ARMSTRONG WORLD INDUSTRIES INC, 10-Q filed on 4/29/2025
Quarterly Report
v3.25.1
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2025
Apr. 24, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Registrant Name ARMSTRONG WORLD INDUSTRIES, INC.  
Trading Symbol AWI  
Entity Central Index Key 0000007431  
Entity Current Reporting Status Yes  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Common Stock, Shares Outstanding   43,426,816
Entity Shell Company false  
Entity File Number 1-2116  
Entity Tax Identification Number 23-0366390  
Entity Address, Address Line One 2500 Columbia Avenue  
Entity Address, City or Town Lancaster  
Entity Address, State or Province PA  
Entity Address, Postal Zip Code 17603  
City Area Code 717  
Local Phone Number 397-0611  
Entity Interactive Data Current Yes  
Document Quarterly Report true  
Document Transition Report false  
Entity Incorporation, State or Country Code PA  
Security Exchange Name NYSE  
Title of 12(b) Security Common Stock, $0.01 par value per share  
v3.25.1
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 382.7 $ 326.3
Cost of goods sold 232.8 202.0
Gross profit (loss) 149.9 124.3
Selling, general and administrative expenses 78.0 65.4
Equity (earnings) from unconsolidated affiliates, net (26.6) (27.2)
Segment operating income (loss) 98.5 86.1
Interest expense 8.5 9.0
Other non-operating (income), net (0.7) (3.1)
Earnings before income taxes 90.7 80.2
Income tax expense 21.6 20.3
Net earnings 69.1 59.9
Other comprehensive income (loss), net of tax:    
Foreign currency translation adjustments 0.3 (0.8)
Derivative (loss) gain, net (1.5) 0.5
Pension and postretirement adjustments 0.6 (0.6)
Total other comprehensive (loss) (0.6) (0.9)
Total comprehensive income $ 68.5 $ 59.0
Net earnings per share of common stock:    
Basic $ 1.59 $ 1.37
Diluted $ 1.58 $ 1.36
Average number of common shares outstanding:    
Basic 43.5 43.8
Diluted 43.8 44.1
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 82.8 $ 79.3
Accounts and notes receivable, net 151.4 134.4
Inventories, net 117.1 109.8
Income taxes receivable 0.5 3.9
Other current assets 19.7 21.5
Total current assets 371.5 348.9
Property, plant, and equipment, less accumulated depreciation and amortization of $679.2 and $659.4, respectively 596.2 598.8
Operating lease assets 37.4 36.6
Finance lease assets 33.5 34.6
Prepaid pension costs 89.6 88.3
Investments in unconsolidated affiliates 28.9 27.2
Goodwill 210.0 203.2
Intangible assets, net 440.3 455.0
Other non-current assets 47.0 50.1
Total assets 1,854.4 1,842.7
Current liabilities:    
Current installments of long-term debt 22.5 22.5
Accounts payable and accrued expenses 178.7 215.3
Operating lease liabilities 8.6 8.1
Finance lease liabilities 4.1 3.8
Income taxes payable 17.7 0.0
Total current liabilities 231.6 249.7
Long-term debt, less current installments 497.2 502.6
Operating lease liabilities 30.1 29.7
Finance lease liabilities 32.5 33.2
Postretirement benefit liabilities 34.8 35.3
Pension benefit liabilities 24.0 24.6
Other long-term liabilities 30.3 28.4
Income taxes payable 15.4 15.0
Deferred income taxes 165.1 167.1
Total non-current liabilities 829.4 835.9
Shareholders' equity:    
Common stock, $0.01 par value per share, 200 million shares authorized, 63,189,152 shares issued and 43,424,918 shares outstanding as of March 31, 2025 and 63,176,007 shares issued and 43,561,649 shares outstanding as of December 31, 2024 0.6 0.6
Capital in excess of par value 607.5 604.0
Retained earnings 1,616.3 1,560.7
Treasury stock, at cost, 19,764,234 shares as of March 31, 2025 and 19,614,358 shares as of December 31, 2024 (1,320.2) (1,298.0)
Accumulated other comprehensive (loss) (110.8) (110.2)
Total shareholders' equity 793.4 757.1
Total liabilities and shareholders' equity $ 1,854.4 $ 1,842.7
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Property, plant and equipment, accumulated depreciation and amortization $ 679.2 $ 659.4
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 63,189,152 63,176,007
Common stock, shares outstanding 43,424,918 43,561,649
Treasury stock, shares 19,764,234 19,614,358
v3.25.1
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions
Total
Common Stock
Capital in Excess of Par Value
Retained Earnings
Treasury Stock
AOCI Attributable to Parent
Beginning Balance at Dec. 31, 2023 $ 591.8 $ 0.6 $ 591.7 $ 1,346.6 $ (1,242.4) $ (104.7) [1],[2]
Balance, shares at Dec. 31, 2023   43,902,061        
Balance, shares at Dec. 31, 2023         19,152,279  
Stock issuance, net, shares   17,892        
Cash dividends - per common share (12.4)     (12.4)    
Share-based employee compensation 3.6   3.6      
Net earnings 59.9     59.9    
Other comprehensive income (loss) (0.9)         (0.9)
Acquisition of treasury stock (15.2)       $ (15.2)  
Acquisition of treasury stock, shares   (142,582)     142,582  
Ending Balance at Mar. 31, 2024 626.8 $ 0.6 595.3 1,394.1 $ (1,257.6) (105.6) [1],[2]
Balance, shares at Mar. 31, 2024   43,777,371        
Balance, shares at Mar. 31, 2024         19,294,861  
Beginning Balance at Dec. 31, 2024 $ 757.1 $ 0.6 604.0 1,560.7 $ (1,298.0) (110.2) [1],[2]
Balance, shares at Dec. 31, 2024 43,561,649 43,561,649        
Balance, shares at Dec. 31, 2024         19,614,358  
Stock issuance, net, shares   13,145        
Cash dividends - per common share $ (13.5)     (13.5)    
Share-based employee compensation 3.5   3.5      
Net earnings 69.1     69.1    
Other comprehensive income (loss) (0.6)         (0.6)
Acquisition of treasury stock (22.2)       $ (22.2)  
Acquisition of treasury stock, shares   (149,876)     149,876  
Ending Balance at Mar. 31, 2025 $ 793.4 $ 0.6 $ 607.5 $ 1,616.3 $ (1,320.2) $ (110.8) [1],[2]
Balance, shares at Mar. 31, 2025 43,424,918 43,424,918        
Balance, shares at Mar. 31, 2025         19,764,234  
[1] Amounts are net of tax.
[2] Amounts include our 50% share of AOCI components from our WAVE joint venture.
v3.25.1
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends declared $ 0.308 $ 0.28
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net Income (Loss) $ 69.1 $ 59.9
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 29.3 24.3
Deferred income taxes (1.7) (1.0)
Share-based compensation 4.5 4.1
Equity (earnings) from unconsolidated affiliates, net (26.6) (27.2)
Loss/(gain) related to change in fair value of contingent consideration 0.3 (0.3)
Payment of contingent consideration in excess of acquisition-date fair value (0.7) 0.0
Other non-cash adjustments, net 0.4 0.0
Changes in operating assets and liabilities:    
Receivables (22.3) (25.1)
Inventories (7.2) (2.5)
Accounts payable and accrued expenses (24.9) (18.2)
Income taxes receivable and payable, net 21.5 19.5
Other assets and liabilities (0.7) (7.1)
Net cash provided by operating activities 41.0 26.4
Cash flows from investing activities:    
Purchases of property, plant and equipment (19.1) (14.7)
Return of investment from joint venture 25.1 23.4
Investment in unconsolidated affiliate 0.0 (5.5)
Proceeds from company owned life insurance, net 0.0 2.7
Net cash provided by investing activities 6.0 5.9
Cash flows from financing activities:    
Proceeds from revolving credit facility 10.0 25.0
Payments of revolving credit facility (10.0) (25.0)
Payments of long-term debt (5.6) (5.6)
Payments for finance leases (0.8) (0.8)
Dividends paid (13.4) (12.3)
Payments (proceeds) from share-based compensation plans, net of tax (1.0) 0.6
Payments of acquisition-related contingent consideration (0.8) 0.0
Payments for treasury stock acquired (22.0) (15.0)
Net cash (used for) financing activities (43.6) (33.1)
Effect of exchange rate changes on cash and cash equivalents 0.1 (0.4)
Net increase (decrease) in cash and cash equivalents 3.5 (1.2)
Cash and cash equivalents at beginning of year 79.3 70.8
Cash and cash equivalents at end of period 82.8 69.6
Supplemental Cash Flow Disclosures:    
Interest paid 7.8 8.5
Income tax payments, net 1.8 1.7
Amounts in accounts payable for capital expenditures 2.2 0.4
Purchases of property, plant and equipment through vendor financing $ 1.6 $ 0.0
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 69.1 $ 59.9
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Business and Basis of Presentation

NOTE 1. BUSINESS AND BASIS OF PRESENTATION

Armstrong World Industries, Inc. (“AWI”) is a Pennsylvania corporation incorporated in 1891. When we refer to “AWI,” the “Company,” “we,” “our” or “us” in these notes, we are referring to AWI and its subsidiaries.

Except as disclosed in this note, the accounting policies used in preparing the Condensed Consolidated Financial Statements in this Form 10-Q are the same as those used in preparing the Consolidated Financial Statements for the year ended December 31, 2024. These statements should therefore be read in conjunction with the Consolidated Financial Statements and notes that are included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024. In the opinion of management, all adjustments of a normal recurring nature have been included to provide a fair statement of the results for the reporting periods presented. Operating results for the first quarter of 2025 and 2024 included in this report are unaudited. Quarterly results are not necessarily indicative of annual earnings, primarily due to the different level of sales in each quarter of the year and the possibility of changes in general economic conditions.

These Condensed Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles. The statements include management estimates and judgments, where appropriate. Management utilizes estimates to record many items, including certain asset values, contingent purchase price liabilities, allowances for bad debts, inventory obsolescence and lower of cost and net realizable value charges, warranty reserves, workers’ compensation, general liability and environmental claims, and income taxes. When preparing an estimate, management determines the amount based upon the consideration of relevant information and may confer with outside parties, including external counsel. Actual results may differ from these estimates.

Certain prior year amounts have been reclassified in the Condensed Consolidated Financial Statements to conform to the 2025 presentation, most notably disaggregated expenditures for our operating segments related to our December 31, 2024 adoption of the Financial Accounting Standards Board’s ("FASB") Accounting Standards Update ("ASU") 2023-07, "Improvements to Reportable Segment Disclosures." See Note 2 for additional details.

Acquisitions and Investments in Unconsolidated Affiliates

In December 2024, we acquired all the issued and outstanding stock of A. Zahner Company (“Zahner”), based in Kansas City, Missouri. Zahner is a designer and manufacturer of exterior metal architectural solutions. The operations, assets and liabilities of Zahner are included in our Architectural Specialties segment.

In April 2024, we acquired all of the issued and outstanding membership interests in 3form, LLC (“3form”) based in Salt Lake City, Utah, from Hunter Douglas, Inc. 3form is a designer and manufacturer of architectural resin and glass products used for specialty walls, partitions and ceilings. The operations, assets and liabilities of 3form are included in our Architectural Specialties segment.

In January 2024, we entered into a strategic partnership and equity investment in Overcast Innovations LLC (“Overcast”) with McKinstry Essention, LLC whereby we contributed $5.5 million in exchange for a 19.5% ownership interest in Overcast, with future rights to increase our ownership interest. Overcast is a solutions company offering prefabricated ceiling cloud systems, modular grid platforms and engineering design services to reduce waste and inefficiencies in the built environment. Our investment and equity earnings and losses in Overcast are included in our Unallocated Corporate segment.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which modifies the disclosure requirements for income taxes. This ASU requires disclosure of tabular statutory to effective rate reconciliation in both percentages and dollars, additional disaggregated rate reconciliation categories and disaggregation of both income taxes paid and income tax expense by jurisdiction. This guidance is effective for annual periods beginning after December 15, 2024. We expect this ASU to only impact our disclosures with no impact to our results of operations, cash flows and financial condition.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures,” which expands disclosure of significant costs and expenses. This ASU requires expanded disclosures of significant costs and expenditures within cost of goods sold and selling, general and administrative (“SG&A”) expenses, including amounts of inventory purchased, employee compensation, depreciation, amortization and selling expenses. This ASU also requires expanded qualitative disclosures, including a description of selling expenses and a description of non-disaggregated expenses. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We expect this ASU to only impact our disclosures with no impact to our results of operations, cash flows and financial condition.
v3.25.1
Segment Results
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Results

NOTE 2. SEGMENT RESULTS

Our operating segments are as follows: Mineral Fiber, Architectural Specialties and Unallocated Corporate. Our product-based Mineral Fiber and Architectural Specialties segment net sales represent the product-based group offerings we sell to external customers.

Our Chief Operating Decision Maker (“CODM”) is our President and Chief Executive Officer. Segment operating income (loss) is the measure of segment profit or loss reviewed by the CODM. The following tables are presented at the level of disaggregation regularly reviewed by the CODM to evaluate operating performance and allocate resources to segments.

