Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 16, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ARMSTRONG WORLD INDUSTRIES, INC. | ||
Trading Symbol | AWI | ||
Entity Central Index Key | 0000007431 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity File Number | 1-2116 | ||
Entity Tax Identification Number | 23-0366390 | ||
Entity Address, Address Line One | 2500 Columbia Avenue | ||
Entity Address, City or Town | Lancaster | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 17603 | ||
City Area Code | 717 | ||
Local Phone Number | 397-0611 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Annual Report | true | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | PA | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 47,084,127 | ||
Entity Public Float | $ 5 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Certain sections of Armstrong World Industries, Inc.’s definitive Proxy Statement for use in connection with its 2022 annual meeting of shareholders, to be filed no later than May 2, 2022 (120 days after the last day of our 2021 fiscal year), are incorporated by reference into Part III of this Form 10-K Report where indicated. | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Philadelphia, PA | ||
Auditor Firm ID | 185 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 1,106.6 | $ 936.9 | $ 1,038.1 |
Cost of goods sold | 701 | 603.8 | 643 |
Gross profit | 405.6 | 333.1 | 395.1 |
Selling, general and administrative expenses | 237.4 | 163.2 | 174.3 |
(Gain) loss related to change in fair value of contingent consideration | (4.1) | 0.1 | 0 |
(Gain) related to sale of fixed and intangible assets | 0 | (21) | 0 |
Equity (earnings) from joint venture | (87.7) | (64) | (96.6) |
Operating income | 260 | 254.8 | 317.4 |
Interest expense | 22.9 | 24.1 | 38.4 |
Other non-operating (income) expense, net | (5.6) | 357.4 | (20.4) |
Earnings (loss) from continuing operations before income taxes | 242.7 | (126.7) | 299.4 |
Income tax expense (benefit) | 57.4 | (42.6) | 57.1 |
Earnings (loss) from continuing operations | 185.3 | (84.1) | 242.3 |
Net (loss) from discontinued operations, net of tax expense of $-, $- and $12.0 | 0 | 0 | (1.8) |
(Loss) from disposal of discontinued businesses, net of tax expense (benefit) of $1.7, ($1.4) and ($5.2) | (2.1) | (15) | (26) |
Net (loss) from discontinued operations | (2.1) | (15) | (27.8) |
Net earnings (loss) | 183.2 | (99.1) | 214.5 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments | 0 | (7.1) | 84.1 |
Derivative gain (loss), net | 9.9 | (10.5) | (13.9) |
Pension and postretirement adjustments | (10.2) | 284.4 | 13.2 |
Total other comprehensive (loss) income | (0.3) | 266.8 | 83.4 |
Total comprehensive income | $ 182.9 | $ 167.7 | $ 297.9 |
Earnings (loss) per share of common stock, continuing operations: | |||
Basic | $ 3.88 | $ (1.76) | $ 4.97 |
Diluted | 3.86 | (1.76) | 4.88 |
(Loss) per share of common stock, discontinued operations: | |||
Basic | (0.04) | (0.31) | (0.57) |
Diluted | (0.04) | (0.31) | (0.56) |
Net earnings (loss) per share of common stock: | |||
Basic | 3.84 | (2.07) | 4.40 |
Diluted | $ 3.82 | $ (2.07) | $ 4.32 |
Average number of common shares outstanding: | |||
Basic | 47.6 | 47.9 | 48.7 |
Diluted | 47.9 | 47.9 | 49.5 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net (loss) from discontinued operations, net of tax expense | $ 0 | $ 0 | $ 12 |
(Loss) from disposal of discontinued businesses, net of tax expense (benefit) | $ 1.7 | $ (1.4) | $ (5.2) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 98.1 | $ 136.9 |
Accounts and notes receivable, net | 109.1 | 78.3 |
Inventories, net | 90.2 | 81.5 |
Income taxes receivable | 1.4 | 2.3 |
Other current assets | 23.1 | 12.8 |
Total current assets | 321.9 | 311.8 |
Property, plant, and equipment, net | 542.8 | 529.9 |
Operating lease assets | 21 | 19.2 |
Finance lease assets | 18.4 | 20.4 |
Prepaid pension costs | 109 | 119.5 |
Investment in joint venture | 50 | 41.2 |
Goodwill | 167 | 160.7 |
Intangible assets, net | 421.4 | 457.5 |
Income taxes receivable | 0.6 | 0.6 |
Other non-current assets | 57.9 | 57.7 |
Total assets | 1,710 | 1,718.5 |
Current liabilities: | ||
Current installments of long-term debt | 25 | 25 |
Accounts payable and accrued expenses | 174.9 | 136.5 |
Operating lease liabilities | 5.6 | 4.8 |
Finance lease liabilities | 2.2 | 2 |
Income taxes payable | 1.9 | 4 |
Total current liabilities | 209.6 | 172.3 |
Long-term debt, less current installments | 606.4 | 690.5 |
Operating lease liabilities | 15.6 | 14.6 |
Finance lease liabilities | 16.8 | 18.8 |
Postretirement benefit liabilities | 71.1 | 74.9 |
Pension benefit liabilities | 36.9 | 40.4 |
Other long-term liabilities | 46.7 | 76.5 |
Income taxes payable | 20.3 | 21.2 |
Deferred income taxes | 166.9 | 158.4 |
Total non-current liabilities | 980.7 | 1,095.3 |
Shareholders' equity: | ||
Common stock, $0.01 par value per share, 200 million shares authorized, 62,775,155 shares issued and 47,302,299 shares outstanding as of December 31, 2021 and 62,599,331 shares issued and 47,913,821 shares outstanding as of December 31, 2020 | 0.6 | 0.6 |
Capital in excess of par value | 561.3 | 553.7 |
Retained earnings | 1,011.4 | 869.8 |
Treasury stock, at cost, 15,472,856 shares as of December 31, 2021 and 14,685,510 shares as of December 31, 2020 | (944) | (863.9) |
Accumulated other comprehensive (loss) | (109.6) | (109.3) |
Total shareholders' equity | 519.7 | 450.9 |
Total liabilities and shareholders' equity | $ 1,710 | $ 1,718.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 62,775,155 | 62,599,331 |
Common stock, shares outstanding | 47,302,299 | 47,913,821 |
Treasury stock, shares | 15,472,856 | 14,685,510 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock | AOCI Attributable to Parent | AOCI Attributable to ParentCumulative Effect, Period of Adoption, Adjustment [Member] |
Balance at Dec. 31, 2018 | $ 226 | $ 0.6 | $ 547.4 | $ 829.8 | $ (0.1) | $ (692.2) | $ (459.6) | $ 0.1 |
Balance, shares at Dec. 31, 2018 | 48,808,239 | |||||||
Balance, shares at Dec. 31, 2018 | 12,745,485 | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201712Member | us-gaap:AccountingStandardsUpdate201712Member | ||||||
Stock issuance, net, shares | 709,671 | |||||||
Cash dividends - per common share | $ (36) | $ (36) | ||||||
Share based employee compensation | 8.3 | |||||||
Net earnings (loss) | 214.5 | 214.5 | ||||||
Other comprehensive income (loss) | 83.4 | $ 83.4 | ||||||
Acquisition of treasury stock | (131.3) | $ (131.3) | ||||||
Acquisition of treasury stock, shares | (1,525,562) | 1,525,562 | ||||||
Balance at Dec. 31, 2019 | $ 364.9 | $ 0.6 | 555.7 | 1,008.2 | $ (823.5) | (376.1) | ||
Balance, shares at Dec. 31, 2019 | 47,992,348 | |||||||
Balance, shares at Dec. 31, 2019 | 14,271,047 | |||||||
Stock issuance, net, shares | 335,936 | |||||||
Cash dividends - per common share | $ (39.3) | (39.3) | ||||||
Share based employee compensation | 2 | |||||||
Net earnings (loss) | (99.1) | (99.1) | ||||||
Other comprehensive income (loss) | 266.8 | 266.8 | ||||||
Restricted stock issued to employees in connection with acquisition | (4) | $ 4 | ||||||
Restricted stock issued to employees in connection with acquisition, shares | 94,230 | (94,230) | ||||||
Acquisition of treasury stock | (44.4) | $ (44.4) | ||||||
Acquisition of treasury stock, shares | (508,693) | 508,693 | ||||||
Balance at Dec. 31, 2020 | $ 450.9 | $ 0.6 | 553.7 | 869.8 | $ (863.9) | (109.3) | ||
Balance, shares at Dec. 31, 2020 | 47,913,821 | 47,913,821 | ||||||
Balance, shares at Dec. 31, 2020 | 14,685,510 | |||||||
Stock issuance, net | 0.1 | $ (0.1) | ||||||
Stock issuance, net, shares | 173,379 | 2,445 | ||||||
Cash dividends - per common share | $ (41.6) | (41.6) | ||||||
Share based employee compensation | 7.5 | |||||||
Net earnings (loss) | 183.2 | 183.2 | ||||||
Other comprehensive income (loss) | (0.3) | (0.3) | ||||||
Acquisition of treasury stock | (80) | $ (80) | ||||||
Acquisition of treasury stock, shares | (784,901) | 784,901 | ||||||
Balance at Dec. 31, 2021 | $ 519.7 | $ 0.6 | $ 561.3 | $ 1,011.4 | $ (944) | $ (109.6) | ||
Balance, shares at Dec. 31, 2021 | 47,302,299 | 47,302,299 | ||||||
Balance, shares at Dec. 31, 2021 | 15,472,856 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared | $ 0.231 | $ 0.861 | $ 0.810 | $ 0.725 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 183.2 | $ (99.1) | $ 214.5 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 96.5 | 84 | 72.1 |
Loss on disposal of discontinued operations | 0.4 | 16.4 | 31.2 |
Write-off of debt refinancing fees | 0 | 0 | 2.7 |
Gain related to sale of fixed and intangible assets | 0 | (21) | 0 |
Deferred income taxes | 8.7 | (89.3) | 14 |
Share-based compensation | 11.3 | 6.8 | 9.5 |
Equity (earnings) from joint venture | (87.7) | (64) | (96.6) |
U.S. pension cost (credit) | 0.1 | 367.7 | (7.5) |
(Gain) loss related to change in fair value of contingent consideration | (4.1) | 0.1 | 0 |
Other non-cash adjustments, net | 0.9 | 0.9 | 2.5 |
Changes in operating assets and liabilities: | |||
Receivables | (30.9) | 12.7 | (1.1) |
Inventories | (10.6) | (7.7) | (7.2) |
Accounts payable and accrued expenses | 38.6 | (11.9) | (19.9) |
Income taxes receivable and payable, net | (2) | 35.2 | (8.4) |
Other assets and liabilities | (17.2) | (12) | (23.1) |
Net cash provided by operating activities | 187.2 | 218.8 | 182.7 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (79.8) | (55.4) | (71.3) |
Return of investment from joint venture | 78.3 | 81.5 | 85.2 |
Cash paid for acquisitions, net of cash acquired | (0.7) | (164.6) | (56.4) |
Proceeds from the sale of assets | 0.1 | 21.7 | 0 |
Payments of proceeds from Knauf to investment in joint venture | 0 | (25.9) | 0 |
Payments to Knauf upon disposal of discontinued operations | (11.8) | (6.4) | (47.9) |
Proceeds from company-owned life insurance, net | 0 | 8 | 1.3 |
Net cash (used for) investing activities | (13.9) | (141.1) | (89.1) |
Cash flows from financing activities: | |||
Proceeds from short-term debt | 0 | 30 | 0 |
Payments of short-term debt | 0 | (30) | 0 |
Proceeds from revolving credit facility | 95 | 290 | 185 |
Payments of revolving credit facility | (155) | (180) | (70) |
Proceeds from long-term debt | 0 | 0 | 500 |
Payments of long-term debt | (25) | (6.3) | (825.4) |
Financing costs | 0 | 0 | (2.9) |
Dividends paid | (41.4) | (39.2) | (35.6) |
Payments from share-based compensation plans, net of tax | (3.6) | (4.8) | (4.7) |
Payments for finance leases | 2.1 | 1.8 | 0 |
Payments for treasury stock acquired | (80) | (44.4) | (131.3) |
Net cash (used for) provided by financing activities | (212.1) | 13.5 | (384.9) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0.4 | 0.9 |
Net (decrease) increase in cash and cash equivalents | (38.8) | 91.6 | (290.4) |
Cash and cash equivalents at beginning of year of discontinued operations | 0 | 0 | 10 |
Cash and cash equivalents at beginning of year of continuing operations | 136.9 | 45.3 | 325.7 |
Cash and cash equivalents at end of period | 98.1 | 136.9 | 45.3 |
Supplemental Cash Flow Disclosures: | |||
Interest paid | 21.5 | 24.1 | 33.1 |
Income tax payments, net | 52.5 | 10.9 | 58.4 |
Amounts in accounts payable for capital expenditures | $ 0.3 | $ 1 | $ 1.9 |
Business
Business | 12 Months Ended |
Dec. 31, 2021 | |
Business [Abstract] | |
Business | NOTE 1. BUSINESS Armstrong World Industries, Inc. (“AWI”) is a Pennsylvania corporation incorporated in 1891. When we refer to “AWI,” the “Company,” “we,” “our” and “us” in these notes, we are referring to AWI and its subsidiaries. Acquisitions In December 2020, we acquired all of the issued and outstanding equity of Arktura LLC (“Arktura”) and certain subsidiaries with operations in the United States and Argentina. Arktura is a designer and fabricator of metal and felt ceilings, walls, partitions and facades with one manufacturing facility based in Los Angeles, California. In August 2020, we acquired the business and assets of Moz Designs, Inc. (“Moz”), based in Oakland, California. Moz is a designer and fabricator of custom architectural metal ceilings, walls, dividers and column covers for interior and exterior applications with one manufacturing facility. In July 2020, we acquired all of the issued and outstanding capital stock of TURF Design, Inc. (“Turf”), with one manufacturing facility in Elgin, Illinois and a design center in Chicago, Illinois. Turf is a designer and manufacturer of acoustic felt ceilings and wall products. In November 2019, we acquired the business and assets of MRK Industries, Inc. (“MRK”), based in Libertyville, Illinois. MRK is a manufacturer of specialty metal ceiling, wall and exterior solutions with one manufacturing facility. In March 2019, we acquired the business and assets of Architectural Components Group, Inc. (“ACGI”), based in Marshfield, Missouri. ACGI is a manufacturer of custom wood ceilings and walls with one manufacturing facility. The operations, assets and liabilities of these acquisitions are included in our Architectural Specialties segment. See Note 5 for further information on our acquisitions. Discontinued Operations In 2019, we completed the sale of certain subsidiaries comprising our businesses and operations in Europe, the Middle East and Africa (including Russia) (“EMEA”) and the Pacific Rim, including the corresponding businesses and operations conducted by Worthington Armstrong Venture (“WAVE”), our joint venture with Worthington Industries, Inc. (“Worthington”) in which AWI holds a 50 % interest (collectively, the “Sale”), to Knauf International GmbH (“Knauf”). In January 2021, we finalized post-closing adjustments to the purchase price related to certain pension liabilities assumed by Knauf in the Sale. During the first quarter of 2021, we paid $ 11.8 million to Knauf related to this purchase price adjustment. The EMEA and Pacific Rim segment historical financial results through September 30, 2019 have been reflected in AWI’s Consolidated Statements of Operations and Comprehensive Income as discontinued operations for all periods presented. COVID-19 Considerations The COVID-19 pandemic has created significant volatility and economic disruption and the impact on our future consolidated results of operations is uncertain. The extent to which COVID-19 impacts our employees, operations, customers, suppliers and financial results depends on numerous evolving factors that we may not be able to accurately predict, including: the duration and scope of the pandemic (and whether there is a resurgence or multiple resurgences in the future, including the impact of new variants); government actions taken in response to the pandemic, including required shutdowns, vaccine or testing mandates; the availability, acceptance, distribution and continued effectiveness of vaccines; the impact on construction activity; supply chain disruptions; rising inflation; labor shortages; the effect on our customers demand for our ceiling and wall systems; sustained remote or hybrid work models; our ability to manufacture and sell our products; and the ability of our customers to pay for our products. While many of our products support life sustaining activities and essential construction, we, and certain of our customers or suppliers, may be impacted by state actions, orders and policies regarding the COVID-19 pandemic, including temporary closures of non-life sustaining businesses, shelter-in-place orders, and travel, social distancing and quarantine policies, the implementation and enforcement of which vary by individual U.S. states and by individual countries in the Americas. We did not record any asset impairments, inventory charges or material bad debt reserves related to COVID-19 during 2021 or 2020 but future events may require such charges, which could have a material adverse effect on our financial condition, liquidity or results of operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy . The consolidated financial statements and accompanying data in this report include the accounts of AWI and its majority-owned subsidiaries. All significant intercompany transactions have been eliminated from the consolidated financial statements. Use of Estimates . We prepare our financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. When preparing an estimate, management determines the amount based upon the consideration of relevant internal and external information. Actual results may differ from these estimates. Reclassifications . Certain amounts in the prior year’s Consolidated Financial Statements and related notes have been recast to conform to the 2021 presentation. Revenue Recognition . We recognize revenue upon transfer of control of our products to the customer, which typically occurs upon shipment. Our main performance obligation to our customers is the delivery of products in accordance with purchase orders. Each purchase order confirms the transaction price for the products purchased under the arrangement. Direct sales to building materials distributors, home centers, direct customers and retailers represent the majority of our sales. Our standard sales terms are Free On Board (“FOB”) shipping point. We have some sales terms that are FOB destination. At the point of shipment, the customer is required to pay under normal sales terms. In most cases our normal payment terms are 45 days or less and our sales arrangements do not have any material financing components. In addition, our customer arrangements do not produce contract assets or liabilities that are material to our Consolidated Financial Statements. Within our Architectural Specialties segment, the majority of revenues are customer project driven, which includes a minority of revenues derived from the sale of customer specified customized products that have no alternative use to us. The manufacturing cycle for these custom products is typically short. Incremental costs to fulfill our customer arrangements are expensed as incurred, as the amortization period is less than one year. Our products are sold with normal and customary return provisions. We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects. Warranties are not sold separately to customers. Our product warranties place certain requirements on the purchaser, including installation and maintenance in accordance with our written instructions. In addition to our warranty program, under certain limited circumstances, we will occasionally at our sole discretion provide a customer accommodation repair or replacement. Warranty repairs and replacements are most commonly made by professional installers employed by or affiliated with our independent distributors. Reimbursement for costs associated with warranty repairs are provided to our independent distributors through a credit against accounts receivable from the distributor to us. Sales returns and warranty claims have historically not been material and do not constitute separate performance obligations. We often offer incentive programs to our customers, primarily volume rebates and promotions. The majority of our rebates are designated as a percentage of annual customer purchases. We estimate the amount of rebates based on actual sales for the period and accrue for the projected incentive programs’ costs. We record the costs of rebate accruals as a reduction to the transaction price. Other sales discounts, including early pay promotions, are deducted immediately from the sales invoice. See Note 4 to the Consolidated Financial Statements for additional information related to our revenues. Shipping and Handling Costs . We account for product shipping and handling costs as fulfillment activities and present the associated costs in costs of goods sold in the period in which we sell our product. Advertising Costs . We recognize advertising expenses as they are incurred. Research and Development Costs . We expense research and development costs as they are incurred. Business Combinations . We account for acquisitions under the acquisition method and the results of acquired operations are included in the Consolidated Financial Statements from the acquisition date. Acquisition related costs are expensed as incurred. We allocate total consideration to the assets acquired and liabilities assumed based on their estimated fair values, with the remaining unallocated amount recorded as goodwill. Our definite-lived intangible assets are amortized over the estimated useful life on a straight-line basis and recorded as a component of operating income (expense). The fair value of acquired intangible assets is estimated by applying discounted cash flow models based on significant inputs not observable in the market. Key assumptions are developed based on each acquirees’ historical experience, future projections and comparable market data including future cash flows, long-term growth rates, implied royalty rates, attrition rates and discount rates. Acquisition-related contingent consideration that is classified as a liability is measured at fair value at the acquisition date. Changes in the fair value of contingent consideration liabilities in reporting periods after the acquisition date are recorded within our Consolidated Statements of Operations and Comprehensive Income. Pension and Postretirement Benefits . We have benefit plans that provide for pension, medical and life insurance benefits to certain eligible employees when they retire from active service. See Note 18 to the Consolidated Financial Statements for disclosures on pension and postretirement benefits. Taxes . The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the financial statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date, which result from differences in the timing of reported taxable income between tax and financial reporting. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods, and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are generally not used as positive evidence related to the realization of the deferred tax assets in the assessment. We recognize the tax benefits of an uncertain tax position if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earliest. Taxes collected from customers and remitted to governmental authorities are reported on a net basis. Earnings per Share . Basic earnings per share is computed by dividing the earnings attributable to common shares by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings and is calculated using the treasury stock method. Cash and Cash Equivalents . Cash and cash equivalents include cash on hand and short-term investments that have maturities of three months or less when purchased. Concentration of Credit . We principally sell products to customers in building products industries. Revenues from two commercial distributors, included within our Mineral Fiber and Architectural Specialties segments, individually exceeded 10 % of our revenues in 2021, 2020 and 2019. Gross sales to these two customers totaled $ 495.8 million, $ 370.3 million and $ 428.7 million in 2021, 2020 and 2019, respectively. We monitor the creditworthiness of our customers and generally do not require collateral. Receivables . On January 1, 2020, we adopted ASC 326 – Financial Instruments – Credit Losses. This adoption did not have a material impact on our financial condition, results of operations or cash flows. We sell our products to select, pre-approved customers using customary trade terms that allow for payment in the future. Customer trade receivables, customer notes receivable and miscellaneous receivables (which include supply related rebates and other), net of allowances for doubtful accounts, customer credits and warranties are reported in accounts and notes receivable, net. Cash flows from the collection of receivables are classified as operating cash flows on the Consolidated Statements of Cash Flows. We establish creditworthiness prior to extending credit. We estimate the recoverability of receivables each period. This estimate is based upon new information in the period, which can include the review of any available financial statements and forecasts, as well as discussions with legal counsel and the management of the debtor company. As events occur, which impact the collectability of the receivable, all or a portion of the receivable is reserved. Account balances are charged off against the allowance when the potential for recovery is considered remote. We do not have any off-balance sheet credit exposure related to our customers. Inventories . Inventories are valued at the lower of cost and net realizable value. See Note 8 to the Consolidated Financial Statements for further information on our accounting for inventories. Property Plant and Equipment . Property plant and equipment is recorded at cost reduced by accumulated depreciation and amortization. Depreciation and amortization expense is recognized on a straight-line basis over the assets’ estimated useful lives. Machinery and equipment includes manufacturing equipment (depreciated over 2 to 15 years ), computer equipment (depreciated over 3 to 5 years ) and office furniture and equipment (depreciated over 5 to 7 years ). Within manufacturing equipment, assets that are subject to accelerated obsolescence or wear out quickly, such as dryer components, are generally depreciated over shorter periods while heavy production equipment, such as conveyors and production presses, are generally depreciated over longer periods. Buildings are depreciated over 15 to 30 years , depending on factors such as type of construction and use. Computer software is amortized over 3 to 7 years . Property, plant and equipment is tested for impairment by asset group when indicators of impairment are present, such as operating losses and/or negative cash flows for each identified asset group. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying value exceeds the undiscounted future cash flows, we determine the fair value of the asset group based on discounted future cash flows expected to be generated by the asset group, or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants, or estimated salvage value if no sale is assumed. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. Impairments of assets related to our manufacturing operations are recorded in cost of goods sold. We did not test tangible assets within our continuing operations for impairment in 2021, 2020 or 2019 as no indicators of impairment existed. When assets are disposed of or retired, their costs and related depreciation or amortization are removed from the financial statements, and any resulting gains or losses are normally reflected in cost of goods sold or selling, general and administrative (“SG&A”) expenses depending on the nature of the asset. Leases . We enter into operating and finance leases for certain manufacturing plants, warehouses, equipment and automobiles. Our leases have remaining lease terms of up to 16 years. Several leases include options for us to purchase leased items at fair value or renew for up to 5 years, or multiple 5-year renewal periods. Some of our leases include early termination options. We consider all of these options in determining the lease term used to establish our right-of-use ("ROU") assets and lease liabilities when it is reasonably certain that we will exercise that option. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. We have lease agreements with lease and nonlease components, which we have elected to combine to determine the ROU assets and lease liabilities. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. As most of our leases do not provide an implicit rate, we use our Incremental Borrowing Rate (“IBR”) based on information that is available at the lease commencement date to compute the present value of lease payments. Relevant information used in determining the IBR includes the transactional currency of the lease and the lease term. Asset Retirement Obligations . We recognize the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which they are incurred. Upon initial recognition of a liability, the discounted cost is capitalized as part of the related long-lived asset and depreciated over the corresponding asset’s useful life. Over time, accretion of the liability is recognized as an operating expense to reflect the change in the liability’s present value. Goodwill and Intangible Assets . Our definite-lived intangible assets are primarily customer relationships (amortized over 1 to 20 years ), developed technology (amortized over 13 to 19 years ) and acquired internally-developed software (amortized over 7 years). We review definite-lived intangible assets for impairment by asset group when indicators of impairment are present, such as operating losses and/or negative cash flows for the respective asset group. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying value exceeds the undiscounted future cash flows, we determine the fair value of the asset group based on discounted future cash flows expected to be generated by the asset group or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. We did not test definite-lived intangible assets within our continuing operations for impairment in 2021, 2020 or 2019 as no indicators of impairment existed. Our indefinite-lived assets include goodwill and other intangibles, primarily trademarks and brand names, with Armstrong representing our primary trademark. Trademarks and brand names are integral to our corporate identity and are expected to contribute indefinitely to our cash flows. Accordingly, they have been assigned an indefinite life. We conduct our annual impairment tests on these indefinite-lived intangible assets and goodwill during the fourth quarter. These assets undergo more frequent tests if an indication of possible impairment exists. When performing an impairment test for indefinite-lived intangible assets and goodwill, we compare the carrying amount of the asset (when testing indefinite-lived intangible assets) and reporting unit (when testing goodwill) to the estimated fair value. For indefinite-lived intangible assets, the estimated fair value is based on discounted future cash flows using the relief from royalty method. For goodwill, the estimated fair value is based on discounted future cash flows expected to be generated by the reporting unit. If the fair value is less than the carrying value of the asset/reporting unit, we record an impairment charge equal to the difference between the fair value and carrying value of the asset/reporting unit. We did not test indefinite-lived intangible assets within our continuing operations for impairment during any interim periods during 2021, as no indicators of impairment existed. We completed our annual impairment test in the fourth quarter of 2021 and no impairment charges were recorded in 2021, 2020 or 2019. See Note 13 to the Consolidated Financial Statements for disclosure on intangible assets. Foreign Currency Transactions . Assets and liabilities of our subsidiaries operating outside the United States that are accounted in a functional currency other than U.S. dollars are translated using the period end exchange rate. Revenues and expenses are translated at exchange rates effective during each month. Foreign currency translation gains or losses are included as a component of accumulated other comprehensive (loss) within shareholders' equity. Gains or losses on foreign currency transactions are recognized through earnings . Financial Instruments and Derivatives . We use derivatives and other financial instruments to offset the effect of interest rate variability. Derivatives are recognized on the balance sheet at fair value. For derivatives that meet the criteria as designated cash flow hedges, the changes in the fair value of the derivative are recognized in other comprehensive (loss) income until the hedged item is recognized in operations. See Notes 19 and 20 to the Consolidated Financial Statements for further discussion. Share-based Employee Compensation . We generally recognize share-based compensation expense on a straight-line basis over the vesting period for the entire award. Compensation expense for performance-based awards with non-market-based conditions are also recognized over the vesting period for the entire award, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. We estimate forfeitures based on actual historical forfeitures. See Note 22 to the Consolidated Financial Statements for additional information on share-based employee compensation. Treasury Stock . Common shares repurchased by AWI are recorded on the settlement date at cost as treasury shares and result in a reduction of equity. We may reissue these treasury shares. When treasury shares are reissued, we determine the cost using the First-in, first-out cost method (“FIFO”). The difference between the cost of the treasury shares and reissuance price is included in additional paid-in capital or retained earnings. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes,” which removes exceptions to the general principles in ASC Topic 740 – Income Taxes for allocating tax expense between financial statement components, accounting basis differences resulting from an ownership change in foreign investments and interim period income tax accounting for year-to-date losses that exceed projected losses. Effective January 1, 2021, we adopted this standard, which had no material impact on our financial condition or results of operations. In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance.” This guidance requires annual disclosures for transactions with a government authority that are accounted for by applying a grant or contribution model. This standard requires entities to provide information about the nature of the transaction and the accounting policy used, terms and conditions associated with the transaction and financial statement line items affected by the transaction. This guidance is effective for fiscal years beginning after December 15, 2021, with early adopted permitted. Effective December 31, 2021, we adopted this standard, which resulted in additional disclosures related to refundable payroll tax credits. See Note 7 to the Consolidated Financial Statements for additional details. |
