Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 24, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ARMSTRONG WORLD INDUSTRIES INC | |
Trading Symbol | awi | |
Entity Central Index Key | 7,431 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 52,888,793 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 330.8 | $ 314.3 | $ 646.2 | $ 601.7 |
Cost of goods sold | 219.7 | 222.8 | 435.8 | 425.9 |
Gross profit | 111.1 | 91.5 | 210.4 | 175.8 |
Selling, general and administrative expenses | 52.4 | 55.8 | 107 | 109.5 |
Separation costs | 3.9 | 31 | ||
Equity earnings from joint venture | (19.7) | (19.9) | (38) | (38) |
Operating income | 78.4 | 51.7 | 141.4 | 73.3 |
Interest expense | 9.2 | 12.5 | 18.4 | 34.4 |
Other non-operating expense | 0.1 | 1.9 | ||
Other non-operating (income) | (1) | (2.1) | (4.4) | (7.3) |
Earnings from continuing operations before income taxes | 70.1 | 41.3 | 125.5 | 46.2 |
Income tax expense | 28.6 | 24.7 | 53.2 | 36.7 |
Earnings from continuing operations | 41.5 | 16.6 | 72.3 | 9.5 |
Net (loss) from discontinued operations, net of tax expense of $ -, $-, $- and $ 0.1 | (4.5) | |||
(Loss) gain from disposal of discontinued business, net of tax expense (benefit) of $0.2, ($0.1), $0.5 and ($1.9) | (0.2) | 0.3 | (0.6) | 2 |
Net (loss) gain from discontinued operations | (0.2) | 0.3 | (0.6) | (2.5) |
Net earnings | 41.3 | 16.9 | 71.7 | 7 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 2.8 | (13.2) | 13.9 | (11.8) |
Derivative (loss) | (1.8) | (2.1) | (1.7) | (0.5) |
Pension and postretirement adjustments | 2 | 9.2 | 4.5 | 17 |
Total other comprehensive income (loss) | 3 | (6.1) | 16.7 | 4.7 |
Total comprehensive income | $ 44.3 | $ 10.8 | $ 88.4 | $ 11.7 |
Earnings per share of common stock, continuing operations: | ||||
Basic | $ 0.78 | $ 0.30 | $ 1.34 | $ 0.17 |
Diluted | 0.77 | 0.29 | 1.33 | 0.17 |
Earnings (loss) per share of common stock, discontinued operations: | ||||
Basic | 0.01 | (0.01) | (0.04) | |
Diluted | 0.01 | (0.01) | (0.04) | |
Net earnings per share of common stock: | ||||
Basic | 0.77 | 0.30 | 1.33 | 0.13 |
Diluted | $ 0.77 | $ 0.30 | $ 1.32 | $ 0.13 |
Average number of common shares outstanding: | ||||
Basic | 53.3 | 55.6 | 53.7 | 55.6 |
Diluted | 53.7 | 56 | 54.1 | 55.9 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Net (loss) from discontinued operations, tax expense | $ 0 | $ 0 | $ 0 | $ 0.1 |
(Loss) gain from disposal of discontinued business, tax expense (benefit) | $ 0.2 | $ (0.1) | $ 0.5 | $ (1.9) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 79.7 | $ 141.9 |
Accounts and notes receivable, net | 140.2 | 108.3 |
Inventories, net | 116.9 | 109 |
Income tax receivable | 7.6 | 26.2 |
Other current assets | 17.6 | 20.8 |
Total current assets | 362 | 406.2 |
Property, plant, and equipment, less accumulated depreciation and amortization of $489.4 and $445.5, respectively | 696 | 669.6 |
Prepaid pension costs | 79.6 | 56.6 |
Investment in joint venture | 109.2 | 106.2 |
Goodwill and intangible assets, net | 453.6 | 434.5 |
Deferred income taxes | 12.2 | 15.4 |
Income taxes receivable | 7.4 | 5.7 |
Other non-current assets | 64.3 | 63.8 |
Total assets | 1,784.3 | 1,758 |
Current liabilities: | ||
Short-term debt | 15 | |
Current installments of long-term debt | 32.5 | 25 |
Accounts payable and accrued expenses | 163.9 | 197.1 |
Income tax payable | 4.5 | 2 |
Total current liabilities | 215.9 | 224.1 |
Long-term debt, less current installments | 832.9 | 848.6 |
Postretirement benefit liabilities | 82.1 | 84.8 |
Pension benefit liabilities | 89.3 | 86.3 |
Other long-term liabilities | 28.3 | 29.1 |
Income taxes payable | 61.4 | 62.2 |
Deferred income taxes | 177.1 | 156.5 |
Total non-current liabilities | 1,271.1 | 1,267.5 |
Shareholders' equity: | ||
Common stock, $0.01 par value per share, 200 million shares authorized, 60,709,316 shares issued and 52,880,957 shares outstanding as of June 30, 2017 and 60,597,140 shares issued and 54,428,233 shares outstanding as of December 31, 2016 | 0.6 | 0.6 |
Additional paid-in capital | 509.6 | 504.9 |
Retained earnings | 550.3 | 469.9 |
Treasury stock, at cost, 7,828,359 shares as of June 30, 2017 and 6,168,907 shares as of December 31, 2016 | (376.1) | (305.2) |
Accumulated other comprehensive (loss) | (387.1) | (403.8) |
Total shareholders' equity | 297.3 | 266.4 |
Total liabilities and shareholders' equity | $ 1,784.3 | $ 1,758 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation and amortization | $ 489.4 | $ 445.5 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 60,709,316 | 60,597,140 |
Common stock, shares outstanding | 52,880,957 | 54,428,233 |
Treasury stock, shares | 7,828,359 | 6,168,907 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) [Member] |
Balance at Dec. 31, 2015 | $ 768.8 | $ 0.6 | $ 1,151.8 | $ 365.2 | $ (261.4) | $ (487.4) |
Balance at Dec. 31, 2015 | 55,359,064 | |||||
Balance at Dec. 31, 2015 | 5,057,382 | |||||
Stock issuance | 125,919 | |||||
Share-based employee compensation | 7 | 7 | ||||
Net earnings (loss) | 7 | 7 | ||||
Separation of Armstrong Flooring, Inc. | (585.1) | (641.9) | 56.8 | |||
Other comprehensive income | 4.7 | 4.7 | ||||
Balance at Jun. 30, 2016 | 202.4 | $ 0.6 | 516.9 | 372.2 | $ (261.4) | (425.9) |
Balance at Jun. 30, 2016 | 55,484,983 | |||||
Balance at Jun. 30, 2016 | 5,057,382 | |||||
Balance at Dec. 31, 2016 | $ 266.4 | $ 0.6 | 504.9 | 469.9 | $ (305.2) | (403.8) |
Balance at Dec. 31, 2016 | 54,428,233 | 54,428,233 | ||||
Balance at Dec. 31, 2016 | 6,168,907 | 6,168,907 | ||||
Cumulative effect impact of ASU 2016-09 adoption | $ 8.7 | 8.7 | ||||
Stock issuance | 112,176 | |||||
Share-based employee compensation | 3.8 | 3.8 | ||||
Net earnings (loss) | 71.7 | 71.7 | ||||
Separation of Armstrong Flooring, Inc. | 0.9 | 0.9 | ||||
Other comprehensive income | 16.7 | 16.7 | ||||
Acquisition of treasury stock | (70.9) | $ (70.9) | ||||
Acquisition of treasury stock, shares | (1,659,452) | 1,659,452 | ||||
Balance at Jun. 30, 2017 | $ 297.3 | $ 0.6 | $ 509.6 | $ 550.3 | $ (376.1) | $ (387.1) |
Balance at Jun. 30, 2017 | 52,880,957 | 52,880,957 | ||||
Balance at Jun. 30, 2017 | 7,828,359 | 7,828,359 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net earnings | $ 71.7 | $ 7 |
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 38.6 | 50.2 |
Write off of debt financing costs | 1.1 | |
Deferred income taxes | 36.4 | 3.5 |
Share-based compensation | 5.1 | 6.7 |
Equity earnings from joint venture | (38) | (38) |
Separation costs | 31 | |
Loss on interest rate swap | 10.7 | |
U.S. pension (credit) expense | (12.4) | 8.6 |
Other non-cash adjustments, net | (0.4) | (3.9) |
Changes in operating assets and liabilities: | ||
Receivables | (26.5) | (39.7) |
Inventories | (1.8) | 0.6 |
Other current assets | 2.2 | 9.6 |
Other non-current assets | (2.8) | (8.9) |
Accounts payable and accrued expenses | (39.6) | (90) |
Income taxes payable | 15.2 | 18.9 |
Other long-term liabilities | (5.5) | (18.7) |
Other, net | 0.2 | (4.1) |
Net cash provided by (used for) operating activities | 42.4 | (55.4) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (44.8) | (53.4) |
Return of investment from joint venture | 35 | 49.2 |
Cash paid for acquisition | (31.4) | |
Other investing activities | 0.5 | 0.3 |
Net cash (used for) investing activities | (40.7) | (3.9) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facility and other short-term debt | 93 | 90 |
Payments of revolving credit facility and other short-term debt | (78) | (90) |
Proceeds from long-term debt | 363.5 | |
Payments of long-term debt | (8.7) | (432.1) |
Financing costs | (0.6) | (8.1) |
Proceeds from exercised stock options | 0.6 | 0.1 |
Cash transferred to Armstrong Flooring, Inc. | (9.1) | |
Excess tax benefit from share-based awards | 2.8 | |
Payment for treasury stock acquired | (70.9) | |
Net cash (used for) financing activities | (64.6) | (82.9) |
Effect of exchange rate changes on cash and cash equivalents | 0.7 | (3.2) |
Net (decrease) in cash and cash equivalents | (62.2) | (145.4) |
Cash and cash equivalents at beginning of year | 141.9 | 244.8 |
Cash and cash equivalents at end of period | 79.7 | 99.4 |
Supplemental Cash Flow Disclosures: | ||
Interest paid | 15.4 | 17.6 |
Income tax payments, net | 2.2 | 9.7 |
Amounts in accounts payable for capital expenditures | $ 2.8 | $ 7.4 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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. 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, 2016. These statements should therefore be read in conjunction with the Consolidated Financial Statements and notes that are included in the Form 10-K for the fiscal year ended December 31, 2016. 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 second quarter and first six months of 2017 and 2016 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. On April 1, 2016, we completed our separation of Armstrong Flooring, Inc. (“AFI”). AFI’s historical financial results have been reflected in AWI’s Consolidated Financial Statements as a discontinued operation for all periods presented. Separation costs for the three and six months ended June 30, 2016 were $3.9 million and $31.0 million, respectively. Separation costs were recorded within the Unallocated Corporate segment. Separation costs primarily related to outside professional services and employee compensation, retention and severance accruals. On January 13, 2017, we acquired the business and assets of Tectum, Inc. (“Tectum”), based in Newark, Ohio. Tectum is a manufacturer of acoustical ceiling, wall and structural solutions for commercial building applications with two manufacturing facilities. These Condensed Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements include management estimates and judgments, where appropriate. Management utilizes estimates to record many items including certain asset values, 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. Management may confer with outside parties, including outside counsel. Actual results may differ from these estimates. Certain amounts in the prior year’s Condensed Consolidated Financial Statements have been recast to conform to the 2017 presentation. Recently Adopted Accounting Standards In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Simplifying the Measurement of Inventory,” In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.” Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” “Principal versus Agent Considerations (Reporting Gross versus Net),” “Identifying Performance Obligations and Licensing,” “Narrow-Scope Improvements and Practical Expedients,” “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” Collectively, the revenue recognition ASC updates are effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. We intend to adopt these standards effective January 1, 2018 using the modified retrospective transition method and also intend to apply all practical expedients related to completed contracts upon adoption. We are still evaluating the impact the adoption of these ASC updates will have on our financial condition, results of operations, cash flows and disclosures. Substantially all of our revenues are recognized from the sale of products with standard shipping terms, sales discounts and warranties. As such, and based on our evaluation to date, we do not believe adoption will have a material impact to us as we expect to continue to recognize substantially all of our revenues at a point in time. Our final evaluation of the impact of adopting these ASC updates is expected to be completed during the third quarter of 2017. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” In February 2016, the FASB issued ASU 2016-02, “Leases,” In August 2016, the FASB issued ASU 2016-15 , “Classification of Certain Cash Receipts and Cash Payments.” In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” |
Segment Results
