Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 21, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ARMSTRONG WORLD INDUSTRIES INC | ||
Trading Symbol | awi | ||
Entity Central Index Key | 7,431 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 53,105,216 | ||
Entity Public Float | $ 2 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 893.6 | $ 837.3 | $ 805.1 |
Cost of goods sold | 569.8 | 531.5 | 499.1 |
Gross profit | 323.8 | 305.8 | 306 |
Selling, general and administrative expenses | 135.7 | 155.5 | 180.8 |
Separation costs | 34.5 | 34.3 | |
Equity earnings from joint venture | (67) | (73.1) | (66.1) |
Operating income | 255.1 | 188.9 | 157 |
Interest expense | 35.4 | 49.5 | 44.6 |
Other non-operating (income) expense, net | (2.4) | (11.2) | 17.8 |
Earnings from continuing operations before income taxes | 222.1 | 150.6 | 94.6 |
Income tax expense | 1.5 | 51.3 | 36.7 |
Earnings from continuing operations | 220.6 | 99.3 | 57.9 |
Net gain (loss) from discontinued operations, net of tax expense (benefit) of $3.6, ($0.8) and $34.6 | 4.2 | (9.9) | (5.3) |
(Loss) gain on disposal of discontinued business, net of tax (benefit) of ($4.1), ($15.2) and ($41.8) | (70) | 15.3 | 41.6 |
Net (loss) gain from discontinued operations | (65.8) | 5.4 | 36.3 |
Net earnings | 154.8 | 104.7 | 94.2 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 24.5 | (33.2) | (25.5) |
Derivative (loss) gain | (0.3) | 7.5 | 0.7 |
Pension and postretirement adjustments | 33.7 | 49.3 | 32.9 |
Total other comprehensive income | 57.9 | 23.6 | 8.1 |
Total comprehensive income | $ 212.7 | $ 128.3 | $ 102.3 |
Earnings per share of common stock, continuing operations: | |||
Basic | $ 4.12 | $ 1.79 | $ 1.04 |
Diluted | 4.08 | 1.78 | 1.03 |
(Loss) earnings per share of common stock, discontinued operations: | |||
Basic | (1.23) | 0.09 | 0.65 |
Diluted | (1.22) | 0.09 | 0.65 |
Net earnings per share of common stock: | |||
Basic | 2.89 | 1.88 | 1.69 |
Diluted | $ 2.86 | $ 1.87 | $ 1.68 |
Average number of common shares outstanding: | |||
Basic | 53.3 | 55.4 | 55.5 |
Diluted | 53.9 | 55.7 | 55.9 |
Consolidated Statements of Ear3
Consolidated Statements of Earnings and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net gain (loss) from discontinued operations, net of tax (benefit) expense | $ 3.6 | $ (0.8) | $ 34.6 |
(Loss) gain on disposal of discontinued business, net of tax (benefit) | $ (4.1) | $ (15.2) | $ (41.8) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 159.6 | $ 141.9 |
Accounts and notes receivable, net | 90.8 | 58.8 |
Inventories, net | 53.8 | 46.9 |
Current assets of discontinued operations | 306.1 | 125.2 |
Income tax receivable | 30.7 | 22.2 |
Other current assets | 7.9 | 11.2 |
Total current assets | 648.9 | 406.2 |
Property, plant, and equipment, less accumulated depreciation and amortization of $367.3 and $323.8, respectively | 499.9 | 465.2 |
Prepaid pension costs | 88.3 | 48.7 |
Investment in joint venture | 107.3 | 106.2 |
Goodwill and intangible assets, net | 441.1 | 427.7 |
Noncurrent assets of discontinued operations | 221.1 | |
Deferred income taxes | 19.6 | 14.4 |
Income tax receivable | 4.1 | 5.7 |
Other noncurrent assets | 64.3 | 62.8 |
Total assets | 1,873.5 | 1,758 |
Current liabilities: | ||
Current installments of long-term debt | 32.5 | 25 |
Accounts payable and accrued expenses | 108.4 | 117 |
Liabilities of discontinued operations | 128.5 | 80.8 |
Income tax payable | 0.5 | 1.3 |
Total current liabilities | 269.9 | 224.1 |
Long-term debt, less current installments | 817.7 | 848.6 |
Postretirement benefit liabilities | 79.2 | 84.8 |
Pension benefit liabilities | 57.2 | 56.8 |
Other long-term liabilities | 35.5 | 27 |
Noncurrent liabilities of discontinued operations | 34 | |
Income tax payable | 53 | 62.2 |
Deferred income taxes | 141.7 | 154.1 |
Total noncurrent liabilities | 1,184.3 | 1,267.5 |
Shareholders' equity: | ||
Common stock, $0.01 par value per share, authorized 200 million shares; issued 60,782,736 shares, outstanding 52,772,139 shares in 2017 and 60,597,140 shares issued, 54,428,233 outstanding shares in 2016 | 0.6 | 0.6 |
Capital in excess of par value | 516.8 | 504.9 |
Retained earnings | 633.4 | 469.9 |
Treasury stock, at cost, 8,010,597 shares as of December 31, 2017 and 6,168,907 shares as of December 31, 2016 | (385.6) | (305.2) |
Accumulated other comprehensive (loss) | (345.9) | (403.8) |
Total shareholders' equity | 419.3 | 266.4 |
Total liabilities and shareholders' equity | $ 1,873.5 | $ 1,758 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation and amortization | $ 361.4 | $ 323.8 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 60,782,736 | 60,597,140 |
Common stock, shares outstanding | 52,772,139 | 54,428,233 |
Treasury stock, shares | 8,010,597 | 6,168,907 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2014 | $ 649.1 | $ 0.6 | $ 1,134.4 | $ 271 | $ (261.4) | $ (495.5) |
Balance at Dec. 31, 2014 | 55,126,153 | |||||
Balance at Dec. 31, 2014 | 5,057,382 | |||||
Stock issuance, net | 232,911 | |||||
Share-based employee compensation | 17.4 | 17.4 | ||||
Net earnings | 94.2 | 94.2 | ||||
Other comprehensive income | 8.1 | 8.1 | ||||
Balance at Dec. 31, 2015 | 768.8 | $ 0.6 | 1,151.8 | 365.2 | $ (261.4) | (487.4) |
Balance at Dec. 31, 2015 | 55,359,064 | |||||
Balance at Dec. 31, 2015 | 5,057,382 | |||||
Stock issuance, net | 180,694 | |||||
Share-based employee compensation | 9.2 | 9.2 | ||||
Net earnings | 104.7 | 104.7 | ||||
Other comprehensive income | 23.6 | 23.6 | ||||
Separation of Armstrong Flooring, Inc. | (596.1) | (656.1) | 60 | |||
Acquisition of treasury stock | (43.8) | $ (43.8) | $ (43.8) | |||
Acquisition of treasury stock, shares | (1,111,525) | 1,111,525 | ||||
Balance at Dec. 31, 2016 | $ 266.4 | $ 0.6 | 504.9 | 469.9 | $ (305.2) | (403.8) |
Balance at Dec. 31, 2016 | 54,428,233 | 54,428,233 | ||||
Balance at Dec. 31, 2016 | 6,168,907 | 6,168,907 | ||||
Cumulative effect impact of ASU 2016-09 adoption | $ 8.7 | 8.7 | ||||
Stock issuance, net | 185,596 | |||||
Share-based employee compensation | 11.4 | 11.4 | ||||
Net earnings | 154.8 | 154.8 | ||||
Other comprehensive income | 57.9 | 57.9 | ||||
Separation of Armstrong Flooring, Inc. | 0.5 | 0.5 | ||||
Acquisition of treasury stock | (80.4) | $ (80.4) | $ (80.4) | |||
Acquisition of treasury stock, shares | (1,841,690) | 1,841,690 | ||||
Balance at Dec. 31, 2017 | $ 419.3 | $ 0.6 | $ 516.8 | $ 633.4 | $ (385.6) | $ (345.9) |
Balance at Dec. 31, 2017 | 52,772,139 | 52,772,139 | ||||
Balance at Dec. 31, 2017 | 8,010,597 | 8,010,597 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net earnings | $ 154.8 | $ 104.7 | $ 94.2 |
Adjustments to reconcile earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 89.2 | 89.2 | 118.3 |
Write off of debt financing costs | 1.1 | ||
Loss (gain) on disposal of discontinued operations | 74.1 | (0.1) | 0.2 |
Deferred income taxes | (12.3) | 51 | (48.5) |
Share-based compensation | 10.2 | 12.4 | 13.4 |
Equity earnings from joint venture | (67) | (73.1) | (66.1) |
Separation costs | 34.5 | 34.3 | |
Loss on interest rate swap | 10.7 | ||
U.S. pension (credit) expense | (4.5) | 15 | 25.2 |
Non-cash foreign currency translation on intercompany loans | (2.6) | (3.6) | 19.8 |
Other, non-cash adjustments, net | 2.2 | (0.3) | 0.3 |
Changes in operating assets and liabilities: | |||
Receivables | (37.1) | (23.9) | 2.7 |
Inventories | 3.6 | (7) | (15.7) |
Other current assets | 2.2 | 7.1 | (7.3) |
Other noncurrent assets | (1.6) | (9.9) | 7.9 |
Accounts payable and accrued expenses | (20) | (82.1) | 15 |
Income taxes payable | (18.8) | (49.3) | 33.6 |
Other long-term liabilities | (1.2) | (22) | (22.2) |
Other, net | (0.8) | (5.1) | (1.4) |
Net cash provided by operating activities | 170.4 | 49.3 | 203.7 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (89.7) | (104.2) | (170.7) |
Return of investment from joint venture | 69.1 | 86.9 | 64.2 |
Cash paid for acquisition | (31.2) | ||
Payment of company-owned life insurance, net | (2.4) | 2.2 | |
Other investing activities | 0.3 | 2.8 | |
Net cash (used for) investing activities | (54.2) | (17) | (101.5) |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility and other short-term debt | 103 | 90 | |
Payments of revolving credit facility and other short-term debt | (103) | (90) | |
Proceeds from long-term debt | 363.5 | ||
Payments of long-term debt | (25) | (434.1) | (39.5) |
Financing costs | (0.6) | (8.1) | |
Special dividends paid | (1.2) | ||
Proceeds from exercised stock options | 3.3 | 0.7 | 6.4 |
Cash transferred to Armstrong Flooring, Inc. | (9.1) | ||
Proceeds from company-owned life insurance loans, net | 2 | 2 | |
Payment for treasury stock acquired | (80.4) | (43.8) | |
Net cash (used for) financing activities | (102.7) | (128.9) | (32.3) |
Effect of exchange rate changes on cash and cash equivalents | 4.2 | (6.3) | (10.4) |
Net increase (decrease) in cash and cash equivalents | 17.7 | (102.9) | 59.5 |
Cash and cash equivalents at beginning of year | 141.9 | 244.8 | 185.3 |
Cash and cash equivalents at end of year | 159.6 | 141.9 | 244.8 |
Cash and cash equivalents at end of year of discontinued operations | 35.5 | ||
Cash and cash equivalents at end of year of continuing operations | 159.6 | 141.9 | 209.3 |
Supplemental Cash Flow Disclosures: | |||
Interest paid | 30.7 | 33.4 | 39.4 |
Income taxes paid, net | 32.1 | 33.7 | 44.4 |
Amounts in accounts payable for capital expenditures | $ 2.6 | $ 4.4 | $ 14.3 |
Business
Business | 12 Months Ended |
Dec. 31, 2017 | |
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. On November 17, 2017, we entered into a Share Purchase Agreement (the “Purchase Agreement”) with Knauf International GmbH (“Knauf”), to sell certain subsidiaries comprising our business in Europe, the Middle East and Africa (including Russia) (“EMEA”) and the Pacific Rim, including the corresponding businesses and operations conducted by Worthington Armstrong Venture (“WAVE”), our joint venture with Worthington Industries, Inc., in which AWI holds a 50% interest. The total consideration to be paid by Knauf in connection with the sale is $330.0 million in cash, inclusive of amounts due to WAVE, subject to certain adjustments as provided in the Purchase Agreement, including adjustments based on the economic impact of any required regulatory remedies and a working capital adjustment. The transaction, which is subject to regulatory approvals and other customary conditions, is currently anticipated to close in mid-2018. EMEA and Pacific Rim’s historical financial results have been reflected in AWI’s Consolidated Financial Statements as discontinued operations for all periods presented. See Note 4 for additional information. In January 2017, we acquired the business and assets of Tectum, Inc. (“Tectum”), based in Newark, Ohio. Tectum is a manufacturer of acoustical ceiling, wall and structural solutions for commercial building applications with two manufacturing facilities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy Use of Estimates Reclassifications Revenue Recognition Sales Incentives Shipping and Handling Costs Advertising Costs Research and Development Costs Pension and Postretirement Benefits Taxes 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 earlier. Taxes collected from customers and remitted to governmental authorities are reported on a net basis. Earnings per Share Cash and Cash Equivalents Concentration of Credit Receivables We establish credit-worthiness 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 Property Plant and Equipment 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. 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. The estimate of an asset group’s fair value is 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. When assets are disposed of or retired, their costs and related depreciation are removed from the financial statements, and any resulting gains or losses normally are reflected in cost of goods sold or selling, general and administrative (“SG&A”) expenses depending on the nature of the asset. Asset Retirement Obligations Intangible Assets Our indefinite-lived intangibles are primarily goodwill, trademarks and brand names, with Armstrong representing our primary trademark, which are integral to our corporate identity and expected to contribute indefinitely to our cash flows. Accordingly, they have been assigned an indefinite life. We perform annual impairment tests during the fourth quarter on these indefinite-lived intangibles. These assets undergo more frequent tests if an indication of possible impairment exists. The principal assumption used in our impairment tests for definite-lived intangible assets is future operating profit adjusted for depreciation and amortization. The principal assumptions used in our impairment tests for indefinite-lived intangible assets include revenue growth rate, discount rate and royalty rate. Revenue growth rate and future operating profit assumptions are derived from those utilized in our operating plan and strategic planning processes. The discount rate assumption is calculated based upon an estimated weighted average cost of equity which reflects the overall level of inherent risk and the rate of return a market participant would expect to achieve. The royalty rate assumption represents the estimated contribution of the intangible asset to the overall profits of the reporting unit. Methodologies used for valuing our intangible assets did not change from prior periods. See Note 10 to the Consolidated Financial Statements for disclosure on intangible assets. Foreign Currency Transactions Financial Instruments and Derivatives Share-based Employee Compensation Subsequent Events Recently Adopted Accounting Standards In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “ Simplifying the Measurement of Inventory In March 2016, the FASB issued ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” “Principal versus Agent Considerations (Reporting Gross versus Net),” “Identifying Performance Obligations and Licensing,” “Narrow-Scope Improvements and Practical Expedients,” “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” Collectively, the revenue recognition updates are effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. We have adopted these standards effective January 1, 2018 using the modified retrospective transition method and have applied all practical expedients related to completed contracts upon adoption. Substantially all of our revenues from contracts with customers are recognized from the sale of products with standard shipping terms, sales discounts and warranties. Based on our evaluation, adoption will not have a material impact to our financial condition, results of operations or cash flows as the amount and timing of substantially all of our revenues will continue to be recognized at a point in time. We will be impacted by the expanded disclosure requirements of the revenue recognition updates, most notably the disclosure of revenues from contracts with customers into disaggregated categories. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” In February 2016, the FASB issued ASU 2016-02, “Leases,” In August 2016, the FASB issued ASU 2016-15 , “Classification of Certain Cash Receipts and Cash Payments.” In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” In February 2018, the FASB issued ASU 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |
Nature Of Operations
Nature Of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature Of Operations | NOTE 3. NATURE OF OPERATIONS Effective December 31, 2017 and in connection with the announced sale of our EMEA and Pacific Rim businesses, our former EMEA and Pacific Rim segments have been excluded from our results of continuing operations. As a result, effective December 31, 2017 and for all periods presented, 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. Products offer various performance attributes such as acoustical control, rated fire protection and aesthetic appeal. 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 our Worthington Armstrong Venture (“WAVE”) joint venture with Worthington Industries, Inc., which manufactures suspension system (grid) products and ceiling component products that are invoiced by both us 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. To a lesser extent, however, in some markets, WAVE sells its suspension systems products to us for resale to customers. Our 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 and sources ceilings and walls for use in commercial settings. Products are available in numerous materials, such as metal 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 produce standard and customized products, with the majority of Architectural Specialties revenues derived from sourced products. Architectural Specialties products are sold to resale distributors and ceiling systems contractors. The majority of revenues are project driven, which can lead to more volatile sales patterns due to project scheduling. Operating results for the Architectural Specialties segment include a minor 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 consist 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 facilities and income tax balances. Effective December 31, 2017 and for all periods presented, our Unallocated Corporate segment also includes all assets, liabilities, income and expenses formerly reported in our EMEA and Pacific Rim segments that are not included in the pending sale to Knauf. Segment results below have been restated for all periods presented as a result of the disaggregation of our former Americas segment and the reclassification of Unallocated Corporate assets. Mineral Fiber Architectural Specialties Unallocated Corporate Total For the year ended 2017 Net sales to external customers $ 756.4 $ 137.2 $ - $ 893.6 Equity (earnings) from joint venture (67.0 ) - - (67.0 ) Segment operating income (loss) 231.9 27.7 (4.5 ) 255.1 Segment assets 1,193.5 53.2 320.7 1,567.4 Depreciation and amortization (1) 59.2 1.8 6.0 67.0 Investment in joint venture 107.3 - - 107.3 Purchases of property, plant and equipment (1) 76.1 1.6 - 77.7 Mineral Fiber Architectural Specialties Unallocated Corporate Total For the year ended 2016 Net sales to external customers $ 736.6 $ 100.7 $ - $ 837.3 Equity (earnings) from joint venture (73.1 ) - - (73.1 ) Segment operating income (loss) 223.9 19.2 (54.2 ) 188.9 Segment assets 1,145.1 17.3 249.3 1,411.7 Depreciation and amortization (1) 53.6 0.8 0.4 54.8 Investment in joint venture 106.2 - - 106.2 Purchases of property, plant and equipment (1) 66.1 0.2 - 66.3 Mineral Fiber Architectural Specialties Unallocated Corporate Total For the year ended 2015 Net sales to external customers $ 723.7 $ 81.4 $ - $ 805.1 Equity (earnings) from joint venture (66.1 ) - - (66.1 ) Segment operating income (loss) 270.3 16.5 (129.8 ) 157.0 Segment assets 1,132.8 17.2 271.0 1,421.0 Depreciation and amortization (1) 43.9 0.8 11.9 56.6 Investment in joint venture 130.8 - - 130.8 Purchases of property, plant and equipment (1) 51.5 0.6 22.4 74.5 (1) Totals will differ from the totals on our Consolidated Statement of Cash Flows by the amounts that have been classified as discontinued operations. See Note 4 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 Earnings and Comprehensive Income. The following reconciles our total consolidated operating income to earnings from continuing operations before income taxes. These items are only measured and managed on a consolidated basis: 2017 2016 2015 Segment operating income $ 255.1 $ 188.9 $ 157.0 Interest expense 35.4 49.5 44.6 Other non-operating (income)/expense, net (2.4 ) (11.2 ) 17.8 Earnings from continuing operations before income taxes $ 222.1 $ 150.6 $ 94.6 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. 2017 2016 2015 Geographic Areas Net trade sales Mineral Fiber: United States $ 699.8 $ 680.8 $ 670.8 Canada 56.6 55.8 52.9 Total Mineral Fiber 756.4 736.6 723.7 Architectural Specialties: United States 129.5 95.1 75.1 Canada 7.7 5.6 6.3 Total Architectural Specialties 137.2 100.7 81.4 Total net trade sales $ 893.6 $ 837.3 $ 805.1 2017 2016 Property, plant and equipment, net at December 31, Mineral Fiber: United States $ 488.7 $ 457.3 Total Mineral Fiber 488.7 457.3 Architectural Specialties: Canada $ 4.5 $ 4.0 United States 3.0 0.3 Total Architectural Specialties 7.5 4.3 Unallocated Corporate (1) 3.7 3.6 Total property, plant and equipment, net $ 499.9 $ 465.2 (1) Includes property, plant and equipment located in China that were formerly reported in our Pacific Rim segment and will not be included in the sale to Knauf. Impairment testing of our tangible assets occurs whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In September 2017, we made the decision to permanently close a previously idled plant in China, which is reported as a component of Unallocated Corporate as of December 31, 2017. As a result, during 2017 we recorded $5.6 million in costs of goods sold for accelerated depreciation of machinery and equipment based on management estimates. During the fourth quarter of 2017, we announced the closing of our St. Helens, Oregon mineral fiber manufacturing facility, expected to occur in the first half of 2018. During the fourth quarter of 2017, we recorded $4.0 million in costs of goods sold primarily related to accelerated depreciation of machinery and equipment within our Mineral Fiber segment based on management estimates. |
Acquisitions and Discontinued O