Nature Of Operations
Nature Of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | NOTE 3. NATURE OF OPERATIONS Our operating segments are as follows: Mineral Fiber, Architectural Specialties and Unallocated Corporate. Mineral Fiber – produces suspended mineral fiber and soft fiber ceiling systems for use in commercial and residential settings. Our mineral fiber products offer various performance attributes such as acoustical control, rated fire protection, aesthetic appeal, and health and sustainability features. Commercial ceiling products are sold to resale distributors and to ceiling systems contractors. Residential ceiling products are sold primarily to wholesalers and retailers (including large home centers). The Mineral Fiber segment also includes the results of WAVE, which manufactures and sells suspension system (grid) products and ceiling component products that are invoiced by both AWI and WAVE. Segment results relating to WAVE consist primarily of equity earnings and reflect our 50 % equity interest in the joint venture. Ceiling component products consist of ceiling perimeters and trim, in addition to grid products that support drywall ceiling systems. For some customers, WAVE sells its suspension systems products to AWI for resale to customers. Mineral Fiber segment results reflect those sales transactions. The Mineral Fiber segment also includes all assets and liabilities not specifically allocated to our Architectural Specialties or Unallocated Corporate segment, including all property and related depreciation associated with our Lancaster, PA headquarters. Operating results for the Mineral Fiber segment include a significant majority of allocated Corporate administrative expenses that represent a reasonable allocation of general services to support its operations. Architectural Specialties – produces, designs and sources ceilings and walls for use in commercial settings. Products are available in numerous materials, such as metal, felt and wood, in addition to various colors, shapes and designs. Products offer various performance attributes such as acoustical control, rated fire protection and aesthetic appeal. We sell standard, premium and customized products, a portion of which are derived from sourced products. Architectural Specialties products are sold primarily to resale distributors and direct customers, primarily ceiling systems contractors. The majority of this segment's revenues are project driven, which can lead to more volatile sales patterns due to project scheduling uncertainty. Operating results for the Architectural Specialties segment include a portion of allocated Corporate administrative expenses that represent a reasonable allocation of general services to support its operations. Unallocated Corporate – includes assets, liabilities, income and expenses that have not been allocated to our other business segments and consists of: cash and cash equivalents, the net funded status of our U.S. Retirement Income Plan (“RIP”), the estimated fair value of interest rate swap contracts, outstanding borrowings under our senior credit facility and income tax balances. Our Unallocated Corporate segment also includes all assets, liabilities, income and expenses formerly reported in our EMEA and Pacific Rim segments that were not included in the Sale. For the year ended 2021 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 818.5 $ 288.1 $ - $ 1,106.6 Equity (earnings) from joint venture ( 87.7 ) - - ( 87.7 ) Segment operating income (loss) 261.2 4.2 ( 5.4 ) 260.0 Segment assets 1,133.9 366.3 209.8 1,710.0 Depreciation and amortization 69.9 26.6 - 96.5 Investment in joint venture 50.0 - - 50.0 Purchases of property, plant and equipment 64.8 15.0 - 79.8 For the year ended 2020 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 726.0 $ 210.9 $ - $ 936.9 Equity (earnings) from joint venture ( 64.0 ) - - ( 64.0 ) Segment operating income 218.7 22.3 13.8 254.8 Segment assets 1,101.1 357.7 259.7 1,718.5 Depreciation and amortization 71.8 12.2 - 84.0 Investment in joint venture 41.2 - - 41.2 Purchases of property, plant and equipment 45.5 9.9 - 55.4 For the year ended 2019 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 826.6 $ 211.5 $ - $ 1,038.1 Equity (earnings) from joint venture ( 96.6 ) - - ( 96.6 ) Segment operating income (loss) 289.6 35.9 ( 8.1 ) 317.4 Segment assets 1,139.9 161.8 191.6 1,493.3 Depreciation and amortization 62.9 8.8 0.4 72.1 Investment in joint venture 58.5 - - 58.5 Purchases of property, plant and equipment (1) 59.5 8.8 - 68.3 (1) Total differs from our Consolidated Statement of Cash Flows by the amount that was classified as discontinued operations. See Note 6 for additional details. Segment operating income (loss) is the measure of segment profit or loss reviewed by the chief operating decision maker. The sum of the segments’ operating income (loss) equals the total consolidated operating income as reported on our Consolidated Statements of Operations and Comprehensive Income. The following reconciles our total consolidated operating income to earnings (loss) from continuing operations before income taxes. These items are only measured and managed on a consolidated basis: 2021 2020 2019 Total consolidated operating income $ 260.0 $ 254.8 $ 317.4 Interest expense 22.9 24.1 38.4 Other non-operating (income) expense, net ( 5.6 ) 357.4 ( 20.4 ) Earnings (loss) from continuing operations before income taxes $ 242.7 $ ( 126.7 ) $ 299.4 Accounting policies of the segments are the same as those described in the summary of significant accounting policies. The sales in the table below are allocated to geographic areas based on the location of our selling entities. 2021 2020 2019 Geographic Areas Net sales Mineral Fiber: United States $ 754.2 $ 674.1 $ 769.0 Canada 64.3 51.9 57.6 Total Mineral Fiber 818.5 726.0 826.6 Architectural Specialties: United States $ 268.0 $ 192.8 $ 192.3 Canada 20.1 18.1 19.2 Total Architectural Specialties 288.1 210.9 211.5 Total net sales $ 1,106.6 $ 936.9 $ 1,038.1 2021 2020 Property, plant and equipment, net at December 31, Mineral Fiber: United States $ 490.6 $ 486.0 Total Mineral Fiber 490.6 486.0 Architectural Specialties: United States $ 46.5 $ 38.2 Canada 5.7 5.7 Total Architectural Specialties 52.2 43.9 Total property, plant and equipment, net $ 542.8 $ 529.9 During 2020, we recorded a $ 21.0 million gain related to the sale of our idled mineral fiber plant in China, inclusive of accumulated foreign currency translation gains. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | NOTE 4. REVENUE Disaggregation of Revenues Our Mineral Fiber and Architectural Specialties operating segments both manufacture and sell ceiling and wall systems (primarily mineral fiber, fiberglass wool, metal, wood, wood fiber, glass-reinforced-gypsum and felt) 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. Retailers and other – represents net sales to independent retailers and certain national account customers, including wholesalers who re-sell our products to dealers who service builders, contractors and consumers, online customers, major facility owners, group purchasing organizations and maintenance, repair and operating entities. Geographically, this category includes sales throughout the U.S. and Canada. The following tables present net sales by major customer group within the Mineral Fiber and Architectural Specialties segments for the years ended December 31, 2021, 2020 and 2019: Mineral Fiber 2021 2020 2019 Distributors $ 603.9 $ 525.2 $ 622.9 Home centers 94.4 96.1 85.2 Direct customers 59.2 54.3 61.2 Retailers and other 61.0 50.4 57.3 Total $ 818.5 $ 726.0 $ 826.6 Architectural Specialties 2021 2020 2019 Distributors $ 150.5 $ 135.5 $ 138.3 Direct customers 134.6 73.3 68.0 Retailers and other 3.0 2.1 5.2 Total $ 288.1 $ 210.9 $ 211.5 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 5. ACQUISITIONS ARKTURA On December 16, 2020, we acquired all the issued and outstanding equity of Arktura and its subsidiaries with operations in the United States and Argentina for $ 91.2 million, net of $ 0.1 million of cash acquired and working capital adjustments. A portion of the cash consideration paid at closing is being held in escrow to secure potential claims for indemnification under the agreement. Under the terms of the agreement, and contingent upon continued employment with AWI, we are obligated to pay the sellers an additional $ 24.0 million in cash payments over a period of five years and issued an additional $ 6.0 million of restricted stock which will vest over a period of five years . Contingent upon employment with AWI, we also issued an additional $ 1.4 million of restricted stock to key Arktura employees which will vest over a period of three years . Compensation expense associated with these cash payments and restricted stock awards are recorded over the required service and vesting periods. The total fair value of tangible assets acquired, less liabilities assumed, was $ 0.9 million. The acquisition resulted in $ 57.4 million of goodwill. The following table summarizes the fair values of identifiable intangible assets acquired, and their estimated useful lives: Fair Value at Acquisition Date Estimated Useful Life Tradenames $ 12.1 Indefinite Software 9.1 7 years Backlog 5.5 1 year Customer relationships 3.6 1 year Non-compete agreements 2.1 5 years Patents 0.6 13 - 19 years Total identifiable intangible assets $ 33.0 The weighted average amortization period for acquired intangible assets as of the date of acquisition was 4.3 years. Goodwill from the Arktura acquisition relates to many factors, including the technical competencies and capabilities of the acquired workforce in the fields of architecture, design, materials science, technology and software, 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. In connection with the Arktura acquisition, we formed Arktura Ventures LLC, an incubator entity for the development and commercialization of new products and solutions in the architecture, engineering and construction spaces. As of December 31, 2021, the venture entity had minimal funding and operations. MOZ On August 24, 2020, we acquired the business and assets of Moz for $ 4.2 million of cash paid at closing and the potential for a contingent earn-out payable in 2022 not to exceed $ 4.7 million. We, with the assistance of an independent, third-party valuation specialist, utilized a Monte Carlo simulation to determine the estimated fair value of the contingent consideration at the acquisition date of $ 2.7 million, resulting in total acquisition consideration of $ 6.9 million. The total fair value of liabilities assumed, less tangible assets acquired, was $ 0.4 million. The total fair value of identifiable intangible assets acquired was $ 2.7 million, comprised of non-amortizable tradenames of $ 1.5 million, amortizable customer relationships of $ 0.6 million and backlog of $ 0.6 million, resulting in $ 4.6 million of goodwill. All of the acquired goodwill is deductible for tax purposes. The contingent consideration was payable upon achievement of certain performance objectives through December 31, 2021. The contingent consideration was classified as a current liability as of December 31, 2021, and was paid in the first quarter of 2022. See Note 19 for details related to the fair value of the contingent consideration. TURF On July 27, 2020, we acquired all the issued and outstanding capital stock of Turf for a purchase price of $ 70.0 million of cash paid at closing and the potential for a contingent earn-out payable in 2022 and 2023 not to exceed $ 48.0 million. We, with the assistance of an independent, third-party valuation specialist, utilized a Monte Carlo simulation to determine the estimated fair value of the contingent consideration at the acquisition date of $ 14.1 million, resulting in total acquisition consideration of $ 84.1 million. The total fair value of tangible assets acquired, less liabilities assumed, was $ 4.8 million. The total fair value of identifiable intangible assets acquired was $ 27.9 million, resulting in $ 51.4 million of goodwill. We identified non-amortizable tradenames of $ 9.6 million. We also identified amortizable intangible assets comprised of customer relationships of $ 7.7 million, patents of $ 5.8 million and a non-compete agreement of $ 3.3 million that are being amortized on a straight-line basis over their estimated useful lives of 2 , 20 , and 5 years, respectively. The weighted average amortization period for acquired intangible assets as of the date of acquisition was 8.3 years. Goodwill from the Turf acquisition relates to many factors, including the design talents of the acquired workforce, fabrication capabilities and capacity, broad-based go-to-market channels and relationships, established leadership in a growing product category, and our strategic intent to leverage its position and attributes to grow and expand our portfolio of solutions. All of the acquired goodwill is deductible for tax purposes. The contingent consideration is payable upon achievement of certain future performance objectives through 2022. The contingent consideration includes up to $ 24.0 million in additional cash consideration for performance at certain revenue and earnings before interest, taxes, depreciation and amortization (“EBITDA”) growth targets. Full payout for target performance requires compounded annual growth rates in excess of 23 % through December 31, 2022. The contingent consideration also includes up to $ 24.0 million in additional cash consideration for performance over revenue and EBITDA growth targets. Full payout for achievement over target performance requires compounded annual growth rates in excess of 38 % through December 31, 2022 . A portion of Turf's contingent consideration was payable upon the achievement of certain performance objectives through December 31, 2021. The contingent consideration payable for the year ended December 31, 2021 was classified as a current liability as of December 31, 2021, and was paid in the first quarter of 2022. See Note 19 for details related to the fair value of the contingent consideration. MRK On November 25, 2019, we acquired the business and assets of MRK. The $ 13.3 million purchase price was allocated to the assets acquired and the liabilities assumed based on their estimated fair values, with the remaining unallocated amount recorded as goodwill. The total fair value of tangible assets acquired, less liabilities assumed, was $ 2.9 million, resulting in $ 10.4 million of goodwill. All of the acquired goodwill is deductible for tax purposes. ACGI On March 4, 2019, we acquired the business and assets of ACGI. The $ 42.9 million purchase price was allocated to the assets acquired and the liabilities assumed based on their estimated fair values, with the remaining unallocated amount recorded as goodwill. The total fair value of tangible assets acquired, less liabilities assumed, was $ 7.3 million. The total fair value of identifiable intangible assets acquired was $ 12.0 million, mostly comprised of amortizable customer relationships of $ 7.4 million and amortizable tradenames of $ 2.8 million, resulting in $ 23.6 million of goodwill. All of the acquired goodwill is deductible for tax purposes. The 2019 acquisitions, both individually and in the aggregate, did not have a material impact on reported net sales or net (loss) earnings for the year ended December 31, 2019. The following table presents the net sales and net (loss) earnings from continuing operations before income taxes of Arktura, Moz and Turf included in our Consolidated Statements of Operations and Comprehensive Income since the acquisition dates: 2021 2020 Net sales $ 82.2 $ 18.2 Net (loss) earnings from continuing operations before income taxes ( 9.6 ) 0.4 PRO FORMA FINANCIAL INFORMATION The following table summarizes aggregate audited as reported information and aggregate unaudited pro forma information assuming the acquisitions of Arktura, Moz and Turf had occurred on January 1, 2018. The unaudited pro forma results include the depreciation and amortization associated with the acquired assets, compensation expense related to cash payments and equity awards granted to employees of the acquired companies and adjustments to net sales for the purchase accounting effects of recording deferred revenue at fair value. The unaudited pro forma results do not include any expected benefits of the acquisitions, adjustments to as reported changes in the fair value of the contingent consideration or adjustments to the effective tax rate. 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, 2018. 2020 2019 Net sales from continuing operations, pro forma (unaudited) $ 1,009.0 $ 1,099.2 Net sales from continuing operations, as reported 936.9 1,038.1 Net (loss) earnings from continuing operations, pro forma (unaudited) ( 69.2 ) 239.3 Net (loss) earnings from continuing operations, as reported ( 84.1 ) 242.3 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | NOTE 6. DISCONTINUED OPERATIONS EMEA AND PACIFIC RIM BUSINESSES In 2019, we completed the sale of certain subsidiaries comprising our businesses in EMEA and the Pacific Rim to Knauf. We recorded an estimated pre-tax loss on sale of $ 31.2 million in 2019. In 2020, we recorded a pre-tax loss of $ 17.2 million, primarily related to an $ 11.4 million purchase price adjustment related to certain pension liabilities included in the Sale in addition to working capital and other adjustments. In 2021, we recorded a pre-tax loss on sale of $ 0.4 million for final purchase price adjustments related to certain pension liabilities included in the Sale. See Note 1 for further discussion of the Sale. FLOORING BUSINESSES Separation and Distribution of AFI On April 1, 2016, we completed our separation of Armstrong Flooring, Inc. ("AFI") by allocating the assets and liabilities related primarily to our Resilient and Wood Flooring segments to AFI and then distributing the common stock of AFI to our shareholders at a ratio of one share of AFI common stock for every two shares of AWI common stock. European Resilient Flooring During 2020, we recorded a gain of $ 0.8 million related to Accumulated Other Comprehensive Income (“AOCI”) adjustments from a previously discontinued foreign flooring entity, which was dissolved in the second quarter of 2020. The AOCI adjustments related to accumulated foreign currency translation amounts. Summarized Financial Information of Discontinued Operations The following tables detail the businesses and line items that comprise discontinued operations on the Consolidated Statements of Operations and Comprehensive Income. EMEA and Pacific Rim Businesses 2021 (Loss) from disposal of discontinued businesses, before income tax $ ( 0.4 ) Income tax expense 1.7 (Loss) from disposal of discontinued businesses, net of tax $ ( 2.1 ) Net (loss) from discontinued operations $ ( 2.1 ) EMEA and Pacific Rim Businesses Flooring Total 2020 (Loss) gain from disposal of discontinued businesses, before income tax $ ( 17.2 ) $ 0.8 $ ( 16.4 ) Income tax (benefit) ( 1.4 ) - ( 1.4 ) (Loss) gain from disposal of discontinued businesses, net of tax $ ( 15.8 ) $ 0.8 $ ( 15.0 ) Net (loss) earnings from discontinued operations $ ( 15.8 ) $ 0.8 $ ( 15.0 ) EMEA and Pacific Rim Businesses Flooring Total 2019 Net sales $ 319.1 $ - $ 319.1 Cost of goods sold 245.7 - 245.7 Gross profit 73.4 - 73.4 Selling, general and administrative expenses 61.6 - 61.6 Operating income 11.8 - 11.8 Other non-operating expense, net 1.6 - 1.6 Earnings from discontinued operations before income tax 10.2 - 10.2 Income tax expense 12.0 - 12.0 Net (loss) from discontinued operations, net of tax $ ( 1.8 ) $ - $ ( 1.8 ) (Loss) from disposal of discontinued businesses, before income tax $ ( 31.2 ) $ - $ ( 31.2 ) Income tax (benefit) - ( 5.2 ) ( 5.2 ) (Loss) gain from disposal of discontinued businesses, net of tax $ ( 31.2 ) $ 5.2 $ ( 26.0 ) Net (loss) earnings from discontinued operations $ ( 33.0 ) $ 5.2 $ ( 27.8 ) The following is a summary of total gains and losses, capital expenditures and operating lease information related to our former EMEA and Pacific Rim businesses through the date of disposal, and gains on the dissolution of our previously discontinued flooring entity, which are presented as discontinued operations and included as components of operating and investing cash flows on our Consolidated Statements of Cash Flows: 2021 2020 2019 Loss on sale to Knauf (1) $ 0.4 $ 17.2 $ - Estimated loss on sale to Knauf (2) - - 31.2 Gain on dissolution of flooring entity (3) - ( 0.8 ) - Purchases of property, plant and equipment - - ( 3.0 ) Operating lease cost (4) - - 7.4 ROU assets obtained in exchange for lease obligations (5) - - 24.6 (1) Represents certain pension liabilities, working capital and other adjustments. (2) Represents comparison of the EMEA and Pacific Rim net assets to the expected final sales proceeds. (3) Represents AOCI adjustments related to accumulated foreign currency translation amounts. (4) The amount of cash paid for amounts included in the measurement of lease liabilities was not materially different from the operating lease cost for the nine months ended September 30, 2019. (5) Represents initial ROU assets recognized upon adoption on January 1, 2019. We did no t obtain any new ROU assets in exchange for lease obligations during the nine months ended September 30, 2019. |
Accounts and Notes Receivable
Accounts and Notes Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts and Notes Receivable | NOTE 7. ACCOUNTS AND NOTES RECEIVABLE December 31, 2021 December 31, 2020 Customer receivables $ 104.7 $ 77.9 Miscellaneous receivables 7.9 4.0 Less allowance for warranties, discounts and losses ( 3.5 ) ( 3.6 ) Accounts and notes receivable, net $ 109.1 $ 78.3 We sell our products to select, pre-approved customers whose businesses are affected by changes in economic and market conditions. We consider these factors and the financial condition of each customer when establishing our allowance for losses from doubtful accounts. As of December 31, 2021, miscellaneous receivables included a $ 5.9 million Employee Retention Credit (“ERC”), representing a refundable payroll tax credit for eligible wages paid to our employees in 2020 and 2021 under the Coronavirus Aid, Relief, and Economic Recovery Act ("CARES Act"). See Note 16 to the Consolidated Financial Statements for further information. Miscellaneous receivables included $ 3.2 million of proceeds from company-owned life insurance policies as of December 31, 2020. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 8. INVENTORIES December 31, 2021 December 31, 2020 Finished goods $ 49.9 $ 44.6 Goods in process 6.4 5.5 Raw materials and supplies 48.4 42.3 Less LIFO reserves ( 14.5 ) ( 10.9 ) Total inventories, net $ 90.2 $ 81.5 Approximately 66 % and 69 % of our total inventory in 2021 and 2020, respectively, were valued on a Last-in, first-out (“LIFO”) basis. The distinction between the use of different methods of inventory valuation is primarily based on type of inventory, legal entities and/or geographical locations. The following table summarizes the amount of inventory that is not accounted for under the LIFO method. December 31, 2021 December 31, 2020 U.S. locations $ 28.0 $ 22.5 Canada locations 2.7 3.0 Total $ 30.7 $ 25.5 U.S. locations above generally use the weighted average cost method of inventory valuation and primarily represent certain finished goods sourced from third party suppliers and certain entities within our Architectural Specialties segment, most notably recent acquisitions, that also use the weighted average cost method given the nature of the inventory. Our Canadian locations use the FIFO method of inventory valuation (or other methods which closely approximate the FIFO method) primarily because the LIFO method is not permitted for local tax reporting purposes. In these situations, a conversion to LIFO would be highly complex and involve excessive cost and effort to achieve under local tax reporting requirements. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | NOTE 9. OTHER CURRENT ASSETS December 31, 2021 December 31, 2020 Prepaid expenses $ 17.2 $ 12.0 Assets held for sale 4.6 - Other 1.3 0.8 Total other current assets $ 23.1 $ 12.8 As of December 31, 2021, assets held for sale included the property, plant and equipment of our idled Mineral Fiber plant in St. Helens, Oregon. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 10. PROPERTY, PLANT AND EQUIPMENT December 31, 2021 December 31, 2020 Land $ 31.8 $ 33.3 Buildings 257.2 255.5 Machinery and equipment 643.9 645.7 Computer software 52.6 41.6 Construction in progress 51.3 40.9 Less accumulated depreciation and amortization ( 494.0 ) ( 487.1 ) Net property, plant and equipment $ 542.8 $ 529.9 |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | NOTE 11. EQUITY INVESTMENTS Investment in joint venture as of December 31, 2021 and 2020 reflected the equity interest in our 50 % investment in our WAVE joint venture. The WAVE joint venture is reflected within the Mineral Fiber segment in our consolidated financial statements using the equity method of accounting. We use the cumulative earnings approach to determine the appropriate classification of distributions from WAVE within our cash flow statement. During 2021, 2020 and 2019, WAVE distributed amounts in excess of our capital contributions and proportionate share of retained earnings. Accordingly, the distributions in these years were reflected as a return of investment in cash flows from investing activity in our Consolidated Statement of Cash Flows. Distributions from WAVE in 2021, 2020 and 2019, were $ 78.3 million, $ 81.5 million, and $ 85.2 million, respectively. In certain markets, we sell WAVE products directly to customers pursuant to specific terms of sale. In those circumstances, we record the sales and associated costs within our consolidated financial statements. The total sales associated with these transactions were $ 42.3 million, $ 35.2 million and $ 33.5 million for the years ended 2021, 2020 and 2019, respectively. The European and Pacific Rim businesses of WAVE were included in the Sale to Knauf in 2019. Accordingly, WAVE’s European and Pacific Rim historical financial statement results have been reflected in WAVE’s consolidated financial statements as a discontinued operation for all periods presented. Our equity earnings in joint venture reflected as a component of earnings from continuing operations included $ 3.0 million of equity earnings representing WAVE’s net earnings from operations of its discontinued European and Pacific Rim businesses in 2019. Condensed financial data for WAVE is summarized below on a continuing operations basis. December 31, 2021 December 31, 2020 Current assets $ 119.7 $ 66.8 Non-current assets 42.1 40.8 Current liabilities 37.1 73.0 Other non-current liabilities 297.4 234.7 2021 2020 2019 Net sales $ 430.8 $ 343.3 $ 393.2 Gross profit 244.5 194.7 219.6 Net earnings 184.6 137.8 166.0 In connection with the sale of WAVE’s European and Pacific Rim businesses and operations to Knauf in 2019, WAVE recorded a $ 46.2 million gain on sale during 2019, which included $ 10.2 million of unfavorable AOCI adjustments. As such, during 2019, we recorded our share of WAVE’s gain on sale of discontinued operations of $ 20.6 million, which was included as a component of Equity earnings from joint venture in our Consolidated Statements of Operations and Comprehensive Income . Our recorded investment in WAVE was higher than our 50 % share of the carrying values reported in WAVE’s consolidated financial statements by $ 136.4 million as of December 31, 2021 and $ 141.1 million as of December 31, 2020. These differences are due to our adoption of fresh-start reporting upon emergence from Chapter 11 in October 2006, while WAVE’s consolidated financial statements do not reflect fresh-start reporting. The differences are composed of the following fair value adjustments to assets: December 31, 2021 December 31, 2020 Property, plant and equipment $ 0.4 $ 0.4 Other intangibles 105.6 110.3 Goodwill 30.4 30.4 Total $ 136.4 $ 141.1 Other intangibles include customer relationships, trademarks and developed technology. Customer relationships are amortized over 20 years and developed technology is amortized over 15 years. Trademarks have an indefinite life. In 2019, we wrote off $ 4.4 million of customer relationships and developed technology intangible assets attributed to WAVE’s European and Pacific Rim businesses included in the Sale. This write-off was included as a reduction to Equity earnings from joint venture in our Consolidated Statements of Operations and Comprehensive Income. Management regularly evaluates its investment in WAVE for impairment, including performing an evaluation as a result of the sale of WAVE’s European and Pacific Rim businesses to Knauf. Based on those evaluations, management concluded that its investment in WAVE was not impaired in 2021, 2020 or 2019. See discussion in Note 26 to the Consolidated Financial Statements for additional information on this related party. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | NOTE 12. LEASES The following table presents our lease costs: 2021 2020 2019 Operating lease cost $ 6.4 $ 5.6 $ 6.8 Finance lease cost: Amortization of leased assets $ 2.4 $ 2.0 $ - Interest on lease liabilities 0.7 0.6 - Total finance lease cost $ 3.1 $ 2.6 $ - Short-term lease expense and variable lease cost were not material for the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021 , we did not have any material leases that have not yet commenced . The following table presents supplemental cash flow information related to our leases: 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6.3 $ 5.4 $ 6.8 Operating cash flows from finance leases 0.7 0.6 - Financing cash flows from finance leases 2.1 1.8 - ROU assets obtained in exchange for lease liabilities Operating leases (1) $ 7.3 $ 5.4 $ 41.6 Finance leases 0.3 2.6 - (1) The years ended December 31, 2021 and 2020 include increases in ROU assets of $ 3.2 million and $ 0.4 million, respectively, resulting from modifications that did not involve obtaining a new ROU asset. Modifications resulted from changes in the terms of existing leases. The year ended December 31, 2019 includes initial ROU assets of $ 29.2 million recognized upon adoption of FASB ASC 842 - Leases on January 1, 2019. The following table presents the weighted average assumptions used to compute our ROU assets and lease liabilities: December 31, 2021 December 31, 2020 Weighted average remaining lease term (in years) Operating leases 5.4 6.5 Finance leases 9.9 10.7 Weighted average discount rate Operating leases 3.4 % 4.0 % Finance leases 3.6 % 3.6 % Undiscounted future minimum lease payments as of December 31, 2021, by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows: Operating Leases Finance Leases Maturity of lease liabilities 2022 $ 6.2 $ 2.9 2023 5.5 2.8 2024 4.0 2.6 2025 2.0 2.3 2026 1.2 2.5 Thereafter 4.8 10.0 Total lease payments 23.7 23.1 Less interest ( 2.5 ) ( 4.1 ) Present value of lease liabilities $ 21.2 $ 19.0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 13. GOODWILL AND INTANGIBLE ASSETS We conduct our annual impairment testing of goodwill and non-amortizing intangible assets during the fourth quarter. The 2021, 2020 and 2019 reviews concluded that no impairment charges were necessary. See Note 2 to the Consolidated Financial Statements for a discussion of our accounting policy for goodwill and intangible assets. The following table details amounts related to our goodwill and intangible assets as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Estimated Gross Accumulated Amortization Gross Accumulated Amortization Amortizing intangible assets Customer relationships 1 - 20 years $ 196.7 $ 144.8 $ 200.6 $ 128.9 Developed technology 13 - 19 years 92.9 82.6 92.1 77.9 Software 7 years 9.1 1.3 9.1 - Trademarks and brand names 5 - 10 years 4.0 2.0 4.0 1.3 Non-compete agreements 3 - 5 years 5.6 1.4 6.3 0.4 Other Various 0.4 0.1 6.9 0.2 Total $ 308.7 $ 232.2 $ 319.0 $ 208.7 Non-amortizing intangible assets Trademarks and brand names Indefinite 344.9 347.2 Total intangible assets $ 653.6 $ 666.2 Goodwill Indefinite $ 167.0 $ 160.7 The increase in goodwill as of December 31, 2021 resulted primarily from customary adjustments to valuations for Arktura assets acquired and liabilities assumed on December 16, 2020 and foreign exchange movements. 