 

For the three months ended March 31, 2025

 

Mineral Fiber

 

 

Architectural Specialties

 

 

Unallocated
Corporate

 

 

Total

 

Net sales to external customers

 

$

245.1

 

 

$

137.6

 

 

$

-

 

 

$

382.7

 

Cost of goods sold

 

 

148.0

 

 

 

84.4

 

 

 

0.4

 

 

 

232.8

 

Gross profit (loss)

 

 

97.1

 

 

 

53.2

 

 

 

(0.4

)

 

 

149.9

 

SG&A expenses

 

 

39.4

 

 

 

38.4

 

 

 

0.2

 

 

 

78.0

 

Equity (earnings) loss from unconsolidated affiliates, net

 

 

(26.8

)

 

 

-

 

 

 

0.2

 

 

 

(26.6

)

Segment operating income (loss)

 

$

84.5

 

 

$

14.8

 

 

$

(0.8

)

 

$

98.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

20.8

 

 

 

8.5

 

 

 

-

 

 

 

29.3

 

Purchases of property, plant and equipment

 

 

14.6

 

 

 

4.5

 

 

 

-

 

 

 

19.1

 

 

For the three months ended March 31, 2024

 

Mineral Fiber

 

 

Architectural Specialties

 

 

Unallocated
Corporate

 

 

Total

 

Net sales to external customers

 

$

239.6

 

 

$

86.7

 

 

$

-

 

 

$

326.3

 

Cost of goods sold

 

 

145.7

 

 

 

55.9

 

 

 

0.4

 

 

 

202.0

 

Gross profit (loss)

 

 

93.9

 

 

 

30.8

 

 

 

(0.4

)

 

 

124.3

 

SG&A expenses

 

 

42.1

 

 

 

23.1

 

 

 

0.2

 

 

 

65.4

 

Equity (earnings) loss from unconsolidated affiliates, net

 

 

(27.4

)

 

 

-

 

 

 

0.2

 

 

 

(27.2

)

Segment operating income (loss)

 

$

79.2

 

 

$

7.7

 

 

$

(0.8

)

 

$

86.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

19.9

 

 

 

4.4

 

 

 

-

 

 

 

24.3

 

Purchases of property, plant and equipment

 

 

11.6

 

 

 

3.1

 

 

 

-

 

 

 

14.7

 

 

The following reconciles our total segment operating income to earnings before income taxes. These items are only measured and managed on a consolidated basis:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Total segment operating income

 

$

98.5

 

 

$

86.1

 

Interest expense

 

 

8.5

 

 

 

9.0

 

Other non-operating (income), net

 

 

(0.7

)

 

 

(3.1

)

Earnings before income taxes

 

$

90.7

 

 

$

80.2

 

 

As of March 31, 2025

 

Mineral Fiber

 

 

Architectural Specialties

 

 

Unallocated
Corporate

 

 

Total

 

Segment assets

 

$

1,080.2

 

 

$

596.7

 

 

$

177.5

 

 

$

1,854.4

 

Investment in unconsolidated affiliates

 

 

24.6

 

 

 

-

 

 

 

4.3

 

 

 

28.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,2024

 

Mineral Fiber

 

 

Architectural Specialties

 

 

Unallocated
Corporate

 

 

Total

 

Segment assets

 

$

1,063.8

 

 

$

602.2

 

 

$

176.7

 

 

$

1,842.7

 

Investment in unconsolidated affiliates

 

 

22.6

 

 

 

-

 

 

 

4.6

 

 

 

27.2

 

 
v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 3. REVENUE

Disaggregation of Revenues

Our Mineral Fiber and Architectural Specialties operating segments both manufacture and sell interior and exterior architectural applications including ceilings, specialty walls and exterior metal solutions (primarily mineral fiber, fiberglass, metal, felt, wood, architectural resin and glass, wood fiber, and glass-reinforced-gypsum) throughout the Americas. We disaggregate revenue based on our product-based segments and major customer channels, as they represent the most appropriate depiction of how the nature, amount and timing of revenues and cash flows are affected by economic factors. Net sales by major customer channel are as follows:

Distributors – represents net sales to building materials distributors who re-sell our products to contractors, subcontractors’ alliances, large architect and design firms, and major facility owners. Geographically, this category includes sales throughout the U.S., Canada, and Latin America.

Home centers – represents net sales to home centers, such as Lowe’s Companies, Inc. and The Home Depot, Inc. This category includes sales primarily to U.S. customers.

Direct customers – represents net sales to contractors, subcontractors, and large architect and design firms. This category includes sales primarily to U.S. customers.

Other – represents net sales to independent retailers and certain national account customers, including wholesalers who re-sell our products to dealers who service builders, contractors, online customers, major facility owners, group purchasing organizations and maintenance, repair and operating entities, and original product manufacturers. Geographically, this category includes sales throughout the U.S., Canada, and Latin America.

 

The following tables provide net sales by major customer channel within our Mineral Fiber and Architectural Specialties segments for the three months ended March 31, 2025 and 2024:

 

 

 

Three Months Ended

 

 

 

March 31,

 

Mineral Fiber

 

2025

 

 

2024

 

Distributors

 

$

180.0

 

 

$

169.3

 

Home centers

 

 

27.0

 

 

 

31.0

 

Direct customers

 

 

14.1

 

 

 

13.1

 

Other

 

 

24.0

 

 

 

26.2

 

Total

 

$

245.1

 

 

$

239.6

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

Architectural Specialties

 

2025

 

 

2024

 

Distributors

 

$

54.3

 

 

$

53.8

 

Direct customers

 

 

77.4

 

 

 

30.0

 

Other

 

 

5.9

 

 

 

2.9

 

Total

 

$

137.6

 

 

$

86.7

 
v3.25.1
Acquisitions
 3 Months Ended
Mar. 31, 2025
Business Combinations [Abstract]  
Acquisitions

NOTE 4. ACQUISITIONS

Zahner

In December 2024, we acquired the issued and outstanding shares of Zahner for $30.0 million, net of $16.0 million of cash acquired, subject to customary post-closing adjustments for working capital. The total fair value of cash and other tangible assets acquired, less liabilities assumed, was $18.1 million. The fair value of significant classes of non-cash tangible assets acquired and liabilities assumed included accounts receivable of $10.9 million, property, plant and equipment of $10.4 million, operating right of use (“ROU”) assets and lease liabilities of $2.9 million, finance ROU assets and lease liabilities of $8.9 million and accounts payable and accrued liabilities of $19.6 million. The total fair value of identifiable intangible assets acquired was $15.0 million, resulting in $12.9 million of goodwill. The following table summarizes the preliminary fair values of identifiable intangible assets acquired, and their estimated useful lives:

 

 

 

Fair Value at Acquisition Date

 

 

Estimated Useful Life

Trademarks and brand names

 

$

5.8

 

 

15 years

Customer relationships

 

 

3.9

 

 

5 years

Backlog

 

 

3.7

 

 

2 years

Non-compete agreements

 

 

1.6

 

 

3 years

Total identifiable intangible assets

 

$

15.0

 

 

 

Valuations for assets acquired and liabilities assumed are based on preliminary estimates that are subject to revisions and may result in adjustments to preliminary values as valuations are finalized.

3form

In April 2024, we acquired the issued and outstanding membership interests in 3form for $93.5 million, net of $0.5 million of cash acquired. The total fair value of cash and other tangible assets acquired, less liabilities assumed, was $34.5 million. The fair value of significant classes of non-cash tangible assets acquired and liabilities assumed included accounts receivable of $6.6 million, inventory of $7.9 million, property, plant and equipment of $35.0 million, operating ROU assets of $10.1 million, operating lease liabilities of $10.0 million and accounts payable and accrued liabilities of $16.3 million. The total fair value of identifiable intangible assets acquired was $37.6 million, resulting in $21.9 million of goodwill.

 

Goodwill from the Zahner and 3form acquisitions relates to many factors, including the technical competencies and capabilities of the acquired workforce and our strategic intent to integrate and leverage those competencies and capabilities to advance and expand our portfolio of solutions and offerings. All of the acquired goodwill is deductible for tax purposes.

Proforma Financial Information

The following table summarizes aggregate unaudited as reported and pro forma information assuming the acquisitions of Zahner and 3form had occurred on January 1, 2024. The unaudited pro forma results include the depreciation and amortization associated with the acquired assets. The unaudited pro forma results do not include any expected benefits from the Zahner and 3form acquisitions. Accordingly, the unaudited pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisitions been consummated as of January 1, 2024.

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Net sales, pro forma

 

$

382.7

 

 

$

358.0

 

Net sales, as reported

 

 

382.7

 

 

 

326.3

 

Earnings before income taxes, pro forma

 

 

91.2

 

 

 

80.0

 

Earnings before income taxes, as reported

 

 

90.7

 

 

 

80.2

 

 

For the three months ended March 31, 2025, net sales of $41.1 million and operating income of $3.1 million, including $4.2 million of depreciation and amortization, from Zahner and 3form were included in our Condensed Consolidated Statements of Earnings and Comprehensive Income.
v3.25.1
Accounts and Notes Receivable
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Accounts and Notes Receivable

NOTE 5. ACCOUNTS AND NOTES RECEIVABLE

 

 

March 31, 2025

 

 

December 31, 2024

 

Customer receivables

 

$

148.2

 

 

$

133.0

 

Miscellaneous receivables

 

 

8.4

 

 

 

4.9

 

Less allowance for warranties, discounts and losses

 

 

(5.2

)

 

 

(3.5

)

Accounts and notes receivable, net

 

$

151.4

 

 

$

134.4

 

 

We sell our products to select, pre-approved customers whose businesses are affected by changes in economic and market conditions. We consider these factors and the financial condition of each customer when establishing our allowance for losses from doubtful accounts.
v3.25.1
Inventories
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories

NOTE 6. INVENTORIES

 

 

March 31, 2025

 

 

December 31, 2024

 

Finished goods

 

$

64.9

 

 

$

60.4

 

Goods in process

 

 

8.4

 

 

 

7.4

 

Raw materials and supplies

 

 

69.8

 

 

 

68.5

 

Less LIFO reserves

 

 

(26.0

)

 

 

(26.5

)

Total inventories, net

 

$

117.1

 

 

$

109.8

 
v3.25.1
Other Current Assets
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current Assets

NOTE 7. OTHER CURRENT ASSETS

 

 

March 31, 2025

 

 

December 31, 2024

 

Prepaid expenses

 

$

18.3

 

 

$

19.8

 

Assets held for sale

 

 

0.1

 

 

 

-

 

Fair value of derivative assets

 

 

-

 

 

 

0.3

 

Other

 

 

1.3

 

 

 

1.4

 

Total other current assets

 

$

19.7

 

 

$

21.5

 
v3.25.1
Investments in Unconsolidated Affiliates
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Affiliates

NOTE 8. INVESTMENTS IN UNCONSOLIDATED AFFILIATES

Investments in unconsolidated affiliates include our 50% equity interest in Worthington Armstrong Venture (“WAVE”), our joint venture with Worthington Enterprises, Inc., and our 19.5% equity interest in Overcast. Both the WAVE joint venture and Overcast investment are reflected within our Condensed Consolidated Financial Statements using the equity method of accounting. WAVE is reflected as a component of our Mineral Fiber segment while Overcast is included as a component of our Unallocated Corporate segment.

The following table presents equity (earnings) losses from our unconsolidated affiliates for the three months ended March 31, 2025 and 2024:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

WAVE

 

$

(26.8

)

 

$

(27.4

)

Overcast

 

 

0.2

 

 

 

0.2

 

Equity (earnings) from unconsolidated affiliates, net

 

$

(26.6

)

 

$

(27.2

)

Condensed financial statement data for WAVE is summarized below.

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Net sales

 

$

124.1

 

 

$

125.8

 

Gross profit

 

 

75.1

 

 

 

76.7

 

Net earnings

 

 

55.3

 

 

 

57.0

 
v3.25.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

NOTE 9. GOODWILL AND INTANGIBLE ASSETS

The following table details amounts related to our goodwill and intangible assets as of March 31, 2025 and December 31, 2024:

 

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Estimated
Useful Life

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

Amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

2-20 years

 

$

197.4

 

 

$

167.4

 

 

$

194.7

 

 

$

163.9

 

Developed technology

 

10-20 years

 

 

109.4

 

 

 

86.5

 

 

 

114.8

 

 

 

85.9

 

Software

 

5-7 years

 

 

19.7

 

 

 

8.7

 

 

 

19.7

 

 

 

7.8

 

Trademarks and brand names

 

3-20 years

 

 

23.6

 

 

 

4.6

 

 

 

23.6

 

 

 

4.3

 

Non-compete agreements

 

3-5 years

 

 

12.6

 

 

 

6.3

 

 

 

15.9

 

 

 

5.6

 

Other

 

Various

 

 

6.9

 

 

 

1.2

 

 

 

9.0

 

 

 

0.5

 

Total

 

 

 

$

369.6

 

 

$

274.7

 

 

$

377.7

 

 

$

268.0

 

Non-amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and brand names

 

Indefinite

 

 

345.4

 

 

 

 

 

 

345.3

 

 

 

 

Total intangible assets

 

 

 

$

715.0

 

 

 

 

 

$

723.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

Indefinite

 

$

210.0

 

 

 

 

 

$

203.2

 

 

 

 

 

The net increase in goodwill as of March 31, 2025 compared to December 31, 2024 was due to changes in the purchase price allocation of Zahner.

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Amortization expense

 

$

6.7

 

 

$

4.1

 
v3.25.1
Other Non-Current Assets
 3 Months Ended
Mar. 31, 2025
Other Assets, Noncurrent Disclosure [Abstract]  
Other Non-Current Assets

NOTE 10. OTHER NON-CURRENT ASSETS

 

 

March 31, 2025

 

 

December 31, 2024

 

Cash surrender value of company-owned life insurance policies

 

$

34.7

 

 

$

37.6

 

Investment in employee deferred compensation plans

 

 

10.8

 

 

 

11.0

 

Other

 

 

1.5

 

 

 

1.5

 

Total other non-current assets

 

$

47.0

 

 

$

50.1

 
v3.25.1
Accounts Payable And Accrued Expenses
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Accounts Payable And Accrued Expenses

NOTE 11. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

 

March 31, 2025

 

 

December 31, 2024

 

Payables, trade and other

 

$

93.9

 

 

$

105.8

 

Deferred revenue

 

 

31.1

 

 

 

26.6

 

Employment costs

 

 

15.5

 

 

 

42.4

 

Current portion of pension and postretirement liabilities

 

 

7.2

 

 

 

7.2

 

Acquisition-related contingent consideration

 

 

1.1

 

 

 

1.5

 

Other

 

 

29.9

 

 

 

31.8

 

Total accounts payable and accrued expenses

 

$

178.7

 

 

$

215.3

 
v3.25.1
Income Tax Expense
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax Expense

NOTE 12. INCOME TAX EXPENSE

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

90.7

 

 

$

80.2

 

Income tax expense

 

 

21.6

 

 

 

20.3

 

Effective tax rate

 

 

23.8

%

 

 

25.3

%

 

 

The decrease in the effective tax rate for the first three months of 2025 in comparison to the same period in 2024 was primarily due to the benefit of federal investment tax credits, a reduction in our valuation allowance for capital loss carryforwards and other favorable permanent adjustments.