Segment Results | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Results | NOTE 2. SEGMENT RESULTS Our reportable operating segments consist of the following three distinct geographical segments: Americas (including Canada); Europe, Middle East and Africa (including Russia) (“EMEA”); and Pacific Rim. Balance sheet items classified as Unallocated Corporate primarily include cash and cash equivalents and outstanding borrowings under our senior credit facilities. The majority of expenses for our corporate support functions are allocated to our Americas segment. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net sales to external customers Americas $ 225.6 $ 214.8 $ 445.4 $ 414.9 EMEA 68.7 65.6 135.3 125.2 Pacific Rim 36.5 33.9 65.5 61.6 Total net sales to external customers $ 330.8 $ 314.3 $ 646.2 $ 601.7 Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Segment operating income (loss) Americas $ 79.9 $ 64.3 $ 147.1 $ 120.4 EMEA (1.8 ) (5.3 ) (4.9 ) (9.3 ) Pacific Rim 0.3 (2.1 ) (0.8 ) (3.4 ) Unallocated Corporate - (5.2 ) - (34.4 ) Total consolidated operating income $ 78.4 $ 51.7 $ 141.4 $ 73.3 Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Total consolidated operating income $ 78.4 $ 51.7 $ 141.4 $ 73.3 Interest expense 9.2 12.5 18.4 34.4 Other non-operating expense 0.1 - 1.9 - Other non-operating (income) (1.0 ) (2.1 ) (4.4 ) (7.3 ) Earnings from continuing operations before income taxes $ 70.1 $ 41.3 $ 125.5 $ 46.2 June 30, 2017 December 31, 2016 Segment assets Americas $ 1,249.0 $ 1,186.7 EMEA 299.2 275.5 Pacific Rim 147.8 145.0 Unallocated Corporate 88.3 150.8 Total consolidated assets $ 1,784.3 $ 1,758.0 Impairment testing of our tangible assets occurs whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. |
Acquisition and Discontinued Op
Acquisition and Discontinued Operations | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations [Abstract] | |
Acquisition and Discontinued Operations | NOTE 3. ACQUISITION AND DISCONTINUED OPERATIONS Acquisition of Tectum On January 13, 2017, in connection with the acquisition of Tectum, the $31.4 million purchase price for Tectum was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values, with the remaining unallocated amount recorded as goodwill. The total fair value of tangible assets acquired, less liabilities assumed, in connection with the Tectum acquisition was $5.9 million. The total fair value of intangible assets acquired, comprised of amortizable customer relationships and non-amortizing brand names, was $16.5 million, resulting in $9.0 million of goodwill. All of the acquired goodwill is deductible for tax purposes. Separation and Distribution of AFI On April 1, 2016, in connection with the separation and distribution of AFI, we entered into several agreements with AFI that, together with a plan of division, provide for the separation and allocation between AWI and AFI of the flooring assets, employees, liabilities and obligations of AWI and its subsidiaries attributable to periods prior to, at and after AFI’s separation from AWI, and govern the relationship between AWI and AFI subsequent to the completion of the separation and distribution. These agreements include a Transition Services Agreement, a Tax Matters Agreement, an Employee Matters Agreement, a Trademark License Agreement, a Transition Trademark License Agreement and a Campus Lease Agreement. Under the Transition Services Agreement, AWI and AFI will provide various services to each other during a transition period expiring no later than December 31, 2017. We do not expect to extend the Transition Services Agreement beyond December 31, 2017. The following is a summary of the results of operations related to AFI, our former Resilient Flooring and Wood Flooring segments, which are presented as discontinued operations. Six Months Ended June 30, 2016 Net sales $ 284.4 Cost of goods sold 237.2 Gross profit 47.2 Selling, general and administrative expenses 50.5 Operating (loss) (3.3 ) Other non-operating expense, net 1.1 (Loss) from discontinued operations before income taxes (4.4 ) Income tax expense 0.1 (Loss) from discontinued operations $ (4.5 ) The following is a summary of total depreciation and amortization and capital expenditures related to AFI which are presented as discontinued operations and included as components of operating and investing cash flows on our consolidated statements of cash flows: Six Months Ended June 30, 2016 Depreciation and amortization $ 11.4 Purchases of property, plant and equipment (12.1 ) European Resilient Flooring On December 4, 2014, our Board of Directors approved the cessation of funding to our DLW subsidiary, which at that time was our European flooring business. As a result, DLW management filed for insolvency in Germany on December 11, 2014. The German insolvency court subsequently appointed an administrator (the “Administrator”) to oversee DLW operations. As of December 4, 2014, DLW had a net liability of $12.9 million, representing assets of $151.9 million and liabilities of $164.8 million, which were removed from our balance sheet. This net liability was recognized as a contingent liability on our consolidated balance sheet pending the closure of the insolvency proceeding. The net liability, included within Accounts payable and accrued expenses on our Condensed Consolidated Balance Sheets, was $11.9 million as of March 31, 2017. In April 2017, we entered into a settlement agreement and mutual release with the Administrator on behalf of the DLW estate to settle all claims of the Administrator related to the insolvency for a cash payment of $11.8 million. DLW was previously shown within our Resilient Flooring reporting segment. The following is a summary of the results related to the flooring businesses which are included in discontinued operations. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Gain (loss) on disposal of discontinued business before income tax $ - $ 0.2 $ (0.1 ) $ 0.1 Income tax expense (benefit) 0.2 (0.1 ) 0.5 (1.9 ) Net (loss) gain on disposal of discontinued business $ (0.2 ) $ 0.3 $ (0.6 ) $ 2.0 |
Accounts and Notes Receivable
Accounts and Notes Receivable | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Accounts and Notes Receivable | NOTE 4. ACCOUNTS AND NOTES RECEIVABLE June 30, 2017 December 31, 2016 Customer receivables $ 135.2 $ 106.9 Customer notes 0.8 1.5 Miscellaneous receivables 9.9 6.0 Less allowance for warranties, discounts and losses (5.7 ) (6.1 ) Accounts and notes receivable, net $ 140.2 $ 108.3 Generally, 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 | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 5. INVENTORIES June 30, 2017 December 31, 2016 Finished goods $ 85.6 $ 80.5 Goods in process 4.3 3.3 Raw materials and supplies 35.0 32.4 Less LIFO reserves (8.0 ) (7.2 ) Total inventories, net $ 116.9 $ 109.0 |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Current Assets | NOTE 6. OTHER CURRENT ASSETS June 30, 2017 December 31, 2016 Prepaid expenses $ 15.7 $ 15.0 Fair value of derivative assets 0.4 2.4 Other 1.5 3.4 Total other current assets $ 17.6 $ 20.8 |
Equity Investment
Equity Investment | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Investment | NOTE 7. EQUITY INVESTMENT Investment in joint venture as of June 30, 2017 reflected our 50% equity interest in WAVE. Condensed income statement data for WAVE is summarized below. Segment results relating to WAVE, however, consist primarily of equity earnings, as we do not consolidate the sales, profit or earnings of WAVE in our results. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net sales $ 107.7 $ 104.0 $ 209.5 $ 197.9 Gross profit 55.6 56.6 107.8 106.9 Net earnings 43.2 43.0 82.8 82.2 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 8. GOODWILL AND INTANGIBLE ASSETS The following table details amounts related to our intangible assets as of June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 20 years $ 176.8 $ 89.4 $ 165.3 $ 84.9 Developed technology 15 years 83.2 58.2 82.8 55.4 Other Various 13.7 2.2 13.2 2.0 Total $ 273.7 $ 149.8 $ 261.3 $ 142.3 Goodwill and non-amortizing intangible assets Trademarks and brand names Indefinite 319.5 314.4 Goodwill Indefinite 10.2 1.1 Total goodwill and intangible assets $ 603.4 $ 576.8 Six Months Ended June 30, 2017 2016 Amortization expense $ 7.3 $ 7.0 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Payables And Accruals [Abstract] | |
Accounts Payable And Accrued Expenses | NOTE 9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES June 30, 2017 December 31, 2016 Payables, trade and other $ 101.6 $ 108.6 Employment costs 23.4 33.7 Current portion of pension and postretirement liabilities 13.0 12.7 Contingent liability related to discontinued operations - 11.9 Other 25.9 30.2 Total accounts payable and accrued expenses $ 163.9 $ 197.1 |
Severance and Related Costs
Severance and Related Costs | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring And Related Activities [Abstract] | |
Severance and Related Costs | NOTE 10. SEVERANCE AND RELATED COSTS During the first quarter of 2016, we recorded $2.4 million in Unallocated Corporate for severance and related costs (including for our former Chief Executive Officer) as a result of the separation of AFI. These costs are reflected within Separation costs on the Condensed Consolidated Statements of Earnings. |
Income Tax Expense
Income Tax Expense | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | NOTE 11. INCOME TAX EXPENSE Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Earnings from continuing operations before income taxes $ 70.1 $ 41.3 $ 125.5 $ 46.2 Income tax expense 28.6 24.7 53.2 36.7 Effective tax rate 40.8 % 59.8 % 42.4 % 79.4 % Excluding the impact of the increase in pre-tax income, the effective rate for the second quarter and first six months of 2017 was lower in comparison to the same periods in 2016 as income tax expense in 2016 was negatively impacted by the separation of AFI. 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 made. Changes to unrecognized tax benefits could result from the completion of ongoing examinations, the expiration of the statute of limitations or other unforeseen circumstances. As of June 30, 2017, we consider foreign unremitted earnings to be permanently reinvested. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 12. DEBT As of June 30, 2017 and December 31, 2016, our long-term debt included borrowings outstanding under our $1,050.0 million credit facility, which is comprised of a $200.0 million revolving credit facility (with a $150.0 million sublimit for letters of credit), a $600.0 million Term Loan A and a $250.0 million Term Loan B. We also have a $25.0 As of June 30, 2017, the outstanding balance on our revolving credit facility, classified as Short-term debt on our Condensed Consolidated Balance Sheets, was $15.0 million. As of December 31, 2016, there were no borrowings outstanding on our revolving credit facility. As of June 30, 2017 and December 31, 2016, our outstanding long-term debt included a $35.0 million variable rate, tax-exempt industrial development bond that financed the construction of a U.S. plant in prior years. We utilize lines of credit and other commercial commitments in order to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility, our bi-lateral facility and our securitization facility. In addition, our foreign subsidiaries’ available lines of credit are available for letters of credit and guarantees. Letters of credit are issued to third party suppliers, insurance institutions 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: As of June 30, 2017 Financing Arrangements Limit Used Available Revolving credit facility $ 150.0 $ - $ 150.0 Bi-lateral facility 25.0 19.2 5.8 Accounts receivable securitization facility 40.0 36.2 3.8 Foreign lines of credit 0.2 - 0.2 Total $ 215.2 $ 55.4 $ 159.8 As of December 31, 2016, $4.0 million of letters of credits issued under our accounts receivable securitization facility in excess of our maximum limit were classified as restricted cash and reported as a component of Cash and cash equivalents on our Condensed Consolidated Balance Sheets. As of June 30, 2017, no amounts were classified as restricted cash. In February 2017, we repriced the interest rate on our Term Loan B borrowing, resulting in a lower LIBOR spread (2.75% vs. 3.25%). The maturity date and all other terms and conditions remained unchanged. In connection with the refinancing, we paid $0.6 million of bank, legal and other fees, the majority of which were capitalized. |
Pension and Other Benefit Progr
Pension and Other Benefit Programs | 6 Months Ended |
