Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 25, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | 51,663,627 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 248.6 | $ 225.6 | $ 475.9 | $ 445.4 |
Cost of goods sold | 165.9 | 140.4 | 322.4 | 281.9 |
Gross profit | 82.7 | 85.2 | 153.5 | 163.5 |
Selling, general and administrative expenses | 40.9 | 35.7 | 78.4 | 75 |
Equity earnings from joint venture | (24.2) | (19.7) | (40.5) | (38) |
Operating income | 66 | 69.2 | 115.6 | 126.5 |
Interest expense | 9.8 | 8.9 | 19 | 17.8 |
Other non-operating (income), net | (9.1) | (8.3) | (18.1) | (17.2) |
Earnings from continuing operations before income taxes | 65.3 | 68.6 | 114.7 | 125.9 |
Income tax expense | 17.7 | 24.9 | 25.9 | 46.7 |
Earnings from continuing operations | 47.6 | 43.7 | 88.8 | 79.2 |
Net earnings (loss) from discontinued operations, net of tax expense of $0.2, $3.7, $1.7 and $6.5 | 5.5 | (2.2) | 9.4 | (6.9) |
(Loss) from disposal of discontinued business, net of tax expense (benefit) of $0.1, $0.2, ($0.3) and $0.5 | (5.8) | (0.2) | (23.1) | (0.6) |
Net (loss) from discontinued operations | (0.3) | (2.4) | (13.7) | (7.5) |
Net earnings | 47.3 | 41.3 | 75.1 | 71.7 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustments | (20.8) | 2.8 | (14.9) | 13.9 |
Derivative gain (loss), net | 2 | (1.8) | 5.8 | (1.7) |
Pension and postretirement adjustments | 3.1 | 2 | 4.9 | 4.5 |
Total other comprehensive (loss) income | (15.7) | 3 | (4.2) | 16.7 |
Total comprehensive income | $ 31.6 | $ 44.3 | $ 70.9 | $ 88.4 |
Earnings per share of common stock, continuing operations: | ||||
Basic | $ 0.91 | $ 0.82 | $ 1.69 | $ 1.47 |
Diluted | 0.90 | 0.81 | 1.66 | 1.46 |
(Loss) per share of common stock, discontinued operations: | ||||
Basic | (0.01) | (0.05) | (0.26) | (0.14) |
Diluted | (0.01) | (0.04) | (0.26) | (0.14) |
Net earnings per share of common stock: | ||||
Basic | 0.90 | 0.77 | 1.43 | 1.33 |
Diluted | $ 0.89 | $ 0.77 | $ 1.40 | $ 1.32 |
Average number of common shares outstanding: | ||||
Basic | 51.9 | 53.3 | 52.5 | 53.7 |
Diluted | 52.6 | 53.7 | 53.2 | 54.1 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Earnings and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Net earnings (loss) from discontinued operations, tax expense | $ 0.2 | $ 3.7 | $ 1.7 | $ 6.5 |
(Loss) from disposal of discontinued business, tax (benefit) expense | $ 0.1 | $ 0.2 | $ (0.3) | $ 0.5 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 129 | $ 159.6 |
Accounts and notes receivable, net | 81.6 | 90.8 |
Inventories, net | 61.7 | 53.8 |
Current assets of discontinued operations | 297.9 | 306.1 |
Income tax receivable | 5.9 | 30.7 |
Other current assets | 6.9 | 7.9 |
Total current assets | 583 | 648.9 |
Property, plant, and equipment, less accumulated depreciation and amortization of $396.0 and $361.4, respectively | 484.8 | 499.9 |
Prepaid pension costs | 111.2 | 88.3 |
Investment in joint venture | 111.8 | 107.3 |
Goodwill and intangible assets, net | 443.7 | 441.1 |
Deferred income taxes | 16.6 | 19.6 |
Income taxes receivable | 4.1 | 4.1 |
Other non-current assets | 69.5 | 64.3 |
Total assets | 1,824.7 | 1,873.5 |
Current liabilities: | ||
Current installments of long-term debt | 40 | 32.5 |
Accounts payable and accrued expenses | 103.8 | 108.4 |
Current liabilities of discontinued operations | 114.9 | 128.5 |
Income tax payable | 1.2 | 0.5 |
Total current liabilities | 259.9 | 269.9 |
Long-term debt, less current installments | 795 | 817.7 |
Postretirement benefit liabilities | 76.1 | 79.2 |
Pension benefit liabilities | 56 | 57.2 |
Other long-term liabilities | 33 | 35.5 |
Income taxes payable | 55.2 | 53 |
Deferred income taxes | 145.4 | 141.7 |
Total non-current liabilities | 1,160.7 | 1,184.3 |
Shareholders' equity: | ||
Common stock, $0.01 par value per share, 200 million shares authorized, 61,434,462 shares issued and 51,638,049 shares outstanding as of June 30, 2018 and 60,782,736, shares issued and 52,772,139 shares outstanding as of December 31, 2017 | 0.6 | 0.6 |
Additional paid-in capital | 535.7 | 516.8 |
Retained earnings | 762.8 | 633.4 |
Treasury stock, at cost, 9,796,413 shares as of June 30, 2018 and 8,010,597 shares as of December 31, 2017 | (490.6) | (385.6) |
Accumulated other comprehensive (loss) | (404.4) | (345.9) |
Total shareholders' equity | 404.1 | 419.3 |
Total liabilities and shareholders' equity | $ 1,824.7 | $ 1,873.5 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation and amortization | $ 396 | $ 361.4 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 61,434,462 | 60,782,736 |
Common stock, shares outstanding | 51,638,049 | 52,772,139 |
Treasury stock, shares | 9,796,413 | 8,010,597 |
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, 2016 | $ 266.4 | $ 0.6 | $ 504.9 | $ 469.9 | $ (305.2) | $ (403.8) |
Balance at Dec. 31, 2016 | 54,428,233 | |||||
Balance at Dec. 31, 2016 | 6,168,907 | |||||
Cumulative effect impact of ASU 2018-02 / ASU 2016-09 adoption | 8.7 | 8.7 | ||||
Stock issuance | 112,176 | |||||
Share-based employee compensation | 3.8 | 3.8 | ||||
Net earnings | 71.7 | 71.7 | ||||
Separation of Armstrong Flooring, Inc. | 0.9 | 0.9 | ||||
Other comprehensive income (loss) | 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 | |||||
Balance at Jun. 30, 2017 | 7,828,359 | |||||
Balance at Dec. 31, 2017 | $ 419.3 | $ 0.6 | 516.8 | 633.4 | $ (385.6) | (345.9) |
Balance at Dec. 31, 2017 | 52,772,139 | 52,772,139 | ||||
Balance at Dec. 31, 2017 | 8,010,597 | 8,010,597 | ||||
Cumulative effect impact of ASU 2018-02 / ASU 2016-09 adoption | 54.3 | (54.3) | ||||
Stock issuance | 651,726 | |||||
Share-based employee compensation | $ 18.9 | 18.9 | ||||
Net earnings | 75.1 | 75.1 | ||||
Other comprehensive income (loss) | (4.2) | (4.2) | ||||
Acquisition of treasury stock | (105) | $ (105) | $ (105) | |||
Acquisition of treasury stock, shares | (1,785,816) | 1,785,816 | ||||
Balance at Jun. 30, 2018 | $ 404.1 | $ 0.6 | $ 535.7 | $ 762.8 | $ (490.6) | $ (404.4) |
Balance at Jun. 30, 2018 | 51,638,049 | 51,638,049 | ||||
Balance at Jun. 30, 2018 | 9,796,413 | 9,796,413 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net earnings | $ 75.1 | $ 71.7 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 44.3 | 38.6 |
Deferred income taxes | (1) | 36.4 |
Share-based compensation | 5.3 | 5.1 |
Loss on disposal of discontinued operations | 23.4 | 0.1 |
Equity earnings from joint venture | (40.5) | (38) |
U.S. pension (credit) | (13.1) | (12.4) |
Other non-cash adjustments, net | 1.1 | (0.4) |
Changes in operating assets and liabilities: | ||
Receivables | 7.4 | (26.5) |
Inventories | (22.1) | (1.8) |
Other current assets | 4.6 | 2.2 |
Other non-current assets | (0.4) | (2.8) |
Accounts payable and accrued expenses | (10.3) | (39.6) |
Income taxes payable | 26.9 | 15.2 |
Other long-term liabilities | (9) | (5.5) |
Other, net | (2.7) | 0.1 |
Net cash provided by operating activities | 89 | 42.4 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (25.6) | (44.8) |
Return of investment from joint venture | 35.9 | 35 |
Cash paid for acquisitions | (11.6) | (31.4) |
Other investing activities | 0.5 | |
Net cash (used for) investing activities | (1.3) | (40.7) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facility and other short-term debt | 93 | |
Payments of revolving credit facility and other short-term debt | (78) | |
Payments of long-term debt | (16.3) | (8.7) |
Financing costs | (0.6) | |
Proceeds from exercised stock options | 15.5 | 0.6 |
Payment for treasury stock acquired | (105) | (70.9) |
Net cash (used for) financing activities | (105.8) | (64.6) |
Effect of exchange rate changes on cash and cash equivalents | (2.5) | 0.7 |
Net (decrease) in cash and cash equivalents | (20.6) | (62.2) |
Cash and cash equivalents at beginning of year | 159.6 | 141.9 |
Cash and cash equivalents at end of period | 139 | 79.7 |
Cash and cash equivalents at end of period of discontinued operations | 10 | |
Cash and cash equivalents at end of period of continuing operations | 129 | 79.7 |
Supplemental Cash Flow Disclosures: | ||
Interest paid | 15.3 | 15.4 |
Income tax payments, net | 1.4 | 2.2 |
Amounts in accounts payable for capital expenditures | $ 0.8 | $ 2.8 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017. 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, 2017. 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 2018 and 2017 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 May 31, 2018, we acquired the business and assets of Plasterform, Inc. (“Plasterform”), based in Mississauga, Ontario, Canada. Plasterform is a manufacturer of architectural cast ceilings, walls, facades, columns and moldings with one manufacturing facility. Plasterform On November 17, 2017, we entered into a Share Purchase Agreement (the “Purchase Agreement”) with Knauf International GmbH (“Knauf”), to sell certain subsidiaries comprising our business in Europe, the Middle East and Africa (including Russia) (“EMEA”) and the Pacific Rim, including the corresponding businesses and operations conducted by Worthington Armstrong Venture (“WAVE”), our joint venture with Worthington Industries, Inc., in which AWI holds a 50% interest. The consideration to be paid by Knauf in connection with the sale is $330.0 million in cash, inclusive of amounts due to WAVE, subject to certain adjustments as provided in the Purchase Agreement, including adjustments based on the economic impact of any required regulatory remedies and a working capital adjustment. The transaction has been notified or is set to be notified for merger control clearance in the European Union (“EU”), Bosnia and Herzegovina, Macedonia, Montenegro, Russia and Serbia. It has so far been cleared unconditionally in Montenegro (February 2018), Serbia (February 2018), Russia (March 2018) and Macedonia (July 2018). Clearance in the remaining jurisdictions (EU and Bosnia and Herzegovina) is currently expected during 2018. In January 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 prior year amounts have been recast in the Condensed Consolidated Financial Statements to conform to the 2018 presentation. Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“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,” Effective January 1, 2018, we adopted these standards using the modified retrospective transition method and have applied all practical expedients related to completed contracts upon adoption. Substantially all of our revenues from contracts with customers are recognized from the sale of products with standard shipping terms, sales discounts and warranties. This adoption did not have a material impact to our financial condition, results of operations or cash flows as the amount and timing of substantially all of our revenues will continue to be recognized at a point in time. As required by the revenue recognition Accounting Standards Codification (“ASC”) updates, we have expanded our disclosure of revenues from contracts with customers. See Note 3 for additional information. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” 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,” In February 2018, the FASB issued ASU 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, “Leases,” In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” |
Segment Results