It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. However, an estimate of the range of reasonably possible outcomes cannot be reliably made at this time. Changes to unrecognized tax benefits could result from the expiration of statutes of limitations, the completion of ongoing examinations, or other unforeseen circumstances.
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt

NOTE 13. DEBT

Our long-term debt is comprised of borrowings outstanding under our $950.0 million variable rate senior secured credit facility, which is comprised of a $500.0 million revolving credit facility (with a $150.0 million sublimit for letters of credit) and a $450.0 million Term Loan A. As of March 31, 2025 and December 31, 2024, the principal balance of our Term Loan A was $421.9 million and $427.5 million, respectively. As of March 31, 2025 and December 31, 2024, borrowings outstanding under our revolving credit facility were $100.0 million. We also have a $25.0 million bi-lateral letter of credit facility.

We utilize lines of credit and other commercial commitments to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility and our bi-lateral facility. Letters of credit may be issued to third party suppliers, insurance companies and financial institutions and typically can only be drawn upon in the event of AWI’s failure to pay its obligations to the beneficiary. The following table presents details related to our letters of credit facilities:

 

 

 

March 31, 2025

 

Financing Arrangements

 

Limit

 

 

Used

 

 

Available

 

Bi-lateral facility

 

$

25.0

 

 

$

7.7

 

 

$

17.3

 

Revolving credit facility

 

 

150.0

 

 

 

-

 

 

 

150.0

 

Total

 

$

175.0

 

 

$

7.7

 

 

$

167.3

 

Other Commitments

In the ordinary course of business, we provide corporate guarantees and obtain surety bonds in support of underlying contractual commitments to our customers. As of March 31, 2025 and December 31, 2024, $20.9 million and $21.9 million, respectively, of surety bonds are outstanding associated with custom manufacturing projects that were issued by reputable surety providers. In the event of our non-performance, we may be required to reimburse surety providers to cover qualifying financial loss up to the bond amounts. We believe the risk of financial loss associated with our outstanding guarantees and surety bonds is remote and as such, have recorded no liability associated with such commitments on our Condensed Consolidated Balance Sheets.
v3.25.1
Pensions and Other Benefit Programs
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Pensions and Other Benefit Programs

NOTE 14. PENSIONS AND OTHER BENEFIT PROGRAMS

Following are the components of net periodic benefit costs (credits):

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

U.S. defined benefit plans:

 

 

 

 

 

 

Pension benefits

 

 

 

 

 

 

Service cost of benefits earned during the period

 

$

0.6

 

 

$

0.6

 

Interest cost on projected benefit obligation

 

 

4.2

 

 

 

4.2

 

Expected return on plan assets

 

 

(5.6

)

 

 

(6.1

)

Amortization of net actuarial loss

 

 

1.3

 

 

 

1.3

 

Net periodic pension cost

 

$

0.5

 

 

$

-

 

Retiree health and life insurance benefits

 

 

 

 

 

 

Interest cost on projected benefit obligation

 

$

0.5

 

 

$

0.5

 

Amortization of prior service credit

 

 

-

 

 

 

(0.1

)

Amortization of net actuarial gain

 

 

(0.4

)

 

 

(2.1

)

Net periodic postretirement cost (credit)

 

$

0.1

 

 

$

(1.7

)

 

Excluded from the table above is the net periodic pension cost associated with an unfunded defined benefit pension plan in Germany that was not included as part of prior dispositions. This plan is reported as a component of our Unallocated Corporate segment. Net periodic pension cost for this plan was immaterial for the three months ended March 31, 2025 and 2024.

The service cost component of net benefit cost has been presented in the Condensed Consolidated Statements of Earnings and Comprehensive Income within cost of goods sold and SG&A expenses for all periods presented, which are the same line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are presented in the Condensed Consolidated Statements of Earnings and Comprehensive Income separately from the service cost component within other non-operating income, net.
v3.25.1
Financial Instruments and Contingent Consideration
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments and Contingent Consideration

NOTE 15. FINANCIAL INSTRUMENTS AND CONTINGENT CONSIDERATION

We do not hold or issue financial instruments for trading purposes. The estimated fair values of our financial instruments and contingent consideration are as follows:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Carrying
amount

 

 

Estimated
fair value

 

 

Carrying
amount

 

 

Estimated
fair value

 

Liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Total long-term debt, including current portion

 

$

(519.7

)

 

$

(519.7

)

 

$

(525.1

)

 

$

(525.1

)

Interest rate swap contracts

 

 

(3.5

)

 

 

(3.5

)

 

 

(1.5

)

 

 

(1.5

)

Acquisition-related contingent consideration

 

 

(2.0

)

 

 

(2.0

)

 

 

(3.2

)

 

 

(3.2

)

 

The carrying amounts of cash and cash equivalents, receivables and accounts payable approximate fair value because of the short-term maturity of these instruments. The fair value estimates of long-term debt are based on data for our Term Loan A debt provided by a major financial institution. The fair value estimates for interest rate swap contracts are estimated with the assistance of an independent, third-party valuation expert and verified by obtaining quotes from major financial institutions. We engaged an independent, third-party valuation specialist to determine the fair value estimate for acquisition-related contingent consideration payable based on performance, which were measured primarily through the use of a Monte Carlo simulation.

As of March 31, 2025 and December 31, 2024, acquisition-related contingent consideration liabilities represented additional cash consideration payable related to our October 2023 acquisition of Insolcorp, LLC (“Insolcorp”) and July 2023 acquisition of BOK Modern, LLC (“BOK”) that will be paid upon the final achievement of certain financial and performance milestones. As of March 31, 2025 and December 31, 2024, acquisition-related contingent consideration liabilities of $1.1 million and $1.5 million, respectively, related to the financial and performance milestones for the BOK acquisition and were classified as accounts payable and other accrued expenses on our Condensed Consolidated Balance Sheets. As of March 31, 2025, acquisition-related contingent consideration liabilities of $0.9 million related to the future financial and performance milestones for the Insolcorp acquisition was classified as long-term liabilities on our Condensed Consolidated Balance Sheets. As of December 31, 2024, acquisition-related contingent consideration liabilities of $1.7 million related to financial and performance milestones for the BOK and Insolcorp acquisitions and were classified as long-term liabilities on our Condensed Consolidated Balance Sheets.

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 liabilities measured at fair value on a recurring basis and reported on the Condensed Consolidated Balance Sheets is summarized below:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Fair value based on

 

 

Fair value based on

 

 

 

Other
observable
inputs

 

 

Other
unobservable
inputs

 

 

Other
observable
inputs

 

 

Other
unobservable
inputs

 

 

 

Level 2

 

 

Level 3

 

 

Level 2

 

 

Level 3

 

Liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

(3.5

)

 

$

-

 

 

$

(1.5

)

 

$

-

 

Acquisition-related contingent consideration

 

 

-

 

 

 

(2.0

)

 

 

-

 

 

 

(1.7

)

 

Acquisition-related contingent consideration of $2.0 million and $1.7 million as of March 31, 2025 and December 31, 2024, respectively, was measured with the use of significant unobservable inputs, which included financial projections over respective earn-out periods, the volatility of the underlying financial metrics and estimated discount rates. Excluded from the above table were $1.5 million of acquisition-related contingent consideration liabilities outstanding as of December 31, 2024 related to the final achievement of certain financial and performance milestones through December 31, 2024 for the BOK acquisition.

The following table summarizes the weighted-average of the significant unobservable inputs as of March 31, 2025:

 

 

 

BOK

 

 

Insolcorp

 

Unobservable input

 

 

 

 

 

 

Volatility

 

 

26.9

%

 

 

23.4

%

Discount rates

 

 

4.1

%

 

 

4.3

%

 

The changes in fair value of the acquisition-related contingent consideration liabilities for the three months ended March 31, 2025 and 2024 were as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Fair value of contingent consideration as of beginning of period

 

$

3.2

 

 

$

1.6

 

Cash consideration paid

 

 

(1.5

)

 

 

-

 

Loss (gain) related to change in fair value of contingent consideration

 

 

0.3

 

 

 

(0.3

)

Fair value of contingent consideration as of end of period

 

$

2.0

 

 

$

1.3

 

 

During the three months ended March 31, 2025, we paid $1.5 million of additional cash consideration which represented the achievement of certain financial and performance milestones through December 31, 2024 for the BOK acquisition. The additional cash consideration paid was classified as cash flows from financing activities in our Condensed Consolidated Statements of Cash Flows, up to the acquisition date fair value. The portion of additional cash consideration paid in excess of the acquisition date fair value was classified as cash flows from operating activities in our Condensed Consolidated Statements of Cash Flows.

During the three months ended March 31, 2025 and 2024, changes in fair value were primarily due to changes in financial projections over each entity’s earn-out periods and due to changes in valuation inputs. All changes in acquisition-related contingent consideration liabilities subsequent to the initial acquisition-date measurements were recorded as a component of SG&A expenses in our Condensed Consolidated Statements of Earnings and Comprehensive Income.
v3.25.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

NOTE 16. DERIVATIVE FINANCIAL INSTRUMENTS

We are exposed to market risk from changes in foreign exchange rates, interest rates and commodity prices that could impact our results of operations, cash flows and financial condition. We use interest rate derivatives to manage our exposures to interest rates. At inception, interest rate swap derivatives that we designate as hedging instruments are formally documented as a hedge of a forecasted transaction or cash flow hedge. We also formally assess, both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, we discontinue hedge accounting, and any future mark-to-market adjustments are recognized in earnings. We use derivative financial instruments as risk management tools and not for speculative trading purposes.

Counterparty Risk

We enter into derivative transactions only with established financial institution counterparties having an investment-grade credit rating. We monitor counterparty credit ratings on a regular basis. All of our derivative transactions with counterparties are governed by master International Swap and Derivatives Association agreements (“ISDAs”) with netting arrangements. These agreements can limit our exposure in situations where we have gain and loss positions outstanding with a single counterparty. We do not post nor do we receive cash collateral with any counterparty for our derivative transactions. These ISDAs do not have any credit contingent features; however, a default under our bank credit facility would trigger a default under these agreements. Exposure to individual counterparties is controlled and we consider the risk of counterparty default to be negligible.

Interest Rate Risk

We utilize interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. These swaps are designated as cash flow hedges against changes in Secured Overnight Financing Rate (“SOFR”) for a portion of our variable rate debt. The following table summarizes our interest rate swaps as of March 31, 2025:

Coverage Period

 

Notional
Amount

 

Risk Coverage

 

Trade Date

November 2023 to December 2025

 

$

50.0

 

USD-SOFR

 

October 23, 2023

March 2025 to March 2026

 

$

50.0

 

USD-SOFR

 

March 27, 2025

March 2024 to June 2026

 

$

50.0

 

USD-SOFR

 

March 25, 2024

March 2025 to September 2026

 

$

25.0

 

USD-SOFR

 

March 27, 2025

November 2023 to December 2026

 

$

50.0

 

USD-SOFR

 

October 10, 2023

March 2024 to June 2027

 

$

50.0

 

USD-SOFR

 

March 27, 2024

November 2023 to November 2027

 

$

50.0

 

USD-SOFR

 

September 29, 2023

June 2024 to June 2028

 

$

50.0

 

USD-SOFR

 

June 26, 2024

Under the terms of the interest rate swaps above, we pay a fixed rate monthly and receive a floating rate based on the SOFR.

Financial Statement Impacts

The following tables detail amounts related to our derivatives as of March 31, 2025 and December 31, 2024. We did not have any derivative assets or liabilities not designated as hedging instruments as of March 31, 2025 or December 31, 2024. The derivative asset amounts below are shown gross and have not been netted.

 

 

 

Derivative Assets

 

 

Derivative Liabilities

 

 

 

 

Fair Value

 

 

 

 

Fair Value

 

 

 

Balance Sheet
Location

 

December 31,
2024

 

 

Balance Sheet
Location

 

March 31,
2025

 

 

December 31,
2024

 

Interest rate swap contracts

 

Other current assets

 

$

0.3

 

 

Accounts payable and accrued expenses

 

$

0.3

 

 

$

0.3

 

 

 

 

 

 

 

 

Other long-
term liabilities

 

 

3.2

 

 

 

1.5

 

 

 

 

 

Amount of (Loss) Gain
Recognized in AOCI

 

 

Location of Gain
 Reclassified from
AOCI into Net Earnings

 

Gain Reclassified
from AOCI into Net Earnings

 

 

 

Three Months Ended

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

 

2025

 

 

2024

 

Derivatives in cash flow hedging relationships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

(1.5

)

 

$

2.9

 

 

Interest expense

 

$

0.4

 

 

$

2.1

 

 

As of March 31, 2025, the amount of existing net losses in Accumulated Other Comprehensive Income (“AOCI”) expected to be recognized in net earnings over the next twelve months was $1.2 million.
v3.25.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

NOTE 17. SHAREHOLDERS’ EQUITY

Common Stock Repurchase Plan

On July 29, 2016, our Board of Directors approved our share repurchase program authorizing us to repurchase up to $150.0 million of our outstanding shares of common stock (the “Program”). Since inception of the Program, we have been authorized to repurchase up to an aggregate of $1,700.0 million of our outstanding shares of common stock through December 31, 2026. We had $639.8 million remaining under the Board’s repurchase authorization as of March 31, 2025.

Repurchases of our common stock under the Program may be made through open market, block and privately negotiated transactions, including Rule 10b5-1 plans, at such times and in such amounts as management deems appropriate, subject to market and business conditions, regulatory requirements and other factors. The Program does not obligate AWI to repurchase any particular amount of common stock and may be suspended or discontinued at any time without notice.

