Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 25, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | ARMSTRONG WORLD INDUSTRIES, INC. | |
Trading Symbol | AWI | |
Entity Central Index Key | 0000007431 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 43,758,250 | |
Entity Shell Company | false | |
Entity File Number | 1-2116 | |
Entity Tax Identification Number | 23-0366390 | |
Entity Address, Address Line One | 2500 Columbia Avenue | |
Entity Address, City or Town | Lancaster | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17603 | |
City Area Code | 717 | |
Local Phone Number | 397-0611 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | PA | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net sales | $ 326.3 | $ 310.2 |
Cost of goods sold | 202 | 198.1 |
Gross profit | 124.3 | 112.1 |
Selling, general and administrative expenses | 65.7 | 62.7 |
(Gain) related to change in fair value of contingent consideration | (0.3) | 0 |
Equity (earnings) from unconsolidated affiliates, net | (27.2) | (20.8) |
Operating income | 86.1 | 70.2 |
Interest expense | 9 | 8.7 |
Other non-operating (income), net | (3.1) | (2.4) |
Earnings before income taxes | 80.2 | 63.9 |
Income tax expense | 20.3 | 16.6 |
Net earnings | 59.9 | 47.3 |
Other comprehensive (loss), net of tax: | ||
Foreign currency translation adjustments | (0.8) | (0.1) |
Derivative gain (loss), net | 0.5 | (2.2) |
Pension and postretirement adjustments | (0.6) | 0.2 |
Total other comprehensive (loss) | (0.9) | (2.1) |
Total comprehensive income | $ 59 | $ 45.2 |
Net earnings per share of common stock | ||
Basic | $ 1.37 | $ 1.04 |
Diluted | $ 1.36 | $ 1.04 |
Average number of common shares outstanding: | ||
Basic | 43.8 | 45.4 |
Diluted | 44.1 | 45.5 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 69.6 | $ 70.8 |
Accounts and notes receivable, net | 125.4 | 111 |
Inventories, net | 106.4 | 104 |
Income taxes receivable | 0.4 | 0.8 |
Other current assets | 28.9 | 26.4 |
Total current assets | 330.7 | 313 |
Property, plant, and equipment, less accumulated depreciation and amortization of $614.1 and $598.2, respectively | 559.9 | 566.4 |
Operating lease assets | 26.7 | 26.6 |
Finance lease assets | 27.8 | 25.2 |
Prepaid pension costs | 86.1 | 84.6 |
Investments in unconsolidated affiliates | 26.2 | 17.4 |
Goodwill | 175.3 | 175.5 |
Intangible assets, net | 408.6 | 412.4 |
Other non-current assets | 50.2 | 51.3 |
Total assets | 1,691.5 | 1,672.4 |
Current liabilities: | ||
Current installments of long-term debt | 22.5 | 22.5 |
Accounts payable and accrued expenses | 131.1 | 159.9 |
Operating lease liabilities | 6.9 | 6.8 |
Finance lease liabilities | 3 | 3 |
Income taxes payable | 20.9 | 2.3 |
Total current liabilities | 184.4 | 194.5 |
Long-term debt, less current installments | 558.9 | 564.3 |
Operating lease liabilities | 20.5 | 20.4 |
Finance lease liabilities | 26.4 | 23.4 |
Postretirement benefit liabilities | 42.1 | 42.4 |
Pension benefit liabilities | 26.6 | 26.9 |
Other long-term liabilities | 24.4 | 26.8 |
Income taxes payable | 15.5 | 15 |
Deferred income taxes | 165.9 | 166.9 |
Total non-current liabilities | 880.3 | 886.1 |
Shareholders' equity: | ||
Common stock, $0.01 par value per share, 200 million shares authorized, 63,072,232 shares issued and 43,777,371 shares outstanding as of March 31, 2024 and 63,054,340 shares issued and 43,902,061 shares outstanding as of December 31, 2023 | 0.6 | 0.6 |
Capital in excess of par value | 595.3 | 591.7 |
Retained earnings | 1,394.1 | 1,346.6 |
Treasury stock, at cost, 19,294,861 shares as of March 31, 2024 and 19,152,279 shares as of December 31, 2023 | (1,257.6) | (1,242.4) |
Accumulated other comprehensive (oss) | (105.6) | (104.7) |
Total shareholders' equity | 626.8 | 591.8 |
Total liabilities and shareholders' equity | $ 1,691.5 | $ 1,672.4 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation and amortization | $ 614.1 | $ 598.2 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 63,072,232 | 63,054,340 |
Common stock, shares outstanding | 43,777,371 | 43,902,061 |
Treasury stock, shares | 19,294,861 | 19,152,279 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | AOCI Attributable to Parent | |
Beginning Balance at Dec. 31, 2022 | $ 535 | $ 0.6 | $ 573.6 | $ 1,169.9 | $ (1,109) | $ (100.1) | [1] |
Balance, shares at Dec. 31, 2022 | 45,572,185 | 17,364,635 | |||||
Stock issuance, net, shares | 12,328 | (76) | |||||
Cash dividends - per common share | (11.7) | (11.7) | |||||
Share-based employee compensation | 3.6 | 3.6 | |||||
Net Income (Loss) | 47.3 | 47.3 | |||||
Other comprehensive income (loss) | (2.1) | (2.1) | |||||
Acquisition of treasury stock | (27.3) | $ (27.3) | |||||
Acquisition of treasury stock, shares | (367,269) | 367,269 | |||||
Ending Balance at Mar. 31, 2023 | 544.8 | $ 0.6 | 577.2 | 1,205.5 | $ (1,136.3) | (102.2) | [1] |
Balance, shares at Mar. 31, 2023 | 45,217,244 | 17,731,828 | |||||
Beginning Balance at Dec. 31, 2023 | $ 591.8 | $ 0.6 | 591.7 | 1,346.6 | $ (1,242.4) | (104.7) | [1] |
Balance, shares at Dec. 31, 2023 | 43,902,061 | 43,902,061 | 19,152,279 | ||||
Stock issuance, net, shares | 17,892 | ||||||
Cash dividends - per common share | $ (12.4) | (12.4) | |||||
Share-based employee compensation | 3.6 | 3.6 | |||||
Net Income (Loss) | 59.9 | 59.9 | |||||
Other comprehensive income (loss) | (0.9) | (0.9) | |||||
Acquisition of treasury stock | (15.2) | $ (15.2) | |||||
Acquisition of treasury stock, shares | (142,582) | 142,582 | |||||
Ending Balance at Mar. 31, 2024 | $ 626.8 | $ 0.6 | $ 595.3 | $ 1,394.1 | $ (1,257.6) | $ (105.6) | [1] |
Balance, shares at Mar. 31, 2024 | 43,777,371 | 43,777,371 | 19,294,861 | ||||
[1] (1) Amounts are net of tax. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared | $ 0.28 | $ 0.254 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net Income (Loss) | $ 59.9 | $ 47.3 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 24.3 | 20.9 |
Deferred income taxes | (1) | (0.3) |
Share-based compensation | 4.1 | 3.9 |
Equity (earnings) from unconsolidated affiliates | (27.2) | (20.8) |
(Gain) from change in fair value of contingent consideration | (0.3) | 0 |
Payment of contingent consideration in excess of acquisition-date fair value | 0 | (5) |
Other non-cash adjustments, net | 0 | (0.1) |
Changes in operating assets and liabilities: | ||
Receivables | (25.1) | (16.1) |
Inventories | (2.5) | (3.5) |
Accounts payable and accrued expenses | (18.2) | (11.7) |
Income taxes receivable and payable, net | 19.5 | 15.5 |
Other assets and liabilities | (7.1) | (3.9) |
Net cash provided by operating activities | 26.4 | 26.2 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (14.7) | (22.3) |
Investment in unconsolidated subsidiary | (5.5) | 0 |
Return of investment from joint venture | 23.4 | 20.8 |
Proceeds from company owned life insurance, net | 2.7 | 0 |
Net cash provided by (used for) investing activities | 5.9 | (1.5) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facility | 25 | 25 |
Payments of revolving credit facility | (25) | (10) |
Payments of long-term debt | (5.6) | 0 |
Payments for finance leases | (0.8) | (0.6) |
Dividends paid | (12.3) | (11.6) |
Proceeds (payments) from share-based compensation plans, net of tax | 0.6 | (0.3) |
Payments of acquisition-related contingent consideration | 0 | (10.2) |
Payments for treasury stock acquired | (15) | (27) |
Net cash (used for) financing activities | (33.1) | (34.7) |
Effect of exchange rate changes on cash and cash equivalents | (0.4) | 0 |
Net (decrease) in cash and cash equivalents | (1.2) | (10) |
Cash and cash equivalents at beginning of year | 70.8 | 106 |
Cash and cash equivalents at end of period | 69.6 | 96 |
Supplemental Cash Flow Disclosures: | ||
Interest paid | 8.5 | 8.4 |
Income tax payments, net | 1.7 | 1.5 |