Segment Results | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Results | NOTE 2. SEGMENT RESULTS In connection with the announced sale of our EMEA and Pacific Rim businesses, our former EMEA and Pacific Rim segments have been excluded from our results of continuing operations and segment assets. As a result, our operating segments are as follows: Mineral Fiber, Architectural Specialties and Unallocated Corporate. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net sales Mineral Fiber $ 206.7 $ 190.1 $ 397.4 $ 379.9 Architectural Specialties 41.9 35.5 78.5 65.5 Total net sales $ 248.6 $ 225.6 $ 475.9 $ 445.4 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Segment operating income (loss) Mineral Fiber $ 59.5 $ 64.1 $ 103.2 $ 119.6 Architectural Specialties 8.6 8.1 16.9 12.9 Unallocated Corporate (2.1 ) (3.0 ) (4.5 ) (6.0 ) Total consolidated operating income $ 66.0 $ 69.2 $ 115.6 $ 126.5 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Total consolidated operating income $ 66.0 $ 69.2 $ 115.6 $ 126.5 Interest expense 9.8 8.9 19.0 17.8 Other non-operating (income), net (9.1 ) (8.3 ) (18.1 ) (17.2 ) Earnings from continuing operations before income taxes $ 65.3 $ 68.6 $ 114.7 $ 125.9 Segment assets June 30, 2018 December 31, 2017 Mineral Fiber $ 1,166.5 $ 1,193.5 Architectural Specialties 63.6 53.2 Unallocated Corporate 296.7 320.7 Total consolidated assets $ 1,526.8 $ 1,567.4 In connection with the closing of our St. Helens, Oregon mineral fiber manufacturing facility in the second quarter of 2018, we recorded $4.3 million and $12.0 million in the three and six months ended June 30, 2018 in cost of goods sold related to accelerated depreciation of machinery and equipment. During the fourth quarter of 2017, we recorded $4.0 million in cost of goods sold related to accelerated depreciation of machinery and equipment. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 3. REVENUE Revenue Recognition We recognize revenue upon transfer of control of our products to the customer, which typically occurs upon shipment. Our main performance obligation to our customers is the delivery of products in accordance with purchase orders. Each purchase order defines the transaction price for the products purchased under the arrangement. Direct sales to distributors, home centers, direct customers, and retailers represent the majority of our sales. Our standard sales terms are Free On Board (“FOB”) shipping point. We have some sales terms that are FOB destination. At the point of shipment, the customer is required to pay under normal sales terms. Our normal payment terms in most cases are Incremental costs to fulfill our customer arrangements are expensed as incurred, as the amortization period is less than one year. Our products are sold with normal and customary return provisions. We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects and are not sold separately to customers. Our product warranties place certain requirements on the purchaser, including installation and maintenance in accordance with our written instructions. In addition to our warranty program, under certain limited circumstances, we will occasionally and at our sole discretion, provide a customer accommodation repair or replacement. Warranty repairs and replacements are most commonly made by professional installers employed by or affiliated with our independent distributors. Reimbursement for cost associated with warranty repairs are provided to our independent distributors through a credit against accounts receivable from the distributor to us. Sales returns and warranty claims have historically not been material and do not constitute separate performance obligations. We often enter into agreements with our customers to offer incentive programs, primarily volume rebates and promotions. The majority of our rebates are designated as a percentage of annual customer purchases. We estimate the amount of rebate based on actual sales for the period and accrue for the projected incentive programs costs. We record the costs of the rebate accruals as a reduction to our revenue. In addition, other sales discounts, including early pay promotions, are deducted immediately from the sales invoice. Shipping and Handling We account for product shipping and handling costs as fulfillment activities and present the associated costs in costs of goods sold in the period in which we sell our product. Disaggregation of Revenues Our Mineral Fiber and Architectural Specialties operating segments both manufacture and sell ceiling systems (primarily mineral fiber, fiberglass wool and metal) throughout the Americas. We disaggregate revenue based on our product-based segments and major customer grouping as these categories represent the most appropriate depiction of how the nature, amount, and timing of revenues and cash flows are affected by economic factors. Net sales by major customer group are as follows: Distributors – represents net sales to building materials distributors, who re-sell our products to contractors, subcontractors’ alliances, large architect and design firms, and major facility owners. Geographically, this category includes sales throughout the U.S., Canada, and Latin America. Home centers – represents net sales to home centers such as Lowe’s Companies, Inc. and The Home Depot, Inc. Direct customers – represents net sales sold directly to contractors, subcontractors’ alliances, large architect and design firms, and major facility owners. Only sales to U.S. customers are reported within this customer group. Retailers and other – represents net sales to independent retailers and certain national account customers, including wholesalers who re-sell our products to dealers who service builders, contractors and consumers. Geographically, this category includes sales throughout the U.S., Canada, and Latin America. The following tables provide net sales by major customer group within the Mineral Fiber and Architectural Specialties segments for the three and six months ended June 30, 2018 and 2017: Three months ended June 30 Six months ended June 30 Mineral Fiber 2018 2017 2018 2017 Distributors $ 156.7 $ 141.6 $ 294.4 $ 277.8 Home centers 20.5 18.7 44.5 44.4 Direct customers 16.8 16.8 30.5 31.7 Retailers and other 12.7 13.0 28.0 26.0 Total $ 206.7 $ 190.1 $ 397.4 $ 379.9 Three months ended June 30 Six months ended June 30 Architectural Specialties 2018 2017 2018 2017 Distributors $ 33.4 $ 28.0 $ 61.8 $ 51.4 Direct customers 7.5 6.5 15.4 12.1 Retailers and other 1.0 1.0 1.3 2.0 Total $ 41.9 $ 35.5 $ 78.5 $ 65.5 The classification of 2017 customers within each group have been modified slightly from what was reported in our first quarter Form 10-Q. |
Revenue (Policy)
Revenue (Policy) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Revenue Recognition We recognize revenue upon transfer of control of our products to the customer, which typically occurs upon shipment. Our main performance obligation to our customers is the delivery of products in accordance with purchase orders. Each purchase order defines the transaction price for the products purchased under the arrangement. Direct sales to distributors, home centers, direct customers, and retailers represent the majority of our sales. Our standard sales terms are Free On Board (“FOB”) shipping point. We have some sales terms that are FOB destination. At the point of shipment, the customer is required to pay under normal sales terms. Our normal payment terms in most cases are Incremental costs to fulfill our customer arrangements are expensed as incurred, as the amortization period is less than one year. Our products are sold with normal and customary return provisions. We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects and are not sold separately to customers. Our product warranties place certain requirements on the purchaser, including installation and maintenance in accordance with our written instructions. In addition to our warranty program, under certain limited circumstances, we will occasionally and at our sole discretion, provide a customer accommodation repair or replacement. Warranty repairs and replacements are most commonly made by professional installers employed by or affiliated with our independent distributors. Reimbursement for cost associated with warranty repairs are provided to our independent distributors through a credit against accounts receivable from the distributor to us. Sales returns and warranty claims have historically not been material and do not constitute separate performance obligations. We often enter into agreements with our customers to offer incentive programs, primarily volume rebates and promotions. The majority of our rebates are designated as a percentage of annual customer purchases. We estimate the amount of rebate based on actual sales for the period and accrue for the projected incentive programs costs. We record the costs of the rebate accruals as a reduction to our revenue. In addition, other sales discounts, including early pay promotions, are deducted immediately from the sales invoice. |
Shipping and Handling | Shipping and Handling We account for product shipping and handling costs as fulfillment activities and present the associated costs in costs of goods sold in the period in which we sell our product. |
Acquisition and Discontinued Op
Acquisition and Discontinued Operations | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations [Abstract] | |
Acquisition and Discontinued Operations | NOTE 4. ACQUISITION AND DISCONTINUED OPERATIONS Acquisition of Plasterform On May 31, 2018, we acquired the business and assets of Plasterform. The $11.6 million purchase price, which is subject to customary working capital adjustments, was allocated to the assets acquired and the liabilities assumed based on their estimated fair values, with the remaining amount recorded as goodwill. The total fair value of tangible assets acquired, less liabilities assumed, was $2.0 million. The total fair value of identifiable intangible assets acquired, comprised of amortizable customer relationships was $4.0 million, resulting in $5.6 million of goodwill. These amounts are subject to adjustment as our purchase accounting analysis is completed. Acquisition of Tectum In January 2017, we acquired the business and assets of Tectum. The $31.2 million purchase price 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, was $4.4 million. The total fair value of intangible assets acquired, comprised of amortizable customer relationships and non-amortizing brand names, was $16.0 million, resulting in $10.8 million of goodwill. EMEA AND PACIFIC RIM BUSINESSES On November 17, 2017, we agreed to sell certain subsidiaries comprising our businesses in EMEA and the Pacific Rim to Knauf. Pursuant to the Purchase Agreement, prior to the closing, we and Knauf will enter into (i) an agreement relating to the mutual supply of certain products after the closing, (ii) an agreement relating to the use of certain intellectual property by Knauf after the closing, including the Armstrong trade name and (iii) an agreement relating to certain transition services to be provided by AWI to Knauf after closing for a period of up to one year. WAVE and Knauf will also enter into similar agreements for such purposes. As of June 30, 2018, based on anticipated net sales proceeds to be received from Knauf, the fair value of EMEA and Pacific Rim net assets are less than their carrying value. As a result, we recorded impairment charges of $5.7 million and $23.4 million during the three and six months ended June 30, 2018. Impairment charges for the three and six months ended June 30, 2018 included $19.1 million and $13.9 million, respectively, of unfavorable AOCI adjustments, in addition to increases in EMEA and Pacific Rim net assets since December 31, 2017. During the fourth quarter of 2017 we recorded an impairment charge of $74.0 million, which included $51.4 million of AOCI adjustments. These AOCI adjustments related to accumulated foreign currency translation amounts that will be subsequently reclassified to earnings from discontinued operations upon sale of our EMEA and Pacific Rim businesses. FLOORING BUSINESSES 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 provided various services to each other during a transition period that expired on December 31, 2017. 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. 