2021 2020 2019 Amortization expense $ 33.8 $ 22.1 $ 19.9 The expected annual amortization expense for the years 2022 through 2026 are as follows: 2022 $ 16.2 2023 13.6 2024 13.1 2025 12.5 2026 9.0 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | NOTE 14. OTHER NON-CURRENT ASSETS December 31, 2021 December 31, 2020 Cash surrender value of company-owned life insurance policies $ 47.2 $ 47.8 Investment in employee deferred compensation plans 9.7 9.6 Other 1.0 0.3 Total other non-current assets $ 57.9 $ 57.7 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable And Accrued Expenses | NOTE 15. ACCOUNTS PAYABLE AND ACCRUED EXPENSES December 31, 2021 December 31, 2020 Payables, trade and other $ 105.8 $ 81.3 Employment costs 30.3 17.6 Current portion of pension and postretirement liabilities 9.9 9.5 Payable to Knauf for purchase price adjustments - 11.4 Acquisition-related contingent consideration 8.6 - Other 20.3 16.7 Total accounts payable and accrued expenses $ 174.9 $ 136.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 16. INCOME TAXES The tax effects of principal temporary differences between the carrying amounts of assets and liabilities and their tax basis are summarized below. Management believes it is more likely than not that the results of future operations will generate sufficient taxable income in the appropriate jurisdiction to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion, we considered the profit before tax generated for the years 2019 through 2021, future reversals of existing taxable temporary differences, and projections of future profit before tax. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, we consider all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. As of December 31, 2021 and 2020, we had $ 700.9 million and $ 806.9 million, respectively, of gross state net operating loss (“NOL”) carryforwards expiring between 2022 and 2041 . As of December 31, 2021, we had capital loss carryforwards of $ 18.8 million that expire between 2024 and 2036. Capital loss carryforwards as of December 31, 2020 were $ 19.3 million. As of December 31, 2021, we had foreign tax credits (“FTC”) carryforwards of $ 0.6 million that expire in 2022 . U.S. FTC carryforwards as of December 31, 2020 were $ 17.7 million. The reduction in FTCs in 2021 was the result of FTC expirations of $ 17.1 million. As of December 31, 2021 and 2020, we had valuation allowances of $ 60.6 million and $ 79.4 million, respectively. As of December 31, 2021, our valuation allowance consisted of $ 41.2 million for state deferred tax assets related to operating loss carryforwards, $ 18.8 million for federal and state deferred tax assets related to capital loss carryforwards and $ 0.6 million for federal deferred tax assets related to FTC carryforwards. We estimate we will need to generate future federal taxable foreign source income of $ 2.9 million to fully realize FTC carryforwards before they expire in 2022 . We estimate we will need to generate future taxable income of approximately $ 476.0 million for state income tax purposes during the respective realization periods (ranging from 2022 to 2041 ) to be able to fully realize the net deferred income tax assets discussed above. We estimate we will need to generate capital gain income of $ 66.4 million to fully realize our federal capital loss carryforwards before they expire between 2024 and 2026 . We estimate we will need to generate capital gain income of $ 190.7 million to fully realize our state capital loss carryforwards before they expire between 2024 and 2036 . Our ability to utilize deferred tax assets may be impacted by certain future events, such as changes in tax legislation or insufficient future taxable income prior to expiration of certain deferred tax assets. December 31, 2021 December 31, 2020 Deferred income tax assets (liabilities) Net operating losses $ 42.5 $ 48.7 Postretirement benefits 20.7 22.0 Pension benefit liabilities 11.0 12.0 Deferred compensation 7.9 9.0 Foreign tax credit carryforwards 0.6 17.7 State tax credit carryforwards 8.7 8.9 Capital loss carryforwards 18.8 19.3 Lease right-of-use liabilities 9.8 10.0 Other 12.3 16.2 Total deferred income tax assets 132.3 163.8 Valuation allowances ( 60.6 ) ( 79.4 ) Net deferred income tax assets 71.7 84.4 Intangibles ( 87.4 ) ( 93.7 ) Partnerships and investments ( 26.4 ) ( 28.1 ) Accumulated depreciation ( 80.4 ) ( 75.5 ) Prepaid pension costs ( 27.8 ) ( 30.7 ) Inventories ( 4.9 ) ( 4.4 ) Lease right-of-use assets ( 10.1 ) ( 10.2 ) Other ( 1.6 ) ( 0.2 ) Total deferred income tax liabilities ( 238.6 ) ( 242.8 ) Net deferred income tax liabilities $ ( 166.9 ) $ ( 158.4 ) 2021 2020 2019 Details of taxes Earnings (loss) from continuing operations before income taxes Domestic $ 239.3 $ ( 130.0 ) $ 299.7 Foreign 3.4 3.3 ( 0.3 ) Total $ 242.7 $ ( 126.7 ) $ 299.4 Income tax expense (benefit): Current: Federal $ 39.4 $ 40.8 $ 31.4 Foreign 0.6 1.0 0.8 State 8.7 5.6 6.3 Total current 48.7 47.4 38.5 Deferred: Federal 3.6 ( 75.5 ) 15.1 Foreign 0.6 - ( 0.3 ) State 4.5 ( 14.5 ) 3.8 Total deferred 8.7 ( 90.0 ) 18.6 Total income tax expense (benefit) $ 57.4 $ ( 42.6 ) $ 57.1 We reviewed our position with regards to foreign unremitted earnings and determined that unremitted earnings will not be permanently reinvested as a result of the Sale. Accordingly, in 2021, we recorded foreign withholding taxes of $ 0.7 million on approximately $ 13.0 million of net undistributed earnings of foreign subsidiaries. In 2020, we recorded foreign withholding taxes of $ 0.9 million on approximately $ 17.9 million of net undistributed earnings of foreign subsidiaries. 2021 2020 2019 Reconciliation to U.S. statutory tax rate Continuing operations tax expense (benefit) at statutory rate $ 51.0 $ ( 26.6 ) $ 62.9 (Decrease) increase in valuation allowances on deferred ( 17.8 ) ( 0.1 ) 0.1 Expiration of deferred income tax assets 18.3 - - State income tax expense (benefit), net of federal impact 11.0 ( 7.3 ) 12.4 Capital loss on sale of investment - ( 4.6 ) - Statute closures ( 3.8 ) ( 1.3 ) ( 3.8 ) State deferred tax adjustments - ( 1.5 ) ( 1.9 ) Capital loss utilization on WAVE earnings - - ( 4.4 ) Excess tax benefits on share-based compensation ( 0.8 ) ( 0.9 ) ( 3.2 ) Tax on foreign and foreign source income - - ( 1.9 ) U.S. permanent differences ( 1.3 ) ( 2.2 ) ( 1.8 ) Other 0.8 1.9 ( 1.3 ) Tax expense (benefit) at effective rate $ 57.4 $ ( 42.6 ) $ 57.1 We recognize the tax benefits of an uncertain tax position only if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. We had $ 35.6 million of Unrecognized Tax Benefits (“UTB”) as of December 31, 2021, $ 17.8 million ($ 16.8 million, net of federal benefit) of this amount, if recognized in future periods, would impact the reported effective tax rate. It is reasonably possible that certain UTB’s may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities. Over the next twelve months we estimate that UTB’s may decrease by $ 1.4 million related to state statutes expiring. We account for all interest and penalties on uncertain income tax positions as income tax expense. We have $ 2.5 million of interest and penalties accrued in non-current income tax payable in the Consolidated Balance Sheet as of December 31, 2021. We had the following activity for UTB’s for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Unrecognized tax benefits balance at January 1, $ 41.7 $ 34.7 $ 42.6 Gross change for current year positions 1.7 2.3 2.2 Increase for prior period positions - 8.7 - Decrease for prior period positions ( 3.6 ) - ( 2.1 ) Decrease due to statute expirations ( 4.2 ) ( 4.0 ) ( 8.0 ) Unrecognized tax benefits balance at December 31, $ 35.6 $ 41.7 $ 34.7 We file income tax returns in the U.S. and various states and international jurisdictions. In the normal course of business, we are subject to examination by taxing authorities in Canada and the United States. Generally, we have open tax years subject to tax audit on average of between three years and six years . The statute of limitations is no longer open for U.S. federal returns before 2016. With few exceptions, the statute of limitations is no longer open for state or non-U.S. income tax examinations for years before 2018. The 2016 statute of limitations for our U.S. federal return was extended to May 31, 2023 as a result of an ongoing Federal audit. The 2017 statute of limitations for our U.S. federal return expired in October 2021, excluding the 2017 Section 965 Transition Tax, which has a statute period of six years. Under the Tax Cuts and Jobs Act of 2017, the Section 965 Transition Tax related to cumulative earnings and profits of certain foreign subsidiaries that were previously not repatriated and therefore not taxed for U.S. income tax purposes. Except for extending the 2016 statute of limitations, we have not significantly extended any open statutes of limitation for any major jurisdiction and have reviewed and accrued for, where necessary, tax liabilities for open periods. 2021 2020 2019 Other taxes Payroll taxes $ 13.4 $ 15.6 $ 16.0 Property, franchise and capital stock taxes 4.4 4.2 3.8 In 2021, we recorded a $ 5.9 million ERC benefit, representing a refundable payroll tax credit for eligible wages paid to our employees in 2020 and 2021 under the CARES Act. We accounted for the ERC by applying the grant model . Based on our evaluation, we recognized the ERC benefit during 2021, primarily as an offset to payroll tax expenses within cost of goods sold and SG&A expenses in our Consolidated Statements of Operations and Comprehensive Income. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 17. DEBT December 31, 2021 December 31, 2020 Revolving credit facility due 2024 $ 165.0 $ 225.0 Term loan A due 2024 468.7 493.7 Principal debt outstanding 633.7 718.7 Unamortized debt financing costs ( 2.3 ) ( 3.2 ) Long-term debt 631.4 715.5 Less current portion 25.0 25.0 Total long-term debt, less current portion $ 606.4 $ 690.5 We have a $ 1,000.0 million variable rate senior credit facility, which is comprised of a $ 500.0 million revolving credit facility (with a $ 150.0 million sublimit for letters of credit) and a $ 500.0 million Term Loan A. The revolving credit facility and Term Loan A are currently priced at 1.25 % over LIBOR. The senior credit facility also has a $ 25.0 million letter of credit facility, also known as our bi-lateral facility. The revolving credit facility and Term Loan A mature in September 2024 . On September 30, 2019, we refinanced our senior credit facility. In connection with the refinancing, we paid $ 3.0 million of bank, legal and other fees, of which $ 2.9 million were capitalized. These fees are reflected as a component of long-term debt and amortized into interest expense over the terms of the underlying debt. Additionally, we wrote off $ 2.7 million of unamortized debt financing costs, included as a component of interest expense, related to our previous credit facility. The senior credit facility includes two financial covenants that require the ratio of consolidated EBITDA to consolidated cash interest expense minus cash consolidated interest income to be greater than or equal to 3.0 to 1.0 and requires the ratio of consolidated funded indebtedness, minus AWI and domestic subsidiary unrestricted cash and cash equivalents up to $ 100 million, to EBITDA to be less than or equal to 3.75 to 1.0. As of December 31, 2021, we were in compliance with all covenants of the senior credit facility. Our debt agreements include other restrictions, including restrictions pertaining to the incurrence of additional debt, the redemption, repurchase or retirement of our capital stock, payment of dividends, and certain financial transactions as it relates to specified assets. We currently believe that default under these covenants is unlikely. None of our remaining outstanding debt as of December 31, 2021 was secured with buildings and other assets. The credit lines under our revolving credit facility are subject to immaterial annual commitment fees. Scheduled payments of long-term debt: 2022 $ 25.0 2023 25.0 2024 583.7 We utilize lines of credit and other commercial commitments in order to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility and our bi-lateral facility. Letters of credit may be issued to third party suppliers, insurance and financial institutions and typically can only be drawn upon in the event of AWI’s failure to pay its obligations to the beneficiary. The following table presents details related to our letters of credit facilities: December 31, 2021 Financing Arrangements Limit Used Available Bi-lateral facility $ 25.0 $ 8.4 $ 16.6 Revolving credit facility 150.0 - 150.0 Total $ 175.0 $ 8.4 $ 166.6 |
Pension and Other Benefit Progr
Pension and Other Benefit Programs | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pensions and Other Benefit Programs | NOTE 18. PENSION AND OTHER BENEFIT PROGRAMS DEFINED CONTRIBUTION BENEFIT PLANS We sponsor several defined contribution plans, which cover substantially all U.S. and non-U.S. employees. Eligible employees may defer a portion of their pre-tax covered compensation on an annual basis. We match employee contributions up to pre-defined percentages. Employee contributions are 100 % vested. Employer contributions are vested based on pre-defined requirements. Costs for defined contribution benefit plans were $ 9.1 million in 2021, $ 8.1 million in 2020 and $ 7.7 million in 2019. DEFINED BENEFIT PENSION PLANS Benefits from defined benefit pension plans are based primarily on an employee's compensation and years of service. We fund our pension plans when appropriate. Our U.S. defined benefit pension plans include both the qualified, funded RIP and the Retirement Benefit Equity Plan (“RBEP”), which is a nonqualified, unfunded plan designed to provide pension benefits in excess of the limits defined under Sections 415 and 401(a)(17) of the Internal Revenue Code. In the first quarter of 2020, we entered into agreements with Athene Annuity and Life Company (“AAIA”) and Athene Annuity & Life Assurance Company of New York (“AANY”) to transfer certain benefit obligations and assets of our RIP to AAIA and AANY. Under the agreements, we effectively settled $ 1,045.3 million of retiree defined benefit pension obligations related to approximately 10,000 retirees and beneficiaries (the “Transferred Participants”), which were irrevocably transferred to AAIA and AANY and which guarantees the pension benefits of the Transferred Participants. During the third quarter of 2020, these amounts were immaterially adjusted due to customary data reconciliations with AAIA and AANY. The Agreement did not impact our benefit obligations under the RBEP. As a result of the transaction, we recorded a $ 374.4 million settlement loss in the first quarter of 2020, which represented the release of amounts previously recorded in AOCI to other non-operating expense. The RIP’s assets and liabilities were remeasured as of the settlement date, resulting in a remaining projected benefit obligation of $ 387.5 million, immediately after remeasurement, which covered approximately 3,000 deferred vested and active participants, and fair value of plan assets of $ 499.6 million. The discount rate used to determine the projected benefit obligation at the settlement date was 3.07 %, compared to 3.16 % used as of December 31, 2019. The expected long-term return on plan assets remained at 5.25 % and did not change as a result of the settlement. During the third quarter of 2020, we offered an early retirement incentive benefit to employees at one of our manufacturing plants who met certain age and years of service criteria. The consideration period for eligible employees ended on September 30, 2020. Based on eligible employee elections to participate, we recorded a charge of $ 2.0 million within other non-operating expense, which increased the projected benefit obligation of the RIP. The enhanced retirement benefits did not result in a curtailment. We have a defined benefit pension plan in Germany which was not acquired by Knauf in connection with the Sale. This plan uses assumptions which are consistent with, but not identical to, those of the U.S. plans. The accumulated benefit obligation for the non-U.S. defined benefit pension plan was $ 2.5 million and $ 2.9 million as of December 31, 2021 and 2020, respectively. The following tables summarize the balance sheet impact of our U.S. defined benefit pension plans, as well as the related benefit obligations, assets, funded status and rate assumptions. We use a December 31 measurement date for all our defined benefit pension plans. 2021 2020 Change in benefit obligations: Benefit obligations as of beginning of period $ 441.7 $ 1,431.4 Service cost 4.8 5.5 Interest cost 9.0 15.5 Settlement payments - ( 1,006.3 ) Special termination benefits - 2.0 Actuarial (gain) loss ( 10.9 ) 31.2 Benefits paid ( 9.5 ) ( 37.6 ) Benefit obligations as of end of period $ 435.1 $ 441.7 2021 2020 Change in plan assets: Fair value of plan assets as of beginning of period $ 520.7 $ 1,478.4 Actual return on plan assets ( 7.4 ) 83.1 Employer contributions 2.9 3.1 Settlement payments - ( 1,006.3 ) Benefits paid ( 9.5 ) ( 37.6 ) Fair value of plan assets as of end of period $ 506.7 $ 520.7 Funded status $ 71.6 $ 79.0 2021 2020 Weighted-average assumptions used to determine benefit Discount rate 2.98 % 2.68 % Rate of compensation increase 3.05 % 3.05 % Weighted-average assumptions used to determine net periodic Discount rate 2.67 % 3.07 % Expected return on plan assets 3.25 % 5.25 % Rate of compensation increase 3.05 % 3.05 % Basis of Rate-of-Return Assumption Long-term asset class return assumptions for the RIP are determined based on input from investment professionals on the expected performance of the asset classes over 10 to 30 years . The forecasts were averaged to come up with consensus passive return forecasts for each asset class. Incremental components were added for the expected return from active management and asset class rebalancing based on historical information obtained from investment consultants. These forecasted gross returns were reduced by estimated management fees and expenses, yielding a long-term return forecast of 3.25 % and 5.25 % for the years ended December 31, 2021 and 2020, respectively. The accumulated benefit obligation for the U.S. defined benefit pension plans was $ 433.2 million and $ 439.6 million as of December 31, 2021 and 2020, respectively. In 2021, the largest contributor to the net actuarial gains affecting the benefit obligations for the defined benefit pension plans was an increase in the discount rates, which was partially offset by other changes in assumptions and changes in census data. In 2020, the largest contributor to the net actuarial losses affecting the benefit obligations for the defined benefit pension plans was a decrease in the discount rates, partially offset by the annuity premium gain in the RIP, an experience gain in the RBEP and other changes in assumptions. 2021 2020 Pension plans with benefit obligations in excess of assets RBEP Projected benefit obligation, December 31 $ 37.4 $ 40.5 RBEP Accumulated benefit obligation, December 31 37.4 40.5 The components of the pension cost (credit) for the U.S. defined benefit pension plans are as follows: 2021 2020 2019 Service cost of benefits earned during the period $ 4.8 $ 5.5 $ 4.8 Interest cost on projected benefit obligation 9.0 15.5 50.3 Expected return on plan assets ( 16.5 ) ( 34.5 ) ( 80.1 ) Recognized net actuarial loss 3.5 6.3 19.2 Settlement - 374.4 - Special termination benefits - 2.0 - Net periodic pension cost (credit) $ 0.8 $ 369.2 $ ( 5.8 ) For 2021, 2020 and 2019, actuarial gains and losses were amortized over the remaining life expectancy of plan participants, which was approximately 27 years for 2021, 28 years for 2020 and 17 years for 2019 for our U.S. defined benefit pension plans. Investment Policies U.S. Pension Plans The RIP’s primary investment objective is to maintain the funded status of the plan such that the likelihood we will be required to make significant contributions to the plan is limited. This objective is expected to be achieved by (a) investing a substantial portion of the plan assets in high quality corporate bonds whose duration is at least equal to that of the plan’s liabilities, (b) investing in publicly traded equities in order to increase the ratio of plan assets to liabilities over time, (c) limiting investment return volatility by diversifying among additional asset classes with differing expected rates of return and return correlations, and/or (d) using derivatives to either implement investment positions efficiently or to hedge risk but not to create investment leverage. Each asset class utilized by the RIP has defined asset allocation targets and allowable ranges. The table below shows the asset allocation targets and the December 31, 2021 and 2020 positions for each asset class: Target Weight at December 31, Position at December 31, Asset Class 2021 2021 (1) 2020 (1) Long duration bonds 90.0 % 89.0 % 89.0 % Equities, real estate and private equity 10.0 % 11.0 % 11.0 % (1) Investments in collective trust funds as of December 31, 2021 and 2020 have been categorized within the asset classes above based on the underlying investments in those funds. Pension plan assets are required to be reported and disclosed at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Three levels of inputs may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table sets forth by level within the fair value hierarchy a summary of the RIP plan assets measured at fair value on a recurring basis: Value at December 31, 2021 Description Level 1 Level 2 Level 3 Total Collective trust funds - bonds $ - $ 451.9 $ - $ 451.9 Collective trust funds - equities - 46.8 - 46.8 Cash, other short-term investments and payables, net ( 0.3 ) 1.9 - 1.6 Net assets measured at fair value $ ( 0.3 ) $ 500.6 $ - $ 500.3 Investments measured at net asset value as a practical expedient 6.4 Net assets $ 506.7 Value at December 31, 2020 Description Level 1 Level 2 Level 3 Total Collective trust funds - bonds $ - $ 460.9 $ - $ 460.9 Collective trust funds - equities - 51.4 - 51.4 Cash, other short-term investments and payables, net ( 0.3 ) 0.9 - 0.6 Net assets measured at fair value $ ( 0.3 ) $ 513.2 $ - $ 512.9 Investments measured at net asset value as a practical expedient 7.8 Net assets $ 520.7 The RIP has investments in alternative investment funds as of December 31, 2021 and 2020 which are reported at fair value. These investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. We have concluded that the NAV reported by the underlying fund approximates the fair value of the investment. These investments are redeemable at NAV under agreements with the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the NAV of the funds and, consequently, the fair value of the U.S. defined benefit pension plan asset’s interest in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the U.S. defined benefit pension plan asset’s interest in the funds. As of December 31, 2021, there were no restrictions on redemption of these investments. The following table sets forth a summary of the RIP’s investments measured at NAV: Value at December 31, 2021 Description Fair Value Unfunded Redemption Redemption Real estate $ 6.4 $ 2.2 Quarterly 60 days Value at December 31, 2020 Description Fair Value Unfunded Redemption Redemption Real estate $ 7.8 $ 2.2 Quarterly 60 days Following is a description of the valuation methodologies used for assets measured at fair value and at NAV. Bonds: Consists of registered investment funds and common and collective trust funds investing in fixed income securities tailored to institutional investors. There are no readily available market quotations for registered investment company funds. The fair value of investment funds and common and collective trust funds have been classified as Level 2 assets above as their values were derived based on the underlying securities in the fund’s portfolio which is typically the amount which the fund might reasonably expect to receive for the security upon a current sale. Investments in pooled funds traded in a non-active market were valued at bid price and classified as Level 2 assets above. Collective trust fund: Represents collective trust and funds holding equity investments, fixed income securities, commodity futures contracts, cash and other short-term securities. The fair value of collective trust funds have been classified as Level 2 assets above as their values were derived based on the underlying securities in the fund’s portfolio which is typically the amount which the fund might reasonably expect to receive for the security upon a current sale. Real estate: Consists of both open-end and closed-end funds. There are no readily available market quotations for these real estate funds. These investments were measured at fair value using the NAV practical expedient. Cash, other short-term investments and payables : Consists primarily of cash and cash equivalents, and plan receivables/payables. The carrying amounts of cash and cash equivalents and receivables/payables approximate fair value due to the short-term nature of these instruments. Other payables and receivables consist primarily of accrued fees and receivables related to investment positions liquidated for which proceeds had not been received as of December 31. U.S. DEFINED BENEFIT RETIREE HEALTH AND LIFE INSURANCE PLANS We fund postretirement benefits on a pay-as-you-go basis, with the retiree paying a portion of the cost for health care benefits by means of deductibles and contributions. The following tables summarize the balance sheet impact of the U.S. postretirement benefit pension plan, as well as the related benefit obligations, funded status and rate assumptions. We use a December 31 measurement date for all our defined benefit postretirement benefit plans. 2021 2020 Change in benefit obligations: Benefit obligation as of beginning of period $ 81.4 $ 77.5 Interest cost 1.2 1.9 Plan participants' contributions 1.9 1.9 Actuarial loss 2.0 8.2 Benefits paid ( 8.5 ) ( 8.1 ) Benefit obligations as of end of period $ 78.0 $ 81.4 2021 2020 Change in plan assets: Fair value of plan assets as of beginning of period $ - $ - Employer contributions 6.6 6.2 Plan participants' contributions 1.9 1.9 Benefits paid ( 8.5 ) ( 8.1 ) Fair value of plan assets as of end of period $ - $ - Funded status $ ( 78.0 ) $ ( 81.4 ) 2021 2020 Weighted-average discount rate used to determine benefit obligations at end of period 2.72 % 2.37 % Weighted-average discount rate used to determine net periodic benefit cost for the period 2.35 % 3.14 % In 2021, the largest contributor to the actuarial losses affecting the benefit obligations for the postretirement plans was the update to the per capita claims assumption, which was partially offset by an increase in the discount rate. In 2020, the largest contributors to the actuarial losses affecting the benefit obligations for the postretirement plans were the decreases in the discount rates and updates to the per capita claims assumptions. The components of postretirement benefit (credit) are as follows: 2021 2020 2019 Service cost of benefits earned during the period $ - $ - $ 0.1 Interest cost on accumulated postretirement benefit obligation 1.2 1.9 2.4 Amortization of prior service (credit) ( 0.3 ) ( 0.3 ) ( 0.2 ) Amortization of net actuarial gain ( 2.2 ) ( 6.6 ) ( 8.5 ) Net periodic postretirement benefit (credit) $ ( 1.3 ) $ ( 5.0 ) $ ( 6.2 ) For measurement purposes, an average rate of annual increase in the per capita cost of covered health care benefits of 6.6 % for pre-65 retirees and 7.1 % for post-65 retirees was assumed for 2021, decreasing ratably to an ultimate rate of 4.5 % in 2029 and 2027, respectively. Amounts recognized in assets (liabilities) on the consolidated balance sheets at year end consist of: U.S. Pension Plans Non-U.S. Pension Plan Retiree Health and Life 2021 2020 2021 2020 2021 2020 Prepaid pension costs $ 109.0 $ 119.5 $ - $ - $ - $ - Accounts payable and accrued expenses ( 2.9 ) ( 2.9 ) ( 0.1 ) ( 0.1 ) ( 6.9 ) ( 6.5 ) Postretirement benefit liabilities - - - - ( 71.1 ) ( 74.9 ) Pension benefit liabilities ( 34.5 ) ( 37.6 ) ( 2.4 ) ( 2.8 ) - - Net amount recognized $ 71.6 $ 79.0 $ ( 2.5 ) $ ( 2.9 ) $ ( 78.0 ) $ ( 81.4 ) Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of: U.S. Pension Plans Retiree Health and Life 2021 2020 2021 2020 Net actuarial (loss) gain $ ( 152.1 ) $ ( 142.6 ) $ 13.7 $ 17.9 Prior service credit - - 1.4 1.7 Accumulated other comprehensive (loss) $ ( 152.1 ) $ ( 142.6 ) $ 15.1 $ 19.6 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years for our U.S. plans: U.S. Pension (1) Retiree Health 2022 $ 15.7 $ 6.9 2023 17.4 6.6 2024 19.6 6.3 2025 20.6 6.0 2026 21.8 5.7 2027 - 2031 118.4 23.7 (1) We were not required and did not make contributions to the RIP during 2021, 2020 or 2019 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations. Benefit payments to RIP participants have been made directly from the RIP while benefit payments under the RBEP are made from Company cash. |
Financial Instruments and Conti
