercised | $ 0.3 | $ 0.1 | $ 0.4 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans (Schedule Of Restricted Stock, RSUs, Performance Restricted Stock and PSUs Activity) (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
RSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of shares | shares | 112,100 |
Granted, Number of shares | shares | 180,500 |
Vested, Number of shares | shares | (76,000) |
Forfeited, Number of shares | shares | (11,200) |
Ending balance, Number of shares | shares | 205,400 |
Beginning balance, Weighted-average fair value at grant date | $ / shares | $ 86.66 |
Granted, Weighted-average fair value at grant date | $ / shares | 73.61 |
Vested, Weighted-average fair value at grant date | $ / shares | (86.36) |
Forfeited, Weighted-average fair value at grant date | $ / shares | (81.83) |
Ending balance, Weighted-average fair value at grant date | $ / shares | $ 75.56 |
PSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of shares | shares | 306,400 |
Granted, Number of shares | shares | 101,100 |
Performance adjustments, Number of shares | shares | (80,300) |
Forfeited, Number of shares | shares | (18,700) |
Ending balance, Number of shares | shares | 308,500 |
Beginning balance, Weighted-average fair value at grant date | $ / shares | $ 99.38 |
Granted, Weighted-average fair value at grant date | $ / shares | 98.06 |
Performance adjustments, Weighted-average fair value at grant date | $ / shares | (101.96) |
Forfeited, Weighted-average fair value at grant date | $ / shares | (96.62) |
Ending balance, Weighted-average fair value at grant date | $ / shares | $ 98.44 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of shares | shares | 50,700 |
Vested, Number of shares | shares | (50,600) |
Forfeited, Number of shares | shares | (100) |
Ending balance, Number of shares | shares | |
Beginning balance, Weighted-average fair value at grant date | $ / shares | $ 78.05 |
Vested, Weighted-average fair value at grant date | $ / shares | (78.05) |
Forfeited, Weighted-average fair value at grant date | $ / shares | (77.22) |
Ending balance, Weighted-average fair value at grant date | $ / shares | $ 0 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans (Schedule Of Weighted-Average Assumptions For PSUs Measured At Fair Value) (Details) - PSUs [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted-average grant date fair value of market based PSUs granted | $ 121.69 | $ 104.92 |
Risk-free rate of return | 4.50% | 1.80% |
Expected volatility | 38.70% | 37% |
Expected term | 3 years 1 month 6 days | 3 years 1 month 6 days |
Expected dividend yield | 0% | 0% |
Employee Costs (Schedule Of Emp
Employee Costs (Schedule Of Employee Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |||
Wages, salaries and incentive compensation | $ 282.1 | $ 259.7 | $ 259.9 |
Payroll taxes | 20.8 | 18.3 | 13.4 |
Defined contribution and defined benefit pension plan expense, net | 10.4 | 8.5 | 10 |
Insurance and other benefit costs | 32.5 | 29.9 | 28.2 |
Share-based compensation | 18.8 | 14.3 | 11.3 |
Total | $ 364.6 | $ 330.7 | $ 322.8 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||
Feb. 14, 2024 | Jul. 31, 2023 | Apr. 30, 2023 | Feb. 28, 2023 | Oct. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2024 | Nov. 30, 2023 | May 31, 2023 | Mar. 31, 2023 | Aug. 31, 2022 | Jul. 29, 2016 | |
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Shares repurchase program, repurchased cost | $ 133,300,000 | $ 165,000,000 | $ 80,000,000 | |||||||||||
Quarterly dividends declared | $ 0.254 | $ 0.254 | $ 0.254 | $ 0.28 | ||||||||||
Dividends payable, date to be paid, year and month | 2023-11 | 2023-05 | 2023-03 | 2023-08 | ||||||||||
Scenario Forecast [Member] | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Quarterly dividends declared | $ 0.28 | |||||||||||||
Dividends payable, date to be paid, year and month | 2024-03 | |||||||||||||
Common Stock | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 716,800,000 | |||||||||||||
Shares repurchase program, shares repurchased | 1,785,825 | 1,889,742 | 784,901 | |||||||||||
Common Stock | Share Repurchase Program Excluding Accelerated Share Repurchase | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Shares repurchase program, shares repurchased | 1,800,000 | |||||||||||||
Shares repurchase program, repurchased cost | $ 132,000,000 | |||||||||||||
Shares repurchase program, average price per share | $ 73.91 | |||||||||||||