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. Summarized Financial Information of Discontinued Operations The following tables detail the businesses and line items that comprise discontinued operations on the Condensed Consolidated Statements of Earnings and Comprehensive Income. EMEA and Pacific Rim Businesses Flooring Businesses Total Three months ended June 30, 2018: Net sales $ 114.6 $ - $ 114.6 Cost of goods sold 87.3 - 87.3 Gross profit 27.3 - 27.3 Selling, general and administrative expenses 19.7 - 19.7 Operating income 7.6 - 7.6 Interest expense 0.5 - 0.5 Other non-operating expense, net 1.4 - 1.4 Earnings from discontinued operations before income tax 5.7 - 5.7 Income tax expense 0.2 - 0.2 Net earnings from discontinued operations, net of tax $ 5.5 $ - $ 5.5 (Loss) on disposal of discontinued businesses, before income tax $ (5.7 ) $ - $ (5.7 ) Income tax expense - 0.1 0.1 (Loss) on disposal of discontinued businesses, net of tax $ (5.7 ) $ (0.1 ) $ (5.8 ) Net (loss) from discontinued operations $ (0.2 ) $ (0.1 ) $ (0.3 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Six months ended June 30, 2018: Net sales $ 219.0 $ - $ 219.0 Cost of goods sold 165.1 - 165.1 Gross profit 53.9 - 53.9 Selling, general and administrative expenses 41.7 - 41.7 Operating income 12.2 - 12.2 Interest expense 0.9 - 0.9 Other non-operating expense, net 0.2 - 0.2 Earnings from discontinued operations before income tax 11.1 - 11.1 Income tax expense 1.7 - 1.7 Net earnings from discontinued operations, net of tax $ 9.4 $ - $ 9.4 (Loss) on disposal of discontinued businesses, before income tax $ (23.4 ) $ - $ (23.4 ) Income tax (benefit) - (0.3 ) (0.3 ) (Loss) on disposal of discontinued businesses, net of tax $ (23.4 ) $ 0.3 $ (23.1 ) Net (loss) income from discontinued operations $ (14.0 ) $ 0.3 $ (13.7 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Three months ended June 30, 2017: Net sales $ 105.2 $ - $ 105.2 Cost of goods sold 84.4 - 84.4 Gross profit 20.8 - 20.8 Selling, general and administrative expenses 19.5 - 19.5 Operating income 1.3 - 1.3 Interest expense 0.3 - 0.3 Other non-operating (income), net (0.5 ) - (0.5 ) Earnings from discontinued operations before income tax 1.5 - 1.5 Income tax expense 3.7 - 3.7 (Loss) from discontinued operations, net of tax $ (2.2 ) $ - $ (2.2 ) (Loss) on disposal of discontinued businesses, before income tax $ - $ - $ - Income tax expense - 0.2 0.2 (Loss) on disposal of discontinued business, net of tax $ - $ (0.2 ) $ (0.2 ) Net (loss) from discontinued operations $ (2.2 ) $ (0.2 ) $ (2.4 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Six months ended June 30, 2017: Net sales $ 200.8 $ - $ 200.8 Cost of goods sold 164.1 - 164.1 Gross profit 36.7 - 36.7 Selling, general and administrative expenses 37.6 - 37.6 Operating (loss) (0.9 ) - (0.9 ) Interest expense 0.6 - 0.6 Other non-operating (income), net (1.1 ) - (1.1 ) (Loss) from discontinued operations before income tax (0.4 ) - (0.4 ) Income tax expense 6.5 - 6.5 (Loss) from discontinued operations, net of tax $ (6.9 ) $ - $ (6.9 ) (Loss) on disposal of discontinued businesses, before income tax $ - $ (0.1 ) $ (0.1 ) Income tax expense - 0.5 0.5 (Loss) on disposal of discontinued business, net of tax $ - $ (0.6 ) $ (0.6 ) Net (loss) from discontinued operations $ (6.9 ) $ (0.6 ) $ (7.5 ) The following is a summary of the carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations as of June 30, 2018 and December 31, 2017 related to our EMEA and Pacific Rim businesses. June 30, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 10.0 $ - Accounts and notes receivable, net 62.4 61.4 Inventories, net 71.0 59.2 Income tax receivable 5.3 3.1 Other current assets 8.8 12.9 Total current assets discontinued operations 157.5 136.6 Property, plant, and equipment, less accumulated depreciation and amortization (1) (2) 103.4 131.3 Prepaid pension costs (1) 26.2 26.1 Goodwill and intangible assets, net (1) 7.1 7.2 Deferred income taxes (1) 2.7 4.0 Other non-current assets (1) 1.0 0.9 Total non-current assets of discontinued operations (1) 140.4 169.5 Total assets of discontinued operations (1) $ 297.9 $ 306.1 Liabilities Current liabilities: Accounts payable and accrued expenses $ 70.6 $ 78.6 Income tax payable 2.8 1.3 Total current liabilities 73.4 79.9 Pension benefit liabilities (3) 34.4 34.7 Other long-term liabilities (3) 1.7 1.8 Deferred income taxes (3) 5.4 12.1 Total non-current liabilities of discontinued operations (3) 41.5 48.6 Total liabilities of discontinued operations (3) $ 114.9 $ 128.5 (1) Presented as Current assets of discontinued operations on the Condensed Consolidated Balance Sheets. (2) Includes pre-tax impairment charge of $23.4 million recorded in the first six months of 2018 and $74.0 million recorded in the fourth quarter of 2017. (3) Presented as Current liabilities of discontinued operations on the Condensed Consolidated Balance Sheets. The following is a summary of total depreciation and amortization and capital expenditures presented as discontinued operations and included as components of operating and investing cash flows on our Condensed Consolidated Statements of Cash Flows: EMEA and Pacific Rim Businesses Three months ended June 30, 2018: Fixed asset impairment 5.7 Purchases of property, plant and equipment (2.0 ) Six months ended June 30, 2018: Fixed asset impairment 23.4 Purchases of property, plant and equipment (3.2 ) Three months ended June 30, 2017: Depreciation and amortization 5.6 Purchases of property, plant and equipment (2.9 ) Six months ended June 30, 2017: Depreciation and amortization 10.8 Purchases of property, plant and equipment (6.8 ) |
Accounts and Notes Receivable
Accounts and Notes Receivable | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Accounts and Notes Receivable | NOTE 5. ACCOUNTS AND NOTES RECEIVABLE June 30, 2018 December 31, 2017 Customer receivables $ 82.4 $ 62.8 Miscellaneous receivables 3.6 29.9 Less allowance for warranties, discounts and losses (4.4 ) (1.9 ) Accounts and notes receivable, net $ 81.6 $ 90.8 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. Miscellaneous receivables as of December 31, 2017 included $28.7 million of insurance recoveries related to environmental matters, which were collected during the first quarter of 2018. See Note 17 for additional information. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 6. INVENTORIES June 30, 2018 December 31, 2017 Finished goods $ 39.0 $ 33.2 Goods in process 4.1 2.7 Raw materials and supplies 28.3 26.1 Less LIFO reserves (9.7 ) (8.2 ) Total inventories, net $ 61.7 $ 53.8 |
Equity Investment
Equity Investment | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Investment | NOTE 7. EQUITY INVESTMENT Investment in joint venture reflects our 50% equity interest in WAVE. The WAVE joint venture is reflected within the Mineral Fiber segment in our consolidated financial statements using the equity method of accounting. Condensed income statement data for WAVE is summarized below. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net sales $ 106.7 $ 92.5 $ 194.4 $ 177.8 Gross profit 61.6 51.9 109.4 100.0 Net earnings 49.2 41.4 84.8 79.2 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 8. GOODWILL AND INTANGIBLE ASSETS The following table details amounts related to our goodwill and intangible assets as of June 30, 2018 and December 31, 2017. June 30, 2018 December 31, 2017 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 20 years $ 180.3 $ 98.4 $ 176.3 $ 93.9 Developed technology 15 years 84.0 63.7 83.7 60.9 Other Various 5.8 1.1 5.9 1.1 Total $ 270.1 $ 163.2 $ 265.9 $ 155.9 Goodwill and non-amortizing intangible assets Trademarks and brand names Indefinite 319.9 319.8 Goodwill Indefinite 16.9 11.3 Total goodwill and intangible assets $ 606.9 $ 597.0 Six Months Ended June 30, 2018 2017 Amortization expense $ 7.3 $ 7.3 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 6 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Accounts Payable And Accrued Expenses | NOTE 9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES June 30, 2018 December 31, 2017 Payables, trade and other $ 71.6 $ 67.6 Employment costs 14.5 18.0 Current portion of pension and postretirement liabilities 11.6 11.6 Other 6.1 11.2 Total accounts payable and accrued expenses $ 103.8 $ 108.4 |
Income Tax Expense
Income Tax Expense | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | NOTE 10. INCOME TAX EXPENSE On December 22, 2017, the U.S. federal government enacted the 2017 Tax Act, resulting in significant changes from existing U.S. tax laws that impact us, including, but not limited to, reducing the U.S. federal corporate income tax rate from 35% to 21%, allowing immediate 100% deduction for the cost of qualified property, eliminating the domestic production activities deduction, and imposing a one-time transition tax on the cumulative earnings and profits of certain foreign subsidiaries that were previously not repatriated and therefore not taxed for U.S. income tax purposes. Our federal income tax expense for periods beginning in 2018 will be based on the new rate. In December 2017, the Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin No. 118 (“SAB 118”), which addresses situations where the accounting is incomplete for the income tax effects of the 2017 Tax Act. SAB 118 directs registrants to consider the impact of the 2017 Tax Act as “provisional” when they do not have the necessary information available, prepared or analyzed (including computations) to finalize the accounting for the change in tax law. Registrants are provided a measurement period of up to one year to obtain, prepare, and analyze information necessary to finalize the accounting for provisional amounts. During the fourth quarter of 2017, we recorded provisional amounts as a result of the 2017 Tax Act. These amounts are subject to change as we obtain information necessary to complete the calculations. For the three and six months ended June 30, 2018, there were no changes made to the provisional amounts recognized in 2017. We will continue to analyze the effects of the enactment of the 2017 Tax Act and recognize any changes to the provisional amounts as they are identified during the measurement period as provided for in SAB 118. The final impact of the 2017 Tax Act may differ from the provisional amounts that have been recognized due to, among other things, changes in our interpretation of the 2017 Tax Act, legislative or administrative actions to clarify the intent of the statutory language provided that differ from our current interpretation, any changes in accounting standards for income taxes or related interpretations in response to the 2017 Tax Act, or any updates or changes to estimates utilized to calculate the impacts. We expect to complete our analysis of the provisional items during the second half of 2018. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Earnings from continuing operations before income taxes $ 65.3 $ 68.6 $ 114.7 $ 125.9 Income tax expense 17.7 24.9 25.9 46.7 Effective tax rate 27.1 % 36.3 % 22.6 % 37.1 % The effective tax rate for the second quarter was lower compared to the same period in 2017 due to the changes resulting from the 2017 Tax Act, primarily the reduction in the federal statutory tax rate from 35% to 21%. The effective tax rate for the first six months of 2018 was lower compared to the same period in 2017 due to changes resulting from the 2017 Tax Act, primarily the reduction in the federal statutory tax rate from 35% to 21%, as well as excess tax benefits from stock-based compensation. 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. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 11. DEBT As of June 30, 2018 and December 31, 2017, 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. As of June 30, 2018 and December 31, 2017, there were no borrowings outstanding on our revolving credit facility. As of June 30, 2018 and December 31, 2017, 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 also have a $25.0 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. 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, 2018 Financing Arrangements Limit Used Available Accounts receivable securitization facility $ 40.0 $ 36.2 $ 3.8 Bi-lateral facility 25.0 13.4 11.6 Revolving credit facility 150.0 - 150.0 Total $ 215.0 $ 49.6 $ 165.4 As of December 31, 2017, $6.6 million of letters of credit 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, 2018, no amounts were classified as restricted cash. |
Pension and Other Benefit Progr