Jun. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Pensions and Other Benefit Programs | NOTE 13. PENSIONS AND OTHER BENEFIT PROGRAMS Following are the components of net periodic benefit (credits) costs: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 U.S. defined-benefit plans: Pension benefits Service cost of benefits earned during the period $ 2.1 $ 2.2 $ 4.2 $ 5.8 Interest cost on projected benefit obligation 12.4 16.5 24.9 36.9 Expected return on plan assets (24.8 ) (26.2 ) (49.6 ) (58.2 ) Amortization of prior service cost 0.3 0.4 0.7 0.9 Amortization of net actuarial loss 4.3 11.4 8.5 25.4 Net periodic pension (credit) cost $ (5.7 ) $ 4.3 $ (11.3 ) $ 10.8 Less: Discontinued operations - - - 2.2 Net periodic pension (credit) cost, continuing operations $ (5.7 ) $ 4.3 $ (11.3 ) $ 8.6 Retiree health and life insurance benefits Service cost of benefits earned during the period $ 0.1 $ 0.1 $ 0.2 $ 0.2 Interest cost on projected benefit obligation 0.8 1.0 1.5 2.8 Amortization of prior service credit - (0.1 ) - (0.2 ) Amortization of net actuarial gain (0.9 ) (1.3 ) (1.8 ) (3.6 ) Net periodic postretirement (credit) $ - $ (0.3 ) $ (0.1 ) $ (0.8 ) Less: Discontinued operations - - - (0.2 ) Net periodic postretirement (credit), continuing operations $ - $ (0.3 ) $ (0.1 ) $ (0.6 ) Non-U.S. defined-benefit pension plans: Service cost of benefits earned during the period $ 0.5 $ 0.6 $ 1.0 $ 1.1 Interest cost on projected benefit obligation 1.3 1.8 2.6 3.5 Expected return on plan assets (1.7 ) (2.0 ) (3.3 ) (4.0 ) Amortization of net actuarial loss 0.3 0.3 0.6 0.6 Net periodic pension cost $ 0.4 $ 0.7 $ 0.9 $ 1.2 The change in net periodic pension (credit) cost for the three and six months ended June 30, 2017 in comparison to the same periods in 2016 was primarily due to a decrease in amortization of net actuarial losses resulting from a reduction in active plan participants due to the separation of AFI. During 2016, actuarial gains and losses were amortized into future earnings over the expected remaining service period of plan participants, which was approximately eight years for our U.S. defined-benefit pension plans. For 2017, actuarial gains and losses are amortized over the remaining life expectancy of plan participants, which are approximately 20 years for our U.S. defined-benefit pension plans. Our U.S. defined benefit Retirement Income Plan (“RIP”) was amended to freeze accruals for salaried non-production employees, effective December 31, 2017. The impact of this amendment resulted in a reduction to our December 31, 2016 projected benefit obligation with a corresponding increase to unrecognized loss, resulting in no curtailment gain or loss. The impact of this amendment has been reflected in the net periodic pension credit for 2017. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | NOTE 14. FINANCIAL INSTRUMENTS We do not hold or issue financial instruments for trading purposes. The estimated fair values of our financial instruments are as follows: June 30, 2017 December 31, 2016 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(Liabilities), net: Total long-term debt, including current portion $ (865.4 ) $ (865.6 ) $ (873.6 ) $ (873.7 ) Foreign currency contracts (0.4 ) (0.4 ) 1.6 1.6 Natural gas contracts (0.3 ) (0.3 ) 1.0 1.0 Interest rate swap contracts 6.8 6.8 6.9 6.9 The carrying amounts of cash and cash equivalents, receivables, accounts payable, accrued expenses, and short-term debt approximate fair value because of the short-term maturity of these instruments. The fair value estimates of long-term debt were based upon quotes from a major financial institution of recently observed trading levels of our Term Loan A and Term Loan B debt, respectively. The fair value estimates of foreign currency contract obligations are estimated from market quotes provided by a well-recognized national market data provider. The fair value estimates of natural gas contracts are estimated using internal valuation models with verification by obtaining quotes from major financial institutions. For natural gas swap transactions, fair value is calculated using NYMEX market quotes provided by a well-recognized national market data provider. For natural gas option based strategies, fair value is calculated using an industry standard Black-Scholes model with market based inputs, including but not limited to, underlying asset price, strike price, implied volatility, discounted risk free rate, and time to expiration, and is provided by a well-recognized national market data provider. The fair value estimates for interest rate swap contracts are estimated by obtaining quotes from major financial institutions with verification by internal valuation models. 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 consolidated balance sheets is summarized below: June 30, 2017 December 31, 2016 Fair value based on Fair value based on Quoted, active markets Other observable inputs Quoted, active markets Other observable inputs Level 1 Level 2 Level 1 Level 2 Assets, net: Foreign currency contracts $ (0.4 ) $ - $ 1.6 $ - Natural gas contracts - (0.3 ) - 1.0 Interest rate swap contracts - 6.8 - 6.9 We do not have any financial assets or liabilities that are valued using Level 3 (unobservable) inputs. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
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 forward swaps and option contracts to hedge these exposures. Exposure to individual counterparties is controlled and derivative financial instruments are entered into with a diversified group of major financial institutions. Forward swaps and option contracts are entered into for periods consistent with underlying exposure and do not constitute positions independent of those exposures. At inception, hedges that we designate as hedging instruments are formally documented as either (1) a hedge of a forecasted transaction or “cash flow” hedge, or (2) a hedge of the fair value of a recognized liability or asset or “fair value” 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 either the fair value or 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 counterparties having an investment-grade credit rating. We monitor counterparty credit default swap levels and 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 thus we consider the risk of counterparty default to be negligible. Commodity Price Risk We purchase natural gas for use in the manufacturing process and to heat many of our facilities. As a result, we are exposed to fluctuations in the price of natural gas. We have a policy to reduce cost volatility for North American natural gas purchases by purchasing natural gas forward contracts and swaps, purchased call options, and zero-cost collars up to 24 months forward. The contracts are based on forecasted usage of natural gas measured in mmBtu’s. There is a high correlation between the hedged item and the hedge instrument. The gains and losses on these instruments offset gains and losses on the transactions being hedged. These instruments are designated as cash flow hedges. As of June 30, 2017 and December 31, 2016, the notional amount of these hedges was $12.3 million and $7.4 million, respectively. The mark-to-market gain or loss on qualifying hedges is included in other comprehensive income to the extent effective, and reclassified into cost of goods sold in the period during which the underlying gas is consumed. The mark-to-market gains or losses on ineffective portions of hedges are recognized in cost of goods sold immediately. The earnings impact of the ineffective portion of these hedges was not material for the three and six months ended June 30, 2017 and 2016. Currency Rate Risk – Sales and Purchases We manufacture and sell our products in a number of countries throughout the world and, as a result, we are exposed to movements in foreign currency exchange rates. To a large extent, our global manufacturing and sales provide a natural hedge of foreign currency exchange rate movement, as foreign currency expenses generally offset foreign currency revenues. We manage our cash flow exposures on a net basis and use derivatives to hedge the majority of our unmatched foreign currency cash inflows and outflows. Our major foreign currency exposures as of June 30, 2017, based on operating profits by currency, are to the Russian ruble, Canadian dollar and Chinese renminbi. We use foreign currency forward exchange contracts to reduce our exposure to the risk that the eventual net cash inflows and outflows resulting from the sale of products to foreign customers and purchases from foreign suppliers will be adversely affected by changes in exchange rates. These derivative instruments are used for forecasted transactions and are classified as cash flow hedges. Cash flow hedges are executed quarterly, generally up to 15 months forward, and allow us to further reduce our overall exposure to exchange rate movements, since gains and losses on these contracts offset gains and losses on the transactions being hedged. The notional amount of these hedges was $33.2 million as of June 30, 2017 and $34.6 million as of December 31, 2016. Gains and losses on these instruments are recorded in other comprehensive income, to the extent effective, until the underlying transaction is recognized in earnings. The earnings impact of the ineffective portion of these hedges was not material for the three and six months ended June 30, 2017 and 2016. Interest Rate Risk We utilize interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. Interest expense on variable-rate liabilities increases or decreases as a result of interest rate fluctuations. The following table summarizes our interest rate swaps as of June 30, 2017: Trade Date Notional Amount Coverage Period Risk Coverage November 13, 2016 $ 250.0 November 2016 to March 2018 Term Loan A November 13, 2016 $ 200.0 November 2016 to March 2021 Term Loan A April 1, 2016 $ 100.0 April 2016 to March 2023 Term Loan B In connection with the refinancing of our credit facilities in April 2016, $450.0 million of notional amount Term Loan B swaps with a trade date of March 27, 2012 were settled and $10.7 million of losses recorded as a component of accumulated other comprehensive income were reclassified to interest expense during the three months ended March 31, 2016, with the cash payment for the settlement of this swap occurring during the second quarter of 2016. Under the terms of the Term Loan A swap with trade dates of November 13, 2016, we receive 1-month LIBOR and pay a fixed rate over the hedged period. Under the terms of our Term Loan B swap with a trade date of April 1, 2016, we receive the greater of 3-month LIBOR or a 0.75% LIBOR Floor and pay a fixed rate over the hedged period. These swaps are designated as cash flow hedges against changes in LIBOR for a portion of our variable rate debt. Gains and losses on these instruments are recorded in other comprehensive income, to the extent effective, until the underlying transaction is recognized in earnings. The mark-to-market gains or losses on the ineffective portion of hedges are recognized in interest expense. There was no earnings impact of the ineffective portion of these hedges for the three and six months ended June 30, 2017 and 2016. Financial Statement Impacts The following tables detail amounts related to our derivatives as of June 30, 2017 and December 31, 2016. We had no derivative assets or liabilities not designated as hedging instruments as of June 30, 2017 or December 31, 2016. The derivative asset and liability amounts below are shown in gross amounts; we have not netted assets with liabilities. Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location June 30, 2017 December 31, 2016 Balance Sheet Location June 30, 2017 December 31, 2016 Derivatives designated as hedging instruments Natural gas commodity contracts Other current assets $ - $ 1.0 Accounts payable and accrued expenses $ 0.2 $ - Foreign exchange contracts Other current assets 0.2 1.4 Accounts payable and accrued expenses 0.4 - Interest rate swap contracts Other current assets 0.2 - Accounts payable and accrued expenses - - Natural gas commodity contracts Other non-current assets - - Other long-term liabilities 0.1 - Foreign exchange contracts Other non-current assets - 0.2 Other long-term liabilities 0.2 - Interest rate swap contracts Other non-current assets 6.6 7.4 Other long-term liabilities - 0.5 Total derivatives designated as hedging instruments $ 7.0 $ 10.0 $ 0.9 $ 0.5 Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) Location of (Loss) Gain AOCI into Income (Effective Portion) Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, 2017 2016 2017 2016 2017 2016 Derivatives in cash flow hedging relationships Natural gas commodity contracts $ (1.0 ) $ 0.3 Cost of goods sold $ 0.2 $ (0.5 ) $ 0.3 $ (1.3 ) Foreign exchange contracts – purchases (0.4 ) (0.2 ) Cost of goods sold - 0.1 - 0.6 Foreign exchange contracts – sales (0.8 ) 0.6 Net sales 0.2 0.3 0.4 1.1 Interest rate swap contracts 0.1 (7.6 ) Interest expense - - - (10.7 ) Total $ (2.1 ) $ (6.9 ) $ 0.4 $ (0.1 ) $ 0.7 $ (10.3 ) As of June 30, 2017, the amount of existing gains in AOCI expected to be recognized in earnings over the next twelve months is $0.5 million. There was no pre-tax gain or loss recognized in income for derivative instruments not designated as hedging instruments for the three months ended June 30, 2017 and 2016. |