Acquisitions and Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Acquisitions and Discontinued Operations | NOTE 4. ACQUISITIONS AND DISCONTINUED OPERATIONS ACQUISITION OF TECTUM On January 13, 2017, in connection with the acquisition of Tectum, the $31.2 million purchase price was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values, with the remaining unallocated amount recorded as goodwill. The total fair value of tangible assets acquired, less liabilities assumed, in connection with the Tectum acquisition was $4.4 million. The total fair value of intangible assets acquired, comprised of amortizable customer relationships and non-amortizing brand names, was $16.0 million, resulting in $10.8 million of goodwill. All of the acquired goodwill is deductible for tax purposes. EMEA AND PACIFIC RIM BUSINESSES On November 17, 2017, in connection with the Purchase Agreement we entered into with Knauf, we agreed to sell certain subsidiaries comprising our businesses in EMEA and the Pacific Rim. Pursuant to the Purchase Agreement, prior to the closing, we and Knauf will enter into (i) an agreement relating to the mutual supply of certain products after the closing, (ii) an agreement relating to the use of certain intellectual property by Knauf after the closing, including the Armstrong trade name and (iii) an agreement relating to certain transition services to be provided by AWI to Knauf after closing for a period of one year. WAVE and Knauf will also enter into similar agreements for such purposes. As of December 31, 2017, based on anticipated net sales proceeds to be received from Knauf, the fair value of EMEA and Pacific Rim net assets are less than their carrying value. As a result, we recorded an impairment charge of $74.0 million during the fourth quarter of 2017, which included $51.4 million of accumulated other comprehensive income adjustments, primarily accumulated foreign currency translation amounts, that will be subsequently reclassified to earnings from discontinued operations upon sale of our EMEA and Pacific Rim businesses. FLOORING BUSINESSES Separation and Distribution of AFI On April 1, 2016, 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. Separation costs for 2016 and 2015 were $34.5 million and $34.3 million, respectively. Separation costs for all periods primarily related to outside professional services and employee compensation and retention and severance accruals which were recorded within the Unallocated Corporate segment in conjunction with this initiative. On April 1, 2016, in connection with the separation and distribution of AFI, we entered into several agreements with AFI that, together with a plan of division, provided for the separation and allocation between AWI and AFI of the flooring assets, employees, liabilities and obligations of AWI and its subsidiaries attributable to periods prior to, at and after AFI’s separation from AWI, and govern the relationship between AWI and AFI subsequent to the completion of the separation and distribution. These agreements include a Transition Services Agreement, a Tax Matters Agreement, an Employee Matters Agreement, a Trademark License Agreement, a Transition Trademark License Agreement and a Campus Lease Agreement. AWI and AFI provided various services to each other during a transition period that expired on December 31, 2017. The Tax Matters Agreement generally governs AWI’s and AFI’s respective rights, responsibilities and obligations after the separation and distribution with respect to tax matters. Upon distribution, AWI received an opinion from its tax counsel that the separation and distribution qualified as a tax-free transaction for AWI and its shareholders. The Employee Matters Agreement governed certain compensation and employee benefit obligations with respect to the current and former employees and non-employee directors of AWI and AFI. Pursuant to this agreement and in connection with the distribution, AWI transferred assets and liabilities from the AWI defined benefit pension and postretirement plans to AFI that relate to active AFI employees and certain former AFI employees to mirror plans established by AFI. See Note 16 for additional details. Pursuant to the Trademark License Agreement, AWI provided AFI with a perpetual, royalty-free license to utilize the “Armstrong” trade name and logo. Pursuant to the Transition Trademark License Agreement, AFI provided us with a five-year royalty-free license to utilize the “Inspiring Great Spaces” tagline, logo and related color scheme. Under the Campus Lease Agreement, certain portions of the AWI headquarters are being leased to AFI to use as its corporate headquarters for an initial term of five years, subject to certain renewal rights. European Resilient Flooring On December 4, 2014, our Board of Directors approved the cessation of funding to our former DLW subsidiary, which was our former European flooring business. As a result, DLW management filed for insolvency in Germany on December 11, 2014. The German insolvency court subsequently appointed an administrator (the “Administrator”) to oversee DLW operations. As of December 4, 2014, DLW had a net liability of $12.9 million, representing assets of $151.9 million and liabilities of $164.8 million, which were removed from our balance sheet. This net liability was recognized as a contingent liability on our consolidated balance sheet pending the closure and results of the insolvency proceeding. The amount of the net liability, included within Accounts payable and accrued expenses on our Consolidated Balance Sheets, was $11.9 million as of December 31, 2016. In April 2017, we entered into a settlement agreement and mutual release with the Administrator on behalf of the DLW estate to settle all claims of the Administrator related to the insolvency for a cash payment of $11.8 million. DLW was previously shown within our Resilient Flooring reporting segment. CABINETS In September 2012, we entered into a definitive agreement to sell our cabinets business to American Industrial Partners. The sale was completed in October 2012. Net loss on disposal of discontinued operations in 2015 related to the settlement of a multi-employer pension plan. Summarized Financial Information of Discontinued Operations The following tables detail the businesses and line items that comprise income from discontinued operations on the Consolidated Statements of Earnings and Comprehensive Income. EMEA and Pacific Rim Businesses Flooring Businesses Total 2017: Net sales $ 436.2 $ - $ 436.2 Cost of goods sold 350.8 - 350.8 Gross profit 85.4 - 85.4 Selling, general and administrative expenses 78.3 - 78.3 Operating income 7.1 - 7.1 Interest expense 1.2 - 1.2 Other non-operating (income), net (1.9 ) - (1.9 ) Earnings from discontinued operations before income tax 7.8 - 7.8 Income tax expense 3.6 - 3.6 Gain from discontinued operations $ 4.2 $ - $ 4.2 (Loss) on expected disposal of discontinued businesses before income tax (1) $ (74.0 ) $ (0.1 ) $ (74.1 ) Income tax (benefit) - (4.1 ) (4.1 ) Net (loss) gain on disposal of discontinued businesses $ (74.0 ) $ 4.0 $ (70.0 ) Net (loss) gain from discontinued operations $ (69.8 ) $ 4.0 $ (65.8 ) (1) Loss on disposal of EMEA and Pacific Rim businesses for the year ended December 31, 2017 represents the estimated write-down of EMEA and Pacific Rim assets based on our expected sales proceeds to be received upon closure of the transaction. EMEA and Pacific Rim Businesses Flooring Businesses Total 2016: Net sales $ 397.2 $ 284.4 $ 681.6 Cost of goods sold 331.8 237.2 569.0 Gross profit 65.4 47.2 112.6 Selling, general and administrative expenses 69.7 50.5 120.2 Operating (loss) (4.3 ) (3.3 ) (7.6 ) Interest expense 0.3 - 0.3 Other non-operating expense, net 1.7 1.1 2.8 (Loss) from discontinued operations before income tax (6.3 ) (4.4 ) (10.7 ) Income tax (benefit) expense (0.9 ) 0.1 (0.8 ) (Loss) from discontinued operations $ (5.4 ) $ (4.5 ) $ (9.9 ) Gain on disposal of discontinued businesses before income tax $ - $ 0.1 $ 0.1 Income tax (benefit) - (15.2 ) (15.2 ) Net gain on disposal of discontinued businesses $ - $ 15.3 $ 15.3 Net (loss) gain from discontinued operations $ (5.4 ) $ 10.8 $ 5.4 EMEA and Pacific Rim Businesses Flooring Businesses Cabinets Total 2015: Net sales $ 426.2 $ 1,188.7 $ - $ 1,614.9 Cost of goods sold 355.8 962.3 - 1,318.1 Gross profit 70.4 226.4 - 296.8 Selling, general and administrative expenses 86.9 179.5 - 266.4 Operating (loss) income (16.5 ) 46.9 - 30.4 Interest expense 0.7 - - 0.7 Other non-operating (income) expense, net (2.7 ) 3.1 - 0.4 (Loss) earnings from discontinued operations before income tax (14.5 ) 43.8 - 29.3 Income tax expense 16.8 17.8 - 34.6 (Loss) earnings from discontinued operations $ (31.3 ) $ 26.0 $ - $ (5.3 ) (Loss) gain on disposal of discontinued businesses before income tax $ - $ (0.8 ) $ 0.6 $ (0.2 ) Income tax (benefit) expense - (42.0 ) 0.2 (41.8 ) Net gain on disposal of discontinued businesses $ - $ 41.2 $ 0.4 $ 41.6 Net (loss) gain from discontinued operations $ (31.3 ) $ 67.2 $ 0.4 $ 36.3 The following is a summary of the carrying amount of the major classes of assets and liabilities classified as assets and liabilities of discontinued operations as of December 31, 2017 and 2016 related to our EMEA and Pacific Rim businesses. December 31, 2017 December 31, 2016 Assets Current assets: Accounts and notes receivable, net $ 61.4 $ 49.5 Inventories, net 59.2 62.1 Income tax receivable 3.1 4.0 Other current assets 12.9 9.6 Total current assets discontinued operations 136.6 125.2 Property, plant, and equipment, less accumulated depreciation and amortization (1) (2) 131.3 204.4 Prepaid pension costs (1) 26.1 7.9 Goodwill and intangible assets, net (1) 7.2 6.8 Deferred income taxes (1) 4.0 1.0 Other non-current assets (1) 0.9 1.0 Total non-current assets of discontinued operations (1) 169.5 221.1 Total assets of discontinued operations (1) $ 306.1 $ 346.3 Liabilities Current liabilities: Accounts payable and accrued expenses $ 78.6 $ 80.1 Income tax payable 1.3 0.7 Total current liabilities 79.9 80.8 Pension benefit liabilities (3) 34.7 29.5 Other long-term liabilities (3) 1.8 2.1 Deferred income taxes (3) 12.1 2.4 Total non-current liabilities of discontinued operations (3) 48.6 34.0 Total liabilities of discontinued operations (3) $ 128.5 $ 114.8 (1) Presented as Current assets of discontinued operations on the Consolidated Balance Sheets as of December 31, 2017. (2) Includes a pre-tax impairment charge of $74.0 million recorded during the fourth quarter of 2017. (3) The following is a summary of total depreciation and amortization and capital expenditures presented as discontinued operations and included as components of operating and investing cash flows on our consolidated statements of cash flows: EMEA and Pacific Rim Businesses Flooring Businesses Total 2017: Depreciation and amortization $ 22.2 $ - $ 22.2 Fixed asset impairment (1) 74.0 - 74.0 Purchases of property, plant and equipment (12.0 ) - (12.0 ) 2016: Depreciation and amortization $ 23.0 $ 11.4 $ 34.4 Purchases of property, plant and equipment (25.8 ) (12.1 ) (37.9 ) 2015: Depreciation and amortization $ 22.6 $ 39.1 $ 61.7 Purchases of property, plant and equipment (34.6 ) (61.6 ) (96.2 ) (1) Loss on disposal of EMEA and Pacific Rim businesses for the year ended December 31, 2017 represents the estimated write-down of EMEA and Pacific Rim assets based on our expected sales proceeds to be received upon closure of the transaction. |
Accounts and Notes Receivable
Accounts and Notes Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Accounts and Notes Receivable | NOTE 5. ACCOUNTS AND NOTES RECEIVABLE December 31, 2017 December 31, 2016 Customer receivables $ 62.8 $ 56.9 Miscellaneous receivables 29.9 3.8 Less allowance for warranties, discounts, and losses (1.9 ) (1.9 ) Accounts and notes receivable, net $ 90.8 $ 58.8 We sell our products to select, pre-approved customers whose businesses are affected by changes in economic and market conditions. We consider these factors and the financial condition of each customer when establishing our allowance for losses from doubtful accounts. Miscellaneous receivables as of December 31, 2017 include insurance recoveries related to environmental matters. See Note 27 for more information. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 6. INVENTORIES December 31, 2017 December 31, 2016 Finished goods $ 33.2 $ 30.1 Goods in process 2.7 2.6 Raw materials and supplies 26.1 21.4 Less LIFO reserves (8.2 ) (7.2 ) Total inventories, net $ 53.8 $ 46.9 Approximately 84% and 87% of our total inventory in 2017 and 2016, respectively, were valued on a LIFO (last-in, first-out) basis. The distinction between the use of different methods of inventory valuation is primarily based on geographical locations and/or legal entities. The following table summarizes the amount of inventory that is not accounted for under the LIFO method. December 31, 2017 December 31, 2016 U.S. locations $ 6.5 $ 4.2 Canada locations 2.2 1.9 Total $ 8.7 $ 6.1 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 and/or statutory reporting purposes. In these situations, a conversion to LIFO would be highly complex and involve excessive cost and effort to achieve under local tax and/or statutory reporting requirements. U.S. locations that use the FIFO method of inventory valuation primarily represent certain finished goods sourced from third party suppliers. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Current Assets | NOTE 7. OTHER CURRENT ASSETS December 31, 2017 December 31, 2016 Prepaid expenses $ 7.1 $ 6.4 Fair value of derivative assets 0.2 2.2 Other 0.6 2.6 Total other current assets $ 7.9 $ 11.2 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 8. PROPERTY, PLANT AND EQUIPMENT December 31, 2017 December 31, 2016 Land $ 32.5 $ 32.2 Buildings 224.6 202.8 Machinery and equipment 537.1 471.2 Computer software 20.9 15.2 Construction in progress 46.2 67.6 Less accumulated depreciation and amortization (361.4 ) (323.8 ) Net property, plant and equipment $ 499.9 $ 465.2 See Note 2 to the Consolidated Financial Statements for discussion of policies related to property and depreciation and asset retirement obligations. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Investments | NOTE 9. EQUITY INVESTMENTS Investment in joint venture as of December 31, 2017 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 equity in earnings method to determine the appropriate classification of distributions from WAVE within our cash flow statement. During 2017, 2016 and 2015, 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 2017, 2016 and 2015 were $69.1 million, $86.9 million, and $64.2 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 $31.2 million, $29.8 million and $29.9 million for the years ended 2017, 2016 and 2015, respectively. Our recorded investment in WAVE was higher than our 50% share of the carrying values reported in WAVE’s consolidated financial statements by $161.0 million as of December 31, 2017 and $166.6 million as of December 31, 2016. 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, 2017 December 31, 2016 Property, plant and equipment $ 0.4 $ 0.4 Other intangibles 130.2 135.8 Goodwill 30.4 30.4 Total $ 161.0 $ 166.6 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. See Exhibit 99.1 for WAVE’s consolidated financial statements. On November 17, 2017, in connection with the Purchase Agreement we entered into with Knauf, the corresponding European and Pacific Rim businesses of WAVE will also be sold. 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 $1.7 million, $2.8 million and $2.6 million of equity earnings from WAVE’s European and Pacific Rim businesses in 2017, 2016 and 2015, respectively. Condensed financial data for WAVE is summarized below. December 31, 2017 December 31, 2016 Current assets $ 96.8 $ 96.3 Current assets of discontinued operations 36.4 16.8 Noncurrent assets 32.6 32.9 Noncurrent assets of discontinued operations - 17.4 Current liabilities 18.1 33.1 Current liabilities of discontinued operations 8.1 8.2 Other noncurrent liabilities 246.6 244.0 2017 2016 2015 Net sales $ 344.5 $ 330.7 $ 309.7 Gross profit 192.7 192.4 172.1 Net earnings 144.3 151.9 136.5 Management evaluated its investment in WAVE for impairment as a result of WAVE’s anticipated sale of its European and Pacific Rim businesses. Based on that evaluation, management concluded that as of December 31, 2017, its investment in WAVE was not impaired. See discussion in Note 26 to the Consolidated Financial Statements for additional information on this related party. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 10. GOODWILL AND INTANGIBLE ASSETS We conduct our annual impairment testing of non-amortizing intangible assets during the fourth quarter. The 2017, 2016 and 2015 reviews concluded that no impairment charges were necessary. See Note 2 to the Consolidated Financial Statements for a discussion of our accounting policy for intangible assets. The following table details amounts related to our intangible assets as of December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 20 years $ 176.3 $ 93.9 $ 165.3 $ 84.9 Developed technology 15 years 83.7 60.9 82.8 55.4 Other Various 5.9 1.1 6.3 1.3 Total $ 265.9 $ 155.9 $ 254.4 $ 141.6 Non-amortizing intangible assets Trademarks and brand names Indefinite 319.8 314.4 Goodwill 11.3 0.5 Total goodwill and intangible assets $ 597.0 $ 569.3 2017 2016 2015 Amortization expense $ 14.6 $ 13.9 $ 14.0 The expected annual amortization expense for the years 2018 through 2022 are as follows: 2018 $ 14.7 2019 14.7 2020 14.7 2021 13.3 2022 9.3 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | NOTE 11. OTHER NON-CURRENT ASSETS December 31, 2017 December 31, 2016 Cash surrender value of company-owned life insurance policies $ 53.9 $ 52.7 Fair value of derivative assets 8.7 7.5 Other 1.7 2.6 Total other non-current assets $ 64.3 $ 62.8 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accounts Payable And Accrued Expenses | NOTE 12. ACCOUNTS PAYABLE AND ACCRUED EXPENSES December 31, 2017 December 31, 2016 Payables, trade and other $ 67.6 $ 68.7 Employment costs 18.0 16.3 Current portion of pension and postretirement benefit liabilities 11.6 12.2 Contingent liability related to discontinued operations - 11.9 Other 11.2 7.9 Total accounts payable and accrued expenses $ 108.4 $ 117.0 |
Severance and Related Costs
Severance and Related Costs | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Severance and Related Costs | NOTE 13. SEVERANCE AND RELATED COSTS In an effort to optimize our organizational and manufacturing cost structures, during the fourth quarter of 2017, we recorded $3.3 million in costs of goods sold in our Mineral Fiber segment for severance and related costs to reflect approximately 126 position eliminations in connection with the planned closure of our St. Helens, Oregon mineral fiber manufacturing facility, expected to occur in the first half of 2018. In addition, during the fourth quarter of 2017, we recorded $1.3 million in SG&A expenses in our Mineral Fiber and Architectural Specialties segments for severance and related costs to reflect 18 position eliminations at our Lancaster, PA headquarters. In 2016 and 2015, we recorded $2.4 million and $5.3 million, respectively, in Unallocated Corporate for severance and related costs to reflect approximately 30 position eliminations (including our former Chief Executive Officer) as a result of our initiative to separate our flooring business from our ceiling business. These costs are reflected within Separation costs on the Consolidated Statements of Earnings and Comprehensive Income (Loss). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 14. INCOME TAXES On December 22, 2017, the U.S. federal government enacted the 2017 Tax Act, resulting in significant changes from existing U.S. tax laws that impact us, including, but not limited to, reducing the U.S. federal corporate income tax rate from 35% to 21%, allowing immediate 100% deduction for the cost of qualified property, eliminating the domestic production activities deduction, and imposing a one-time transition tax on the cumulative earnings and profits of certain foreign subsidiaries that were previously not repatriated and therefore not taxed for U.S. income tax purposes. Our federal income tax expense for periods beginning in 2018 will be based on the new rate. In December 2017, the Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin No. 118 (“SAB 118”), which addresses situations where the accounting is incomplete for the income tax effects of the 2017 Tax Act. SAB 118 directs registrants to consider the impact of the Act as “provisional” when they do not have the necessary information available, prepared or analyzed (including computations) to finalize the accounting for the change in tax law. Registrants are provided a measurement period of up to one year to obtain, prepare, and analyze information necessary to finalize the accounting for provisional amounts or amounts that cannot be estimated as of December 31, 2017. As a result of the reduction of the corporate income tax rate to 21%, we were required to re-measure our deferred tax assets and liabilities as of the date of enactment based on the rates at which they are expected to be utilized in the future. The rate change resulted in an $87.2 million reduction of our net deferred tax liabilities and a corresponding deferred income tax benefit in the fourth quarter of 2017. The 2017 Tax Act also changes the taxation of foreign earnings. Generally, corporations are no longer subject to U.S. federal income tax upon the receipt of dividends from foreign subsidiaries and are not permitted foreign tax credits (“FTCs”) related to such dividends. Accordingly, we recorded an additional valuation allowance on $9.5 million of FTCs as of December 31, 2017. This increase in our valuation allowance was due to these 2017 Tax Act provisions and as a result of the anticipated sale of our EMEA and Pacific Rim businesses. As we continue to analyze the 2017 Tax Act and refine our calculations, it could give rise to additional changes in our valuation allowance and the realizability of foreign tax credits. The one-time transition tax is based on the total post-1986 earnings and profits of our foreign subsidiaries. Substantially all of our earnings and profits were permanently reinvested outside the U.S prior to the 2017 Tax Act. We recorded provisional U.S. amounts for the one-time transition tax liabilities, resulting in an increase in income tax expense of $10.3 million. We have not yet completed our calculation of the total post-1986 earnings and profits for our foreign subsidiaries or the tax pools of our foreign subsidiaries. Further, the one-time transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when we finalize the calculation of tax pools, finalize the calculation of post-1986 foreign earnings and profits previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. Taxes due on the one-time transition tax are payable as of December 31, 2017 and may be elected to be paid over a period of eight years. The 2017 Tax Act also provides for immediate 100% deduction of the costs of qualified property placed in service from September 27, 2017 to December 31, 2022. This provision will begin to phase down by 20% per year beginning January 1, 2023 and will be completely phased out as of January 1, 2027. As of December 31, 2017, we have not completed our analysis of qualifying expenditures for purposes of determining the expenditures that qualify for the immediate 100% deduction under the 2017 Tax Act. The adjustments to deferred tax assets and liabilities, the liability related to the one-time transition tax, changes in our valuation allowance, the realizability of foreign tax credits and the immediate deduction of 100% of the costs of qualifying property are provisional amounts estimated based on information available as of December 31, 2017. These amounts are subject to change as we obtain information necessary to complete the calculations. Additional information that may affect our provisional amounts would include further clarification and guidance on how the Internal Revenue Service will implement tax reform, including guidance with respect to the one-time transition tax, further clarification and guidance on the impact of the 2017 Act from state taxing authorities and completion of our 2017 tax return filings. We will recognize any changes to the provisional amounts as we refine our estimates of cumulative temporary differences and our interpretations of the application of the 2017 Tax Act. We expect to complete our analysis of the provisional items by the second half of 2018. 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 and will generate foreign source income to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion, we considered the profit before tax generated for the years 2015 through 2017, as well as future reversals of existing taxable temporary differences and projections of future profit before tax and foreign source income. 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 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 not used as positive evidence related to the realization of the deferred tax assets in the assessment. As of December 31, 2017 and 2016, we had $664.6 million and $760.6 million, respectively, of gross state net operating loss (“NOL”) carryforwards expiring between 2018 and 2036. As of December 31, 2017, we also had FTC carryforwards of $15.7 million that expire between 2018 and 2022. U.S. FTC carryforwards as of December 31, 2016 were $22.1 million on a gross basis, $19.3 million when netted with unrecognized tax benefits. As of December 31, 2017 and 2016, we had valuation allowances of $47.4 million and $17.3 million, respectively. As of December 31, 2017, our valuation allowance consisted of $10.3 million for federal deferred tax assets related to FTC carryforwards, $17.7 million for the outside basis difference between book and tax of our EMEA and Pacific Rim businesses and $19.4 million for state deferred tax assets, primarily operating loss carryforwards. Our valuation allowance increased in comparison to December 31, 2016 primarily as a result of the 2017 Tax Act and the anticipated sale of our EMEA and Pacific Rim businesses. We estimate we will need to generate future federal taxable foreign source income of $74.8 million to fully realize FTC carryforwards before they expire in 2022. We estimate we will need to generate future taxable income of approximately $506.8 million for state income tax purposes during the respective realization periods (ranging from 2018 to 2036) in order to fully realize the net deferred income tax assets discussed above. 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, 2017 December 31, 2016 Deferred income tax assets (liabilities) Net operating losses $ 35.6 $ 32.0 Postretirement benefits 23.3 38.1 Pension benefit liabilities 16.7 42.4 Deferred compensation 12.1 17.8 Undistributed foreign earnings 17.7 - Foreign tax credit carryforwards 15.7 19.3 State tax credit carryforwards 10.5 9.1 Other 12.6 7.8 Total deferred income tax assets 144.2 166.5 Valuation allowances (47.4 ) (17.3 ) Net deferred income tax assets 96.8 149.2 Intangibles (136.3 ) (211.8 ) Accumulated depreciation (56.1 ) (49.2 ) Prepaid pension costs (20.4 ) (18.9 ) Inventories (4.4 ) (7.2 ) Other (1.7 ) (1.8 ) Total deferred income tax liabilities (218.9 ) (288.9 ) Net deferred income tax liabilities $ (122.1 ) $ (139.7 ) Deferred income taxes have been classified in the Consolidated Balance Sheet as: Deferred income tax assets - noncurrent $ 19.6 $ 14.4 Deferred income tax liabilities - noncurrent (141.7 ) (154.1 ) Net deferred income tax liabilities $ (122.1 ) $ (139.7 ) 2017 2016 2015 Details of taxes Earnings (loss) from continuing operations before income taxes: Domestic $ 224.1 $ 147.8 $ 92.7 Foreign (2.0 ) 2.8 1.9 Total $ 222.1 $ 150.6 $ 94.6 Income tax expense (benefit): Current: Federal $ 26.2 $ 15.1 $ 16.8 Foreign 1.4 5.0 2.8 State 4.7 (6.7 ) (4.8 ) Total current 32.3 13.4 14.8 Deferred: Federal (36.6 ) 22.6 12.7 Foreign (0.1 ) (1.1 ) (1.2 ) State 5.9 16.4 10.4 Total deferred (30.8 ) 37.9 21.9 Total income tax expense $ 1.5 $ 51.3 $ 36.7 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 anticipated sale of our EMEA and Pacific Rim businesses. Accordingly, we have recorded foreign withholding taxes of $7.6 million, primarily within discontinued operations, on approximately $245.5 million of net undistributed earnings of foreign subsidiaries. 