Pension and Other Benefit Programs | 6 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Pensions and Other Benefit Programs | NOTE 12. PENSIONS AND OTHER BENEFIT PROGRAMS Following are the components of net periodic benefit costs (credits): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 U.S. defined-benefit plans: Pension benefits Service cost of benefits earned during the period $ 1.5 $ 2.1 $ 2.9 $ 4.2 Interest cost on projected benefit obligation 11.6 12.4 23.1 24.9 Expected return on plan assets (24.0 ) (24.8 ) (48.0 ) (49.6 ) Amortization of prior service cost - 0.3 - 0.7 Amortization of net actuarial loss 5.0 4.3 10.0 8.5 Net periodic pension (credit) $ (5.9 ) $ (5.7 ) $ (12.0 ) $ (11.3 ) Retiree health and life insurance benefits Service cost of benefits earned during the period $ 0.1 $ 0.1 $ 0.1 $ 0.2 Interest cost on projected benefit obligation 0.7 0.8 1.3 1.5 Amortization of net actuarial gain (1.4 ) (0.9 ) (2.8 ) (1.8 ) Net periodic postretirement (credit) $ (0.6 ) $ - $ (1.4 ) $ (0.1 ) We also have an unfunded non-U.S. defined benefit pension plan in Germany, which will not be acquired by Knauf in connection with the announced sale of our EMEA and Pacific Rim segments that is reported as a component of our Unallocated Corporate segment. Net periodic pension cost for this plan was immaterial for the three and six months ended June 30, 2018 and 2017. As required by ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Service cost of benefits earned represented in cost of goods sold $ 0.9 $ 1.3 $ 1.8 $ 2.6 Service cost of benefits earned represented in SG&A expenses 0.7 0.9 1.2 1.8 Other non-operating expense (8.1 ) (7.9 ) (16.4 ) (15.8 ) Net periodic pension and postretirement (credit) $ (6.5 ) $ (5.7 ) $ (13.4 ) $ (11.4 ) |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | NOTE 13. 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, 2018 December 31, 2017 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(Liabilities), net: Total long-term debt, including current portion $ (835.0 ) $ (835.6 ) $ (850.2 ) $ (850.8 ) Foreign currency contracts 0.2 0.2 (0.8 ) (0.8 ) Natural gas contracts - - (0.6 ) (0.6 ) Interest rate swap contracts 13.7 13.7 8.9 8.9 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 derived from quotes from a major financial institution based on recently observed trading levels of our Term Loan A and Term Loan B debt. 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, 2018 December 31, 2017 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/(Liabilities), net: Foreign currency contracts $ 0.2 $ - $ (0.8 ) $ - Natural gas contracts - - - (0.6 ) Interest rate swap contracts - 13.7 - 8.9 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, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 14. 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. At inception, derivatives 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, 2018 and December 31, 2017, the notional amount of these hedges was $8.0 million and $9.2 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, 2018 and 2017. 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. Upon completion of the sale of our EMEA and Pacific Rim businesses, and on a continuing operations basis as of June 30, 2018, our only major foreign currency exposure is to the Canadian dollar. We manage our Canadian cash flow exposures on a net basis and when possible, use derivatives to hedge our unmatched foreign currency cash inflows and outflows. We use Canadian dollar forward exchange contracts to reduce our exposure to the risk that the eventual net cash inflows resulting from the sale of products to Canadian customers 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 Canadian dollar 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 $13.3 million as of June 30, 2018 and $18.9 million as of December 31, 2017. 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 ineffective portions of hedges are recognized in SG&A expense immediately. The earnings impact of the ineffective portion of these hedges was not material for the three and six months ended June 30, 2018 and 2017. Interest Rate Risk We utilize interest rate swaps to reduce the fluctuations in earnings caused by interest rate volatility. The following table summarizes our interest rate swaps as of June 30, 2018: Trade Date Notional Amount Coverage Period Risk Coverage 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 Under the terms of our Term Loan A swap, we receive 3-month LIBOR and pay a fixed rate over the hedged period, in addition to a basis rate swap to convert the floating rate risk under our Term Loan A Swap from 3-month LIBOR to 1-month LIBOR. As a result, we receive 1-month LIBOR and pay a fixed rate over the hedged period. Under the terms of our Term Loan B swap, 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. The mark-to-market gains or losses on the ineffective portion of hedges are recognized in interest expense immediately. The earnings impact of the ineffective portion of these hedges was not material for the three and six months ended June 30, 2018 and 2017. Financial Statement Impacts The following tables detail amounts related to our derivatives as of June 30, 2018 and December 31, 2017. We had no derivative assets or liabilities not designated as hedging instruments as of June 30, 2018 or December 31, 2017. 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, 2018 December 31, 2017 Balance Sheet Location June 30, 2018 December 31, 2017 Derivatives designated as hedging instruments Natural gas commodity contracts Other current assets $ 0.1 $ - Accounts payable and accrued expenses $ 0.1 $ 0.5 Foreign exchange contracts Other current assets 0.3 - Accounts payable and accrued expenses 0.1 0.7 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 - - Other long-term liabilities - 0.1 Interest rate swap contracts Other non-current assets 13.7 8.7 Other long-term liabilities - - Total derivatives designated as hedging instruments $ 14.1 $ 8.9 $ 0.2 $ 1.4 Amount of Gain (Loss) Recognized in AOCI (Effective Portion) Location of Gain (Loss) Reclassified 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, 2018 2017 2018 2017 2018 2017 Derivatives in cash flow hedging relationships Natural gas commodity contracts $ 0.2 $ (1.0 ) Cost of goods sold $ - $ 0.2 $ (0.4 ) $ 0.3 Foreign exchange contracts – purchases 0.1 (0.4 ) Cost of goods sold - - - - Foreign exchange contracts – sales 0.7 (0.8 ) Net sales (0.1 ) 0.2 (0.3 ) 0.4 Interest rate swap contracts 4.3 0.1 Interest expense (0.3 ) - (0.8 ) - Total $ 5.3 $ (2.1 ) Total (loss) gain from continuing operations $ (0.4 ) $ 0.4 $ (1.5 ) $ 0.7 Total (loss) from discontinued operations - - (0.1 ) - Total (loss) gain $ (0.4 ) $ 0.4 $ (1.6 ) $ 0.7 As of June 30, 2018, the amount of existing gains in AOCI expected to be recognized in earnings over the next twelve months is $2.5 million. There was no pre-tax gain or loss recognized in income for derivative instruments not designated as hedging instruments for the three or six months ended June 30, 2018 and 2017. |
Common Stock Repurchase Plan
Common Stock Repurchase Plan | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Common Stock Repurchase Plan | NOTE 15. 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 were authorized to repurchase up to $150.0 million of our outstanding shares of common stock through July 31, 2018 (the “Program”). On October 30, 2017, we announced that our Board of Directors had approved an additional $250.0 million authorization to repurchase shares under the Program. The Program was also extended through October 31, 2020. On July 31, 2018, we announced that our Board of Directors had approved an additional $300.0 million authorization to repurchase shares, increasing the total authorized amount under the Program to $700.0 million. 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 Income (Loss) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 16. 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, 2017 $ (47.1 ) $ 3.5 $ (302.3 ) $ (345.9 ) Impact of ASU 2018-02 adoption - 0.7 (55.0 ) (54.3 ) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $ -, ($0.8), $0.2 and ($0.6) (14.9 ) 4.6 (0.9 ) (11.2 ) Amounts reclassified from accumulated other comprehensive (loss) - 1.2 5.8 7.0 Net current period other comprehensive (loss) income (14.9 ) 5.8 4.9 (4.2 ) Balance at June 30, 2018 $ (62.0 ) $ 10.0 $ (352.4 ) $ (404.4 ) 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) before reclassifications, net of tax expense (benefit) 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 ) (1) Amounts are net of tax Amounts Reclassified from Accumulated Other Comprehensive (Loss) (1) Affected Condensed Consolidated Statement of Earnings and Comprehensive Income Six Months Ended June 30, 2018 2017 Derivative Adjustments: Natural gas commodity contracts $ 0.4 $ (0.3 ) Cost of goods sold Foreign exchange contracts - purchases 0.1 - Cost of goods sold Foreign exchange contracts - sales 0.3 (0.4 ) Net sales Interest rate swap contracts 0.8 - Interest expense Total loss (income), before tax 1.6 (0.7 ) Tax impact (0.4 ) 0.2 Income tax expense Total loss (income), net of tax 1.2 (0.5 ) Pension and Postretirement Adjustments: Prior service cost amortization - 0.7 Other non-operating (income) expense, net Amortization of net actuarial loss 7.3 7.3 Other non-operating (income) expense, net Total expense, before tax 7.3 8.0 Tax impact (1.5 ) (2.7 ) Income tax expense Total expense, net of tax 5.8 5.3 Total reclassifications for the period $ 7.0 $ 4.8 (1) Includes activity from discontinued operations. |
Litigation and Related Matters
Litigation and Related Matters | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation and Related Matters | NOTE 17. LITIGATION AND RELATED MATTERS ENVIRONMENTAL MATTERS Environmental Compliance Our manufacturing and research facilities are affected by various federal, state and local requirements relating to the discharge of materials and the protection of the environment. We make expenditures necessary for compliance with applicable environmental requirements at each of our operating facilities. 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. In 2017, we entered into settlement agreements totaling $30.5 million with certain legacy insurance carriers to resolve ongoing litigation and recover fees and costs previously incurred by us in connection with certain environmental sites. All of these cash settlements have been released to us from escrow, including $28.7 million received in the first six months of 2018. We anticipate that we may enter into additional settlement agreements in the future which may or may not be material, with other legacy insurers to obtain reimbursement or contribution for environmental site expenses. Estimates of our future liability at the environmental sites are based on evaluations of currently available facts regarding each individual site. We consider factors such as our activities associated with the site, existing technology, presently enacted laws and regulations and prior company experience in remediating contaminated sites. Although current law imposes joint and several liability on all parties at Superfund sites, our contribution to the remediation of these sites is expected to be limited by the number of other companies potentially liable for site remediation. As a result, our estimated liability reflects only our expected share. In determining the probability of contribution, we consider the solvency of other parties, the site activities of other parties, whether liability is being disputed, the terms of any existing agreements and experience with similar matters, and the effect of our October 2006 Chapter 11 reorganization upon the validity of the claim, if any. Specific Material Events 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 required 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 required 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 worked with the ODEQ, Kaiser and OC to finalize the reports to move to the Feasibility Study phase. 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) (the ”Bankruptcy Court”). 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. Noticed parties submitted claims to the Bankruptcy Court on September 13, 2017. 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. In November 2017, we participated in voluntary mediation with ODEQ, OC and Kaiser to negotiate a resolution that would discharge Potentially Responsible Parties (“PRPs”) liability for the site. As a result of the mediation, on February 1, 2018, ODEQ issued a Public Notice and a proposed Consent Judgment recommending that, in exchange for a release from ODEQ for all contamination claims against AWI, we would pay $8.6 million to the State of Oregon and perform a previously scoped remedial action for the Upland area of the site. During the fourth quarter of 2017, we increased our reserve for environmental liabilities by $8.6 million as a result of this pending settlement with the State of Oregon. The public comment period has closed and ODEQ published its response to the comments received. On April 5, 2018, ODEQ issued Public Notice of the Remedial Action for the Upland Area and has since responded to public comments. The Consent Judgment remains subject to entry and approval by the Columbia County Circuit Court, which we expect to occur in 2018. On June 26, 2018 ODEQ published its Record of Decision confirming the selected remedial action required for the Upland Area. AWI will be responsible for performing the remedial action upon ODEQ’s filing of the Consent Judgment with the court, pending appeal. Kaiser has asserted that the Consent Judgement violates the stay imposed by its bankruptcy case. We believe Kaiser’s assertions are without merit. A hearing on the applicability of the stay to the Consent Judgment is scheduled with the Bankruptcy Court 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”). After completing an investigation of the WWTP Landfill and submitting our final Engineering Evaluation/Cost Analysis. EPA issued an Action Memorandum in July 2013 selecting our recommended remedy for the Removal Action. 