Amounts in accounts payable for capital expenditures | $ 0.4 | $ 2.5 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 59.9 | $ 47.3 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Business and Basis of Presentation | NOTE 1. BUSINESS AND BASIS OF PRESENTATION Armstrong World Industries, Inc. (“AWI”) is a Pennsylvania corporation incorporated in 1891. When we refer to “AWI,” the “Company,” “we,” “our” or “us” in these notes, we are referring to AWI and its subsidiaries. Except as disclosed in this note, the accounting policies used in preparing the Condensed Consolidated Financial Statements in this Form 10-Q are the same as those used in preparing the Consolidated Financial Statements for the year ended December 31, 2023. These statements should therefore be read in conjunction with the Consolidated Financial Statements and notes that are included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023. In the opinion of management, all adjustments of a normal recurring nature have been included to provide a fair statement of the results for the reporting periods presented. Operating results for the first quarter of 2024 and 2023 included in this report are unaudited. Quarterly results are not necessarily indicative of annual earnings, primarily due to the different level of sales in each quarter of the year and the possibility of changes in general economic conditions. These Condensed Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles. The statements include management estimates and judgments, where appropriate. Management utilizes estimates to record many items, including certain asset values, contingent purchase price liabilities, allowances for bad debts, inventory obsolescence and lower of cost and net realizable value charges, warranty reserves, workers’ compensation, general liability and environmental claims, and income taxes. When preparing an estimate, management determines the amount based upon the consideration of relevant information and may confer with outside parties, including external counsel. Actual results may differ from these estimates. Acquisitions and Investments in Unconsolidated Affiliates In January 2024, we entered into a strategic partnership and equity investment in Overcast Innovations LLC (“Overcast”) with McKinstry Essention, LLC whereby we contributed $ 5.5 million in exchange for a 19.5 % ownership interest in Overcast, with future rights to increase our ownership interest. Overcast is a solutions company offering prefabricated ceiling cloud systems, modular grid platforms and engineering design services to reduce waste and inefficiencies in the built environment. Our investment and equity earnings in Overcast are included in our Unallocated Corporate segment. 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. The operations, assets and liabilities of BOK are included in our Architectural Specialties segment. Subsequent Event In April 2024, we acquired all of the issued and outstanding membership interests in 3form, LLC, a subsidiary of Hunter Douglas, Inc. (“3form” ), for a purchase price of $ 95.0 million. 3form, based in Salt Lake City, UT, is a designer and manufacturer of architectural resin and glass products used for specialty walls, partitions and ceilings, with three U.S. based production and design facilities and 2023 revenues of approximately $ 96 million. |
Segment Results
Segment Results | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Results | NOTE 2. SEGMENT RESULTS Three Months Ended March 31, 2024 2023 Net sales Mineral Fiber $ 239.6 $ 228.4 Architectural Specialties 86.7 81.8 Total net sales $ 326.3 $ 310.2 Our product-based Mineral Fiber and Architectural Specialties segment net sales represent the product-based group offerings we sell to external customers. Three Months Ended March 31, 2024 2023 Segment operating income (loss) Mineral Fiber $ 79.2 $ 63.8 Architectural Specialties 7.7 7.2 Unallocated Corporate ( 0.8 ) ( 0.8 ) Total consolidated operating income $ 86.1 $ 70.2 Three Months Ended March 31, 2024 2023 Total consolidated operating income $ 86.1 $ 70.2 Interest expense 9.0 8.7 Other non-operating (income), net ( 3.1 ) ( 2.4 ) Earnings before income taxes $ 80.2 $ 63.9 March 31, 2024 December 31, 2023 Segment assets Mineral Fiber $ 1,097.9 $ 1,091.9 Architectural Specialties 430.0 421.1 Unallocated Corporate 163.6 159.4 Total consolidated assets $ 1,691.5 $ 1,672.4 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | NOTE 3. REVENUE Disaggregation of Revenues Our Mineral Fiber and Architectural Specialties operating segments both manufacture and sell ceiling and wall systems (primarily mineral fiber, fiberglass wool, metal, wood, felt, wood fiber and glass-reinforced-gypsum) throughout the Americas. We disaggregate revenue based on our product-based segments and major customer channels, as they represent the most appropriate depiction of how the nature, amount and timing of revenues and cash flows are affected by economic factors. Net sales by major customer channel are as follows: Distributors – represents net sales to building materials distributors who re-sell our products to contractors, subcontractors’ alliances, large architect and design firms, and major facility owners. Geographically, this category includes sales throughout the U.S., Canada, and Latin America. Home centers – represents net sales to home centers, such as Lowe’s Companies, Inc. and The Home Depot, Inc. This category includes sales primarily to U.S. customers. Direct customers – represents net sales to contractors, subcontractors, and large architect and design firms. This category includes sales primarily to U.S. customers. Other – represents net sales to independent retailers and certain national account customers, including wholesalers who re-sell our products to dealers who service builders, contractors and consumers, online customers, major facility owners, group purchasing organizations and maintenance, repair and operating entities. Geographically, this category includes sales throughout the U.S., Canada, and Latin America. The following tables provide net sales by major customer channel within our Mineral Fiber and Architectural Specialties segments for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, Mineral Fiber 2024 2023 Distributors $ 169.3 $ 159.8 Home centers 31.0 31.1 Direct customers 13.1 14.7 Other 26.2 22.8 Total $ 239.6 $ 228.4 Three Months Ended March 31, Architectural Specialties 2024 2023 Distributors $ 53.8 $ 39.2 Direct customers 30.0 42.0 Other 2.9 0.6 Total $ 86.7 $ 81.8 |
Accounts and Notes Receivable
Accounts and Notes Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Accounts and Notes Receivable | NOTE 4. ACCOUNTS AND NOTES RECEIVABLE March 31, 2024 December 31, 2023 Customer receivables $ 120.5 $ 102.1 Miscellaneous receivables 8.1 11.8 Less allowance for warranties, discounts and losses ( 3.2 ) ( 2.9 ) Accounts and notes receivable, net $ 125.4 $ 111.0 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. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 5. INVENTORIES March 31, 2024 December 31, 2023 Finished goods $ 58.9 $ 55.1 Goods in process 6.2 5.1 Raw materials and supplies 66.6 66.7 Less LIFO reserves ( 25.3 ) ( 22.9 ) Total inventories, net $ 106.4 $ 104.0 |
Other Current Assets
Other Current Assets | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | NOTE 6. OTHER CURRENT ASSETS March 31, 2024 December 31, 2023 Prepaid expenses $ 17.3 $ 15.9 Assets held for sale 6.7 6.7 Fair value of derivative assets 1.9 1.1 Other 3.0 2.7 Total other current assets $ 28.9 $ 26.4 As of March 31, 2024 and 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. |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | NOTE 7. INVESTMENTS IN UNCONSOLIDATED AFFILIATES Investments in unconsolidated affiliates include our 50 % equity interest in Worthington Armstrong Venture (“WAVE” ), our joint venture with Worthington Enterprises, Inc., and our 19.5 % equity interest in Overcast. Both the WAVE joint venture and Overcast investment are reflected within our Condensed Consolidated Financial Statements using the equity method of accounting. WAVE is reflected as a component of our Mineral Fiber segment while Overcast is included as a component of our Unallocated Corporate segment. Condensed financial statement data for WAVE is summarized below. Three Months Ended March 31, 2024 2023 Net sales $ 125.8 $ 109.5 Gross profit 76.7 62.3 Net earnings 57.0 43.8 The following table presents equity (earnings) loss from our unconsolidated affiliates for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 WAVE $ ( 27.4 ) $ ( 20.8 ) Overcast 0.2 - Equity (earnings) from unconsolidated affiliates, net $ ( 27.2 ) $ ( 20.8 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 8. GOODWILL AND INTANGIBLE ASSETS The following table details amounts related to our goodwill and intangible assets as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Estimated Gross Accumulated Amortization Gross Accumulated Amortization Amortizing intangible assets Customer relationships 2 - 20 years $ 183.5 $ 154.7 $ 183.6 $ 152.1 Developed technology 13 - 20 years 101.7 84.7 101.4 84.4 Software 5 - 7 years 15.6 5.3 15.6 4.6 Trademarks and brand names 3 - 20 years 6.2 3.5 6.2 3.4 Non-compete agreements 3 - 5 years 5.9 3.9 6.1 3.8 Other Various 2.8 0.2 2.8 0.2 Total $ 315.7 $ 252.3 $ 315.7 $ 248.5 Non-amortizing intangible assets Trademarks and brand names Indefinite 345.2 345.2 Total intangible assets $ 660.9 $ 660.9 Goodwill Indefinite $ 175.3 $ 175.5 The decrease in goodwill as of March 31, 2024 compared to December 31, 2023 was due to foreign exchange movements. Three Months Ended March 31, 2024 2023 Amortization expense $ 4.1 $ 3.5 |
Other Non-Current Assets
Other Non-Current Assets | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | NOTE 9. OTHER NON-CURRENT ASSETS March 31, 2024 December 31, 2023 Cash surrender value of company-owned life insurance policies $ 38.4 $ 40.3 Investment in employee deferred compensation plans 10.8 8.3 Fair value of derivative assets - 1.8 Other 1.0 0.9 Total other non-current assets $ 50.2 $ 51.3 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accounts Payable And Accrued Expenses | NOTE 10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES March 31, 2024 December 31, 2023 Payables, trade and other $ 87.2 $ 91.0 Employment costs 9.0 33.6 Current portion of pension and postretirement liabilities 8.0 8.0 Other 26.9 27.3 Total accounts payable and accrued expenses $ 131.1 $ 159.9 |