2017 2016 2015 Reconciliation to U.S. statutory tax rate Continuing operations tax at statutory rate $ 77.7 $ 52.7 $ 33.1 Increase in valuation allowances on deferred domestic income tax assets 9.1 0.8 4.1 State income tax expense, net of federal benefit 7.9 3.2 4.0 Separation costs - 15.1 - Domestic production activities (5.8 ) (1.9 ) (5.2 ) Federal statute closure (2.3 ) (15.2 ) - 2017 Tax Act (82.5 ) - - Other (2.6 ) (3.4 ) 0.7 Tax expense at effective rate $ 1.5 $ 51.3 $ 36.7 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 have $53.4 million of Unrecognized Tax Benefits (“UTB”) as of December 31, 2017, $36.9 million ($35.2 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 $0.1 million related to state statutes expiring and increase by $2.8 million due to uncertain tax positions expected to be taken on domestic tax returns. We account for all interest and penalties on uncertain income tax positions as income tax expense. We reported $3.5 million of interest and penalty exposure as noncurrent income tax payable in the Consolidated Balance Sheet as of December 31, 2017. We had the following activity for UTB’s for the years ended December 31, 2017, 2016 and 2015: 2017 2016 2015 Unrecognized tax benefits balance at January 1, $ 86.9 $ 150.6 $ 142.6 Gross change for current year positions (2.2 ) 2.3 10.4 Increases for prior period positions 2.9 0.2 1.9 Decrease for prior period positions (0.1 ) (12.8 ) (4.1 ) Decrease due to settlements and payments - - - Decrease due to statute expirations (34.1 ) (53.4 ) (0.2 ) Unrecognized tax benefits balance at December 31, $ 53.4 $ 86.9 $ 150.6 We file income tax returns in the U.S., 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 2014. With few exceptions, the statute of limitations is no longer open for state or non-U.S. income tax examinations for the years before 2012. 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. 2017 2016 2015 Other taxes Payroll taxes $ 14.2 $ 13.9 $ 14.0 Property, franchise and capital stock taxes 4.0 4.0 4.0 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 15. DEBT December 31, 2017 Weighted Average Interest Rate for 2017 December 31, 2016 Weighted Average Interest Rate for 2016 Term loan A due 2021 $ 577.5 3.24 % $ 600.0 3.29 % Term loan B due 2023 245.6 4.25 % 248.1 4.58 % Tax exempt bonds due 2041 35.0 0.79 % 35.0 0.45 % Principal debt outstanding 858.1 3.43 % 883.1 3.54 % Unamortized debt financing costs (7.9 ) (9.5 ) Long-term debt 850.2 3.43 % 873.6 3.54 % Less current portion and short-term debt 32.5 3.32 % 25.0 3.42 % Total long-term debt, less current portion $ 817.7 3.43 % $ 848.6 3.54 % The weighted average interest rates above are inclusive of our interest rate swaps. See Note 18 to the Consolidated Financial Statements for further information. We have a $1,050.0 million senior credit facility which is composed of a $200.0 million revolving credit facility (with a $150.0 million sublimit for letters of credit), a $600.0 million Term Loan A and a $250.0 million Term Loan B. The revolving credit facility and Term Loan A are currently priced at 2.00% over LIBOR and the Term Loan B portion is priced at 2.75% over LIBOR with a 0.75% floor. 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 March 2021 and Term Loan B matures in November 2023. On April 1, 2016, we refinanced our senior credit facility. In connection with this refinancing, we paid $9.3 million of bank, legal and other fees, of which $8.1 million were capitalized and recorded as a component of long-term debt and are being amortized into interest expense over the lives of the underlying loans. Additionally, we wrote off $1.1 million of unamortized debt financing costs, included as a component of interest expense, in 2016 related to our previous credit facility. Finally, in connection with the refinancing, we executed new interest rate swaps. See Note 18 for additional details. In February 2017, we repriced the interest rate on our Term Loan B borrowing, resulting in a lower LIBOR spread (2.75% vs. 3.25%). The maturity date remained unchanged along with all other terms and conditions. In connection with the repricing we paid $0.6 million of bank, legal and other fees, the majority of which were capitalized. Under our senior credit facility we are subject to year-end leverage tests that may trigger mandatory prepayments. If our ratio of consolidated funded indebtedness, minus AWI and domestic subsidiary unrestricted cash and cash equivalents up to $100.0 million, to consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) (“Consolidated Net Leverage Ratio”) is greater than 3.5 to 1.0, the prepayment amount would be 50% of fiscal year Consolidated Excess Cash Flow. These annual payments would be made in the first quarter of the following year. No payment will be required in 2018 under the senior credit facility. As of December 31, 2017, we were in compliance with all covenants of the amended senior credit facility. Our debt agreements include other restrictions, including restrictions pertaining to the acquisition 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. Fully borrowing under our revolving credit facility would not violate these covenants. In anticipation of net sales proceeds to be received from Knauf in connection with the sale of our EMEA and Pacific Rim businesses, we received a consent from Bank of America, N.A., the administrative agent and collateral agent of our majority of the net proceeds from the sale of our EMEA and Pacific Rim businesses to our shareholders, in a manner and timing to be approved by our board of directors. As of December 31, 2017, our outstanding long-term debt included a $35.0 million variable rate, tax-exempt industrial development bond that financed the construction of a plant in prior years. This bond has a scheduled final maturity of 2041 and is remarketed by an agent on a regular basis at a market-clearing interest rate. Any portion of the bond that is not successfully remarketed by the agent is required to be repurchased by AWI. This bond is backed by letters of credit which will be drawn if a portion of the bond is not successfully remarketed. We have not had to repurchase the bond. We have a $40.0 million Accounts Receivable Securitization Facility (the “funding entity”) that matures in March 2019. Under our Accounts Receivable Securitization Facility we sell accounts receivables to Armstrong Receivables Company, LLC (“ARC”), a Delaware entity that is consolidated in these financial statements. ARC is a 100% wholly owned single member LLC special purpose entity created specifically for this transaction; therefore, any receivables sold to ARC are not available to the general creditors of AWI. ARC then sells an undivided interest in the purchased accounts receivables to the funding entity. This undivided interest acts as collateral for drawings on the facility. Any borrowings under this facility are obligations of ARC and not AWI. ARC contracts with and pays a servicing fee to AWI to manage, collect and service the purchased accounts receivables. All new receivables under the program generated by the originators are continuously purchased by ARC with the proceeds from collections of receivables previously purchased. As of December 31, 2017, we had no borrowings under this facility. None of our outstanding debt as of December 31, 2017 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: 2018 $ 32.5 2019 55.0 2020 62.5 2021 437.5 2022 2.5 2023 and later 268.1 We utilize lines of credit and other commercial commitments in order to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility, our bi-lateral facility and our securitization facility. Letters of credit 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: As of December 31, 2017 Financing Arrangement Limit Used Available Revolving credit facility $ 150.0 $ - $ 150.0 Bi-lateral facility 25.0 17.1 7.9 Accounts receivable securitization facility 29.6 36.2 (6.6 ) Total $ 204.6 $ 53.3 $ 151.3 The maximum limit for letters of credit availability under our accounts receivable securitization facility is subject to securitized accounts receivable balances and other collateral adjustments. As of December 31, 2017 and 2016, $6.6 million and $4.0 million of letters of credits issued under our accounts receivable securitization facility in excess of our maximum limit were classified as restricted cash and reported as a component of Cash and cash equivalents on our Consolidated Balance Sheets. This restriction will lapse upon replacement of collateral with accounts receivables and/or upon a change in the letter of credit limit as a result of higher securitized accounts receivable balances. |
Pension and Other Benefit Progr
Pension and Other Benefit Programs | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Pensions and Other Benefit Programs | NOTE 16. 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 worldwide defined contribution benefit plans were $6.2 million in 2017, $5.6 million in 2016 and $5.7 million in 2015. 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, 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. Our RIP was amended to freeze accruals for salaried non-production employees, effective December 31, 2017. The impact of this amendment resulted in a reduction to our December 31, 2016 projected benefit obligation with a corresponding increase to unrecognized loss, resulting in no curtailment gain or loss. The impact of this amendment has been reflected in the net periodic pension credit for 2017. In 2017, certain RIP participants with deferred vested benefits were offered an opportunity to elect a lump sum distribution of the participant’s entire accrued benefit. These distributions resulted in a partial plan settlement necessitating a plan remeasurement as of August 31, 2017. Settlement losses of $12.5 million and $8.3 million were recorded as components of cost of goods sold and SG&A expenses, respectively, during the third quarter of 2017. Effective December 31, 2017, AWI merged the Tectum, Inc. Pension Plan (the “Tectum Plan”) with and into the RIP. Tectum sponsored the Tectum Plan for the benefit of its eligible employees, which are limited to certain union employees at Tectum’s Newark, Ohio plant. Our non-U.S. defined benefit pension plan represents an unfunded plan in Germany not acquired by Knauf in connection with the announced sale of our EMEA and Pacific Rim segments. This plan utilizes assumptions which are consistent with, but not identical to, those of the U.S. plans. The following tables summarize the balance sheet impact of our 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. U.S. Pension Plans Non-U.S. Pension Plan 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation as of beginning of period $ 1,522.4 $ 1,918.1 $ 2.5 $ 2.5 Service cost 8.6 10.1 - - Interest cost 48.1 69.8 - 0.1 Partial settlement (58.1 ) - - - Foreign currency translation adjustment - - 0.4 (0.2 ) Actuarial loss (gain) 77.2 0.6 (0.1 ) 0.2 Benefits paid (103.2 ) (111.0 ) (0.1 ) (0.1 ) Merger of Tectum Plan 5.1 - - - Separation of AFI - (365.2 ) - - Benefit obligation as of end of period $ 1,500.1 $ 1,522.4 $ 2.7 $ 2.5 U.S. Pension Plans Non-U.S. Pension Plan 2017 2016 2017 2016 Change in plan assets: Fair value of plan assets as of beginning of period $ 1,512.9 $ 1,837.2 $ - $ - Actual return on plan assets 170.8 144.7 - - Employer contribution 3.9 4.2 0.1 0.1 Partial settlement (58.1 ) - - - Benefits paid (103.2 ) (111.0 ) (0.1 ) (0.1 ) Merger of Tectum Plan 3.4 - - - Separation of AFI - (362.2 ) - - Fair value of plan assets as of end of period $ 1,529.7 $ 1,512.9 $ - $ - Funded status of the plans $ 29.6 $ (9.5 ) $ (2.7 ) $ (2.5 ) U.S. Pension Plans Non-U.S. Pension Plan 2017 2016 2017 2016 Weighted-average assumptions used to determine benefit obligations at end of period: Discount rate 3.63 % 4.12 % 1.50 % 1.40 % Rate of compensation increase 3.05 % 3.10 % - - Weighted-average assumptions used to determine net periodic benefit cost for the period: Discount rate 4.12 % 4.40 % 1.40 % 2.00 % Expected return on plan assets 6.50 % 6.75 % - - Rate of compensation increase 3.10 % 3.10 % - - 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 6.50% and 6.75% for the years ended December 31, 2017 and 2016, respectively. The accumulated benefit obligation for the U.S. defined benefit pension plans was $1,496.4 million and $1,518.0 million as of December 31, 2017 and 2016, respectively. The accumulated benefit obligation for the non-U.S. defined benefit pension plan was $2.7 million and $2.5 million as of December 31, 2017 and 2016, respectively. U.S. Pension Plans Non-U.S. Pension Plan 2017 2016 2017 2016 Pension plans with benefit obligations in excess of assets Projected benefit obligation, December 31 $ 58.5 $ 58.2 $ 2.7 $ 2.5 Accumulated benefit obligation, December 31 58.5 58.1 2.7 2.5 The components of the pension (credit) cost are as follows: U.S. Pension Plans Non-U.S. Pension Plan 2017 2016 2015 2017 2016 2015 Service cost of benefits earned during the period $ 8.6 $ 10.1 $ 16.3 $ 2.2 $ 2.2 $ 2.4 Interest cost on projected benefit obligation 48.1 69.8 80.9 5.4 6.9 8.3 Expected return on plan assets (98.7 ) (110.6 ) (140.3 ) (6.8 ) (7.8 ) (9.0 ) Amortization of prior service cost 1.5 1.6 1.9 - - - Recognized net actuarial loss 17.5 48.3 72.8 1.3 1.2 2.8 Partial settlement 20.8 - - - - - Net periodic pension (credit) cost $ (2.2 ) $ 19.2 $ 31.6 $ 2.1 $ 2.5 $ 4.5 Less: Discontinued operations - 2.2 11.0 2.0 2.4 4.4 Net periodic pension (credit) cost, continuing operations $ (2.2 ) $ 17.0 $ 20.6 $ 0.1 $ 0.1 $ 0.1 The change in amortization of net actuarial loss for the U.S. defined-benefit plans for 2017 in comparison to 2016 was due to a reduction in active plan participants due to the separation of AFI. During 2016, actuarial gains and losses were amortized into future earnings over the expected remaining service period of plan participants, which was approximately 8 years for our U.S. defined-benefit pension plans. For 2017, actuarial gains and losses were amortized over the remaining life expectancy of plan participants, which was approximately 19 years 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 that 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 (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, 2017 and 2016 positions for each asset class: Target Weight at December Position at December 31, Asset Class 2017 2017 (1) 2016 Long duration bonds 59.0 % 59.0 % 55.0 % Equities 30.0 % 28.0 % 26.0 % High yield bonds and real assets 6.0 % 3.0 % 7.0 % Real estate and private equity 4.0 % 4.0 % 5.0 % Other 1.0 % 6.0 % 7.0 % (1) Investments in collective trust funds as of December 31, 2017 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, 2017 Description Level 1 Level 2 Level 3 Total Bonds $ - $ 879.5 $ - $ 879.5 Collective trust fund - 561.6 - 561.6 Other investments - - 2.7 2.7 Cash and other short-term investments 1.7 20.7 - 22.4 Net assets measured at fair value $ 1.7 $ 1,461.8 $ 2.7 $ 1,466.2 Investments measured at net asset value 63.5 Net assets $ 1,529.7 Value at December 31, 2016 Description Level 1 Level 2 Level 3 Total Bonds $ - $ 831.7 $ - $ 831.7 Equities 329.0 60.1 - 389.1 High yield bonds - 67.6 - 67.6 Real assets - 32.5 - 32.5 Other investments - - 2.8 2.8 Cash and other short-term investments 34.2 78.2 - 112.4 Net assets measured at fair value $ 363.2 $ 1,070.1 $ 2.8 $ 1,436.1 Investments measured at net asset value 76.8 Net assets $ 1,512.9 RIP Level 3 assets remained relatively unchanged from December 31, 2016 to December 31, 2017, with the change in Level 3 assets during 2017 due primarily to unrealized gains and losses. The RIP has investments in alternative investment funds as of December 31, 2017 and December 31, 2016 which are reported at fair value. Certain 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, 2017, 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, 2017 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Real estate $ 59.9 $ 2.2 Quarterly 45-90 Days Other investments 3.6 0.9 None None Investments measured at net asset value $ 63.5 $ 3.1 Value at December 31, 2016 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Real estate $ 73.3 $ 2.2 Quarterly 45-90 Days Other investments 3.5 0.9 None None Investments measured at net asset value $ 76.8 $ 3.1 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 individual bonds were measured at fair value based on the closing price reported in the active market in which the bond is traded and 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: Consists of separately managed accounts comprised of equity investments, fixed income securities, commodity future 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. Equities: Consists of domestic and international investments in common and preferred stocks as well as investments in registered investment funds investing in equities tailored to institutional investors. Individual common and preferred stocks are valued at the closing price reported on the active market on which the individual securities are traded and classified as Level 1 assets above. There are no readily available market quotations for registered investment company funds. The fair value, classified as Level 2 assets above, is 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. High yield bonds: Consists of an investment in a registered investment fund investing in fixed income securities tailored to institutional investors. There are no readily available market quotations for registered investment company funds. The fair value is 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 assets: Consists of a fund that has underlying investments in commodity futures contracts, as well as cash and fixed income instruments used as collateral instruments against the commodity future contracts. The futures contracts are considered real assets as the underlying securities include natural resources such as oil or precious metals, livestock, or raw agricultural products. The fair value is 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. Other investments: Consists of investments in a group insurance annuity contract and a limited partnership. Investments in the group insurance annuity contract were classified as Level 3 assets and measured at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations while considering the credit-worthiness of the issuer. The investments in the limited partnership were measured at fair value using the NAV practical expedient. Cash and other short-term investments : Cash and short term investments consist 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 payable and receivables consist primarily of margin on an account for a fund, 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. 2017 2016 U.S. defined-benefit retiree health and life insurance plans Change in benefit obligation: Benefit obligation as of beginning of period $ 93.1 $ 190.3 Service cost 0.4 0.4 Interest cost 3.0 4.7 Plan participants' contributions 2.8 3.2 Plan amendments (1.1 ) - Actuarial (gain) (1.3 ) (7.7 ) Benefits paid (10.3 ) (11.5 ) Separation of AFI - (86.3 ) Benefit obligation as of end of period $ 86.6 $ 93.1 2017 2016 Change in plan assets: Fair value of plan assets as of beginning of period $ - $ - Employer contribution 7.5 8.3 Plan participants' contributions 2.8 3.2 Benefits paid (10.3 ) (11.5 ) Fair value of plan assets as of end of period $ - $ - Funded status of the plans $ (86.6 ) $ (93.1 ) 2017 2016 U.S. defined-benefit retiree health and life insurance plans Weighted-average discount rate used to determine benefit obligations at end of period 3.60 % 4.10 % Weighted-average discount rate used to determine net periodic benefit cost for the period 4.11 % 4.17 % The components of postretirement benefit (credit) cost are as follows: 2017 2016 2015 U.S. defined-benefit retiree health and life insurance plans Service cost of benefits earned during the period $ 0.4 $ 0.4 $ 0.9 Interest cost on accumulated postretirement benefit obligation 3.0 4.7 8.1 Amortization of prior service (credit) - (0.3 ) (0.6 ) Amortization of net actuarial gain (3.6 ) (6.1 ) (7.8 ) Net periodic postretirement benefit (credit) cost $ (0.2 ) $ (1.3 ) $ 0.6 Less: Discontinued operations - (0.2 ) 0.8 Net periodic postretirement benefit (credit), continuing operations $ (0.2 ) $ (1.1 ) $ (0.2 ) For measurement purposes, an average rate of annual increase in the per capita cost of covered health care benefits of 8.0% for pre-65 retirees and 9.2% to 10.9% for post-65 retirees (depending on plan type) was assumed for 2017, decreasing ratably to an ultimate rate of 4.5% in 2026. Assumed health care cost trend rates can have a significant effect on the amounts reported for the health care plans. A one percentage point change in assumed health care cost trend rates would have the following effects: One percentage point Increase Decrease U.S. defined benefit retiree health and life insurance benefits plans Effect on total service and interest cost components $ (0.1 ) $ 0.1 Effect on postretirement benefit obligation (0.8 ) 0.7 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 Insurance Benefits 2017 2016 2017 2016 2017 2016 Prepaid pension costs $ 88.3 $ 48.7 $ - $ - $ - $ - Accounts payable and accrued expenses (4.1 ) (3.9 ) (0.1 ) - (7.4 ) (8.3 ) Postretirement benefit liabilities - - - - (79.2 ) (84.8 ) Pension benefit liabilities (54.6 ) (54.3 ) (2.6 ) (2.5 ) - - Net amount recognized $ 29.6 $ (9.5 ) $ (2.7 ) $ (2.5 ) $ (86.6 ) $ (93.1 ) Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of: U.S. Pension Plans Non-U.S. Pension Plan Retiree Health and Life Insurance Benefits 2017 2016 2017 2016 2017 2016 Net actuarial (loss) gain $ (520.2 ) $ (553.5 ) $ (8.9 ) $ (22.4 ) $ 49.5 $ 51.7 Prior service (cost) credit - (1.5 ) (0.5 ) (0.6 ) 1.1 0.1 Accumulated other comprehensive (loss) income $ (520.2 ) $ (555.0 ) $ (9.4 ) $ (23.0 ) $ 50.6 $ 51.8 For U.S. pension plans, we expect to amortize $20.1 million of previously unrecognized prior service cost and net actuarial losses into pension cost in 2018 and expect to contribute $4.0 million in 2018. For our non-U.S. pension plan, we do not expect to amortize any previously unrecognized net actuarial losses or unrecognized prior service cost into pension cost in 2018 and do not expect to contribute any amounts in 2018. For our U.S. postretirement benefit plans, we expect to amortize $5.3 million of previously unrecognized net actuarial gains and prior service credits into postretirement benefit cost in 2018 and expect to contribute $7.4 million in 2018. 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. and non-U.S plans: U.S. Pension Benefits (1) Non-U.S. Pension Benefits Retiree Health and Life Insurance Benefits, Net 2018 $ 106.4 $ 0.1 $ 7.4 2019 105.3 0.1 7.4 2020 104.4 0.1 7.1 2021 102.4 0.1 6.9 2022 101.5 0.1 6.6 2023 - 2027 482.6 0.6 28.8 (1) We were not required and did not make contributions to the RIP during 2017, 2016 or 2015 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations. Benefit payments to participants have been made directly from the RIP to participants from the assets of the plan. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | NOTE 17. FINANCIAL INSTRUMENTS We do not hold or issue financial instruments for trading purposes. The estimated fair values of our financial instruments are as follows: December 31, 2017 December 31, 2016 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(Liabilities), net: Total debt, including current portion $ (850.2 ) $ (850.8 ) $ (873.6 ) $ (873.7 ) Foreign currency contracts (0.8 ) (0.8 ) 1.3 1.3 Natural gas contracts (0.6 ) (0.6 ) 1.0 1.0 Interest rate swap contracts 8.9 8.9 6.9 6.9 The carrying amounts of cash and cash equivalents, receivables, accounts payable, accrued expenses, and short-term debt approximate fair value because of the short-term maturity of these instruments. The fair value estimates of long-term debt were primarily based upon quotes from a major financial institution of recently observed trading levels of our Term Loan A and Term Loan B debt. The fair value estimates of foreign currency contracts are estimated from market quotes provided by a well-recognized national market data provider. The fair value estimates of natural gas contracts are estimated using internal valuation models with verification by obtaining quotes from major financial institutions. For natural gas swap transactions, fair value is calculated using NYMEX market quotes provided by a well-recognized national market data provider. For natural gas option based strategies, fair value is calculated using an industry standard Black-Scholes model with market based inputs, including but not limited to, underlying asset price, strike price, implied volatility, discounted risk free rate and time to expiration, provided by a well-recognized national market data provider. The fair value estimates for interest rate swap contracts are estimated by obtaining quotes from major financial institutions with verification by internal valuation models. Refer to Note 18 for a discussion of the fair value and the related inputs used to measure fair value. The fair value measurement of assets and liabilities is summarized below: December 31, 2017 December 31, 2016 Fair value based on Fair value based on Quoted, active markets Other observable inputs Quoted, active markets Other observable inputs Level 1 Level 2 Level 1 Level 2 Assets/(Liabilities), net: Foreign currency contracts $ (0.8 ) $ - $ 1.3 $ - Natural gas contracts - (0.6 ) - 1.0 Interest rate swap contracts - 8.9 - 6.9 We do not have any financial assets or liabilities that are valued using Level 3 (unobservable) inputs. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 18. DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risk from changes in foreign exchange rates, interest rates and commodity prices that could impact our results of operations, cash flows and financial condition. We use forward swaps and option contracts to hedge these exposures. Forward swaps and option contracts are entered into for periods consistent with underlying exposure and do not constitute positions independent of those exposures. At inception, derivatives that we designate as hedging instruments are formally documented as either (1) a hedge of a forecasted transaction or “cash flow” hedge, or (2) a hedge of the fair value of a recognized liability or asset or “fair value” hedge. We also formally assess both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, we discontinue hedge accounting, and any future mark-to-market adjustments are recognized in earnings. We use derivative financial instruments as risk management tools and not for speculative trading purposes. Counterparty Risk We only enter into derivative transactions with established counterparties having an investment-grade credit rating. We monitor counterparty credit default swap levels and credit ratings on a regular basis. All of our derivative transactions with counterparties are governed by master International Swap and Derivatives Association agreements (“ISDAs”) with netting arrangements. These agreements can limit our exposure in situations where we have gain and loss positions outstanding with a single counterparty. We do not post nor do we receive cash collateral with any counterparty for our derivative transactions. These ISDAs do not have any credit contingent features; however, a default under our bank credit facility would trigger a default under these agreements. Exposure to individual counterparties is controlled, and thus we consider the risk of counterparty default to be negligible. Commodity Price Risk We purchase natural gas for use in the manufacturing process and to heat many of our facilities. As a result, we are exposed to fluctuations in the price of natural gas. We have a policy of reducing North American natural gas price volatility by purchasing natural gas forward contracts and swaps, purchased call options, and zero-cost collars up to 24 months forward. The contracts are based on forecasted usage of natural gas measured in mmBtu’s. There is a high correlation between the hedged item and the hedge instrument. The gains and losses on these instruments offset gains and losses on the transactions being hedged. These instruments are designated as cash flow hedges. As of December 31, 2017 and December 31, 2016, the notional amount of these hedges was $9.2 million and $7.4 million, respectively. The mark-to-market gain or loss on qualifying hedges is included in other comprehensive income to the extent effective, and reclassified into cost of goods sold in the period during which the underlying gas is consumed. The mark-to-market gains or losses on ineffective portions of hedges are recognized in cost of goods sold immediately. The earnings impact of the ineffective portion of these hedges was not material for the years ended December 31, 2017, 2016 and 2015. Currency Rate Risk – Sales and Purchases We manufacture and sell our products in a number of countries throughout the world and, as a result, we are exposed to movements in foreign currency exchange rates. To a large extent, our historical global manufacturing and sales provide a natural hedge of foreign currency exchange rate movement, as foreign currency expenses generally offset foreign currency revenues. Upon completion of the sale of our EMEA and Pacific Rim businesses, and on a continuing operations basis as of December 31, 2017, our only major foreign currency exposure is to the Canadian dollar. We manage our Canadian cash flow exposures on a net basis and when possible, use derivatives to hedge our unmatched foreign currency cash inflows and outflows. We use Canadian dollar forward exchange contracts to reduce our exposure to the risk that the eventual net cash inflows resulting from the sale of products to Canadian customers will be adversely affected by changes in exchange rates. These derivative instruments are used for forecasted transactions and are classified as cash flow hedges. Cash flow hedges are executed quarterly, generally up to 15 months forward, and allow us to further reduce our overall exposure to Canadian dollar exchange rate movements, since gains and losses on these contracts offset gains and losses on the transactions being hedged. The notional amount of these hedges was $18.9 million and $26.5 million at December 31, 2017 and December 31, 2016, respectively. Gains and losses on these instruments are recorded in other comprehensive income, to the extent effective, until the underlying transaction is recognized in earnings. The mark-to-market gains or losses on ineffective portions of hedges are recognized in SG&A expense immediately. The earnings impact of the ineffective portion of these hedges was not material for the years ended December 31, 2017, 2016 and 2015. Interest Rate Risk We utilize interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. The following table summarizes our interest rate swaps as of December 31, 2017: Trade Date Notional Amount Coverage Period Risk Coverage November 13, 2016 $ 250.0 November 2016 to March 2018 Term Loan A November 13, 2016 $ 200.0 November 2016 to March 2021 Term Loan A April 1, 2016 $ 100.0 April 2016 to March 2023 Term Loan B In connection with the refinancing of our credit facilities in April 2016, $450.0 million of notional amount Term Loan B swaps with a trade date of March 27, 2012 were settled and $10.7 million of losses recorded as a component of accumulated other comprehensive income were reclassified to interest expense in 2016. During the fourth quarter of 2016, we elected to change the floating rate basis for interest payments due under our Term Loan A credit facility from 3-month LIBOR to 1-month LIBOR. In connection with the change in our underlying interest payments, in November 2016 we entered into $450.0 million forward-starting notional amount basis rate swaps to convert the floating rate risk under our Term Loan A Swaps from 3-month LIBOR to 1-month LIBOR and jointly designated the basis swaps with our Term Loan A Swaps in cash flow hedging relationships. As a result of this transaction, $2.4 million of gains recorded as a component of accumulated other comprehensive income were reclassified as a reduction to interest expense during the fourth quarter of 2016. Since the basis rate swaps had a non-zero fair value upon designation as cash flow hedges, mark-to-market gains or losses on ineffective portions of these hedges are recorded as a component of interest expense. Under the terms of our Term Loan B swap with a trade date of April 1, 2016, we receive the greater of 3-month LIBOR or a 0.75% LIBOR Floor and pay a fixed rate over the hedged period. These swaps were designated as cash flow hedges against changes in LIBOR for a portion of our variable rate debt. The mark-to-market gains or losses on the ineffective portion of hedges are recognized in interest expense immediately. The earnings impact of the ineffective portion of these hedges was not material for the years ended December 31, 2017 and 2016. There was no earnings impact of the ineffective portion of these hedges for the years ended December 31, 2015. Financial Statement Impacts The following tables detail amounts related to our derivatives as of December 31, 2017 and December 31, 2016. We did not have any derivative assets or liabilities not designated as hedging instruments for the years ended December 31, 2017 and 2016. The derivative asset and liability amounts below are shown in gross amounts; we have not netted assets with liabilities. Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location December 2017 December 2016 Balance Sheet Location December 31, 2017 December 31, 2016 Derivatives designated as hedging instruments Natural gas commodity contracts Other current assets $ - $ 1.0 Accounts payable and accrued expenses $ 0.5 $ - Foreign exchange contracts Other current assets - 1.2 Accounts payable and accrued expenses 0.7 - Interest rate swap contracts Other current assets 0.2 - Accounts payable and accrued expenses - - Natural gas commodity contracts Other non-current assets - - Other long-term liabilities 0.1 - Foreign exchange contracts Other non-current assets - 0.1 Other long-term liabilities 0.1 - Interest rate swap contracts Other non-current assets 8.7 7.4 Other long-term liabilities - 0.5 Total derivatives designated as hedging instruments $ 8.9 $ 9.7 $ 1.4 $ 0.5 Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Gain (Loss) Reclassified from AOCI into Income (Effective Portion) 2017 2016 2015 2017 2016 2015 Derivatives in Cash Flow Hedging Relationships Natural gas commodity contracts $ (1.3 ) $ 0.6 $ (2.3 ) Cost of goods sold $ 0.3 $ (1.2 ) $ (4.4 ) Foreign exchange contracts – purchases (0.5 ) - 1.2 Cost of goods sold - - 1.8 Foreign exchange contracts – sales (1.8 ) (2.9 ) 4.7 Net sales 0.1 1.4 3.8 Interest rate swap contracts 2.2 6.8 (2.1 ) Interest expense (0.9 ) (8.3 ) (0.8 ) Total $ (1.4 ) $ 4.5 $ 1.5 Total gain (loss) from continuing operations (0.5 ) (8.1 ) 0.4 Total (loss) gain from discontinued operations (0.1 ) 0.2 - Total gain (loss) $ (0.6 ) $ (7.9 ) $ 0.4 As of December 31, 2017, the amount of existing losses in AOCI expected to be recognized in earnings over the next twelve months is $1.3 million. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Product Warranties | NOTE 19. PRODUCT WARRANTIES We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects. Our product warranties place certain requirements on the purchaser, including installation and maintenance in accordance with our written instructions. In addition to our warranty program, under certain limited circumstances, we will occasionally and at our sole discretion, provide a customer accommodation repair or replacement. Warranty repairs and replacements are most commonly made by professional installers employed by or affiliated with our independent distributors. Reimbursement for cost associated with warranty repairs are provided to our independent distributors through a credit against accounts receivable from the distributor to us. The following table summarizes the activity for the accrual of product warranties for December 31, 2017 and 2016: 2017 2016 Balance at beginning of period $ 0.2 $ 0.3 Current year warranty accruals 3.2 8.0 Reductions for payments (3.3 ) (8.1 ) Balance at end of period $ 0.1 $ 0.2 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | NOTE 20. OTHER LONG-TERM LIABILITIES December 31, 2017 December 31, 2016 Long-term deferred compensation arrangements $ 15.3 $ 15.9 Environmental liabilities 13.5 4.7 Long-term portion of derivative liabilities 0.2 0.5 Other 6.5 5.9 Total other long-term liabilities $ 35.5 $ 27.0 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Plans | NOTE 21. 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 8,949,000 shares of common stock, which includes all shares that have been issued under the 2016 LTIP. As of December 31, 2017, 2,543,180 shares were available for future grants under the 2016 LTIP. 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 550,000 shares of common stock, which includes all shares that have been issued under the 2016 Director’s Plans. As of December 31, 2017, 202,535 shares were available for future grants under the 2016 Director’s Plan. The following table presents stock option activity for the year ended December 31, 2017: Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value (millions) Option shares outstanding, December 31, 2016 1,350.6 $ 34.66 Option shares exercised (78.2 ) (41.62 ) Option shares outstanding, December 31, 2017 1,272.4 $ 34.23 3.4 $ 33.5 Option shares exercisable, vested and expected to vest, December 31, 2017 1,272.4 34.23 3.4 $ 33.5 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: 2017 2016 2015 Total intrinsic value of stock options exercised $ 0.9 $ 0.4 $ 3.5 Cash proceeds received from stock options exercised $ 3.3 $ 0.7 $ 6.4 Tax (expense) deduction realized from stock options exercised $ (0.2 ) $ (0.1 ) $ 0.4 The fair value of option grants was estimated on the date of grant using the Black-Scholes option pricing model. There were no option grants in 2017, 2016 or 2015. Historically, we have also granted non-vested stock awards in the form of restricted stock, RSUs, performance restricted stock and PSUs. As of December 31, 2017 and 2016, we have no outstanding restricted stock or performance restricted stock. A summary of the 2017 activity related to these awards follows: Non-Vested Stock Awards RSUs PSUs Number of shares (thousands) Weighted- average fair value at grant date Number of shares (thousands) Weighted- average fair value at grant date December 31, 2016 224.5 $ 44.94 290.4 $ 40.29 Granted 54.2 47.18 139.4 44.65 Vested (101.1 ) (46.23 ) (39.7 ) (47.19 ) Forfeited (6.0 ) (44.23 ) (10.4 ) (43.91 ) December 31, 2017 171.6 $ 45.27 379.7 $ 41.08 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. RSUs and PSUs generally had vesting periods of three years at the grant date. RSUs and PSUs earn dividends during the vesting period that are forfeitable if the awards do not vest. The table above contains 8,354 and 9,581 RSUs as of December 31, 2017 and 2016, respectively, which are accounted for as liability awards as they are able to be settled in cash. The table above contains 720 PSUs as of December 31, 2016, which are accounted for as liability awards as they are able to be settled in cash. Employee liability awards outstanding for all periods represent awards to employees of our EMEA and Pacific Rim businesses. The underlying liability is reflected as a component of current liabilities from discontinued operations on our consolidated balance sheets. RSUs and PSUs 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 2017 and 2016, we granted 69,769 and 158,790 PSUs 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 is presented in the table below. 2017 2016 Weighted-average grant date fair value of market based PSUs granted (dollars per award) $ 43.29 $ 37.75 Assumptions Risk free rate of return 1.5 % 0.8 % Expected volatility 28.0 % 28.0 % Expected term (in years) 3.1 2.7 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 an average of the actual historical volatilities of the stock prices of AWI and a peer group of companies. We elected to not rely solely on AWI’s actual historical stock price volatility due to the separation of AFI. The expected life represented the performance period on the underlying award. The expected dividend yield was assumed to be zero because, at the time of each grant, we had no plans to declare a dividend. In addition to the equity awards described above, as of December 31, 2017 we had 11,773 fully-vested phantom shares outstanding for non-employee directors under the 2006 Phantom Stock Unit Plan not reflected in the non-vested stock awards table above. These awards are settled in cash and had vesting periods of one to three years. The awards are generally payable six months following the director’s separation from service on the Board of Directors. The total liability recorded for these shares as of December 31, 2017 was $1.3 million which includes associated non-forfeitable dividends. The 2006 Phantom Stock Unit Plan is still in place; however, no additional shares will be granted under the plan. As of December 31, 2017 and 2016, there were 191,725 and 189,237 RSUs, respectively, outstanding under the 2016 Directors Stock Unit Plan not reflected in the Non-Vested Stock Awards table above. In 2017 and 2016, we granted 22,433 and 25,714 restricted stock units, respectively, to non-employee directors. These awards generally have a vesting period of one year, and as of December 31, 2017 and 2016, 169,292 and 163,523 shares, respectively, were vested but not yet delivered. The awards are generally payable six months following the director’s separation from service on the Board of Directors and earn dividends during the vesting period that are non-forfeitable. We recognize share-based compensation expense on a straight-line basis over the vesting period. Share-based compensation cost was $9.8 million ($5.9 million net of tax benefit) in 2017; $11.0 million ($6.6 million net of tax benefit) in 2016, and $10.2 million ($6.0 million net of tax benefit) in 2015. As of December 31, 2017, there was $12.1 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 1.6 years. |
Employee Costs
Employee Costs | 12 Months Ended |
Dec. 31, 2017 | |
Compensation Related Costs [Abstract] | |
Employee Costs | NOTE 22. EMPLOYEE COSTS 2017 2016 2015 Wages, salaries and incentive compensation $ 191.0 $ 179.1 $ 185.1 Payroll taxes 14.2 13.9 14.0 Defined contribution and defined benefit pension plan expense, net 4.1 22.7 26.4 Insurance and other benefit costs 24.0 21.4 18.8 Share-based compensation 9.8 11.0 10.2 Total $ 243.1 $ 248.1 $ 254.5 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | NOTE 23. LEASES We rent certain real estate and equipment. Several leases include options for renewal or purchase, and contain clauses for payment of real estate taxes and insurance. In most cases, management expects that in the normal course of business, leases will be renewed or replaced by other leases. Rent expense was $6.7 million in 2017, $5.2 million in 2016 and $5.2 million in 2015. Future minimum payments at December 31, 2017 by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows: Total Minimum Lease Payments Scheduled minimum lease payments 2018 $ 2.4 2019 2.2 2020 1.8 2021 1.5 2022 1.1 Thereafter 4.3 Total $ 13.3 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | NOTE 24. SHAREHOLDERS' EQUITY Common Stock Repurchase Plan On July 29, 2016, the Company announced that its Board of Directors had approved a share repurchase program pursuant to which the Company is authorized to repurchase up to $150.0 million of its outstanding shares of common stock through July 31, 2018 (the “Program”). On October 30, 2017, we announced that our Board of Directors had approved an additional $250.0 million authorization to repurchase shares of our outstanding common stock under the Program. The Program was also extended through October 31, 2020. Repurchases under the Program may be made through open market, block and privately-negotiated transactions, including Rule 10b5-1 plans, at 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 the Company to repurchase any particular amount of common stock and may be suspended or discontinued at any time without notice. During 2017, 1.8 million shares were repurchased under the Program for a total cost of $80.4 million, or an average price of $43.58 per share. During 2016, 1.1 million shares were repurchased under the Program for a total cost of $43.8 million, or an average price of $39.45 per share. Since inception of the Program, we have repurchased 2.95 million shares under the Program for a total cost of $124.2 million, or an average price of $42.03 per share. Accumulated Other Comprehensive (Loss) The balance of each component of accumulated other comprehensive (loss), net of tax as of December 31, 2017 and 2016 is presented in the table below. December 31, 2017 December 31, 2016 Foreign currency translation adjustments $ (47.1 ) $ (71.6 ) Derivative gain, net 3.5 3.8 Pension and postretirement adjustments (302.3 ) (336.0 ) Accumulated other comprehensive (loss) $ (345.9 ) $ (403.8 ) The amounts and related tax effects allocated to each component of other comprehensive income for 2017, 2016, and 2015 are presented in the table below. Pre-tax Amount Tax Benefit After- tax Amount 2017 Foreign currency translation adjustments $ 24.5 $ - $ 24.5 Derivative (loss), net (0.8 ) 0.5 (0.3 ) Pension and postretirement adjustments 50.4 (16.7 ) 33.7 Total other comprehensive income $ 74.1 $ (16.2 ) $ 57.9 Pre-tax Amount Tax Expense After-tax Amount 2016 Foreign currency translation adjustments $ (33.2 ) $ - $ (33.2 ) Derivative gain, net 11.9 (4.4 ) 7.5 Pension and postretirement adjustments 75.7 (26.4 ) 49.3 Total other comprehensive income $ 54.4 $ (30.8 ) $ 23.6 Pre-tax Amount Tax Benefit After-tax Amount 2015 Foreign currency translation adjustments $ (25.5 ) $ - $ (25.5 ) Derivative gain, net 1.1 (0.4 ) 0.7 Pension and postretirement adjustments 50.7 (17.8 ) 32.9 Total other comprehensive (loss) income $ 26.3 $ (18.2 ) $ 8.1 The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2017 and 2016: Foreign Currency Translation Adjustments (1) Derivative (Loss) Gain (1) Pension and Postretirement Adjustments (1) Total Other Comprehensive (Loss) (1) Balance, December 31, 2015 $ (33.8 ) $ (3.3 ) $ (450.3 ) $ (487.4 ) Separation of AFI, net of tax (benefit) of $-, $-, ($39.2), and ($39.2) (4.6 ) (0.4 ) 65.0 60.0 Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) of $ -, ($1.8), ($10.9), and ($12.8) (33.2 ) 3.0 20.2 (10.0 ) Amounts reclassified from accumulated other comprehensive income - 4.5 29.1 33.6 Net current period other comprehensive (loss) income (33.2 ) 7.5 49.3 23.6 Balance, December 31, 2016 (71.6 ) 3.8 (336.0 ) (403.8 ) Other comprehensive income (loss) income before reclassifications, net of tax expense (benefit) of $ -, $0.8, ($3.6), and ($2.8) 24.5 (0.7 ) 9.3 33.1 Amounts reclassified from accumulated other comprehensive income - 0.4 24.4 24.8 Net current period other comprehensive income (loss) 24.5 (0.3 ) 33.7 57.9 Balance, December 31, 2017 $ (47.1 ) $ 3.5 $ (302.3 ) $ (345.9 ) (1) Amounts are net of tax The amounts reclassified from AOCI and the affected line item of the Consolidated Statement of Earnings and Comprehensive Income are presented in the table below. Amounts Reclassified from AOCI Affected Line Item in the Consolidated Statement of Earnings and Comprehensive Income 2017 2016 Derivative Adjustments: Natural gas commodity contracts $ (0.3 ) $ 1.2 Cost of goods sold Foreign exchange contracts - purchases 0.1 (0.2 ) Cost of goods sold Foreign exchange contracts - sales (0.1 ) (1.4 ) Net sales Interest rate swap contracts 0.9 8.3 Interest expense Total income from continuing operations, before tax 0.6 7.9 Tax impact (0.2 ) (2.8 ) Income tax expense Total income from continuing operations, net of tax 0.4 5.1 Total (loss) from discontinued operations, net of tax benefit of $- and ($0.3) - (0.6 ) Total income, net of tax 0.4 4.5 Pension and Postretirement Adjustments: Prior service cost amortization 0.9 0.6 Cost of goods sold Prior service cost amortization 0.6 0.6 SG&A expense Amortization of net actuarial loss 7.4 20.7 Cost of goods sold Amortization of net actuarial loss 7.8 18.4 SG&A expense Partial settlement 12.5 - Cost of goods sold Partial settlement 8.3 - SG&A expense Total expense from continuing operations, before tax 37.5 40.3 Tax impact (13.1 ) (14.1 ) Income tax expense Total expense from continuing operations, net of tax 24.4 26.2 Total expense from discontinued operations net of tax expense of $- and $1.5 - 2.9 Total expense, net of tax 24.4 29.1 Total reclassifications for the period $ 24.8 $ 33.6 |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | NOTE 25. SUPPLEMENTAL FINANCIAL INFORMATION 2017 2016 2015 Selected operating expense Maintenance and repair costs $ 42.5 $ 41.4 $ 42.2 Research and development costs 17.4 17.8 18.7 Advertising costs 6.0 5.4 5.5 Other non-operating (income)/expense Interest income $ (1.8 ) $ (1.0 ) $ (0.6 ) Foreign currency transaction (gain)/loss, net of hedging activity (0.6 ) (9.4 ) 13.8 Other - (0.8 ) 4.6 Total $ (2.4 ) $ (11.2 ) $ 17.8 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 26. RELATED PARTIES In some markets, we purchase grid products from WAVE, our 50%-owned joint venture with Worthington Industries, for resale to customers. The total amount of these purchases was $18.2 million in 2017, $18.0 million in 2016 and $18.2 million in 2015. We also provide certain selling, promotional and administrative processing services to WAVE for which we receive reimbursement. Those services amounted to $14.9 million in 2017, $9.1 million in 2016, and $8.8 million in 2015. The net amount due to WAVE from us for all of our relationships was $2.6 million as of December 31, 2017 and $4.2 million as of December 31, 2016. See Note 9 to the Consolidated Financial Statements for additional information. |
Litigation and Related Matters
Litigation and Related Matters | 12 Months Ended |
Dec. 31, 2017 | |