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. 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 other 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 and are currently negotiating a final agreement with EPA. 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 published an Interim Action Proposed Plan for the site in April 2018 seeking public comment through June 7, 2018. EPA is now evaluating comments, including ours, as we work toward a 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 $13.1 million as of June 30, 2018 and $13.5 million as of December 31, 2017 were recorded for environmental liabilities that we consider probable and for which a reasonable estimate of the probable liability could be made. During the three and six months ended June 30, 2018, we did not record any additional reserves for potential environmental liabilities. 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. 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, are recorded on the balance sheet as a part of other long-term liabilities and released as future environmental spending occurs or the liability is settled. The estimated liabilities above do not take into account any claims for recoveries from insurance or third parties. It is our policy to record recoveries as assets in the Consolidated Balance Sheets. 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 On September 8, 2017, Roxul USA, Inc. (d/b/a Rockfon) filed litigation against us in the United States District Court for the District of Delaware alleging anticompetitive conduct seeking remedial measures and unspecified damages. Roxul USA, Inc. is a significant ceilings systems competitor with global headquarters in Europe and expanding operations in the Americas. We believe the allegations are without merit and intend to vigorously defend the matter. During the first quarter of 2018, the Court denied, in part, and granted, in part, our motion to dismiss, dismissing two of the claims brought by Roxul. The litigation is currently ongoing. We are involved in other 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, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 18. 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, 2018 and 2017: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Earnings from continuing operations $ 47.6 $ 43.7 $ 88.8 $ 79.2 Earnings allocated to participating non-vested share awards (0.2 ) (0.1 ) (0.3 ) (0.3 ) Earnings from continuing operations attributable to common shares $ 47.4 $ 43.6 $ 88.5 $ 78.9 The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the three and six months ended June 30, 2018 and 2017 (shares in millions): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Basic shares outstanding 51.9 53.3 52.5 53.7 Dilutive effect of common stock equivalents 0.7 0.4 0.7 0.4 Diluted shares outstanding 52.6 53.7 53.2 54.1 There were no anti-dilutive stock options excluded from the computation of diluted EPS for the three and six months ended June 30, 2018. 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. |
Business and Basis of Present27
Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“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,” Effective January 1, 2018, we adopted these standards using the modified retrospective transition method and have applied all practical expedients related to completed contracts upon adoption. Substantially all of our revenues from contracts with customers are recognized from the sale of products with standard shipping terms, sales discounts and warranties. This adoption did not have a material impact to our financial condition, results of operations or cash flows as the amount and timing of substantially all of our revenues will continue to be recognized at a point in time. As required by the revenue recognition Accounting Standards Codification (“ASC”) updates, we have expanded our disclosure of revenues from contracts with customers. See Note 3 for additional information. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” 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,” In February 2018, the FASB issued ASU 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, “Leases,” In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” |
Segment Results (Tables)
Segment Results (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales | In connection with the announced sale of our EMEA and Pacific Rim businesses, our former EMEA and Pacific Rim segments have been excluded from our results of continuing operations and segment assets. As a result, our operating segments are as follows: Mineral Fiber, Architectural Specialties and Unallocated Corporate. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net sales Mineral Fiber $ 206.7 $ 190.1 $ 397.4 $ 379.9 Architectural Specialties 41.9 35.5 78.5 65.5 Total net sales $ 248.6 $ 225.6 $ 475.9 $ 445.4 |
Schedule of Segment Operating Income (Loss) | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Segment operating income (loss) Mineral Fiber $ 59.5 $ 64.1 $ 103.2 $ 119.6 Architectural Specialties 8.6 8.1 16.9 12.9 Unallocated Corporate (2.1 ) (3.0 ) (4.5 ) (6.0 ) Total consolidated operating income $ 66.0 $ 69.2 $ 115.6 $ 126.5 |
Reconciliation of Total Consolidated Operating Income to Earnings Before Income Taxes | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Total consolidated operating income $ 66.0 $ 69.2 $ 115.6 $ 126.5 Interest expense 9.8 8.9 19.0 17.8 Other non-operating (income), net (9.1 ) (8.3 ) (18.1 ) (17.2 ) Earnings from continuing operations before income taxes $ 65.3 $ 68.6 $ 114.7 $ 125.9 |
Reconciliation of Total Segment Assets to Total Consolidated Assets | Segment assets June 30, 2018 December 31, 2017 Mineral Fiber $ 1,166.5 $ 1,193.5 Architectural Specialties 63.6 53.2 Unallocated Corporate 296.7 320.7 Total consolidated assets $ 1,526.8 $ 1,567.4 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Mineral Fiber [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Group within Each Segment | The following tables provide net sales by major customer group within the Mineral Fiber and Architectural Specialties segments for the three and six months ended June 30, 2018 and 2017: Three months ended June 30 Six months ended June 30 Mineral Fiber 2018 2017 2018 2017 Distributors $ 156.7 $ 141.6 $ 294.4 $ 277.8 Home centers 20.5 18.7 44.5 44.4 Direct customers 16.8 16.8 30.5 31.7 Retailers and other 12.7 13.0 28.0 26.0 Total $ 206.7 $ 190.1 $ 397.4 $ 379.9 |
Architectural Specialties [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Group within Each Segment | Three months ended June 30 Six months ended June 30 Architectural Specialties 2018 2017 2018 2017 Distributors $ 33.4 $ 28.0 $ 61.8 $ 51.4 Direct customers 7.5 6.5 15.4 12.1 Retailers and other 1.0 1.0 1.3 2.0 Total $ 41.9 $ 35.5 $ 78.5 $ 65.5 |
Acquisition and Discontinued 30
Acquisition and Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations [Abstract] | |
Summary of Results of Discontinued Operations | The following tables detail the businesses and line items that comprise discontinued operations on the Condensed Consolidated Statements of Earnings and Comprehensive Income. EMEA and Pacific Rim Businesses Flooring Businesses Total Three months ended June 30, 2018: Net sales $ 114.6 $ - $ 114.6 Cost of goods sold 87.3 - 87.3 Gross profit 27.3 - 27.3 Selling, general and administrative expenses 19.7 - 19.7 Operating income 7.6 - 7.6 Interest expense 0.5 - 0.5 Other non-operating expense, net 1.4 - 1.4 Earnings from discontinued operations before income tax 5.7 - 5.7 Income tax expense 0.2 - 0.2 Net earnings from discontinued operations, net of tax $ 5.5 $ - $ 5.5 (Loss) on disposal of discontinued businesses, before income tax $ (5.7 ) $ - $ (5.7 ) Income tax expense - 0.1 0.1 (Loss) on disposal of discontinued businesses, net of tax $ (5.7 ) $ (0.1 ) $ (5.8 ) Net (loss) from discontinued operations $ (0.2 ) $ (0.1 ) $ (0.3 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Six months ended June 30, 2018: Net sales $ 219.0 $ - $ 219.0 Cost of goods sold 165.1 - 165.1 Gross profit 53.9 - 53.9 Selling, general and administrative expenses 41.7 - 41.7 Operating income 12.2 - 12.2 Interest expense 0.9 - 0.9 Other non-operating expense, net 0.2 - 0.2 Earnings from discontinued operations before income tax 11.1 - 11.1 Income tax expense 1.7 - 1.7 Net earnings from discontinued operations, net of tax $ 9.4 $ - $ 9.4 (Loss) on disposal of discontinued businesses, before income tax $ (23.4 ) $ - $ (23.4 ) Income tax (benefit) - (0.3 ) (0.3 ) (Loss) on disposal of discontinued businesses, net of tax $ (23.4 ) $ 0.3 $ (23.1 ) Net (loss) income from discontinued operations $ (14.0 ) $ 0.3 $ (13.7 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Three months ended June 30, 2017: Net sales $ 105.2 $ - $ 105.2 Cost of goods sold 84.4 - 84.4 Gross profit 20.8 - 20.8 Selling, general and administrative expenses 19.5 - 19.5 Operating income 1.3 - 1.3 Interest expense 0.3 - 0.3 Other non-operating (income), net (0.5 ) - (0.5 ) Earnings from discontinued operations before income tax 1.5 - 1.5 Income tax expense 3.7 - 3.7 (Loss) from discontinued operations, net of tax $ (2.2 ) $ - $ (2.2 ) (Loss) on disposal of discontinued businesses, before income tax $ - $ - $ - Income tax expense - 0.2 0.2 (Loss) on disposal of discontinued business, net of tax $ - $ (0.2 ) $ (0.2 ) Net (loss) from discontinued operations $ (2.2 ) $ (0.2 ) $ (2.4 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Six months ended June 30, 2017: Net sales $ 200.8 $ - $ 200.8 Cost of goods sold 164.1 - 164.1 Gross profit 36.7 - 36.7 Selling, general and administrative expenses 37.6 - 37.6 Operating (loss) (0.9 ) - (0.9 ) Interest expense 0.6 - 0.6 Other non-operating (income), net (1.1 ) - (1.1 ) (Loss) from discontinued operations before income tax (0.4 ) - (0.4 ) Income tax expense 6.5 - 6.5 (Loss) from discontinued operations, net of tax $ (6.9 ) $ - $ (6.9 ) (Loss) on disposal of discontinued businesses, before income tax $ - $ (0.1 ) $ (0.1 ) Income tax expense - 0.5 0.5 (Loss) on disposal of discontinued business, net of tax $ - $ (0.6 ) $ (0.6 ) Net (loss) from discontinued operations $ (6.9 ) $ (0.6 ) $ (7.5 ) The following is a summary of the carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations as of June 30, 2018 and December 31, 2017 related to our EMEA and Pacific Rim businesses. June 30, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 10.0 $ - Accounts and notes receivable, net 62.4 61.4 Inventories, net 71.0 59.2 Income tax receivable 5.3 3.1 Other current assets 8.8 12.9 Total current assets discontinued operations 157.5 136.6 Property, plant, and equipment, less accumulated depreciation and amortization (1) (2) 103.4 131.3 Prepaid pension costs (1) 26.2 26.1 Goodwill and intangible assets, net (1) 7.1 7.2 Deferred income taxes (1) 2.7 4.0 Other non-current assets (1) 1.0 0.9 Total non-current assets of discontinued operations (1) 140.4 169.5 Total assets of discontinued operations (1) $ 297.9 $ 306.1 Liabilities Current liabilities: Accounts payable and accrued expenses $ 70.6 $ 78.6 Income tax payable 2.8 1.3 Total current liabilities 73.4 79.9 Pension benefit liabilities (3) 34.4 34.7 Other long-term liabilities (3) 1.7 1.8 Deferred income taxes (3) 5.4 12.1 Total non-current liabilities of discontinued operations (3) 41.5 48.6 Total liabilities of discontinued operations (3) $ 114.9 $ 128.5 (1) Presented as Current assets of discontinued operations on the Condensed Consolidated Balance Sheets. (2) Includes pre-tax impairment charge of $23.4 million recorded in the first six months of 2018 and $74.0 million recorded in the fourth quarter of 2017. (3) Presented as Current liabilities of discontinued operations on the Condensed Consolidated Balance Sheets. |