Common Stock Repurchase Plan
Common Stock Repurchase Plan | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Common Stock Repurchase Plan | NOTE 16. COMMON STOCK REPURCHASE PLAN On July 29, 2016, we announced that our Board of Directors had approved a share repurchase program pursuant to which we are authorized to repurchase up to $150.0 million of our outstanding shares of common stock through July 31, 2018 (the “Program”). 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 us to repurchase any particular amount of common stock and may be suspended or discontinued at any time without notice. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) | NOTE 17. ACCUMULATED OTHER COMPREHENSIVE (LOSS) Foreign Currency Translation Adjustments Derivative Gain (Loss) (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) (1) Balance, December 31, 2016 $ (71.6 ) $ 3.8 $ (336.0 ) $ (403.8 ) Other comprehensive income (loss) income before reclassifications, net of tax expense of $ -, $0.9, $-, and $0.9 13.9 (1.2 ) (0.8 ) 11.9 Amounts reclassified from accumulated other comprehensive (loss) - (0.5 ) 5.3 4.8 Net current period other comprehensive income (loss) 13.9 (1.7 ) 4.5 16.7 Balance at June 30, 2017 $ (57.7 ) $ 2.1 $ (331.5 ) $ (387.1 ) Foreign Currency Translation Adjustments Derivative Gain (Loss) (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) (1) Balance, December 31, 2015 $ (33.8 ) $ (3.3 ) $ (450.3 ) $ (487.4 ) Separation of AFI, net of tax (benefit) of $-, $-, ($37.8) and ($37.8) (4.6 ) (0.4 ) 61.8 56.8 Other comprehensive income (loss) before reclassifications, net of tax expense of $ -, $3.9, $0.2, and $4.1 (11.8 ) (6.6 ) 3.1 (15.3 ) Amounts reclassified from accumulated other comprehensive (loss) - 6.1 13.9 20.0 Net current period other comprehensive (loss) income (11.8 ) (0.5 ) 17.0 4.7 Balance at June 30, 2016 $ (50.2 ) $ (4.2 ) $ (371.5 ) $ (425.9 ) (1) Amounts are net of tax Amounts Reclassified from Accumulated Other Comprehensive (Loss) Affected Condensed Consolidated Statement of Earnings and Comprehensive Income Six Months Ended June 30, 2017 2016 Derivative Adjustments: Natural gas commodity contracts $ (0.3 ) $ 1.3 Cost of goods sold Foreign exchange contracts - purchases - (0.6 ) Cost of goods sold Foreign exchange contracts - sales (0.4 ) (1.1 ) Net sales Interest rate swap contracts - 10.7 Interest expense Total (income) loss from continuing operations, before tax (0.7 ) 10.3 Tax impact 0.2 (3.6 ) Income tax expense Total (income) loss from continuing operations, net of tax (0.5 ) 6.7 Total (income) from discontinued operations, net of tax benefit of $ - and ($0.3) - (0.6 ) Total (income) loss, net of tax (0.5 ) 6.1 Pension and Postretirement Adjustments: Prior service cost amortization 0.4 0.3 Cost of goods sold Prior service cost amortization 0.3 0.2 SG&A expense Amortization of net actuarial loss 3.6 8.9 Cost of goods sold Amortization of net actuarial loss 3.7 9.2 SG&A expense Total expense from continuing operations, before tax 8.0 18.6 Tax impact (2.7 ) (7.6 ) Income tax expense Total expense from continuing operations, net of tax 5.3 11.0 Total expense from discontinued operations, net of tax expense of $ - and $1.5 - 2.9 Total expense, net of tax 5.3 13.9 Total reclassifications for the period $ 4.8 $ 20.0 |
Litigation and Related Matters
Litigation and Related Matters | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation and Related Matters | NOTE 18. 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. These regulatory requirements continually change, therefore we cannot predict with certainty future expenditures associated with compliance with environmental requirements. Environmental Sites Summary We are actively involved in the investigation, closure and/or 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 several domestically owned, formerly owned and non-owned locations allegedly resulting from past industrial activity. In a few cases, we are one of several 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 are currently pursuing coverage and recoveries under those policies with respect to certain of the sites, including the St. Helens, OR site, the Macon, GA site and the Elizabeth City, NC site, each of which is summarized below. These efforts include two active and independent litigation matters against legacy primary and excess policy insurance carriers for recovery of fees and costs incurred by us in connection with our investigation and remediation activities for such sites. Other than disclosed below, we are unable to predict the outcome of these matters or the timing of any 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. During the second quarter of 2017, we entered into settlement agreements with two 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 not material to our financial statements. We anticipate that we may enter into additional settlement agreements that may or may not be material in 2017 with other, but not all, legacy insurers to obtain reimbursement 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. Specific Material Events St Helens, OR In August 2010, we entered into a Consent Order (the “Consent Order”) with the Oregon Department of Environmental Quality (“ODEQ”), along with Kaiser Gypsum Company, Inc. (“Kaiser”), and Owens Corning Sales LLC (“OC”), with respect to our St. Helens, OR facility, which was previously owned by Kaiser and then OC. The Consent Order requires that we and Kaiser complete a remedial investigation and feasibility study (“RI/FS”) on the portion of the site owned by us (“Owned Property”), which is comprised of Upland and Lowland areas. The Consent Order further requires us, Kaiser and OC to conduct an RI/FS in the In-Water area of the adjacent Scappoose Bay. Costs and responsibilities for investigation, including the current RI/FS, for the Owned Property have been shared with Kaiser pursuant to a cost sharing agreement with Kaiser. Costs and responsibilities for the investigation with respect to the in-water areas that we do not own have been shared with Kaiser and OC pursuant to a cost sharing agreement with Kaiser and OC. On September 14, 2016, the parties submitted a Feasibility Study to the ODEQ proposing remedial action options for the Upland area. We have participated in the investigation phase for the Lowland area of the Owned Property and the Scappoose Bay and have been working with the ODEQ, Kaiser and OC to finalize the reports to move to the Feasibility Study phase. We have determined that it is probable that remedial action for certain portions of the Lowland area of the Owned Property will be required. The current estimate of our future liability at the site includes any remaining known investigation work required by the Consent Order and the current projected cost of remedial actions in the Upland area. At this time, we are unable to reasonably estimate any remediation costs that we may ultimately incur with respect to the Lowland portion of the Owned Property or the Scappoose Bay or whether the projected costs for the areas we have included in our current estimate will increase. Additional investigative or remedial action required by the ODEQ could result in additional costs greater than the amounts currently estimated. As discussed above, we are currently unable to predict the outcome or the timing of our insurance recovery proceedings. Accordingly, additional estimated costs for this matter may be incurred without regard for, and prior to, the resolution of our insurance recovery proceedings. On September 30, 2016, Kaiser filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of North Carolina (Case No. 16-31602). AWI, OC and the ODEQ have all been included on the master list of potential creditors filed with the Bankruptcy Court for notice purposes. By order dated October 14, 2016, the Bankruptcy Court formed a statutory committee of unsecured creditors, to which we were appointed to serve, along with OC and The Boeing Company. The Committee is charged with, among other things, maximizing recovery of all unsecured creditor claims, including claims of Kaiser and ODEQ. The Chapter 11 case impacts Kaiser’s ongoing participation in the RI/FS process, as well as the ODEQ consent order and cost sharing agreements. It may also delay implementation of remedial actions for the Upland area, as well as completion of the investigation phase for the Lowland area of the Owned Property and the Scappoose Bay. At this time, we are unable to predict whether and to what extent Kaiser intends to satisfy its environmental remediation obligations and liability to ODEQ. Specifically, we are unable to predict whether Kaiser will negotiate a settlement that would discharge its liability for the site, or whether it has sufficient insurance or other assets to cover its anticipated share of any site liability. Kaiser’s shares under cost sharing agreements were being funded by certain insurance policies, which comprised substantially all of Kaiser’s assets. If Kaiser, whether as a result of bankruptcy or otherwise, or OC are unwilling or unable to fulfill their obligations under the cost sharing agreements, or seek to contest or challenge the allocations, or if Kaiser’s insurance policies are unable to fund Kaiser’s share of environmental liability, it could result in additional cost to us greater than the amounts currently estimated and those costs may be material. Macon, GA The U.S. Environmental Protection Agency (“EPA”) has listed two landfills located on a portion of our Building Products 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 with the EPA to investigate PCB contamination in one of the landfills on our property, the Wastewater Treatment Plant Landfill (the “WWTP Landfill,” also known as “Operable Unit 1”). We concluded the investigative phase of the Removal Action for the WWTP Landfill and submitted our final Engineering Evaluation/Cost Analysis (“EE/CA”) to the EPA in 2013. The EPA subsequently approved the EE/CA and issued an Action Memorandum in July 2013 selecting our recommended remedy for the Removal Action. In July 2014, we entered into an Administrative Order on Consent for Removal Action with the EPA for the WWTP Landfill. The EPA approved the Removal Action Work Plan on March 30, 2015 and the removal work commenced in the third quarter of 2015. The Operable Unit 1 response action for the WWTP Landfill is complete and the final report was submitted to the EPA on October 11, 2016. The EPA approved the final report on November 28, 2016, and a Post-Removal Control Plan (the “Plan”) was submitted to the EPA on March 28, 2017. We will implement the Plan once it is approved. That Plan will monitor the effectiveness of the WWTP Landfill response action and our estimate of future liabilities includes these tasks. It is probable that we will incur field investigation, engineering and oversight costs associated with a 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 AWI’s property and Rocky Creek (the “Remaining Site,” also known as “Operable Unit 2”). On September 25, 2015, AWI and six other Potentially 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 Settlement Agreement (formerly known as an Administrative Order on Consent) to conduct an RI/FS of Operable Unit 2. We, along with the other PRPs, submitted a good faith