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. These regulatory requirements continually change, therefore we cannot predict with certainty future expenditures associated with compliance with environmental requirements. Environmental Sites Summary We are actively involved in the investigation, closure and/or remediation of existing or potential environmental contamination under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and state Superfund and similar environmental laws at several domestically owned, formerly owned and non-owned locations allegedly resulting from past industrial activity. In a few cases, we are one of several potentially responsible parties and have agreed to jointly fund the required investigation and remediation, while preserving our defenses to the liability. We may also have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. We are currently pursuing coverage and recoveries under those policies with respect to certain of the sites, including the St. Helens, OR site, the Macon, GA site and the Elizabeth City, NC site, each of which is summarized below. These efforts include two active and independent litigation matters against legacy primary and excess policy insurance carriers for recovery of fees and costs incurred by us in connection with our investigation and remediation activities for such sites. Other than disclosed below, we are unable to predict the outcome of these matters or the timing of any recoveries, whether through settlement or otherwise. We are also unable to predict the extent to which any recoveries might cover our final share of investigation and remediation costs for these sites. Our final share of investigation and remediation costs may exceed any such recoveries, and such amounts net of insurance recoveries, may be material. In 2017 we entered settlement agreements totaling $30.5 million with 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 an $11.2 million reduction to cost of goods sold and a $19.3 million reduction to SG&A expenses during the third and fourth quarters of 2017, reflecting the same income statement categories where environmental expenditures were historically recorded. We obtained court approval of these settlements in January 2018 and now expect payments to be released to us from escrow in the first quarter of 2018. We anticipate that we may enter into additional settlement agreements in the future that 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. Specific Material Events St Helens, OR In August 2010, we entered into a Consent Order (the “Consent Order”) with the Oregon Department of Environmental Quality (“ODEQ”), along with Kaiser Gypsum Company, Inc. (“Kaiser”), and Owens Corning Sales LLC (“OC”), with respect to our St. Helens, OR facility, which was previously owned by Kaiser and then OC. The Consent Order requires that we and Kaiser complete a remedial investigation and feasibility study (“RI/FS”) on the portion of the site owned by us (“Owned Property”), which is comprised of Upland and Lowland areas. The Consent Order further requires us, Kaiser and OC to conduct an RI/FS in the In-Water area of the adjacent Scappoose Bay. Costs and responsibilities for investigation, including the current RI/FS, for the Owned Property have been shared with Kaiser pursuant to a cost sharing agreement with Kaiser. Costs and responsibilities for the investigation with respect to the in-water areas that we do not own have been shared with Kaiser and OC pursuant to a cost sharing agreement with Kaiser and OC. On September 14, 2016, the parties submitted a Feasibility Study to the ODEQ proposing remedial action options for the Upland area. We have participated in the investigation phase for the Lowland area of the Owned Property and the Scappoose Bay and worked with the ODEQ, Kaiser and OC to finalize the reports to move to the Feasibility Study phase. On September 30, 2016, Kaiser filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of North Carolina (Case No. 16-31602). AWI, OC and the ODEQ have all been included on the master list of potential creditors filed with the Bankruptcy Court for notice purposes. By order dated October 14, 2016, the Bankruptcy Court formed a statutory committee of unsecured creditors, to which we were appointed to serve, along with OC and The Boeing Company. The Committee is charged with, among other things, maximizing recovery of all unsecured creditor claims, including claims of Kaiser and ODEQ. Noticed parties submitted claims to the Bankruptcy Court on September 13, 2017. The Chapter 11 case impacts Kaiser’s ongoing participation in the RI/FS process, as well as the ODEQ consent order and cost sharing agreements. In November 2017, we participated in voluntary mediation with ODEQ, OC and Kaiser to negotiate a resolution that would discharge Potentially Responsible Parties (“PRPs”) liability for the site. As a result of the mediation, on February 1, 2018, ODEQ issued a Public Notice and a proposed Consent Judgment recommending that, in exchange for a release from ODEQ for all contamination claims against AWI, we would pay $8.6 million to the State of Oregon and perform a previously scoped remedial action for the Upland area of the site. During the fourth quarter of 2017, we increased our reserve for environmental liabilities by $8.6 million as a result of this pending settlement with the State of Oregon. The Consent Judgment remains subject to a public comment period and subsequent entry and approval by the Columbia County Circuit Court, which we expect to occur in 2018. Macon, GA The U.S. Environmental Protection Agency (“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 with the EPA to investigate PCB contamination in one of the landfills on our property, the Wastewater Treatment Plant Landfill (the “WWTP Landfill,” also known as “Operable Unit 1”). We concluded the investigative phase of the Removal Action for the WWTP Landfill and submitted our final Engineering Evaluation/Cost Analysis (“EE/CA”) to the EPA in 2013. The EPA subsequently approved the EE/CA and issued an Action Memorandum in July 2013 selecting our recommended remedy for the Removal Action. In July 2014, we entered into an Administrative Order on Consent for Removal Action with the EPA for the WWTP Landfill. The EPA approved the Removal Action Work Plan on March 30, 2015 and the removal work commenced in the third quarter of 2015. The Operable Unit 1 response action for the WWTP Landfill is complete and the final report was submitted to the EPA on October 11, 2016. The EPA approved the final report on November 28, 2016, and a Post-Removal Control Plan (the “Plan”) was submitted to the EPA on March 28, 2017. That Plan will monitor the effectiveness of the WWTP Landfill response action and our estimate of future liabilities includes these tasks. It is probable that we will incur field investigation, engineering and oversight costs associated with a RI/FS with respect to the remainder of the Superfund site, which includes the other landfill on our property, as well as areas on and adjacent to AWI’s property and Rocky Creek (the “Remaining Site,” also known as “Operable Unit 2”). On September 25, 2015, AWI and other PRPs received a Special Notice Letter from the EPA under CERCLA inviting AWI and the PRPs to enter into the negotiation of an agreement to conduct an RI/FS of Operable Unit 2. We, along with the other PRPs, submitted a good faith offer to the EPA in response to the Special Notice Letter to conduct RI/FS. We and the other PRPs are in negotiations with the EPA on the agreement to conduct an RI/FS for Operable Unit 2. We have not yet commenced an investigation of this portion of the site. We anticipate that the EPA will require significant investigative work for Operable Unit 2 and that we may ultimately incur costs in remediating any contamination discovered during the RI/FS. The current estimate of future liability at this site includes only our estimated share of the costs of the investigative work that, at this time, we anticipate the EPA will require the PRPs to perform. We are unable to reasonably estimate AWI’s final share of the costs or the total costs associated with the investigation work or any resulting remediation therefrom, although such amounts may be material. Elizabeth City, NC This site is a former cabinet manufacturing facility that was operated by Triangle Pacific Corporation, now known as Armstrong Wood Products, Inc. (“Triangle Pacific”), from 1977 until 1996. The site was formerly owned by the U.S. Navy (“Navy”) and Westinghouse, now CBS Corporation (“CBS”). We assumed ownership of the site when we acquired the stock of Triangle Pacific in 1998. Prior to our acquisition, the NC Department of Environment and Natural Resources listed the site as a hazardous waste site. In 1997, Triangle Pacific entered into a cost sharing agreement with Westinghouse whereby the parties agreed to share equally in costs associated with investigation and potential remediation. In 2000, Triangle Pacific and CBS entered into an Administrative Order on Consent to conduct an RI/FS with the EPA for the site. In 2007, we and CBS entered into an agreement with the Navy whereby the Navy agreed to pay one third of defined past and future investigative costs up to a certain amount, which has now been exhausted. The EPA approved the RI/FS work plan in August 2011. In January 2014, we submitted the draft Remedial Investigation and Risk Assessment reports and conducted supplemental investigative work based upon agency comments to those reports. The parties have agreed upon tasks and timeframes to complete a feasibility study at the site, working toward a Proposed Plan and Record Of Decision in 2018. If remediation is required, the related costs may be material, although we expect these costs to be shared with CBS and the Navy. Summary of Financial Position Liabilities of $13.5 million as of December 31, 2017 and $4.7 million as of December 31, 2016 were recorded for potential environmental liabilities that we consider probable and for which a reasonable estimate of the probable liability could be made. During 2017, we recorded reserves for potential environmental liabilities of $10.1 million, including $8.6 million of reserves recorded in the fourth quarter for the above referenced St. Helens settlement. During 2016, we recorded reserves for potential environmental liabilities of $2.9 million. Where existing data is sufficient to estimate the liability, that estimate has been used; where only a range of probable liabilities is available and no amount within that range is more likely than any other, the lower end of the range has been used. As assessments and remediation activities progress at each site, these liabilities are reviewed to reflect new information as it becomes available, and adjusted to reflect amounts actually incurred and paid. These liabilities are undiscounted. The estimated liabilities above do not take into account any claims for recoveries from insurance or third parties. It is our policy to record insurance recoveries when probable. For insurance recoveries that are reimbursements of prior environmental expenditures, the income statement impact is recorded within cost of goods sold, SG&A expenses and/or discontinued operations, which are the same income statement categories where environmental expenditures were historically recorded. Insurance recoveries in excess of historical environmental spending, if any, would be recorded on the balance sheet as a part of other long-term liabilities and released as future environmental spending occurs or the liability is settled. The estimated liabilities above do not take into account any claims for recoveries from insurance or third parties. It is our policy to record recoveries as assets in the Consolidated Balance Sheets. Actual costs to be incurred at identified sites may vary from our estimates. Based on our knowledge of the identified sites, it is not possible to reasonably estimate future costs in excess of amounts already recognized. OTHER CLAIMS On September 8, 2017, Roxul USA, Inc. (d/b/a Rockfon) filed litigation against us in the United States District Court for the District of Delaware alleging anticompetitive conduct seeking remedial measures and unspecified damages. Roxul USA, Inc. is a significant ceilings systems competitor with global headquarters in Europe and expanding operations in the Americas. We believe the allegations are without merit and are vigorously defending the matter. We are involved in various other lawsuits, claims, investigations and other legal matters from time to time that arise in the ordinary course of business, including matters involving our products, intellectual property, relationships with suppliers, relationships with distributors, relationships with competitors, employees and other matters. From time to time, for example, we may be a party to litigation matters that involve product liability, tort liability and other claims under various allegations, including illness due to exposure to certain chemicals used in the workplace; or medical conditions arising from exposure to product ingredients or the presence of trace contaminants. Such allegations may involve multiple defendants and relate to legacy products that we and other defendants purportedly manufactured or sold. We believe that any current claims are without merit and intend to defend them vigorously. For these matters, we also may have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. When applicable and appropriate, we will pursue coverage and recoveries under those policies, but are unable to predict the outcome of those demands. While complete assurance cannot be given to the outcome of these proceedings, we do not believe that any current claims, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 28. EARNINGS PER SHARE Earnings per share components may not add due to rounding. The following table is a reconciliation of net earnings to net earnings attributable to common shares used in our basic and diluted EPS calculations for the years ended December 31, 2017, 2016, and 2015: 2017 2016 2015 Earnings from continuing operations $ 220.6 $ 99.3 $ 57.9 Earnings allocated to participating non-vested share awards (0.7 ) (0.3 ) (0.2 ) Earnings from continuing operations attributable to common shares $ 219.9 $ 99.0 $ 57.7 2017 2016 2015 (in millions) Basic shares outstanding 53.3 55.4 55.5 Dilutive effect of common stock equivalents 0.6 0.3 0.4 Diluted shares outstanding 53.9 55.7 55.9 Options to purchase 319,836, 632,799 and 203,527 shares of common stock were outstanding as of December 31, 2017, 2016, and 2015, respectively, but not included in the computation of diluted earnings per share, because the options were anti-dilutive. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II | SCHEDULE II Armstrong World Industries, Inc., and Subsidiaries Valuation and Qualifying Reserves (amounts in millions) Balance at beginning of year Additions charged to earnings Deductions Balance at end of year 2015 Provision for bad debts $ 1.3 $ - $ (0.2 ) $ 1.1 Provision for discounts 2.0 15.8 (17.0 ) 0.8 Provision for warranties - 1.6 (1.3 ) 0.3 2016 Provision for bad debts $ 1.1 $ - $ (0.7 ) $ 0.4 Provision for discounts 0.8 16.9 (16.4 ) 1.3 Provision for warranties 0.3 8.0 (8.1 ) 0.2 2017 Provision for bad debts $ 0.4 $ - $ (0.1 ) $ 0.3 Provision for discounts 1.3 17.6 (17.4 ) 1.5 Provision for warranties 0.2 3.2 (3.3 ) 0.1 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation Policy | Consolidation Policy |
Use of Estimates | Use of Estimates |
Reclassifications | Reclassifications |
Revenue Recognition | Revenue Recognition |
Sales Incentives | Sales Incentives |
Shipping and Handling Costs | Shipping and Handling Costs |
Advertising Costs | Advertising Costs |
Research and Development Costs | Research and Development Costs |
Pension and Postretirement Benefits | Pension and Postretirement Benefits |
Taxes | Taxes 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 earlier. Taxes collected from customers and remitted to governmental authorities are reported on a net basis. |
Earnings per Share | Earnings per Share |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Concentration of Credit | Concentration of Credit |
Receivables | Receivables We establish credit-worthiness 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 |
Property Plant and Equipment | Property Plant and Equipment 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. 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. The estimate of an asset group’s fair value is 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. When assets are disposed of or retired, their costs and related depreciation are removed from the financial statements, and any resulting gains or losses normally are reflected in cost of goods sold or selling, general and administrative (“SG&A”) expenses depending on the nature of the asset. |
Asset Retirement Obligations | Asset Retirement Obligations |
Intangible Assets | Intangible Assets Our indefinite-lived intangibles are primarily goodwill, trademarks and brand names, with Armstrong representing our primary trademark, which are integral to our corporate identity and expected to contribute indefinitely to our cash flows. Accordingly, they have been assigned an indefinite life. We perform annual impairment tests during the fourth quarter on these indefinite-lived intangibles. These assets undergo more frequent tests if an indication of possible impairment exists. The principal assumption used in our impairment tests for definite-lived intangible assets is future operating profit adjusted for depreciation and amortization. The principal assumptions used in our impairment tests for indefinite-lived intangible assets include revenue growth rate, discount rate and royalty rate. Revenue growth rate and future operating profit assumptions are derived from those utilized in our operating plan and strategic planning processes. The discount rate assumption is calculated based upon an estimated weighted average cost of equity which reflects the overall level of inherent risk and the rate of return a market participant would expect to achieve. The royalty rate assumption represents the estimated contribution of the intangible asset to the overall profits of the reporting unit. Methodologies used for valuing our intangible assets did not change from prior periods. See Note 10 to the Consolidated Financial Statements for disclosure on intangible assets. |
Foreign Currency Transactions | Foreign Currency Transactions |
Financial Instruments and Derivatives | Financial Instruments and Derivatives |
Share-Based Employee Compensation | Share-based Employee Compensation |
Subsequent Events | Subsequent Events |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “ Simplifying the Measurement of Inventory In March 2016, the FASB issued ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” “Principal versus Agent Considerations (Reporting Gross versus Net),” “Identifying Performance Obligations and Licensing,” “Narrow-Scope Improvements and Practical Expedients,” “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” Collectively, the revenue recognition updates are effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. We have adopted these standards effective January 1, 2018 using the modified retrospective transition method and have applied all practical expedients related to completed contracts upon adoption. Substantially all of our revenues from contracts with customers are recognized from the sale of products with standard shipping terms, sales discounts and warranties. Based on our evaluation, adoption will not have a material impact to our financial condition, results of operations or cash flows as the amount and timing of substantially all of our revenues will continue to be recognized at a point in time. We will be impacted by the expanded disclosure requirements of the revenue recognition updates, most notably the disclosure of revenues from contracts with customers into disaggregated categories. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” In February 2016, the FASB issued ASU 2016-02, “Leases,” In August 2016, the FASB issued ASU 2016-15 , “Classification of Certain Cash Receipts and Cash Payments.” In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” In February 2018, the FASB issued ASU 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |
Nature Of Operations (Tables)
Nature Of Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule Of Segment Reporting Information | Mineral Fiber Architectural Specialties Unallocated Corporate Total For the year ended 2017 Net sales to external customers $ 756.4 $ 137.2 $ - $ 893.6 Equity (earnings) from joint venture (67.0 ) - - (67.0 ) Segment operating income (loss) 231.9 27.7 (4.5 ) 255.1 Segment assets 1,193.5 53.2 320.7 1,567.4 Depreciation and amortization (1) 59.2 1.8 6.0 67.0 Investment in joint venture 107.3 - - 107.3 Purchases of property, plant and equipment (1) 76.1 1.6 - 77.7 Mineral Fiber Architectural Specialties Unallocated Corporate Total For the year ended 2016 Net sales to external customers $ 736.6 $ 100.7 $ - $ 837.3 Equity (earnings) from joint venture (73.1 ) - - (73.1 ) Segment operating income (loss) 223.9 19.2 (54.2 ) 188.9 Segment assets 1,145.1 17.3 249.3 1,411.7 Depreciation and amortization (1) 53.6 0.8 0.4 54.8 Investment in joint venture 106.2 - - 106.2 Purchases of property, plant and equipment (1) 66.1 0.2 - 66.3 Mineral Fiber Architectural Specialties Unallocated Corporate Total For the year ended 2015 Net sales to external customers $ 723.7 $ 81.4 $ - $ 805.1 Equity (earnings) from joint venture (66.1 ) - - (66.1 ) Segment operating income (loss) 270.3 16.5 (129.8 ) 157.0 Segment assets 1,132.8 17.2 271.0 1,421.0 Depreciation and amortization (1) 43.9 0.8 11.9 56.6 Investment in joint venture 130.8 - - 130.8 Purchases of property, plant and equipment (1) 51.5 0.6 22.4 74.5 (1) Totals will differ from the totals on our Consolidated Statement of Cash Flows by the amounts that have been classified as discontinued operations. See Note 4 for additional details. |
Reconciliation Of Total Consolidated Operating Income To Earnings Before Income Taxes | 2017 2016 2015 Segment operating income $ 255.1 $ 188.9 $ 157.0 Interest expense 35.4 49.5 44.6 Other non-operating (income)/expense, net (2.4 ) (11.2 ) 17.8 Earnings from continuing operations before income taxes $ 222.1 $ 150.6 $ 94.6 |
Schedule Of Sales Allocated To Geographic Area | 2017 2016 2015 Geographic Areas Net trade sales Mineral Fiber: United States $ 699.8 $ 680.8 $ 670.8 Canada 56.6 55.8 52.9 Total Mineral Fiber 756.4 736.6 723.7 Architectural Specialties: United States 129.5 95.1 75.1 Canada 7.7 5.6 6.3 Total Architectural Specialties 137.2 100.7 81.4 Total net trade sales $ 893.6 $ 837.3 $ 805.1 |
Schedule Of Property, Plant And Equipment Allocated To Geographic Area | 2017 2016 Property, plant and equipment, net at December 31, Mineral Fiber: United States $ 488.7 $ 457.3 Total Mineral Fiber 488.7 457.3 Architectural Specialties: Canada $ 4.5 $ 4.0 United States 3.0 0.3 Total Architectural Specialties 7.5 4.3 Unallocated Corporate (1) 3.7 3.6 Total property, plant and equipment, net $ 499.9 $ 465.2 (1) Includes property, plant and equipment located in China that were formerly reported in our Pacific Rim segment and will not be included in the sale to Knauf. |
Acquisitions and Discontinued39