Summary of Total Depreciation and Amortization and Capital Expenditures | The following is a summary of total depreciation and amortization and capital expenditures presented as discontinued operations and included as components of operating and investing cash flows on our Condensed Consolidated Statements of Cash Flows: EMEA and Pacific Rim Businesses Three months ended June 30, 2018: Fixed asset impairment 5.7 Purchases of property, plant and equipment (2.0 ) Six months ended June 30, 2018: Fixed asset impairment 23.4 Purchases of property, plant and equipment (3.2 ) Three months ended June 30, 2017: Depreciation and amortization 5.6 Purchases of property, plant and equipment (2.9 ) Six months ended June 30, 2017: Depreciation and amortization 10.8 Purchases of property, plant and equipment (6.8 ) |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | June 30, 2018 December 31, 2017 Customer receivables $ 82.4 $ 62.8 Miscellaneous receivables 3.6 29.9 Less allowance for warranties, discounts and losses (4.4 ) (1.9 ) Accounts and notes receivable, net $ 81.6 $ 90.8 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | June 30, 2018 December 31, 2017 Finished goods $ 39.0 $ 33.2 Goods in process 4.1 2.7 Raw materials and supplies 28.3 26.1 Less LIFO reserves (9.7 ) (8.2 ) Total inventories, net $ 61.7 $ 53.8 |
Equity Investment (Tables)
Equity Investment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 Net sales $ 106.7 $ 92.5 $ 194.4 $ 177.8 Gross profit 61.6 51.9 109.4 100.0 Net earnings 49.2 41.4 84.8 79.2 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | The following table details amounts related to our goodwill and intangible assets as of June 30, 2018 and December 31, 2017. June 30, 2018 December 31, 2017 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 20 years $ 180.3 $ 98.4 $ 176.3 $ 93.9 Developed technology 15 years 84.0 63.7 83.7 60.9 Other Various 5.8 1.1 5.9 1.1 Total $ 270.1 $ 163.2 $ 265.9 $ 155.9 Goodwill and non-amortizing intangible assets Trademarks and brand names Indefinite 319.9 319.8 Goodwill Indefinite 16.9 11.3 Total goodwill and intangible assets $ 606.9 $ 597.0 |
Schedule of Amortization Expense | Six Months Ended June 30, 2018 2017 Amortization expense $ 7.3 $ 7.3 |
Accounts Payable And Accrued 35
Accounts Payable And Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | June 30, 2018 December 31, 2017 Payables, trade and other $ 71.6 $ 67.6 Employment costs 14.5 18.0 Current portion of pension and postretirement liabilities 11.6 11.6 Other 6.1 11.2 Total accounts payable and accrued expenses $ 103.8 $ 108.4 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Earnings from continuing operations before income taxes $ 65.3 $ 68.6 $ 114.7 $ 125.9 Income tax expense 17.7 24.9 25.9 46.7 Effective tax rate 27.1 % 36.3 % 22.6 % 37.1 % |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 Financing Arrangements Limit Used Available Accounts receivable securitization facility $ 40.0 $ 36.2 $ 3.8 Bi-lateral facility 25.0 13.4 11.6 Revolving credit facility 150.0 - 150.0 Total $ 215.0 $ 49.6 $ 165.4 |
Pension and Other Benefit Pro38
Pension and Other Benefit Programs (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Periodic Benefit Costs (Credits) | Following are the components of net periodic benefit costs (credits): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 U.S. defined-benefit plans: Pension benefits Service cost of benefits earned during the period $ 1.5 $ 2.1 $ 2.9 $ 4.2 Interest cost on projected benefit obligation 11.6 12.4 23.1 24.9 Expected return on plan assets (24.0 ) (24.8 ) (48.0 ) (49.6 ) Amortization of prior service cost - 0.3 - 0.7 Amortization of net actuarial loss 5.0 4.3 10.0 8.5 Net periodic pension (credit) $ (5.9 ) $ (5.7 ) $ (12.0 ) $ (11.3 ) Retiree health and life insurance benefits Service cost of benefits earned during the period $ 0.1 $ 0.1 $ 0.1 $ 0.2 Interest cost on projected benefit obligation 0.7 0.8 1.3 1.5 Amortization of net actuarial gain (1.4 ) (0.9 ) (2.8 ) (1.8 ) Net periodic postretirement (credit) $ (0.6 ) $ - $ (1.4 ) $ (0.1 ) |
ASU 2017-07 [Member] | |
Components of Net Periodic Benefit Credit within Income Statement | The following table presents the components of net periodic pension and postretirement (credits) within our Condensed Consolidated Statement of Earnings: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Service cost of benefits earned represented in cost of goods sold $ 0.9 $ 1.3 $ 1.8 $ 2.6 Service cost of benefits earned represented in SG&A expenses 0.7 0.9 1.2 1.8 Other non-operating expense (8.1 ) (7.9 ) (16.4 ) (15.8 ) Net periodic pension and postretirement (credit) $ (6.5 ) $ (5.7 ) $ (13.4 ) $ (11.4 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | The estimated fair values of our financial instruments are as follows: June 30, 2018 December 31, 2017 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(Liabilities), net: Total long-term debt, including current portion $ (835.0 ) $ (835.6 ) $ (850.2 ) $ (850.8 ) Foreign currency contracts 0.2 0.2 (0.8 ) (0.8 ) Natural gas contracts - - (0.6 ) (0.6 ) Interest rate swap contracts 13.7 13.7 8.9 8.9 |
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, 2018 December 31, 2017 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/(Liabilities), net: Foreign currency contracts $ 0.2 $ - $ (0.8 ) $ - Natural gas contracts - - - (0.6 ) Interest rate swap contracts - 13.7 - 8.9 |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | Trade Date Notional Amount Coverage Period Risk Coverage 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, 2018 December 31, 2017 Balance Sheet Location June 30, 2018 December 31, 2017 Derivatives designated as hedging instruments Natural gas commodity contracts Other current assets $ 0.1 $ - Accounts payable and accrued expenses $ 0.1 $ 0.5 Foreign exchange contracts Other current assets 0.3 - Accounts payable and accrued expenses 0.1 0.7 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 - - Other long-term liabilities - 0.1 Interest rate swap contracts Other non-current assets 13.7 8.7 Other long-term liabilities - - Total derivatives designated as hedging instruments $ 14.1 $ 8.9 $ 0.2 $ 1.4 |
Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | Amount of Gain (Loss) Recognized in AOCI (Effective Portion) Location of Gain (Loss) Reclassified 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, 2018 2017 2018 2017 2018 2017 Derivatives in cash flow hedging relationships Natural gas commodity contracts $ 0.2 $ (1.0 ) Cost of goods sold $ - $ 0.2 $ (0.4 ) $ 0.3 Foreign exchange contracts – purchases 0.1 (0.4 ) Cost of goods sold - - - - Foreign exchange contracts – sales 0.7 (0.8 ) Net sales (0.1 ) 0.2 (0.3 ) 0.4 Interest rate swap contracts 4.3 0.1 Interest expense (0.3 ) - (0.8 ) - Total $ 5.3 $ (2.1 ) Total (loss) gain from continuing operations $ (0.4 ) $ 0.4 $ (1.5 ) $ 0.7 Total (loss) from discontinued operations - - (0.1 ) - Total (loss) gain $ (0.4 ) $ 0.4 $ (1.6 ) $ 0.7 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 $ (47.1 ) $ 3.5 $ (302.3 ) $ (345.9 ) Impact of ASU 2018-02 adoption - 0.7 (55.0 ) (54.3 ) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $ -, ($0.8), $0.2 and ($0.6) (14.9 ) 4.6 (0.9 ) (11.2 ) Amounts reclassified from accumulated other comprehensive (loss) - 1.2 5.8 7.0 Net current period other comprehensive (loss) income (14.9 ) 5.8 4.9 (4.2 ) Balance at June 30, 2018 $ (62.0 ) $ 10.0 $ (352.4 ) $ (404.4 ) 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) before reclassifications, net of tax expense (benefit) 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 ) (1) Amounts are net of tax |
Reclassification out of Accumulated Other Comprehensive Income | Amounts Reclassified from Accumulated Other Comprehensive (Loss) (1) Affected Condensed Consolidated Statement of Earnings and Comprehensive Income Six Months Ended June 30, 2018 2017 Derivative Adjustments: Natural gas commodity contracts $ 0.4 $ (0.3 ) Cost of goods sold Foreign exchange contracts - purchases 0.1 - Cost of goods sold Foreign exchange contracts - sales 0.3 (0.4 ) Net sales Interest rate swap contracts 0.8 - Interest expense Total loss (income), before tax 1.6 (0.7 ) Tax impact (0.4 ) 0.2 Income tax expense Total loss (income), net of tax 1.2 (0.5 ) Pension and Postretirement Adjustments: Prior service cost amortization - 0.7 Other non-operating (income) expense, net Amortization of net actuarial loss 7.3 7.3 Other non-operating (income) expense, net Total expense, before tax 7.3 8.0 Tax impact (1.5 ) (2.7 ) Income tax expense Total expense, net of tax 5.8 5.3 Total reclassifications for the period $ 7.0 $ 4.8 (1) Includes activity from discontinued operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings to Earnings Attributable to Common Shares Used in Basic and Diluted Calculation | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Earnings from continuing operations $ 47.6 $ 43.7 $ 88.8 $ 79.2 Earnings allocated to participating non-vested share awards (0.2 ) (0.1 ) (0.3 ) (0.3 ) Earnings from continuing operations attributable to common shares $ 47.4 $ 43.6 $ 88.5 $ 78.9 |
Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Basic shares outstanding 51.9 53.3 52.5 53.7 Dilutive effect of common stock equivalents 0.7 0.4 0.7 0.4 Diluted shares outstanding 52.6 53.7 53.2 54.1 |
Business and Basis of Present43
Business and Basis of Presentation (Narrative) (Details) $ in Millions | Jul. 18, 2018USD ($) | Jan. 01, 2018USD ($) | May 31, 2018Facility | Jan. 31, 2017Facility | Jun. 30, 2018 | Jun. 30, 2017USD ($) | Dec. 31, 2017 | Nov. 17, 2017USD ($) |
Business And Basis Of Presentation [Line Items] | ||||||||
Corporate statutory tax rate | 21.00% | 35.00% | ||||||
Tax cuts and jobs act of 2017 reclassification from AOCI to retained earnings | $ 54.3 | |||||||
ASU 2017-07 [Member] | Increase in Cost of Goods Sold [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Reclassification adjustment amount | $ 10.2 | |||||||
ASU 2017-07 [Member] | Increase in Selling General and Administrative Expenses [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Reclassification adjustment amount | 5.6 | |||||||
ASU 2017-07 [Member] | Increase in Other Non-operating Income, Net [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Reclassification adjustment amount | $ 15.8 | |||||||
Tectum, Inc. [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Number of manufacturing facility | Facility | 2 | |||||||
Plasterform, Inc. [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Number of manufacturing facility | Facility | 1 | |||||||
Subsequent Event [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Potential adjustments to the purchase price consideration | $ 35 | |||||||
Potential adjustments to the purchase price consideration | 20 | |||||||
August 1, 2018 [Member] | Subsequent Event [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Receivable from sale of business | 250 | |||||||
September 15, 2018 [Member] | Subsequent Event [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Receivable from sale of business | $ 80 | |||||||
EMEA and Pacific Rim Business [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Consideration to be received in connection with sale of businesses | $ 330 | |||||||
WAVE [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Equity interest percentage | 50.00% |
Segment Results (Schedule of Ne
Segment Results (Schedule of Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 248.6 | $ 225.6 | $ 475.9 | $ 445.4 |
Mineral Fiber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 206.7 | 190.1 | 397.4 | 379.9 |
Architectural Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 41.9 | $ 35.5 | $ 78.5 | $ 65.5 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | $ 66 | $ 69.2 | $ 115.6 | $ 126.5 |
Unallocated Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | (2.1) | (3) | (4.5) | (6) |
Mineral Fiber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | 59.5 | 64.1 | 103.2 | 119.6 |
Architectural Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | $ 8.6 | $ 8.1 | $ 16.9 | $ 12.9 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting [Abstract] | ||||
Total consolidated operating income | $ 66 | $ 69.2 | $ 115.6 | $ 126.5 |
Interest expense | 9.8 | 8.9 | 19 | 17.8 |
Other non-operating (income), net | (9.1) | (8.3) | (18.1) | (17.2) |
Earnings from continuing operations before income taxes | $ 65.3 | $ 68.6 | $ 114.7 | $ 125.9 |
Segment Results (Reconciliati47
Segment Results (Reconciliation of Total Segment Assets to Total Consolidated Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 1,526.8 | $ 1,567.4 |
Unallocated Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 296.7 | 320.7 |
Mineral Fiber [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,166.5 | 1,193.5 |
Architectural Specialties [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 63.6 | $ 53.2 |
Segment Results (Narrative) (De
Segment Results (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Mineral Fiber [Member] | |||