Income Tax Expense
Income Tax Expense | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | NOTE 11. INCOME TAX EXPENSE Three Months Ended March 31, 2024 2023 Earnings before income taxes $ 80.2 $ 63.9 Income tax expense 20.3 16.6 Effective tax rate 25.3 % 26.0 % The effective tax rate for the first quarter of 2024 was lower compared to the same period in 2023 due primarily to an increase in our valuation allowance for capital loss carryforwards recorded in the first quarter of 2023. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. However, an estimate of the range of reasonably possible outcomes cannot be reliably made at this time. Changes to unrecognized tax benefits could result from the expiration of statutes of limitations, the completion of ongoing examinations, or other unforeseen circumstances. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 12. DEBT Our long-term debt is comprised of borrowings outstanding under our $ 950.0 million variable rate senior credit facility, which is comprised of a $ 500.0 million revolving credit facility (with a $ 150.0 million sublimit for letters of credit) and a $ 450.0 million Term Loan A. As of March 31, 2024 and December 31, 2023, the principal balance of our Term Loan A was $ 444.4 million and $ 450.0 million, respectively. As of March 31, 2024 and December 31, 2023, borrowings outstanding under our revolving credit facility were $ 140.0 million. We also have a $ 25.0 million bi-lateral letter of credit facility. We utilize lines of credit and other commercial commitments to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility and our bi-lateral facility. Letters of credit may be issued to third party suppliers, insurance companies 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: March 31, 2024 Financing Arrangements Limit Used Available Bi-lateral facility $ 25.0 $ 7.7 $ 17.3 Revolving credit facility 150.0 - 150.0 Total $ 175.0 $ 7.7 $ 167.3 |
Pensions and Other Benefit Prog
Pensions and Other Benefit Programs | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefit Programs | NOTE 13. PENSIONS AND OTHER BENEFIT PROGRAMS Following are the components of net periodic benefit costs (credits): Three Months Ended March 31, 2024 2023 U.S. defined benefit plans: Pension benefits Service cost of benefits earned during the period $ 0.6 $ 0.7 Interest cost on projected benefit obligation 4.2 4.2 Expected return on plan assets ( 6.1 ) ( 6.2 ) Amortization of net actuarial loss 1.3 1.3 Net periodic pension cost $ - $ - Retiree health and life insurance benefits Interest cost on projected benefit obligation $ 0.5 $ 0.7 Amortization of prior service cost ( 0.1 ) - Amortization of net actuarial gain ( 2.1 ) ( 1.5 ) Net periodic postretirement credit $ ( 1.7 ) $ ( 0.8 ) Excluded from the table above is the net periodic pension cost associated with an unfunded defined benefit pension plan in Germany that was not included as part of prior dispositions. This plan is reported as a component of our Unallocated Corporate segment. Net periodic pension cost for this plan was immaterial for the three months ended March 31, 2024 and 2023. The service cost component of net benefit cost has been presented in the Condensed Consolidated Statements of Earnings and Comprehensive Income within cost of goods sold and selling, general and administrative (“SG&A” ) expenses for all periods presented, which are the same line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are presented in the Condensed Consolidated Statements of Earnings and Comprehensive Income separately from the service cost component within other non-operating income, net. |
Financial Instruments and Conti
Financial Instruments and Contingent Consideration | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Contingent Consideration | NOTE 14. 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: March 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Assets (liabilities), net: Total long-term debt, including current portion $ ( 581.4 ) $ ( 581.4 ) $ ( 586.8 ) $ ( 586.8 ) Interest rate swap contracts 1.0 1.0 ( 0.4 ) ( 0.4 ) Acquisition-related contingent consideration ( 1.3 ) ( 1.3 ) ( 1.6 ) ( 1.6 ) The carrying amounts of cash and cash equivalents, customer receivables and accounts payable approximate fair value because of the short-term maturity of these instruments. The fair value estimates of long-term debt are based on data for our Term Loan A debt from a major financial institution. 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 an independent, third-party valuation specialist to determine the fair value estimate for acquisition-related contingent consideration payable based on performance, which were primarily measured using a Monte Carlo simulation. As of March 31, 2024 and 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 March 31, 2024, $ 0.6 million of acquisition-related contingent consideration was classified as accounts payable and other accrued expenses, while $ 0.7 million was classified as other long-term liabilities on our Condensed Consolidated Balance Sheet. As of December 31, 2023, $ 1.6 million was classified as other long-term liabilities on our Condensed Consolidated Balance Sheet. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Three levels of inputs may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities; Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; or Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The fair value measurement of assets and liabilities measured at fair value on a recurring basis and reported on the Condensed Consolidated Balance Sheets is summarized below: March 31, 2024 December 31, 2023 Fair value based on Fair value based on Other Other Other Other Level 2 Level 3 Level 2 Level 3 Assets (liabilities), net: Interest rate swap contracts $ 1.0 $ - $ ( 0.4 ) $ - Acquisition-related contingent consideration - ( 1.3 ) - ( 1.6 ) Acquisition-related contingent consideration of $ 1.3 million and $ 1.6 million as of March 31, 2024 and December 31, 2023, respectively, was measured with the use of significant unobservable inputs, which included financial projections over respective earn-out periods, the volatility of the underlying financial metrics and estimated discount rates. All changes in acquisition-related contingent consideration liabilities subsequent to the initial acquisition-date measurements were recorded as a component of operating income on our Condensed Consolidated Statements of Earnings and Comprehensive Income. The following table summarizes the weighted-average of the significant unobservable inputs as of March 31, 2024: BOK Insolcorp Unobservable input Volatility 24.5 % 20.1 % Discount rates 4.9 % 4.7 % The changes in fair value of the acquisition-related contingent consideration liabilities for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 Fair value of contingent consideration as of beginning of period $ 1.6 $ 15.2 Cash consideration paid - ( 15.2 ) Gain related to change in fair value of contingent consideration ( 0.3 ) - Fair value of contingent consideration as of end of period $ 1.3 $ - During the three months ended March 31, 2024, the change in fair value was primarily due to changes in financial projections over each entity’s earn-out periods and due to changes in valuation inputs. During the three months ended March 31, 2023, we paid $ 15.2 million of additional cash consideration, which represented the final achievement of certain financial and performance milestones through December 31, 2022 for the July 2020 acquisition of TURF Design, Inc. The additional cash consideration paid was classified as cash flows from financing activities in our Condensed Consolidated Statements of Cash Flows, up to the acquisition date fair value. The portion of additional cash consideration paid in excess of the acquisition date fair value were classified as cash flows from operating activities in our Condensed Consolidated Statements of Cash Flows. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 15. DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risk from changes in foreign exchange rates, interest rates and commodity prices that could impact our results of operations, cash flows and financial condition. We use interest rate derivatives to manage our exposures to interest rates. At inception, interest rate swap derivatives that we designate as hedging instruments are formally documented as a hedge of a forecasted transaction or cash flow hedge. We also formally assess, both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, we discontinue hedge accounting and any future mark-to-market adjustments are recognized in earnings. We use derivative financial instruments as risk management tools and not for speculative trading purposes. Counterparty Risk We only enter into derivative transactions with established financial institution counterparties having an investment-grade credit rating. We monitor counterparty credit ratings on a regular basis. All of our derivative transactions with counterparties are governed by master International Swap and Derivatives Association agreements (“ISDAs”) with netting arrangements. These agreements can limit our exposure in situations where we have gain and loss positions outstanding with a single counterparty. We do not post nor do we receive cash collateral with any counterparty for our derivative transactions. These ISDAs do not have any credit contingent features; however, a default under our bank credit facility would trigger a default under these agreements. Exposure to individual counterparties is controlled and we consider the risk of counterparty default to be negligible. Interest Rate Risk We utilize interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. These swaps are designated as cash flow hedges against changes in interest rates for a portion of our variable rate debt. The following table summarizes our interest rate swaps as of March 31, 2024: Coverage Period Notional Risk Coverage Trade Date 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 March 2024 to June 2026 $ 50.0 USD-SOFR March 25, 2024 November 2023 to December 2026 $ 50.0 USD-SOFR October 10, 2023 March 2024 to June 2027 $ 50.0 USD-SOFR March 27, 2024 November 2023 to November 2027 $ 50.0 USD-SOFR September 29, 2023 Under the terms the interest rate swap with a November 28, 2018 trade date above, we pay a fixed rate monthly and receive a floating rate based on the Secured Overnight Financing Rate (“SOFR”), inclusive of a 0 % floor. Under the terms of all remaining interest rate swaps 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 March 31, 2024 and December 31, 2023. We did not have any derivative assets or liabilities not designated as hedging instruments as of March 31, 2024 or December 31, 2023. The derivative asset amounts below are shown gross and have not been netted. Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet March 31, December 31, Balance Sheet March 31, December 31, Interest rate swap contracts Other current assets $ 1.9 $ 1.1 Accounts payable and accrued expenses $ - $ 0.1 Interest rate swap contracts Other non-current assets - 1.8 Other long-term liabilities 0.9 3.2 Amount of Gain (Loss) Location of Gain Reclassified from Gain Reclassified Three Months Ended Three Months Ended March 31, March 31, 2024 2023 2024 2023 Derivatives in cash flow hedging relationships Interest rate swap contracts $ 2.9 $ ( 0.5 ) Interest expense $ 2.1 $ 2.4 As of March 31, 2024, the amount of existing gains in Accumulated Other Comprehensive Income (“AOCI”) expected to be recognized in net earnings over the next twelve months was $ 3.4 million. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | NOTE 16. SHAREHOLDERS’ EQUITY Common Stock Repurchase Plan On July 29, 2016, our Board of Directors approved our 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 further 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 $ 701.8 million remaining under the Board’s repurchase authorization as of March 31, 2024. Repurchases under the Program may be made through open market, block and privately negotiated transactions, including Rule 10b5-1 plans, at such times and in such amounts as management deems appropriate, subject to market and business conditions, regulatory requirements and other factors. The Program does not obligate AWI to repurchase any particular amount of common stock and may be suspended or discontinued at any time without notice. During the three months ended March 31, 2024, we repurchased 0.1 million shares under the Program for a total cost of $ 15.0 million, excluding commissions and taxes, or an average price of $ 105.20 per share. Since inception, we have repurchased 14.3 million shares under the Program for a total cost of $ 998.2 million, excluding commissions and taxes, or an average price of $ 69.68 per share. Dividends In February 2024, our Board of Directors declared a $ 0.28 per share quarterly dividend, which was paid to shareholders in March 2024 . On April 24, 2024, our Board of Directors declared a $ 0.28 per share quarterly dividend to be paid on May 23, 2024 . Accumulated Other Comprehensive (Loss) Foreign (1) Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, December 31, 2023 $ 1.0 $ 0.5 $ ( 106.2 ) $ ( 104.7 ) Other comprehensive (loss) income before reclassifications, 0.1 , ($ 0.7 ), $ - and ($ 0.6 ) ( 0.8 ) 2.2 - 1.4 Amounts reclassified from accumulated other - ( 1.7 ) ( 0.6 ) ( 2.3 ) Net current period other comprehensive (loss) income ( 0.8 ) 0.5 ( 0.6 ) ( 0.9 ) Balance, March 31, 2024 $ 0.2 $ 1.0 $ ( 106.8 ) $ ( 105.6 ) Foreign (1) Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, December 31, 2022 $ 0.5 $ 9.5 $ ( 110.1 ) $ ( 100.1 ) Other comprehensive (loss) income before reclassifications, - , $ 0.2 , ($ 0.2 ) and $ - ( 0.1 ) ( 0.3 ) 0.4 - Amounts reclassified from accumulated other - ( 1.9 ) ( 0.2 ) ( 2.1 ) Net current period other comprehensive (loss) income ( 0.1 ) ( 2.2 ) 0.2 ( 2.1 ) Balance, March 31, 2023 $ 0.4 $ 7.3 $ ( 109.9 ) $ ( 102.2 ) (1) Amounts are net of tax. Amounts Affected Line Item in the Three Months Ended March 31, 2024 2023 Derivative Adjustments: Interest rate swap contracts, before tax $ ( 2.1 ) $ ( 2.4 ) Interest expense Tax impact 0.4 0.5 Income tax expense Total (income), net of tax ( 1.7 ) ( 1.9 ) Pension and Postretirement Adjustments: Amortization of prior service credit ( 0.1 ) - Other non-operating (income), net Amortization of net actuarial (gain) ( 0.8 ) ( 0.2 ) Other non-operating (income), net Total (income), before tax ( 0.9 ) ( 0.2 ) Tax impact 0.3 - Income tax expense Total (income), net of tax ( 0.6 ) ( 0.2 ) Total reclassifications for the period $ ( 2.3 ) $ ( 2.1 ) |
Litigation and Related Matters
Litigation and Related Matters | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Related Matters | NOTE 17. LITIGATION AND RELATED MATTERS ENVIRONMENTAL MATTERS Environmental Compliance Our manufacturing and research facilities are affected by various federal, state and local requirements relating to the discharge of materials and the protection of the environment. We make expenditures necessary for compliance with applicable environmental requirements at each of our operating facilities. While these expenditures are not typically material, the applicable regulatory requirements continually change and, as a result, we cannot predict with certainty the amount, nature or timing of future expenditures associated with environmental compliance. Environmental Sites Summary We are actively involved in the investigation and remediation of existing or potential environmental contamination under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and state Superfund and similar environmental laws at two domestically owned locations allegedly resulting from past industrial activity. In each location, we are one of multiple potentially responsible parties and have agreed to jointly fund the required investigation and remediation, while preserving our defenses to the liability. We may also have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. We have pursued coverage and recoveries under those applicable insurance policies with respect to certain of the sites, including the Macon, GA site and the Elizabeth City, NC site, each of which is summarized below. Other than disclosed below, we are unable to predict the outcome of these matters or the timing of any future recoveries, whether through settlement or otherwise. We are also unable to predict the extent to which any recoveries might cover our final share of investigation and remediation costs for these sites. Our final share of investigation and remediation costs may exceed any such recoveries, and such amounts net of insurance recoveries may be material. Between 2017 and 2021, we entered settlement agreements totaling $ 53.0 million with certain legacy insurance carriers to resolve ongoing litigation and recover fees and costs previously incurred by us in connection with certain environmental sites. These settlements were recorded as reductions to cost of goods sold and SG&A expenses, reflecting the same income statement categories where environmental expenditures were historically recorded. Beginning in 2020, cumulative insurance recoveries exceeded cumulative expenses to date related to the respective environmental sites and the excess was recorded within long-term liabilities on our Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, insurance recoveries in excess of cumulative expenses were $ 2.6 million. 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. AWI has been conducting operation and maintenance activities of the completed remedy since 2017 consistent with the approved Post-Removal Control Plan. 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. In March 2024, the EPA issued a conditional approval of the Pre-Design Investigation Work Plan, subject to the Company and Paramount addressing the EPA comments on a component of the Work Plan within 60 days. 