Acquisitions and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Summary of Results of Discontinued Operations | The following tables detail the businesses and line items that comprise income from discontinued operations on the Consolidated Statements of Earnings and Comprehensive Income. EMEA and Pacific Rim Businesses Flooring Businesses Total 2017: Net sales $ 436.2 $ - $ 436.2 Cost of goods sold 350.8 - 350.8 Gross profit 85.4 - 85.4 Selling, general and administrative expenses 78.3 - 78.3 Operating income 7.1 - 7.1 Interest expense 1.2 - 1.2 Other non-operating (income), net (1.9 ) - (1.9 ) Earnings from discontinued operations before income tax 7.8 - 7.8 Income tax expense 3.6 - 3.6 Gain from discontinued operations $ 4.2 $ - $ 4.2 (Loss) on expected disposal of discontinued businesses before income tax (1) $ (74.0 ) $ (0.1 ) $ (74.1 ) Income tax (benefit) - (4.1 ) (4.1 ) Net (loss) gain on disposal of discontinued businesses $ (74.0 ) $ 4.0 $ (70.0 ) Net (loss) gain from discontinued operations $ (69.8 ) $ 4.0 $ (65.8 ) (1) Loss on disposal of EMEA and Pacific Rim businesses for the year ended December 31, 2017 represents the estimated write-down of EMEA and Pacific Rim assets based on our expected sales proceeds to be received upon closure of the transaction. EMEA and Pacific Rim Businesses Flooring Businesses Total 2016: Net sales $ 397.2 $ 284.4 $ 681.6 Cost of goods sold 331.8 237.2 569.0 Gross profit 65.4 47.2 112.6 Selling, general and administrative expenses 69.7 50.5 120.2 Operating (loss) (4.3 ) (3.3 ) (7.6 ) Interest expense 0.3 - 0.3 Other non-operating expense, net 1.7 1.1 2.8 (Loss) from discontinued operations before income tax (6.3 ) (4.4 ) (10.7 ) Income tax (benefit) expense (0.9 ) 0.1 (0.8 ) (Loss) from discontinued operations $ (5.4 ) $ (4.5 ) $ (9.9 ) Gain on disposal of discontinued businesses before income tax $ - $ 0.1 $ 0.1 Income tax (benefit) - (15.2 ) (15.2 ) Net gain on disposal of discontinued businesses $ - $ 15.3 $ 15.3 Net (loss) gain from discontinued operations $ (5.4 ) $ 10.8 $ 5.4 EMEA and Pacific Rim Businesses Flooring Businesses Cabinets Total 2015: Net sales $ 426.2 $ 1,188.7 $ - $ 1,614.9 Cost of goods sold 355.8 962.3 - 1,318.1 Gross profit 70.4 226.4 - 296.8 Selling, general and administrative expenses 86.9 179.5 - 266.4 Operating (loss) income (16.5 ) 46.9 - 30.4 Interest expense 0.7 - - 0.7 Other non-operating (income) expense, net (2.7 ) 3.1 - 0.4 (Loss) earnings from discontinued operations before income tax (14.5 ) 43.8 - 29.3 Income tax expense 16.8 17.8 - 34.6 (Loss) earnings from discontinued operations $ (31.3 ) $ 26.0 $ - $ (5.3 ) (Loss) gain on disposal of discontinued businesses before income tax $ - $ (0.8 ) $ 0.6 $ (0.2 ) Income tax (benefit) expense - (42.0 ) 0.2 (41.8 ) Net gain on disposal of discontinued businesses $ - $ 41.2 $ 0.4 $ 41.6 Net (loss) gain from discontinued operations $ (31.3 ) $ 67.2 $ 0.4 $ 36.3 The following is a summary of the carrying amount of the major classes of assets and liabilities classified as assets and liabilities of discontinued operations as of December 31, 2017 and 2016 related to our EMEA and Pacific Rim businesses. December 31, 2017 December 31, 2016 Assets Current assets: Accounts and notes receivable, net $ 61.4 $ 49.5 Inventories, net 59.2 62.1 Income tax receivable 3.1 4.0 Other current assets 12.9 9.6 Total current assets discontinued operations 136.6 125.2 Property, plant, and equipment, less accumulated depreciation and amortization (1) (2) 131.3 204.4 Prepaid pension costs (1) 26.1 7.9 Goodwill and intangible assets, net (1) 7.2 6.8 Deferred income taxes (1) 4.0 1.0 Other non-current assets (1) 0.9 1.0 Total non-current assets of discontinued operations (1) 169.5 221.1 Total assets of discontinued operations (1) $ 306.1 $ 346.3 Liabilities Current liabilities: Accounts payable and accrued expenses $ 78.6 $ 80.1 Income tax payable 1.3 0.7 Total current liabilities 79.9 80.8 Pension benefit liabilities (3) 34.7 29.5 Other long-term liabilities (3) 1.8 2.1 Deferred income taxes (3) 12.1 2.4 Total non-current liabilities of discontinued operations (3) 48.6 34.0 Total liabilities of discontinued operations (3) $ 128.5 $ 114.8 (1) Presented as Current assets of discontinued operations on the Consolidated Balance Sheets as of December 31, 2017. (2) Includes a pre-tax impairment charge of $74.0 million recorded during the fourth quarter of 2017. (3) |
Summary of Total Depreciation and Amortization and Capital Expenditures | The following is a summary of total depreciation and amortization and capital expenditures presented as discontinued operations and included as components of operating and investing cash flows on our consolidated statements of cash flows: EMEA and Pacific Rim Businesses Flooring Businesses Total 2017: Depreciation and amortization $ 22.2 $ - $ 22.2 Fixed asset impairment (1) 74.0 - 74.0 Purchases of property, plant and equipment (12.0 ) - (12.0 ) 2016: Depreciation and amortization $ 23.0 $ 11.4 $ 34.4 Purchases of property, plant and equipment (25.8 ) (12.1 ) (37.9 ) 2015: Depreciation and amortization $ 22.6 $ 39.1 $ 61.7 Purchases of property, plant and equipment (34.6 ) (61.6 ) (96.2 ) (1) Loss on disposal of EMEA and Pacific Rim businesses for the year ended December 31, 2017 represents the estimated write-down of EMEA and Pacific Rim assets based on our expected sales proceeds to be received upon closure of the transaction. |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | December 31, 2017 December 31, 2016 Customer receivables $ 62.8 $ 56.9 Miscellaneous receivables 29.9 3.8 Less allowance for warranties, discounts, and losses (1.9 ) (1.9 ) Accounts and notes receivable, net $ 90.8 $ 58.8 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | December 31, 2017 December 31, 2016 Finished goods $ 33.2 $ 30.1 Goods in process 2.7 2.6 Raw materials and supplies 26.1 21.4 Less LIFO reserves (8.2 ) (7.2 ) Total inventories, net $ 53.8 $ 46.9 |
Summary Of Inventory Not Accounted For Under LIFO | December 31, 2017 December 31, 2016 U.S. locations $ 6.5 $ 4.2 Canada locations 2.2 1.9 Total $ 8.7 $ 6.1 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | December 31, 2017 December 31, 2016 Prepaid expenses $ 7.1 $ 6.4 Fair value of derivative assets 0.2 2.2 Other 0.6 2.6 Total other current assets $ 7.9 $ 11.2 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | December 31, 2017 December 31, 2016 Land $ 32.5 $ 32.2 Buildings 224.6 202.8 Machinery and equipment 537.1 471.2 Computer software 20.9 15.2 Construction in progress 46.2 67.6 Less accumulated depreciation and amortization (361.4 ) (323.8 ) Net property, plant and equipment $ 499.9 $ 465.2 |
Equity Investments (Tables)
Equity Investments (Tables) - WAVE [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |
Summary Of The Difference Between Carrying Amount And Underlying Equity OF Equity Method Investment | December 31, 2017 December 31, 2016 Property, plant and equipment $ 0.4 $ 0.4 Other intangibles 130.2 135.8 Goodwill 30.4 30.4 Total $ 161.0 $ 166.6 |
Summary Of Investment In Joint Venture, Balance Sheet Data | December 31, 2017 December 31, 2016 Current assets $ 96.8 $ 96.3 Current assets of discontinued operations 36.4 16.8 Noncurrent assets 32.6 32.9 Noncurrent assets of discontinued operations - 17.4 Current liabilities 18.1 33.1 Current liabilities of discontinued operations 8.1 8.2 Other noncurrent liabilities 246.6 244.0 |
Summary of Investment in Joint Venture, Income Statement Data | 2017 2016 2015 Net sales $ 344.5 $ 330.7 $ 309.7 Gross profit 192.7 192.4 172.1 Net earnings 144.3 151.9 136.5 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table details amounts related to our intangible assets as of December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 20 years $ 176.3 $ 93.9 $ 165.3 $ 84.9 Developed technology 15 years 83.7 60.9 82.8 55.4 Other Various 5.9 1.1 6.3 1.3 Total $ 265.9 $ 155.9 $ 254.4 $ 141.6 Non-amortizing intangible assets Trademarks and brand names Indefinite 319.8 314.4 Goodwill 11.3 0.5 Total goodwill and intangible assets $ 597.0 $ 569.3 |
Schedule of Amortization Expense | 2017 2016 2015 Amortization expense $ 14.6 $ 13.9 $ 14.0 |
Schedule of Expected Annual Amortization Expense | The expected annual amortization expense for the years 2018 through 2022 are as follows: 2018 $ 14.7 2019 14.7 2020 14.7 2021 13.3 2022 9.3 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets Noncurrent Disclosure [Abstract] | |
Schedule Of Other Non-Current Assets | December 31, 2017 December 31, 2016 Cash surrender value of company-owned life insurance policies $ 53.9 $ 52.7 Fair value of derivative assets 8.7 7.5 Other 1.7 2.6 Total other non-current assets $ 64.3 $ 62.8 |
Accounts Payable And Accrued 47
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Schedule Of Accounts Payable And Accrued Expenses | December 31, 2017 December 31, 2016 Payables, trade and other $ 67.6 $ 68.7 Employment costs 18.0 16.3 Current portion of pension and postretirement benefit liabilities 11.6 12.2 Contingent liability related to discontinued operations - 11.9 Other 11.2 7.9 Total accounts payable and accrued expenses $ 108.4 $ 117.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Deferred Tax Assets and Liabilities | December 31, 2017 December 31, 2016 Deferred income tax assets (liabilities) Net operating losses $ 35.6 $ 32.0 Postretirement benefits 23.3 38.1 Pension benefit liabilities 16.7 42.4 Deferred compensation 12.1 17.8 Undistributed foreign earnings 17.7 - Foreign tax credit carryforwards 15.7 19.3 State tax credit carryforwards 10.5 9.1 Other 12.6 7.8 Total deferred income tax assets 144.2 166.5 Valuation allowances (47.4 ) (17.3 ) Net deferred income tax assets 96.8 149.2 Intangibles (136.3 ) (211.8 ) Accumulated depreciation (56.1 ) (49.2 ) Prepaid pension costs (20.4 ) (18.9 ) Inventories (4.4 ) (7.2 ) Other (1.7 ) (1.8 ) Total deferred income tax liabilities (218.9 ) (288.9 ) Net deferred income tax liabilities $ (122.1 ) $ (139.7 ) Deferred income taxes have been classified in the Consolidated Balance Sheet as: Deferred income tax assets - noncurrent $ 19.6 $ 14.4 Deferred income tax liabilities - noncurrent (141.7 ) (154.1 ) Net deferred income tax liabilities $ (122.1 ) $ (139.7 ) |
Schedule Of Income Tax Expense (Benefit) | 2017 2016 2015 Details of taxes Earnings (loss) from continuing operations before income taxes: Domestic $ 224.1 $ 147.8 $ 92.7 Foreign (2.0 ) 2.8 1.9 Total $ 222.1 $ 150.6 $ 94.6 Income tax expense (benefit): Current: Federal $ 26.2 $ 15.1 $ 16.8 Foreign 1.4 5.0 2.8 State 4.7 (6.7 ) (4.8 ) Total current 32.3 13.4 14.8 Deferred: Federal (36.6 ) 22.6 12.7 Foreign (0.1 ) (1.1 ) (1.2 ) State 5.9 16.4 10.4 Total deferred (30.8 ) 37.9 21.9 Total income tax expense $ 1.5 $ 51.3 $ 36.7 |
Schedule Of The Reconciliation To U.S. Statutory Tax Rate | 2017 2016 2015 Reconciliation to U.S. statutory tax rate Continuing operations tax at statutory rate $ 77.7 $ 52.7 $ 33.1 Increase in valuation allowances on deferred domestic income tax assets 9.1 0.8 4.1 State income tax expense, net of federal benefit 7.9 3.2 4.0 Separation costs - 15.1 - Domestic production activities (5.8 ) (1.9 ) (5.2 ) Federal statute closure (2.3 ) (15.2 ) - 2017 Tax Act (82.5 ) - - Other (2.6 ) (3.4 ) 0.7 Tax expense at effective rate $ 1.5 $ 51.3 $ 36.7 |
Schedule Of Unrecognized Tax Benefits | 2017 2016 2015 Unrecognized tax benefits balance at January 1, $ 86.9 $ 150.6 $ 142.6 Gross change for current year positions (2.2 ) 2.3 10.4 Increases for prior period positions 2.9 0.2 1.9 Decrease for prior period positions (0.1 ) (12.8 ) (4.1 ) Decrease due to settlements and payments - - - Decrease due to statute expirations (34.1 ) (53.4 ) (0.2 ) Unrecognized tax benefits balance at December 31, $ 53.4 $ 86.9 $ 150.6 |
Schedule Of Other Taxes | 2017 2016 2015 Other taxes Payroll taxes $ 14.2 $ 13.9 $ 14.0 Property, franchise and capital stock taxes 4.0 4.0 4.0 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instrument [Line Items] | |
Schedule Of Debt | December 31, 2017 Weighted Average Interest Rate for 2017 December 31, 2016 Weighted Average Interest Rate for 2016 Term loan A due 2021 $ 577.5 3.24 % $ 600.0 3.29 % Term loan B due 2023 245.6 4.25 % 248.1 4.58 % Tax exempt bonds due 2041 35.0 0.79 % 35.0 0.45 % Principal debt outstanding 858.1 3.43 % 883.1 3.54 % Unamortized debt financing costs (7.9 ) (9.5 ) Long-term debt 850.2 3.43 % 873.6 3.54 % Less current portion and short-term debt 32.5 3.32 % 25.0 3.42 % Total long-term debt, less current portion $ 817.7 3.43 % $ 848.6 3.54 % |
Scheduled Payments Of Long-Term Debt | Scheduled payments of long-term debt: 2018 $ 32.5 2019 55.0 2020 62.5 2021 437.5 2022 2.5 2023 and later 268.1 |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Letters Of Credit | The following table presents details related to our letters of credit: As of December 31, 2017 Financing Arrangement Limit Used Available Revolving credit facility $ 150.0 $ - $ 150.0 Bi-lateral facility 25.0 17.1 7.9 Accounts receivable securitization facility 29.6 36.2 (6.6 ) Total $ 204.6 $ 53.3 $ 151.3 |
Pension And Other Benefit Pro50
Pension And Other Benefit Programs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Insurance Benefits 2017 2016 2017 2016 2017 2016 Prepaid pension costs $ 88.3 $ 48.7 $ - $ - $ - $ - Accounts payable and accrued expenses (4.1 ) (3.9 ) (0.1 ) - (7.4 ) (8.3 ) Postretirement benefit liabilities - - - - (79.2 ) (84.8 ) Pension benefit liabilities (54.6 ) (54.3 ) (2.6 ) (2.5 ) - - Net amount recognized $ 29.6 $ (9.5 ) $ (2.7 ) $ (2.5 ) $ (86.6 ) $ (93.1 ) |
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 Non-U.S. Pension Plan Retiree Health and Life Insurance Benefits 2017 2016 2017 2016 2017 2016 Net actuarial (loss) gain $ (520.2 ) $ (553.5 ) $ (8.9 ) $ (22.4 ) $ 49.5 $ 51.7 Prior service (cost) credit - (1.5 ) (0.5 ) (0.6 ) 1.1 0.1 Accumulated other comprehensive (loss) income $ (520.2 ) $ (555.0 ) $ (9.4 ) $ (23.0 ) $ 50.6 $ 51.8 |
Schedule Of Expected Benefit Payments | U.S. Pension Benefits (1) Non-U.S. Pension Benefits Retiree Health and Life Insurance Benefits, Net 2018 $ 106.4 $ 0.1 $ 7.4 2019 105.3 0.1 7.4 2020 104.4 0.1 7.1 2021 102.4 0.1 6.9 2022 101.5 0.1 6.6 2023 - 2027 482.6 0.6 28.8 (1) We were not required and did not make contributions to the RIP during 2017, 2016 or 2015 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations. Benefit payments to participants have been made directly from the RIP to participants from the assets of the plan. |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Funded Status | U.S. Pension Plans Non-U.S. Pension Plan 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation as of beginning of period $ 1,522.4 $ 1,918.1 $ 2.5 $ 2.5 Service cost 8.6 10.1 - - Interest cost 48.1 69.8 - 0.1 Partial settlement (58.1 ) - - - Foreign currency translation adjustment - - 0.4 (0.2 ) Actuarial loss (gain) 77.2 0.6 (0.1 ) 0.2 Benefits paid (103.2 ) (111.0 ) (0.1 ) (0.1 ) Merger of Tectum Plan 5.1 - - - Separation of AFI - (365.2 ) - - Benefit obligation as of end of period $ 1,500.1 $ 1,522.4 $ 2.7 $ 2.5 U.S. Pension Plans Non-U.S. Pension Plan 2017 2016 2017 2016 Change in plan assets: Fair value of plan assets as of beginning of period $ 1,512.9 $ 1,837.2 $ - $ - Actual return on plan assets 170.8 144.7 - - Employer contribution 3.9 4.2 0.1 0.1 Partial settlement (58.1 ) - - - Benefits paid (103.2 ) (111.0 ) (0.1 ) (0.1 ) Merger of Tectum Plan 3.4 - - - Separation of AFI - (362.2 ) - - Fair value of plan assets as of end of period $ 1,529.7 $ 1,512.9 $ - $ - Funded status of the plans $ 29.6 $ (9.5 ) $ (2.7 ) $ (2.5 ) |
Schedule Of Assumptions Used | U.S. Pension Plans Non-U.S. Pension Plan 2017 2016 2017 2016 Weighted-average assumptions used to determine benefit obligations at end of period: Discount rate 3.63 % 4.12 % 1.50 % 1.40 % Rate of compensation increase 3.05 % 3.10 % - - Weighted-average assumptions used to determine net periodic benefit cost for the period: Discount rate 4.12 % 4.40 % 1.40 % 2.00 % Expected return on plan assets 6.50 % 6.75 % - - Rate of compensation increase 3.10 % 3.10 % - - |
Schedule Of Benefit Obligations In Excess Of Assets | U.S. Pension Plans Non-U.S. Pension Plan 2017 2016 2017 2016 Pension plans with benefit obligations in excess of assets Projected benefit obligation, December 31 $ 58.5 $ 58.2 $ 2.7 $ 2.5 Accumulated benefit obligation, December 31 58.5 58.1 2.7 2.5 |
Schedule Of Periodic Benefit (Credits) Costs | The components of the pension (credit) cost are as follows: U.S. Pension Plans Non-U.S. Pension Plan 2017 2016 2015 2017 2016 2015 Service cost of benefits earned during the period $ 8.6 $ 10.1 $ 16.3 $ 2.2 $ 2.2 $ 2.4 Interest cost on projected benefit obligation 48.1 69.8 80.9 5.4 6.9 8.3 Expected return on plan assets (98.7 ) (110.6 ) (140.3 ) (6.8 ) (7.8 ) (9.0 ) Amortization of prior service cost 1.5 1.6 1.9 - - - Recognized net actuarial loss 17.5 48.3 72.8 1.3 1.2 2.8 Partial settlement 20.8 - - - - - Net periodic pension (credit) cost $ (2.2 ) $ 19.2 $ 31.6 $ 2.1 $ 2.5 $ 4.5 Less: Discontinued operations - 2.2 11.0 2.0 2.4 4.4 Net periodic pension (credit) cost, continuing operations $ (2.2 ) $ 17.0 $ 20.6 $ 0.1 $ 0.1 $ 0.1 |
Schedule Of Defined Asset Allocation | Target Weight at December Position at December 31, Asset Class 2017 2017 (1) 2016 Long duration bonds 59.0 % 59.0 % 55.0 % Equities 30.0 % 28.0 % 26.0 % High yield bonds and real assets 6.0 % 3.0 % 7.0 % Real estate and private equity 4.0 % 4.0 % 5.0 % Other 1.0 % 6.0 % 7.0 % (1) Investments in collective trust funds as of December 31, 2017 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, 2017 Description Level 1 Level 2 Level 3 Total Bonds $ - $ 879.5 $ - $ 879.5 Collective trust fund - 561.6 - 561.6 Other investments - - 2.7 2.7 Cash and other short-term investments 1.7 20.7 - 22.4 Net assets measured at fair value $ 1.7 $ 1,461.8 $ 2.7 $ 1,466.2 Investments measured at net asset value 63.5 Net assets $ 1,529.7 Value at December 31, 2016 Description Level 1 Level 2 Level 3 Total Bonds $ - $ 831.7 $ - $ 831.7 Equities 329.0 60.1 - 389.1 High yield bonds - 67.6 - 67.6 Real assets - 32.5 - 32.5 Other investments - - 2.8 2.8 Cash and other short-term investments 34.2 78.2 - 112.4 Net assets measured at fair value $ 363.2 $ 1,070.1 $ 2.8 $ 1,436.1 Investments measured at net asset value 76.8 Net assets $ 1,512.9 |
Summary Of Assets Measured At NAV | Value at December 31, 2017 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Real estate $ 59.9 $ 2.2 Quarterly 45-90 Days Other investments 3.6 0.9 None None Investments measured at net asset value $ 63.5 $ 3.1 Value at December 31, 2016 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Real estate $ 73.3 $ 2.2 Quarterly 45-90 Days Other investments 3.5 0.9 None None Investments measured at net asset value $ 76.8 $ 3.1 |
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 | 2017 2016 U.S. defined-benefit retiree health and life insurance plans Change in benefit obligation: Benefit obligation as of beginning of period $ 93.1 $ 190.3 Service cost 0.4 0.4 Interest cost 3.0 4.7 Plan participants' contributions 2.8 3.2 Plan amendments (1.1 ) - Actuarial (gain) (1.3 ) (7.7 ) Benefits paid (10.3 ) (11.5 ) Separation of AFI - (86.3 ) Benefit obligation as of end of period $ 86.6 $ 93.1 2017 2016 Change in plan assets: Fair value of plan assets as of beginning of period $ - $ - Employer contribution 7.5 8.3 Plan participants' contributions 2.8 3.2 Benefits paid (10.3 ) (11.5 ) Fair value of plan assets as of end of period $ - $ - Funded status of the plans $ (86.6 ) $ (93.1 ) |
Schedule Of Assumptions Used | 2017 2016 U.S. defined-benefit retiree health and life insurance plans Weighted-average discount rate used to determine benefit obligations at end of period 3.60 % 4.10 % Weighted-average discount rate used to determine net periodic benefit cost for the period 4.11 % 4.17 % |
Schedule Of Periodic Benefit (Credits) Costs | The components of postretirement benefit (credit) cost are as follows: 2017 2016 2015 U.S. defined-benefit retiree health and life insurance plans Service cost of benefits earned during the period $ 0.4 $ 0.4 $ 0.9 Interest cost on accumulated postretirement benefit obligation 3.0 4.7 8.1 Amortization of prior service (credit) - (0.3 ) (0.6 ) Amortization of net actuarial gain (3.6 ) (6.1 ) (7.8 ) Net periodic postretirement benefit (credit) cost $ (0.2 ) $ (1.3 ) $ 0.6 Less: Discontinued operations - (0.2 ) 0.8 Net periodic postretirement benefit (credit), continuing operations $ (0.2 ) $ (1.1 ) $ (0.2 ) |
Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates | One percentage point Increase Decrease U.S. defined benefit retiree health and life insurance benefits plans Effect on total service and interest cost components $ (0.1 ) $ 0.1 Effect on postretirement benefit obligation (0.8 ) 0.7 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | The estimated fair values of our financial instruments are as follows: December 31, 2017 December 31, 2016 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(Liabilities), net: Total debt, including current portion $ (850.2 ) $ (850.8 ) $ (873.6 ) $ (873.7 ) Foreign currency contracts (0.8 ) (0.8 ) 1.3 1.3 Natural gas contracts (0.6 ) (0.6 ) 1.0 1.0 Interest rate swap contracts 8.9 8.9 6.9 6.9 |
Fair Value Measurement of Assets and Liabilities | The fair value measurement of assets and liabilities is summarized below: December 31, 2017 December 31, 2016 Fair value based on Fair value based on Quoted, active markets Other observable inputs Quoted, active markets Other observable inputs Level 1 Level 2 Level 1 Level 2 Assets/(Liabilities), net: Foreign currency contracts $ (0.8 ) $ - $ 1.3 $ - Natural gas contracts - (0.6 ) - 1.0 Interest rate swap contracts - 8.9 - 6.9 |
Derivative Financial Instrume52
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | Trade Date Notional Amount Coverage Period Risk Coverage November 13, 2016 $ 250.0 November 2016 to March 2018 Term Loan A November 13, 2016 $ 200.0 November 2016 to March 2021 Term Loan A April 1, 2016 $ 100.0 April 2016 to March 2023 Term Loan B |
Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet | Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location December 2017 December 2016 Balance Sheet Location December 31, 2017 December 31, 2016 Derivatives designated as hedging instruments Natural gas commodity contracts Other current assets $ - $ 1.0 Accounts payable and accrued expenses $ 0.5 $ - Foreign exchange contracts Other current assets - 1.2 Accounts payable and accrued expenses 0.7 - Interest rate swap contracts Other current assets 0.2 - Accounts payable and accrued expenses - - Natural gas commodity contracts Other non-current assets - - Other long-term liabilities 0.1 - Foreign exchange contracts Other non-current assets - 0.1 Other long-term liabilities 0.1 - Interest rate swap contracts Other non-current assets 8.7 7.4 Other long-term liabilities - 0.5 Total derivatives designated as hedging instruments $ 8.9 $ 9.7 $ 1.4 $ 0.5 |
Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Gain (Loss) Reclassified from AOCI into Income (Effective Portion) 2017 2016 2015 2017 2016 2015 Derivatives in Cash Flow Hedging Relationships Natural gas commodity contracts $ (1.3 ) $ 0.6 $ (2.3 ) Cost of goods sold $ 0.3 $ (1.2 ) $ (4.4 ) Foreign exchange contracts – purchases (0.5 ) - 1.2 Cost of goods sold - - 1.8 Foreign exchange contracts – sales (1.8 ) (2.9 ) 4.7 Net sales 0.1 1.4 3.8 Interest rate swap contracts 2.2 6.8 (2.1 ) Interest expense (0.9 ) (8.3 ) (0.8 ) Total $ (1.4 ) $ 4.5 $ 1.5 Total gain (loss) from continuing operations (0.5 ) (8.1 ) 0.4 Total (loss) gain from discontinued operations (0.1 ) 0.2 - Total gain (loss) $ (0.6 ) $ (7.9 ) $ 0.4 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Summary of Activity for the Accrual of Product Warranties | The following table summarizes the activity for the accrual of product warranties for December 31, 2017 and 2016: 2017 2016 Balance at beginning of period $ 0.2 $ 0.3 Current year warranty accruals 3.2 8.0 Reductions for payments (3.3 ) (8.1 ) Balance at end of period $ 0.1 $ 0.2 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | December 31, 2017 December 31, 2016 Long-term deferred compensation arrangements $ 15.3 $ 15.9 Environmental liabilities 13.5 4.7 Long-term portion of derivative liabilities 0.2 0.5 Other 6.5 5.9 Total other long-term liabilities $ 35.5 $ 27.0 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Changes in Stock Options | Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value (millions) Option shares outstanding, December 31, 2016 1,350.6 $ 34.66 Option shares exercised (78.2 ) (41.62 ) Option shares outstanding, December 31, 2017 1,272.4 $ 34.23 3.4 $ 33.5 Option shares exercisable, vested and expected to vest, December 31, 2017 1,272.4 34.23 3.4 $ 33.5 |
Schedule of Information Related to Stock Option Exercises | The following table presents information related to stock option exercises: 2017 2016 2015 Total intrinsic value of stock options exercised $ 0.9 $ 0.4 $ 3.5 Cash proceeds received from stock options exercised $ 3.3 $ 0.7 $ 6.4 Tax (expense) deduction realized from stock options exercised $ (0.2 ) $ (0.1 ) $ 0.4 |
Schedule of Restricted Stock and Restricted Stock Units Activity | Non-Vested Stock Awards RSUs PSUs Number of shares (thousands) Weighted- average fair value at grant date Number of shares (thousands) Weighted- average fair value at grant date December 31, 2016 224.5 $ 44.94 290.4 $ 40.29 Granted 54.2 47.18 139.4 44.65 Vested (101.1 ) (46.23 ) (39.7 ) (47.19 ) Forfeited (6.0 ) (44.23 ) (10.4 ) (43.91 ) December 31, 2017 171.6 $ 45.27 379.7 $ 41.08 |
PSUs [Member] | |
Schedule of Weighted-Average Assumptions | 2017 2016 Weighted-average grant date fair value of market based PSUs granted (dollars per award) $ 43.29 $ 37.75 Assumptions Risk free rate of return 1.5 % 0.8 % Expected volatility 28.0 % 28.0 % Expected term (in years) 3.1 2.7 Expected dividend yield 0.0 % 0.0 % |
Employee Costs (Tables)
Employee Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation Related Costs [Abstract] | |
Schedule Of Employee Costs | 2017 2016 2015 Wages, salaries and incentive compensation $ 191.0 $ 179.1 $ 185.1 Payroll taxes 14.2 13.9 14.0 Defined contribution and defined benefit pension plan expense, net 4.1 22.7 26.4 Insurance and other benefit costs 24.0 21.4 18.8 Share-based compensation 9.8 11.0 10.2 Total $ 243.1 $ 248.1 $ 254.5 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule Of Future Minimum Payments | Total Minimum Lease Payments Scheduled minimum lease payments 2018 $ 2.4 2019 2.2 2020 1.8 2021 1.5 2022 1.1 Thereafter 4.3 Total $ 13.3 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | December 31, 2017 December 31, 2016 Foreign currency translation adjustments $ (47.1 ) $ (71.6 ) Derivative gain, net 3.5 3.8 Pension and postretirement adjustments (302.3 ) (336.0 ) Accumulated other comprehensive (loss) $ (345.9 ) $ (403.8 ) |