Segment Reporting Information [Line Items] | |||
Cost of goods sold for accelerated depreciation of machinery and equipment | $ 4.3 | $ 4 | $ 12 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - Maximum [Member] | 6 Months Ended |
Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | |
Payment terms on sales | 45 days |
Incremental costs to fulfill customer arrangements amortization period | 1 year |
Revenue (Schedule of Net Sales
Revenue (Schedule of Net Sales by Major Customer Group within Each Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | $ 248.6 | $ 225.6 | $ 475.9 | $ 445.4 |
Mineral Fiber [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 206.7 | 190.1 | 397.4 | 379.9 |
Mineral Fiber [Member] | Distributors [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 156.7 | 141.6 | 294.4 | 277.8 |
Mineral Fiber [Member] | Home Centers [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 20.5 | 18.7 | 44.5 | 44.4 |
Mineral Fiber [Member] | Direct Customers [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 16.8 | 16.8 | 30.5 | 31.7 |
Mineral Fiber [Member] | Retailers And Other | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 12.7 | 13 | 28 | 26 |
Architectural Specialties [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 41.9 | 35.5 | 78.5 | 65.5 |
Architectural Specialties [Member] | Distributors [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 33.4 | 28 | 61.8 | 51.4 |
Architectural Specialties [Member] | Direct Customers [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 7.5 | 6.5 | 15.4 | 12.1 |
Architectural Specialties [Member] | Retailers And Other | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | $ 1 | $ 1 | $ 1.3 | $ 2 |
Acquisition and Discontinued 51
Acquisition and Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2018 | Apr. 30, 2017 | Jan. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Business acquisition, goodwill | $ 16.9 | $ 11.3 | $ 16.9 | |||
EMEA and Pacific Rim Business [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Asset impairment charges | 5.7 | 74 | 23.4 | |||
EMEA and Pacific Rim Business [Member] | Foreign Currency Translation Adjustments [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Accumulated other comprehensive income adjustments | $ 19.1 | $ 51.4 | $ 13.9 | |||
DLW [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Settlement agreement and mutual release with administrator to settle all claims of Administrator related to insolvency for a cash payment | $ 11.8 | |||||
Plasterform, Inc. [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Business acquisition, purchase price | $ 11.6 | |||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 2 | |||||
Business acquisition, total fair value of intangible assets of amortizable customer relationships and non-amortizing brand names | 4 | |||||
Business acquisition, goodwill | $ 5.6 | |||||
Tectum [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Business acquisition, purchase price | $ 31.2 | |||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 4.4 | |||||
Business acquisition, total fair value of intangible assets of amortizable customer relationships and non-amortizing brand names | 16 | |||||
Business acquisition, goodwill | $ 10.8 |
Acquisition and Discontinued 52
Acquisition and Discontinued Operations (Schedule of Business Details and Line Items Comprising Discontinued Operations on Statements of Earnings and Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net sales | $ 114.6 | $ 105.2 | $ 219 | $ 200.8 |
Cost of goods sold | 87.3 | 84.4 | 165.1 | 164.1 |
Gross profit | 27.3 | 20.8 | 53.9 | 36.7 |
Selling, general and administrative expenses | 19.7 | 19.5 | 41.7 | 37.6 |
Operating income (loss) | 7.6 | 1.3 | 12.2 | (0.9) |
Interest expense | 0.5 | 0.3 | 0.9 | 0.6 |
Other non-operating (income) expense, net | 1.4 | (0.5) | 0.2 | (1.1) |
Earnings (loss) from discontinued operations before income tax | 5.7 | 1.5 | 11.1 | (0.4) |
Income tax expense | 0.2 | 3.7 | 1.7 | 6.5 |
Net earnings (loss) from discontinued operations, net of tax | 5.5 | (2.2) | 9.4 | (6.9) |
(Loss) on disposal of discontinued businesses, before income tax | (5.7) | (23.4) | (0.1) | |
Income tax expense | 0.1 | 0.2 | (0.3) | 0.5 |
(Loss) on disposal of discontinued businesses, net of tax | (5.8) | (0.2) | (23.1) | (0.6) |
Net (loss) from discontinued operations | (0.3) | (2.4) | (13.7) | (7.5) |
EMEA and Pacific Rim Business [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net sales | 114.6 | 105.2 | 219 | 200.8 |
Cost of goods sold | 87.3 | 84.4 | 165.1 | 164.1 |
Gross profit | 27.3 | 20.8 | 53.9 | 36.7 |
Selling, general and administrative expenses | 19.7 | 19.5 | 41.7 | 37.6 |
Operating income (loss) | 7.6 | 1.3 | 12.2 | (0.9) |
Interest expense | 0.5 | 0.3 | 0.9 | 0.6 |
Other non-operating (income) expense, net | 1.4 | (0.5) | 0.2 | (1.1) |
Earnings (loss) from discontinued operations before income tax | 5.7 | 1.5 | 11.1 | (0.4) |
Income tax expense | 0.2 | 3.7 | 1.7 | 6.5 |
Net earnings (loss) from discontinued operations, net of tax | 5.5 | (2.2) | 9.4 | (6.9) |
(Loss) on disposal of discontinued businesses, before income tax | (5.7) | (23.4) | ||
(Loss) on disposal of discontinued businesses, net of tax | (5.7) | (23.4) | ||
Net (loss) from discontinued operations | (0.2) | (2.2) | (14) | (6.9) |
Flooring Businesses [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
(Loss) on disposal of discontinued businesses, before income tax | (0.1) | |||
Income tax expense | 0.1 | 0.2 | (0.3) | 0.5 |
(Loss) on disposal of discontinued businesses, net of tax | (0.1) | (0.2) | 0.3 | (0.6) |
Net (loss) from discontinued operations | $ (0.1) | $ (0.2) | $ 0.3 | $ (0.6) |
Acquisition and Discontinued 53
Acquisition and Discontinued Operations (Summary of Carrying Amount of Major Classes of Assets and Liabilities Related to EMEA and Pacific Rim Businesses) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 10 | |
Total current assets discontinued operations | 297.9 | $ 306.1 |
Total assets | 1,824.7 | 1,873.5 |
Current liabilities: | ||
Total current liabilities | 114.9 | 128.5 |
EMEA and Pacific Rim Business [Member] | ||
Current assets: | ||
Cash and cash equivalents | 10 | |
Accounts and notes receivable, net | 62.4 | 61.4 |
Inventories, net | 71 | 59.2 |
Income tax receivable | 5.3 | 3.1 |
Other current assets | 8.8 | 12.9 |
Total current assets discontinued operations | 157.5 | 136.6 |
Property, plant, and equipment, less accumulated depreciation and amortization | 103.4 | 131.3 |
Prepaid pension costs | 26.2 | 26.1 |
Goodwill and intangible assets, net | 7.1 | 7.2 |
Deferred income taxes | 2.7 | 4 |
Other non-current assets | 1 | 0.9 |
Total non-current assets of discontinued operations | 140.4 | 169.5 |
Total assets | 297.9 | 306.1 |
Current liabilities: | ||
Accounts payable and accrued expenses | 70.6 | 78.6 |
Income tax payable | 2.8 | 1.3 |
Total current liabilities | 73.4 | 79.9 |
Pension benefit liabilities | 34.4 | 34.7 |
Other long-term liabilities | 1.7 | 1.8 |
Deferred income taxes | 5.4 | 12.1 |
Total non-current liabilities of discontinued operations | 41.5 | 48.6 |
Total liabilities of discontinued operations | $ 114.9 | $ 128.5 |
Acquisition and Discontinued 54
Acquisition and Discontinued Operations (Summary of Carrying Amount of Major Classes of Assets and Liabilities Related to EMEA and Pacific Rim Businesses) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Dec. 31, 2017 | Jun. 30, 2018 | |
EMEA and Pacific Rim Business [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Pre-tax impairment charge | $ 74 | $ 23.4 |
Acquisition and Discontinued 55
Acquisition and Discontinued Operations (Summary of Total Depreciation and Amortization and Capital Expenditures) (Details) - EMEA and Pacific Rim Business [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Fixed asset impairment | $ 5.7 | $ 23.4 | ||
Purchases of property, plant and equipment | $ (2) | $ (2.9) | $ (3.2) | $ (6.8) |
Depreciation and amortization | $ 5.6 | $ 10.8 |
Accounts and Notes Receivable56
Accounts and Notes Receivable (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Customer receivables | $ 82.4 | $ 62.8 |
Miscellaneous receivables | 3.6 | 29.9 |
Less allowance for warranties, discounts and losses | (4.4) | (1.9) |
Accounts and notes receivable, net | $ 81.6 | $ 90.8 |
Accounts and Notes Receivable57
Accounts and Notes Receivable (Narrative) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Receivables [Abstract] | |
Insurance recoveries related to environmental matters | $ 28.7 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 39 | $ 33.2 |
Goods in process | 4.1 | 2.7 |
Raw materials and supplies | 28.3 | 26.1 |
Less LIFO reserves | (9.7) | (8.2) |
Total inventories, net | $ 61.7 | $ 53.8 |
Equity Investment (Narrative) (
Equity Investment (Narrative) (Details) | Jun. 30, 2018 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 106.7 | $ 92.5 | $ 194.4 | $ 177.8 |
Gross profit | 61.6 | 51.9 | 109.4 | 100 |
Net earnings | $ 49.2 | $ 41.4 | $ 84.8 | $ 79.2 |
Goodwill and Intangible Asset61
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Estimated Useful Life | Indefinite | |
Amortizing intangible assets, Gross Carrying Amount | $ 270.1 | $ 265.9 |
Amortizing intangible assets, Accumulated Amortization | 163.2 | 155.9 |
Goodwill | 16.9 | 11.3 |
Total goodwill and intangible assets | $ 606.9 | 597 |
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 | $ 319.9 | 319.8 |
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 | $ 180.3 | 176.3 |
Amortizing intangible assets, Accumulated Amortization | $ 98.4 | 93.9 |
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 | $ 84 | 83.7 |
Amortizing intangible assets, Accumulated Amortization | $ 63.7 | 60.9 |
Other [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | Various | |
Amortizing intangible assets, Gross Carrying Amount | $ 5.8 | 5.9 |
Amortizing intangible assets, Accumulated Amortization | $ 1.1 | $ 1.1 |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 7.3 | $ 7.3 |
Accounts Payable And Accrued 63
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Payables, trade and other | $ 71.6 | $ 67.6 |
Employment costs | 14.5 | 18 |
Current portion of pension and postretirement liabilities | 11.6 | 11.6 |
Other | 6.1 | 11.2 |
Total accounts payable and accrued expenses | $ 103.8 | $ 108.4 |
Income Tax Expense (Narrative)
Income Tax Expense (Narrative) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Corporate statutory tax rate | 21.00% | 35.00% |
Percentage of deduction for cost | 100.00% |
Income Tax Expenses (Details)
Income Tax Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Earnings from continuing operations before income taxes | $ 65.3 | $ 68.6 | $ 114.7 | $ 125.9 |
Income tax expense | $ 17.7 | $ 24.9 | $ 25.9 | $ 46.7 |
Effective tax rate | 27.10% | 36.30% | 22.60% | 37.10% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility amount | $ 49,600,000 | |
Line of credit availability | 215,000,000 | |
Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit availability | 600,000,000 | $ 600,000,000 |
Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit availability | 250,000,000 | 250,000,000 |
Bi-lateral Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility amount | 13,400,000 | |
Line of credit availability | 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] | ||
Line of credit availability | 200,000,000 | 200,000,000 |
Letter of credit maximum sublimit | 150,000,000 | 150,000,000 |
Amount outstanding | 0 | 0 |
Securitization Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility amount | 36,200,000 | |
Line of credit availability | 40,000,000 | |
Letters of credit issued classified as restricted cash | 6,600,000 | |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
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, 2018 | Dec. 31, 2017 |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | $ 215,000,000 | |
Letters of credit, Used | 49,600,000 | |
Letters of credit, Available | 165,400,000 | |
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 | 13,400,000 | |
Letters of credit, Available | 11,600,000 | |
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 |
Pension and Other Benefit Pro68
Pension and Other Benefit Programs (Schedule of Periodic Benefit Costs (Credits) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
U.S. Defined-Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost of benefits earned during the period | $ 1.5 | $ 2.1 | $ 2.9 | $ 4.2 |