Financial Instruments and Contingent Consideration | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Contingent Consideration | NOTE 19. FINANCIAL INSTRUMENTS AND CONTINGENT CONSIDERATION We do not hold or issue financial instruments for trading purposes. The estimated fair values of our financial instruments and contingent consideration are as follows: December 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated (Liabilities), net: Total long-term debt, including current portion $ ( 631.4 ) $ ( 626.0 ) $ ( 715.5 ) $ ( 715.5 ) Interest rate swap contracts ( 14.2 ) ( 14.2 ) ( 28.9 ) ( 28.9 ) Acquisition-related contingent consideration ( 12.8 ) ( 12.8 ) ( 16.9 ) ( 16.9 ) The carrying amounts of cash and cash equivalents, receivables, accounts payable, and accrued expenses approximate fair value because of the short-term maturity of these instruments. The fair value estimates of long-term debt are based on quotes from a major financial institution of recently observed trading levels of our Term Loan A debt. The fair value estimates for interest rate swap contracts are estimated by obtaining quotes from major financial institutions with verification by internal valuation models. We engage independent, third-party valuation specialists to determine the fair value estimates for acquisition-related contingent consideration payable based upon future years' performance, which are measured using a Monte Carlo simulation. The carrying amount of contingent consideration liabilities payable based on historical results are equal to their fair value as milestone achievements are known. The fair value measurement of liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets is summarized below: December 31, 2021 December 31, 2020 Fair value based on Fair value based on Other Other Other Other Level 2 Level 3 Level 2 Level 3 (Liabilities), net: Interest rate swap contracts $ ( 14.2 ) $ - $ ( 28.9 ) $ - Acquisition-related contingent consideration - ( 4.2 ) - ( 16.9 ) As of December 31, 2021, the acquisition-related contingent consideration liability includes $ 8.6 million related to the final achievement of certain financial and performance milestones through December 31, 2021 for the Moz and Turf acquisitions, which we expect to pay in the first quarter 2022 and are classified as current liabilities. The remaining acquisition-related contingent consideration liability represents the estimated fair value of additional cash consideration payable related to the Turf acquisition upon the achievement of certain financial and performance milestones through December 31, 2022, and was measured based on a Monte Carlo Simulation and is classified as a non-current liability. Acquisition-related contingent consideration of $ 4.2 million and $ 16.9 million as of December 31, 2021 and 2020, respectively, was measured with the use of significant unobservable inputs, which included financial projections over the earn-out period, the volatility of the underlying financial metrics and estimated discount rates. All changes in the contingent consideration liability subsequent to the initial acquisition-date measurements were recorded as a component of operating income on our Consolidated Statements of Operations and Comprehensive Income. The following table summarizes the weighted-average of the significant unobservable inputs as of December 31, 2021: Turf Unobservable input Volatility 22.2 % Discount rates 2.7 % Unobservable inputs were weighted based on the relative fair value of the components of contingent consideration. See Note 5 for further information. The changes in fair value of the acquisition-related contingent consideration liability for the year ended December 31, 2021 and 2020 were as follows: Fair Value of Contingent Consideration Balance as of January 1, 2020 $ - Acquisition date fair value of Moz contingent consideration 2.7 Acquisition date fair value of Turf contingent consideration 14.1 Loss related to change in fair value of contingent consideration 0.1 Balance as of December 31, 2020 $ 16.9 (Gain) related to change in fair value of contingent consideration ( 4.1 ) Balance as of December 31, 2021 $ 12.8 During 2021, we recorded remeasurement gains of $ 4.1 million for the changes in fair value of acquisition-related contingent consideration. These changes in fair value were primarily due to changes in the Turf and Moz actual results or financial projections over each entity’s respective earn-out period. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 20. DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risk from changes in foreign exchange rates, interest rates and commodity prices that could impact our results of operations, cash flows and financial condition. We use interest rate derivatives to manage our exposures to interest rates. At inception, interest rate swap derivatives that we designate as hedging instruments are formally documented as a hedge of a forecasted transaction or cash flow hedge. We also formally assess, both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, we discontinue hedge accounting and any future mark-to-market adjustments are recognized in earnings. We use derivative financial instruments as risk management tools and not for speculative trading purposes. Counterparty Risk We only enter into derivative transactions with established financial institution counterparties having an investment-grade credit rating. We monitor counterparty credit ratings on a regular basis. All of our derivative transactions with counterparties are governed by master International Swap and Derivatives Association agreements (“ISDAs”) with netting arrangements. These agreements can limit our exposure in situations where we have gain and loss positions outstanding with a single counterparty. We do not post nor do we receive cash collateral with any counterparty for our derivative transactions. These ISDAs do not have any credit contingent features; however, a default under our bank credit facility would trigger a default under these agreements. Exposure to individual counterparties is controlled and we consider the risk of counterparty default to be negligible. Interest Rate Risk We utilize interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. These swaps are designated as cash flow hedges against changes in the London Interbank Offered Rate ("LIBOR") for a portion of our variable rate debt. The following table summarizes our interest rate swaps as of December 31, 2021 : Trade Date Notional Amount Coverage Period Risk Coverage November 28, 2018 $ 200.0 November 2018 to November 2023 USD-LIBOR November 28, 2018 $ 100.0 March 2021 to March 2025 USD-LIBOR March 6, 2020 $ 50.0 March 2020 to March 2022 USD-LIBOR March 10, 2020 $ 50.0 March 2021 to March 2024 USD-LIBOR March 11, 2020 $ 50.0 March 2021 to March 2024 USD-LIBOR Under the terms of our interest rate swaps above, we pay a fixed rate monthly and receive 1-month LIBOR, inclusive of a 0 % floor. Financial Statement Impacts The following tables detail amounts related to our derivatives as of December 31, 2021 and 2020. We did not have any derivative assets or liabilities not designated as hedging instruments as of December 31, 2021 or 2020. The derivative asset and liability amounts below are shown gross and have not been netted. Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet December 31, December 31, Balance Sheet December 31, December 31, Interest rate swap contracts Other current assets $ - $ - Accounts payable and accrued expenses $ 0.1 $ 0.5 Interest rate swap contracts Other non-current assets 0.4 - Other long-term liabilities 14.5 28.4 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Gain (Loss) Reclassified 2021 2020 2019 2021 2020 2019 Derivatives in cash flow hedging relationships Interest rate swap contracts 21.9 ( 8.6 ) ( 20.0 ) Interest expense 8.5 5.6 ( 1.4 ) As of December 31, 2021, the amount of existing losses in AOCI expected to be recognized in earnings over the next twelve months was $ 7.0 million. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | NOTE 21. OTHER LONG-TERM LIABILITIES December 31, 2021 December 31, 2020 Long-term deferred compensation arrangements $ 17.6 $ 14.8 Fair value of derivative liabilities 14.5 28.4 Environmental insurance recoveries received in excess of cumulative expenses incurred 4.8 5.0 Acquisition-related contingent consideration 4.2 16.9 Other 5.6 11.4 Total other long-term liabilities $ 46.7 $ 76.5 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | NOTE 22. SHARE-BASED COMPENSATION PLANS The 2016 Long-Term Incentive Plan (“2016 LTIP”) authorizes us to issue stock options, stock appreciation rights, restricted stock awards, stock units, performance-based awards and cash awards to officers and key employees and expires on July 8, 2026 , after which time no further awards may be made. The 2016 LTIP authorizes us to issue up to 2,803,242 shares of common stock, which includes all shares that have been issued under the 2016 LTIP. As of December 31, 2021, 1,040,066 shares were available for future grants under the 2016 LTIP, which includes anticipated future adjustments to shares for performance-based awards that have been previously granted. The 2016 Directors Stock Unit Plan (“2016 Director’s Plan”) authorizes us to issue stock units to non-employee directors until July 2026. The 2016 Director’s Plan authorizes us to issue up to 250,000 shares of common stock, which includes all shares that have been issued under the 2016 Director’s Plan. As of December 31, 2021, 158,904 shares were available for future grants under the 2016 Director’s Plan. The 2020 Inducement Award Plan (“2020 Inducement Plan”) authorizes us to issue stock options, stock appreciation rights, restricted stock awards and stock units to key employees and expires on December 14, 2030 , after which time no further awards may be made. The 2020 Inducement Plan authorizes us to issue up to 19,000 shares of common stock. As of December 31, 2021, 3,452 shares were available for future grants under the 2020 Inducement Plan. The following table presents stock option activity for the year ended December 31, 2021: Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value Option shares outstanding, December 31, 2020 139.6 $ 42.41 Option shares exercised ( 66.1 ) $ 38.37 Option shares outstanding, December 31, 2021 73.5 $ 46.05 1.4 $ 5.2 Option shares exercisable, vested and expected to vest, 73.5 $ 46.05 1.4 $ 5.2 We have reserved sufficient authorized shares to allow us to issue new shares upon exercise of all outstanding options. Options generally become exercisable in three years and expire 10 years from the date of grant. When options are exercised, we may issue new shares, use treasury shares (if available), acquire shares held by investors, or a combination of these alternatives in order to satisfy the option exercises. The following table presents information related to stock option exercises: 2021 2020 2019 Total intrinsic value of stock options exercised $ 4.1 $ 5.6 $ 15.9 Cash proceeds received from stock options exercised 2.5 4.7 14.5 Tax deduction realized from stock options exercised 0.4 1.2 3.3 The fair value of option grants was estimated on the date of grant using the Black-Scholes option pricing model. There have been no option grants since 2014. We also grant non-vested stock awards in the form of Restricted Stock Units (“RSUs”), Performance Stock Units (“PSUs”) and Restricted Stock Awards ("RSAs"). A summary of the 2021 activity related to the RSUs, PSUs and RSAs is as follows: Non-Vested Stock Awards RSUs PSUs RSAs Number of shares (thousands) Weighted- Number of shares (thousands) Weighted- Number of shares (thousands) Weighted- December 31, 2020 66.8 $ 83.14 330.3 $ 75.49 94.2 $ 77.96 Granted 23.6 92.30 113.8 102.46 - - Performance adjustments - - 23.1 52.56 - - Vested ( 22.1 ) ( 78.32 ) ( 148.4 ) ( 55.63 ) ( 21.1 ) ( 77.88 ) Forfeited ( 3.3 ) ( 86.23 ) ( 17.0 ) ( 93.03 ) ( 0.5 ) ( 77.22 ) December 31, 2021 65.0 $ 87.94 301.8 $ 92.74 72.6 $ 77.99 RSUs entitle the recipient to a specified number of shares of AWI’s common stock provided the prescribed service period is fulfilled. PSUs entitle the recipient to a specified number of shares of AWI’s common stock provided the defined financial targets are achieved at the end of the performance period. Upon vesting, final adjustments based upon financial achievements are reflected as performance adjustments in the table above. RSUs and PSUs generally have vesting periods of three years at the grant date. RSUs and PSUs earn dividends during the vesting period that are subject to forfeiture if the awards do not vest. In connection with the acquisition of Arktura in 2020, we issued RSAs to the sellers as of the acquisition date. These awards to sellers were not issued under the 2020 Inducement Plan and have a vesting period of five years from the grant date and earn dividends during the vesting period, which are subject to forfeiture if the awards do not vest. We also issued RSAs under the 2020 Inducement Plan to key employees as of the acquisition date, which have a vesting period of three years from the grant date and earn dividends during the vesting period, which are subject to forfeiture if the awards do not vest. Upon forfeiture, the key employee awards transfer to the Arktura sellers. RSUs, PSUs and RSAs with non-market based performance conditions are measured at fair value based on the closing price of our stock on the date of grant. In 2021 and 2020, we granted 54,231 and 42,698 PSUs, respectively, with market-based performance conditions that are valued through the use of a Monte Carlo simulation. The weighted average assumptions for PSUs measured at fair value through the use of a Monte Carlo simulation are presented in the table below. 2021 2020 Weighted-average grant date fair value of market-based PSUs granted (dollars per award) $ 117.85 $ 97.75 Assumptions Risk-free rate of return 0.3 % 1.2 % Expected volatility 37.0 % 23.8 % Expected term (in years) 3.1 3.1 Expected dividend yield 0.0 % 0.0 % The risk-free rate of return was determined based on the implied yield available on zero coupon U.S. Treasury bills at the time of grant with a remaining term equal to the expected term of the PSUs. The expected volatility was based on historical volatility of our stock price commensurate with the expected term of the PSUs. The expected term represented the performance period on the underlying award. The expected dividend yield was assumed to be zero under the assumption that dividends distributed during the performance period are reinvested in AWI’s common stock. In addition to the equity awards described above, we distributed 11,773 fully-vested phantom shares issued under the 2006 Phantom Stock Unit Plan. These awards are settled in cash and had vesting periods of one to three years . The total liability recorded for these shares as of December 31, 2020 was $ 1.2 million, which included non-forfeitable dividends. This liability was settled on January 5, 2021 and there are no shares outstanding under the plan as of December 31, 2021. The 2006 Phantom Stock Unit Plan is still in place, however, no additional shares will be granted under the plan. As of December 31, 2021 and 2020 , there were 130,393 and 126,474 RSUs, respectively, outstanding under the 2016 Directors Stock Unit Plan not reflected in the non-vested stock awards table above. In 2021 and 2020, we granted 8,314 and 12,278 restricted stock units, respectively, to non-employee directors. These awards generally have a vesting period of one year , and as of December 31, 2021 and 2020, 122,079 and 114,196 shares, respectively, were vested but not yet delivered. The awards are generally payable upon vesting or the director’s deferral election. These awards earn dividends during the vesting period that are subject to forfeiture if the underlying award does not vest. We recognize share-based compensation expense on a straight-line basis over the vesting period. Share-based compensation cost was $ 11.3 million ($ 8.5 million net of tax benefit) in 2021, $ 6.9 million ($ 5.1 million net of tax benefit) in 2020, and $ 8.4 million ($ 6.3 million net of tax benefit) in 2019. As of December 31, 2021, there was $ 19.3 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements which is expected to be recognized over a weighted-average period of 2.4 years. |
Employee Costs
Employee Costs | 12 Months Ended |
Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |
Employee Costs | NOTE 23. EMPLOYEE COSTS 2021 2020 2019 Wages, salaries and incentive compensation $ 259.9 $ 207.6 $ 201.8 Payroll taxes 13.4 15.6 16.0 Defined contribution and defined benefit pension plan expense, net 10.0 1.0 2.0 Insurance and other benefit costs 28.2 25.1 21.9 Share-based compensation 11.3 6.9 8.4 Total $ 322.8 $ 256.2 $ 250.1 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | NOTE 24. SHAREHOLDERS' EQUITY Common Stock Repurchase Plan Since July 29, 2016, our Board of Directors has approved our share repurchase program pursuant to which we are authorized to repurchase up to $ 1,200.0 million of our outstanding shares of common stock through December 31, 2023 (the “Program”). We had $ 513.8 million remaining under the Board’s repurchase authorization as of December 31, 2021. Repurchases under the Program may be made through open market, block and privately negotiated transactions, including Rule 10b5-1 plans, at such times and in such amounts as management deems appropriate, subject to market and business conditions, regulatory requirements and other factors. The Program does not obligate AWI to repurchase any particular amount of common stock and may be suspended or discontinued at any time without notice. During 2021, we repurchased 0.8 million shares under the Program for a total cost of $ 80.0 million, excluding commissions, or an average price of $ 101.92 per share. Since inception, we have repurchased 10.5 million shares under the Program for a total cost of $ 686.2 million, excluding commissions, or an average price of $ 65.31 per share. Dividends In February, April and July 2021, our Board of Directors declared $ 0.21 per share quarterly dividends, which were paid to shareholders in March , May and August 2021 . In October 2021, our Board of Directors declared a $ 0.231 per share quarterly dividend, which was paid to shareholders in November 2021 . On February 16, 2022, our Board of Directors declared a $ 0.231 per share quarterly dividend to be paid in March 2022 . Accumulated Other Comprehensive (Loss) The balance of each component of accumulated other comprehensive (loss), net of tax is presented in the table below. December 31, 2021 December 31, 2020 Foreign currency translation adjustments $ 2.3 $ 2.3 Derivative (loss), net ( 9.1 ) ( 19.0 ) Pension and postretirement adjustments ( 102.8 ) ( 92.6 ) Accumulated other comprehensive (loss) $ ( 109.6 ) $ ( 109.3 ) The amounts and related tax effects allocated to each component of other comprehensive income (loss) for 2021, 2020, and 2019 are presented in the tables below. Pre-tax Amount Tax (Expense) Benefit After-tax Amount 2021 Derivative gain, net $ 13.4 $ ( 3.5 ) $ 9.9 Pension and postretirement adjustments ( 13.4 ) 3.2 ( 10.2 ) Total other comprehensive (loss) $ - $ ( 0.3 ) $ ( 0.3 ) Pre-tax Amount Tax Benefit (Expense) After-tax Amount 2020 Foreign currency translation adjustments $ ( 7.1 ) $ - $ ( 7.1 ) Derivative (loss), net ( 14.2 ) 3.7 ( 10.5 ) Pension and postretirement adjustments 382.9 ( 98.5 ) 284.4 Total other comprehensive income (loss) $ 361.6 $ ( 94.8 ) $ 266.8 Pre-tax Amount Tax Benefit (Expense) After-tax Amount 2019 Foreign currency translation adjustments $ 84.1 $ - $ 84.1 Derivative (loss), net ( 18.8 ) 4.9 ( 13.9 ) Pension and postretirement adjustments 16.8 ( 3.6 ) 13.2 Total other comprehensive income $ 82.1 $ 1.3 $ 83.4 The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2021 and 2020: Foreign Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, December 31, 2019 $ 9.4 $ ( 8.5 ) $ ( 377.0 ) $ ( 376.1 ) Other comprehensive (loss) income before reclassifications, 2.5 , ($ 3.0 ) and ($ 0.5 ) ( 0.2 ) ( 6.1 ) 6.1 ( 0.2 ) Amounts reclassified from accumulated other ( 6.9 ) ( 4.4 ) 278.3 267.0 Net current period other comprehensive (loss) income ( 7.1 ) ( 10.5 ) 284.4 266.8 Balance, December 31, 2020 2.3 ( 19.0 ) ( 92.6 ) ( 109.3 ) Other comprehensive income (loss) before reclassifications, 5.4 ), $ 3.5 and ($ 1.9 ) - 16.5 ( 11.0 ) 5.5 Amounts reclassified from accumulated other - ( 6.6 ) 0.8 ( 5.8 ) Net current period other comprehensive income (loss) - 9.9 ( 10.2 ) ( 0.3 ) Balance, December 31, 2021 $ 2.3 $ ( 9.1 ) $ ( 102.8 ) $ ( 109.6 ) (1) Amounts are net of tax The amounts reclassified from AOCI and the affected line item of the Consolidated Statement of Operations and Comprehensive Income are presented in the table below. Amounts Affected Line Item in the 2021 2020 Derivative Adjustments: Interest rate swap contracts, before tax $ ( 8.5 ) $ ( 5.6 ) Interest expense Tax impact 1.9 1.2 Income tax expense Total (income), net of tax ( 6.6 ) ( 4.4 ) Pension and Postretirement Adjustments: Prior service credit amortization ( 0.3 ) ( 0.3 ) Other non-operating (income) expense, net Amortization of net actuarial loss (gain) 1.4 ( 0.3 ) Other non-operating (income) expense, net Settlement - 374.4 Other non-operating (income) expense, net Total loss, before tax 1.1 373.8 Tax impact ( 0.3 ) ( 95.5 ) Income tax expense Total loss, net of tax 0.8 278.3 Foreign Currency Translation Adjustments: Sale of idled plant in China - ( 6.9 ) Total (income), net of tax - ( 6.9 ) Total reclassifications for the period $ ( 5.8 ) $ 267.0 |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | NOTE 25. SUPPLEMENTAL FINANCIAL INFORMATION 2021 2020 2019 Selected operating expense Maintenance and repair costs $ 41.9 $ 38.1 $ 41.4 Product innovation costs 14.6 14.7 14.8 Advertising costs 8.0 6.8 7.0 Other non-operating (income) expense, net Interest income $ ( 0.1 ) $ ( 0.3 ) $ ( 3.2 ) Pension and postretirement (credits) cost ( 5.3 ) 358.7 ( 16.9 ) Other ( 0.2 ) ( 1.0 ) ( 0.3 ) Total $ ( 5.6 ) $ 357.4 $ ( 20.4 ) |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 26. RELATED PARTIES For some customers, we purchase grid products from WAVE, our 50 % -owned joint venture with Worthington, for resale to customers. The total amount of these purchases was $ 27.9 million in 2021, $ 21.5 million in 2020 and $ 22.5 million in 2019. We also provide certain selling, promotional and administrative processing services to WAVE for which we receive reimbursement. Those services amounted to $ 21.6 million in 2021, $ 20.7 million in 2020, and $ 15.7 million in 2019. The net amount due to WAVE from us for all of our relationships was $ 4.3 million as of December 31, 2021 and $ 4.9 million as of December 31, 2020 . See Note 11 to the Consolidated Financial Statements for additional information. |
Litigation and Related Matters
Litigation and Related Matters | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Related Matters | NOTE 27. LITIGATION AND RELATED MATTERS ENVIRONMENTAL MATTERS Environmental Compliance Our manufacturing and research facilities are affected by various federal, state and local requirements relating to the discharge of materials and the protection of the environment. We make expenditures necessary for compliance with applicable environmental requirements at each of our operating facilities. While these expenditures are not typically material, the applicable regulatory requirements continually change and, as a result, we cannot predict with certainty the amount, nature or timing of future expenditures associated with environmental compliance. Environmental Sites Summary We are actively involved in the investigation and remediation of existing or potential environmental contamination under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and state Superfund and similar environmental laws at two domestically owned locations allegedly resulting from past industrial activity. In each location, we are one of multiple potentially responsible parties and have agreed to jointly fund the required investigation and remediation, while preserving our defenses to the liability. We may also have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. We are currently pursuing coverage and recoveries under those policies with respect to certain of the sites, including the Macon, GA site and the Elizabeth City, NC site, each of which is summarized below. These efforts have included two active and independent litigation matters against legacy primary and excess policy insurance carriers for recovery of fees and costs incurred by us in connection with our investigation and remediation activities for such sites. Other than disclosed below, we are unable to predict the outcome of these matters or the timing of any recoveries, whether through settlement or otherwise. We are also unable to predict the extent to which any recoveries might cover our final share of investigation and remediation costs for these sites. Our final share of investigation and remediation costs may exceed any such recoveries, and such amounts net of insurance recoveries may be material. Between 2017 and 2020, we entered settlement agreements totaling $ 52.5 million with certain legacy insurance carriers to resolve ongoing litigation and recover fees and costs previously incurred by us in connection with certain environmental sites. These settlements were recorded as a $ 9.2 million reduction to cost of goods sold and a $ 38.3 million reduction to SG&A expenses reflecting the same income statement categories where environmental expenditures were historically recorded. In 2020, cumulative insurance recoveries exceeded cumulative expenses to date related to the respective environmental sites and the excess $ 5.0 million was recorded within our long-term liabilities as of December 31, 2020. The excess recoveries will be released to offset any future expenses incurred on the respective environmental sites. In 2021, we entered into a new settlement agreement totaling $ 0.5 million and the balance of insurance recoveries in excess of cumulative expenses as of December 31, 2021 was $ 4.8 million. We anticipate that we may enter into additional settlement agreements in the future, which may or may not be material, with other legacy insurers to obtain reimbursement or contribution for environmental site expenses. Estimates of our future liability at the environmental sites are based on evaluations of currently available facts regarding each individual site. We consider factors such as our activities associated with the site, existing technology, presently enacted laws and regulations and prior company experience in remediating contaminated sites. Although current law imposes joint and several liability on all parties at Superfund sites, our contribution to the remediation of these sites is expected to be limited by the number of other companies potentially liable for site remediation. As a result, our estimated liability reflects only our expected share. In determining the probability of contribution, we consider the solvency of other parties, the site activities of other parties, whether liability is being disputed, the terms of any existing agreements and experience with similar matters, and the effect of our October 2006 Chapter 11 reorganization upon the validity of the claim, if any. Specific Material Events Macon, GA The U.S. Environmental Protection Agency (the “EPA”) has listed two landfills located on a portion of our facility in Macon, GA, along with the former Macon Naval Ordnance Plant landfill adjacent to our property, portions of Rocky Creek, and certain tributaries leading to Rocky Creek (collectively, the “Macon Site”) as a Superfund site on the National Priorities List due to the presence of contaminants, most notably polychlorinated biphenyls (“PCBs”). In September 2010, we entered into an Administrative Order on Consent for a Removal Action (the “Removal Action”) with the EPA to investigate PCB contamination in one of the landfills on our property, the Wastewater Treatment Plant Landfill (the “WWTP Landfill,” also known as “Operable Unit 1”). After completing an investigation of the WWTP Landfill and submitting our final Engineering Evaluation/Cost Analysis, the EPA issued an Action Memorandum in July 2013 selecting our recommended remedy for the Removal Action. The Operable Unit 1 response action for the WWTP Landfill is complete and the final report was submitted to the EPA on October 11, 2016 . The EPA approved the final report on November 28, 2016, and a Post-Removal Control Plan (the “Plan”) was submitted to the EPA on March 28, 2017. That Plan required us to monitor the effectiveness of the WWTP Landfill response action over a five-year period. It is probable that we will incur field investigation, engineering and oversight costs associated with a Remedial Investigation and Feasibility Study (“RI/FS”) with respect to the remainder of the Superfund site, which includes the other landfill on our property, as well as areas on and adjacent to our property and Rocky Creek (the “Remaining Site,” also known as “Operable Unit 2”). On September 25, 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 an agreement to conduct an RI/FS of Operable Unit 2. We and the other PRPs entered into a settlement agreement with the EPA effective September 18, 2018, in response to the Special Notice Letter to conduct the RI/FS. The PRPs submitted a complete RI/FS work plan, which was approved by the EPA on September 11, 2019. Investigative work on this portion of the site commenced in December 2019. In June 2021, the PRPs submitted the Site Characterization Summary Report (SCSR) for Operable Unit 2 to the EPA. The purpose of the SCSR is to demonstrate that the available data for Operable Unit 2 is adequate for the risk assessment and for the development of remedial action objectives. Additional investigative work for Operable Unit 2 continues in preparation of a Baseline Ecological Risk Assessment to be submitted to the EPA in 2022. We may ultimately incur costs in remediating any contamination discovered during the RI/FS. The current estimate of future liability at this site includes only our estimated share of the costs of the investigative work that the EPA is requiring the PRPs to perform at this time. We are unable to reasonably estimate our final share of the total costs associated with the investigation work or any resulting remediation therefrom, although such amounts may be material to any one quarter's or year's results of operations in the future. We do not expect the total future costs to have a material adverse effect on our liquidity or financial condition as the cash payments may be made over many years. Elizabeth City, NC This site is a former cabinet manufacturing facility that was operated by Triangle Pacific Corporation, now known as Armstrong Wood Products, Inc. (“Triangle Pacific” or “AWP”), from 1977 until 1996. The site was formerly owned by the U.S. Navy (“Navy”) and Westinghouse, now CBS Corporation (“CBS”). We assumed ownership of the site when we acquired the stock of Triangle Pacific in 1998. Prior to our acquisition, the North Carolina Department of Environment and Natural Resources listed the site as a hazardous waste site. In 1997, Triangle Pacific entered into a cost sharing agreement with Westinghouse whereby the parties agreed to share equally in costs associated with investigation and potential remediation. In 2000, Triangle Pacific and CBS entered into an Administrative Order on Consent to conduct an RI/FS with the EPA for the site. In 2007, we and CBS entered into an agreement with the Navy whereby the Navy agreed to pay one third of defined past and future investigative costs up to a certain amount, which has now been exhausted. The EPA approved the RI/FS work plan in August 2011. In January 2014, we submitted the draft Remedial Investigation and Risk Assessment reports and conducted supplemental investigative work based upon agency comments to those reports. 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 through June 7, 2018. The EPA evaluated comments, including ours, and has published its Interim Record Of Decision selecting an interim cleanup approach. On September 25, 2018, AWI and CBS received a Special Notice Letter from the EPA under CERCLA inviting AWI and CBS to enter into the negotiation of a settlement agreement to conduct or finance the response action at the site. During the third quarter of 2018, we increased our reserve for the cost of the interim cleanup, which we expect to be shared with CBS and the Navy. In response to the September 2018 Special Notice Letter, we and CBS submitted a good faith offer to the EPA on May 28, 2019. In June 2021, we entered into a negotiated Partial Consent Decree and Site Participation Agreement with the EPA and the PRPs for the remedial design and remedial action to be completed by the parties at the site. The Partial Consent Decree for Remedial Design and Remedial Action was entered by the U.S. District Court for the Eastern District of North Carolina in January 2022. The current estimate of future liability at this site includes only our estimated share of the costs of the interim remedial action that, at this time, we anticipate the EPA will require the PRPs to perform. We are unable to reasonably estimate our final share of the total costs associated with the final remediation 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. Summary of Financial Position Total liabilities of $ 0.7 million and $ 1.2 million as of December 31, 2021 and 2020, respectively, were recorded for environmental liabilities that we consider probable and for which a reasonable estimate of the probable liability could be made. As of December 31, 2021 and 2020, $ 0.2 million and $ 0.3 million, respectively, were reflected within accounts payable and accrued expenses. During 2021, we recorded $ 0.2 million of additional reserves for potential environmental liabilities. As noted above, the expense associated with the additional reserves recorded in 2021 was offset through the release of a portion of the balance of insurance recoveries in excess of cumulative expenses. During 2020, we did no t 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 in the Consolidated Balance Sheets when realizable. We incur costs to pursue environmental insurance recoveries, which are expensed as incurred. Actual costs to be incurred at identified sites may vary from our estimates. Based on our knowledge of the identified sites, it is not possible to reasonably estimate future costs in excess of amounts already recognized. OTHER CLAIMS From time to time, we are involved in other various lawsuits, claims, investigations and other legal matters that arise in the ordinary course of business, including matters involving our products, intellectual property, relationships with suppliers, relationships with distributors, relationships with competitors, employees and other matters. In connection with those matters, we may have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. When applicable and appropriate, we will pursue coverage and recoveries under those policies, but are unable to predict the outcome of those demands. While complete assurance cannot be given to the outcome of any proceedings relating to these matters, we do not believe that any current claims, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 28. EARNINGS PER SHARE The following table is a reconciliation of earnings (loss) to earnings (loss) attributable to common shares used in our basic and diluted Earnings (Loss) Per Share (“EPS”) calculations for the years ended December 31, 2021, 2020 and 2019. EPS components may not add due to rounding. 2021 2020 2019 Earnings (loss) from continuing operations $ 185.3 $ ( 84.1 ) $ 242.3 (Earnings) allocated to participating vested share awards ( 0.3 ) ( 0.1 ) ( 0.5 ) Earnings (loss) from continuing operations attributable to common shares $ 185.0 $ ( 84.2 ) $ 241.8 The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the years ended December 31, 2021, 2020 and 2019 (shares in millions): 2021 2020 2019 Basic shares outstanding 47.6 47.9 48.7 Dilutive effect of common stock equivalents 0.3 - 0.8 Diluted shares outstanding 47.9 47.9 49.5 Anti-dilutive stock awards excluded from the computation of dilutive EPS for 2021, 2020 and 2019 were 8,548 , 313,003 and 7,580 , respectively. Due to the net loss for the year ended December 31, 2020, all common stock equivalents were considered anti-dilutive. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II | SCHEDU LE II Armstrong World Industries, Inc., and Subsidiaries Valuation and Qualifying Reserves (amounts in millions) Balance at Additions Deductions Balance 2019 Provision for bad debts $ 0.3 $ 0.7 $ ( 0.3 ) $ 0.7 Provision for discounts 1.3 21.0 ( 20.9 ) 1.4 Provision for warranties 0.4 3.0 ( 3.2 ) 0.2 Provision for inventory obsolescence - 0.6 ( 0.1 ) 0.5 2020 Provision for bad debts $ 0.7 $ 0.9 $ ( 0.2 ) $ 1.4 Provision for discounts 1.4 19.4 ( 19.5 ) 1.3 Provision for warranties 0.2 5.5 ( 4.8 ) 0.9 Provision for inventory obsolescence 0.5 0.1 ( 0.6 ) - 2021 Provision for bad debts $ 1.4 $ 0.4 $ ( 0.8 ) $ 1.0 Provision for discounts 1.3 21.7 ( 21.3 ) 1.7 Provision for warranties 0.9 3.9 ( 4.0 ) 0.8 Provision for inventory obsolescence - 0.3 ( 0.1 ) 0.2 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation Policy | Consolidation Policy . The consolidated financial statements and accompanying data in this report include the accounts of AWI and its majority-owned subsidiaries. All significant intercompany transactions have been eliminated from the consolidated financial statements. |