offer to the EPA in response to the Special Notice Letter to conduct RI/FS. We have not received a response to our good faith offer and have not yet entered into an Order with the EPA for Operable Unit 2. We have not yet commenced an investigation of this portion of the site. We anticipate that the EPA will require significant investigative work for Operable Unit 2 and that we may 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, at this time, we anticipate the EPA will require the PRPs to perform. We are unable to reasonably estimate AWI’s final share of the costs or the total costs associated with the investigation work or any resulting remediation therefrom, although such amounts may be material. Elizabeth City, NC This site is a former cabinet manufacturing facility that was operated by Triangle Pacific Corporation, now known as Armstrong Wood Products, Inc. (“Triangle Pacific”), from 1977 until 1996. The site was formerly owned by the U.S. Navy (“Navy”) and Westinghouse, now CBS Corporation (“CBS”). We assumed ownership of the site when we acquired the stock of Triangle Pacific in 1998. Prior to our acquisition, the NC Department of Environment and Natural Resources listed the site as a hazardous waste site. In 1997, Triangle Pacific 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, Triangle Pacific and CBS entered into an Administrative Order on Consent to conduct an RI/FS with the EPA for the site. In 2007, we and CBS 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 the draft Remedial Investigation and Risk Assessment reports and conducted supplemental investigative work based upon agency comments to those reports. The EPA has requested a schedule for next steps (e.g. feasibility study) working toward a Proposed Plan and Record Of Decision in 2018. If remediation is required, the related costs may be material, although we expect these costs to be shared with CBS and the Navy. Summary of Financial Position Liabilities of $5.5 million as of June 30, 2017 and $4.7 million as of December 31, 2016 were recorded for potential environmental liabilities that we consider probable and for which a reasonable estimate of the probable liability could be made. During the three and six months ended June 30, 2017, we recorded reserves for potential environmental liabilities of $0.7 million and $1.3 million, respectively. During the three and six months ended June 30, 2016, we recorded reserves for potential environmental liabilities of $0.1 million and $0.8 million, respectively. 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 liabilities above do not take into account any claims for recoveries from insurance or third parties. It is our policy to record insurance recoveries when probable. For insurance recoveries that are reimbursements of prior environmental expenditures, the income statement impact is recorded within cost of goods sold, SG&A expenses and/or discontinued operations, which are the same income statement categories where environmental expenditures were historically recorded. Insurance recoveries in excess of historical environmental spending, if any, would be recorded on the balance sheet as a part of other long-term liabilities and released as future environmental spending occurs. 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 We are involved in various lawsuits, claims, investigations and other legal matters from time to time that arise in the ordinary course of business, including matters involving our products, intellectual property, relationships with suppliers, relationships with distributors, relationships with competitors, employees and other matters. From time to time, for example, we may be a party to litigation matters that involve product liability, tort liability and other claims under various allegations, including illness due to exposure to certain chemicals used in the workplace; or medical conditions arising from exposure to product ingredients or the presence of trace contaminants. Such allegations may involve multiple defendants and relate to legacy products that we and other defendants purportedly manufactured or sold. We believe that any current claims are without merit and intend to defend them vigorously. For these matters, we also may have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. When applicable and appropriate, we will 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 these proceedings, we do not believe that any current claims, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 19. EARNINGS PER SHARE Earnings per share (“EPS”) components may not add due to rounding. The following table is a reconciliation of earnings to earnings attributable to common shares used in our basic and diluted EPS calculations for the three and six months ended June 30, 2017 and 2016: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Earnings from continuing operations $ 41.5 $ 16.6 $ 72.3 $ 9.5 Earnings allocated to participating non-vested share awards (0.1 ) (0.1 ) (0.2 ) - Earnings from continuing operations attributable to common shares $ 41.4 $ 16.5 $ 72.1 $ 9.5 The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the three and six months ended June 30, 2017 and 2016 (shares in millions): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Basic shares outstanding 53.3 55.6 53.7 55.6 Dilutive effect of common stock equivalents 0.4 0.4 0.4 0.3 Diluted shares outstanding 53.7 56.0 54.1 55.9 Anti-dilutive stock options excluded from the computation of diluted EPS for the three and six months ended June 30, 2017 were 445,921 and 516,381, respectively. Anti-dilutive stock options excluded from the computation of diluted EPS for the three and six months ended June 30, 2016 were 478,428 and 708,010. |
Business and Basis of Present27
Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Simplifying the Measurement of Inventory,” In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.” Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” “Principal versus Agent Considerations (Reporting Gross versus Net),” “Identifying Performance Obligations and Licensing,” “Narrow-Scope Improvements and Practical Expedients,” “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” Collectively, the revenue recognition ASC updates are effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. We intend to adopt these standards effective January 1, 2018 using the modified retrospective transition method and also intend to apply all practical expedients related to completed contracts upon adoption. We are still evaluating the impact the adoption of these ASC updates will have on our financial condition, results of operations, cash flows and disclosures. Substantially all of our revenues are recognized from the sale of products with standard shipping terms, sales discounts and warranties. As such, and based on our evaluation to date, we do not believe adoption will have a material impact to us as we expect to continue to recognize substantially all of our revenues at a point in time. Our final evaluation of the impact of adopting these ASC updates is expected to be completed during the third quarter of 2017. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” In February 2016, the FASB issued ASU 2016-02, “Leases,” In August 2016, the FASB issued ASU 2016-15 , “Classification of Certain Cash Receipts and Cash Payments.” In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” |
Segment Results (Tables)
Segment Results (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales to External Customers | Our reportable operating segments consist of the following three distinct geographical segments: Americas (including Canada); Europe, Middle East and Africa (including Russia) (“EMEA”); and Pacific Rim. Balance sheet items classified as Unallocated Corporate primarily include cash and cash equivalents and outstanding borrowings under our senior credit facilities. The majority of expenses for our corporate support functions are allocated to our Americas segment. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net sales to external customers Americas $ 225.6 $ 214.8 $ 445.4 $ 414.9 EMEA 68.7 65.6 135.3 125.2 Pacific Rim 36.5 33.9 65.5 61.6 Total net sales to external customers $ 330.8 $ 314.3 $ 646.2 $ 601.7 |
Schedule of Segment Operating Income (Loss) | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Segment operating income (loss) Americas $ 79.9 $ 64.3 $ 147.1 $ 120.4 EMEA (1.8 ) (5.3 ) (4.9 ) (9.3 ) Pacific Rim 0.3 (2.1 ) (0.8 ) (3.4 ) Unallocated Corporate - (5.2 ) - (34.4 ) Total consolidated operating income $ 78.4 $ 51.7 $ 141.4 $ 73.3 |
Reconciliation of Total Consolidated Operating Income to Earnings Before Income Taxes | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Total consolidated operating income $ 78.4 $ 51.7 $ 141.4 $ 73.3 Interest expense 9.2 12.5 18.4 34.4 Other non-operating expense 0.1 - 1.9 - Other non-operating (income) (1.0 ) (2.1 ) (4.4 ) (7.3 ) Earnings from continuing operations before income taxes $ 70.1 $ 41.3 $ 125.5 $ 46.2 |
Reconciliation of Total Segment Assets to Total Consolidated Assets | June 30, 2017 December 31, 2016 Segment assets Americas $ 1,249.0 $ 1,186.7 EMEA 299.2 275.5 Pacific Rim 147.8 145.0 Unallocated Corporate 88.3 150.8 Total consolidated assets $ 1,784.3 $ 1,758.0 |
Acquisition and Discontinued 29
Acquisition and Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Summary of Results of Discontinued Operations | The following is a summary of the results of operations related to AFI, our former Resilient Flooring and Wood Flooring segments, which are presented as discontinued operations. Six Months Ended June 30, 2016 Net sales $ 284.4 Cost of goods sold 237.2 Gross profit 47.2 Selling, general and administrative expenses 50.5 Operating (loss) (3.3 ) Other non-operating expense, net 1.1 (Loss) from discontinued operations before income taxes (4.4 ) Income tax expense 0.1 (Loss) from discontinued operations $ (4.5 ) |
AFI [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Summary of Total Depreciation and Amortization and Capital Expenditures Related to AFI | Six Months Ended June 30, 2016 Depreciation and amortization $ 11.4 Purchases of property, plant and equipment (12.1 ) |
DLW and AFI [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Summary of Results of Discontinued Operations | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Gain (loss) on disposal of discontinued business before income tax $ - $ 0.2 $ (0.1 ) $ 0.1 Income tax expense (benefit) 0.2 (0.1 ) 0.5 (1.9 ) Net (loss) gain on disposal of discontinued business $ (0.2 ) $ 0.3 $ (0.6 ) $ 2.0 |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | June 30, 2017 December 31, 2016 Customer receivables $ 135.2 $ 106.9 Customer notes 0.8 1.5 Miscellaneous receivables 9.9 6.0 Less allowance for warranties, discounts and losses (5.7 ) (6.1 ) Accounts and notes receivable, net $ 140.2 $ 108.3 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | June 30, 2017 December 31, 2016 Finished goods $ 85.6 $ 80.5 Goods in process 4.3 3.3 Raw materials and supplies 35.0 32.4 Less LIFO reserves (8.0 ) (7.2 ) Total inventories, net $ 116.9 $ 109.0 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | June 30, 2017 December 31, 2016 Prepaid expenses $ 15.7 $ 15.0 Fair value of derivative assets 0.4 2.4 Other 1.5 3.4 Total other current assets $ 17.6 $ 20.8 |
Equity Investment (Tables)
Equity Investment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
WAVE [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Investment in Joint Venture, Income Statement Data | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net sales $ 107.7 $ 104.0 $ 209.5 $ 197.9 Gross profit 55.6 56.6 107.8 106.9 Net earnings 43.2 43.0 82.8 82.2 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table details amounts related to our intangible assets as of June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 20 years $ 176.8 $ 89.4 $ 165.3 $ 84.9 Developed technology 15 years 83.2 58.2 82.8 55.4 Other Various 13.7 2.2 13.2 2.0 Total $ 273.7 $ 149.8 $ 261.3 $ 142.3 Goodwill and non-amortizing intangible assets Trademarks and brand names Indefinite 319.5 314.4 Goodwill Indefinite 10.2 1.1 Total goodwill and intangible assets $ 603.4 $ 576.8 |
Schedule of Amortization Expense | Six Months Ended June 30, 2017 2016 Amortization expense $ 7.3 $ 7.0 |