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 Condensed 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 March 31, 2024 and December 31, 2023 . During the three months ended March 31, 2024 we did not record any additional reserves for potential environmental liabilities. During the three months ended March 31, 2023, we recorded $ 0.1 million of additional reserves for potential environmental liabilities. As noted above, expenses associated with the additional reserves recorded in the first quarter of 2023 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 Condensed Consolidated Balance Sheets when realizable. We incur costs to pursue environmental insurance recoveries, which are expensed as incurred. Actual costs to be incurred at identified sites may vary from our estimates. Based on our knowledge of the identified sites, it is not possible to reasonably estimate future costs in excess of amounts already recognized. OTHER CLAIMS From time to time, we are involved in other various lawsuits, claims, investigations and other legal matters that arise in the ordinary course of business, including matters involving our products, intellectual property, relationships with suppliers, relationships with distributors, other customers or end users, relationships with competitors, employees and other matters. In connection with those matters, we may have rights 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. |
Net Earnings Per Share
Net Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | NOTE 18. NET EARNINGS PER SHARE Net earnings attributable to common shares used in our basic and diluted net Earnings Per Share (“EPS”) calculations for the three months ended March 31, 2024 and 2023, were equal to net earnings on our Condensed Consolidated Statements of Earnings and Comprehensive Income. EPS components may not add due to rounding. The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the three months ended March 31, 2024 and 2023 (shares in millions): Three Months Ended March 31, 2024 2023 Basic shares outstanding 43.8 45.4 Dilutive effect of common stock equivalents 0.3 0.1 Diluted shares outstanding 44.1 45.5 Anti-dilutive stock awards excluded from the computation of dilutive EPS for the three months ended March 31, 2024 and 2023 were 34,851 and 74,629 , respectively. |
Segment Results (Tables)
Segment Results (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales | Three Months Ended March 31, 2024 2023 Net sales Mineral Fiber $ 239.6 $ 228.4 Architectural Specialties 86.7 81.8 Total net sales $ 326.3 $ 310.2 |
Reconciliation of Total Consolidated Operating Income to Earnings Before Income Taxes | Three Months Ended March 31, 2024 2023 Segment operating income (loss) Mineral Fiber $ 79.2 $ 63.8 Architectural Specialties 7.7 7.2 Unallocated Corporate ( 0.8 ) ( 0.8 ) Total consolidated operating income $ 86.1 $ 70.2 |
Schedule of Segment Operating Income (Loss) | Three Months Ended March 31, 2024 2023 Total consolidated operating income $ 86.1 $ 70.2 Interest expense 9.0 8.7 Other non-operating (income), net ( 3.1 ) ( 2.4 ) Earnings before income taxes $ 80.2 $ 63.9 |
Reconciliation of Total Segment Assets to Total Consolidated Assets | March 31, 2024 December 31, 2023 Segment assets Mineral Fiber $ 1,097.9 $ 1,091.9 Architectural Specialties 430.0 421.1 Unallocated Corporate 163.6 159.4 Total consolidated assets $ 1,691.5 $ 1,672.4 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Mineral Fiber [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Channel within Each Segment | The following tables provide net sales by major customer channel within our Mineral Fiber and Architectural Specialties segments for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, Mineral Fiber 2024 2023 Distributors $ 169.3 $ 159.8 Home centers 31.0 31.1 Direct customers 13.1 14.7 Other 26.2 22.8 Total $ 239.6 $ 228.4 |
Architectural Specialties [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Channel within Each Segment | Three Months Ended March 31, Architectural Specialties 2024 2023 Distributors $ 53.8 $ 39.2 Direct customers 30.0 42.0 Other 2.9 0.6 Total $ 86.7 $ 81.8 |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | March 31, 2024 December 31, 2023 Customer receivables $ 120.5 $ 102.1 Miscellaneous receivables 8.1 11.8 Less allowance for warranties, discounts and losses ( 3.2 ) ( 2.9 ) Accounts and notes receivable, net $ 125.4 $ 111.0 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | March 31, 2024 December 31, 2023 Finished goods $ 58.9 $ 55.1 Goods in process 6.2 5.1 Raw materials and supplies 66.6 66.7 Less LIFO reserves ( 25.3 ) ( 22.9 ) Total inventories, net $ 106.4 $ 104.0 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | March 31, 2024 December 31, 2023 Prepaid expenses $ 17.3 $ 15.9 Assets held for sale 6.7 6.7 Fair value of derivative assets 1.9 1.1 Other 3.0 2.7 Total other current assets $ 28.9 $ 26.4 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Investment in Joint Venture, Income Statement Data | Condensed financial statement data for WAVE is summarized below. Three Months Ended March 31, 2024 2023 Net sales $ 125.8 $ 109.5 Gross profit 76.7 62.3 Net earnings 57.0 43.8 |
Schedule of Equity (Earnings) Loss from Unconsolidated Affiliates | The following table presents equity (earnings) loss from our unconsolidated affiliates for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 WAVE $ ( 27.4 ) $ ( 20.8 ) Overcast 0.2 - Equity (earnings) from unconsolidated affiliates, net $ ( 27.2 ) $ ( 20.8 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Estimated Gross Accumulated Amortization Gross Accumulated Amortization Amortizing intangible assets Customer relationships 2 - 20 years $ 183.5 $ 154.7 $ 183.6 $ 152.1 Developed technology 13 - 20 years 101.7 84.7 101.4 84.4 Software 5 - 7 years 15.6 5.3 15.6 4.6 Trademarks and brand names 3 - 20 years 6.2 3.5 6.2 3.4 Non-compete agreements 3 - 5 years 5.9 3.9 6.1 3.8 Other Various 2.8 0.2 2.8 0.2 Total $ 315.7 $ 252.3 $ 315.7 $ 248.5 Non-amortizing intangible assets Trademarks and brand names Indefinite 345.2 345.2 Total intangible assets $ 660.9 $ 660.9 Goodwill Indefinite $ 175.3 $ 175.5 The decrease in goodwill as of March 31, 2024 compared to December 31, 2023 was due to foreign exchange movements. Three Months Ended March 31, 2024 2023 Amortization expense $ 4.1 $ 3.5 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Non-Current Assets | March 31, 2024 December 31, 2023 Cash surrender value of company-owned life insurance policies $ 38.4 $ 40.3 Investment in employee deferred compensation plans 10.8 8.3 Fair value of derivative assets - 1.8 Other 1.0 0.9 Total other non-current assets $ 50.2 $ 51.3 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | March 31, 2024 December 31, 2023 Payables, trade and other $ 87.2 $ 91.0 Employment costs 9.0 33.6 Current portion of pension and postretirement liabilities 8.0 8.0 Other 26.9 27.3 Total accounts payable and accrued expenses $ 131.1 $ 159.9 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Three Months Ended March 31, 2024 2023 Earnings before income taxes $ 80.2 $ 63.9 Income tax expense 20.3 16.6 Effective tax rate 25.3 % 26.0 % |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 Financing Arrangements Limit Used Available Bi-lateral facility $ 25.0 $ 7.7 $ 17.3 Revolving credit facility 150.0 - 150.0 Total $ 175.0 $ 7.7 $ 167.3 |
Pensions and Other Benefit Pr_2
Pensions and Other Benefit Programs (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Periodic Benefit Costs (Credits) | Following are the components of net periodic benefit costs (credits): Three Months Ended March 31, 2024 2023 U.S. defined benefit plans: Pension benefits Service cost of benefits earned during the period $ 0.6 $ 0.7 Interest cost on projected benefit obligation 4.2 4.2 Expected return on plan assets ( 6.1 ) ( 6.2 ) Amortization of net actuarial loss 1.3 1.3 Net periodic pension cost $ - $ - Retiree health and life insurance benefits Interest cost on projected benefit obligation $ 0.5 $ 0.7 Amortization of prior service cost ( 0.1 ) - Amortization of net actuarial gain ( 2.1 ) ( 1.5 ) Net periodic postretirement credit $ ( 1.7 ) $ ( 0.8 ) |
Financial Instruments and Con_2
Financial Instruments and Contingent Consideration (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | The estimated fair values of our financial instruments and contingent consideration are as follows: March 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Assets (liabilities), net: Total long-term debt, including current portion $ ( 581.4 ) $ ( 581.4 ) $ ( 586.8 ) $ ( 586.8 ) Interest rate swap contracts 1.0 1.0 ( 0.4 ) ( 0.4 ) Acquisition-related contingent consideration ( 1.3 ) ( 1.3 ) ( 1.6 ) ( 1.6 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair value measurement of assets and liabilities measured at fair value on a recurring basis and reported on the Condensed Consolidated Balance Sheets is summarized below: March 31, 2024 December 31, 2023 Fair value based on Fair value based on Other Other Other Other Level 2 Level 3 Level 2 Level 3 Assets (liabilities), net: Interest rate swap contracts $ 1.0 $ - $ ( 0.4 ) $ - Acquisition-related contingent consideration - ( 1.3 ) - ( 1.6 ) |