Use of Estimates | Use of Estimates . We prepare our financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. When preparing an estimate, management determines the amount based upon the consideration of relevant internal and external information. Actual results may differ from these estimates. |
Reclassifications | Reclassifications . Certain amounts in the prior year’s Consolidated Financial Statements and related notes have been recast to conform to the 2021 presentation. |
Revenue Recognition | Revenue Recognition . We recognize revenue upon transfer of control of our products to the customer, which typically occurs upon shipment. Our main performance obligation to our customers is the delivery of products in accordance with purchase orders. Each purchase order confirms the transaction price for the products purchased under the arrangement. Direct sales to building materials distributors, home centers, direct customers and retailers represent the majority of our sales. Our standard sales terms are Free On Board (“FOB”) shipping point. We have some sales terms that are FOB destination. At the point of shipment, the customer is required to pay under normal sales terms. In most cases our normal payment terms are 45 days or less and our sales arrangements do not have any material financing components. In addition, our customer arrangements do not produce contract assets or liabilities that are material to our Consolidated Financial Statements. Within our Architectural Specialties segment, the majority of revenues are customer project driven, which includes a minority of revenues derived from the sale of customer specified customized products that have no alternative use to us. The manufacturing cycle for these custom products is typically short. Incremental costs to fulfill our customer arrangements are expensed as incurred, as the amortization period is less than one year. Our products are sold with normal and customary return provisions. We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects. Warranties are not sold separately to customers. Our product warranties place certain requirements on the purchaser, including installation and maintenance in accordance with our written instructions. In addition to our warranty program, under certain limited circumstances, we will occasionally at our sole discretion provide a customer accommodation repair or replacement. Warranty repairs and replacements are most commonly made by professional installers employed by or affiliated with our independent distributors. Reimbursement for costs associated with warranty repairs are provided to our independent distributors through a credit against accounts receivable from the distributor to us. Sales returns and warranty claims have historically not been material and do not constitute separate performance obligations. We often offer incentive programs to our customers, primarily volume rebates and promotions. The majority of our rebates are designated as a percentage of annual customer purchases. We estimate the amount of rebates based on actual sales for the period and accrue for the projected incentive programs’ costs. We record the costs of rebate accruals as a reduction to the transaction price. Other sales discounts, including early pay promotions, are deducted immediately from the sales invoice. See Note 4 to the Consolidated Financial Statements for additional information related to our revenues. |
Shipping and Handling Costs | Shipping and Handling Costs . We account for product shipping and handling costs as fulfillment activities and present the associated costs in costs of goods sold in the period in which we sell our product. |
Advertising Costs | Advertising Costs . We recognize advertising expenses as they are incurred. |
Research and Development Costs | Research and Development Costs . We expense research and development costs as they are incurred. |
Business Combinations | Business Combinations . We account for acquisitions under the acquisition method and the results of acquired operations are included in the Consolidated Financial Statements from the acquisition date. Acquisition related costs are expensed as incurred. We allocate total consideration to the assets acquired and liabilities assumed based on their estimated fair values, with the remaining unallocated amount recorded as goodwill. Our definite-lived intangible assets are amortized over the estimated useful life on a straight-line basis and recorded as a component of operating income (expense). The fair value of acquired intangible assets is estimated by applying discounted cash flow models based on significant inputs not observable in the market. Key assumptions are developed based on each acquirees’ historical experience, future projections and comparable market data including future cash flows, long-term growth rates, implied royalty rates, attrition rates and discount rates. Acquisition-related contingent consideration that is classified as a liability is measured at fair value at the acquisition date. Changes in the fair value of contingent consideration liabilities in reporting periods after the acquisition date are recorded within our Consolidated Statements of Operations and Comprehensive Income. |
Pension and Postretirement Benefits | Pension and Postretirement Benefits . We have benefit plans that provide for pension, medical and life insurance benefits to certain eligible employees when they retire from active service. See Note 18 to the Consolidated Financial Statements for disclosures on pension and postretirement benefits. |
Taxes | Taxes . The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the financial statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date, which result from differences in the timing of reported taxable income between tax and financial reporting. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods, and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are generally not used as positive evidence related to the realization of the deferred tax assets in the assessment. We recognize the tax benefits of an uncertain tax position if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earliest. Taxes collected from customers and remitted to governmental authorities are reported on a net basis. |
Earnings per Share | Earnings per Share . Basic earnings per share is computed by dividing the earnings attributable to common shares by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings and is calculated using the treasury stock method. |
Cash and Cash Equivalents | Cash and Cash Equivalents . Cash and cash equivalents include cash on hand and short-term investments that have maturities of three months or less when purchased. |
Concentration of Credit | Concentration of Credit . We principally sell products to customers in building products industries. Revenues from two commercial distributors, included within our Mineral Fiber and Architectural Specialties segments, individually exceeded 10 % of our revenues in 2021, 2020 and 2019. Gross sales to these two customers totaled $ 495.8 million, $ 370.3 million and $ 428.7 million in 2021, 2020 and 2019, respectively. We monitor the creditworthiness of our customers and generally do not require collateral. |
Receivables | Receivables . On January 1, 2020, we adopted ASC 326 – Financial Instruments – Credit Losses. This adoption did not have a material impact on our financial condition, results of operations or cash flows. We sell our products to select, pre-approved customers using customary trade terms that allow for payment in the future. Customer trade receivables, customer notes receivable and miscellaneous receivables (which include supply related rebates and other), net of allowances for doubtful accounts, customer credits and warranties are reported in accounts and notes receivable, net. Cash flows from the collection of receivables are classified as operating cash flows on the Consolidated Statements of Cash Flows. We establish creditworthiness prior to extending credit. We estimate the recoverability of receivables each period. This estimate is based upon new information in the period, which can include the review of any available financial statements and forecasts, as well as discussions with legal counsel and the management of the debtor company. As events occur, which impact the collectability of the receivable, all or a portion of the receivable is reserved. Account balances are charged off against the allowance when the potential for recovery is considered remote. We do not have any off-balance sheet credit exposure related to our customers. |
Inventories | Inventories . Inventories are valued at the lower of cost and net realizable value. See Note 8 to the Consolidated Financial Statements for further information on our accounting for inventories. |
Property Plant and Equipment | Property Plant and Equipment . Property plant and equipment is recorded at cost reduced by accumulated depreciation and amortization. Depreciation and amortization expense is recognized on a straight-line basis over the assets’ estimated useful lives. Machinery and equipment includes manufacturing equipment (depreciated over 2 to 15 years ), computer equipment (depreciated over 3 to 5 years ) and office furniture and equipment (depreciated over 5 to 7 years ). Within manufacturing equipment, assets that are subject to accelerated obsolescence or wear out quickly, such as dryer components, are generally depreciated over shorter periods while heavy production equipment, such as conveyors and production presses, are generally depreciated over longer periods. Buildings are depreciated over 15 to 30 years , depending on factors such as type of construction and use. Computer software is amortized over 3 to 7 years . Property, plant and equipment is tested for impairment by asset group when indicators of impairment are present, such as operating losses and/or negative cash flows for each identified asset group. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying value exceeds the undiscounted future cash flows, we determine the fair value of the asset group based on discounted future cash flows expected to be generated by the asset group, or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants, or estimated salvage value if no sale is assumed. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. Impairments of assets related to our manufacturing operations are recorded in cost of goods sold. We did not test tangible assets within our continuing operations for impairment in 2021, 2020 or 2019 as no indicators of impairment existed. When assets are disposed of or retired, their costs and related depreciation or amortization are removed from the financial statements, and any resulting gains or losses are normally reflected in cost of goods sold or selling, general and administrative (“SG&A”) expenses depending on the nature of the asset. |
Leases | Leases . We enter into operating and finance leases for certain manufacturing plants, warehouses, equipment and automobiles. Our leases have remaining lease terms of up to 16 years. Several leases include options for us to purchase leased items at fair value or renew for up to 5 years, or multiple 5-year renewal periods. Some of our leases include early termination options. We consider all of these options in determining the lease term used to establish our right-of-use ("ROU") assets and lease liabilities when it is reasonably certain that we will exercise that option. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. We have lease agreements with lease and nonlease components, which we have elected to combine to determine the ROU assets and lease liabilities. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. As most of our leases do not provide an implicit rate, we use our Incremental Borrowing Rate (“IBR”) based on information that is available at the lease commencement date to compute the present value of lease payments. Relevant information used in determining the IBR includes the transactional currency of the lease and the lease term. |
Asset Retirement Obligations | Asset Retirement Obligations . We recognize the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which they are incurred. Upon initial recognition of a liability, the discounted cost is capitalized as part of the related long-lived asset and depreciated over the corresponding asset’s useful life. Over time, accretion of the liability is recognized as an operating expense to reflect the change in the liability’s present value. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets . Our definite-lived intangible assets are primarily customer relationships (amortized over 1 to 20 years ), developed technology (amortized over 13 to 19 years ) and acquired internally-developed software (amortized over 7 years). We review definite-lived intangible assets for impairment by asset group when indicators of impairment are present, such as operating losses and/or negative cash flows for the respective asset group. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying value exceeds the undiscounted future cash flows, we determine the fair value of the asset group based on discounted future cash flows expected to be generated by the asset group or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. We did not test definite-lived intangible assets within our continuing operations for impairment in 2021, 2020 or 2019 as no indicators of impairment existed. Our indefinite-lived assets include goodwill and other intangibles, primarily trademarks and brand names, with Armstrong representing our primary trademark. Trademarks and brand names are integral to our corporate identity and are expected to contribute indefinitely to our cash flows. Accordingly, they have been assigned an indefinite life. We conduct our annual impairment tests on these indefinite-lived intangible assets and goodwill during the fourth quarter. These assets undergo more frequent tests if an indication of possible impairment exists. When performing an impairment test for indefinite-lived intangible assets and goodwill, we compare the carrying amount of the asset (when testing indefinite-lived intangible assets) and reporting unit (when testing goodwill) to the estimated fair value. For indefinite-lived intangible assets, the estimated fair value is based on discounted future cash flows using the relief from royalty method. For goodwill, the estimated fair value is based on discounted future cash flows expected to be generated by the reporting unit. If the fair value is less than the carrying value of the asset/reporting unit, we record an impairment charge equal to the difference between the fair value and carrying value of the asset/reporting unit. We did not test indefinite-lived intangible assets within our continuing operations for impairment during any interim periods during 2021, as no indicators of impairment existed. We completed our annual impairment test in the fourth quarter of 2021 and no impairment charges were recorded in 2021, 2020 or 2019. See Note 13 to the Consolidated Financial Statements for disclosure on intangible assets. |
Foreign Currency Transactions | Foreign Currency Transactions . Assets and liabilities of our subsidiaries operating outside the United States that are accounted in a functional currency other than U.S. dollars are translated using the period end exchange rate. Revenues and expenses are translated at exchange rates effective during each month. Foreign currency translation gains or losses are included as a component of accumulated other comprehensive (loss) within shareholders' equity. Gains or losses on foreign currency transactions are recognized through earnings |
Financial Instruments and Derivatives | Financial Instruments and Derivatives . We use derivatives and other financial instruments to offset the effect of interest rate variability. Derivatives are recognized on the balance sheet at fair value. For derivatives that meet the criteria as designated cash flow hedges, the changes in the fair value of the derivative are recognized in other comprehensive (loss) income until the hedged item is recognized in operations. See Notes 19 and 20 to the Consolidated Financial Statements for further discussion. |
Share-Based Employee Compensation | Share-based Employee Compensation . We generally recognize share-based compensation expense on a straight-line basis over the vesting period for the entire award. Compensation expense for performance-based awards with non-market-based conditions are also recognized over the vesting period for the entire award, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. We estimate forfeitures based on actual historical forfeitures. See Note 22 to the Consolidated Financial Statements for additional information on share-based employee compensation. |
Treasury Stock | Treasury Stock . Common shares repurchased by AWI are recorded on the settlement date at cost as treasury shares and result in a reduction of equity. We may reissue these treasury shares. When treasury shares are reissued, we determine the cost using the First-in, first-out cost method (“FIFO”). The difference between the cost of the treasury shares and reissuance price is included in additional paid-in capital or retained earnings. |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes,” which removes exceptions to the general principles in ASC Topic 740 – Income Taxes for allocating tax expense between financial statement components, accounting basis differences resulting from an ownership change in foreign investments and interim period income tax accounting for year-to-date losses that exceed projected losses. Effective January 1, 2021, we adopted this standard, which had no material impact on our financial condition or results of operations. In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance.” This guidance requires annual disclosures for transactions with a government authority that are accounted for by applying a grant or contribution model. This standard requires entities to provide information about the nature of the transaction and the accounting policy used, terms and conditions associated with the transaction and financial statement line items affected by the transaction. This guidance is effective for fiscal years beginning after December 15, 2021, with early adopted permitted. Effective December 31, 2021, we adopted this standard, which resulted in additional disclosures related to refundable payroll tax credits. See Note 7 to the Consolidated Financial Statements for additional details. |
Environmental Matters | Estimates of our future liability at the environmental sites are based on evaluations of currently available facts regarding each individual site. We consider factors such as our activities associated with the site, existing technology, presently enacted laws and regulations and prior company experience in remediating contaminated sites. Although current law imposes joint and several liability on all parties at Superfund sites, our contribution to the remediation of these sites is expected to be limited by the number of other companies potentially liable for site remediation. As a result, our estimated liability reflects only our expected share. In determining the probability of contribution, we consider the solvency of other parties, the site activities of other parties, whether liability is being disputed, the terms of any existing agreements and experience with similar matters, and the effect of our October 2006 Chapter 11 reorganization upon the validity of the claim, if any. The estimated environmental liabilities above do not take into account any claims for additional recoveries from insurance or third parties. It is our policy to record insurance recoveries as assets in the Consolidated Balance Sheets when realizable. We incur costs to pursue environmental insurance recoveries, which are expensed as incurred. |
Nature Of Operations (Tables)
Nature Of Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Segment Reporting Information | For the year ended 2021 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 818.5 $ 288.1 $ - $ 1,106.6 Equity (earnings) from joint venture ( 87.7 ) - - ( 87.7 ) Segment operating income (loss) 261.2 4.2 ( 5.4 ) 260.0 Segment assets 1,133.9 366.3 209.8 1,710.0 Depreciation and amortization 69.9 26.6 - 96.5 Investment in joint venture 50.0 - - 50.0 Purchases of property, plant and equipment 64.8 15.0 - 79.8 For the year ended 2020 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 726.0 $ 210.9 $ - $ 936.9 Equity (earnings) from joint venture ( 64.0 ) - - ( 64.0 ) Segment operating income 218.7 22.3 13.8 254.8 Segment assets 1,101.1 357.7 259.7 1,718.5 Depreciation and amortization 71.8 12.2 - 84.0 Investment in joint venture 41.2 - - 41.2 Purchases of property, plant and equipment 45.5 9.9 - 55.4 For the year ended 2019 Mineral Fiber Architectural Specialties Unallocated Total Net sales to external customers $ 826.6 $ 211.5 $ - $ 1,038.1 Equity (earnings) from joint venture ( 96.6 ) - - ( 96.6 ) Segment operating income (loss) 289.6 35.9 ( 8.1 ) 317.4 Segment assets 1,139.9 161.8 191.6 1,493.3 Depreciation and amortization 62.9 8.8 0.4 72.1 Investment in joint venture 58.5 - - 58.5 Purchases of property, plant and equipment (1) 59.5 8.8 - 68.3 (1) Total differs from our Consolidated Statement of Cash Flows by the amount that was classified as discontinued operations. See Note 6 for additional details. |
Reconciliation Of Total Consolidated Operating Income To Earnings Before Income Taxes | 2021 2020 2019 Total consolidated operating income $ 260.0 $ 254.8 $ 317.4 Interest expense 22.9 24.1 38.4 Other non-operating (income) expense, net ( 5.6 ) 357.4 ( 20.4 ) Earnings (loss) from continuing operations before income taxes $ 242.7 $ ( 126.7 ) $ 299.4 |
Schedule Of Sales Allocated To Geographic Area | 2021 2020 2019 Geographic Areas Net sales Mineral Fiber: United States $ 754.2 $ 674.1 $ 769.0 Canada 64.3 51.9 57.6 Total Mineral Fiber 818.5 726.0 826.6 Architectural Specialties: United States $ 268.0 $ 192.8 $ 192.3 Canada 20.1 18.1 19.2 Total Architectural Specialties 288.1 210.9 211.5 Total net sales $ 1,106.6 $ 936.9 $ 1,038.1 |
Schedule Of Property, Plant And Equipment Allocated To Geographic Area | 2021 2020 Property, plant and equipment, net at December 31, Mineral Fiber: United States $ 490.6 $ 486.0 Total Mineral Fiber 490.6 486.0 Architectural Specialties: United States $ 46.5 $ 38.2 Canada 5.7 5.7 Total Architectural Specialties 52.2 43.9 Total property, plant and equipment, net $ 542.8 $ 529.9 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Mineral Fiber [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Group within Each Segment | The following tables present net sales by major customer group within the Mineral Fiber and Architectural Specialties segments for the years ended December 31, 2021, 2020 and 2019: Mineral Fiber 2021 2020 2019 Distributors $ 603.9 $ 525.2 $ 622.9 Home centers 94.4 96.1 85.2 Direct customers 59.2 54.3 61.2 Retailers and other 61.0 50.4 57.3 Total $ 818.5 $ 726.0 $ 826.6 |
Architectural Specialties [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Group within Each Segment | Architectural Specialties 2021 2020 2019 Distributors $ 150.5 $ 135.5 $ 138.3 Direct customers 134.6 73.3 68.0 Retailers and other 3.0 2.1 5.2 Total $ 288.1 $ 210.9 $ 211.5 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions | The following table summarizes aggregate audited as reported information and aggregate unaudited pro forma information assuming the acquisitions of Arktura, Moz and Turf had occurred on January 1, 2018. The unaudited pro forma results include the depreciation and amortization associated with the acquired assets, compensation expense related to cash payments and equity awards granted to employees of the acquired companies and adjustments to net sales for the purchase accounting effects of recording deferred revenue at fair value. The unaudited pro forma results do not include any expected benefits of the acquisitions, adjustments to as reported changes in the fair value of the contingent consideration or adjustments to the effective tax rate. 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, 2018. 2020 2019 Net sales from continuing operations, pro forma (unaudited) $ 1,009.0 $ 1,099.2 Net sales from continuing operations, as reported 936.9 1,038.1 Net (loss) earnings from continuing operations, pro forma (unaudited) ( 69.2 ) 239.3 Net (loss) earnings from continuing operations, as reported ( 84.1 ) 242.3 |
Arktura [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Values of Identifiable Intangible Assets Acquired and Estimated Useful Lives | The following table summarizes the fair values of identifiable intangible assets acquired, and their estimated useful lives: Fair Value at Acquisition Date Estimated Useful Life Tradenames $ 12.1 Indefinite Software 9.1 7 years Backlog 5.5 1 year Customer relationships 3.6 1 year Non-compete agreements 2.1 5 years Patents 0.6 13 - 19 years Total identifiable intangible assets $ 33.0 The weighted average amortization period for acquired intangible assets as of the date of acquisition was 4.3 years. Goodwill from the Arktura acquisition relates to many factors, including the technical competencies and capabilities of the acquired workforce in the fields of architecture, design, materials science, technology and software, 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. |
Arktura Moz And Turf [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Net Sales And Pre Tax Net Income Loss Of Acquired Companies Included In Consolidated Statements of Operations and Comprehensive Income | The following table presents the net sales and net (loss) earnings from continuing operations before income taxes of Arktura, Moz and Turf included in our Consolidated Statements of Operations and Comprehensive Income since the acquisition dates: 2021 2020 Net sales $ 82.2 $ 18.2 Net (loss) earnings from continuing operations before income taxes ( 9.6 ) 0.4 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations [Abstract] | |
Summary of Results of Discontinued Operations | The following tables detail the businesses and line items that comprise discontinued operations on the Consolidated Statements of Operations and Comprehensive Income. EMEA and Pacific Rim Businesses 2021 (Loss) from disposal of discontinued businesses, before income tax $ ( 0.4 ) Income tax expense 1.7 (Loss) from disposal of discontinued businesses, net of tax $ ( 2.1 ) Net (loss) from discontinued operations $ ( 2.1 ) EMEA and Pacific Rim Businesses Flooring Total 2020 (Loss) gain from disposal of discontinued businesses, before income tax $ ( 17.2 ) $ 0.8 $ ( 16.4 ) Income tax (benefit) ( 1.4 ) - ( 1.4 ) (Loss) gain from disposal of discontinued businesses, net of tax $ ( 15.8 ) $ 0.8 $ ( 15.0 ) Net (loss) earnings from discontinued operations $ ( 15.8 ) $ 0.8 $ ( 15.0 ) EMEA and Pacific Rim Businesses Flooring Total 2019 Net sales $ 319.1 $ - $ 319.1 Cost of goods sold 245.7 - 245.7 Gross profit 73.4 - 73.4 Selling, general and administrative expenses 61.6 - 61.6 Operating income 11.8 - 11.8 Other non-operating expense, net 1.6 - 1.6 Earnings from discontinued operations before income tax 10.2 - 10.2 Income tax expense 12.0 - 12.0 Net (loss) from discontinued operations, net of tax $ ( 1.8 ) $ - $ ( 1.8 ) (Loss) from disposal of discontinued businesses, before income tax $ ( 31.2 ) $ - $ ( 31.2 ) Income tax (benefit) - ( 5.2 ) ( 5.2 ) (Loss) gain from disposal of discontinued businesses, net of tax $ ( 31.2 ) $ 5.2 $ ( 26.0 ) Net (loss) earnings from discontinued operations $ ( 33.0 ) $ 5.2 $ ( 27.8 ) |
Summary of Total Gains and Losses, Capital Expenditures and Operating Lease | The following is a summary of total gains and losses, capital expenditures and operating lease information related to our former EMEA and Pacific Rim businesses through the date of disposal, and gains on the dissolution of our previously discontinued flooring entity, which are presented as discontinued operations and included as components of operating and investing cash flows on our Consolidated Statements of Cash Flows: 2021 2020 2019 Loss on sale to Knauf (1) $ 0.4 $ 17.2 $ - Estimated loss on sale to Knauf (2) - - 31.2 Gain on dissolution of flooring entity (3) - ( 0.8 ) - Purchases of property, plant and equipment - - ( 3.0 ) Operating lease cost (4) - - 7.4 ROU assets obtained in exchange for lease obligations (5) - - 24.6 (1) Represents certain pension liabilities, working capital and other adjustments. (2) Represents comparison of the EMEA and Pacific Rim net assets to the expected final sales proceeds. (3) Represents AOCI adjustments related to accumulated foreign currency translation amounts. (4) The amount of cash paid for amounts included in the measurement of lease liabilities was not materially different from the operating lease cost for the nine months ended September 30, 2019. (5) Represents initial ROU assets recognized upon adoption on January 1, 2019. We did no t obtain any new ROU assets in exchange for lease obligations during the nine months ended September 30, 2019. |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | December 31, 2021 December 31, 2020 Customer receivables $ 104.7 $ 77.9 Miscellaneous receivables 7.9 4.0 Less allowance for warranties, discounts and losses ( 3.5 ) ( 3.6 ) Accounts and notes receivable, net $ 109.1 $ 78.3 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | December 31, 2021 December 31, 2020 Finished goods $ 49.9 $ 44.6 Goods in process 6.4 5.5 Raw materials and supplies 48.4 42.3 Less LIFO reserves ( 14.5 ) ( 10.9 ) Total inventories, net $ 90.2 $ 81.5 |
Summary Of Inventory Not Accounted For Under LIFO | The following table summarizes the amount of inventory that is not accounted for under the LIFO method. December 31, 2021 December 31, 2020 U.S. locations $ 28.0 $ 22.5 Canada locations 2.7 3.0 Total $ 30.7 $ 25.5 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | December 31, 2021 December 31, 2020 Prepaid expenses $ 17.2 $ 12.0 Assets held for sale 4.6 - Other 1.3 0.8 Total other current assets $ 23.1 $ 12.8 As of December 31, 2021, assets held for sale included the property, plant and equipment of our idled Mineral Fiber plant in St. Helens, Oregon. |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | December 31, 2021 December 31, 2020 Land $ 31.8 $ 33.3 Buildings 257.2 255.5 Machinery and equipment 643.9 645.7 Computer software 52.6 41.6 Construction in progress 51.3 40.9 Less accumulated depreciation and amortization ( 494.0 ) ( 487.1 ) Net property, plant and equipment $ 542.8 $ 529.9 |
Equity Investments (Tables)
Equity Investments (Tables) - WAVE [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Investment in Joint Venture, Balance Sheet Data | December 31, 2021 December 31, 2020 Current assets $ 119.7 $ 66.8 Non-current assets 42.1 40.8 Current liabilities 37.1 73.0 Other non-current liabilities 297.4 234.7 |
Summary of Investment in Joint Venture, Income Statement Data | 2021 2020 2019 Net sales $ 430.8 $ 343.3 $ 393.2 Gross profit 244.5 194.7 219.6 Net earnings 184.6 137.8 166.0 |
Summary of the Difference Between Carrying Amount and Underlying Equity of Equity Method Investment | December 31, 2021 December 31, 2020 Property, plant and equipment $ 0.4 $ 0.4 Other intangibles 105.6 110.3 Goodwill 30.4 30.4 Total $ 136.4 $ 141.1 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Lease Costs | The following table presents our lease costs: 2021 2020 2019 Operating lease cost $ 6.4 $ 5.6 $ 6.8 Finance lease cost: Amortization of leased assets $ 2.4 $ 2.0 $ - Interest on lease liabilities 0.7 0.6 - Total finance lease cost $ 3.1 $ 2.6 $ - |
Summary of Supplemental Cash Flow Information Related To Leases | The following table presents supplemental cash flow information related to our leases: 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6.3 $ 5.4 $ 6.8 Operating cash flows from finance leases 0.7 0.6 - Financing cash flows from finance leases 2.1 1.8 - ROU assets obtained in exchange for lease liabilities Operating leases (1) $ 7.3 $ 5.4 $ 41.6 Finance leases 0.3 2.6 - (1) The years ended December 31, 2021 and 2020 include increases in ROU assets of $ 3.2 million and $ 0.4 million, respectively, resulting from modifications that did not involve obtaining a new ROU asset. Modifications resulted from changes in the terms of existing leases. The year ended December 31, 2019 includes initial ROU assets of $ 29.2 million recognized upon adoption of FASB ASC 842 - Leases on January 1, 2019. |