Accounts Payable And Accrued 35
Accounts Payable And Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Payables And Accruals [Abstract] | |
Schedule Of Accounts Payable And Accrued Expenses | June 30, 2017 December 31, 2016 Payables, trade and other $ 101.6 $ 108.6 Employment costs 23.4 33.7 Current portion of pension and postretirement liabilities 13.0 12.7 Contingent liability related to discontinued operations - 11.9 Other 25.9 30.2 Total accounts payable and accrued expenses $ 163.9 $ 197.1 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Earnings from continuing operations before income taxes $ 70.1 $ 41.3 $ 125.5 $ 46.2 Income tax expense 28.6 24.7 53.2 36.7 Effective tax rate 40.8 % 59.8 % 42.4 % 79.4 % |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Letters Of Credit | The following table presents details related to our letters of credit: As of June 30, 2017 Financing Arrangements Limit Used Available Revolving credit facility $ 150.0 $ - $ 150.0 Bi-lateral facility 25.0 19.2 5.8 Accounts receivable securitization facility 40.0 36.2 3.8 Foreign lines of credit 0.2 - 0.2 Total $ 215.2 $ 55.4 $ 159.8 |
Pension and Other Benefit Pro38
Pension and Other Benefit Programs (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule Of Periodic Benefit (Credits) Costs | Following are the components of net periodic benefit (credits) costs: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 U.S. defined-benefit plans: Pension benefits Service cost of benefits earned during the period $ 2.1 $ 2.2 $ 4.2 $ 5.8 Interest cost on projected benefit obligation 12.4 16.5 24.9 36.9 Expected return on plan assets (24.8 ) (26.2 ) (49.6 ) (58.2 ) Amortization of prior service cost 0.3 0.4 0.7 0.9 Amortization of net actuarial loss 4.3 11.4 8.5 25.4 Net periodic pension (credit) cost $ (5.7 ) $ 4.3 $ (11.3 ) $ 10.8 Less: Discontinued operations - - - 2.2 Net periodic pension (credit) cost, continuing operations $ (5.7 ) $ 4.3 $ (11.3 ) $ 8.6 Retiree health and life insurance benefits Service cost of benefits earned during the period $ 0.1 $ 0.1 $ 0.2 $ 0.2 Interest cost on projected benefit obligation 0.8 1.0 1.5 2.8 Amortization of prior service credit - (0.1 ) - (0.2 ) Amortization of net actuarial gain (0.9 ) (1.3 ) (1.8 ) (3.6 ) Net periodic postretirement (credit) $ - $ (0.3 ) $ (0.1 ) $ (0.8 ) Less: Discontinued operations - - - (0.2 ) Net periodic postretirement (credit), continuing operations $ - $ (0.3 ) $ (0.1 ) $ (0.6 ) Non-U.S. defined-benefit pension plans: Service cost of benefits earned during the period $ 0.5 $ 0.6 $ 1.0 $ 1.1 Interest cost on projected benefit obligation 1.3 1.8 2.6 3.5 Expected return on plan assets (1.7 ) (2.0 ) (3.3 ) (4.0 ) Amortization of net actuarial loss 0.3 0.3 0.6 0.6 Net periodic pension cost $ 0.4 $ 0.7 $ 0.9 $ 1.2 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | The estimated fair values of our financial instruments are as follows: June 30, 2017 December 31, 2016 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(Liabilities), net: Total long-term debt, including current portion $ (865.4 ) $ (865.6 ) $ (873.6 ) $ (873.7 ) Foreign currency contracts (0.4 ) (0.4 ) 1.6 1.6 Natural gas contracts (0.3 ) (0.3 ) 1.0 1.0 Interest rate swap contracts 6.8 6.8 6.9 6.9 |
Fair Value Measurement of Assets and Liabilities | The fair value measurement of assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets is summarized below: June 30, 2017 December 31, 2016 Fair value based on Fair value based on Quoted, active markets Other observable inputs Quoted, active markets Other observable inputs Level 1 Level 2 Level 1 Level 2 Assets, net: Foreign currency contracts $ (0.4 ) $ - $ 1.6 $ - Natural gas contracts - (0.3 ) - 1.0 Interest rate swap contracts - 6.8 - 6.9 |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | Trade Date Notional Amount Coverage Period Risk Coverage November 13, 2016 $ 250.0 November 2016 to March 2018 Term Loan A November 13, 2016 $ 200.0 November 2016 to March 2021 Term Loan A April 1, 2016 $ 100.0 April 2016 to March 2023 Term Loan B |
Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet | Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location June 30, 2017 December 31, 2016 Balance Sheet Location June 30, 2017 December 31, 2016 Derivatives designated as hedging instruments Natural gas commodity contracts Other current assets $ - $ 1.0 Accounts payable and accrued expenses $ 0.2 $ - Foreign exchange contracts Other current assets 0.2 1.4 Accounts payable and accrued expenses 0.4 - Interest rate swap contracts Other current assets 0.2 - Accounts payable and accrued expenses - - Natural gas commodity contracts Other non-current assets - - Other long-term liabilities 0.1 - Foreign exchange contracts Other non-current assets - 0.2 Other long-term liabilities 0.2 - Interest rate swap contracts Other non-current assets 6.6 7.4 Other long-term liabilities - 0.5 Total derivatives designated as hedging instruments $ 7.0 $ 10.0 $ 0.9 $ 0.5 |
Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) Location of (Loss) Gain AOCI into Income (Effective Portion) Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, 2017 2016 2017 2016 2017 2016 Derivatives in cash flow hedging relationships Natural gas commodity contracts $ (1.0 ) $ 0.3 Cost of goods sold $ 0.2 $ (0.5 ) $ 0.3 $ (1.3 ) Foreign exchange contracts – purchases (0.4 ) (0.2 ) Cost of goods sold - 0.1 - 0.6 Foreign exchange contracts – sales (0.8 ) 0.6 Net sales 0.2 0.3 0.4 1.1 Interest rate swap contracts 0.1 (7.6 ) Interest expense - - - (10.7 ) Total $ (2.1 ) $ (6.9 ) $ 0.4 $ (0.1 ) $ 0.7 $ (10.3 ) |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Foreign Currency Translation Adjustments Derivative Gain (Loss) (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) (1) Balance, December 31, 2016 $ (71.6 ) $ 3.8 $ (336.0 ) $ (403.8 ) Other comprehensive income (loss) income before reclassifications, net of tax expense of $ -, $0.9, $-, and $0.9 13.9 (1.2 ) (0.8 ) 11.9 Amounts reclassified from accumulated other comprehensive (loss) - (0.5 ) 5.3 4.8 Net current period other comprehensive income (loss) 13.9 (1.7 ) 4.5 16.7 Balance at June 30, 2017 $ (57.7 ) $ 2.1 $ (331.5 ) $ (387.1 ) Foreign Currency Translation Adjustments Derivative Gain (Loss) (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) (1) Balance, December 31, 2015 $ (33.8 ) $ (3.3 ) $ (450.3 ) $ (487.4 ) Separation of AFI, net of tax (benefit) of $-, $-, ($37.8) and ($37.8) (4.6 ) (0.4 ) 61.8 56.8 Other comprehensive income (loss) before reclassifications, net of tax expense of $ -, $3.9, $0.2, and $4.1 (11.8 ) (6.6 ) 3.1 (15.3 ) Amounts reclassified from accumulated other comprehensive (loss) - 6.1 13.9 20.0 Net current period other comprehensive (loss) income (11.8 ) (0.5 ) 17.0 4.7 Balance at June 30, 2016 $ (50.2 ) $ (4.2 ) $ (371.5 ) $ (425.9 ) (1) Amounts are net of tax |
Reclassification out of Accumulated Other Comprehensive Income | Amounts Reclassified from Accumulated Other Comprehensive (Loss) Affected Condensed Consolidated Statement of Earnings and Comprehensive Income Six Months Ended June 30, 2017 2016 Derivative Adjustments: Natural gas commodity contracts $ (0.3 ) $ 1.3 Cost of goods sold Foreign exchange contracts - purchases - (0.6 ) Cost of goods sold Foreign exchange contracts - sales (0.4 ) (1.1 ) Net sales Interest rate swap contracts - 10.7 Interest expense Total (income) loss from continuing operations, before tax (0.7 ) 10.3 Tax impact 0.2 (3.6 ) Income tax expense Total (income) loss from continuing operations, net of tax (0.5 ) 6.7 Total (income) from discontinued operations, net of tax benefit of $ - and ($0.3) - (0.6 ) Total (income) loss, net of tax (0.5 ) 6.1 Pension and Postretirement Adjustments: Prior service cost amortization 0.4 0.3 Cost of goods sold Prior service cost amortization 0.3 0.2 SG&A expense Amortization of net actuarial loss 3.6 8.9 Cost of goods sold Amortization of net actuarial loss 3.7 9.2 SG&A expense Total expense from continuing operations, before tax 8.0 18.6 Tax impact (2.7 ) (7.6 ) Income tax expense Total expense from continuing operations, net of tax 5.3 11.0 Total expense from discontinued operations, net of tax expense of $ - and $1.5 - 2.9 Total expense, net of tax 5.3 13.9 Total reclassifications for the period $ 4.8 $ 20.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Earnings to Net Earnings Attributable to Common Shares Used in Basic and Diluted Calculation | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Earnings from continuing operations $ 41.5 $ 16.6 $ 72.3 $ 9.5 Earnings allocated to participating non-vested share awards (0.1 ) (0.1 ) (0.2 ) - Earnings from continuing operations attributable to common shares $ 41.4 $ 16.5 $ 72.1 $ 9.5 |
Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Basic shares outstanding 53.3 55.6 53.7 55.6 Dilutive effect of common stock equivalents 0.4 0.4 0.4 0.3 Diluted shares outstanding 53.7 56.0 54.1 55.9 |
Business and Basis of Present43
Business and Basis of Presentation (Narrative) (Details) $ in Millions | Jan. 13, 2017Facility | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jan. 01, 2017USD ($) |
Business And Basis Of Presentation [Line Items] | ||||
Separation costs | $ 3.9 | $ 31 | ||
ASU 2016-09 [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Adoption of accounting standard, cumulative-effect Increase to retained earnings and deferred income taxes assets | $ 8.7 | |||
Tectum, Inc. [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Number of manufacturing facility | Facility | 2 |
Segment Results (Schedule of Ne
Segment Results (Schedule of Net Sales to External Customers) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Total net sales to external customers | $ 330.8 | $ 314.3 | $ 646.2 | $ 601.7 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales to external customers | 225.6 | 214.8 | 445.4 | 414.9 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales to external customers | 68.7 | 65.6 | 135.3 | 125.2 |
Pacific Rim [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales to external customers | $ 36.5 | $ 33.9 | $ 65.5 | $ 61.6 |
Segment Results (Schedule of Se
Segment Results (Schedule of Segment Operating Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | $ 78.4 | $ 51.7 | $ 141.4 | $ 73.3 |
Unallocated Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | (5.2) | (34.4) | ||
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | 79.9 | 64.3 | 147.1 | 120.4 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | (1.8) | (5.3) | (4.9) | (9.3) |
Pacific Rim [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | $ 0.3 | $ (2.1) | $ (0.8) | $ (3.4) |
Segment Results (Reconciliation
Segment Results (Reconciliation of Total Consolidated Operating Income to Earnings Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting [Abstract] | ||||
Total consolidated operating income | $ 78.4 | $ 51.7 | $ 141.4 | $ 73.3 |
Interest expense | 9.2 | 12.5 | 18.4 | 34.4 |
Other non-operating expense | 0.1 | 1.9 | ||
Other non-operating (income) | (1) | (2.1) | (4.4) | (7.3) |
Earnings from continuing operations before income taxes | $ 70.1 | $ 41.3 | $ 125.5 | $ 46.2 |
Segment Results (Reconciliati47
Segment Results (Reconciliation of Total Segment Assets to Total Consolidated Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 1,784.3 | $ 1,758 |
Unallocated Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 88.3 | 150.8 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,249 | 1,186.7 |
EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 299.2 | 275.5 |
Pacific Rim [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 147.8 | $ 145 |
Acquisition and Discontinued 48
Acquisition and Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | Jan. 13, 2017 | Apr. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 04, 2014 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Business acquisition, goodwill | $ 10.2 | $ 1.1 | ||||
DLW [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Contingent liability | $ 12.9 | |||||
Assets removed from balance sheet | 151.9 | |||||
Liabilities removed from balance sheet | $ 164.8 | |||||
Settlement agreement and mutual release with administrator to settle all claims of Administrator related to insolvency for a cash payment | $ 11.8 | |||||