Schedule of Other Comprehensive Income (Loss) | Pre-tax Amount Tax Benefit After- tax Amount 2017 Foreign currency translation adjustments $ 24.5 $ - $ 24.5 Derivative (loss), net (0.8 ) 0.5 (0.3 ) Pension and postretirement adjustments 50.4 (16.7 ) 33.7 Total other comprehensive income $ 74.1 $ (16.2 ) $ 57.9 Pre-tax Amount Tax Expense After-tax Amount 2016 Foreign currency translation adjustments $ (33.2 ) $ - $ (33.2 ) Derivative gain, net 11.9 (4.4 ) 7.5 Pension and postretirement adjustments 75.7 (26.4 ) 49.3 Total other comprehensive income $ 54.4 $ (30.8 ) $ 23.6 Pre-tax Amount Tax Benefit After-tax Amount 2015 Foreign currency translation adjustments $ (25.5 ) $ - $ (25.5 ) Derivative gain, net 1.1 (0.4 ) 0.7 Pension and postretirement adjustments 50.7 (17.8 ) 32.9 Total other comprehensive (loss) income $ 26.3 $ (18.2 ) $ 8.1 |
Schedule of Accumulated Other Comprehensive Income Activity | Foreign Currency Translation Adjustments (1) Derivative (Loss) Gain (1) Pension and Postretirement Adjustments (1) Total Other Comprehensive (Loss) (1) Balance, December 31, 2015 $ (33.8 ) $ (3.3 ) $ (450.3 ) $ (487.4 ) Separation of AFI, net of tax (benefit) of $-, $-, ($39.2), and ($39.2) (4.6 ) (0.4 ) 65.0 60.0 Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) of $ -, ($1.8), ($10.9), and ($12.8) (33.2 ) 3.0 20.2 (10.0 ) Amounts reclassified from accumulated other comprehensive income - 4.5 29.1 33.6 Net current period other comprehensive (loss) income (33.2 ) 7.5 49.3 23.6 Balance, December 31, 2016 (71.6 ) 3.8 (336.0 ) (403.8 ) Other comprehensive income (loss) income before reclassifications, net of tax expense (benefit) of $ -, $0.8, ($3.6), and ($2.8) 24.5 (0.7 ) 9.3 33.1 Amounts reclassified from accumulated other comprehensive income - 0.4 24.4 24.8 Net current period other comprehensive income (loss) 24.5 (0.3 ) 33.7 57.9 Balance, December 31, 2017 $ (47.1 ) $ 3.5 $ (302.3 ) $ (345.9 ) (1) Amounts are net of tax |
Reclassification out of Accumulated Other Comprehensive Income | Amounts Reclassified from AOCI Affected Line Item in the Consolidated Statement of Earnings and Comprehensive Income 2017 2016 Derivative Adjustments: Natural gas commodity contracts $ (0.3 ) $ 1.2 Cost of goods sold Foreign exchange contracts - purchases 0.1 (0.2 ) Cost of goods sold Foreign exchange contracts - sales (0.1 ) (1.4 ) Net sales Interest rate swap contracts 0.9 8.3 Interest expense Total income from continuing operations, before tax 0.6 7.9 Tax impact (0.2 ) (2.8 ) Income tax expense Total income from continuing operations, net of tax 0.4 5.1 Total (loss) from discontinued operations, net of tax benefit of $- and ($0.3) - (0.6 ) Total income, net of tax 0.4 4.5 Pension and Postretirement Adjustments: Prior service cost amortization 0.9 0.6 Cost of goods sold Prior service cost amortization 0.6 0.6 SG&A expense Amortization of net actuarial loss 7.4 20.7 Cost of goods sold Amortization of net actuarial loss 7.8 18.4 SG&A expense Partial settlement 12.5 - Cost of goods sold Partial settlement 8.3 - SG&A expense Total expense from continuing operations, before tax 37.5 40.3 Tax impact (13.1 ) (14.1 ) Income tax expense Total expense from continuing operations, net of tax 24.4 26.2 Total expense from discontinued operations net of tax expense of $- and $1.5 - 2.9 Total expense, net of tax 24.4 29.1 Total reclassifications for the period $ 24.8 $ 33.6 |
Supplemental Financial Inform59
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Financial Information [Abstract] | |
Schedule Of Supplemental Financial Information | 2017 2016 2015 Selected operating expense Maintenance and repair costs $ 42.5 $ 41.4 $ 42.2 Research and development costs 17.4 17.8 18.7 Advertising costs 6.0 5.4 5.5 Other non-operating (income)/expense Interest income $ (1.8 ) $ (1.0 ) $ (0.6 ) Foreign currency transaction (gain)/loss, net of hedging activity (0.6 ) (9.4 ) 13.8 Other - (0.8 ) 4.6 Total $ (2.4 ) $ (11.2 ) $ 17.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Earnings to Net Earnings Attributable to Common Shares Used in Basic and Diluted Calculation | 2017 2016 2015 Earnings from continuing operations $ 220.6 $ 99.3 $ 57.9 Earnings allocated to participating non-vested share awards (0.7 ) (0.3 ) (0.2 ) Earnings from continuing operations attributable to common shares $ 219.9 $ 99.0 $ 57.7 |
Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding | 2017 2016 2015 (in millions) Basic shares outstanding 53.3 55.4 55.5 Dilutive effect of common stock equivalents 0.6 0.3 0.4 Diluted shares outstanding 53.9 55.7 55.9 |
Business (Narrative) (Details)
Business (Narrative) (Details) $ in Millions | Jan. 13, 2017Facility | Dec. 31, 2017 | Nov. 17, 2017USD ($) |
Tectum, Inc. [Member] | |||
Business And Basis Of Presentation [Line Items] | |||
Number of manufacturing facility | Facility | 2 | ||
EMEA and Pacific Rim Business [Member] | |||
Business And Basis Of Presentation [Line Items] | |||
Consideration to be received in connection with sale of businesses | $ | $ 330 | ||
WAVE [Member] | |||
Business And Basis Of Presentation [Line Items] | |||
Equity interest percentage | 50.00% |
Summary of Significant Accoun62
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017USD ($)customer | Dec. 31, 2016USD ($)customer | Dec. 31, 2015USD ($)customer | Jan. 01, 2017USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Net sales | $ 893.6 | $ 837.3 | $ 805.1 | ||
Corporate statutory tax rate | 35.00% | ||||
Tax cuts and jobs act of 2017 reclassification from AOCI to retained earnings | $ 54 | ||||
Scenario, Forecast [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Corporate statutory tax rate | 21.00% | ||||
ASU 2016-09 [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Adoption of accounting standard, cumulative-effect Increase to retained earnings and deferred income taxes assets | $ 8.7 | ||||
Customer Relationships [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Definite-lived intangible assets, useful life | 20 years | ||||
Developed Technology [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Definite-lived intangible assets, useful life | 15 years | ||||
Minimum [Member] | Machinery And Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 3 years | ||||
Minimum [Member] | Computer Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 3 years | ||||
Minimum [Member] | Office Furniture And Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 5 years | ||||
Minimum [Member] | Dryer Components [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 3 years | ||||
Minimum [Member] | Heavy Production Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 10 years | ||||
Minimum [Member] | Buildings [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 15 years | ||||
Minimum [Member] | Computer Software [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 3 years | ||||
Maximum [Member] | Machinery And Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 15 years | ||||
Maximum [Member] | Computer Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 5 years | ||||
Maximum [Member] | Office Furniture And Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 7 years | ||||
Maximum [Member] | Dryer Components [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 7 years | ||||
Maximum [Member] | Heavy Production Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 15 years | ||||
Maximum [Member] | Buildings [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 30 years | ||||
Maximum [Member] | Computer Software [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful Life | 7 years | ||||
Net Sales [Member] | Concentration Risk On Three Customers [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Number of customers accounted for significant percentage of net sales | customer | 3 | 3 | 3 | ||
Net sales | $ 426.1 | $ 372.9 | $ 305.6 | ||
Net Sales [Member] | Geographic Concentration Risk [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Unallocated Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Costs of goods sold for accelerated depreciation of machinery and equipment | $ 5.6 | |
Mineral Fiber [Member] | ||
Segment Reporting Information [Line Items] | ||
Costs of goods sold for accelerated depreciation of machinery and equipment | $ 4 | |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 893.6 | $ 837.3 | $ 805.1 | |
Equity (earnings) from joint venture | (67) | (73.1) | (66.1) | |
Segment operating income (loss) | 255.1 | 188.9 | 157 | |
Segment assets | 1,567.4 | 1,411.7 | 1,421 | |
Depreciation and amortization | [1] | 67 | 54.8 | 56.6 |
Investment in joint venture | 107.3 | 106.2 | 130.8 | |
Purchases of property, plant and equipment | [1] | 77.7 | 66.3 | 74.5 |
Mineral Fiber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 756.4 | 736.6 | 723.7 | |
Equity (earnings) from joint venture | (67) | (73.1) | (66.1) | |
Segment operating income (loss) | 231.9 | 223.9 | 270.3 | |
Segment assets | 1,193.5 | 1,145.1 | 1,132.8 | |
Depreciation and amortization | [1] | 59.2 | 53.6 | 43.9 |
Investment in joint venture | 107.3 | 106.2 | 130.8 | |
Purchases of property, plant and equipment | [1] | 76.1 | 66.1 | 51.5 |
Architectural Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 137.2 | 100.7 | 81.4 | |
Segment operating income (loss) | 27.7 | 19.2 | 16.5 | |
Segment assets | 53.2 | 17.3 | 17.2 | |
Depreciation and amortization | [1] | 1.8 | 0.8 | 0.8 |
Purchases of property, plant and equipment | [1] | 1.6 | 0.2 | 0.6 |
Unallocated Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | (4.5) | (54.2) | (129.8) | |
Segment assets | 320.7 | 249.3 | 271 | |
Depreciation and amortization | [1] | $ 6 | $ 0.4 | 11.9 |
Purchases of property, plant and equipment | [1] | $ 22.4 | ||
[1] | Totals will differ from the totals on our Consolidated Statement of Cash Flows by the amounts that have been classified as discontinued operations. See Note 4 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Segment operating income (loss) | $ 255.1 | $ 188.9 | $ 157 |
Interest expense | 35.4 | 49.5 | 44.6 |
Other non-operating (income) expense, net | (2.4) | (11.2) | 17.8 |
Earnings from continuing operations before income taxes | $ 222.1 | $ 150.6 | $ 94.6 |
Nature of Operations (Schedul66
Nature of Operations (Schedule Of Sales Allocated To Geographic Area) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | $ 893.6 | $ 837.3 | $ 805.1 |
Mineral Fiber [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | 756.4 | 736.6 | 723.7 |
Mineral Fiber [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | 699.8 | 680.8 | 670.8 |
Mineral Fiber [Member] | Canada [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | 56.6 | 55.8 | 52.9 |
Architectural Specialties [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | 137.2 | 100.7 | 81.4 |
Architectural Specialties [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | 129.5 | 95.1 | 75.1 |
Architectural Specialties [Member] | Canada [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | $ 7.7 | $ 5.6 | $ 6.3 |
Nature of Operations (Schedul67
Nature of Operations (Schedule Of Property, Plant And Equipment Allocated To Geographic Area) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | $ 499.9 | $ 465.2 | |
Mineral Fiber [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | 488.7 | 457.3 | |
Mineral Fiber [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | 488.7 | 457.3 | |
Architectural Specialties [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | 7.5 | 4.3 | |
Architectural Specialties [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | 3 | 0.3 | |
Architectural Specialties [Member] | Canada [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | 4.5 | 4 | |
Unallocated Corporate [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | [1] | $ 3.7 | $ 3.6 |
[1] | Includes property, plant and equipment located in China that were formerly reported in our Pacific Rim segment and will not be included in the sale to Knauf. |
Acquisitions and Discontinued68
Acquisitions and Discontinued Operations (Narrative) (Details) $ in Millions | Jan. 13, 2017USD ($) | Apr. 01, 2016 | Apr. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 04, 2014USD ($) |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Business acquisition, goodwill | $ 11.3 | $ 11.3 | $ 0.5 | |||||
Separation costs | 34.5 | $ 34.3 | ||||||
EMEA and Pacific Rim Business [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Asset impairment charges | 74 | |||||||
EMEA and Pacific Rim Business [Member] | Foreign Currency Translation Adjustments [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Accumulated other comprehensive income adjustments | $ 51.4 | |||||||
Flooring Businesses [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Common stock split ratio of AFI share to AWI shares | 0.5 | |||||||
Separation costs | 34.5 | $ 34.3 | ||||||
Initial term of campus lease agreement period | 5 years | |||||||
DLW [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Contingent liability | $ 12.9 | |||||||
Assets removed from balance sheet | 151.9 | |||||||
Liabilities removed from balance sheet | $ 164.8 | |||||||
Settlement agreement and mutual release with administrator to settle all claims of Administrator related to insolvency for a cash payment | $ 11.8 | |||||||
DLW [Member] | Accounts Payable and Accrued Expenses [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Contingent liability | $ 11.9 | |||||||
Tectum [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Business acquisition, purchase price | $ 31.2 | |||||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 4.4 | |||||||
Business acquisition, total fair value of intangible assets of amortizable customer relationships and non-amortizing brand names | 16 | |||||||
Business acquisition, goodwill | $ 10.8 |
Acquisitions and Discontinued69
Acquisitions and Discontinued Operations (Schedule of Business Details and Line Items Comprising Income From Discontinued Operations on Statements of Earnings and Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Net sales | $ 436.2 | $ 681.6 | $ 1,614.9 | ||
Cost of goods sold | 350.8 | 569 | 1,318.1 | ||
Gross profit | 85.4 | 112.6 | 296.8 | ||
Selling, general and administrative expenses | 78.3 | 120.2 | 266.4 | ||
Operating (loss) income | 7.1 | (7.6) | 30.4 | ||
Interest expense | 1.2 | 0.3 | 0.7 | ||
Other non-operating (income) expense, net | (1.9) | 2.8 | 0.4 | ||
(Loss) earnings from discontinued operations before income tax | 7.8 | (10.7) | 29.3 | ||
Income tax (benefit) expense | 3.6 | (0.8) | 34.6 | ||
Gain (Loss) earnings from discontinued operations | 4.2 | (9.9) | (5.3) | ||
Gain (Loss) on expected disposal of discontinued businesses before income tax | (74.1) | [1] | 0.1 | (0.2) | |
Income tax (benefit) expense | (4.1) | (15.2) | (41.8) | ||
Net (loss) gain on disposal of discontinued businesses | (70) | 15.3 | 41.6 | ||
Net (loss) gain from discontinued operations | (65.8) | 5.4 | 36.3 | ||
EMEA and Pacific Rim Business [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Net sales | 436.2 | 397.2 | 426.2 | ||
Cost of goods sold | 350.8 | 331.8 | 355.8 | ||
Gross profit | 85.4 | 65.4 | 70.4 | ||
Selling, general and administrative expenses | 78.3 | 69.7 | 86.9 | ||
Operating (loss) income | 7.1 | (4.3) | (16.5) | ||
Interest expense | 1.2 | 0.3 | 0.7 | ||
Other non-operating (income) expense, net | (1.9) | 1.7 | (2.7) | ||
(Loss) earnings from discontinued operations before income tax | 7.8 | (6.3) | (14.5) | ||
Income tax (benefit) expense | 3.6 | (0.9) | 16.8 | ||
Gain (Loss) earnings from discontinued operations | 4.2 | (5.4) | (31.3) | ||
Gain (Loss) on expected disposal of discontinued businesses before income tax | [1] | (74) | |||
Net (loss) gain on disposal of discontinued businesses | (74) | ||||
Net (loss) gain from discontinued operations | (69.8) | (5.4) | (31.3) | ||
Flooring Businesses [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Net sales | 284.4 | 1,188.7 | |||
Cost of goods sold | 237.2 | 962.3 | |||
Gross profit | 47.2 | 226.4 | |||
Selling, general and administrative expenses | 50.5 | 179.5 | |||
Operating (loss) income | (3.3) | 46.9 | |||
Other non-operating (income) expense, net | 1.1 | 3.1 | |||
(Loss) earnings from discontinued operations before income tax | (4.4) | 43.8 | |||
Income tax (benefit) expense | 0.1 | 17.8 | |||
Gain (Loss) earnings from discontinued operations | (4.5) | 26 | |||
Gain (Loss) on expected disposal of discontinued businesses before income tax | (0.1) | [1] | 0.1 | (0.8) | |
Income tax (benefit) expense | (4.1) | (15.2) | (42) | ||
Net (loss) gain on disposal of discontinued businesses | 4 | 15.3 | 41.2 | ||
Net (loss) gain from discontinued operations | $ 4 | $ 10.8 | 67.2 | ||
Cabinets [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Gain (Loss) on expected disposal of discontinued businesses before income tax | 0.6 | ||||
Income tax (benefit) expense | 0.2 | ||||
Net (loss) gain on disposal of discontinued businesses | 0.4 | ||||
Net (loss) gain from discontinued operations | $ 0.4 | ||||
[1] | Loss on disposal of EMEA and Pacific Rim businesses for the year ended December 31, 2017 represents the estimated write-down of EMEA and Pacific Rim assets based on our expected sales proceeds to be received upon closure of the transaction. |
Acquisitions and Discontinued70
Acquisitions and Discontinued Operations (Summary of Carrying Amount of Major Classes of Assets and Liabilities Related to EMEA and Pacific Rim Businesses) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Total current assets discontinued operations | $ 306.1 | $ 125.2 |
Total non-current assets of discontinued operations | 221.1 | |
Total assets | 1,873.5 | 1,758 |
Current liabilities: | ||
Total current liabilities | 128.5 | 80.8 |
Total non-current liabilities of discontinued operations | 34 | |
EMEA and Pacific Rim Business [Member] | ||
Current assets: | ||
Accounts and notes receivable, net | 61.4 | 49.5 |
Inventories, net | 59.2 | 62.1 |
Income tax receivable | 3.1 | 4 |
Other current assets | 12.9 | 9.6 |
Total current assets discontinued operations | 136.6 | 125.2 |
Property, plant, and equipment, less accumulated depreciation and amortization | 131.3 | 204.4 |
Prepaid pension costs | 26.1 | 7.9 |
Goodwill and intangible assets, net | 7.2 | 6.8 |
Deferred income taxes | 4 | 1 |
Other non-current assets | 0.9 | 1 |
Total non-current assets of discontinued operations | 169.5 | 221.1 |
Total assets | 306.1 | 346.3 |
Current liabilities: | ||
Accounts payable and accrued expenses | 78.6 | 80.1 |
Income tax payable | 1.3 | 0.7 |
Total current liabilities | 79.9 | 80.8 |
Pension benefit liabilities | 34.7 | 29.5 |
Other long-term liabilities | 1.8 | 2.1 |
Deferred income taxes | 12.1 | 2.4 |
Total non-current liabilities of discontinued operations | 48.6 | 34 |
Total liabilities of discontinued operations | $ 128.5 | $ 114.8 |
Acquisitions and Discontinued71
Acquisitions and Discontinued Operations (Summary of Carrying Amount of Major Classes of Assets and Liabilities Related to EMEA and Pacific Rim Businesses) (Parenthetical) (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2017USD ($) | |
EMEA and Pacific Rim Business [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Pre-tax impairment charge | $ 74 |
Acquisitions and Discontinued72
Acquisitions and Discontinued Operations (Summary of Total Depreciation and Amortization and Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | $ 22.2 | $ 34.4 | $ 61.7 |
Fixed asset impairment | 74 | ||
Purchases of property, plant and equipment | (12) | (37.9) | (96.2) |
EMEA and Pacific Rim Business [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | 22.2 | 23 | 22.6 |
Fixed asset impairment | 74 | ||
Purchases of property, plant and equipment | $ (12) | (25.8) | (34.6) |
Flooring Businesses [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | 11.4 | 39.1 | |
Purchases of property, plant and equipment | $ (12.1) | $ (61.6) |
Accounts and Notes Receivable73
Accounts and Notes Receivable (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Customer receivables | $ 62.8 | $ 56.9 |
Miscellaneous receivables | 29.9 | 3.8 |
Less allowance for warranties, discounts, and losses | (1.9) | (1.9) |
Accounts and notes receivable, net | $ 90.8 | $ 58.8 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 33.2 | $ 30.1 |
Goods in process | 2.7 | 2.6 |
Raw materials and supplies | 26.1 | 21.4 |
Less LIFO reserves | (8.2) | (7.2) |
Total inventories, net | $ 53.8 | $ 46.9 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Percent of inventory valued on a LIFO basis | 84.00% | 87.00% |
Inventories (Summary Of Invento
Inventories (Summary Of Inventory Not Accounted For Under LIFO) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
FIFO inventory | $ 8.7 | $ 6.1 |
U.S. Locations [Member] | ||
Segment Reporting Information [Line Items] | ||
FIFO inventory | 6.5 | 4.2 |
Canada Locations [Member] | ||
Segment Reporting Information [Line Items] | ||
FIFO inventory | $ 2.2 | $ 1.9 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 7.1 | $ 6.4 |
Fair value of derivative assets | 0.2 | 2.2 |
Other | 0.6 | 2.6 |
Total other current assets | $ 7.9 | $ 11.2 |
Property, Plant And Equipment78
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Abstract] | ||
Land | $ 32.5 | $ 32.2 |
Buildings | 224.6 | 202.8 |
Machinery and equipment | 537.1 | 471.2 |
Computer software | 20.9 | 15.2 |
Construction in progress | 46.2 | 67.6 |
Less accumulated depreciation and amortization | (361.4) | (323.8) |
Net property, plant and equipment | $ 499.9 | $ 465.2 |
Equity Investments (Narrative)
Equity Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Distributions from equity interest | $ 69.1 | $ 86.9 | $ 64.2 |
Equity method investment, sales reported on consolidated financial statements | 31.2 | 29.8 | 29.9 |
Equity earnings in joint venture | $ 67 | 73.1 | 66.1 |
Customer Relationships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortizing intangible assets, Estimated Useful Life | 20 years | ||
Developed Technology [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortizing intangible assets, Estimated Useful Life | 15 years | ||
WAVE [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest percentage | 50.00% | ||
Distributions from equity interest | $ 69.1 | 86.9 | 64.2 |
Equity method investment, difference between carrying amount and underlying equity | 161 | 166.6 | |
WAVE [Member] | European and Pacific Rim Businesses [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity earnings in joint venture | $ 1.7 | $ 2.8 | $ 2.6 |
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] | Trademarks [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-amortizing intangible assets, estimated useful life | indefinite |
Equity Investments (Summary Of
Equity Investments (Summary Of The Difference Between Carrying Amount And Underlying Equity OF Equity Method Investment) (Details) - WAVE [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | $ 161 | $ 166.6 |
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 | 130.2 | 135.8 |
Goodwill [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | $ 30.4 | $ 30.4 |
Equity Investments (Summary O81
Equity Investments (Summary Of Investment In Joint Venture, Balance Sheet Data) (Details) - WAVE [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 96.8 | $ 96.3 |
Current assets of discontinued operations | 36.4 | 16.8 |
Noncurrent assets | 32.6 | 32.9 |
Noncurrent assets of discontinued operations | 17.4 | |
Current liabilities | 18.1 | 33.1 |
Current liabilities of discontinued operations | 8.1 | 8.2 |
Other noncurrent liabilities | $ 246.6 | $ 244 |
Equity Investments (Summary o82
Equity Investments (Summary of Investment in Joint Venture, Income Statement Data) (Details) - WAVE [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 344.5 | $ 330.7 | $ 309.7 |
Gross profit | 192.7 | 192.4 | 172.1 |
Net earnings | $ 144.3 | $ 151.9 | $ 136.5 |
Goodwill and Intangible Asset83
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Intangible asset impairment | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset84
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 265.9 | $ 254.4 |
Amortizing intangible assets, Accumulated Amortization | 155.9 | 141.6 |
Goodwill | 11.3 | 0.5 |
Total goodwill and intangible assets | $ 597 | 569.3 |
Trademarks And Brand Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Non-amortizing intangible assets, Estimated Useful Life | Indefinite | |
Non-amortizing intangible assets | $ 319.8 | 314.4 |
Customer Relationships [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 20 years | |
Amortizing intangible assets, Gross Carrying Amount | $ 176.3 | 165.3 |
Amortizing intangible assets, Accumulated Amortization | $ 93.9 | 84.9 |
Developed Technology [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 15 years | |
Amortizing intangible assets, Gross Carrying Amount | $ 83.7 | 82.8 |
Amortizing intangible assets, Accumulated Amortization | $ 60.9 | 55.4 |
Other [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | Various | |
Amortizing intangible assets, Gross Carrying Amount | $ 5.9 | 6.3 |
Amortizing intangible assets, Accumulated Amortization | $ 1.1 | $ 1.3 |
Goodwill and Intangible Asset85
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 14.6 | $ 13.9 | $ 14 |
Goodwill and Intangible Asset86
Goodwill and Intangible Assets (Schedule of Expected Annual Amortization Expense) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,018 | $ 14.7 |