During the three months ended March 31, 2025, we repurchased 0.1 million shares under the Program for a total cost of $22.0 million, excluding commissions and taxes, or an average price of $146.79 per share. Since inception, we have repurchased 14.8 million shares under the Program for a total cost of $1,060.2 million, excluding commissions and taxes, or an average price of $71.66 per share.

Dividends

In February 2025, our Board of Directors declared a $0.308 per share quarterly dividend, which was paid to shareholders in March 2025. On April 23, 2025, our Board of Directors declared a $0.308 per share quarterly dividend to be paid in May 2025.

Accumulated Other Comprehensive (Loss)

 

 

Foreign
Currency
Translation Adjustments (1)

 

 

Derivative
 (Loss) (1) (2)

 

 

Pension and Postretirement Adjustments (1)

 

 

Total
Accumulated
Other
Comprehensive
(Loss) (1) (2)

 

Balance, December 31, 2024

 

$

(2.2

)

 

$

(1.1

)

 

$

(106.9

)

 

$

(110.2

)

Other comprehensive income (loss) before reclassifications,
   net of tax (expense) benefit of ($0.1), $0.3, $- and $0.2

 

 

0.3

 

 

 

(1.2

)

 

 

-

 

 

 

(0.9

)

Amounts reclassified from accumulated other
   comprehensive (loss)

 

 

-

 

 

 

(0.3

)

 

 

0.6

 

 

 

0.3

 

Net current period other comprehensive income (loss)

 

 

0.3

 

 

 

(1.5

)

 

 

0.6

 

 

 

(0.6

)

Balance, March 31, 2025

 

$

(1.9

)

 

$

(2.6

)

 

$

(106.3

)

 

$

(110.8

)

 

 

 

 

 

Foreign
Currency
Translation Adjustments (1)

 

 

Derivative
Gain (Loss) (1) (2)

 

 

Pension and Postretirement Adjustments (1) (2)

 

 

Total
Accumulated
Other
Comprehensive
(Loss) (1) (2)

 

Balance, December 31, 2023

 

$

1.0

 

 

$

0.5

 

 

$

(106.2

)

 

$

(104.7

)

Other comprehensive (loss) income before reclassifications,
   net of tax benefit (expense) of $0.1, ($0.7), $- and ($0.6)

 

 

(0.8

)

 

 

2.2

 

 

 

-

 

 

 

1.4

 

Amounts reclassified from accumulated other
   comprehensive (loss)

 

 

-

 

 

 

(1.7

)

 

 

(0.6

)

 

 

(2.3

)

Net current period other comprehensive (loss) income

 

 

(0.8

)

 

 

0.5

 

 

 

(0.6

)

 

 

(0.9

)

Balance, March 31, 2024

 

$

0.2

 

 

$

1.0

 

 

$

(106.8

)

 

$

(105.6

)

(1) Amounts are net of tax.

(2) Amounts include our 50% share of AOCI components from our WAVE joint venture.

 

 

 

Amounts
Reclassified from
Accumulated Other
Comprehensive
(Loss)

 

 

Affected Line Item in the
Condensed Consolidated
Statements of Earnings
and Comprehensive
Income

 

 

Three Months Ended March 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

Derivative Adjustments:

 

 

 

 

 

 

 

 

Interest rate swap contracts, before tax

 

$

(0.4

)

 

$

(2.1

)

 

Interest expense

Tax impact

 

 

0.1

 

 

 

0.4

 

 

Income tax expense

Total (income), net of tax

 

 

(0.3

)

 

 

(1.7

)

 

 

 

 

 

 

 

 

 

 

 

Pension and Postretirement Adjustments:

 

 

 

 

 

 

 

 

Amortization of prior service credit

 

 

-

 

 

 

(0.1

)

 

Other non-operating (income), net

Amortization of net actuarial loss (gain)

 

 

0.9

 

 

 

(0.8

)

 

Other non-operating (income), net

Total loss (income), before tax

 

 

0.9

 

 

 

(0.9

)

 

 

Tax impact

 

 

(0.3

)

 

 

0.3

 

 

Income tax expense

Total loss (income), net of tax

 

 

0.6

 

 

 

(0.6

)

 

 

Total reclassifications for the period

 

$

0.3

 

 

$

(2.3

)

 

 
v3.25.1
Litigation and Related Matters
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Litigation and Related Matters

NOTE 18. LITIGATION AND RELATED MATTERS

ENVIRONMENTAL MATTERS

Environmental Compliance

Our manufacturing and research facilities are affected by various federal, state and local requirements relating to the discharge of materials and the protection of the environment. We make expenditures necessary for compliance with applicable environmental requirements at each of our operating facilities. While these expenditures are not typically material, the applicable regulatory requirements continually change and, as a result, we cannot predict with certainty the amount, nature or timing of future expenditures associated with environmental compliance.

Environmental Sites

Summary

We are actively involved in the investigation and remediation of existing or potential environmental contamination under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and state Superfund and similar environmental laws at two domestically owned locations allegedly resulting from past industrial activity.

In each location, we are one of multiple potentially responsible parties and have agreed to jointly fund the required investigation and remediation, while preserving our defenses to the liability. We may also have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. We have pursued coverage and recoveries under those applicable insurance policies with respect to certain of the sites, including the Macon, Georgia site and the Elizabeth City, North Carolina site, each of

which is summarized below. Other than disclosed below, we are unable to predict the outcome of these matters or the timing of any future recoveries, whether through settlement or otherwise. We are also unable to predict the extent to which any recoveries might cover our final share of investigation and remediation costs for these sites. Our final share of investigation and remediation costs may exceed any such recoveries, and such amounts net of insurance recoveries may be material.

Between 2017 and 2021, we entered into settlement agreements totaling $53.0 million with certain legacy insurance carriers to resolve ongoing litigation and recover fees and costs previously incurred by us in connection with certain environmental sites. These settlements were recorded as reductions to cost of goods sold and SG&A expenses, reflecting the same income statement categories where environmental expenditures were historically recorded. From 2020 through the third quarter of 2024, cumulative insurance recoveries exceeded cumulative expenses to date related to the respective environmental sites and the excess was recorded within long-term liabilities on our Condensed Consolidated Balance Sheets. These excess recoveries were released to offset additional reserves for potential liabilities incurred on the respective environmental sites. We may enter into additional settlement agreements in the future, which may or may not be material, with other legacy insurers to obtain reimbursement or contribution for environmental site expenses.

Estimates of our future liability at the environmental sites are based on evaluations of currently available facts regarding each individual site. We consider factors such as our activities associated with the site, existing technology, presently enacted laws and regulations and prior company experience in remediating contaminated sites. Although current law imposes joint and several liability on all parties at Superfund sites, our contribution to the remediation of these sites is expected to be limited by the number of other companies potentially liable for site remediation. As a result, our estimated liability reflects only our expected share. In determining the probability of contribution, we consider the solvency of other parties, the site activities of other parties, whether liability is being disputed, the terms of any existing agreements and experience with similar matters, and the effect of our October 2006 Chapter 11 reorganization and separation with Armstrong Flooring, Inc. upon the validity of the claim, if any.

Specific Material Events

Macon, Georgia

The U.S. Environmental Protection Agency (the “EPA”) has listed two landfills located on a portion of our facility in Macon, Georgia, along with the former Macon Naval Ordnance Plant landfill adjacent to our property, portions of Rocky Creek, and certain tributaries leading to Rocky Creek (collectively, the “Macon Site”) as a Superfund site on the National Priorities List due to the presence of contaminants, most notably polychlorinated biphenyls (“PCBs”).

In September 2010, we entered into an Administrative Order on Consent for a Removal Action (the “Removal Action”) with the EPA to investigate PCB contamination in one of the landfills on our property, the Wastewater Treatment Plant Landfill (“Operable Unit 1”). After completing an investigation of Operable Unit 1 and submitting our final Engineering Evaluation/Cost Analysis, the EPA issued an Action Memorandum in July 2013 selecting our recommended remedy for the Removal Action. The Operable Unit 1 response action is complete and the final report was submitted to the EPA in October 2016. The EPA approved the final report in November 2016, and a Post-Removal Control Plan was submitted to the EPA in March 2017. AWI has been conducting operation and maintenance activities of the completed remedy since 2017 consistent with the approved Post-Removal Control Plan.

In September 2015, AWI and other Potential Responsible Parties (“PRPs”) received a Special Notice Letter from the EPA under CERCLA inviting AWI and the PRPs to enter into the negotiation of a Remedial Investigation and Feasibility Study (“RI/FS”) with respect to the remainder of the Superfund site, which included the other landfill on our property, as well as areas on and adjacent to our property and Rocky Creek (“Operable Unit 2”). We and the other PRPs entered into a settlement agreement with the EPA effective September 2018, in response to the Special Notice Letter to conduct the RI/FS. The PRPs submitted an RI/FS work plan, which was approved by the EPA in September 2019. Investigative work on this portion of the site commenced in December 2019.

In June 2021, the PRPs submitted a Site Characterization Summary Report (“SCSR”) for Operable Unit 2 to the EPA. The purpose of the SCSR was to demonstrate that the available data for Operable Unit 2 was adequate for the risk assessment and for the development of remedial action objectives. In the second half of 2022, the EPA and the PRPs agreed to separate all non-groundwater aspects of the site; the groundwater investigation is ongoing. In August 2022, the PRPs submitted a Human Health Baseline Risk Assessment to the EPA, and in December 2022, the PRPs submitted a final Baseline Ecological Risk Assessment for all non-groundwater aspects of Operable Unit 2 to the EPA. Both risk assessments served as exhibits to the Remedial Investigation Report (“RIR”), which the EPA approved in July 2023.

Based on findings in the RIR, the PRPs developed a draft Feasibility Study (“FS”) to identify and evaluate potential remedial alternatives for all non-groundwater elements of Operable Unit 2. The draft FS was submitted to the EPA in August 2023. The EPA and the State of Georgia provided comments in October 2023 and a revised FS was submitted in November 2023. The EPA conditionally approved the FS in April 2024 and issued a Proposed Remedial Action Plan (“Proposed Plan”) for the non-groundwater elements at the site in May 2024. The EPA held a public meeting in May 2024 to explain the Proposed Plan and start the thirty-day period for public comment, which closed on June 30, 2024. The EPA’s Proposed Plan included a total cost estimate for the non-groundwater elements at the site of approximately $8 million. In August 2024, the EPA signed the Record of Decision, selecting the

remedy outlined in the Proposed Plan. The portion of these remediation costs that AWI will bear for all non-groundwater elements of Operable Unit 2 will not be known until the PRPs resolve the final allocation of costs.

It is probable that we will incur field investigation, engineering and oversight costs associated with designing and implementing the remedy for all non-groundwater elements of Operable Unit 2 and for completing an RI/FS for the groundwater elements of Operable Unit 3. AWI and the other PRPs recently requested to the EPA that the Operable Unit 3 groundwater investigation be completed in conjunction with the groundwater investigation at the adjacent former Macon Naval Ordnance Plant landfill, since the impacts to groundwater at both sites are related. We may also ultimately incur costs in remediating contamination discovered during the RI/FS for Operable Unit 3 and we are unable to reasonably estimate our final share of the total costs associated with the investigation work or any resulting remediation therefrom, although such amounts may be material to any one quarter’s or year’s results of operations in the future. We do not expect the total future costs to have a material adverse effect on our liquidity or financial condition as the cash payments may be made over many years.

Elizabeth City, North Carolina

This site is a former cabinet manufacturing facility that from 1977 until 1996 was operated by Triangle Pacific Corporation, which became Armstrong Wood Products, Inc. (“AWP”), and is now known as AHF Products, LLC. The site was formerly owned by the U.S. Navy (“Navy”) and Westinghouse, which was purchased by Paramount Global (“Paramount”) (then known as CBS Corporation). We assumed ownership of the site when we acquired the stock of AWP in 1998. Prior to our acquisition, the North Carolina Department of Environment and Natural Resources listed the site as a hazardous waste site. In 1997, AWP entered into a cost sharing agreement with Westinghouse whereby the parties agreed to share equally in costs associated with investigation and potential remediation. In 2000, AWP and Paramount entered into an Administrative Order on Consent to conduct an RI/FS with the EPA for the site. In 2007, we and Paramount entered into an agreement with the Navy whereby the Navy agreed to pay one third of defined past and future investigative costs up to a certain amount, which has now been exhausted. The EPA approved an RI/FS work plan for the site in August 2011. In January 2014, we submitted draft RI and Risk Assessment reports and conducted supplemental investigative work based upon agency comments to those reports. In connection with the separation of Armstrong Flooring, Inc. in 2016, we agreed to retain any legacy environmental liabilities associated with the AWP site. The EPA published an Interim Action Proposed Plan for the site in April 2018 seeking public comment until June 2018. The EPA evaluated comments, including ours, and has published its Interim Record Of Decision (“IROD”) selecting an interim cleanup approach. In September 2018, AWI and Paramount received a Special Notice Letter from the EPA under CERCLA inviting AWI and Paramount to enter into the negotiation of a settlement agreement to conduct or finance the response action at the site. In response to the September 2018 Special Notice Letter, we and Paramount submitted a good faith offer to the EPA in May 2019. In June 2021, we entered into a negotiated Partial Consent Decree and Site Participation Agreement with the EPA, Paramount and the U.S. on behalf of the Navy for the remedial design and remedial action for the interim remedy. Because the U.S. does not conduct work as a PRP at Superfund sites, similar to the 2007 agreement, the U.S. agreed to pay its share of the estimated costs of performing the work. The Partial Consent Decree was entered by the U.S. District Court for the Eastern District of North Carolina in January 2022. A Remedial Design Work Plan (“RDWP”) for the site was submitted to the EPA in June 2022, and AWI and Paramount responded on November 2022 to comments received from the EPA in September 2022. The EPA approved the revised RDWP in February 2023 and in June 2023, the parties submitted a Pre-Design Investigation Work Plan. The EPA provided comments on the Pre-Design Investigation Work Plan in November 2023 and the revised document was submitted to the EPA in December 2023. In March 2024, the EPA issued a conditional approval of the Pre-Design Investigation Work Plan, subject to the Company and Paramount addressing the EPA comments on a component of the Work Plan within 60 days. In May 2024 and August 2024, AWI and Paramount submitted revisions to the Pre-Design Investigation Work Plan to address additional comments received from the EPA. In December 2024, the EPA approved the Pre-Design Investigation Work Plan and related Quality Assurance Project Plan, allowing the Pre-Design investigation work to start in March 2025. The current estimate of future liability at this site includes only our estimated share of the costs of implementing the interim remedial action under the IROD. We are unable to reasonably estimate our final share of the total costs associated with the interim or final remediation at the site, although such amounts may be material to any one quarter's or one year’s results of operations in the future. We do not expect the total future costs to have a material adverse effect on our liquidity or financial condition as the cash payments may be made over many years.