DLW [Member] | Accounts Payable and Accrued Expenses [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Contingent liability | $ 11.9 | |||||
Tectum [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Business acquisition, purchase price | $ 31.4 | |||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 5.9 | |||||
Business acquisition, total fair value of intangible assets of amortizable customer relationships and non-amortizing brand names | 16.5 | |||||
Business acquisition, goodwill | $ 9 |
Acquisition and Discontinued 49
Acquisition and Discontinued Operations (Summary of Results of Operations Related to AFI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Income tax expense | $ 0.2 | $ (0.1) | $ 0.5 | $ (1.9) |
Net (loss) gain on disposal of discontinued business | $ (0.2) | $ 0.3 | $ (0.6) | 2 |
AFI [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net sales | 284.4 | |||
Cost of goods sold | 237.2 | |||
Gross profit | 47.2 | |||
Selling, general and administrative expenses | 50.5 | |||
Operating (loss) | (3.3) | |||
Other non-operating expense, net | 1.1 | |||
(Loss) from discontinued operations before income taxes | (4.4) | |||
Income tax expense | 0.1 | |||
Net (loss) gain on disposal of discontinued business | $ (4.5) |
Acquisition and Discontinued 50
Acquisition and Discontinued Operations (Summary of Total Depreciation and Amortization and Capital Expenditures Related to AFI) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Discontinued Operations [Abstract] | |
Depreciation and amortization | $ 11.4 |
Purchases of property, plant and equipment | $ (12.1) |
Acquisition and Discontinued 51
Acquisition and Discontinued Operations (Summary of Results of Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Income tax expense (benefit) | $ 0.2 | $ (0.1) | $ 0.5 | $ (1.9) |
Net (loss) gain on disposal of discontinued business | (0.2) | 0.3 | (0.6) | 2 |
DLW and AFI [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Gain (loss) on disposal of discontinued business before income tax | 0.2 | (0.1) | 0.1 | |
Income tax expense (benefit) | 0.2 | (0.1) | 0.5 | (1.9) |
Net (loss) gain on disposal of discontinued business | $ (0.2) | $ 0.3 | $ (0.6) | $ 2 |
Accounts and Notes Receivable52
Accounts and Notes Receivable (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Customer receivables | $ 135.2 | $ 106.9 |
Customer notes | 0.8 | 1.5 |
Miscellaneous receivables | 9.9 | 6 |
Less allowance for warranties, discounts and losses | (5.7) | (6.1) |
Accounts and notes receivable, net | $ 140.2 | $ 108.3 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 85.6 | $ 80.5 |
Goods in process | 4.3 | 3.3 |
Raw materials and supplies | 35 | 32.4 |
Less LIFO reserves | (8) | (7.2) |
Total inventories, net | $ 116.9 | $ 109 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 15.7 | $ 15 |
Fair value of derivative assets | 0.4 | 2.4 |
Other | 1.5 | 3.4 |
Total other current assets | $ 17.6 | $ 20.8 |
Equity Investment (Narrative) (
Equity Investment (Narrative) (Details) | Jun. 30, 2017 |
WAVE [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity interest percentage | 50.00% |
Equity Investment (Summary of I
Equity Investment (Summary of Investment in Joint Venture, Income Statement Data) (Details) - WAVE [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 107.7 | $ 104 | $ 209.5 | $ 197.9 |
Gross profit | 55.6 | 56.6 | 107.8 | 106.9 |
Net earnings | $ 43.2 | $ 43 | $ 82.8 | $ 82.2 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Estimated Useful Life | Indefinite | |
Amortizing intangible assets, Gross Carrying Amount | $ 273.7 | $ 261.3 |
Amortizing intangible assets, Accumulated Amortization | 149.8 | 142.3 |
Goodwill | 10.2 | 1.1 |
Total goodwill and intangible assets | $ 603.4 | 576.8 |
Trademarks And Brand Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Non-amortizing intangible assets, Estimated Useful Life | Indefinite | |
Non-amortizing intangible assets | $ 319.5 | 314.4 |
Customer Relationships [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 20 years | |
Amortizing intangible assets, Gross Carrying Amount | $ 176.8 | 165.3 |
Amortizing intangible assets, Accumulated Amortization | $ 89.4 | 84.9 |
Developed Technology [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 15 years | |
Amortizing intangible assets, Gross Carrying Amount | $ 83.2 | 82.8 |
Amortizing intangible assets, Accumulated Amortization | $ 58.2 | 55.4 |
Other [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | Various | |
Amortizing intangible assets, Gross Carrying Amount | $ 13.7 | 13.2 |
Amortizing intangible assets, Accumulated Amortization | $ 2.2 | $ 2 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 7.3 | $ 7 |
Accounts Payable And Accrued 59
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | ||
Payables, trade and other | $ 101.6 | $ 108.6 |
Employment costs | 23.4 | 33.7 |
Current portion of pension and postretirement liabilities | 13 | 12.7 |
Contingent liability related to discontinued operations | 11.9 | |
Other | 25.9 | 30.2 |
Total accounts payable and accrued expenses | $ 163.9 | $ 197.1 |
Severance and Related Costs (Na
Severance and Related Costs (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Unallocated Corporate Segment [Member] | |
Severance and Related Costs [Line Items] | |
Severance and related costs | $ 2.4 |
Income Tax Expenses (Details)
Income Tax Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Earnings from continuing operations before income taxes | $ 70.1 | $ 41.3 | $ 125.5 | $ 46.2 |
Income tax expense | $ 28.6 | $ 24.7 | $ 53.2 | $ 36.7 |
Effective tax rate | 40.80% | 59.80% | 42.40% | 79.40% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Feb. 27, 2017 | Dec. 31, 2016 | Jun. 30, 2017 |
Debt Instrument [Line Items] | |||
Short-term debt outstanding | $ 15,000,000 | ||
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
New credit facility amount | 55,400,000 | ||
Credit facility, maximum borrowing capacity | 215,200,000 | ||
Term Loan A [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 600,000,000 | 600,000,000 | |
Term Loan B [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 250,000,000 | 250,000,000 | |
Bank, legal and other fees | $ 600,000 | ||
Term Loan B [Member] | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate spread | 2.75% | 3.25% | |
Bi-lateral Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
New credit facility amount | 19,200,000 | ||
Credit facility, maximum borrowing capacity | $ 25,000,000 | 25,000,000 | |
Tax-Exempt Industrial Development Bond [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt outstanding | 35,000,000 | 35,000,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | 200,000,000 | 200,000,000 | |
Letter of credit maximum sublimit | 150,000,000 | 150,000,000 | |
Short-term debt outstanding | 0 | 15,000,000 | |
Securitization Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
New credit facility amount | 36,200,000 | ||
Credit facility, maximum borrowing capacity | 40,000,000 | ||
Letters of credits issued classified as restricted cash | 4,000,000 | 0 | |
Senior Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
New credit facility amount | $ 1,050,000,000 | $ 1,050,000,000 |
Debt (Schedule Of Letters Of Cr
Debt (Schedule Of Letters Of Credit) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | $ 215,200,000 | |
Letters of credit, Used | 55,400,000 | |
Letters of credit, Available | 159,800,000 | |
Letter of Credit [Member] | Bi-lateral Facility [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | 25,000,000 | $ 25,000,000 |
Letters of credit, Used | 19,200,000 | |
Letters of credit, Available | 5,800,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Letter of credit maximum sublimit | 150,000,000 | 150,000,000 |
Letters of credit, Limit | 200,000,000 | $ 200,000,000 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Available | 150,000,000 | |
Accounts Receivable Securitization Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | 40,000,000 | |
Letters of credit, Used | 36,200,000 | |
Letters of credit, Available | 3,800,000 | |
Foreign Line Of Credit [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | 200,000 | |
Letters of credit, Available | $ 200,000 |
Pension and Other Benefit Pro64
Pension and Other Benefit Programs (Schedule Of Periodic Benefit (Credits) Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
U.S. Defined-Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost of benefits earned during the period | $ 2.1 | $ 2.2 | $ 4.2 | $ 5.8 |
Interest cost on projected benefit obligation | 12.4 | 16.5 | 24.9 | 36.9 |
Expected return on plan assets | (24.8) | (26.2) | (49.6) | (58.2) |
Amortization of prior service (credit) cost | 0.3 | 0.4 | 0.7 | 0.9 |
Amortization of net actuarial (gain) loss | 4.3 | 11.4 | 8.5 | 25.4 |
Net periodic pension\postretirement (credit) cost | (5.7) | 4.3 | (11.3) | 10.8 |
Less: Discontinued operations | 2.2 | |||
Net periodic pension (credit) cost, continuing operations | (5.7) | 4.3 | (11.3) | 8.6 |
Retiree Health And Life Insurance Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost of benefits earned during the period | 0.1 | 0.1 | 0.2 | 0.2 |
Interest cost on projected benefit obligation | 0.8 | 1 | 1.5 | 2.8 |
Amortization of prior service (credit) cost | (0.1) | (0.2) | ||
Amortization of net actuarial (gain) loss | (0.9) | (1.3) | (1.8) | (3.6) |
Net periodic pension\postretirement (credit) cost | (0.3) | (0.1) | (0.8) | |
Less: Discontinued operations | (0.2) | |||
Net periodic pension (credit) cost, continuing operations | (0.3) | (0.1) | (0.6) | |
Non-U.S. Defined-Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost of benefits earned during the period | 0.5 | 0.6 | 1 | 1.1 |
Interest cost on projected benefit obligation | 1.3 | 1.8 | 2.6 | 3.5 |
Expected return on plan assets | (1.7) | (2) | (3.3) | (4) |
Amortization of net actuarial (gain) loss | 0.3 | 0.3 | 0.6 | 0.6 |
Net periodic pension\postretirement (credit) cost | $ 0.4 | $ 0.7 | $ 0.9 | $ 1.2 |
Pension And Other Benefit Pro65
Pension And Other Benefit Programs (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Cumulative effect, adjustment unrealized losses, unrecognized | $ 0 | ||
U.S. Defined-Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial gain (loss) amortization period | 20 years | 8 years |
Financial Instruments (Estimate
Financial Instruments (Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | $ (865.4) | $ (873.6) |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | (865.6) | (873.7) |
Foreign Currency Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.4) | 1.6 |
Foreign Currency Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.4) | 1.6 |
Natural Gas Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.3) | 1 |
Natural Gas Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.3) | 1 |
Interest Rate Swap Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | 6.8 | 6.9 |
Interest Rate Swap Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ 6.8 | $ 6.9 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Measurement of Assets and Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Level 1 [Member] | Foreign Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ (0.4) | $ 1.6 |
Level 2 [Member] | Natural Gas Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.3) | 1 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ 6.8 | $ 6.9 |
Derivative Financial Instrume68
Derivative Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Apr. 01, 2016 | |
Derivative [Line Items] | |||||||
Interest expense | $ 9,200,000 | $ 12,500,000 | $ 18,400,000 | $ 34,400,000 | |||
Derivative assets | 7,000,000 | 7,000,000 | $ 10,000,000 | ||||
Derivative liabilities | 900,000 | 900,000 | 500,000 | ||||
Gain in AOCI expected to be recognized in earnings over the next twelve months | 500,000 | ||||||
Not Designated As Hedging Instrument [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative assets | 0 | 0 | 0 | ||||
Derivative liabilities | 0 | $ 0 | 0 | ||||
Gain (loss) recognized in income for derivative instruments | 0 | 0 | |||||
Commodity Price Risk [Member] | |||||||
Derivative [Line Items] | |||||||
Maximum length of time hedged in cash flow hedge | 24 months | ||||||
Notional amount | 12,300,000 | $ 12,300,000 | 7,400,000 | ||||
Foreign Exchange Contracts, Sales and Purchases [Member] | |||||||