Schedule of Weighted Average Assumptions Used To Compute Right To Use Assets | The following table presents the weighted average assumptions used to compute our ROU assets and lease liabilities: December 31, 2021 December 31, 2020 Weighted average remaining lease term (in years) Operating leases 5.4 6.5 Finance leases 9.9 10.7 Weighted average discount rate Operating leases 3.4 % 4.0 % Finance leases 3.6 % 3.6 % |
Schedule of Undiscounted Future Minimum Payments | Undiscounted future minimum lease payments as of December 31, 2021, by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows: Operating Leases Finance Leases Maturity of lease liabilities 2022 $ 6.2 $ 2.9 2023 5.5 2.8 2024 4.0 2.6 2025 2.0 2.3 2026 1.2 2.5 Thereafter 4.8 10.0 Total lease payments 23.7 23.1 Less interest ( 2.5 ) ( 4.1 ) Present value of lease liabilities $ 21.2 $ 19.0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | The following table details amounts related to our goodwill and intangible assets as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Estimated Gross Accumulated Amortization Gross Accumulated Amortization Amortizing intangible assets Customer relationships 1 - 20 years $ 196.7 $ 144.8 $ 200.6 $ 128.9 Developed technology 13 - 19 years 92.9 82.6 92.1 77.9 Software 7 years 9.1 1.3 9.1 - Trademarks and brand names 5 - 10 years 4.0 2.0 4.0 1.3 Non-compete agreements 3 - 5 years 5.6 1.4 6.3 0.4 Other Various 0.4 0.1 6.9 0.2 Total $ 308.7 $ 232.2 $ 319.0 $ 208.7 Non-amortizing intangible assets Trademarks and brand names Indefinite 344.9 347.2 Total intangible assets $ 653.6 $ 666.2 Goodwill Indefinite $ 167.0 $ 160.7 |
Schedule of Amortization Expense | 2021 2020 2019 Amortization expense $ 33.8 $ 22.1 $ 19.9 |
Schedule of Expected Annual Amortization Expense | The expected annual amortization expense for the years 2022 through 2026 are as follows: 2022 $ 16.2 2023 13.6 2024 13.1 2025 12.5 2026 9.0 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | December 31, 2021 December 31, 2020 Payables, trade and other $ 105.8 $ 81.3 Employment costs 30.3 17.6 Current portion of pension and postretirement liabilities 9.9 9.5 Payable to Knauf for purchase price adjustments - 11.4 Acquisition-related contingent consideration 8.6 - Other 20.3 16.7 Total accounts payable and accrued expenses $ 174.9 $ 136.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Deferred Tax Assets and Liabilities | December 31, 2021 December 31, 2020 Deferred income tax assets (liabilities) Net operating losses $ 42.5 $ 48.7 Postretirement benefits 20.7 22.0 Pension benefit liabilities 11.0 12.0 Deferred compensation 7.9 9.0 Foreign tax credit carryforwards 0.6 17.7 State tax credit carryforwards 8.7 8.9 Capital loss carryforwards 18.8 19.3 Lease right-of-use liabilities 9.8 10.0 Other 12.3 16.2 Total deferred income tax assets 132.3 163.8 Valuation allowances ( 60.6 ) ( 79.4 ) Net deferred income tax assets 71.7 84.4 Intangibles ( 87.4 ) ( 93.7 ) Partnerships and investments ( 26.4 ) ( 28.1 ) Accumulated depreciation ( 80.4 ) ( 75.5 ) Prepaid pension costs ( 27.8 ) ( 30.7 ) Inventories ( 4.9 ) ( 4.4 ) Lease right-of-use assets ( 10.1 ) ( 10.2 ) Other ( 1.6 ) ( 0.2 ) Total deferred income tax liabilities ( 238.6 ) ( 242.8 ) Net deferred income tax liabilities $ ( 166.9 ) $ ( 158.4 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2021 2020 2019 Details of taxes Earnings (loss) from continuing operations before income taxes Domestic $ 239.3 $ ( 130.0 ) $ 299.7 Foreign 3.4 3.3 ( 0.3 ) Total $ 242.7 $ ( 126.7 ) $ 299.4 Income tax expense (benefit): Current: Federal $ 39.4 $ 40.8 $ 31.4 Foreign 0.6 1.0 0.8 State 8.7 5.6 6.3 Total current 48.7 47.4 38.5 Deferred: Federal 3.6 ( 75.5 ) 15.1 Foreign 0.6 - ( 0.3 ) State 4.5 ( 14.5 ) 3.8 Total deferred 8.7 ( 90.0 ) 18.6 Total income tax expense (benefit) $ 57.4 $ ( 42.6 ) $ 57.1 |
Schedule Of The Reconciliation To U.S. Statutory Tax Rate | 2021 2020 2019 Reconciliation to U.S. statutory tax rate Continuing operations tax expense (benefit) at statutory rate $ 51.0 $ ( 26.6 ) $ 62.9 (Decrease) increase in valuation allowances on deferred ( 17.8 ) ( 0.1 ) 0.1 Expiration of deferred income tax assets 18.3 - - State income tax expense (benefit), net of federal impact 11.0 ( 7.3 ) 12.4 Capital loss on sale of investment - ( 4.6 ) - Statute closures ( 3.8 ) ( 1.3 ) ( 3.8 ) State deferred tax adjustments - ( 1.5 ) ( 1.9 ) Capital loss utilization on WAVE earnings - - ( 4.4 ) Excess tax benefits on share-based compensation ( 0.8 ) ( 0.9 ) ( 3.2 ) Tax on foreign and foreign source income - - ( 1.9 ) U.S. permanent differences ( 1.3 ) ( 2.2 ) ( 1.8 ) Other 0.8 1.9 ( 1.3 ) Tax expense (benefit) at effective rate $ 57.4 $ ( 42.6 ) $ 57.1 |
Schedule Of Unrecognized Tax Benefits | 2021 2020 2019 Unrecognized tax benefits balance at January 1, $ 41.7 $ 34.7 $ 42.6 Gross change for current year positions 1.7 2.3 2.2 Increase for prior period positions - 8.7 - Decrease for prior period positions ( 3.6 ) - ( 2.1 ) Decrease due to statute expirations ( 4.2 ) ( 4.0 ) ( 8.0 ) Unrecognized tax benefits balance at December 31, $ 35.6 $ 41.7 $ 34.7 |
Schedule Of Other Taxes | 2021 2020 2019 Other taxes Payroll taxes $ 13.4 $ 15.6 $ 16.0 Property, franchise and capital stock taxes 4.4 4.2 3.8 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instrument [Line Items] | |
Schedule Of Debt | December 31, 2021 December 31, 2020 Revolving credit facility due 2024 $ 165.0 $ 225.0 Term loan A due 2024 468.7 493.7 Principal debt outstanding 633.7 718.7 Unamortized debt financing costs ( 2.3 ) ( 3.2 ) Long-term debt 631.4 715.5 Less current portion 25.0 25.0 Total long-term debt, less current portion $ 606.4 $ 690.5 |
Scheduled Payments Of Long-Term Debt | Scheduled payments of long-term debt: 2022 $ 25.0 2023 25.0 2024 583.7 |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Schedule of Letters of Credit Facilities | December 31, 2021 Financing Arrangements Limit Used Available Bi-lateral facility $ 25.0 $ 8.4 $ 16.6 Revolving credit facility 150.0 - 150.0 Total $ 175.0 $ 8.4 $ 166.6 |
Pension And Other Benefit Pro_2
Pension And Other Benefit Programs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Amounts Recognized In Assets And Liabilities | Amounts recognized in assets (liabilities) on the consolidated balance sheets at year end consist of: U.S. Pension Plans Non-U.S. Pension Plan Retiree Health and Life 2021 2020 2021 2020 2021 2020 Prepaid pension costs $ 109.0 $ 119.5 $ - $ - $ - $ - Accounts payable and accrued expenses ( 2.9 ) ( 2.9 ) ( 0.1 ) ( 0.1 ) ( 6.9 ) ( 6.5 ) Postretirement benefit liabilities - - - - ( 71.1 ) ( 74.9 ) Pension benefit liabilities ( 34.5 ) ( 37.6 ) ( 2.4 ) ( 2.8 ) - - Net amount recognized $ 71.6 $ 79.0 $ ( 2.5 ) $ ( 2.9 ) $ ( 78.0 ) $ ( 81.4 ) |
Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) At Year End | Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of: U.S. Pension Plans Retiree Health and Life 2021 2020 2021 2020 Net actuarial (loss) gain $ ( 152.1 ) $ ( 142.6 ) $ 13.7 $ 17.9 Prior service credit - - 1.4 1.7 Accumulated other comprehensive (loss) $ ( 152.1 ) $ ( 142.6 ) $ 15.1 $ 19.6 |
Schedule Of Expected Benefit Payments | U.S. Pension (1) Retiree Health 2022 $ 15.7 $ 6.9 2023 17.4 6.6 2024 19.6 6.3 2025 20.6 6.0 2026 21.8 5.7 2027 - 2031 118.4 23.7 (1) We were not required and did not make contributions to the RIP during 2021, 2020 or 2019 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations. Benefit payments to RIP participants have been made directly from the RIP while benefit payments under the RBEP are made from Company cash. |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Funded Status | 2021 2020 Change in benefit obligations: Benefit obligations as of beginning of period $ 441.7 $ 1,431.4 Service cost 4.8 5.5 Interest cost 9.0 15.5 Settlement payments - ( 1,006.3 ) Special termination benefits - 2.0 Actuarial (gain) loss ( 10.9 ) 31.2 Benefits paid ( 9.5 ) ( 37.6 ) Benefit obligations as of end of period $ 435.1 $ 441.7 2021 2020 Change in plan assets: Fair value of plan assets as of beginning of period $ 520.7 $ 1,478.4 Actual return on plan assets ( 7.4 ) 83.1 Employer contributions 2.9 3.1 Settlement payments - ( 1,006.3 ) Benefits paid ( 9.5 ) ( 37.6 ) Fair value of plan assets as of end of period $ 506.7 $ 520.7 Funded status $ 71.6 $ 79.0 |
Schedule Of Assumptions Used | 2021 2020 Weighted-average assumptions used to determine benefit Discount rate 2.98 % 2.68 % Rate of compensation increase 3.05 % 3.05 % Weighted-average assumptions used to determine net periodic Discount rate 2.67 % 3.07 % Expected return on plan assets 3.25 % 5.25 % Rate of compensation increase 3.05 % 3.05 % |
Schedule Of Benefit Obligations In Excess Of Assets | 2021 2020 Pension plans with benefit obligations in excess of assets RBEP Projected benefit obligation, December 31 $ 37.4 $ 40.5 RBEP Accumulated benefit obligation, December 31 37.4 40.5 |
Schedule Of Periodic Benefit (Credits) Costs | The components of the pension cost (credit) for the U.S. defined benefit pension plans are as follows: 2021 2020 2019 Service cost of benefits earned during the period $ 4.8 $ 5.5 $ 4.8 Interest cost on projected benefit obligation 9.0 15.5 50.3 Expected return on plan assets ( 16.5 ) ( 34.5 ) ( 80.1 ) Recognized net actuarial loss 3.5 6.3 19.2 Settlement - 374.4 - Special termination benefits - 2.0 - Net periodic pension cost (credit) $ 0.8 $ 369.2 $ ( 5.8 ) |
Schedule Of Defined Asset Allocation | Target Weight at December 31, Position at December 31, Asset Class 2021 2021 (1) 2020 (1) Long duration bonds 90.0 % 89.0 % 89.0 % Equities, real estate and private equity 10.0 % 11.0 % 11.0 % (1) Investments in collective trust funds as of December 31, 2021 and 2020 have been categorized within the asset classes above based on the underlying investments in those funds. |
Summary Of Fair Value Of Assets Plan | Value at December 31, 2021 Description Level 1 Level 2 Level 3 Total Collective trust funds - bonds $ - $ 451.9 $ - $ 451.9 Collective trust funds - equities - 46.8 - 46.8 Cash, other short-term investments and payables, net ( 0.3 ) 1.9 - 1.6 Net assets measured at fair value $ ( 0.3 ) $ 500.6 $ - $ 500.3 Investments measured at net asset value as a practical expedient 6.4 Net assets $ 506.7 Value at December 31, 2020 Description Level 1 Level 2 Level 3 Total Collective trust funds - bonds $ - $ 460.9 $ - $ 460.9 Collective trust funds - equities - 51.4 - 51.4 Cash, other short-term investments and payables, net ( 0.3 ) 0.9 - 0.6 Net assets measured at fair value $ ( 0.3 ) $ 513.2 $ - $ 512.9 Investments measured at net asset value as a practical expedient 7.8 Net assets $ 520.7 |
Summary Of Assets Measured At NAV | Value at December 31, 2021 Description Fair Value Unfunded Redemption Redemption Real estate $ 6.4 $ 2.2 Quarterly 60 days Value at December 31, 2020 Description Fair Value Unfunded Redemption Redemption Real estate $ 7.8 $ 2.2 Quarterly 60 days |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Funded Status | 2021 2020 Change in benefit obligations: Benefit obligation as of beginning of period $ 81.4 $ 77.5 Interest cost 1.2 1.9 Plan participants' contributions 1.9 1.9 Actuarial loss 2.0 8.2 Benefits paid ( 8.5 ) ( 8.1 ) Benefit obligations as of end of period $ 78.0 $ 81.4 2021 2020 Change in plan assets: Fair value of plan assets as of beginning of period $ - $ - Employer contributions 6.6 6.2 Plan participants' contributions 1.9 1.9 Benefits paid ( 8.5 ) ( 8.1 ) Fair value of plan assets as of end of period $ - $ - Funded status $ ( 78.0 ) $ ( 81.4 ) |
Schedule Of Assumptions Used | 2021 2020 Weighted-average discount rate used to determine benefit obligations at end of period 2.72 % 2.37 % Weighted-average discount rate used to determine net periodic benefit cost for the period 2.35 % 3.14 % |
Schedule Of Periodic Benefit (Credits) Costs | The components of postretirement benefit (credit) are as follows: 2021 2020 2019 Service cost of benefits earned during the period $ - $ - $ 0.1 Interest cost on accumulated postretirement benefit obligation 1.2 1.9 2.4 Amortization of prior service (credit) ( 0.3 ) ( 0.3 ) ( 0.2 ) Amortization of net actuarial gain ( 2.2 ) ( 6.6 ) ( 8.5 ) Net periodic postretirement benefit (credit) $ ( 1.3 ) $ ( 5.0 ) $ ( 6.2 ) |
Financial Instruments and Con_2
Financial Instruments and Contingent Consideration (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | The estimated fair values of our financial instruments and contingent consideration are as follows: December 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated (Liabilities), net: Total long-term debt, including current portion $ ( 631.4 ) $ ( 626.0 ) $ ( 715.5 ) $ ( 715.5 ) Interest rate swap contracts ( 14.2 ) ( 14.2 ) ( 28.9 ) ( 28.9 ) Acquisition-related contingent consideration ( 12.8 ) ( 12.8 ) ( 16.9 ) ( 16.9 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair value measurement of liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets is summarized below: December 31, 2021 December 31, 2020 Fair value based on Fair value based on Other Other Other Other Level 2 Level 3 Level 2 Level 3 (Liabilities), net: Interest rate swap contracts $ ( 14.2 ) $ - $ ( 28.9 ) $ - Acquisition-related contingent consideration - ( 4.2 ) - ( 16.9 ) |
Schedule of Weighted-average Of Significant Unobservable Inputs | The following table summarizes the weighted-average of the significant unobservable inputs as of December 31, 2021: Turf Unobservable input Volatility 22.2 % Discount rates 2.7 % |
Schedule of Changes in Fair Value of the Acquisition-related Contingent Consideration Liability | The changes in fair value of the acquisition-related contingent consideration liability for the year ended December 31, 2021 and 2020 were as follows: Fair Value of Contingent Consideration Balance as of January 1, 2020 $ - Acquisition date fair value of Moz contingent consideration 2.7 Acquisition date fair value of Turf contingent consideration 14.1 Loss related to change in fair value of contingent consideration 0.1 Balance as of December 31, 2020 $ 16.9 (Gain) related to change in fair value of contingent consideration ( 4.1 ) Balance as of December 31, 2021 $ 12.8 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | Trade Date Notional Amount Coverage Period Risk Coverage November 28, 2018 $ 200.0 November 2018 to November 2023 USD-LIBOR November 28, 2018 $ 100.0 March 2021 to March 2025 USD-LIBOR March 6, 2020 $ 50.0 March 2020 to March 2022 USD-LIBOR March 10, 2020 $ 50.0 March 2021 to March 2024 USD-LIBOR March 11, 2020 $ 50.0 March 2021 to March 2024 USD-LIBOR |
Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet | Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet December 31, December 31, Balance Sheet December 31, December 31, Interest rate swap contracts Other current assets $ - $ - Accounts payable and accrued expenses $ 0.1 $ 0.5 Interest rate swap contracts Other non-current assets 0.4 - Other long-term liabilities 14.5 28.4 |
Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Gain (Loss) Reclassified 2021 2020 2019 2021 2020 2019 Derivatives in cash flow hedging relationships Interest rate swap contracts 21.9 ( 8.6 ) ( 20.0 ) Interest expense 8.5 5.6 ( 1.4 ) |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | December 31, 2021 December 31, 2020 Long-term deferred compensation arrangements $ 17.6 $ 14.8 Fair value of derivative liabilities 14.5 28.4 Environmental insurance recoveries received in excess of cumulative expenses incurred 4.8 5.0 Acquisition-related contingent consideration 4.2 16.9 Other 5.6 11.4 Total other long-term liabilities $ 46.7 $ 76.5 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Changes in Stock Options | The following table presents stock option activity for the year ended December 31, 2021: Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value Option shares outstanding, December 31, 2020 139.6 $ 42.41 Option shares exercised ( 66.1 ) $ 38.37 Option shares outstanding, December 31, 2021 73.5 $ 46.05 1.4 $ 5.2 Option shares exercisable, vested and expected to vest, 73.5 $ 46.05 1.4 $ 5.2 |
Schedule of Information Related to Stock Option Exercises | The following table presents information related to stock option exercises: 2021 2020 2019 Total intrinsic value of stock options exercised $ 4.1 $ 5.6 $ 15.9 Cash proceeds received from stock options exercised 2.5 4.7 14.5 Tax deduction realized from stock options exercised 0.4 1.2 3.3 |
Schedule of Restricted Stock and Restricted Stock Units Activity | We also grant non-vested stock awards in the form of Restricted Stock Units (“RSUs”), Performance Stock Units (“PSUs”) and Restricted Stock Awards ("RSAs"). A summary of the 2021 activity related to the RSUs, PSUs and RSAs is as follows: Non-Vested Stock Awards RSUs PSUs RSAs Number of shares (thousands) Weighted- Number of shares (thousands) Weighted- Number of shares (thousands) Weighted- December 31, 2020 66.8 $ 83.14 330.3 $ 75.49 94.2 $ 77.96 Granted 23.6 92.30 113.8 102.46 - - Performance adjustments - - 23.1 52.56 - - Vested ( 22.1 ) ( 78.32 ) ( 148.4 ) ( 55.63 ) ( 21.1 ) ( 77.88 ) Forfeited ( 3.3 ) ( 86.23 ) ( 17.0 ) ( 93.03 ) ( 0.5 ) ( 77.22 ) December 31, 2021 65.0 $ 87.94 301.8 $ 92.74 72.6 $ 77.99 |
ScheduleOfShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsValuationAssumptionsTableTextBlock | 2021 2020 Weighted-average grant date fair value of market-based PSUs granted (dollars per award) $ 117.85 $ 97.75 Assumptions Risk-free rate of return 0.3 % 1.2 % Expected volatility 37.0 % 23.8 % Expected term (in years) 3.1 3.1 Expected dividend yield 0.0 % 0.0 % |
Employee Costs (Tables)
Employee Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |
Schedule Of Employee Costs | 2021 2020 2019 Wages, salaries and incentive compensation $ 259.9 $ 207.6 $ 201.8 Payroll taxes 13.4 15.6 16.0 Defined contribution and defined benefit pension plan expense, net 10.0 1.0 2.0 Insurance and other benefit costs 28.2 25.1 21.9 Share-based compensation 11.3 6.9 8.4 Total $ 322.8 $ 256.2 $ 250.1 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The balance of each component of accumulated other comprehensive (loss), net of tax is presented in the table below. December 31, 2021 December 31, 2020 Foreign currency translation adjustments $ 2.3 $ 2.3 Derivative (loss), net ( 9.1 ) ( 19.0 ) Pension and postretirement adjustments ( 102.8 ) ( 92.6 ) Accumulated other comprehensive (loss) $ ( 109.6 ) $ ( 109.3 ) |
Schedule of Other Comprehensive Income (Loss) | The amounts and related tax effects allocated to each component of other comprehensive income (loss) for 2021, 2020, and 2019 are presented in the tables below. Pre-tax Amount Tax (Expense) Benefit After-tax Amount 2021 Derivative gain, net $ 13.4 $ ( 3.5 ) $ 9.9 Pension and postretirement adjustments ( 13.4 ) 3.2 ( 10.2 ) Total other comprehensive (loss) $ - $ ( 0.3 ) $ ( 0.3 ) Pre-tax Amount Tax Benefit (Expense) After-tax Amount 2020 Foreign currency translation adjustments $ ( 7.1 ) $ - $ ( 7.1 ) Derivative (loss), net ( 14.2 ) 3.7 ( 10.5 ) Pension and postretirement adjustments 382.9 ( 98.5 ) 284.4 Total other comprehensive income (loss) $ 361.6 $ ( 94.8 ) $ 266.8 Pre-tax Amount Tax Benefit (Expense) After-tax Amount 2019 Foreign currency translation adjustments $ 84.1 $ - $ 84.1 Derivative (loss), net ( 18.8 ) 4.9 ( 13.9 ) Pension and postretirement adjustments 16.8 ( 3.6 ) 13.2 Total other comprehensive income $ 82.1 $ 1.3 $ 83.4 |
Schedule of Accumulated Other Comprehensive Income Activity | The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2021 and 2020: Foreign Derivative (1) Pension and Postretirement Adjustments (1) Total (1) Balance, December 31, 2019 $ 9.4 $ ( 8.5 ) $ ( 377.0 ) $ ( 376.1 ) Other comprehensive (loss) income before reclassifications, 2.5 , ($ 3.0 ) and ($ 0.5 ) ( 0.2 ) ( 6.1 ) 6.1 ( 0.2 ) Amounts reclassified from accumulated other ( 6.9 ) ( 4.4 ) 278.3 267.0 Net current period other comprehensive (loss) income ( 7.1 ) ( 10.5 ) 284.4 266.8 Balance, December 31, 2020 2.3 ( 19.0 ) ( 92.6 ) ( 109.3 ) Other comprehensive income (loss) before reclassifications, 5.4 ), $ 3.5 and ($ 1.9 ) - 16.5 ( 11.0 ) 5.5 Amounts reclassified from accumulated other - ( 6.6 ) 0.8 ( 5.8 ) Net current period other comprehensive income (loss) - 9.9 ( 10.2 ) ( 0.3 ) Balance, December 31, 2021 $ 2.3 $ ( 9.1 ) $ ( 102.8 ) $ ( 109.6 ) (1) Amounts are net of tax |
Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified from AOCI and the affected line item of the Consolidated Statement of Operations and Comprehensive Income are presented in the table below. Amounts Affected Line Item in the 2021 2020 Derivative Adjustments: Interest rate swap contracts, before tax $ ( 8.5 ) $ ( 5.6 ) Interest expense Tax impact 1.9 1.2 Income tax expense Total (income), net of tax ( 6.6 ) ( 4.4 ) Pension and Postretirement Adjustments: Prior service credit amortization ( 0.3 ) ( 0.3 ) Other non-operating (income) expense, net Amortization of net actuarial loss (gain) 1.4 ( 0.3 ) Other non-operating (income) expense, net Settlement - 374.4 Other non-operating (income) expense, net Total loss, before tax 1.1 373.8 Tax impact ( 0.3 ) ( 95.5 ) Income tax expense Total loss, net of tax 0.8 278.3 Foreign Currency Translation Adjustments: Sale of idled plant in China - ( 6.9 ) Total (income), net of tax - ( 6.9 ) Total reclassifications for the period $ ( 5.8 ) $ 267.0 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Financial Information [Abstract] | |
Schedule Of Supplemental Financial Information | 2021 2020 2019 Selected operating expense Maintenance and repair costs $ 41.9 $ 38.1 $ 41.4 Product innovation costs 14.6 14.7 14.8 Advertising costs 8.0 6.8 7.0 Other non-operating (income) expense, net Interest income $ ( 0.1 ) $ ( 0.3 ) $ ( 3.2 ) Pension and postretirement (credits) cost ( 5.3 ) 358.7 ( 16.9 ) Other ( 0.2 ) ( 1.0 ) ( 0.3 ) Total $ ( 5.6 ) $ 357.4 $ ( 20.4 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Earnings (Loss) to Net Earnings (Loss) Attributable to Common Shares Used in Basic and Diluted Earnings (Loss) Per Share Calculation | The following table is a reconciliation of earnings (loss) to earnings (loss) attributable to common shares used in our basic and diluted Earnings (Loss) Per Share (“EPS”) calculations for the years ended December 31, 2021, 2020 and 2019. EPS components may not add due to rounding. 2021 2020 2019 Earnings (loss) from continuing operations $ 185.3 $ ( 84.1 ) $ 242.3 (Earnings) allocated to participating vested share awards ( 0.3 ) ( 0.1 ) ( 0.5 ) Earnings (loss) from continuing operations attributable to common shares $ 185.0 $ ( 84.2 ) $ 241.8 |
Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding | The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the years ended December 31, 2021, 2020 and 2019 (shares in millions): 2021 2020 2019 Basic shares outstanding 47.6 47.9 48.7 Dilutive effect of common stock equivalents 0.3 - 0.8 Diluted shares outstanding 47.9 47.9 49.5 |
Business (Narrative) (Details)
Business (Narrative) (Details) $ in Millions | Nov. 25, 2019Facility | Mar. 04, 2019Facility | Dec. 31, 2020Facility | Aug. 31, 2020Facility | Jul. 31, 2020Facility | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021 |
EMEA and Pacific Rim Business [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Equity interest percentage | 50.00% | 50.00% | 50.00% | |||||
Consideration received in connection with sale of businesses | $ | $ 11.8 | $ 11.4 | ||||||
WAVE [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Equity interest percentage | 50.00% | 50.00% | 50.00% | |||||
Arktura [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Number of manufacturing facility | 1 | |||||||
Moz Designs, Inc. [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Number of manufacturing facility | 1 | |||||||
Turf [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Number of manufacturing facility | 1 | |||||||
MRK Industries, Inc. [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Number of manufacturing facility | 1 | |||||||
Architectural Components Group, Inc. [Member] | ||||||||
Business And Basis Of Presentation [Line Items] | ||||||||
Number of manufacturing facility | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)Customer | Dec. 31, 2020USD ($)Customer | Dec. 31, 2019USD ($)Customer | |
Significant Accounting Policies [Line Items] | ||||
Payment terms on sales | 45 days | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,106.6 | $ 936.9 | $ 1,038.1 | |
Lease renewal term operating and finance lease | 5 years | |||
Operating and finance lease existence of option to terminate | true | |||
Short-term leases term | 12 months | |||
Impairment charges | $ 0 | |||
Software Development [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Definite-lived intangible assets, useful life | 7 years | |||
Minimum [Member] | Computer Equipment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful Life | 3 years | |||
Minimum [Member] | Furniture and Fixtures [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful Life | 5 years | |||
Minimum [Member] | Building [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful Life | 15 years | |||
Minimum [Member] | Computer Software [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful Life | 3 years | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful Life | 2 years | |||
Minimum [Member] | Customer Relationships [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Definite-lived intangible assets, useful life | 1 year | |||
Minimum [Member] | Developed Technology [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Definite-lived intangible assets, useful life | 13 years | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Remaining lease term operating and finance lease | 16 years | |||
Maximum [Member] | Computer Equipment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful Life | 5 years | |||
Maximum [Member] | Furniture and Fixtures [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful Life | 7 years | |||
Maximum [Member] | Building [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful Life | 30 years | |||
Maximum [Member] | Computer Software [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful Life | 7 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful Life | 15 years | |||
Maximum [Member] | Customer Relationships [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Definite-lived intangible assets, useful life | 20 years | |||
Maximum [Member] | Developed Technology [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Definite-lived intangible assets, useful life | 19 years | |||
Gross Sales [Member] | Concentration Risk On Three Customers [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Number of customers accounted for significant percentage of net sales | Customer | 2 | 2 | 2 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 495.8 | $ 370.3 | $ 428.7 | |
Gross Sales [Member] | Geographic Concentration Risk [Member] | Operating Segments [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Gain related to sale of fixed and intangible assets | $ 0 | $ 21 | $ 0 |
Idled Plant | |||
Segment Reporting Information [Line Items] | |||
Gain related to sale of fixed and intangible assets | $ 21 | ||
WAVE [Member] | |||
Segment Reporting Information [Line Items] | |||
Equity interest percentage | 50.00% | 50.00% |
Nature of Operations (Schedule
Nature of Operations (Schedule of Net Sales to External Customers) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,106.6 | $ 936.9 | $ 1,038.1 | |
Equity (earnings) from joint venture | (87.7) | (64) | (96.6) | |
Segment operating income (loss) | 260 | 254.8 | 317.4 | |
Segment assets | 1,710 | 1,718.5 | 1,493.3 | |
Depreciation and amortization | 96.5 | 84 | 72.1 | |
Investment in joint venture | 50 | 41.2 | 58.5 | |
Purchases of property, plant and equipment | 79.8 | 55.4 | 68.3 | [1] |
Mineral Fiber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 818.5 | 726 | 826.6 | |
Equity (earnings) from joint venture | 87.7 | (64) | (96.6) | |
Segment operating income (loss) | 261.2 | 218.7 | 289.6 | |
Segment assets | 1,133.9 | 1,101.1 | 1,139.9 | |
Depreciation and amortization | 69.9 | 71.8 | 62.9 | |
Investment in joint venture | 50 | 41.2 | 58.5 | |
Purchases of property, plant and equipment | 64.8 | 45.5 | 59.5 | [1] |
Architectural Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 288.1 | 210.9 | 211.5 | |
Segment operating income (loss) | 4.2 | 22.3 | 35.9 | |
Segment assets | 366.3 | 357.7 | 161.8 | |
Depreciation and amortization | 26.6 | 12.2 | 8.8 | |
Purchases of property, plant and equipment | 15 | 9.9 | 8.8 | [1] |
Unallocated Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | (5.4) | 13.8 | (8.1) | |
Segment assets | $ 209.8 | $ 259.7 | 191.6 | |
Depreciation and amortization | $ 0.4 | |||
[1] | Total differs from our Consolidated Statement of Cash Flows by the amount that was classified as discontinued operations. See Note 6 for additional details. |
Nature of Operations (Reconcili
Nature of Operations (Reconciliation Of Total Consolidated Operating Income To Earnings Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Total consolidated operating income | $ 260 | $ 254.8 | $ 317.4 |
Interest expense | 22.9 | 24.1 | 38.4 |
Other non-operating (income) expense, net | (5.6) | 357.4 | (20.4) |
Earnings (loss) from continuing operations before income taxes | $ 242.7 | $ (126.7) | $ 299.4 |
Nature of Operations (Schedul_2
Nature of Operations (Schedule Of Sales Allocated To Geographic Area) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | $ 1,106.6 | $ 936.9 | $ 1,038.1 |
Mineral Fiber [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 818.5 | 726 | 826.6 |
Mineral Fiber [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 754.2 | 674.1 | 769 |
Mineral Fiber [Member] | Canada [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 64.3 | 51.9 | 57.6 |
Architectural Specialties [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 288.1 | 210.9 | 211.5 |
Architectural Specialties [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 268 | 192.8 | 192.3 |
Architectural Specialties [Member] | Canada [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | $ 20.1 | $ 18.1 | $ 19.2 |
Nature of Operations (Schedul_3
Nature of Operations (Schedule Of Property, Plant And Equipment Allocated To Geographic Area) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | $ 542.8 | $ 529.9 |
Mineral Fiber [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | 490.6 | 486 |
Mineral Fiber [Member] | United States [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | 490.6 | 486 |
Architectural Specialties [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | 52.2 | 43.9 |
Architectural Specialties [Member] | United States [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | 46.5 | 38.2 |
Architectural Specialties [Member] | Canada [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property, plant, and equipment, net | $ 5.7 | $ 5.7 |
Revenue (Schedule of Net Sales
Revenue (Schedule of Net Sales by Major Customer Group within Each Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue From Contract With Customer Excluding Assessed Tax | $ 1,106.6 | $ 936.9 | $ 1,038.1 |
Mineral Fiber [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue From Contract With Customer Excluding Assessed Tax | 818.5 | 726 | 826.6 |
Mineral Fiber [Member] | Distributors [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue From Contract With Customer Excluding Assessed Tax | 603.9 | 525.2 | 622.9 |
Mineral Fiber [Member] | Home Centers [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue From Contract With Customer Excluding Assessed Tax | 94.4 | 96.1 | 85.2 |
Mineral Fiber [Member] | Direct Customers [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue From Contract With Customer Excluding Assessed Tax | 59.2 | 54.3 | 61.2 |
Mineral Fiber [Member] | Retailers And Other | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue From Contract With Customer Excluding Assessed Tax | 61 | 50.4 | 57.3 |
Architectural Specialties [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue From Contract With Customer Excluding Assessed Tax | 288.1 | 210.9 | 211.5 |
Architectural Specialties [Member] | Distributors [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue From Contract With Customer Excluding Assessed Tax | 150.5 | 135.5 | 138.3 |
Architectural Specialties [Member] | Direct Customers [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue From Contract With Customer Excluding Assessed Tax | 134.6 | 73.3 | 68 |
Architectural Specialties [Member] | Retailers And Other | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue From Contract With Customer Excluding Assessed Tax | $ 3 | $ 2.1 | $ 5.2 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | Dec. 16, 2020 | Aug. 24, 2020 | Jul. 27, 2020 | Nov. 25, 2019 | Mar. 04, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||||||
Business acquisition, goodwill | $ 167 | $ 160.7 | |||||
Business combination, consideration transferred estimated fair value | $ 8.6 | $ 0 | |||||
Arktura [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire business | $ 91.2 | ||||||
Business acquisition, cash acquired | 0.1 | ||||||
Business acquisition, total fair value of liabilities assumed, less tangible assets acquired | 0.9 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 33 | ||||||