Summary of Financial Position

Total liabilities of $4.1 million and $4.6 million as of March 31, 2025 and December 31, 2024, respectively, were recorded for environmental matters that we consider probable and for which a reasonable estimate of the probable liability could be made. As of March 31, 2025 and December 31, 2024, $4.1 million and $4.2 million, respectively, of environmental liabilities were reflected within other long-term liabilities on the Condensed Consolidated Balance Sheets. As of December 31, 2024, $0.4 million of environmental liabilities was reflected within accounts payable and accrued expenses on the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2025 and 2024 we did not record any additional reserves for potential environmental liabilities. Where existing data is sufficient to estimate the liability, that estimate has been used; where only a range of probable liabilities is available

and no amount within that range is more likely than any other, the lower end of the range has been used. As assessments and remediation activities progress at each site, these liabilities are reviewed to reflect new information as it becomes available and adjusted to reflect amounts actually incurred and paid. These liabilities are undiscounted.

The estimated environmental liabilities above do not take into account any claims for additional recoveries from insurance or third parties. It is our policy to record insurance recoveries as assets on the Condensed Consolidated Balance Sheets when realizable. We incur costs to pursue environmental insurance recoveries, which are expensed as incurred.

Actual costs to be incurred at identified sites may vary from our estimates. Based on our knowledge of the identified sites, it is not possible to reasonably estimate future costs in excess of amounts already recognized.

OTHER CLAIMS

From time to time, we are involved in other various lawsuits, claims, investigations and other legal matters that arise in the ordinary course of business, including matters involving our products, intellectual property, relationships with suppliers, relationships with distributors, other customers or end users, relationships with competitors, employees and other matters. In connection with those matters, we may have rights of indemnity, contribution or reimbursement from other parties or coverage under applicable insurance policies. When applicable and appropriate, we will seek indemnity, contribution or reimbursement from other parties and pursue coverage and recoveries under those policies, but we are unable to predict the outcome of those demands. While complete assurance cannot be given to the outcome of any proceedings relating to these matters, we do not believe that any current claims, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations.
v3.25.1
Net Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Earnings Per Share

NOTE 19. NET EARNINGS PER SHARE

Net earnings attributable to common shares used in our basic and diluted net Earnings Per Share (“EPS”) calculations for the three months ended March 31, 2025 and 2024, were equal to net earnings on our Condensed Consolidated Statements of Earnings and Comprehensive Income. EPS components may not add due to rounding.

 

The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the three months ended March 31, 2025 and 2024 (shares in millions):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 

43.5

 

 

 

43.8

 

Dilutive effect of common stock equivalents

 

 

0.3

 

 

 

0.3

 

Diluted shares outstanding

 

 

43.8

 

 

 

44.1

 

 

Anti-dilutive stock awards excluded from the computation of dilutive EPS for the three months ended March 31, 2025 and 2024 were 30,196 and 34,851, respectively.

v3.25.1
Business and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Recently Issued Accounting Standards

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which modifies the disclosure requirements for income taxes. This ASU requires disclosure of tabular statutory to effective rate reconciliation in both percentages and dollars, additional disaggregated rate reconciliation categories and disaggregation of both income taxes paid and income tax expense by jurisdiction. This guidance is effective for annual periods beginning after December 15, 2024. We expect this ASU to only impact our disclosures with no impact to our results of operations, cash flows and financial condition.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures,” which expands disclosure of significant costs and expenses. This ASU requires expanded disclosures of significant costs and expenditures within cost of goods sold and selling, general and administrative (“SG&A”) expenses, including amounts of inventory purchased, employee compensation, depreciation, amortization and selling expenses. This ASU also requires expanded qualitative disclosures, including a description of selling expenses and a description of non-disaggregated expenses. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We expect this ASU to only impact our disclosures with no impact to our results of operations, cash flows and financial condition.
v3.25.1
Segment Results (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information The following tables are presented at the level of disaggregation regularly reviewed by the CODM to evaluate operating performance and allocate resources to segments.

 

For the three months ended March 31, 2025

 

Mineral Fiber

 

 

Architectural Specialties

 

 

Unallocated
Corporate

 

 

Total

 

Net sales to external customers

 

$

245.1

 

 

$

137.6

 

 

$

-

 

 

$

382.7

 

Cost of goods sold

 

 

148.0

 

 

 

84.4

 

 

 

0.4

 

 

 

232.8

 

Gross profit (loss)

 

 

97.1

 

 

 

53.2

 

 

 

(0.4

)

 

 

149.9

 

SG&A expenses

 

 

39.4

 

 

 

38.4

 

 

 

0.2

 

 

 

78.0

 

Equity (earnings) loss from unconsolidated affiliates, net

 

 

(26.8

)

 

 

-

 

 

 

0.2

 

 

 

(26.6

)

Segment operating income (loss)

 

$

84.5

 

 

$

14.8

 

 

$

(0.8

)

 

$

98.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

20.8

 

 

 

8.5

 

 

 

-

 

 

 

29.3

 

Purchases of property, plant and equipment

 

 

14.6

 

 

 

4.5

 

 

 

-

 

 

 

19.1

 

 

For the three months ended March 31, 2024

 

Mineral Fiber

 

 

Architectural Specialties

 

 

Unallocated
Corporate

 

 

Total

 

Net sales to external customers

 

$

239.6

 

 

$

86.7

 

 

$

-

 

 

$

326.3

 

Cost of goods sold

 

 

145.7

 

 

 

55.9

 

 

 

0.4

 

 

 

202.0

 

Gross profit (loss)

 

 

93.9

 

 

 

30.8

 

 

 

(0.4

)

 

 

124.3

 

SG&A expenses

 

 

42.1

 

 

 

23.1

 

 

 

0.2

 

 

 

65.4

 

Equity (earnings) loss from unconsolidated affiliates, net

 

 

(27.4

)

 

 

-

 

 

 

0.2

 

 

 

(27.2

)

Segment operating income (loss)

 

$

79.2

 

 

$

7.7

 

 

$

(0.8

)

 

$

86.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

19.9

 

 

 

4.4

 

 

 

-

 

 

 

24.3

 

Purchases of property, plant and equipment

 

 

11.6

 

 

 

3.1

 

 

 

-

 

 

 

14.7

 
Reconciliation of Total Segment Operating Income to Earnings Before Income Taxes

The following reconciles our total segment operating income to earnings before income taxes. These items are only measured and managed on a consolidated basis:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Total segment operating income

 

$

98.5

 

 

$

86.1

 

Interest expense

 

 

8.5

 

 

 

9.0

 

Other non-operating (income), net

 

 

(0.7

)

 

 

(3.1

)

Earnings before income taxes

 

$

90.7

 

 

$

80.2

 
Reconciliation of Total Segment Assets to Total Consolidated Assets

As of March 31, 2025

 

Mineral Fiber

 

 

Architectural Specialties

 

 

Unallocated
Corporate

 

 

Total

 

Segment assets

 

$

1,080.2

 

 

$

596.7

 

 

$

177.5

 

 

$

1,854.4

 

Investment in unconsolidated affiliates

 

 

24.6

 

 

 

-

 

 

 

4.3

 

 

 

28.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,2024

 

Mineral Fiber

 

 

Architectural Specialties

 

 

Unallocated
Corporate

 

 

Total

 

Segment assets

 

$

1,063.8

 

 

$

602.2

 

 

$

176.7

 

 

$

1,842.7

 

Investment in unconsolidated affiliates

 

 

22.6

 

 

 

-

 

 

 

4.6

 

 

 

27.2

 

 
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Mineral Fiber [Member]  
Disaggregation Of Revenue [Line Items]  
Schedule of Net Sales by Major Customer Channel within Each Segment

The following tables provide net sales by major customer channel within our Mineral Fiber and Architectural Specialties segments for the three months ended March 31, 2025 and 2024:

 

 

 

Three Months Ended

 

 

 

March 31,

 

Mineral Fiber

 

2025

 

 

2024

 

Distributors

 

$

180.0

 

 

$

169.3

 

Home centers

 

 

27.0

 

 

 

31.0

 

Direct customers

 

 

14.1

 

 

 

13.1

 

Other

 

 

24.0

 

 

 

26.2

 

Total

 

$

245.1

 

 

$

239.6

 
Architectural Specialties [Member]  
Disaggregation Of Revenue [Line Items]  
Schedule of Net Sales by Major Customer Channel within Each Segment

 

 

Three Months Ended

 

 

 

March 31,

 

Architectural Specialties

 

2025

 

 

2024

 

Distributors

 

$

54.3

 

 

$

53.8

 

Direct customers

 

 

77.4

 

 

 

30.0

 

Other

 

 

5.9

 

 

 

2.9

 

Total

 

$

137.6

 

 

$

86.7

 
v3.25.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2025
Business Acquisition [Line Items]  
Schedule of Preliminary Fair Values of Identifiable Intangible Assets Acquired and Estimated Useful Lives The following table summarizes the preliminary fair values of identifiable intangible assets acquired, and their estimated useful lives:

 

 

 

Fair Value at Acquisition Date

 

 

Estimated Useful Life

Trademarks and brand names

 

$

5.8

 

 

15 years

Customer relationships

 

 

3.9

 

 

5 years

Backlog

 

 

3.7

 

 

2 years

Non-compete agreements

 

 

1.6

 

 

3 years

Total identifiable intangible assets

 

$

15.0

 

 

 

Valuations for assets acquired and liabilities assumed are based on preliminary estimates that are subject to revisions and may result in adjustments to preliminary values as valuations are finalized.
Schedule of Business Acquisitions

The following table summarizes aggregate unaudited as reported and pro forma information assuming the acquisitions of Zahner and 3form had occurred on January 1, 2024. The unaudited pro forma results include the depreciation and amortization associated with the acquired assets. The unaudited pro forma results do not include any expected benefits from the Zahner and 3form acquisitions. Accordingly, the unaudited pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisitions been consummated as of January 1, 2024.

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Net sales, pro forma

 

$

382.7

 

 

$

358.0

 

Net sales, as reported

 

 

382.7

 

 

 

326.3

 

Earnings before income taxes, pro forma

 

 

91.2

 

 

 

80.0

 

Earnings before income taxes, as reported

 

 

90.7

 

 

 

80.2

 
v3.25.1
Accounts and Notes Receivable (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Accounts and Notes Receivable

 

 

March 31, 2025

 

 

December 31, 2024

 

Customer receivables

 

$

148.2

 

 

$

133.0

 

Miscellaneous receivables

 

 

8.4

 

 

 

4.9

 

Less allowance for warranties, discounts and losses

 

 

(5.2

)

 

 

(3.5

)

Accounts and notes receivable, net

 

$

151.4

 

 

$

134.4

 
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories

 

 

March 31, 2025

 

 

December 31, 2024

 

Finished goods

 

$

64.9

 

 

$

60.4

 

Goods in process

 

 

8.4

 

 

 

7.4

 

Raw materials and supplies

 

 

69.8

 

 

 

68.5

 

Less LIFO reserves

 

 

(26.0

)

 

 

(26.5

)

Total inventories, net

 

$

117.1

 

 

$

109.8

 
v3.25.1
Other Current Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets

 

 

March 31, 2025

 

 

December 31, 2024

 

Prepaid expenses

 

$

18.3

 

 

$

19.8

 

Assets held for sale

 

 

0.1

 

 

 

-

 

Fair value of derivative assets

 

 

-

 

 

 

0.3

 

Other

 

 

1.3

 

 

 

1.4

 

Total other current assets

 

$

19.7

 

 

$

21.5

 
v3.25.1
Investments in Unconsolidated Affiliates (Tables)
 3 Months Ended
Mar. 31, 2025
Schedule of Equity Method Investments [Line Items]  
Schedule of Equity (Earnings) Losses from Unconsolidated Affiliates

The following table presents equity (earnings) losses from our unconsolidated affiliates for the three months ended March 31, 2025 and 2024:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

WAVE

 

$

(26.8

)

 

$

(27.4

)

Overcast

 

 

0.2

 

 

 

0.2

 

Equity (earnings) from unconsolidated affiliates, net

 

$

(26.6

)

 

$

(27.2

)
Summary of Investment in Joint Venture, Income Statement Data

Condensed financial statement data for WAVE is summarized below.

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Net sales

 

$

124.1

 

 

$

125.8

 

Gross profit

 

 

75.1

 

 

 

76.7

 

Net earnings

 

 

55.3

 

 

 

57.0

 
v3.25.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets

The following table details amounts related to our goodwill and intangible assets as of March 31, 2025 and December 31, 2024:

 

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Estimated
Useful Life

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying
Amount

 

 

Accumulated Amortization

 

Amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

2-20 years

 

$

197.4

 

 

$

167.4

 

 

$

194.7

 

 

$

163.9

 

Developed technology

 

10-20 years

 

 

109.4

 

 

 

86.5

 

 

 

114.8

 

 

 

85.9

 

Software

 

5-7 years

 

 

19.7

 

 

 

8.7

 

 

 

19.7

 

 

 

7.8

 

Trademarks and brand names

 

3-20 years

 

 

23.6

 

 

 

4.6

 

 

 

23.6

 

 

 

4.3

 

Non-compete agreements

 

3-5 years

 

 

12.6

 

 

 

6.3

 

 

 

15.9

 

 

 

5.6

 

Other

 

Various

 

 

6.9

 

 

 

1.2

 

 

 

9.0

 

 

 

0.5

 

Total

 

 

 

$

369.6

 

 

$

274.7

 

 

$

377.7

 

 

$

268.0

 

Non-amortizing intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and brand names

 

Indefinite

 

 

345.4

 

 

 

 

 

 

345.3

 

 

 

 

Total intangible assets

 

 

 

$

715.0

 

 

 

 

 

$

723.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

Indefinite

 

$

210.0

 

 

 

 

 

$

203.2

 

 

 

 

 

The net increase in goodwill as of March 31, 2025 compared to December 31, 2024 was due to changes in the purchase price allocation of Zahner.