Schedule of Weighted-average Of Significant Unobservable Inputs | The following table summarizes the weighted-average of the significant unobservable inputs as of March 31, 2024: BOK Insolcorp Unobservable input Volatility 24.5 % 20.1 % Discount rates 4.9 % 4.7 % |
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 three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 Fair value of contingent consideration as of beginning of period $ 1.6 $ 15.2 Cash consideration paid - ( 15.2 ) Gain related to change in fair value of contingent consideration ( 0.3 ) - Fair value of contingent consideration as of end of period $ 1.3 $ - |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | The following table summarizes our interest rate swaps as of March 31, 2024: Coverage Period Notional Risk Coverage Trade Date 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 March 2024 to June 2026 $ 50.0 USD-SOFR March 25, 2024 November 2023 to December 2026 $ 50.0 USD-SOFR October 10, 2023 March 2024 to June 2027 $ 50.0 USD-SOFR March 27, 2024 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 March 31, December 31, Balance Sheet March 31, December 31, Interest rate swap contracts Other current assets $ 1.9 $ 1.1 Accounts payable and accrued expenses $ - $ 0.1 Interest rate swap contracts Other non-current assets - 1.8 Other long-term liabilities 0.9 3.2 |
Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | Amount of Gain (Loss) Location of Gain Reclassified from Gain Reclassified Three Months Ended Three Months Ended March 31, March 31, 2024 2023 2024 2023 Derivatives in cash flow hedging relationships Interest rate swap contracts $ 2.9 $ ( 0.5 ) Interest expense $ 2.1 $ 2.4 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Activity | Accumulated Other Comprehensive (Loss) Foreign (1) Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, December 31, 2023 $ 1.0 $ 0.5 $ ( 106.2 ) $ ( 104.7 ) Other comprehensive (loss) income before reclassifications, 0.1 , ($ 0.7 ), $ - and ($ 0.6 ) ( 0.8 ) 2.2 - 1.4 Amounts reclassified from accumulated other - ( 1.7 ) ( 0.6 ) ( 2.3 ) Net current period other comprehensive (loss) income ( 0.8 ) 0.5 ( 0.6 ) ( 0.9 ) Balance, March 31, 2024 $ 0.2 $ 1.0 $ ( 106.8 ) $ ( 105.6 ) Foreign (1) Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, December 31, 2022 $ 0.5 $ 9.5 $ ( 110.1 ) $ ( 100.1 ) Other comprehensive (loss) income before reclassifications, - , $ 0.2 , ($ 0.2 ) and $ - ( 0.1 ) ( 0.3 ) 0.4 - Amounts reclassified from accumulated other - ( 1.9 ) ( 0.2 ) ( 2.1 ) Net current period other comprehensive (loss) income ( 0.1 ) ( 2.2 ) 0.2 ( 2.1 ) Balance, March 31, 2023 $ 0.4 $ 7.3 $ ( 109.9 ) $ ( 102.2 ) (1) Amounts are net of tax. |
Reclassification out of Accumulated Other Comprehensive (Loss) | Amounts Affected Line Item in the Three Months Ended March 31, 2024 2023 Derivative Adjustments: Interest rate swap contracts, before tax $ ( 2.1 ) $ ( 2.4 ) Interest expense Tax impact 0.4 0.5 Income tax expense Total (income), net of tax ( 1.7 ) ( 1.9 ) Pension and Postretirement Adjustments: Amortization of prior service credit ( 0.1 ) - Other non-operating (income), net Amortization of net actuarial (gain) ( 0.8 ) ( 0.2 ) Other non-operating (income), net Total (income), before tax ( 0.9 ) ( 0.2 ) Tax impact 0.3 - Income tax expense Total (income), net of tax ( 0.6 ) ( 0.2 ) Total reclassifications for the period $ ( 2.3 ) $ ( 2.1 ) |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding | The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the three months ended March 31, 2024 and 2023 (shares in millions): Three Months Ended March 31, 2024 2023 Basic shares outstanding 43.8 45.4 Dilutive effect of common stock equivalents 0.3 0.1 Diluted shares outstanding 44.1 45.5 |
Business and Basis of Present_2
Business and Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Apr. 30, 2024 | Jan. 31, 2024 | Mar. 31, 2024 | |
WAVE [Member] | |||
Business And Basis Of Presentation [Line Items] | |||
Equity interest percentage | 50% | ||
Overcast [Member] | |||
Business And Basis Of Presentation [Line Items] | |||
Investment in strategic partnership | $ 5.5 | ||
Equity interest percentage | 19.50% | 19.50% | |
Subsequent Event [Member] | 3form [Member] | |||
Business And Basis Of Presentation [Line Items] | |||
Purchase price | $ 95 | ||
Revenues of Acquired Company | $ 96 |
Segment Results (Schedule of Ne
Segment Results (Schedule of Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total net sales | $ 326.3 | $ 310.2 |
Mineral Fiber [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 239.6 | 228.4 |
Architectural Specialties [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net sales | $ 86.7 | $ 81.8 |
Segment Results (Reconciliation
Segment Results (Reconciliation of Total Consolidated Operating Income to Earnings Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total Consolidated Operating Income (Loss) | $ 86.1 | $ 70.2 |
Mineral Fiber [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Consolidated Operating Income (Loss) | 79.2 | 63.8 |
Architectural Specialties [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Consolidated Operating Income (Loss) | 7.7 | 7.2 |
Unallocated Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Consolidated Operating Income (Loss) | $ (0.8) | $ (0.8) |
Segment Results (Schedule of Se
Segment Results (Schedule of Segment Operating Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting [Abstract] | ||
Total consolidated operating income | $ 86.1 | $ 70.2 |
Interest expense | 9 | 8.7 |
Other non-operating (income), net | (3.1) | (2.4) |
Earnings before income taxes | $ 80.2 | $ 63.9 |
Segment Results (Reconciliati_2
Segment Results (Reconciliation of Total Segment Assets to Total Consolidated Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 1,691.5 | $ 1,672.4 |
Mineral Fiber [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,097.9 | 1,091.9 |
Architectural Specialties [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 430 | 421.1 |
Unallocated Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 163.6 | $ 159.4 |
Revenue (Schedule of Net Sales
Revenue (Schedule of Net Sales by Major Customer Group within Each Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Entity Wide Revenue Major Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 326.3 | $ 310.2 |
Mineral Fiber [Member] | ||
Entity Wide Revenue Major Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 239.6 | 228.4 |
Mineral Fiber [Member] | Distributors [Member] | ||
Entity Wide Revenue Major Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 169.3 | 159.8 |
Mineral Fiber [Member] | Home Centers [Member] | ||
Entity Wide Revenue Major Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 31 | 31.1 |
Mineral Fiber [Member] | Direct Customers [Member] | ||
Entity Wide Revenue Major Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 13.1 | 14.7 |
Mineral Fiber [Member] | Other [Member] | ||
Entity Wide Revenue Major Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 26.2 | 22.8 |
Architectural Specialties [Member] | ||
Entity Wide Revenue Major Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 86.7 | 81.8 |
Architectural Specialties [Member] | Distributors [Member] | ||
Entity Wide Revenue Major Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 53.8 | 39.2 |
Architectural Specialties [Member] | Direct Customers [Member] | ||
Entity Wide Revenue Major Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 30 | 42 |
Architectural Specialties [Member] | Other [Member] | ||
Entity Wide Revenue Major Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2.9 | $ 0.6 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Customer receivables | $ 120.5 | $ 102.1 |
Miscellaneous receivables | 8.1 | 11.8 |
Less allowance for warranties, discounts and losses | (3.2) | (2.9) |
Accounts and notes receivable, net | $ 125.4 | $ 111 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 58.9 | $ 55.1 |
Goods in process | 6.2 | 5.1 |
Raw materials and supplies | 66.6 | 66.7 |
Less LIFO reserves | (25.3) | (22.9) |
Total inventories, net | $ 106.4 | $ 104 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 17.3 | $ 15.9 |
Assets held for sale | 6.7 | 6.7 |
Fair value of derivative assets | 1.9 | 1.1 |
Other | 3 | 2.7 |
Total other current assets | $ 28.9 | $ 26.4 |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates (Narrative) (Details) | Mar. 31, 2024 | Jan. 31, 2024 |
WAVE [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity interest percentage | 50% | |
Overcast [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity interest percentage | 19.50% | 19.50% |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates (Summary of Investment in Joint Venture, Income Statement Data) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||
Net sales | $ 326.3 | $ 310.2 |
Gross profit | 124.3 | 112.1 |