Business acquisition, goodwill | 57.4 | ||||||
Estimated Useful Life | 4 years 3 months 18 days | ||||||
Arktura [Member] | Patents [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 0.6 | ||||||
Arktura [Member] | Patents [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 19 years | ||||||
Arktura [Member] | Non-compete Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2.1 | ||||||
Estimated Useful Life | 5 years | ||||||
Arktura [Member] | Seller [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition additional cash payments | $ 24 | ||||||
Business acquisition cash payment period | 5 years | ||||||
Arktura [Member] | Seller [Member] | Restricted Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, stock issued or issuable | $ 6 | ||||||
Business acquisition stock issued vesting period | 5 years | ||||||
Arktura [Member] | Key Employee [Member] | Restricted Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, stock issued or issuable | $ 1.4 | ||||||
Business acquisition stock issued vesting period | 3 years | ||||||
Moz Designs, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire business | $ 4.2 | ||||||
Business acquisition, total fair value of liabilities assumed, less tangible assets acquired | 0.4 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2.7 | ||||||
Business acquisition, goodwill | 4.6 | ||||||
Business combination contingent consideration maximum earnout payable | 4.7 | ||||||
Business combination, consideration transferred estimated fair value | 2.7 | ||||||
Business combination, consideration transferred | 6.9 | ||||||
Moz Designs, Inc. [Member] | TradeNames [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1.5 | ||||||
Moz Designs, Inc. [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0.6 | ||||||
Moz Designs, Inc. [Member] | Backlog [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 0.6 | ||||||
Turf [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire business | $ 70 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 27.9 | ||||||
Business acquisition, goodwill | $ 51.4 | ||||||
Estimated Useful Life | 8 years 3 months 18 days | ||||||
Business combination contingent consideration maximum earnout payable | $ 48 | ||||||
Business combination, consideration transferred estimated fair value | 14.1 | ||||||
Business combination, consideration transferred | 84.1 | ||||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 4.8 | ||||||
Turf [Member] | Patents [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 5.8 | ||||||
Estimated Useful Life | 20 years | ||||||
Turf [Member] | Non-compete Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3.3 | ||||||
Estimated Useful Life | 5 years | ||||||
Turf [Member] | Target Payout [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Additional cash considerations | $ 24 | ||||||
Annual growth rate of contingent consideration | 23.00% | ||||||
Turf [Member] | Over Target Payout [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Annual growth rate of contingent consideration | 38.00% | ||||||
Turf [Member] | Over Target Payout [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Additional cash considerations | $ 24 | ||||||
Turf [Member] | TradeNames [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9.6 | ||||||
Turf [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 7.7 | ||||||
Estimated Useful Life | 2 years | ||||||
MRK Industries, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, goodwill | $ 10.4 | ||||||
Business combination, consideration transferred | 13.3 | ||||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | $ 2.9 | ||||||
Architectural Components Group, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 12 | ||||||
Business acquisition, goodwill | 23.6 | ||||||
Business combination, consideration transferred | 42.9 | ||||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 7.3 | ||||||
Architectural Components Group, Inc. [Member] | TradeNames [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2.8 | ||||||
Architectural Components Group, Inc. [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 7.4 |
Acquisitions - Schedule Of Fair
Acquisitions - Schedule Of Fair Values of Identifiable Intangible Assets Acquired and Estimated Useful Lives (Details) - Arktura [Member] - USD ($) $ in Millions | Dec. 16, 2020 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Fair Value at Acquisition Date | $ 33 | |
Estimated Useful Life | 4 years 3 months 18 days | |
TradeNames [Member] | ||
Business Acquisition [Line Items] | ||
Fair Value at Acquisition Date | $ 12.1 | |
Non-amortizing intangible assets, estimated useful life | Indefinite | |
Software {Member] | ||
Business Acquisition [Line Items] | ||
Fair Value at Acquisition Date | $ 9.1 | |
Estimated Useful Life | 7 years | |
Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Fair Value at Acquisition Date | $ 5.5 | |
Estimated Useful Life | 1 year | |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Fair Value at Acquisition Date | $ 3.6 | |
Estimated Useful Life | 1 year | |
Non-compete Agreements [Member] | ||
Business Acquisition [Line Items] | ||
Fair Value at Acquisition Date | $ 2.1 | |
Estimated Useful Life | 5 years | |
Patents [Member] | ||
Business Acquisition [Line Items] | ||
Fair Value at Acquisition Date | $ 0.6 | |
Patents [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Estimated Useful Life | 13 years | |
Patents [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Estimated Useful Life | 19 years |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquisitions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combinations [Abstract] | |||
Net sales from continuing operations, pro forma (unaudited) | $ 1,009 | $ 1,099.2 | |
Net sales | $ 1,106.6 | 936.9 | 1,038.1 |
Net (loss) earnings from continuing operations, pro forma (unaudited) | (69.2) | 239.3 | |
Net (loss) earnings from continuing operations before income taxes | $ 185.3 | $ (84.1) | $ 242.3 |
Acquisition - Schedule Of Net S
Acquisition - Schedule Of Net Sales And Pre Tax Net Income Loss Of Acquired Companies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Net sales | $ 1,106.6 | $ 936.9 | $ 1,038.1 |
Net (loss) earnings from continuing operations before income taxes | 242.7 | (126.7) | $ 299.4 |
Arktura Moz And Turf [Member] | |||
Business Acquisition [Line Items] | |||
Net sales | 82.2 | 18.2 | |
Net (loss) earnings from continuing operations before income taxes | $ (9.6) | $ 0.4 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Net loss due to change in carrying value of discontinued operations net assets | $ (2.1) | $ (15) | $ (26) | ||
Net loss due to change in carrying value of discontinued operations net assets | (0.4) | (16.4) | (31.2) | ||
EMEA and Pacific Rim Business [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Net loss due to change in carrying value of discontinued operations net assets | (2.1) | (15.8) | (31.2) | ||
Net loss due to change in carrying value of discontinued operations net assets | $ (0.4) | (17.2) | $ (31.2) | ||
Valuation loss on pension liabilities | $ 11.8 | 11.4 | |||
European Resilient Flooring [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Gain related to accumulated other comprehensive income adjustment from discontinued foreign entity | [1] | $ 0.8 | |||
[1] | Represents AOCI adjustments related to accumulated foreign currency translation amounts. |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Business Details and Line Items Comprising Discontinued Operations on Statements of Earnings and Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net sales | $ 319.1 | ||
Cost of goods sold | 245.7 | ||
Gross profit | 73.4 | ||
Selling, general and administrative expenses | 61.6 | ||
Operating income | 11.8 | ||
Other non-operating expense (income), net | 1.6 | ||
Earnings from discontinued operations before income tax | 10.2 | ||
Income tax expense (benefit) | 12 | ||
Net earnings (loss) from discontinued operations, net of tax | $ 0 | $ 0 | (1.8) |
(Loss) gain from disposal of discontinued businesses, before income tax | (0.4) | (16.4) | (31.2) |
(Loss) from disposal of discontinued businesses, net of tax expense (benefit) | 1.7 | (1.4) | (5.2) |
(Loss) gain from disposal of discontinued businesses, net of tax | (2.1) | (15) | (26) |
Net (loss) from discontinued operations | (2.1) | (15) | (27.8) |
EMEA and Pacific Rim Business [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net sales | 319.1 | ||
Cost of goods sold | 245.7 | ||
Gross profit | 73.4 | ||
Selling, general and administrative expenses | 61.6 | ||
Operating income | 11.8 | ||
Other non-operating expense (income), net | 1.6 | ||
Earnings from discontinued operations before income tax | 10.2 | ||
Income tax expense (benefit) | 12 | ||
Net earnings (loss) from discontinued operations, net of tax | (1.8) | ||
(Loss) gain from disposal of discontinued businesses, before income tax | (0.4) | (17.2) | (31.2) |
(Loss) from disposal of discontinued businesses, net of tax expense (benefit) | 1.7 | (1.4) | |
(Loss) gain from disposal of discontinued businesses, net of tax | (2.1) | (15.8) | (31.2) |
Net (loss) from discontinued operations | $ 2.1 | (15.8) | (33) |
Flooring Businesses [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
(Loss) gain from disposal of discontinued businesses, before income tax | 0.8 | ||
(Loss) from disposal of discontinued businesses, net of tax expense (benefit) | (5.2) | ||
(Loss) gain from disposal of discontinued businesses, net of tax | 0.8 | 5.2 | |
Net (loss) from discontinued operations | $ 0.8 | $ 5.2 |
Discontinued Operations (Summar
Discontinued Operations (Summary of Total Gains and Losses, Capital Expenditures and Operating Lease) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net loss due to change in carrying value of discontinued operations net assets | $ (0.4) | $ (16.4) | $ (31.2) | |
EMEA and Pacific Rim Business [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net loss due to change in carrying value of discontinued operations net assets | (0.4) | (17.2) | (31.2) | |
European Resilient Flooring [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Gain on dissolution of flooring entity | [1] | (0.8) | ||
Knauf [Member] | EMEA and Pacific Rim Business [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Loss on sale to Knauf | [2] | $ 0.4 | $ 17.2 | |
Net loss due to change in carrying value of discontinued operations net assets | [3] | 31.2 | ||
Purchases of property, plant and equipment | (3) | |||
Operating lease cost | [4] | 7.4 | ||
ROU assets obtained in exchange for lease obligations | [5] | $ 24.6 | ||
[1] | Represents AOCI adjustments related to accumulated foreign currency translation amounts. | |||
[2] | Represents certain pension liabilities, working capital and other adjustments. | |||
[3] | Represents comparison of the EMEA and Pacific Rim net assets to the expected final sales proceeds. | |||
[4] | The amount of cash paid for amounts included in the measurement of lease liabilities was not materially different from the operating lease cost for the nine months ended September 30, 2019. | |||
[5] | Represents initial ROU assets recognized upon adoption on January 1, 2019. We did no t obtain any new ROU assets in exchange for lease obligations during the nine months ended September 30, 2019. |
Discontinued Operations (Summ_2
Discontinued Operations (Summary of Total Gains and Losses, Capital Expenditures and Operating Lease) (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
EMEA and Pacific Rim Business [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
ROU assets obtained in exchange for lease obligations | $ 0 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Customer receivables | $ 104.7 | $ 77.9 |
Miscellaneous receivables | 7.9 | 4 |
Less allowance for warranties, discounts and losses | (3.5) | (3.6) |
Accounts and notes receivable, net | $ 109.1 | $ 78.3 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Employee retention credit receivable | $ 5.9 | |
Life Insurance Policy [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Proceed from miscellaneous receivables | $ 3.2 | |
Employee Retention Credit [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Employee retention credit receivable | $ 5.9 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 49.9 | $ 44.6 |
Goods in process | 6.4 | 5.5 |
Raw materials and supplies | 48.4 | 42.3 |
Less LIFO reserves | (14.5) | (10.9) |
Total inventories, net | $ 90.2 | $ 81.5 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Percent of inventory valued on a LIFO basis | 66.00% | 69.00% |
Inventories (Summary Of Invento
Inventories (Summary Of Inventory Not Accounted For Under LIFO) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
FIFO inventory | $ 30.7 | $ 25.5 |
U.S. Locations [Member] | ||
Segment Reporting Information [Line Items] | ||
FIFO inventory | 28 | 22.5 |
Canada Locations [Member] | ||
Segment Reporting Information [Line Items] | ||
FIFO inventory | $ 2.7 | $ 3 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 17.2 | $ 12 |
Assets held for sale | 4.6 | 0 |
Other | 1.3 | 0.8 |
Total other current assets | $ 23.1 | $ 12.8 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 31.8 | $ 33.3 |
Buildings | 257.2 | 255.5 |
Machinery and equipment | 643.9 | 645.7 |
Computer software | 52.6 | 41.6 |
Construction in progress | 51.3 | 40.9 |
Less accumulated depreciation and amortization | (494) | (487.1) |
Net property, plant and equipment | $ 542.8 | $ 529.9 |
Equity Investments (Narrative)
Equity Investments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Distributions from equity interest | $ 78,300,000 | $ 81,500,000 | $ 85,200,000 |
Equity method investment, sales reported on consolidated financial statements | 42,300,000 | 35,200,000 | 33,500,000 |
Equity earnings in joint venture | 87,700,000 | 64,000,000 | 96,600,000 |
Write-off | $ 0 | $ 0 | 0 |
WAVE [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest percentage | 50.00% | 50.00% | |
Distributions from equity interest | $ 78,300,000 | $ 81,500,000 | 85,200,000 |
Gain on sale of businesses | 20,600,000 | ||
Percentage of difference in carrying value of investment recorded in discontinued operation | 50.00% | ||
Equity method investment, difference between carrying amount and underlying equity | $ 136,400,000 | $ 141,100,000 | |
WAVE [Member] | Customer Relationships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortizing intangible assets, Estimated Useful Life | 20 years | ||
WAVE [Member] | Developed Technology [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortizing intangible assets, Estimated Useful Life | 15 years | ||
WAVE [Member] | Customer Relationships and Developed Technology Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Write-off | 4,400,000 | ||
WAVE [Member] | Trademarks [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-amortizing intangible assets, estimated useful life | indefinite | ||
WAVE [Member] | WAVE’s European and Pacific Rim businesses [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Gain on sale of businesses | 46,200,000 | ||
WAVE [Member] | WAVE’s European and Pacific Rim businesses [Member] | Foreign Currency Translation Adjustments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
(Loss) gain due to change in carrying value of discontinued operations net assets | 10,200,000 | ||
WAVE [Member] | European And Pacific Rim Businesses | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity earnings in joint venture | $ 3,000,000 |
Equity Investments (Summary of
Equity Investments (Summary of Investment in Joint Venture, Balance Sheet Data) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 321.9 | $ 311.8 |
Current liabilities | 209.6 | 172.3 |
Other non-current liabilities | 980.7 | 1,095.3 |
WAVE [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 119.7 | 66.8 |
Non-current assets | 42.1 | 40.8 |
Current liabilities | 37.1 | 73 |
Other non-current liabilities | $ 297.4 | $ 234.7 |
Equity Investments (Summary o_2
Equity Investments (Summary of Investment in Joint Venture, Income Statement Data) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 1,106.6 | $ 936.9 | $ 1,038.1 |
Gross profit | 405.6 | 333.1 | 395.1 |
Net earnings | 183.2 | (99.1) | 214.5 |
WAVE [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales | 430.8 | 343.3 | 393.2 |
Gross profit | 244.5 | 194.7 | 219.6 |
Net earnings | $ 184.6 | $ 137.8 | $ 166 |
Equity Investment (Summary of t
Equity Investment (Summary of the Difference Between Carrying Amount and Underlying Equity of Equity Method Investment) (Details) - WAVE [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | $ 136.4 | $ 141.1 |
Property, Plant and Equipment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | 0.4 | 0.4 |
Other Intangibles [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | 105.6 | 110.3 |
Goodwill [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | $ 30.4 | $ 30.4 |
Leases (Schedule of Lease Costs
Leases (Schedule of Lease Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease, Cost [Abstract] | |||
Operating lease cost | $ 6.4 | $ 5.6 | $ 6.8 |
Finance lease cost | |||
Amortization of leased assets | 2.4 | 2 | |
Interest on lease liabilities | 0.7 | 0.6 | |
Total finance lease cost | $ 3.1 | $ 2.6 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Short term lease expense description | not material | not material | not material |
Variable lease cost description | not material | not material | not material |
Leases not yet commenced | we did not have any material leases that have not yet commenced |
Leases (Summary of Supplemental
Leases (Summary of Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash paid for amounts included in the measurement of lease liabilities | ||||
Operating cash flows from operating leases | $ 6.3 | $ 5.4 | $ 6.8 | |
Operating cash flows from finance leases | 0.7 | 0.6 | ||
Payments for finance leases | 2.1 | 1.8 | 0 | |
ROU assets obtained in exchange for lease liabilities | ||||
Operating leases | [1] | 7.3 | 5.4 | $ 41.6 |
Finance leases | $ 0.3 | $ 2.6 | ||
[1] | The years ended December 31, 2021 and 2020 include increases in ROU assets of $ 3.2 million and $ 0.4 million, respectively, resulting from modifications that did not involve obtaining a new ROU asset. Modifications resulted from changes in the terms of existing leases. |
Leases (Summary of Supplement_2
Leases (Summary of Supplemental Cash Flow Information Related to Leases) (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Lease, Cost [Abstract] | |||
ROU assets | $ 3.2 | $ 0.4 | |
Operating lease assets | $ 21 | $ 19.2 | $ 29.2 |
Leases (Schedule of Weighted Av
Leases (Schedule of Weighted Average Assumptions Used To Compute ROU Assets and Lease Liabilities) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted average remaining lease term, Operating leases | 5 years 4 months 24 days | 6 years 6 months |
Weighted average remaining lease term, Finance leases | 9 years 10 months 24 days | 10 years 8 months 12 days |
Weighted average discount rate, Operating leases | 3.40% | 4.00% |
Weighted average discount rate, Finance leases | 3.60% | 3.60% |
Leases (Schedule of Undiscounte
Leases (Schedule of Undiscounted Future Minimum Payments) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Maturity of lease liabilities | |
2022 | $ 6.2 |
2023 | 5.5 |
2024 | 4 |
2025 | 2 |
2026 | 1.2 |
Thereafter | 4.8 |
Total lease payments | 23.7 |
Less interest | (2.5) |
Present value of lease liabilities | 21.2 |
Maturity of lease liabilities | |
2022 | 2.9 |
2023 | 2.8 |
2024 | 2.6 |
2025 | 2.3 |
2026 | 2.5 |
Thereafter | 10 |
Total lease payments | 23.1 |
Less interest | (4.1) |
Present value of lease liabilities | $ 19 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangible asset impairment | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Estimated Useful Life | Indefinite | |
Amortizing intangible assets, Gross Carrying Amount | $ 308.7 | $ 319 |
Amortizing intangible assets, Accumulated Amortization | 232.2 | 208.7 |
Non-amortizing intangible assets | 344.9 | 347.2 |
Total intangible assets | 653.6 | 666.2 |
Business acquisition, goodwill | $ 167 | 160.7 |
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 | $ 196.7 | 200.6 |
Amortizing intangible assets, Accumulated Amortization | $ 144.8 | 128.9 |
Customer Relationships [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 1 year | |
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 | $ 92.9 | 92.1 |
Amortizing intangible assets, Accumulated Amortization | $ 82.6 | 77.9 |
Developed Technology [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 13 years | |
Developed Technology [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 19 years | |
Software {Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 7 years | |
Amortizing intangible assets, Gross Carrying Amount | $ 9.1 | 9.1 |
Amortizing intangible assets, Accumulated Amortization | 1.3 | |
Trademarks And Brand Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 4 | 4 |
Amortizing intangible assets, Accumulated Amortization | $ 2 | 1.3 |
Trademarks And Brand Names [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 5 years | |
Trademarks And Brand Names [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 10 years | |
Non-compete Agreements [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 5.6 | 6.3 |
Amortizing intangible assets, Accumulated Amortization | $ 1.4 | 0.4 |
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 | $ 0.4 | 6.9 |
Amortizing intangible assets, Accumulated Amortization | $ 0.1 | $ 0.2 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 33.8 | $ 22.1 | $ 19.9 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Schedule of Expected Annual Amortization Expense) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 16.2 |
2023 | 13.6 |
2024 | 13.1 |
2025 | 12.5 |
2026 | $ 9 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Total other non-current assets | $ 57.9 | $ 57.7 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Accounts Payble And Accrued Expenses [Line Items] | ||
Payables, trade and other | $ 105.8 | $ 81.3 |
Employment costs | 30.3 | 17.6 |
Current portion of pension and postretirement liabilities | 9.9 | 9.5 |
Acquisition-related contingent consideration | (8.6) | 0 |
Other | 20.3 | 16.7 |
Total accounts payable and accrued expenses | $ 174.9 | 136.5 |
Knauf [Member] | ||
Schedule Of Accounts Payble And Accrued Expenses [Line Items] | ||
Payable to Knauf for purchase price adjustments | $ 11.4 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | ||||
Valuation allowances | $ 60.6 | $ 79.4 | ||
Unremitted earnings not taxed | 13 | 17.9 | ||
Income tax reconciliation foreign withholding taxes | 0.7 | 0.9 | ||
Unrecognized tax benefits | 35.6 | 41.7 | $ 34.7 | $ 42.6 |
UTB if recognized, would impact the reported effective tax rate | 17.8 | |||
UTB if recognized, would impact the reported effective tax rate, net of federal benefit | 16.8 | |||
Interest and penalties reported as accrued income tax | 2.5 | |||
Employee retention credit receivable | 5.9 | |||
Capital Loss Carryforward [Member] | ||||
Income Taxes [Line Items] | ||||
Capital loss carryforwards | $ 18.8 | 19.3 | ||
Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Number of open tax years subject to audit | 3 years | |||
Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Number of open tax years subject to audit | 6 years | |||
State [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | $ 700.9 | 806.9 | ||
Valuation allowances | 41.2 | |||
Estimated future taxable income to utilize deferred tax assets | 476 | |||
Estimated future capital gain to realize capital loss carryforwards | $ 190.7 | |||
Estimated future capital gain to realize capital loss carryforwards, expiration year | 2024 | |||
UTB decrease due to uncertain tax positions | $ 1.4 | |||
State [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, expiration date | 2022 | |||
State [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards, expiration date | 2041 | |||
Estimated future capital gain to realize capital loss carryforwards, expiration year | 2036 | |||
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforward gross | $ 0.6 | $ 17.7 | ||
Tax credit carryforward, expiration year | 2022 | |||
Valuation allowances | $ 0.6 | |||
Estimated future taxable income to realize foreign tax credits | $ 2.9 | |||
Estimated future taxable income to realize foreign tax credits, expiration year | 2022 | |||
Estimated future capital gain to realize capital loss carryforwards | $ 66.4 | |||
DecreaseinForeignTaxCreditsResultingFromExpirations | $ 17.1 | |||
Federal [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Estimated future capital gain to realize capital loss carryforwards, expiration year | 2024 | |||
Federal [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Estimated future capital gain to realize capital loss carryforwards, expiration year | 2026 | |||
Federal and State [Member] | Capital Loss Carryforward [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowances | $ 18.8 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 42.5 | $ 48.7 |
Postretirement benefits | 20.7 | 22 |
Pension benefit liabilities | 11 | 12 |
Deferred compensation | 7.9 | 9 |
Foreign tax credit carryforwards | 0.6 | 17.7 |
State tax credit carryforwards | 8.7 | 8.9 |
Capital loss carryforwards | 18.8 | 19.3 |
Lease right-of-use liabilities | 9.8 | 10 |
Other | 12.3 | 16.2 |
Total deferred income tax assets | 132.3 | 163.8 |
Valuation allowances | (60.6) | (79.4) |
Net deferred income tax assets | 71.7 | 84.4 |
Intangibles | (87.4) | (93.7) |
Partnerships and investments | (26.4) | (28.1) |
Accumulated depreciation | (80.4) | (75.5) |
Prepaid pension costs | (27.8) | (30.7) |
Inventories | (4.9) | (4.4) |
Lease right-of-use assets | (10.1) | (10.2) |
Other | 1.6 | 0.2 |
Total deferred income tax liabilities | (238.6) | (242.8) |
Net deferred income tax liabilities | (166.9) | (158.4) |
Total deferred income tax liabilities | (238.6) | (242.8) |
Net deferred income tax assets | $ 71.7 | $ 84.4 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Earnings (loss) before income taxes, Domestic | $ 239.3 | $ (130) | $ 299.7 |
Earnings (loss) before income taxes, Foreign | 3.4 | 3.3 | (0.3) |
Earnings (loss) from continuing operations before income taxes | 242.7 | (126.7) | 299.4 |
Current income tax expense (benefit), Federal | 39.4 | 40.8 | 31.4 |
Current income tax expense (benefit), Foreign | 0.6 | 1 | 0.8 |
Current income tax expense (benefit), State | 8.7 | 5.6 | 6.3 |
Current income tax expense (benefit), Total | 48.7 | 47.4 | 38.5 |
Deferred income tax expense (benefit), Federal | 3.6 | (75.5) | 15.1 |
Deferred income tax expense (benefit), Foreign | 0.6 | 0 | (0.3) |
Deferred income tax expense (benefit), State | 4.5 | (14.5) | 3.8 |
Deferred income tax expense (benefit), Total | 8.7 | (90) | 18.6 |
Tax expense (benefit) at effective rate | $ 57.4 | $ (42.6) | $ 57.1 |
Income Taxes (Schedule Of The R
Income Taxes (Schedule Of The Reconciliation To U.S. Statutory Tax Rate) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Continuing operations tax expense (benefit) at statutory rate | $ 51 | $ (26.6) | $ 62.9 |
Increase (decrease) in valuation allowances on deferred domestic income tax assets | (17.8) | (0.1) | 0.1 |
Expiration of deferred income tax assets | 18.3 | ||
State income tax expense (benefit), net of federal impact | 11 | (7.3) | 12.4 |
Capital loss on sale of investment | (4.6) | ||
Statute closures | (3.8) | (1.3) | (3.8) |
State deferred tax adjustments | (1.5) | (1.9) | |
Capital loss utilization on WAVE earnings | 4.4 | ||
Excess tax benefits on share-based compensation | (0.8) | (0.9) | (3.2) |
Tax on foreign and foreign source income | (1.9) | ||
U.S. permanent differences | (1.3) | (2.2) | (1.8) |
Other | 0.8 | 1.9 | (1.3) |
Tax expense (benefit) at effective rate | $ 57.4 | $ (42.6) | $ 57.1 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits balance at January 1, | $ 41.7 | $ 34.7 | $ 42.6 |
Gross change for current year positions | 1.7 | 2.3 | 2.2 |
Increases for prior period positions | 0 | 8.7 | 0 |
Decrease for prior period positions | (3.6) | 0 | (2.1) |
Decrease due to statute expirations | (4.2) | (4) | (8) |
Unrecognized tax benefits balance at December 31, | $ 35.6 | $ 41.7 | $ 34.7 |
Income Taxes (Schedule Of Other
Income Taxes (Schedule Of Other Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Payroll taxes | $ 13.4 | $ 15.6 | $ 16 |
Property, franchise and capital stock taxes | $ 4.4 | $ 4.2 | $ 3.8 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Principal debt outstanding | $ 633.7 | $ 718.7 |
Unamortized debt financing costs | 2.3 | 3.2 |
Current installments of long-term debt | 25 | 25 |
Long-term debt, less current installments | 606.4 | 690.5 |
Revolving Credit Facility Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Principal debt outstanding | 165 | 225 |
Term Loan A Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Principal debt outstanding | 468.7 | 493.7 |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 631.4 | 715.5 |
Short-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Current installments of long-term debt | 25 | 25 |
Long-Term Debt, Less Current Portion [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, less current installments | $ 606.4 | $ 690.5 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | Sep. 30, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Bank, legal and other fees | $ 3 | |||
Amount capitalized and recorded as a component of long-term debt | 2.9 | |||
Unamortized debt financing costs wrote off | $ 2.7 | $ 0 | $ 0 | $ 2.7 |
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | 8.4 | |||
Line of credit availability | 175 | |||
Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit availability | $ 500 | |||
Term Loan A [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.25% | |||
Bi-lateral Facility [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 8.4 | |||
Line of credit availability | 25 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit availability | $ 500 | |||
Maturity date | Sep. 30, 2024 | |||
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit availability | $ 150 | |||
Refinanced Senior Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Financial covenants | The senior credit facility includes two financial covenants that require the ratio of consolidated EBITDA to consolidated cash interest expense minus cash consolidated interest income to be greater than or equal to 3.0 to 1.0 and requires the ratio of consolidated funded indebtedness, minus AWI and domestic subsidiary unrestricted cash and cash equivalents up to $100 million, to EBITDA to be less than or equal to 3.75 to 1.0. | |||
Maximum unrestricted cash and cash equivalents for leverage ratio calculation | $ 100 | |||
Refinanced Senior Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Ratio of EBITDA to consolidated cash interest expense minus cash consolidated interest income | 3 | |||
Refinanced Senior Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Ratio of consolidated funded indebtedness, minus unrestricted cash and cash equivalents | 3.75 | |||
Senior Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 1,000 |
Debt (Scheduled Payments Of Lon
Debt (Scheduled Payments Of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 25 |
2023 | 25 |
2024 | $ 583.7 |
Debt (Schedule of Letters of Cr
Debt (Schedule of Letters of Credit Facilities) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | $ 175 |
Letters of credit, Used | 8.4 |
Letters of credit, Available | 166.6 |
Letter of Credit [Member] | Bi-lateral Facility [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 25 |
Letters of credit, Used | 8.4 |
Letters of credit, Available | 16.6 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 500 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 150 |
Letters of credit, Available | $ 150 |
Pension and Other Benefit Pro_3
Pension and Other Benefit Programs (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($)Participant | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Projected benefit obligations | $ 435.1 | $ 441.7 | $ 1,431.4 | ||
Fair value of plan assets | 506.7 | 520.7 | $ 1,478.4 | ||
Non-cash expense | 0 | 2 | |||
Non-U.S. Pension Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation | $ 2.5 | 2.9 | |||
Defined Benefit Pension Plans [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Assumed rate of return forecast period | 30 years | ||||
Defined Benefit Pension Plans [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Assumed rate of return forecast period | 10 years | ||||
U.S. Pension Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement loss | $ 0 | $ 374.4 | |||
Benefit obligation discount rate | 2.98% | 2.68% | |||
Non-cash expense | $ 0 | $ 2 | |||
Accumulated benefit obligation | $ 433.2 | $ 439.6 | |||
Long-term return forecast | 3.25% | 5.25% | |||
U.S. Defined-Benefit Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actuarial gain (loss) amortization period | 27 years | 28 years | 17 years | ||
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Projected benefit obligations | $ 78 | $ 81.4 | $ 77.5 | ||