Common Stock | Share Repurchase Program Including Accelerated Share Repurchase | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Shares repurchase program, shares repurchased | 14,200,000 | |||||||||||||
Shares repurchase program, repurchased cost | $ 983,200,000 | |||||||||||||
Shares repurchase program, average price per share | $ 69.32 | |||||||||||||
Common Stock | July 2018 program | Maximum [Member] | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Shares repurchase program, authorized amount | $ 150,000,000 | |||||||||||||
Common Stock | December 2026 program | Maximum [Member] | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Shares repurchase program, authorized amount | $ 1,700,000,000 |
Shareholders' Equity (Component
Shareholders' Equity (Components Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation adjustments | $ 1 | $ 0.5 |
Derivative gain, net | 0.5 | 9.5 |
Pension and postretirement adjustments | (106.2) | (110.1) |
Accumulated other comprehensive (loss) | $ (104.7) | $ (100.1) |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |||
Foreign currency translation adjustments, Pre-tax Amount | $ 0.5 | $ (1.8) | |
Derivative (loss) gain, net | (12.1) | 24.9 | $ 13.4 |
Pension and postretirement adjustments, Pre-tax Amount | 5.2 | (9.6) | (13.4) |
Total other comprehensive income (loss), Pre-tax Amount | (6.4) | 13.5 | 0 |
Derivative gain (loss), net, Tax (Expense) Benefit | 3.1 | (6.3) | (3.5) |
Pension and postretirement adjustments, Tax (Expense) Benefit | (1.3) | 2.3 | 3.2 |
Total other comprehensive income (loss), Tax (Expense) Benefit | 1.8 | (4) | (0.3) |
Foreign currency translation adjustments, After-tax Amount | 0.5 | (1.8) | 0 |
Derivative gain (loss), net, After-tax Amount | (9) | 18.6 | 9.9 |
Pension and postretirement adjustments | 3.9 | (7.3) | (10.2) |
Total other comprehensive (loss) income | $ (4.6) | $ 9.5 | $ (0.3) |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive Income Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | $ 535 | $ 519.7 |
Ending Balance | 591.8 | 535 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 0.5 | 2.3 |
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit | 0.5 | (1.8) |
Amounts reclassified from accumulated other comprehensive (loss) | 0 | 0 |
Net current period other comprehensive (loss) income | 0.5 | (1.8) |
Ending Balance | 1 | 0.5 |
Derivative (Loss) Gain [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 9.5 | (9.1) |
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit | (0.4) | 20.2 |
Amounts reclassified from accumulated other comprehensive (loss) | (8.6) | (1.6) |
Net current period other comprehensive (loss) income | (9) | 18.6 |
Ending Balance | 0.5 | 9.5 |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (110.1) | (102.8) |
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit | 4.5 | (8.1) |
Amounts reclassified from accumulated other comprehensive (loss) | (0.6) | 0.8 |
Net current period other comprehensive (loss) income | 3.9 | (7.3) |
Ending Balance | (106.2) | (110.1) |
Accumulated Other Comprehensive (Loss) Income [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (100.1) | (109.6) |
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit | 4.6 | 10.3 |
Amounts reclassified from accumulated other comprehensive (loss) | (9.2) | (0.8) |
Net current period other comprehensive (loss) income | (4.6) | 9.5 |
Ending Balance | $ (104.7) | $ (100.1) |
Shareholders' Equity (Schedul_3
Shareholders' Equity (Schedule of Accumulated Other Comprehensive (Loss) Activity) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax benefit (expense) | $ (1.3) | $ (4.1) |
AOCI share percentage | 50% | 50% |
Derivative (Loss) Gain [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax benefit (expense) | $ 0.2 | $ (6.7) |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax benefit (expense) | $ (1.5) | $ 2.6 |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ (35.3) | $ (27.1) | $ (22.9) |
Tax impact | (74.5) | (57.7) | (57.4) |
Total (income), net of tax | (223.8) | (202.9) | (183.2) |
Other non-operating (income) expense, net | (0.5) | (0.2) | $ (0.2) |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Derivative Gain (Loss) [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Tax impact | 2.9 | 0.4 | |