Net earnings | 59.9 | 47.3 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Partnership Interest Member | ||
Schedule of Equity Method Investments [Line Items] | ||
Net sales | 125.8 | 109.5 |
Gross profit | 76.7 | 62.3 |
Net earnings | $ 57 | $ 43.8 |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates (Schedule of Equity (Earnings) Loss from Unconsolidated Affiliates) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity (earnings) from unconsolidated affiliates | $ (27.2) | $ (20.8) |
WAVE [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity (earnings) from unconsolidated affiliates | (27.4) | (20.8) |
Overcast [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity (earnings) from unconsolidated affiliates | $ 0.2 | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Estimated Useful Life | Indefinite | |
Amortizing intangible assets, Gross Carrying Amount | $ 315.7 | $ 315.7 |
Amortizing intangible assets, Accumulated Amortization | 252.3 | 248.5 |
Non-amortizing intangible assets | 345.2 | 345.2 |
Total intangible assets | 660.9 | 660.9 |
Goodwill | $ 175.3 | 175.5 |
Trademarks And Brand Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Non-amortizing intangible assets, Estimated Useful Life | Indefinite | |
Customer Relationships [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 183.5 | 183.6 |
Amortizing intangible assets, Accumulated Amortization | $ 154.7 | 152.1 |
Customer Relationships [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 2 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 20 years | |
Developed Technology [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 101.7 | 101.4 |
Amortizing intangible assets, Accumulated Amortization | $ 84.7 | 84.4 |
Developed Technology [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 13 years | |
Developed Technology [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 20 years | |
Software [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 15.6 | 15.6 |
Amortizing intangible assets, Accumulated Amortization | $ 5.3 | 4.6 |
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 | 6.2 |
Amortizing intangible assets, Accumulated Amortization | $ 3.5 | 3.4 |
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 | |
Non-compete Agreements [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 5.9 | 6.1 |
Amortizing intangible assets, Accumulated Amortization | $ 3.9 | 3.8 |
Non-compete Agreements [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 3 years | |
Non-compete Agreements [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 5 years | |
Other [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | Various | |
Amortizing intangible assets, Gross Carrying Amount | $ 2.8 | 2.8 |
Amortizing intangible assets, Accumulated Amortization | $ 0.2 | $ 0.2 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 4.1 | $ 3.5 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Cash surrender value of company-owned life insurance policies | $ 38.4 | $ 40.3 |
Investment in employee deferred compensation plans | 10.8 | 8.3 |
Fair value of derivative assets | 0 | 1.8 |
Other | 1 | 0.9 |
Total other non-current assets | $ 50.2 | $ 51.3 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Accounts Payble And Accrued Expenses [Line Items] | ||
Payables, trade and other | $ 87.2 | $ 91 |
Employment costs | 9 | 33.6 |
Current portion of pension and postretirement liabilities | 8 | 8 |
Other | 26.9 | 27.3 |
Total accounts payable and accrued expenses | $ 131.1 | $ 159.9 |
Income Tax Expenses (Details)
Income Tax Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Earnings before income taxes | $ 80.2 | $ 63.9 |
Income tax expense | $ 20.3 | $ 16.6 |
Effective tax rate | 25.30% | 26% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit availability | $ 175,000,000 | |
Amount outstanding | 7,700,000 | |
Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit availability | 450,000,000 | |
Principal debt outstanding | 444,400,000 | $ 450,000,000 |
Bi-lateral Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit availability | 25,000,000 | |
Amount outstanding | 7,700,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit availability | 500,000,000 | |
Amount outstanding | 140,000,000 | $ 140,000,000 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit availability | 150,000,000 | |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility amount | $ 950,000,000 |
Debt (Schedule of Letters of Cr
Debt (Schedule of Letters of Credit Facilities) (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | $ 175,000,000 | |
Letters of credit, Used | 7,700,000 | |
Letters of credit, Available | 167,300,000 | |
Letter of Credit [Member] | Bi-lateral Facility [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | 25,000,000 | |
Letters of credit, Used | 7,700,000 | |
Letters of credit, Available | 17,300,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | 500,000,000 | |
Letters of credit, Used | 140,000,000 | $ 140,000,000 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | 150,000,000 | |
Letters of credit, Available | $ 150,000,000 |
Pensions and Other Benefit Pr_3
Pensions and Other Benefit Programs (Schedule of Periodic Benefit Costs (Credits) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
U.S. Defined-Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost of benefits earned during the period | $ 0.6 | $ 0.7 |
Interest cost on projected benefit obligation | 4.2 | 4.2 |
Expected return on plan assets | (6.1) | (6.2) |
Amortization of net actuarial (gain) loss | 1.3 | 1.3 |
Net periodic pension/postretirement cost (credit) | 0 | 0 |
Retiree Health And Life Insurance Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on projected benefit obligation | 0.5 | 0.7 |
Amortization of prior service credit | (0.1) | 0 |
Amortization of net actuarial (gain) loss | (2.1) | (1.5) |
Net periodic pension/postretirement cost (credit) | $ (1.7) | $ (0.8) |
Financial Instruments and Con_3
Financial Instruments and Contingent Consideration (Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | $ (581.4) | $ (586.8) |
Acquisition-related contingent consideration | (1.3) | (1.6) |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | (581.4) | (586.8) |
Acquisition-related contingent consideration | (1.3) | (1.6) |
Interest Rate Swap Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | 1 | (0.4) |
Interest Rate Swap Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | $ 1 | $ (0.4) |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
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 | (1.3) | (1.6) |
Interest Rate Swap Contracts [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | 1 | (0.4) |
Interest Rate Swap Contracts [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | $ 0 | $ 0 |
Financial Instruments and Con_5
Financial Instruments and Contingent Consideration (Schedule of Weighted-average Of Significant Unobservable Inputs) (Details) | Mar. 31, 2024 |
BOK Modern, LLC [Member] | Volatility [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Volatility | 24.50% |
BOK Modern, LLC [Member] | Discount Rates [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Discount rates | 4.90% |
Insolcorp L L C [Member] | Volatility [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Volatility | 20.10% |
Insolcorp L L C [Member] | Discount Rates [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Discount rates | 4.70% |
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 ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Business Combinations [Abstract] | ||
Fair value of contingent consideration as of beginning of period | $ 1,600,000 | $ 15,200,000 |
Cash consideration paid | 0 | (15,200,000) |
Gain related to change in fair value of contingent consideration | (300,000) | 0 |
Fair value of contingent consideration as of end of period | $ 1,300,000 | $ 0 |
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 | Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (300,000) | $ 0 |
Financial Instruments and Con_7
Financial Instruments and Contingent Consideration (Additional Information) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Business Acquisition [Line Items] | |||
Acquisition-related contingent consideration | $ 0.7 | $ 1.6 | |
Accounts payable and accrued expenses | 131.1 | 159.9 | |
T U R F Design Inc [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration paid | $ 15.2 | ||
Insolcorp and BOK [Member] | |||
Business Acquisition [Line Items] | |||
Accounts payable and accrued expenses | 0.6 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Business Acquisition [Line Items] | |||
Business combination, consideration transferred estimated fair value | $ 1.3 | $ 1.6 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Summary of Interest Rate Swaps) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
November 2023 to June 2024[Member] | |
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 2025 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 28, 2018 |
Notional Amount | $ 100 |
Coverage Period | March 2021 to March 2025 |