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Amortization expense

 

$

6.7

 

 

$

4.1

 
v3.25.1
Other Non-Current Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Other Assets, Noncurrent Disclosure [Abstract]  
Schedule of Other Non-Current Assets

 

 

March 31, 2025

 

 

December 31, 2024

 

Cash surrender value of company-owned life insurance policies

 

$

34.7

 

 

$

37.6

 

Investment in employee deferred compensation plans

 

 

10.8

 

 

 

11.0

 

Other

 

 

1.5

 

 

 

1.5

 

Total other non-current assets

 

$

47.0

 

 

$

50.1

 
v3.25.1
Accounts Payable And Accrued Expenses (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses

 

 

March 31, 2025

 

 

December 31, 2024

 

Payables, trade and other

 

$

93.9

 

 

$

105.8

 

Deferred revenue

 

 

31.1

 

 

 

26.6

 

Employment costs

 

 

15.5

 

 

 

42.4

 

Current portion of pension and postretirement liabilities

 

 

7.2

 

 

 

7.2

 

Acquisition-related contingent consideration

 

 

1.1

 

 

 

1.5

 

Other

 

 

29.9

 

 

 

31.8

 

Total accounts payable and accrued expenses

 

$

178.7

 

 

$

215.3

 
v3.25.1
Income Tax Expense (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

90.7

 

 

$

80.2

 

Income tax expense

 

 

21.6

 

 

 

20.3

 

Effective tax rate

 

 

23.8

%

 

 

25.3

%

 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Letter of Credit [Member]  
Debt Instrument [Line Items]  
Schedule of Letters of Credit Facilities The following table presents details related to our letters of credit facilities:

 

 

 

March 31, 2025

 

Financing Arrangements

 

Limit

 

 

Used

 

 

Available

 

Bi-lateral facility

 

$

25.0

 

 

$

7.7

 

 

$

17.3

 

Revolving credit facility

 

 

150.0

 

 

 

-

 

 

 

150.0

 

Total

 

$

175.0

 

 

$

7.7

 

 

$

167.3

 
v3.25.1
Pensions and Other Benefit Programs (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Periodic Benefit Costs (Credits)

Following are the components of net periodic benefit costs (credits):

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

U.S. defined benefit plans:

 

 

 

 

 

 

Pension benefits

 

 

 

 

 

 

Service cost of benefits earned during the period

 

$

0.6

 

 

$

0.6

 

Interest cost on projected benefit obligation

 

 

4.2

 

 

 

4.2

 

Expected return on plan assets

 

 

(5.6

)

 

 

(6.1

)

Amortization of net actuarial loss

 

 

1.3

 

 

 

1.3

 

Net periodic pension cost

 

$

0.5

 

 

$

-

 

Retiree health and life insurance benefits

 

 

 

 

 

 

Interest cost on projected benefit obligation

 

$

0.5

 

 

$

0.5

 

Amortization of prior service credit

 

 

-

 

 

 

(0.1

)

Amortization of net actuarial gain

 

 

(0.4

)

 

 

(2.1

)

Net periodic postretirement cost (credit)

 

$

0.1

 

 

$

(1.7

)
v3.25.1
Financial Instruments and Contingent Consideration (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Estimated Fair Value of Financial Instruments The estimated fair values of our financial instruments and contingent consideration are as follows:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Carrying
amount

 

 

Estimated
fair value

 

 

Carrying
amount

 

 

Estimated
fair value

 

Liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Total long-term debt, including current portion

 

$

(519.7

)

 

$

(519.7

)

 

$

(525.1

)

 

$

(525.1

)

Interest rate swap contracts

 

 

(3.5

)

 

 

(3.5

)

 

 

(1.5

)

 

 

(1.5

)

Acquisition-related contingent consideration

 

 

(2.0

)

 

 

(2.0

)

 

 

(3.2

)

 

 

(3.2

)
Schedule of Fair Value, Liabilities Measured on Recurring Basis

The fair value measurement of liabilities measured at fair value on a recurring basis and reported on the Condensed Consolidated Balance Sheets is summarized below:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Fair value based on

 

 

Fair value based on

 

 

 

Other
observable
inputs

 

 

Other
unobservable
inputs

 

 

Other
observable
inputs

 

 

Other
unobservable
inputs

 

 

 

Level 2

 

 

Level 3

 

 

Level 2

 

 

Level 3

 

Liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

(3.5

)

 

$

-

 

 

$

(1.5

)

 

$

-

 

Acquisition-related contingent consideration

 

 

-

 

 

 

(2.0

)

 

 

-

 

 

 

(1.7

)
Schedule of Weighted-average Of Significant Unobservable Inputs

The following table summarizes the weighted-average of the significant unobservable inputs as of March 31, 2025:

 

 

 

BOK

 

 

Insolcorp

 

Unobservable input

 

 

 

 

 

 

Volatility

 

 

26.9

%

 

 

23.4

%

Discount rates

 

 

4.1

%

 

 

4.3

%
Schedule of Changes in Fair Value of the Acquisition-related Contingent Consideration Liability

The changes in fair value of the acquisition-related contingent consideration liabilities for the three months ended March 31, 2025 and 2024 were as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Fair value of contingent consideration as of beginning of period

 

$

3.2

 

 

$

1.6

 

Cash consideration paid

 

 

(1.5

)

 

 

-

 

Loss (gain) related to change in fair value of contingent consideration

 

 

0.3

 

 

 

(0.3

)

Fair value of contingent consideration as of end of period

 

$

2.0

 

 

$

1.3

 
v3.25.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swaps The following table summarizes our interest rate swaps as of March 31, 2025:

Coverage Period

 

Notional
Amount

 

Risk Coverage

 

Trade Date

November 2023 to December 2025

 

$

50.0

 

USD-SOFR

 

October 23, 2023

March 2025 to March 2026

 

$

50.0

 

USD-SOFR

 

March 27, 2025

March 2024 to June 2026

 

$

50.0

 

USD-SOFR

 

March 25, 2024

March 2025 to September 2026

 

$

25.0

 

USD-SOFR

 

March 27, 2025

November 2023 to December 2026

 

$

50.0

 

USD-SOFR

 

October 10, 2023

March 2024 to June 2027

 

$

50.0

 

USD-SOFR

 

March 27, 2024

November 2023 to November 2027

 

$

50.0

 

USD-SOFR

 

September 29, 2023

June 2024 to June 2028

 

$

50.0

 

USD-SOFR

 

June 26, 2024
Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet

 

 

Derivative Assets

 

 

Derivative Liabilities

 

 

 

 

Fair Value

 

 

 

 

Fair Value

 

 

 

Balance Sheet
Location

 

December 31,
2024

 

 

Balance Sheet
Location

 

March 31,
2025

 

 

December 31,
2024

 

Interest rate swap contracts

 

Other current assets

 

$

0.3

 

 

Accounts payable and accrued expenses

 

$

0.3

 

 

$

0.3

 

 

 

 

 

 

 

 

Other long-
term liabilities

 

 

3.2

 

 

 

1.5

 

 
Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income

 

 

Amount of (Loss) Gain
Recognized in AOCI

 

 

Location of Gain
 Reclassified from
AOCI into Net Earnings

 

Gain Reclassified
from AOCI into Net Earnings

 

 

 

Three Months Ended

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

 

2025

 

 

2024

 

Derivatives in cash flow hedging relationships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

(1.5

)

 

$

2.9

 

 

Interest expense

 

$

0.4

 

 

$

2.1

 

 
v3.25.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) Activity

Accumulated Other Comprehensive (Loss)

 

 

Foreign
Currency
Translation Adjustments (1)

 

 

Derivative
 (Loss) (1) (2)

 

 

Pension and Postretirement Adjustments (1)

 

 

Total
Accumulated
Other
Comprehensive
(Loss) (1) (2)

 

Balance, December 31, 2024

 

$

(2.2

)

 

$

(1.1

)

 

$

(106.9

)

 

$

(110.2

)

Other comprehensive income (loss) before reclassifications,
   net of tax (expense) benefit of ($0.1), $0.3, $- and $0.2

 

 

0.3

 

 

 

(1.2

)

 

 

-

 

 

 

(0.9

)

Amounts reclassified from accumulated other
   comprehensive (loss)

 

 

-

 

 

 

(0.3

)

 

 

0.6

 

 

 

0.3

 

Net current period other comprehensive income (loss)

 

 

0.3

 

 

 

(1.5

)

 

 

0.6

 

 

 

(0.6

)

Balance, March 31, 2025

 

$

(1.9

)

 

$

(2.6

)

 

$

(106.3

)

 

$

(110.8

)

 

 

 

 

 

Foreign
Currency
Translation Adjustments (1)

 

 

Derivative
Gain (Loss) (1) (2)

 

 

Pension and Postretirement Adjustments (1) (2)

 

 

Total
Accumulated
Other
Comprehensive
(Loss) (1) (2)

 

Balance, December 31, 2023

 

$

1.0

 

 

$

0.5

 

 

$

(106.2

)

 

$

(104.7

)

Other comprehensive (loss) income before reclassifications,
   net of tax benefit (expense) of $0.1, ($0.7), $- and ($0.6)

 

 

(0.8

)

 

 

2.2

 

 

 

-

 

 

 

1.4

 

Amounts reclassified from accumulated other
   comprehensive (loss)

 

 

-

 

 

 

(1.7

)

 

 

(0.6

)

 

 

(2.3

)

Net current period other comprehensive (loss) income

 

 

(0.8

)

 

 

0.5

 

 

 

(0.6

)

 

 

(0.9

)

Balance, March 31, 2024

 

$

0.2

 

 

$

1.0

 

 

$

(106.8

)

 

$

(105.6

)

(1) Amounts are net of tax.

(2) Amounts include our 50% share of AOCI components from our WAVE joint venture.
Reclassification out of Accumulated Other Comprehensive Income (Loss)

 

 

Amounts
Reclassified from
Accumulated Other
Comprehensive
(Loss)

 

 

Affected Line Item in the
Condensed Consolidated
Statements of Earnings
and Comprehensive
Income

 

 

Three Months Ended March 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

Derivative Adjustments:

 

 

 

 

 

 

 

 

Interest rate swap contracts, before tax

 

$

(0.4

)

 

$

(2.1

)

 

Interest expense

Tax impact

 

 

0.1

 

 

 

0.4

 

 

Income tax expense

Total (income), net of tax

 

 

(0.3

)

 

 

(1.7

)

 

 

 

 

 

 

 

 

 

 

 

Pension and Postretirement Adjustments:

 

 

 

 

 

 

 

 

Amortization of prior service credit

 

 

-

 

 

 

(0.1

)

 

Other non-operating (income), net

Amortization of net actuarial loss (gain)

 

 

0.9

 

 

 

(0.8

)

 

Other non-operating (income), net

Total loss (income), before tax

 

 

0.9

 

 

 

(0.9

)

 

 

Tax impact

 

 

(0.3

)

 

 

0.3

 

 

Income tax expense

Total loss (income), net of tax

 

 

0.6

 

 

 

(0.6

)

 

 

Total reclassifications for the period

 

$

0.3

 

 

$

(2.3

)

 

 
v3.25.1
Net Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding

The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the three months ended March 31, 2025 and 2024 (shares in millions):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 

43.5

 

 

 

43.8

 

Dilutive effect of common stock equivalents

 

 

0.3

 

 

 

0.3

 

Diluted shares outstanding

 

 

43.8

 

 

 