Interest cost on projected benefit obligation | 11.6 | 12.4 | 23.1 | 24.9 |
Expected return on plan assets | (24) | (24.8) | (48) | (49.6) |
Amortization of prior service (credit) cost | 0.3 | 0.7 | ||
Amortization of net actuarial (gain) loss | 5 | 4.3 | 10 | 8.5 |
Net periodic pension\postretirement (credit) | (5.9) | (5.7) | (12) | (11.3) |
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 | 0.1 | 0.2 |
Interest cost on projected benefit obligation | 0.7 | 0.8 | 1.3 | 1.5 |
Amortization of net actuarial (gain) loss | (1.4) | $ (0.9) | (2.8) | (1.8) |
Net periodic pension\postretirement (credit) | $ (0.6) | $ (1.4) | $ (0.1) |
Pension and Other Benefit Pro69
Pension and Other Benefit Programs (Components of Net Periodic Benefit Credit within Income Statement) (Details) - ASU 2017-07 [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension and postretirement (credit) | $ (6.5) | $ (5.7) | $ (13.4) | $ (11.4) |
Cost of goods sold [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost of benefits earned during the period | 0.9 | 1.3 | 1.8 | 2.6 |
SG&A Expenses [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost of benefits earned during the period | 0.7 | 0.9 | 1.2 | 1.8 |
Other non-operating expense [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other non-operating expense | $ (8.1) | $ (7.9) | $ (16.4) | $ (15.8) |
Financial Instruments (Estimate
Financial Instruments (Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | $ (835) | $ (850.2) |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | (835.6) | (850.8) |
Foreign Currency Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | 0.2 | (0.8) |
Foreign Currency Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | 0.2 | (0.8) |
Natural Gas Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.6) | |
Natural Gas Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.6) | |
Interest Rate Swap Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | 13.7 | 8.9 |
Interest Rate Swap Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ 13.7 | $ 8.9 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Measurement of Assets and Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Level 1 [Member] | Foreign Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ 0.2 | $ (0.8) |
Level 2 [Member] | Natural Gas Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.6) | |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ 13.7 | $ 8.9 |
Derivative Financial Instrume72
Derivative Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Apr. 01, 2016 | |
Derivative [Line Items] | ||||||
Derivative assets | $ 14,100,000 | $ 14,100,000 | $ 8,900,000 | |||
Derivative liabilities | 200,000 | 200,000 | 1,400,000 | |||
Gains in AOCI expected to be recognized in earnings over the next twelve months | 2,500,000 | |||||
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 | $ 0 | $ 0 | ||
Commodity Price Risk [Member] | ||||||
Derivative [Line Items] | ||||||
Maximum length of time hedged in cash flow hedge | 24 months | |||||
Notional amount | 8,000,000 | $ 8,000,000 | 9,200,000 | |||
Gain (loss) recognized on hedge ineffective portion | 0 | $ 0 | $ 0 | $ 0 | ||
Foreign Exchange Contracts, Sales and Purchases [Member] | ||||||
Derivative [Line Items] | ||||||
Maximum length of time hedged in cash flow hedge | 15 months | |||||
Notional amount | $ 13,300,000 | $ 13,300,000 | $ 18,900,000 | |||
Interest Rate Swap Contracts [Member] | Term Loan B [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
LIBOR floor | 0.75% |
Derivative Financial Instrume73
Derivative Financial Instruments (Summary of Interest Rate Swaps) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
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 Instrume74
Derivative Financial Instruments (Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 14.1 | $ 8.9 |
Derivative Liabilities, Fair Value | 0.2 | 1.4 |
Other Current Assets [Member] | Natural Gas Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 0.1 | |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 0.3 | |
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] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 13.7 | 8.7 |
Accounts Payable And Accrued Expenses [Member] | Natural Gas Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.1 | 0.5 |
Accounts Payable And Accrued Expenses [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ 0.1 | 0.7 |
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 | $ 0.1 |
Derivative Financial Instrume75
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain(Loss) Recognized in AOCI (Effective Portion) | $ 5.3 | $ (2.1) | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ (0.4) | $ 0.4 | (1.6) | 0.7 |
Continuing Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (0.4) | 0.4 | (1.5) | 0.7 |
Discontinued Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (0.1) | |||
Natural Gas Commodity Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain(Loss) Recognized in AOCI (Effective Portion) | 0.2 | (1) | ||
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 | (0.4) | 0.3 | |
Foreign Exchange Contracts - Purchases [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain(Loss) Recognized in AOCI (Effective Portion) | 0.1 | (0.4) | ||
Foreign Exchange Contracts - Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain(Loss) Recognized in AOCI (Effective Portion) | 0.7 | (0.8) | ||
Foreign Exchange Contracts - Sales [Member] | Net Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (0.1) | $ 0.2 | (0.3) | 0.4 |
Interest Rate Swap Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain(Loss) Recognized in AOCI (Effective Portion) | 4.3 | $ 0.1 | ||
Interest Rate Swap Contracts [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ (0.3) | $ (0.8) |
Common Stock Repurchase Plan (N
Common Stock Repurchase Plan (Narrative) (Details) - USD ($) | Oct. 30, 2017 | Jul. 29, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jul. 31, 2018 |
Equity Class Of Treasury Stock [Line Items] | ||||||
Shares repurchase program, repurchased cost | $ 105,000,000 | $ 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 | 1,785,816 | 1,659,452 | 4,700,000 | |||
Shares repurchase program, repurchased cost | $ 105,000,000 | $ 229,200,000 | ||||
Shares repurchase program, average price per share | $ 58.80 | $ 48.33 | ||||
Stock repurchase program, additional authorized amount | $ 250,000,000 | |||||
Shares repurchase program, extended expiration date | Oct. 31, 2020 | |||||
Common Stock [Member] | Subsequent Event [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Shares repurchase program, authorized amount | $ 700,000,000 | |||||
Stock repurchase program, additional authorized amount | $ 300,000,000 | |||||
Common Stock [Member] | Maximum [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Shares repurchase program, authorized amount | $ 150,000,000 |
Accumulated Other Comprehensi77
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | $ 419.3 | $ 266.4 |
Impact of ASU 2018-02 adoption | (54.3) | |
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) | (11.2) | 11.9 |
Amounts reclassified from accumulated other comprehensive (loss) | 7 | 4.8 |
Net current period other comprehensive income (loss) | (4.2) | 16.7 |
Balance | 404.1 | 297.3 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (47.1) | (71.6) |
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) | (14.9) | 13.9 |
Net current period other comprehensive income (loss) | (14.9) | 13.9 |
Balance | (62) | (57.7) |
Derivative Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | 3.5 | 3.8 |
Impact of ASU 2018-02 adoption | 0.7 | |
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) | 4.6 | (1.2) |
Amounts reclassified from accumulated other comprehensive (loss) | 1.2 | (0.5) |
Net current period other comprehensive income (loss) | 5.8 | (1.7) |
Balance | 10 | 2.1 |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (302.3) | (336) |
Impact of ASU 2018-02 adoption | (55) | |
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) | (0.9) | (0.8) |
Amounts reclassified from accumulated other comprehensive (loss) | 5.8 | 5.3 |
Net current period other comprehensive income (loss) | 4.9 | 4.5 |
Balance | (352.4) | (331.5) |
Accumulated Other Comprehensive (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (345.9) | (403.8) |
Balance | $ (404.4) | $ (387.1) |
Accumulated Other Comprehensi78
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Parenthetical) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | $ (0.6) | $ 0.9 |
Derivative Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | (0.8) | $ 0.9 |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | $ 0.2 |
Accumulated Other Comprehensi79
Accumulated Other Comprehensive Income (Loss) (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | $ 165.9 | $ 140.4 | $ 322.4 | $ 281.9 |
Net sales | 248.6 | 225.6 | 475.9 | 445.4 |
Interest expense | 9.8 | 8.9 | 19 | 17.8 |
Earnings from continuing operations before income taxes | 65.3 | 68.6 | 114.7 | 125.9 |
Tax impact | (17.7) | (24.9) | (25.9) | (46.7) |
Total loss (income), net of tax | (47.3) | (41.3) | (75.1) | (71.7) |
Other non-operating (income) expense, net | $ 9.1 | $ 8.3 | 18.1 | 17.2 |
Total reclassifications for the period | 7 | 4.8 | ||
Derivative Gain (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period | 1.2 | (0.5) | ||
Derivative Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings from continuing operations before income taxes | 1.6 | (0.7) | ||
Tax impact | (0.4) | 0.2 | ||
Total loss (income), net of tax | 1.2 | (0.5) | ||
Derivative Gain (Loss) [Member] | Natural Gas Commodity Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | 0.4 | (0.3) | ||
Derivative Gain (Loss) [Member] | Foreign Exchange Contracts - Purchases [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | 0.1 | |||
Derivative Gain (Loss) [Member] | Foreign Exchange Contracts - Sales [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net sales | 0.3 | (0.4) | ||
Derivative Gain (Loss) [Member] | Interest Rate Swap Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | 0.8 | |||
Prior Service Cost Amortization [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other non-operating (income) expense, net | 0.7 | |||
Amortization Of Net Actuarial Loss [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other non-operating (income) expense, net | 7.3 | 7.3 | ||
Pension And Postretirement Adjustments [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period | 5.8 | 5.3 | ||
Pension And Postretirement Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total expense, before tax | 7.3 | 8 | ||
Tax impact | (1.5) | (2.7) | ||
Total expense, net of tax | $ 5.8 | $ 5.3 |
Litigation and Related Matters
Litigation and Related Matters (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Sep. 30, 2010site | Jun. 30, 2018USD ($)Litigation | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Litigationsite | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2007 | Feb. 01, 2018USD ($) | |
Loss Contingencies [Line Items] | |||||||||
Number of active and independent litigation matters for which pursuing coverage and recoveries | Litigation | 2 | 2 | |||||||
Settlement agreement amount of litigation agreement | $ 30,500,000 | ||||||||
Cash received from litigation settlements | $ 28,700,000 | ||||||||
Environmental liabilities | $ 13,100,000 | $ 13,500,000 | 13,100,000 | $ 13,500,000 | |||||
Reserves for potential environmental liabilities | $ 0 | $ 700,000 | $ 0 | $ 1,300,000 | |||||
St. Helens [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental liabilities | $ 8,600,000 | ||||||||
Reserves for potential environmental liabilities | $ 8,600,000 | ||||||||
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 Earnings to Earnings Attributable to Common Shares Used in Basic and Diluted Calculation) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Earnings from continuing operations | $ 47.6 | $ 43.7 | $ 88.8 | $ 79.2 |
Earnings allocated to participating non-vested share awards | (0.2) | (0.1) | (0.3) | (0.3) |
Earnings from continuing operations attributable to common shares | $ 47.4 | $ 43.6 | $ 88.5 | $ 78.9 |
Earnings Per Share (Reconcili82
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Basic shares outstanding | 51.9 | 53.3 | 52.5 | 53.7 |
Dilutive effect of common stock equivalents | 0.7 | 0.4 | 0.7 | 0.4 |
Diluted shares outstanding | 52.6 | 53.7 | 53.2 | 54.1 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Options to purchase common stock not included in the computation of diluted EPS | 0 | 445,921 | 0 | 516,381 |