Total (income), net of tax | (8.6) | (1.6) | |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Derivative Gain (Loss) [Member] | Interest Rate Swap Contracts, Before Tax [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | (11.5) | (2) | |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Prior Service Credit Amortization [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other non-operating (income) expense, net | (0.3) | (0.3) | |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Amortization of Net Actuarial Loss [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other non-operating (income) expense, net | (0.5) | 1.4 | |
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 | (0.8) | 1.1 | |
Tax impact | 0.2 | (0.3) | |
Total (income) loss, net of tax | (0.6) | 0.8 | |
Total reclassifications for the period | $ (9.2) | $ (0.8) |
Supplemental Financial Inform_3
Supplemental Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Financial Information [Line Items] | |||
Cost of goods sold | $ 798.2 | $ 784 | $ 701 |
Product innovation costs | 14.5 | 14.9 | 14.6 |
Advertising costs | 8.9 | 9.2 | 8 |
Interest income | (3.5) | (0.5) | (0.1) |
Pension and postretirement (credits) | (5.9) | (5.3) | (5.3) |
Other | (0.5) | (0.2) | (0.2) |
Other non-operating expense, net | (9.9) | (6) | (5.6) |
Maintenance and Repair Costs [Member] | |||
Supplemental Financial Information [Line Items] | |||
Cost of goods sold | $ 48.3 | $ 42.7 | $ 41.9 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Accounts payable and accrued expenses related to adjustments to consideration of debt in connection with sale of business | $ 159.9 | $ 172.5 | |
WAVE [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases from joint venture | 32.6 | 34.5 | $ 27.9 |
WAVE [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Reimbursement from joint venture | 27.8 | 29.1 | $ 21.6 |
Due to related parties | $ 1.9 | $ 5.3 |
Litigation and Related Matters
Litigation and Related Matters (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | 60 Months Ended | |||
Sep. 30, 2010 Site | Dec. 31, 2023 USD ($) Site | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2007 | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | ||||||
Settlement agreement amount of litigation agreement | $ 53 | |||||
Environmental insurance recoveries received in excess of cumulative expenses incurred | $ 2.6 | $ 3.5 | ||||
Reserves for potential environmental liabilities | 0.5 | 1.3 | $ 0.2 | |||
Other Long-Term Liabilities [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Environmental liabilities | $ 0.5 | $ 0.5 | ||||
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% |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of Earnings to Earnings Attributable to Common Shares Used in Basic and Diluted Earnings (Loss) Per Share Calculation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Earnings from continuing operations | $ 223.8 | $ 199.9 | $ 185.3 |
(Earnings) allocated to participating vested share awards | (0.1) | (0.3) | (0.3) |
(Earnings) allocated to participating vested share awards | (0.1) | (0.3) | (0.3) |
Earnings from continuing operations attributable to common shares | $ 223.7 | $ 199.6 | $ 185 |
Earnings Per Share (Reconcili_2
Earnings Per Share (Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Basic shares outstanding | 44.7 | 46.3 | 47.6 |
Dilutive effect of common stock equivalents | 0.1 | 0.1 | 0.3 |
Diluted shares outstanding | 44.8 | 46.4 | 47.9 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Common stock equivalents not included in the computation of diluted EPS | 46,846 | 19,134 | 8,548 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Provision For Bad Debts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 0.4 | $ 1 | $ 1.4 |
Additions charged to earnings | 0.4 | 0.1 | 0.4 |
Deductions | (0.4) | (0.7) | (0.8) |
Balance at end of year | 0.4 | 0.4 | 1 |
Provision For Discounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 2.1 | 1.7 | 1.3 |
Additions charged to earnings | 26.4 | 24.4 | 21.7 |
Deductions | (26.4) | (24) | (21.3) |
Balance at end of year | 2.1 | 2.1 | 1.7 |
Provision For Warranties [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 0.7 | 0.8 | 0.9 |
Additions charged to earnings | 5.4 | 5.6 | 3.9 |
Deductions | (5.7) | (5.7) | (4) |
Balance at end of year | 0.4 | 0.7 | 0.8 |
Provision For Inventory Obsolescence [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 0.3 | 0.2 | 0 |
Additions charged to earnings | 0 | 0.2 | 0.3 |
Deductions | (0.3) | (0.1) | (0.1) |
Balance at end of year | $ 0 | $ 0.3 | $ 0.2 |