Fair value of plan assets | $ 0 | $ 0 | |||
Benefit obligation discount rate | 2.72% | 2.37% | |||
Average rate of annual increase in the per capita costs, pre-65 | 6.60% | ||||
Average rate of annual increase in the per capita costs, post-65 | 7.10% | ||||
Ultimate rate | 4.50% | ||||
U.S. and Non-U.S. Plans [Member] | Defined Contribution Benefit Plans [member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employee contributions, vested percentage | 100.00% | ||||
Costs for defined contribution benefit plans | $ 9.1 | $ 8.1 | $ 7.7 | ||
Retirement Income Plan (RIP) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settled benefit obligations | $ 1,045.3 | ||||
Number of retirees and beneficiaries participants | Participant | 10,000 | ||||
Settlement loss | $ 374.4 | ||||
Projected benefit obligations | 387.5 | ||||
Fair value of plan assets | $ 499.6 | ||||
Benefit obligation discount rate | 3.07% | 3.16% | |||
Number of deferred vested and active participants | Participant | 3,000 | ||||
Expected long-term return on plan assets | 5.25% | ||||
Non-cash expense | $ 2 |
Pension and Other Benefit Pro_4
Pension and Other Benefit Programs (Schedule of Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations as of beginning of period | $ 441.7 | $ 1,431.4 | |
Defined Benefit Plan, Service Cost | 4.8 | 5.5 | |
Defined Benefit Plan, Interest Cost | 9 | 15.5 | |
Settlement payments | 0 | (1,006.3) | |
Special termination benefits | 0 | 2 | |
Actuarial (gain) loss | (10.9) | 31.2 | |
Benefits paid | (9.5) | (37.6) | |
Benefit obligations as of end of period | 435.1 | 441.7 | $ 1,431.4 |
Fair value of plan assets as of beginning of period | 520.7 | 1,478.4 | |
Actual return on plan assets | (7.4) | 83.1 | |
Employer contributions | 2.9 | 3.1 | |
Settlement payments | 0 | (1,006.3) | |
Benefits paid | (9.5) | (37.6) | |
Fair value of plan assets as of end of period | 506.7 | 520.7 | 1,478.4 |
Funded status | 71.6 | 79 | |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations as of beginning of period | 81.4 | 77.5 | |
Defined Benefit Plan, Service Cost | 0 | 0 | 0.1 |
Defined Benefit Plan, Interest Cost | 1.2 | 1.9 | 2.4 |
Plan participants' contributions | 1.9 | 1.9 | |
Actuarial (gain) loss | 2 | 8.2 | |
Benefits paid | (8.5) | (8.1) | |
Benefit obligations as of end of period | 78 | 81.4 | $ 77.5 |
Fair value of plan assets as of beginning of period | 0 | ||
Employer contributions | 6.6 | 6.2 | |
Plan participants' contributions | 1.9 | 1.9 | |
Benefits paid | (8.5) | (8.1) | |
Fair value of plan assets as of end of period | 0 | 0 | |
Funded status | $ (78) | $ (81.4) |
Pension and Other Benefit Pro_5
Pension and Other Benefit Programs (Schedule of Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 2.98% | 2.68% |
Benefit obligation rate of compensation increase | 3.05% | 3.05% |
Net periodic benefit cost discount rate | 2.67% | 3.07% |
Net periodic benefit cost expected return on plan assets | 3.25% | 5.25% |
Net periodic benefit cost rate of compensation increase | 3.05% | 3.05% |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 2.72% | 2.37% |
Net periodic benefit cost discount rate | 2.35% | 3.14% |
Pension and Other Benefit Pro_6
Pension and Other Benefit Programs (Schedule of Benefit Obligations in Excess of Assets) (Details) - RBEP [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
RBEP Projected benefit obligation, December 31 | $ 37.4 | $ 40.5 |
RBEP Accumulated benefit obligation, December 31 | $ 37.4 | $ 40.5 |
Pension and Other Benefit Pro_7
Pension and Other Benefit Programs (Schedule of Periodic Benefit (Credit) Costs for U.S. Defined Benefit Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | $ 4.8 | $ 5.5 | |
Interest cost on projected benefit obligation | 9 | 15.5 | |
Special termination benefits | 0 | 2 | |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | 4.8 | 5.5 | $ 4.8 |
Interest cost on projected benefit obligation | 9 | 15.5 | 50.3 |
Expected return on plan assets | (16.5) | (34.5) | (80.1) |
Recognized net actuarial loss | 3.5 | 6.3 | 19.2 |
Settlement | 0 | (374.4) | |
Special termination benefits | 0 | 2 | |
Net periodic pension cost (credit) | $ 0.8 | $ 369.2 | $ (5.8) |
Pension and Other Benefit Pro_8
Pension and Other Benefit Programs (Schedule of Defined Asset Allocation) (Details) | Dec. 31, 2021 | Dec. 31, 2020 | |
Long Duration Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 90.00% | ||
Position | [1] | 89.00% | 89.00% |
Equities Real Estate And Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 10.00% | ||
Position | [1] | 11.00% | 11.00% |
[1] | Investments in collective trust funds as of December 31, 2021 and 2020 have been categorized within the asset classes above based on the underlying investments in those funds. |
Pension and Other Benefit Pro_9
Pension and Other Benefit Programs (Summary of Fair Value Of Assets Plan) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | $ 500.3 | $ 512.9 | |
Investments measured at net asset value | 6.4 | 7.8 | |
Net assets | 506.7 | 520.7 | $ 1,478.4 |
Collective trust funds - bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 451.9 | 460.9 | |
Collective trust funds - equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 46.8 | 51.4 | |
Cash, Other Short-Term Investments and Payables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 1.6 | 0.6 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | (0.3) | (0.3) | |
Level 1 [Member] | Collective trust funds - bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | |||
Level 1 [Member] | Collective trust funds - equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | |||
Level 1 [Member] | Cash, Other Short-Term Investments and Payables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | (0.3) | (0.3) | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 500.6 | 513.2 | |
Level 2 [Member] | Collective trust funds - bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 451.9 | 460.9 | |
Level 2 [Member] | Collective trust funds - equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 46.8 | 51.4 | |
Level 2 [Member] | Cash, Other Short-Term Investments and Payables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 1.9 | 0.9 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | |||
Level 3 [Member] | Collective trust funds - bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | |||
Level 3 [Member] | Collective trust funds - equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | |||
Level 3 [Member] | Cash, Other Short-Term Investments and Payables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value |
Pension and Other Benefit Pr_10
Pension and Other Benefit Programs (Summary of Assets Measured at NAV) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 6.4 | $ 7.8 |
Real Estate [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | 6.4 | 7.8 |
Unfunded commitments | $ 2.2 | $ 2.2 |
Redemption frequency | Quarterly | Quarterly |
Redemption notice period | 60 days | 60 days |
Pension and Other Benefit Pr_11
Pension and Other Benefit Programs (Schedule of Periodic Benefit (Credit) Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | $ 4.8 | $ 5.5 | |
Interest cost on accumulated postretirement benefit obligation | 9 | 15.5 | |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | 0 | 0 | $ 0.1 |
Interest cost on accumulated postretirement benefit obligation | 1.2 | 1.9 | 2.4 |
Amortization of prior service (credit) | (0.3) | (0.3) | (0.2) |
Amortization of net actuarial (gain) loss | (2.2) | (6.6) | (8.5) |
Net periodic pension cost (credit) | $ (1.3) | $ (5) | $ (6.2) |
Pension and Other Benefit Pr_12
Pension and Other Benefit Programs (Schedule of Amounts Recognized in Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | $ 109 | $ 119.5 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | 109 | 119.5 |
Accounts payable and accrued expenses | (2.9) | (2.9) |
Pension benefit liabilities | (34.5) | (37.6) |
Net amount recognized | 71.6 | 79 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable and accrued expenses | (0.1) | (0.1) |
Pension benefit liabilities | (2.4) | (2.8) |
Net amount recognized | (2.5) | (2.9) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable and accrued expenses | (6.9) | (6.5) |
Postretirement benefit liabilities | (71.1) | (74.9) |
Net amount recognized | $ (78) | $ (81.4) |
Pension and Other Benefit Pr_13
Pension and Other Benefit Programs (Schedule of Amounts in Accumulated Other Comprehensive) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (152.1) | $ (142.6) |
Accumulated other comprehensive (loss) income | (152.1) | (142.6) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 13.7 | 17.9 |
Prior service credit | 1.4 | 1.7 |
Accumulated other comprehensive (loss) income | $ 15.1 | $ 19.6 |
Pension and Other Benefit Pr_14
Pension and Other Benefit Programs (Schedule of Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2021USD ($) |
U.S. Defined-Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 15.7 |
2023 | 17.4 |
2024 | 19.6 |
2025 | 20.6 |
2026 | 21.8 |
2027 - 2031 | 118.4 |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 6.9 |
2023 | 6.6 |
2024 | 6.3 |
2025 | 6 |
2026 | 5.7 |
2027 - 2031 | $ 23.7 |
Financial Instruments and Con_3
Financial Instruments and Contingent Consideration (Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Acquisition-related contingent consideration | $ (8.6) | $ 0 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | (631.4) | (715.5) |
Acquisition-related contingent consideration | (12.8) | (16.9) |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | (626) | (715.5) |
Acquisition-related contingent consideration | (12.8) | (16.9) |
Interest Rate Swap Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | (14.2) | (28.9) |
Interest Rate Swap Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | $ (14.2) | $ (28.9) |
Financial Instruments and Con_4
Financial Instruments and Contingent Consideration (Summary of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Acquisition-related contingent consideration | $ (8.6) | $ 0 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Acquisition-related contingent consideration | (4.2) | (16.9) |
Interest Rate Swap Contracts [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap contracts | $ (14.2) | $ (28.9) |
Financial Instruments and Con_5
Financial Instruments and Contingent Consideration (Schedule of Weighted-Average of Significant Unobservable Inputs) (Details) - Turf [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Volatility [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Volatility | 22.20% |
Discount Rates [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Volatility | 2.70% |
Financial Instruments and Con_6
Financial Instruments and Contingent Consideration (Schedule of Changes in Fair Value of the Acquisition Related Contingent Consideration Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Balance as of beginning of period | $ 16.9 | |
Change in fair value of contingent consideration | (4.1) | $ 0.1 |
Balance as of end of period | $ 12.8 | 16.9 |
Moz Designs, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition date fair value of Moz contingent consideration | 2.7 | |
Turf [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition date fair value of Moz contingent consideration | $ 14.1 |
Financial Instruments and Con_7
Financial Instruments and Contingent Consideration (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 24, 2020 | Jul. 27, 2020 | |
Business Acquisition [Line Items] | ||||
(Gain) loss related to change in fair value of contingent consideration | $ (4.1) | $ 0.1 | ||
Business Combination, Contingent Consideration, Liability | 8.6 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 4.2 | $ 16.9 | ||
Moz Designs Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 2.7 | |||
Turf [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 14.1 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Summary of Interest Rate Swaps) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
November 2018 to November 2023 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 28, 2018 |
Notional Amount | $ 200 |
Coverage Period | November 2018 to November 2023 |
Risk Coverage | USD-LIBOR |
March 2021 to March 2025 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 28, 2018 |
Notional Amount | $ 100 |
Coverage Period | March 2021 to March 2025 |
Risk Coverage | USD-LIBOR |
March 2020 to March 2022 [Member] | |
Derivative [Line Items] | |
Trade Date | Mar. 6, 2020 |
Notional Amount | $ 50 |
Coverage Period | March 2020 to March 2022 |
Risk Coverage | USD-LIBOR |
March 2021 to March 2024 [Member] | |
Derivative [Line Items] | |
Trade Date | Mar. 10, 2020 |
Notional Amount | $ 50 |
Coverage Period | March 2021 to March 2024 |
Risk Coverage | USD-LIBOR |
March 2021 to March 2024 [Member] | |
Derivative [Line Items] | |
Trade Date | Mar. 11, 2020 |
Notional Amount | $ 50 |
Coverage Period | March 2021 to March 2024 |
Risk Coverage | USD-LIBOR |
Derivative Financial Instrume_4
Derivative Financial Instruments (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Derivative [Line Items] | |
Loss in AOCI expected to be recognized in earnings over the next twelve months | $ 7 |
Interest Rate Swap Contracts [Member] | |
Derivative [Line Items] | |
LIBOR floor | 0.00% |
Derivative Financial Instrume_5
Derivative Financial Instruments (Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet) (Details) - Interest Rate Swap Contracts [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Non-Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 0.4 | |
Accounts Payable and Accrued Expenses [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.1 | $ 0.5 |
Other Long-Term Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ 14.5 | $ 28.4 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI | $ 13.4 | $ (14.2) | $ (18.8) |
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 | 21.9 | (8.6) | (20) |
Derivatives in Cash Flow Hedging Relationships [Member] | Interest Rate Swap Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Net Earnings (loss) | $ 8.5 | $ 5.6 | $ (1.4) |
Other Long-Term Liabilities (Sc
Other Long-Term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Fair value of derivative liabilities | $ 14.5 | $ 28.4 |
Long-term deferred compensation arrangements | 17.6 | 14.8 |
Environmental insurance recoveries received in excess of cumulative expenses incurred | 4.8 | 5 |
Acquisition-related contingent consideration | 4.2 | 16.9 |
Other | 5.6 | 11.4 |
Total other long-term liabilities | $ 46.7 | $ 76.5 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | Jan. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares outstanding | 73,500 | 139,600 | ||
Adjusted share-based compensation cost | $ 11.3 | $ 6.9 | $ 8.4 | |
Share-based compensation cost, net of tax | 8.5 | $ 5.1 | $ 6.3 | |
Total unrecognized compensation cost | $ 19.3 | |||
Total unrecognized compensation cost, weighted-average period | 2 years 4 months 24 days | |||
Market Based Performance Stock Awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares granted | 54,231 | 42,698 | ||
Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
RSUs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares granted | 23,600 | |||
2016 LTIP [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares authorized | 2,803,242 | |||
Shares available for grant | 1,040,066 | |||
Plan expiration date | Jul. 8, 2026 | |||
2016 LTIP [Member] | Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Award expiration period | 10 years | |||
2016 Director Stock Unit Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares authorized | 250,000 | |||
Shares available for grant | 158,904 | |||
2016 Director Stock Unit Plan [Member] | RSUs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Number of shares granted | 8,314 | 12,278 | ||
Number of shares outstanding | 130,393 | 126,474 | ||
Vested director stock units | 122,079 | 114,196 | ||
2020 Inducement Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares authorized | 19,000 | |||
Shares available for grant | 3,452 | |||
Plan expiration date | Dec. 14, 2030 | |||
2020 Inducement Plan [Member] | Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
2006 Phantom Stock Unit Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares available for grant | 0 | |||
Vested phantom shares | 11,773 | |||
Total liability recorded for shares | $ 1.2 | |||
Liability-based award settlement payment date | Jan. 5, 2021 | |||
Number of shares outstanding | 0 | |||
2006 Phantom Stock Unit Plan [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
2006 Phantom Stock Unit Plan [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 1 year |
Share-Based Compensation Plan_3
Share-Based Compensation Plans (Schedule Of Changes In Stock Options) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Option shares outstanding, December 31, 2020, Number of shares | shares | 139,600 |
Option shares exercised, Number of shares | shares | (66.1) |
Option shares outstanding, December 31, 2021, Number of shares | shares | 73,500 |
Option shares exercisable, vested and expected to vest, December 31, 2021, Number of shares | shares | 73,500 |
Option shares outstanding, December 31, 2020, Weighted-average exercise price | $ / shares | $ 42.41 |
Option shares exercised, Weighted-average exercise price | $ / shares | (38.37) |
Option shares outstanding, December 31, 2021, Weighted-average exercise price | $ / shares | 46.05 |
Option shares exercisable, vested and expected to vest, December 31, 2021. Weighted-average exercise price | $ / shares | $ 46.05 |
Option shares outstanding, December 31, 2021, Weighted-average remaining contractual term | 1 year 4 months 24 days |
Option shares exercisable, vested and expected to vest, December 31, 2021. Weighted-average remaining contractual term | 1 year 4 months 24 days |
Option shares outstanding, December 31, 2021, Aggregate intrinsic value | $ | $ 5.2 |
Option shares exercisable, vested and expected to vest, December 31, 2021, Aggregate intrinsic value | $ | $ 5.2 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Schedule Of Stock Option Exercises) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Total intrinsic value of stock options exercised | $ 4.1 | $ 5.6 | $ 15.9 |
Cash proceeds received from stock options exercised | 2.5 | 4.7 | 14.5 |
Tax deduction realized from stock options exercised | $ 0.4 | $ 1.2 | $ 3.3 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans (Schedule Of Restricted Stock, RSUs, Performance Restricted Stock and PSUs Activity) (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
RSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of shares | shares | 66,800 |
Granted, Number of shares | shares | 23,600 |
Vested, Number of shares | shares | (22,100) |
Forfeited, Number of shares | shares | (3,300) |
Ending balance, Number of shares | shares | 65,000 |
Beginning balance, Weighted-average fair value at grant date | $ / shares | $ 83.14 |
Granted, Weighted-average fair value at grant date | $ / shares | 92.30 |
Vested, Weighted-average fair value at grant date | $ / shares | (78.32) |
Forfeited, Weighted-average fair value at grant date | $ / shares | (86.23) |
Ending balance, Weighted-average fair value at grant date | $ / shares | $ 87.94 |
PSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of shares | shares | 330,300 |
Granted, Number of shares | shares | 113,800 |
Performance adjustments, Number of shares | shares | 23,100 |
Vested, Number of shares | shares | (148,400) |
Forfeited, Number of shares | shares | (17,000) |
Ending balance, Number of shares | shares | 301,800 |
Beginning balance, Weighted-average fair value at grant date | $ / shares | $ 75.49 |
Granted, Weighted-average fair value at grant date | $ / shares | 102.46 |
Performance adjustments, Weighted-average fair value at grant date | $ / shares | 52.56 |
Vested, Weighted-average fair value at grant date | $ / shares | (55.63) |
Forfeited, Weighted-average fair value at grant date | $ / shares | (93.03) |
Ending balance, Weighted-average fair value at grant date | $ / shares | $ 92.74 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of shares | shares | 94,200 |
Vested, Number of shares | shares | (21,100) |
Forfeited, Number of shares | shares | (500) |
Ending balance, Number of shares | shares | 72,600 |
Beginning balance, Weighted-average fair value at grant date | $ / shares | $ 77.96 |
Vested, Weighted-average fair value at grant date | $ / shares | (77.88) |
Forfeited, Weighted-average fair value at grant date | $ / shares | (77.22) |
Ending balance, Weighted-average fair value at grant date | $ / shares | $ 77.99 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans (Schedule Of Weighted-Average Assumptions For PSUs Measured At Fair Value) (Details) - PSUs [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted-average grant date fair value of market based PSUs granted | $ 117.85 | $ 97.75 |
Risk-free rate of return | 0.30% | 1.20% |
Expected volatility | 37.00% | 23.80% |
Expected term | 3 years 1 month 6 days | 3 years 1 month 6 days |
Expected dividend yield | 0.00% | 0.00% |
Employee Costs (Schedule Of Emp
Employee Costs (Schedule Of Employee Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation Related Costs [Abstract] | |||
Wages, salaries and incentive compensation | $ 259.9 | $ 207.6 | $ 201.8 |
Payroll taxes | 13.4 | 15.6 | 16 |
Defined contribution and defined benefit pension plan expense, net | 10 | 1 | 2 |
Insurance and other benefit costs | 28.2 | 25.1 | 21.9 |
Share-based compensation | 11.3 | 6.9 | 8.4 |
Total | $ 322.8 | $ 256.2 | $ 250.1 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 16, 2022 | Jul. 29, 2016 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Feb. 28, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Mar. 31, 2021 |
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Shares repurchase program, repurchased cost | $ 80 | $ 44.4 | $ 131.3 | |||||||||||
Quarterly dividends declared | $ 0.21 | $ 0.21 | $ 0.21 | |||||||||||
Dividends declared | $ 0.231 | $ 0.861 | $ 0.810 | $ 0.725 | ||||||||||
Dividends payable, date to be paid, year and month | 2021-11 | 2021-08 | 2021-05 | 2021-03 | ||||||||||
Scenario Forecast [Member] | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Dividends declared | $ 0.231 | |||||||||||||
Dividends payable, date to be paid, year and month | 2022-03 | |||||||||||||
Common Stock | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Shares repurchase program, expiration date | Dec. 31, 2023 | |||||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 513.8 | |||||||||||||
Shares repurchase program, shares repurchased | 784,901 | 508,693 | 1,525,562 | |||||||||||
Common Stock | Share Repurchase Program Excluding Accelerated Share Repurchase | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Shares repurchase program, shares repurchased | 800,000 | |||||||||||||
Shares repurchase program, repurchased cost | $ 80 | |||||||||||||
Shares repurchase program, average price per share | $ 101.92 | |||||||||||||
Common Stock | Share Repurchase Program Including Accelerated Share Repurchase | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Shares repurchase program, shares repurchased | 10,500,000 | |||||||||||||
Shares repurchase program, repurchased cost | $ 686.2 | |||||||||||||
Shares repurchase program, average price per share | $ 65.31 | |||||||||||||
Common Stock | Maximum [Member] | ||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||
Shares repurchase program, authorized amount | $ 1,200 |
Shareholders' Equity (Component
Shareholders' Equity (Components Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation adjustments | $ 2.3 | $ 2.3 |
Derivative (loss), net | (9.1) | (19) |
Pension and postretirement adjustments | (102.8) | (92.6) |
Accumulated other comprehensive (loss) | $ (109.6) | $ (109.3) |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |||
Foreign currency translation adjustments, Pre-tax Amount | $ (7.1) | $ 84.1 | |
Derivative (loss) gain, net, Pre-tax Amount | $ 13.4 | (14.2) | (18.8) |
Pension and postretirement adjustments, Pre-tax Amount | (13.4) | 382.9 | 16.8 |
Total other comprehensive income (loss), Pre-tax Amount | 0 | 361.6 | 82.1 |
Derivative (loss) gain, net, Tax (Expense) Benefit | (3.5) | 3.7 | 4.9 |
Pension and postretirement adjustments, Tax (Expense) Benefit | 3.2 | (98.5) | (3.6) |
Total other comprehensive income (loss), Tax (Expense) Benefit | (0.3) | (94.8) | 1.3 |
Foreign currency translation adjustments, After-tax Amount | 0 | (7.1) | 84.1 |
Derivative gain (loss), net, After-tax Amount | 9.9 | (10.5) | (13.9) |
Pension and postretirement adjustments | (10.2) | 284.4 | 13.2 |
Total other comprehensive (loss) income | $ (0.3) | $ 266.8 | $ 83.4 |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive Income Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | $ 450.9 | $ 364.9 |
Balance | 519.7 | 450.9 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | 2.3 | (9.4) |
Other comprehensive income (loss) income before reclassifications, net of tax benefit (expense) | 0 | (0.2) |
Amounts reclassified from accumulated other comprehensive (loss) | 0 | (6.9) |
Net current period other comprehensive (loss) income | 0 | (7.1) |
Balance | 2.3 | 2.3 |
Derivative Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (19) | (8.5) |
Other comprehensive income (loss) income before reclassifications, net of tax benefit (expense) | 16.5 | (6.1) |
Amounts reclassified from accumulated other comprehensive (loss) | 6.6 | 4.4 |
Net current period other comprehensive (loss) income | 9.9 | (10.5) |
Balance | (9.1) | (19) |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (92.6) | (377) |
Other comprehensive income (loss) income before reclassifications, net of tax benefit (expense) | (11) | 6.1 |
Amounts reclassified from accumulated other comprehensive (loss) | 0.8 | 278.3 |
Net current period other comprehensive (loss) income | (10.2) | 284.4 |
Balance | (102.8) | (92.6) |
Accumulated Other Comprehensive (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (109.3) | (376.1) |
Other comprehensive income (loss) income before reclassifications, net of tax benefit (expense) | 5.5 | (0.2) |
Amounts reclassified from accumulated other comprehensive (loss) | (5.8) | 267 |
Net current period other comprehensive (loss) income | (0.3) | 266.8 |
Balance | $ (109.6) | $ (109.3) |
Shareholders' Equity (Schedul_3
Shareholders' Equity (Schedule of Accumulated Other Comprehensive (Loss) Activity) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax (benefit) expense | $ (1.9) | $ (0.5) |
Derivative Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax (benefit) expense | (5.4) | 2.5 |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax (benefit) expense | $ 3.5 | $ (3) |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ (22.9) | $ (24.1) | $ (38.4) |
Tax impact | (57.4) | 42.6 | (57.1) |
Net earnings (loss) | 183.2 | (99.1) | 214.5 |
Other non-operating expense (income), net | (0.2) | (1) | (0.3) |
Total loss from continuing operations, net of tax | (185.3) | 84.1 | (242.3) |
Adjustments related to Sale to Knauf | 0 | 7.1 | $ (84.1) |
Reclassification From Accumulated Other Comprehensive Loss [Member] | |||
Foreign Currency Translation Adjustments: | |||
(Income) loss, net of tax | 0 | (6.9) | |
Total reclassifications for the period | (5.8) | 267 | |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Idled Plant | |||
Foreign Currency Translation Adjustments: | |||
(Income) loss, net of tax | 0 | (6.9) | |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Derivative Gain (Loss) [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Tax impact | 1.9 | 1.2 | |
Net earnings (loss) | (6.6) | (4.4) | |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Derivative Gain (Loss) [Member] | Interest Rate Swap Contracts, Before Tax [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | (8.5) | (5.6) | |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Prior Service Credit Amortization [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other non-operating expense (income), net | (0.3) | (0.3) | |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Amortization of Net Actuarial Loss [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other non-operating expense (income), net | 1.4 | (0.3) | |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Settlement [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other non-operating expense (income), net | 0 | 374.4 | |
Reclassification From Accumulated Other Comprehensive Loss [Member] | Pension And Postretirement Adjustments [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total loss, before tax | (1.1) | 373.8 | |
Income tax expense | 0.3 | (95.5) | |
Total loss, net of tax | $ (0.8) | $ 278.3 |
Supplemental Financial Inform_3
Supplemental Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Financial Information [Line Items] | |||
Cost of goods sold | $ 701 | $ 603.8 | $ 643 |
Research and development costs | 14.6 | 14.7 | 14.8 |
Advertising costs | 8 | 6.8 | 7 |
Interest income | (0.1) | (0.3) | (3.2) |
Pension and postretirement cost (credits) | (5.3) | 358.7 | (16.9) |
Other | (0.2) | (1) | (0.3) |
Total | (5.6) | 357.4 | (20.4) |
Maintenance and Repair Costs [Member] | |||
Supplemental Financial Information [Line Items] | |||
Cost of goods sold | $ 41.9 | $ 38.1 | $ 41.4 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Accounts payable and accrued expenses related to adjustments to consideration of debt in connection with sale of business | $ 174.9 | $ 136.5 | |
WAVE [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership in joint venture | 50.00% | ||
Purchases from joint venture | $ 27.9 | 21.5 | $ 22.5 |
Reimbursement from joint venture | 21.6 | 20.7 | $ 15.7 |
Due to related parties | $ 4.3 | $ 4.9 |
Litigation and Related Matters
Litigation and Related Matters (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | 36 Months Ended | ||
Sep. 30, 2010Site | Dec. 31, 2021USD ($)SiteLitigation | Dec. 31, 2020USD ($) | Dec. 31, 2007 | Dec. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | |||||
Number of active and independent litigation matters for which pursuing coverage and recoveries | Litigation | 2 | ||||
Settlement agreement amount of litigation agreement | $ 0.5 | $ 52.5 | |||
Environmental insurance recoveries received in excess of cumulative expenses incurred | 4.8 | $ 5 | 5 | ||
Environmental liabilities | 0.7 | 1.2 | 1.2 | ||
Reserves for potential environmental liabilities | 0.2 | 0 | |||
Accounts Payable and Accrued Expenses [Member] | |||||
Loss Contingencies [Line Items] | |||||
Environmental liabilities | $ 0.2 | 0.3 | $ 0.3 | ||
Macon Site [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of landfills listed as Superfund site | Site | 2 | ||||
Number of landfills AWI entered into an Administrative Order on Consent for a Removal Action | Site | 1 | ||||
Submission date of final report to EPA | Oct. 11, 2016 | ||||
Elizabeth City [Member] | |||||
Loss Contingencies [Line Items] | |||||
Percentage of site costs Navy agreed to pay | 33.33% | ||||
Cost of goods sold [Member] | |||||
Loss Contingencies [Line Items] | |||||
Settlement agreement amount of litigation agreement | 9.2 | ||||
SG&A Expenses [Member] | |||||
Loss Contingencies [Line Items] | |||||
Settlement agreement amount of litigation agreement | $ 38.3 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of Net Earnings to Net Earnings Attributable to Common Shares Used in Basic and Diluted (Loss) Earnings Per Share Calculation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net (loss) earnings from continuing operations, as reported | $ 185.3 | $ (84.1) | $ 242.3 |
(Earnings) allocated to participating vested share awards | (0.3) | (0.1) | (0.5) |
(Loss) earnings from continuing operations attributable to common shares | $ 185 | $ (84.2) | $ 241.8 |
Earnings Per Share (Reconcili_2
Earnings Per Share (Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Basic shares outstanding | 47.6 | 47.9 | 48.7 |
Dilutive effect of common stock equivalents | 0.3 | 0.8 | |
Diluted shares outstanding | 47.9 | 47.9 | 49.5 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Common stock equivalents not included in the computation of diluted EPS | 8,548 | 313,003 | 7,580 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 0.5 | ||
Balance at end of year | $ 0.5 | ||
Provision For Bad Debts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 1.4 | 0.7 | 0.3 |
Additions charged to earnings | 0.4 | 0.9 | 0.7 |
Deductions | (0.8) | (0.2) | (0.3) |
Balance at end of year | 1 | 1.4 | 0.7 |
Provision For Discounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 1.3 | 1.4 | 1.3 |
Additions charged to earnings | 21.7 | 19.4 | 21 |
Deductions | (21.3) | (19.5) | (20.9) |
Balance at end of year | 1.7 | 1.3 | 1.4 |
Provision For Warranties [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 0.9 | 0.2 | 0.4 |
Additions charged to earnings | 3.9 | 5.5 | 3 |
Deductions | (4) | (4.8) | (3.2) |
Balance at end of year | 0.8 | 0.9 | 0.2 |
Provision For Inventory Obsolescence [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 0 | 0.5 | |
Additions charged to earnings | 0.3 | 0.1 | 0.6 |
Deductions | (0.1) | (0.6) | 0.1 |
Balance at end of year | $ 0.2 | $ 0 | $ 0.5 |