Risk Coverage | USD-SOFR |
November 2023 to December 2025[Member] | |
Derivative [Line Items] | |
Trade Date | Oct. 23, 2023 |
Notional Amount | $ 50 |
Coverage Period | November 2023 to December 2025 |
Risk Coverage | USD-SOFR |
March 2024 to June 2026[Member] | |
Derivative [Line Items] | |
Trade Date | Mar. 25, 2024 |
Notional Amount | $ 50 |
Coverage Period | March 2024 to June 2026 |
Risk Coverage | USD-SOFR |
November 2023 to December 2026[Member] | |
Derivative [Line Items] | |
Trade Date | Oct. 10, 2023 |
Notional Amount | $ 50 |
Coverage Period | November 2023 to December 2026 |
Risk Coverage | USD-SOFR |
March 2024 to June 2027[Member] | |
Derivative [Line Items] | |
Trade Date | Mar. 27, 2024 |
Notional Amount | $ 50 |
Coverage Period | March 2024 to June 2027 |
Risk Coverage | USD-SOFR |
November 2023 to November 2027[Member] | |
Derivative [Line Items] | |
Trade Date | Sep. 29, 2023 |
Notional Amount | $ 50 |
Coverage Period | November 2023 to November 2027 |
Risk Coverage | USD-SOFR |
Derivative Financial Instrume_4
Derivative Financial Instruments (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Derivative [Line Items] | |
Gain in AOCI expected to be recognized in earnings over the next twelve months | $ 3.4 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 1.9 | $ 1.1 |
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 | $ 0 | $ 1.8 |
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 | $ 0.1 |
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 | $ 0.9 | $ 3.2 |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments Gain Loss [Line Items] | ||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax |
Derivatives in Cash Flow Hedging Relationships [Member] | Interest Rate Swap Contracts [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain Recognized in AOCI | $ 2.9 | $ (0.5) |
Gain reclassified from AOCI into net earnings | $ 2.1 | $ 2.4 |
Other Long-Term Liabilities (Sc
Other Long-Term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Acquisition-related contingent consideration | $ 0.7 | $ 1.6 |
Total other long-term liabilities | $ 24.4 | $ 26.8 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Apr. 24, 2024 | Jul. 29, 2016 | Feb. 29, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Equity Class Of Treasury Stock [Line Items] | |||||
Shares repurchase program, repurchased cost | $ 15,200,000 | $ 27,300,000 | |||
Quarterly dividends declared | $ 0.28 | ||||
Dividends declared | $ 0.28 | $ 0.254 | |||
Dividends payable, date to be paid, year and month | 2024-03 | ||||
Subsequent Event [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Quarterly dividends declared | $ 0.28 | ||||
Scenario Forecast [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Dividend payable, date to be paid day month and year | May 23, 2024 | ||||
Common Stock | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Shares repurchase program, expiration date | Dec. 31, 2026 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 701,800,000 | ||||
Shares repurchase program, shares repurchased | (142,582) | (367,269) | |||
Common Stock | Share Repurchase Program Excluding Accelerated Share Repurchase | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Shares repurchase program, shares repurchased | 100,000 | ||||
Shares repurchase program, repurchased cost | $ 15,000,000 | ||||
Shares repurchase program, average price per share | $ 105.2 | ||||
Common Stock | Share Repurchase Program Including Accelerated Share Repurchase | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Shares repurchase program, shares repurchased | 14,300,000 | ||||
Shares repurchase program, repurchased cost | $ 998,200,000 | ||||
Shares repurchase program, average price per share | $ 69.68 | ||||
Common Stock | July 2018 Program [Member] | Maximum [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Shares repurchase program, authorized amount | $ 150,000,000 | ||||
Common Stock | December 2026 Program [Member] | Maximum [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Shares repurchase program, authorized amount | $ 1,700,000,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Accumulated Other Comprehensive (Loss) Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | $ 591.8 | $ 535 | |
Ending Balance | 626.8 | 544.8 | |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | [1] | 1 | 0.5 |
Other comprehensive income before reclassifications, net of tax (expense) | [1] | (0.8) | (0.1) |
Amounts reclassified from accumulated other comprehensive (loss) | [1] | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | [1] | (0.8) | (0.1) |
Ending Balance | [1] | 0.2 | 0.4 |
Derivative (Loss) Gain [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | [1] | 0.5 | 9.5 |
Other comprehensive income before reclassifications, net of tax (expense) | [1] | 2.2 | (0.3) |
Amounts reclassified from accumulated other comprehensive (loss) | [1] | (1.7) | (1.9) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | [1] | 0.5 | (2.2) |
Ending Balance | [1] | 1 | 7.3 |
Pension And Postretirement Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | [1] | (106.2) | (110.1) |
Other comprehensive income before reclassifications, net of tax (expense) | [1] | 0 | 0.4 |
Amounts reclassified from accumulated other comprehensive (loss) | [1] | (0.6) | (0.2) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | [1] | (0.6) | 0.2 |
Ending Balance | [1] | (106.8) | (109.9) |
Accumulated Other Comprehensive (Loss) [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | [1] | (104.7) | (100.1) |
Other comprehensive income before reclassifications, net of tax (expense) | [1] | 1.4 | 0 |
Amounts reclassified from accumulated other comprehensive (loss) | [1] | (2.3) | (2.1) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | [1] | (0.9) | (2.1) |
Ending Balance | [1] | $ (105.6) | $ (102.2) |
[1] (1) Amounts are net of tax. |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule of Accumulated Other Comprehensive (Loss) Activity) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive (loss) income before reclassifications, net of tax benefit (expense) | $ 0.1 | $ 0 |
Derivative (Loss) Gain [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive (loss) income before reclassifications, net of tax benefit (expense) | (0.7) | 0.2 |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive (loss) income before reclassifications, net of tax benefit (expense) | 0 | (0.2) |
AOCI Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive (loss) income before reclassifications, net of tax benefit (expense) | $ (0.6) | $ 0 |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ (9) | $ (8.7) |
Tax impact | (20.3) | (16.6) |
Total (income), net of tax | (59.9) | (47.3) |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Derivative (Loss) Gain [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Tax impact | 0.3 | 0 |
Total (income), net of tax | (1.7) | (1.9) |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Derivative (Loss) Gain [Member] | Interest Rate Swap Contracts, Before Tax [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | (2.1) | (2.4) |
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), net | (0.1) | 0 |
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), net | (0.8) | (0.2) |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Pension And Postretirement Adjustments [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Tax impact | 0.4 | 0.5 |
Total loss, before tax | (0.9) | (0.2) |
Total loss, net of tax | (0.6) | (0.2) |
Total reclassifications for the period | $ (2.3) | $ (2.1) |
Litigation and Related Matters
Litigation and Related Matters (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 48 Months Ended | ||
Sep. 30, 2010 Site | Mar. 31, 2024 USD ($) Site | Mar. 31, 2023 USD ($) | Dec. 31, 2007 | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | ||||||
Settlement agreement amount of litigation agreement | $ 53 | |||||
Environmental insurance recoveries received in excess of cumulative expenses incurred | $ 2.6 | $ 2.6 | ||||
Reserves for potential environmental liabilities | $ 0.1 | |||||
Macon Site [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of landfills listed as Superfund site | Site | 2 | |||||
Number of landfills AWI entered into an Administrative Order on Consent for a Removal Action | Site | 1 | |||||
Submission date of final report to EPA | Oct. 31, 2016 | |||||
Elizabeth City [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Percentage of site costs Navy agreed to pay | 33.33% | |||||
Other Long-Term Liabilities [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Environmental liabilities | $ 0.5 | $ 0.5 |
Net Earnings Per Share (Reconci
Net Earnings Per Share (Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Basic shares outstanding | 43.8 | 45.4 |
Dilutive effect of common stock equivalents | 0.3 | 0.1 |
Diluted shares outstanding | 44.1 | 45.5 |
Net Earnings Per Share (Narrati
Net Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Common stock equivalents not included in the computation of diluted EPS | 34,851 | 74,629 |