44.1

 
v3.25.1
Business and Basis of Presentation (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 31, 2024
Mar. 31, 2025
WAVE [Member]    
Business And Basis Of Presentation [Line Items]    
Equity interest percentage   50.00%
Overcast [Member]    
Business And Basis Of Presentation [Line Items]    
Investment in strategic partnership $ 5.5  
Equity interest percentage 19.50% 19.50%
v3.25.1
Segment Results (Narrative) (Details)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] President and Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Segment operating income (loss) is the measure of segment profit or loss reviewed by the CODM.
v3.25.1
Segment Results (Schedule Of Net Sales to External Customers) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Net sales to external customers $ 382.7 $ 326.3
Cost of goods sold 232.8 202.0
Gross profit (loss) 149.9 124.3
Selling, general and administrative expenses 78.0 65.4
Equity (earnings) loss from unconsolidated affiliates, net (26.6) (27.2)
Segment operating income (loss) 98.5 86.1
Unallocated Corporate [Member]    
Segment Reporting Information [Line Items]    
Cost of goods sold 0.4 0.4
Gross profit (loss) (0.4) (0.4)
Selling, general and administrative expenses 0.2 0.2
Equity (earnings) loss from unconsolidated affiliates, net 0.2 0.2
Segment operating income (loss) (0.8) (0.8)
Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales to external customers 382.7 326.3
Cost of goods sold 232.8 202.0
Gross profit (loss) 149.9 124.3
Selling, general and administrative expenses 78.0 65.4
Equity (earnings) loss from unconsolidated affiliates, net (26.6) (27.2)
Segment operating income (loss) 98.5 86.1
Depreciation and amortization 29.3 24.3
Purchases of property, plant and equipment 19.1 14.7
Mineral Fiber [Member]    
Segment Reporting Information [Line Items]    
Net sales to external customers 245.1 239.6
Mineral Fiber [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales to external customers 245.1 239.6
Cost of goods sold 148.0 145.7
Gross profit (loss) 97.1 93.9
Selling, general and administrative expenses 39.4 42.1
Equity (earnings) loss from unconsolidated affiliates, net (26.8) (27.4)
Segment operating income (loss) 84.5 79.2
Depreciation and amortization 20.8 19.9
Purchases of property, plant and equipment 14.6 11.6
Architectural Specialties [Member]    
Segment Reporting Information [Line Items]    
Net sales to external customers 137.6 86.7
Architectural Specialties [Member] | Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Net sales to external customers 137.6 86.7
Cost of goods sold 84.4 55.9
Gross profit (loss) 53.2 30.8
Selling, general and administrative expenses 38.4 23.1
Segment operating income (loss) 14.8 7.7
Depreciation and amortization 8.5 4.4
Purchases of property, plant and equipment $ 4.5 $ 3.1
v3.25.1
Segment Results (Reconciliation of Total Segment Operating Income To Earnings Before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting [Abstract]    
Total segment operating income $ 98.5 $ 86.1
Interest expense 8.5 9.0
Other non-operating (income), net (0.7) (3.1)
Earnings before income taxes $ 90.7 $ 80.2
v3.25.1
Segment Results (Reconciliation of Total Segment Assets to Total Consolidated Assets) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Segment assets $ 1,854.4 $ 1,842.7
Investments in unconsolidated affiliates 28.9 27.2
Mineral Fiber [Member]    
Segment Reporting Information [Line Items]    
Segment assets 1,080.2 1,063.8
Investments in unconsolidated affiliates 24.6 22.6
Architectural Specialties [Member]    
Segment Reporting Information [Line Items]    
Segment assets 596.7 602.2
Investments in unconsolidated affiliates 0.0 0.0
Unallocated Corporate [Member]    
Segment Reporting Information [Line Items]    
Segment assets 177.5 176.7
Investments in unconsolidated affiliates $ 4.3 $ 4.6
v3.25.1
Revenue (Schedule of Net Sales by Major Customer Channel within Each Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Entity Wide Revenue Major Customer [Line Items]    
Net sales $ 382.7 $ 326.3
Mineral Fiber [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Net sales 245.1 239.6
Mineral Fiber [Member] | Distributors [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Net sales 180.0 169.3
Mineral Fiber [Member] | Home Centers [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Net sales 27.0 31.0
Mineral Fiber [Member] | Direct Customers [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Net sales 14.1 13.1
Mineral Fiber [Member] | Other [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Net sales 24.0 26.2
Architectural Specialties [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Net sales 137.6 86.7
Architectural Specialties [Member] | Distributors [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Net sales 54.3 53.8
Architectural Specialties [Member] | Direct Customers [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Net sales 77.4 30.0
Architectural Specialties [Member] | Other [Member]    
Entity Wide Revenue Major Customer [Line Items]    
Net sales $ 5.9 $ 2.9
v3.25.1
Acquisitions (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Dec. 31, 2024
Apr. 30, 2024
Mar. 31, 2025
Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]        
Operating ROU Assets $ 36,600   $ 37,400  
Finance ROU Assets 34,600   33,500  
Goodwill 203,200   210,000  
Net sales     382,700 $ 326,300
Operating Income (Loss)     98,500 $ 86,100
3form [Member]        
Finite-Lived Intangible Assets [Line Items]        
Payments to acquire business   $ 93,500    
Business acquisition, cash acquired   500    
Business acquisition, total fair value of liabilities assumed, less tangible assets acquired   34,500    
Business acquisition, accounts receivable   6,600    
Business acquisition, inventory   7,900    
Business acquisition, property, plant and equipment   35,000    
Business acquisition, operating lease assets   10,100    
Business acquisition, operating lease liabilities   10,000    
Business acquisition, accounts payable and accrued liabilities   16,300    
Fair value of identifiable intangible assets acquired   37,600    
Goodwill   $ 21,900    
Operating Income (Loss)     3,100  
Depreciation and amortization     4,200  
Zahner [Member]        
Finite-Lived Intangible Assets [Line Items]        
Payments to acquire business 30,000      
Business acquisition, cash acquired 16,000      
Business acquisition, total fair value of liabilities assumed, less tangible assets acquired 18,100      
Business acquisition, accounts receivable 10,900      
Business acquisition, property, plant and equipment 10,400      
Operating ROU Assets 2,900      
Operating lease liability 2,900      
Finance ROU Assets 8,900      
Present value of lease liabilities 8,900      
Business acquisition, accounts payable and accrued liabilities 19,600      
Fair value of identifiable intangible assets acquired 15,000      
Goodwill 12,900      
Net sales     $ 41,100  
Non-compete Agreements [Member] | Zahner [Member]        
Finite-Lived Intangible Assets [Line Items]        
Fair value of identifiable intangible assets acquired $ 1,600      
v3.25.1
Acquisitions (Schedule of Fair Values of Identifiable Intangible Assets Acquired and Estimated Useful Lives) (Details) - USD ($)
$ in Millions
 1 Months Ended
Dec. 31, 2024
Apr. 30, 2024
3form [Member]    
Acquired Finite-Lived Intangible Assets [Line Items]    
Fair Value at Acquisition Date   $ 37.6
Zahner [Member]    
Acquired Finite-Lived Intangible Assets [Line Items]    
Fair Value at Acquisition Date $ 15.0  
Zahner [Member] | Trademarks And Brand Names [Member]    
Acquired Finite-Lived Intangible Assets [Line Items]    
Fair Value at Acquisition Date $ 5.8  
Estimated Useful Life 15 years  
Zahner [Member] | Customer Relationships [Member]    
Acquired Finite-Lived Intangible Assets [Line Items]    
Fair Value at Acquisition Date $ 3.9  
Estimated Useful Life 5 years  
Zahner [Member] | Backlog [Member]    
Acquired Finite-Lived Intangible Assets [Line Items]    
Fair Value at Acquisition Date $ 3.7  
Estimated Useful Life 2 years  
Zahner [Member] | Non-compete Agreements [Member]    
Acquired Finite-Lived Intangible Assets [Line Items]    
Fair Value at Acquisition Date $ 1.6  
Estimated Useful Life 3 years  
v3.25.1
Acquisitions (Schedule of Business Acquisitions) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Business Acquisition, Pro Forma Information [Abstract]    
Net sales, pro forma $ 382.7 $ 358.0
Net sales to external customers 382.7 326.3
Earnings before income taxes, pro forma 91.2 80.0
Earnings before income taxes, as reported $ 90.7 $ 80.2
v3.25.1
Accounts and Notes Receivable (Schedule of Accounts and Notes Receivable) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Customer receivables $ 148.2 $ 133.0
Miscellaneous receivables 8.4 4.9
Less allowance for warranties, discounts and losses (5.2) (3.5)
Accounts and notes receivable, net $ 151.4 $ 134.4
v3.25.1
Inventories (Schedule of Inventories) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Finished goods $ 64.9 $ 60.4
Goods in process 8.4 7.4
Raw materials and supplies 69.8 68.5
Less LIFO reserves (26.0) (26.5)
Total inventories, net $ 117.1 $ 109.8
v3.25.1
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 18.3 $ 19.8
Assets held for sale 0.1 0.0
Fair value of derivative assets 0.0 0.3
Other 1.3 1.4
Total other current assets $ 19.7 $ 21.5
v3.25.1
Investments in Unconsolidated Affiliates (Narrative) (Details)
Mar. 31, 2025
Jan. 31, 2024
WAVE [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity interest percentage 50.00%  
Overcast [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity interest percentage 19.50% 19.50%
v3.25.1
Investments in Unconsolidated Affiliates (Schedule of Equity (Earnings) Losses from Unconsolidated Affiliates) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Equity (earnings) from unconsolidated affiliates, net $ (26.6) $ (27.2)
WAVE [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity (earnings) from unconsolidated affiliates, net (26.8) (27.4)
Overcast [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity (earnings) from unconsolidated affiliates, net $ 0.2 $ 0.2
v3.25.1
Investments in Unconsolidated Affiliates (Summary of Investment in Joint Venture, Income Statement Data) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Net sales $ 382.7 $ 326.3
Gross profit 149.9 124.3
Net earnings 69.1 59.9
Partnership Interest [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]    
Schedule of Equity Method Investments [Line Items]    
Net sales 124.1 125.8
Gross profit 75.1 76.7
Net earnings $ 55.3 $ 57.0
v3.25.1
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Schedule Of Intangible Assets And Goodwill [Line Items]    
Goodwill, Estimated Useful Life Indefinite  
Amortizing intangible assets, Gross Carrying Amount $ 369.6 $ 377.7
Amortizing intangible assets, Accumulated Amortization 274.7 268.0
Non-amortizing intangible assets 345.4 345.3
Total intangible assets 715.0 723.0
Goodwill $ 210.0 203.2
Trademarks And Brand Names [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Non-amortizing intangible assets, Estimated Useful Life Indefinite  
Customer Relationships [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Gross Carrying Amount $ 197.4 194.7
Amortizing intangible assets, Accumulated Amortization $ 167.4 163.9
Customer Relationships [Member] | Minimum [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life 2 years  
Customer Relationships [Member] | Maximum [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life 20 years  
Developed Technology [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Gross Carrying Amount $ 109.4 114.8
Amortizing intangible assets, Accumulated Amortization $ 86.5 85.9
Developed Technology [Member] | Minimum [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life 10 years  
Developed Technology [Member] | Maximum [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life 20 years  
Software [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Gross Carrying Amount $ 19.7 19.7
Amortizing intangible assets, Accumulated Amortization $ 8.7 7.8
Software [Member] | Minimum [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life 5 years  
Software [Member] | Maximum [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life 7 years  
Trademarks And Brand Names [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Gross Carrying Amount $ 23.6 23.6
Amortizing intangible assets, Accumulated Amortization $ 4.6 4.3
Trademarks And Brand Names [Member] | Minimum [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life 3 years  
Trademarks And Brand Names [Member] | Maximum [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life 20 years  
Non-compete Agreements [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Gross Carrying Amount $ 12.6 15.9
Amortizing intangible assets, Accumulated Amortization $ 6.3 5.6
Non-compete Agreements [Member] | Minimum [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life 3 years  
Non-compete Agreements [Member] | Maximum [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life 5 years  
Other [Member]    
Schedule Of Intangible Assets And Goodwill [Line Items]    
Amortizing intangible assets, Estimated Useful Life Various  
Amortizing intangible assets, Gross Carrying Amount $ 6.9 9.0
Amortizing intangible assets, Accumulated Amortization $ 1.2 $ 0.5
v3.25.1
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 6.7 $ 4.1
v3.25.1
Other Non-Current Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Other Assets, Noncurrent Disclosure [Abstract]    
Cash surrender value of company-owned life insurance policies $ 34.7 $ 37.6
Investment in employee deferred compensation plans 10.8 11.0
Other 1.5 1.5
Total other non-current assets $ 47.0 $ 50.1
v3.25.1
Accounts Payable And Accrued Expenses (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Payables, trade and other $ 93.9 $ 105.8
Deferred revenue 31.1 26.6
Employment costs 15.5 42.4
Current portion of pension and postretirement liabilities 7.2 7.2
Acquisition-related contingent consideration 1.1 1.5
Other 29.9 31.8
Total accounts payable and accrued expenses $ 178.7 $ 215.3
v3.25.1
Income Tax Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Earnings before income taxes $ 90.7 $ 80.2
Income tax expense $ 21.6 $ 20.3
Effective tax rate 23.80% 25.30%
v3.25.1
Debt (Narrative) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Surety bonds outstanding $ 20.9 $ 21.9
Letter of Credit [Member]    
Debt Instrument [Line Items]    
Line of credit availability 175.0  
Amount outstanding 7.7  
Term Loan A [Member]    
Debt Instrument [Line Items]    
Line of credit availability 450.0  
Principal debt outstanding 421.9 427.5
Bi-lateral Facility [Member] | Letter of Credit [Member]    
Debt Instrument [Line Items]    
Line of credit availability 25.0  
Amount outstanding 7.7  
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Line of credit availability 500.0  
Amount outstanding 100.0 $ 100.0
Revolving Credit Facility [Member] | Letter of Credit [Member]    
Debt Instrument [Line Items]    
Line of credit availability 150.0  
Senior Credit Facility [Member]    
Debt Instrument [Line Items]    
Credit facility amount $ 950.0  
v3.25.1
Debt (Schedule of Letters of Credit Facilities) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Letter of Credit [Member]    
Debt Instrument [Line Items]    
Letters of credit, Limit $ 175.0  
Letters of credit, Used 7.7  
Letters of credit, Available 167.3  
Letter of Credit [Member] | Bi-lateral Facility [Member]    
Debt Instrument [Line Items]    
Letters of credit, Limit 25.0  
Letters of credit, Used 7.7  
Letters of credit, Available 17.3  
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Letters of credit, Limit 500.0  
Letters of credit, Used 100.0 $ 100.0
Revolving Credit Facility [Member] | Letter of Credit [Member]    
Debt Instrument [Line Items]    