Derivative [Line Items] | |||||||
Maximum length of time hedged in cash flow hedge | 15 months | ||||||
Notional amount | 33,200,000 | $ 33,200,000 | $ 34,600,000 | ||||
Interest Rate Swap Contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Gain (loss) recognized on hedge ineffective portion | $ 0 | $ 0 | $ 0 | $ 0 | |||
Interest Rate Swap Contracts [Member] | Term Loan B Swaps Settled [Member] | |||||||
Derivative [Line Items] | |||||||
Notional amount | $ 450,000,000 | ||||||
Interest Rate Swap Contracts [Member] | Term Loan B [Member] | |||||||
Derivative [Line Items] | |||||||
Trade date | Apr. 1, 2016 | ||||||
Interest Rate Swap Contracts [Member] | Term Loan B [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||||||
Derivative [Line Items] | |||||||
Interest expense | $ 10,700,000 | ||||||
Interest Rate Swap Contracts [Member] | Term Loan B [Member] | Minimum [Member] | |||||||
Derivative [Line Items] | |||||||
LIBOR floor | 0.75% |
Derivative Financial Instrume69
Derivative Financial Instruments (Summary of Interest Rate Swaps) (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
November 2016 to March 2018 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 13, 2016 |
Notional Amount | $ 250,000,000 |
Coverage Period | November 2016 to March 2018 |
Risk Coverage | Term Loan A |
November 2016 to March 2021 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 13, 2016 |
Notional Amount | $ 200,000,000 |
Coverage Period | November 2016 to March 2021 |
Risk Coverage | Term Loan A |
April 2016 to March 2023 [Member] | |
Derivative [Line Items] | |
Trade Date | Apr. 1, 2016 |
Notional Amount | $ 100,000,000 |
Coverage Period | April 2016 to March 2023 |
Risk Coverage | Term Loan B |
Derivative Financial Instrume70
Derivative Financial Instruments (Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 7 | $ 10 |
Derivative Liabilities, Fair Value | 0.9 | 0.5 |
Other Current Assets [Member] | Natural Gas Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 1 | |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 0.2 | 1.4 |
Other Current Assets [Member] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 0.2 | |
Other Non-Current Assets [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 0.2 | |
Other Non-Current Assets [Member] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 6.6 | 7.4 |
Accounts Payable And Accrued Expenses [Member] | Natural Gas Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.2 | |
Accounts Payable And Accrued Expenses [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.4 | |
Other Long-Term Liabilities [Member] | Natural Gas Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.1 | |
Other Long-Term Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ 0.2 | |
Other Long-Term Liabilities [Member] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ 0.5 |
Derivative Financial Instrume71
Derivative Financial Instruments (Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | $ (2.1) | $ (6.9) | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ 0.4 | $ (0.1) | 0.7 | (10.3) |
Natural Gas Commodity Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | (1) | 0.3 | ||
Natural Gas Commodity Contracts [Member] | Cost Of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 0.2 | (0.5) | 0.3 | (1.3) |
Foreign Exchange Contracts - Purchases [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | (0.4) | (0.2) | ||
Foreign Exchange Contracts - Purchases [Member] | Cost Of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 0.1 | 0.6 | ||
Foreign Exchange Contracts - Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | (0.8) | 0.6 | ||
Foreign Exchange Contracts - Sales [Member] | Net Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ 0.2 | $ 0.3 | 0.4 | 1.1 |
Interest Rate Swap Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | $ 0.1 | (7.6) | ||
Interest Rate Swap Contracts [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ (10.7) |
Common Stock Repurchase Plan (N
Common Stock Repurchase Plan (Narrative) (Details) - USD ($) | Jul. 29, 2016 | Jun. 30, 2017 | Mar. 31, 2017 |
Equity Class Of Treasury Stock [Line Items] | |||
Shares repurchase program, repurchased cost | $ 70,900,000 | ||
Common Stock [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Shares repurchase program, expiration date | Jul. 31, 2018 | ||
Shares repurchase program, shares repurchased | 1,659,452 | 2,800,000 | |
Shares repurchase program, repurchased cost | $ 114,700,000 | ||
Shares repurchase program, average price per share | $ 42.60 | $ 41.34 | |
Common Stock [Member] | Maximum [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Shares repurchase program, authorized amount | $ 150,000,000 |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | $ 266.4 | $ 768.8 |
Other comprehensive income (loss) income before reclassifications, net of tax expense | 11.9 | (15.3) |
Amounts reclassified from accumulated other comprehensive (loss) | 4.8 | 20 |
Net current period other comprehensive income (loss) | 16.7 | 4.7 |
Balance | 297.3 | 202.4 |
AFI [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Separation of AFI, net of tax (benefit) | 56.8 | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (71.6) | (33.8) |
Other comprehensive income (loss) income before reclassifications, net of tax expense | 13.9 | (11.8) |
Net current period other comprehensive income (loss) | 13.9 | (11.8) |
Balance | (57.7) | (50.2) |
Foreign Currency Translation Adjustments [Member] | AFI [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Separation of AFI, net of tax (benefit) | (4.6) | |
Derivative Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | 3.8 | (3.3) |
Other comprehensive income (loss) income before reclassifications, net of tax expense | (1.2) | (6.6) |
Amounts reclassified from accumulated other comprehensive (loss) | (0.5) | 6.1 |
Net current period other comprehensive income (loss) | (1.7) | (0.5) |
Balance | 2.1 | (4.2) |
Derivative Gain (Loss) [Member] | AFI [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Separation of AFI, net of tax (benefit) | (0.4) | |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (336) | (450.3) |
Other comprehensive income (loss) income before reclassifications, net of tax expense | (0.8) | 3.1 |
Amounts reclassified from accumulated other comprehensive (loss) | 5.3 | 13.9 |
Net current period other comprehensive income (loss) | 4.5 | 17 |
Balance | (331.5) | (371.5) |
Pension And Postretirement Adjustments [Member] | AFI [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Separation of AFI, net of tax (benefit) | 61.8 | |
Accumulated Other Comprehensive (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (403.8) | (487.4) |
Balance | $ (387.1) | $ (425.9) |
Accumulated Other Comprehensi74
Accumulated Other Comprehensive (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Parenthetical) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense | $ 0.9 | $ 4.1 |
AFI [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Separation of AFI, tax (benefit) | (37.8) | |
Derivative Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense | $ 0.9 | 3.9 |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense | 0.2 | |
Pension And Postretirement Adjustments [Member] | AFI [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Separation of AFI, tax (benefit) | $ (37.8) |
Accumulated Other Comprehensi75
Accumulated Other Comprehensive (Loss) (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | $ 219.7 | $ 222.8 | $ 435.8 | $ 425.9 |
Net sales | 330.8 | 314.3 | 646.2 | 601.7 |
Interest expense | 9.2 | 12.5 | 18.4 | 34.4 |
Total (income) loss from continuing operations, before tax | (70.1) | (41.3) | (125.5) | (46.2) |
Tax impact | 28.6 | 24.7 | 53.2 | 36.7 |
Total (income) from discontinued operations, net of tax | 0.2 | (0.3) | 0.6 | 2.5 |
Total (income) loss, net of tax | (41.3) | (16.9) | (71.7) | (7) |
Total expense from discontinued operations, net of tax | (4.5) | |||
Selling, general and administrative expenses | $ 52.4 | $ 55.8 | 107 | 109.5 |
Total reclassifications for the period | 4.8 | 20 | ||
Derivative Adjustments [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period | (0.5) | 6.1 | ||
Derivative Adjustments [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total (income) loss from continuing operations, before tax | (0.7) | 10.3 | ||
Tax impact | 0.2 | (3.6) | ||
Total (income) loss from continuing operations, net of tax | (0.5) | 6.7 | ||
Total (income) from discontinued operations, net of tax | (0.6) | |||
Total (income) loss, net of tax | (0.5) | 6.1 | ||
Derivative Adjustments [Member] | Natural Gas Commodity Contracts [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | (0.3) | 1.3 | ||
Derivative Adjustments [Member] | Foreign Exchange Contracts - Purchases [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | (0.6) | |||
Derivative Adjustments [Member] | Foreign Exchange Contracts - Sales [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net sales | (0.4) | (1.1) | ||
Derivative Adjustments [Member] | Interest Rate Swap Contracts [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | 10.7 | |||
Prior Service Cost Amortization [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | 0.4 | 0.3 | ||
Selling, general and administrative expenses | 0.3 | 0.2 | ||
Amortization Of Net Actuarial Loss [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | 3.6 | 8.9 | ||
Selling, general and administrative expenses | 3.7 | 9.2 | ||
Pension And Postretirement Adjustments [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period | 5.3 | 13.9 | ||
Pension And Postretirement Adjustments [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total expense from continuing operations, before tax | 8 | 18.6 | ||
Tax impact | (2.7) | (7.6) | ||
Total expense from continuing operations, net of tax | 5.3 | 11 | ||
Total expense from discontinued operations, net of tax | 2.9 | |||
Total expense, net of tax | $ 5.3 | $ 13.9 |
Accumulated Other Comprehensi76
Accumulated Other Comprehensive (Loss) (Reclassification out of Accumulated Other Comprehensive Income) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax expense from discontinued operations | $ 0 | $ 0 | $ 0 | $ 0.1 |
Derivative Adjustments [Member] | Reclassified From Accumulated Other Comprehensive Loss [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense | (0.3) | |||
Pension And Postretirement Adjustments [Member] | Reclassified From Accumulated Other Comprehensive Loss [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax expense from discontinued operations | $ 1.5 |
Litigation and Related Matters
Litigation and Related Matters (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Sep. 30, 2010site | Jun. 30, 2017USD ($)Litigation | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Litigationsite | Jun. 30, 2016USD ($) | Dec. 31, 2007 | Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | |||||||
Number of active and independent litigation matters for which pursuing coverage and recoveries | Litigation | 2 | 2 | |||||
Potential environmental liabilities | $ | $ 5.5 | $ 5.5 | $ 4.7 | ||||
Reserves for potential environmental liabilities | $ | $ 0.7 | $ 0.1 | $ 1.3 | $ 0.8 | |||
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. 11, 2016 | ||||||
Elizabeth City [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of site costs Navy agreed to pay | 33.33% |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of Net Earnings to Net Earnings Attributable to Common Shares Used in Basic and Diluted Calculation) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Earnings from continuing operations | $ 41.5 | $ 16.6 | $ 72.3 | $ 9.5 |
Earnings allocated to participating non-vested share awards | (0.1) | (0.1) | (0.2) | |
Earnings from continuing operations attributable to common shares | $ 41.4 | $ 16.5 | $ 72.1 | $ 9.5 |
Earnings Per Share (Reconcili79
Earnings Per Share (Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Basic shares outstanding | 53.3 | 55.6 | 53.7 | 55.6 |
Dilutive effect of common stock equivalents | 0.4 | 0.4 | 0.4 | 0.3 |
Diluted shares outstanding | 53.7 | 56 | 54.1 | 55.9 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Options to purchase common stock not included in the computation of diluted EPS | 445,921 | 478,428 | 516,381 | 708,010 |