Letters of credit, Limit 150.0  
Letters of credit, Available $ 150.0  
v3.25.1
Pensions and Other Benefit Programs (Schedule of Periodic Benefit Costs (Credits) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
U.S. Defined-Benefit Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost of benefits earned during the period $ 0.6 $ 0.6
Interest cost on projected benefit obligation 4.2 4.2
Expected return on plan assets (5.6) (6.1)
Amortization of net actuarial (gain) loss 1.3 1.3
Net periodic pension/postretirement cost (credit) 0.5 0.0
Retiree Health And Life Insurance Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Interest cost on projected benefit obligation 0.5 0.5
Amortization of prior service credit 0.0 (0.1)
Amortization of net actuarial (gain) loss (0.4) (2.1)
Net periodic pension/postretirement cost (credit) $ 0.1 $ (1.7)
v3.25.1
Financial Instruments and Contingent Consideration (Estimated Fair Value of Financial Instruments) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Acquisition-related contingent consideration $ (1.1) $ (1.5)
Carrying Amount [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total long-term debt, including current portion (519.7) (525.1)
Acquisition-related contingent consideration (2.0) (3.2)
Estimated Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total long-term debt, including current portion (519.7) (525.1)
Acquisition-related contingent consideration (2.0) (3.2)
Interest Rate Swap Contracts [Member] | Carrying Amount [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swap contracts (3.5) (1.5)
Interest Rate Swap Contracts [Member] | Estimated Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swap contracts $ (3.5) $ (1.5)
v3.25.1
Financial Instruments and Contingent Consideration (Summary of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Acquisition-related contingent consideration $ (1.1) $ (1.5)
Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Acquisition-related contingent consideration 0.0 0.0
Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Acquisition-related contingent consideration (2.0) (1.7)
Interest Rate Swap Contracts [Member] | Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swap contracts (3.5) (1.5)
Interest Rate Swap Contracts [Member] | Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swap contracts $ 0.0 $ 0.0
v3.25.1
Financial Instruments and Contingent Consideration (Schedule of Weighted-average of Significant Unobservable Inputs) (Details)
Mar. 31, 2025
BOK Modern, LLC [Member] | Volatility [Member]  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Volatility 26.90%
BOK Modern, LLC [Member] | Discount Rates [Member]  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Discount rates 4.10%
Insolcorp L L C [Member] | Volatility [Member]  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Volatility 23.40%
Insolcorp L L C [Member] | Discount Rates [Member]  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Discount rates 4.30%
v3.25.1
Financial Instruments and Contingent Consideration (Schedule of Changes in Fair Value of the Acquisition Related Contingent Consideration Liability) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Business Combinations [Abstract]    
Fair value of contingent consideration as of beginning of period $ 3.2 $ 1.6
Cash consideration paid (1.5) 0.0
Loss (gain) related to change in fair value of contingent consideration $ 0.3 $ (0.3)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
Fair value of contingent consideration as of end of period $ 2.0 $ 1.3
v3.25.1
Financial Instruments and Contingent Consideration (Additional Information) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Business Acquisition [Line Items]    
Business combination, consideration transferred estimated fair value $ 1.1 $ 1.5
Accounts payable and accrued expenses 178.7 215.3
BOK Modern, LLC [Member]    
Business Acquisition [Line Items]    
Cash consideration paid 1.5  
Accounts payable and accrued expenses 1.1 1.5
Insolcorp L L C [Member]    
Business Acquisition [Line Items]    
Accounts payable and accrued expenses 0.9  
BOK and Insolcorp [Member]    
Business Acquisition [Line Items]    
Accounts payable and accrued expenses   1.7
Fair Value, Inputs, Level 3 [Member]    
Business Acquisition [Line Items]    
Business combination, consideration transferred estimated fair value $ 2.0 $ 1.7
v3.25.1
Derivative Financial Instruments (Summary of Interest Rate Swaps) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
November 2023 to December 2025[Member]  
Derivative [Line Items]  
Trade Date Oct. 23, 2023
Notional Amount $ 50.0
Coverage Period November 2023 to December 2025
Risk Coverage USD-SOFR
March 2025 to March 2026 [Member]  
Derivative [Line Items]  
Trade Date Mar. 27, 2025
Notional Amount $ 50.0
Coverage Period March 2025 to March 2026
Risk Coverage USD-SOFR
March 2024 to June 2026[Member]  
Derivative [Line Items]  
Trade Date Mar. 25, 2024
Notional Amount $ 50.0
Coverage Period March 2024 to June 2026
Risk Coverage USD-SOFR
March 2025 to September 2026 [Member]  
Derivative [Line Items]  
Trade Date Mar. 27, 2025
Notional Amount $ 25.0
Coverage Period March 2025 to September 2026
Risk Coverage USD-SOFR
November 2023 to December 2026[Member]  
Derivative [Line Items]  
Trade Date Oct. 10, 2023
Notional Amount $ 50.0
Coverage Period November 2023 to December 2026
Risk Coverage USD-SOFR
March 2024 to June 2027[Member]  
Derivative [Line Items]  
Trade Date Mar. 27, 2024
Notional Amount $ 50.0
Coverage Period March 2024 to June 2027
Risk Coverage USD-SOFR
November 2023 to November 2027[Member]  
Derivative [Line Items]  
Trade Date Sep. 29, 2023
Notional Amount $ 50.0
Coverage Period November 2023 to November 2027
Risk Coverage USD-SOFR
June 2024 to June 2028 [Member]  
Derivative [Line Items]  
Trade Date Jun. 26, 2024
Notional Amount $ 50.0
Coverage Period June 2024 to June 2028
Risk Coverage USD-SOFR
v3.25.1
Derivative Financial Instruments (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Gain in AOCI expected to be recognized in earnings over the next twelve months $ 1.2  
Interest Rate Swap Contracts [Member]    
Derivative [Line Items]    
Derivative assets   $ 0.3
v3.25.1
Derivative Financial Instruments (Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet) (Details) - Interest Rate Swap Contracts [Member] - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives Fair Value [Line Items]    
Derivative Assets, Fair Value   $ 0.3
Other Current Assets [Member]    
Derivatives Fair Value [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration]   Other Assets, Current
Accounts Payable and Accrued Expenses [Member]    
Derivatives Fair Value [Line Items]    
Derivative Liabilities, Fair Value $ 0.3 $ 0.3
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts Payable and Accrued Liabilities, Current Accounts Payable and Accrued Liabilities, Current
Other Long-Term Liabilities [Member]    
Derivatives Fair Value [Line Items]    
Derivative Liabilities, Fair Value $ 3.2 $ 1.5
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
v3.25.1
Derivative Financial Instruments (Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments Gain Loss [Line Items]    
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), Net of Tax Other Comprehensive Income (Loss), Net of Tax
Derivatives in Cash Flow Hedging Relationships [Member] | Interest Rate Swap Contracts [Member]    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI $ (1.5) $ 2.9
Gain reclassified from AOCI into net earnings $ 0.4 $ 2.1
v3.25.1
Other Long-Term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Total other long-term liabilities $ 30.3 $ 28.4
v3.25.1
Shareholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
May 31, 2025
Jul. 29, 2016
Mar. 31, 2025
Mar. 31, 2024
Equity Class Of Treasury Stock [Line Items]        
Shares repurchase program, repurchased cost     $ 22.2 $ 15.2
O 2025 Q1 Dividends [Member]        
Equity Class Of Treasury Stock [Line Items]        
Quarterly dividends declared     $ 0.308  
Dividends payable, date to be paid, year and month     2025-03  
O 2025 Q2 Dividends [Member] | Forecast [Member]        
Equity Class Of Treasury Stock [Line Items]        
Quarterly dividends declared $ 0.308      
Dividends payable, date to be paid, year and month 2025-05      
Common Stock [Member]        
Equity Class Of Treasury Stock [Line Items]        
Shares repurchase program, expiration date   Dec. 31, 2026    
Stock repurchase program, remaining authorized repurchase amount     $ 639.8  
Shares repurchase program, shares repurchased     (149,876) (142,582)
Common Stock [Member] | Share Repurchase Program Excluding Accelerated Share Repurchase [Member]        
Equity Class Of Treasury Stock [Line Items]        
Shares repurchase program, shares repurchased     100,000  
Shares repurchase program, repurchased cost     $ 22.0  
Shares repurchase program, average price per share     $ 146.79  
Common Stock [Member] | Share Repurchase Program Including Accelerated Share Repurchase [Member]        
Equity Class Of Treasury Stock [Line Items]        
Shares repurchase program, shares repurchased     14,800,000  
Shares repurchase program, repurchased cost     $ 1,060.2  
Shares repurchase program, average price per share     $ 71.66  
Common Stock [Member] | July 2018 Program [Member]        
Equity Class Of Treasury Stock [Line Items]        
Shares repurchase program, authorized amount   $ 150.0    
Common Stock [Member] | December 2026 Program [Member]        
Equity Class Of Treasury Stock [Line Items]        
Shares repurchase program, authorized amount   $ 1,700.0    
v3.25.1
Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss) Activity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Income Loss [Line Items]    
Beginning Balance $ 757.1 $ 591.8
Ending Balance 793.4 626.8
Foreign Currency Translation Adjustments [Member]    
Accumulated Other Comprehensive Income Loss [Line Items]    
Beginning Balance [1] (2.2) 1.0
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit [1] 0.3 (0.8)
Amounts reclassified from accumulated other comprehensive (loss) [1] 0.0 0.0
Net current period other comprehensive income (loss) [1] 0.3 (0.8)
Ending Balance [1] (1.9) 0.2
Derivative Gain (Loss) [Member]    
Accumulated Other Comprehensive Income Loss [Line Items]    
Beginning Balance [1],[2] (1.1) 0.5
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit [1],[2] (1.2) 2.2
Amounts reclassified from accumulated other comprehensive (loss) [1],[2] (0.3) (1.7)
Net current period other comprehensive income (loss) [1],[2] (1.5) 0.5
Ending Balance [1],[2] (2.6) 1.0
Pension And Postretirement Adjustments [Member]    
Accumulated Other Comprehensive Income Loss [Line Items]    
Beginning Balance [1] (106.9) (106.2) [2]
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit [1] 0.0 0.0 [2]
Amounts reclassified from accumulated other comprehensive (loss) [1] 0.6 (0.6) [2]
Net current period other comprehensive income (loss) [1] 0.6 (0.6) [2]
Ending Balance [1] (106.3) (106.8) [2]
Accumulated Other Comprehensive (Loss) [Member]    
Accumulated Other Comprehensive Income Loss [Line Items]    
Beginning Balance [1],[2] (110.2) (104.7)
Other comprehensive income (loss) before reclassifications, net of tax (expense) benefit [1],[2] (0.9) 1.4
Amounts reclassified from accumulated other comprehensive (loss) [1],[2] 0.3 (2.3)
Net current period other comprehensive income (loss) [1],[2] (0.6) (0.9)
Ending Balance [1],[2] $ (110.8) $ (105.6)
[1] Amounts are net of tax.
[2] Amounts include our 50% share of AOCI components from our WAVE joint venture.
v3.25.1
Shareholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss) Activity) (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Income Loss [Line Items]    
AOCI share percentage 50.00% 50.00%
Foreign Currency Translation Adjustments [Member]    
Accumulated Other Comprehensive Income Loss [Line Items]    
Other comprehensive income (loss) before reclassifications, tax benefit (expense) $ (0.1) $ 0.1
Derivative Gain (Loss) [Member]    
Accumulated Other Comprehensive Income Loss [Line Items]    
Other comprehensive income (loss) before reclassifications, tax benefit (expense) 0.3 (0.7)
Pension And Postretirement Adjustments [Member]    
Accumulated Other Comprehensive Income Loss [Line Items]    
Other comprehensive income (loss) before reclassifications, tax benefit (expense) 0.0 0.0
Accumulated Other Comprehensive (Loss) [Member]    
Accumulated Other Comprehensive Income Loss [Line Items]    
Other comprehensive income (loss) before reclassifications, tax benefit (expense) $ 0.2 $ (0.6)
v3.25.1
Shareholders' Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]    
Interest expense $ (8.5) $ (9.0)
Tax impact (21.6) (20.3)
Total (income), net of tax (69.1) (59.9)
Reclassification From Accumulated Other Comprehensive Loss [Member] | Derivative (Loss) Gain [Member]    
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]    
Tax impact (0.3) 0.3
Total (income), net of tax (0.3) (1.7)
Reclassification From Accumulated Other Comprehensive Loss [Member] | Derivative (Loss) Gain [Member] | Interest Rate Swap Contracts, Before Tax [Member]    
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]    
Interest expense (0.4) (2.1)
Reclassification From Accumulated Other Comprehensive Loss [Member] | Amortization of prior service credit [Member]    
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]    
Other non-operating (income) expense, net 0.0 (0.1)
Reclassification From Accumulated Other Comprehensive Loss [Member] | Amortization of net actuarial loss (gain) [Member]    
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]    
Other non-operating (income) expense, net 0.9 (0.8)
Reclassification From Accumulated Other Comprehensive Loss [Member] | Pension And Postretirement Adjustments [Member]    
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]    
Tax impact 0.1 0.4
Total loss (income), before tax 0.9 (0.9)
Total loss (income), net of tax 0.6 (0.6)
Total reclassifications for the period $ 0.3 $ (2.3)
v3.25.1
Litigation and Related Matters (Narrative) (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended 60 Months Ended
Sep. 30, 2010
Site
Mar. 31, 2025
USD ($)
Site
Mar. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2007
Dec. 31, 2021
USD ($)
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]              
Settlement agreement amount of litigation agreement           $ 53.0  
Estimated cost for non-groundwater elements       $ 8.0      
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]   Liabilities, Noncurrent         Liabilities, Noncurrent
Environmental liabilities   $ 4.1         $ 4.6
Reserves for potential environmental liabilities   $ 0.0 $ 0.0        
Macon Site [Member]              
Loss Contingencies [Line Items]              
Number of landfills listed as Superfund site | Site   2          
Number of landfills AWI entered into an Administrative Order on Consent for a Removal Action | Site 1            
Submission date of final report to EPA Oct. 31, 2016            
Elizabeth City [Member]              
Loss Contingencies [Line Items]              
Percentage of site costs Navy agreed to pay         33.33%    
Other Long-Term Liabilities [Member]              
Loss Contingencies [Line Items]              
Environmental liabilities   $ 4.1         4.2
Accounts Payable and Accrued Expenses [Member]              
Loss Contingencies [Line Items]              
Environmental liabilities             $ 0.4
v3.25.1
Net Earnings Per Share (Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding) (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Basic shares outstanding 43.5 43.8
Dilutive effect of common stock equivalents 0.3 0.3
Diluted shares outstanding 43.8 44.1
v3.25.1
Net Earnings Per Share (Narrative) (Details) - shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Common stock equivalents not included in the computation of diluted EPS 30,196 34,851