2,019 | 14.7 |
2,020 | 14.7 |
2,021 | 13.3 |
2,022 | $ 9.3 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets Noncurrent Disclosure [Abstract] | ||
Cash surrender value of company-owned life insurance policies | $ 53.9 | $ 52.7 |
Fair value of derivative assets | 8.7 | 7.5 |
Other | 1.7 | 2.6 |
Total other non-current assets | $ 64.3 | $ 62.8 |
Accounts Payable And Accrued 88
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | ||
Payables, trade and other | $ 67.6 | $ 68.7 |
Employment costs | 18 | 16.3 |
Current portion of pension and postretirement benefit liabilities | 11.6 | 12.2 |
Contingent liability related to discontinued operations | 11.9 | |
Other | 11.2 | 7.9 |
Total accounts payable and accrued expenses | $ 108.4 | $ 117 |
Severance and Related Costs (Na
Severance and Related Costs (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017USD ($)employee | Dec. 31, 2016USD ($)employee | Dec. 31, 2015USD ($) | |
Mineral Fiber [Member] | |||
Severance and Related Costs [Line Items] | |||
Positions eliminated | employee | 126 | ||
Mineral Fiber [Member] | Cost Of Goods Sold [Member] | |||
Severance and Related Costs [Line Items] | |||
Severance and related costs | $ | $ 3.3 | ||
Mineral Fiber and Architectural Specialties Segments [Member] | |||
Severance and Related Costs [Line Items] | |||
Positions eliminated | employee | 18 | ||
Mineral Fiber and Architectural Specialties Segments [Member] | Selling, General and Administrative (SG&A) Expense [Member] | |||
Severance and Related Costs [Line Items] | |||
Severance and related costs | $ | $ 1.3 | ||
Unallocated Corporate Segment [Member] | |||
Severance and Related Costs [Line Items] | |||
Severance and related costs | $ | $ 2.4 | $ 5.3 | |
Positions eliminated | employee | 30 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||||||
Corporate statutory tax rate | 35.00% | |||||
Percentage of deduction for cost | 100.00% | |||||
Reduction in net deferred tax liabilities | $ 87.2 | |||||
Valuation allowance on foreign tax credits | $ 9.5 | |||||
Transition tax expense on foreign tax credit utilization | $ 10.3 | |||||
Expected percentage of deduction for cost per year | 20.00% | |||||
Tax credit carryforward netted with unrecognized tax benefits | 15.7 | $ 15.7 | $ 19.3 | |||
Valuation allowances | 47.4 | 47.4 | 17.3 | |||
Difference between book and tax basis of undistributed foreign earnings | 17.7 | |||||
Estimated future taxable income to realize foreign tax credits | $ 74.8 | |||||
Estimated future taxable income to realize foreign tax credits, expiration year | 2,022 | |||||
Unremitted earnings not taxed | $ 245.5 | |||||
Income tax reconciliation foreign withholding taxes | 7.6 | |||||
Unrecognized tax benefits | 53.4 | 53.4 | 86.9 | $ 150.6 | $ 142.6 | |
UTB if recognized, would impact the reported effective tax rate | 36.9 | 36.9 | ||||
UTB if recognized, would impact the reported effective tax rate, net of federal benefit | 35.2 | 35.2 | ||||
Interest and penalty exposure reported as accrued income tax | 3.5 | $ 3.5 | ||||
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 | 664.6 | $ 664.6 | 760.6 | |||
Valuation allowances | 19.4 | 19.4 | ||||
Estimated future taxable income to utilize deferred tax assets | 506.8 | |||||
UTB decrease due to uncertain tax positions | 0.1 | $ 0.1 | ||||
State [Member] | Minimum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards, expiration date | 2,018 | |||||
State [Member] | Maximum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards, expiration date | 2,036 | |||||
Federal [Member] | ||||||
Income Taxes [Line Items] | ||||||
Tax credit carryforward gross | 22.1 | |||||
Tax credit carryforward netted with unrecognized tax benefits | 15.7 | $ 15.7 | $ 19.3 | |||
Valuation allowances | 10.3 | 10.3 | ||||
UTB increase due to uncertain tax positions | $ 2.8 | $ 2.8 | ||||
Federal [Member] | Minimum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Tax credit carryforward, expiration year | 2,018 | |||||
Federal [Member] | Maximum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Tax credit carryforward, expiration year | 2,022 | |||||
Scenario, Forecast [Member] | ||||||
Income Taxes [Line Items] | ||||||
Corporate statutory tax rate | 21.00% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 35.6 | $ 32 |
Postretirement benefits | 23.3 | 38.1 |
Pension benefit liabilities | 16.7 | 42.4 |
Deferred compensation | 12.1 | 17.8 |
Undistributed foreign earnings | 17.7 | |
Foreign tax credit carryforwards | 15.7 | 19.3 |
State tax credit carryforwards | 10.5 | 9.1 |
Other | 12.6 | 7.8 |
Total deferred income tax assets | 144.2 | 166.5 |
Valuation allowances | (47.4) | (17.3) |
Net deferred income tax assets | 96.8 | 149.2 |
Intangibles | (136.3) | (211.8) |
Accumulated depreciation | (56.1) | (49.2) |
Prepaid pension costs | (20.4) | (18.9) |
Inventories | (4.4) | (7.2) |
Other | (1.7) | (1.8) |
Total deferred income tax liabilities | (218.9) | (288.9) |
Net deferred income tax liabilities | (122.1) | (139.7) |
Deferred income taxes have been classified in the Consolidated Balance Sheet as: | ||
Deferred income tax assets - noncurrent | 19.6 | 14.4 |
Deferred income tax liabilities - noncurrent | (141.7) | (154.1) |
Net deferred income tax liabilities | $ (122.1) | $ (139.7) |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Earnings (loss) before income taxes, Domestic | $ 224.1 | $ 147.8 | $ 92.7 |
Earnings (loss) before income taxes, Foreign | (2) | 2.8 | 1.9 |
Earnings from continuing operations before income taxes | 222.1 | 150.6 | 94.6 |
Current income tax expense (benefit), Federal | 26.2 | 15.1 | 16.8 |
Current income tax expense (benefit), Foreign | 1.4 | 5 | 2.8 |
Current income tax expense (benefit), State | 4.7 | (6.7) | (4.8) |
Current income tax expense (benefit), Total | 32.3 | 13.4 | 14.8 |
Deferred income tax expense (benefit), Federal | (36.6) | 22.6 | 12.7 |
Deferred income tax expense (benefit), Foreign | (0.1) | (1.1) | (1.2) |
Deferred income tax expense (benefit), State | 5.9 | 16.4 | 10.4 |
Deferred income tax expense (benefit), Total | (30.8) | 37.9 | 21.9 |
Income tax expense (benefit) | $ 1.5 | $ 51.3 | $ 36.7 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Continuing operations tax at statutory rate | $ 77.7 | $ 52.7 | $ 33.1 |
Increase in valuation allowances on deferred domestic income tax assets | 9.1 | 0.8 | 4.1 |
State income tax expense, net of federal benefit | 7.9 | 3.2 | 4 |
Separation costs | 15.1 | ||
Domestic production activities | (5.8) | (1.9) | (5.2) |
Federal statute closure | (2.3) | (15.2) | |
2017 Tax Act | (82.5) | ||
Other | (2.6) | (3.4) | 0.7 |
Income tax expense (benefit) | $ 1.5 | $ 51.3 | $ 36.7 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits balance at January 1, | $ 86.9 | $ 150.6 | $ 142.6 |
Gross change for current year positions | (2.2) | 2.3 | 10.4 |
Increases for prior period positions | 2.9 | 0.2 | 1.9 |
Decrease for prior period positions | (0.1) | (12.8) | (4.1) |
Decrease due to statute expirations | (34.1) | (53.4) | (0.2) |
Unrecognized tax benefits balance at December 31, | $ 53.4 | $ 86.9 | $ 150.6 |
Income Taxes (Schedule Of Other
Income Taxes (Schedule Of Other Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Payroll taxes | $ 14.2 | $ 13.9 | $ 14 |
Property, franchise and capital stock taxes | $ 4 | $ 4 | $ 4 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Principal debt outstanding | $ 858.1 | $ 883.1 |
Unamortized debt financing costs | (7.9) | (9.5) |
Less current portion and short-term debt | 32.5 | 25 |
Long-term debt, less current installments | $ 817.7 | $ 848.6 |
Principal debt outstanding, Weighted average year- end interest rate | 3.43% | 3.54% |
Term Loan A Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Principal debt outstanding | $ 577.5 | $ 600 |
Principal debt outstanding, Weighted average year- end interest rate | 3.24% | 3.29% |
Term Loan B Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Principal debt outstanding | $ 245.6 | $ 248.1 |
Principal debt outstanding, Weighted average year- end interest rate | 4.25% | 4.58% |
Tax Exempt Bonds Due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Principal debt outstanding | $ 35 | $ 35 |
Principal debt outstanding, Weighted average year- end interest rate | 0.79% | 0.45% |
Current Portion And Short-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Less current portion and short-term debt | $ 32.5 | $ 25 |
Current portion and short-term debt, Weighted average year-end interest rate | 3.32% | 3.42% |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 850.2 | $ 873.6 |
Principal debt outstanding, Weighted average year- end interest rate | 3.43% | 3.54% |
Long-Term Debt, Less Current Portion [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, less current installments | $ 817.7 | $ 848.6 |
Long-term debt, Weighted average year-end interest rate | 3.43% | 3.54% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Feb. 27, 2017 | Apr. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Maximum unrestricted cash and cash equivalents for leverage ratio calculation | $ 100,000,000 | |||
Required prepayment amount, percent of consolidated excess cash flow | 50.00% | |||
Long-term debt outstanding | $ 858,100,000 | $ 883,100,000 | ||
ARC [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount outstanding | $ 0 | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility covenant leverage ratio multiple for required prepayment | 3.5 | |||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 53,300,000 | |||
Line of credit availability | 204,600,000 | |||
Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit availability | $ 600,000,000 | |||
Maturity date | Mar. 1, 2021 | |||
Long-term debt outstanding | $ 577,500,000 | 600,000,000 | ||
Term Loan A [Member] | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Interest rate spread | 2.00% | |||
Term Loan B [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit availability | $ 250,000,000 | |||
Floor interest rate | 0.75% | |||
Maturity date | Nov. 1, 2023 | |||
Bank, legal and other fees | $ 600,000 | |||
Long-term debt outstanding | $ 245,600,000 | $ 248,100,000 | ||
Term Loan B [Member] | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Interest rate spread | 2.75% | 2.75% | 3.25% | |
Bi-lateral Facility [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 17,100,000 | |||
Line of credit availability | 25,000,000 | |||
Tax Exempt Bonds Due 2041 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt outstanding | 35,000,000 | $ 35,000,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit availability | 200,000,000 | |||
Letter of credit maximum sublimit | $ 150,000,000 | |||
Maturity date | Mar. 1, 2021 | |||
Revolving Credit Facility [Member] | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Interest rate spread | 2.00% | |||
Securitization Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 40,000,000 | |||
Maturity date | Mar. 1, 2019 | |||
Securitization Facility [Member] | ARC [Member] | ||||
Debt Instrument [Line Items] | ||||
Ownership interest | 100.00% | |||
Securitization Facility [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 36,200,000 | |||
Line of credit availability | 29,600,000 | |||
Letters of credits issued classified as restricted cash | 6,600,000 | $ 4,000,000 | ||
Senior Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 1,050,000,000 | |||
April 2016 Refinancing [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank, legal and other fees | $ 9,300,000 | |||
Unamortized debt financing costs written off | 1,100,000 | |||
April 2016 Refinancing [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Fees capitalized and amortized into interest expense | $ 8,100,000 |
Debt (Scheduled Payments Of Lon
Debt (Scheduled Payments Of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 32.5 |
2,019 | 55 |
2,020 | 62.5 |
2,021 | 437.5 |
2,022 | 2.5 |
2023 and later | $ 268.1 |
Debt (Schedule Of Letters Of Cr
Debt (Schedule Of Letters Of Credit) (Details) | Dec. 31, 2017USD ($) |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | $ 204,600,000 |
Letters of credit, Used | 53,300,000 |
Letters of credit, Available | 151,300,000 |
Letter of Credit [Member] | Bi-lateral Facility [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 25,000,000 |
Letters of credit, Used | 17,100,000 |
Letters of credit, Available | 7,900,000 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Letter of credit maximum sublimit | 150,000,000 |
Letters of credit, Limit | 200,000,000 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Available | 150,000,000 |
Accounts Receivable Securitization Facility [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Used | 40,000,000 |
Accounts Receivable Securitization Facility [Member] | Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 29,600,000 |
Letters of credit, Used | 36,200,000 |
Letters of credit, Available | $ (6,600,000) |
Pension And Other Benefit Pr100
Pension And Other Benefit Programs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2007 | |
U.S. Defined-Benefit Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actuarial gain (loss) amortization period | 19 years | 8 years | |||
Amortization of unrecognized net actuarial gains (losses) in 2018 | $ (20.1) | ||||
Estimated future employer contributions in 2018 | 4 | ||||
U.S. Defined-Benefit Plans [Member] | Cost Of Goods Sold [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Partial settlement losses | $ 12.5 | ||||
U.S. Defined-Benefit Plans [Member] | SG&A Expenses [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Partial settlement losses | $ 8.3 | ||||
Defined Benefit Pension Plans [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Assumed rate of return forecast period | 10 years | ||||
Defined Benefit Pension Plans [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Assumed rate of return forecast period | 30 years | ||||
U.S. Pension Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Partial settlement losses | $ (20.8) | ||||
Long-term return forecast | 6.50% | 6.75% | |||
Accumulated benefit obligation | $ 1,496.4 | $ 1,518 | |||
Non-U.S. Pension Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation | 2.7 | 2.5 | |||
Amortization of unrecognized net actuarial gains (losses) in 2018 | 0 | ||||
Estimated future employer contributions in 2018 | $ 0 | ||||
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Average rate of annual increase in the per capita costs, pre-65 | 8.00% | ||||
Ultimate rate | 4.50% | ||||
Amortization of unrecognized net actuarial gains (losses) in 2018 | $ 5.3 | ||||
Estimated future employer contributions in 2018 | $ 7.4 | ||||
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Average rate of annual increase in the per capita costs, post-65 | 9.20% | ||||
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Average rate of annual increase in the per capita costs, post-65 | 10.90% | ||||
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 worldwide defined contribution benefit plans | $ 6.2 | $ 5.6 | $ 5.7 |
Pension And Other Benefit Pr101
Pension And Other Benefit Programs (Schedule Of Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets as of beginning of period | $ 1,512.9 | |
Fair value of plan assets as of end of period | 1,529.7 | $ 1,512.9 |
Defined Benefit Pension Plans [Member] | U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation as of beginning of period | 1,522.4 | 1,918.1 |
Service cost | 8.6 | 10.1 |
Interest cost | 48.1 | 69.8 |
Partial settlement | (58.1) | |
Actuarial loss (gain) | 77.2 | 0.6 |
Benefits paid | (103.2) | (111) |
Merger of Tectum Plan | 5.1 | |
Separation of AFI | (365.2) | |
Benefit obligation as of end of period | 1,500.1 | 1,522.4 |
Fair value of plan assets as of beginning of period | 1,512.9 | 1,837.2 |
Actual return on plan assets | 170.8 | 144.7 |
Employer contribution | 3.9 | 4.2 |
Partial settlement | (58.1) | |
Benefits paid | (103.2) | (111) |
Merger of Tectum Plan | 3.4 | |
Separation of AFI | (362.2) | |
Fair value of plan assets as of end of period | 1,529.7 | 1,512.9 |
Funded status of the plans | 29.6 | (9.5) |
Defined Benefit Pension Plans [Member] | Non-U.S. Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation as of beginning of period | 2.5 | 2.5 |
Service cost | 0 | 0 |
Interest cost | 0 | 0.1 |
Foreign currency translation adjustment | 0.4 | (0.2) |
Actuarial loss (gain) | (0.1) | 0.2 |
Benefits paid | (0.1) | (0.1) |
Benefit obligation as of end of period | 2.7 | 2.5 |
Employer contribution | 0.1 | 0.1 |
Benefits paid | (0.1) | (0.1) |
Funded status of the plans | (2.7) | (2.5) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation as of beginning of period | 93.1 | 190.3 |
Service cost | 0.4 | 0.4 |
Interest cost | 3 | 4.7 |
Plan participants' contributions | 2.8 | 3.2 |
Plan amendments | (1.1) | |
Actuarial loss (gain) | (1.3) | (7.7) |
Benefits paid | (10.3) | (11.5) |
Separation of AFI | (86.3) | |
Benefit obligation as of end of period | 86.6 | 93.1 |
Fair value of plan assets as of beginning of period | 0 | 0 |
Employer contribution | 7.5 | 8.3 |
Plan participants' contributions | 2.8 | 3.2 |
Benefits paid | (10.3) | (11.5) |
Fair value of plan assets as of end of period | 0 | 0 |
Funded status of the plans | $ (86.6) | $ (93.1) |
Pension And Other Benefit Pr102
Pension And Other Benefit Programs (Schedule Of Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 3.63% | 4.12% |
Benefit obligation rate of compensation increase | 3.05% | 3.10% |
Net periodic benefit cost discount rate | 4.12% | 4.40% |
Net periodic benefit cost expected return on plan assets | 6.50% | 6.75% |
Net periodic benefit cost rate of compensation increase | 3.10% | 3.10% |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 1.50% | 1.40% |
Net periodic benefit cost discount rate | 1.40% | 2.00% |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 3.60% | 4.10% |
Net periodic benefit cost discount rate | 4.11% | 4.17% |
Pension And Other Benefit Pr103
Pension And Other Benefit Programs (Schedule Of Benefit Obligations In Excess Of Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation, December 31 | $ 58.5 | $ 58.2 |
Accumulated benefit obligation, December 31 | 58.5 | 58.1 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation, December 31 | 2.7 | 2.5 |
Accumulated benefit obligation, December 31 | $ 2.7 | $ 2.5 |
Pension And Other Benefit Pr104
Pension And Other Benefit Programs (Schedule Of Periodic Benefit (Credit) Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | $ 8.6 | $ 10.1 | $ 16.3 |
Interest cost on projected benefit obligation | 48.1 | 69.8 | 80.9 |
Expected return on plan assets | (98.7) | (110.6) | (140.3) |
Amortization of prior service (credit) cost | 1.5 | 1.6 | 1.9 |
Amortization of net actuarial (gain) loss | 17.5 | 48.3 | 72.8 |
Partial settlement | (20.8) | ||
Net periodic pension (credit) cost | (2.2) | 19.2 | 31.6 |
Less: Discontinued operations | 2.2 | 11 | |
Net periodic pension (credit) cost, continuing operations | (2.2) | 17 | 20.6 |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | 2.2 | 2.2 | 2.4 |
Interest cost on projected benefit obligation | 5.4 | 6.9 | 8.3 |
Expected return on plan assets | (6.8) | (7.8) | (9) |
Amortization of net actuarial (gain) loss | 1.3 | 1.2 | 2.8 |
Net periodic pension (credit) cost | 2.1 | 2.5 | 4.5 |
Less: Discontinued operations | 2 | 2.4 | 4.4 |
Net periodic pension (credit) cost, continuing operations | 0.1 | 0.1 | 0.1 |
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 | 0.4 | 0.4 | 0.9 |
Interest cost on projected benefit obligation | 3 | 4.7 | 8.1 |
Amortization of prior service (credit) cost | (0.3) | (0.6) | |
Amortization of net actuarial (gain) loss | (3.6) | (6.1) | (7.8) |
Net periodic pension (credit) cost | (0.2) | (1.3) | 0.6 |
Less: Discontinued operations | (0.2) | 0.8 | |
Net periodic pension (credit) cost, continuing operations | $ (0.2) | $ (1.1) | $ (0.2) |
Pension And Other Benefit Pr105
Pension And Other Benefit Programs (Schedule Of Defined Asset Allocation) (Details) | Dec. 31, 2017 | Dec. 31, 2016 | |
Long Duration Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 59.00% | ||
Position | 59.00% | [1] | 55.00% |
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 30.00% | ||
Position | 28.00% | [1] | 26.00% |
High Yield Bonds And Real Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 6.00% | ||
Position | 3.00% | [1] | 7.00% |
Real Estate And Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 4.00% | ||
Position | 4.00% | [1] | 5.00% |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 1.00% | ||
Position | 6.00% | [1] | 7.00% |
[1] | Investments in collective trust funds as of December 31, 2017 have been categorized within the asset classes above based on the underlying investments in those funds. |
Pension And Other Benefit Pr106
Pension And Other Benefit Programs (Summary Of Fair Value Of Assets Plan) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | $ 1,466.2 | $ 1,436.1 |
Investments measured at net asset value | 63.5 | 76.8 |
Net assets | 1,529.7 | 1,512.9 |
Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 879.5 | 831.7 |
Collective Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 561.6 | |
Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 389.1 | |
High Yield Bond | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 67.6 | |
Real Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 32.5 | |
Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 2.7 | 2.8 |
Investments measured at net asset value | 3.6 | 3.5 |
Cash And Other Short Term Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 22.4 | 112.4 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 1.7 | 363.2 |
Level 1 [Member] | Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 329 | |
Level 1 [Member] | Cash And Other Short Term Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 1.7 | 34.2 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 1,461.8 | 1,070.1 |
Level 2 [Member] | Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 879.5 | 831.7 |
Level 2 [Member] | Collective Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 561.6 | |
Level 2 [Member] | Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 60.1 | |
Level 2 [Member] | High Yield Bond | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 67.6 | |
Level 2 [Member] | Real Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 32.5 | |
Level 2 [Member] | Cash And Other Short Term Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 20.7 | 78.2 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 2.7 | 2.8 |
Level 3 [Member] | Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | $ 2.7 | $ 2.8 |
Pension And Other Benefit Pr107
Pension And Other Benefit Programs (Summary Of Assets Measured At NAV) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 63.5 | $ 76.8 |
Unfunded commitments | 3.1 | 3.1 |
Real Estate [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | 59.9 | 73.3 |
Unfunded commitments | $ 2.2 | $ 2.2 |
Redemption frequency | Quarterly | |
Real Estate [Member] | Minimum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption notice period | 45 days | 45 days |
Real Estate [Member] | Maximum [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Redemption notice period | 90 days | 90 days |
Other Investments [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 3.6 | $ 3.5 |
Unfunded commitments | $ 0.9 | $ 0.9 |
Redemption frequency | None | |
Redemption notice period | None |
Pension And Other Benefit Pr108
Pension And Other Benefit Programs (Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates) (Details) - U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total service and interest cost components, Increase | $ (0.1) |
Effect on total service and interest cost components, Decrease | 0.1 |
Effect on postretirement benefit obligation, Increase | (0.8) |
Effect on postretirement benefit obligation, Decrease | $ 0.7 |
Pension And Other Benefit Pr109
Pension And Other Benefit Programs (Schedule Of Amounts Recognized In Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | $ 88.3 | $ 48.7 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | 88.3 | 48.7 |
Accounts payable and accrued expenses | (4.1) | (3.9) |
Pension benefit liabilities | (54.6) | (54.3) |
Net amount recognized | 29.6 | (9.5) |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable and accrued expenses | (0.1) | |
Pension benefit liabilities | (2.6) | (2.5) |
Net amount recognized | (2.7) | (2.5) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable and accrued expenses | (7.4) | (8.3) |
Postretirement benefit liabilities | (79.2) | (84.8) |
Net amount recognized | $ (86.6) | $ (93.1) |
Pension And Other Benefit Pr110
Pension And Other Benefit Programs (Schedule Of Amounts In Accumulated Other Comprehensive) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (520.2) | $ (553.5) |
Prior service (cost) credit | (1.5) | |
Accumulated other comprehensive (loss) income | (520.2) | (555) |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | (8.9) | (22.4) |
Prior service (cost) credit | (0.5) | (0.6) |
Accumulated other comprehensive (loss) income | (9.4) | (23) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 49.5 | 51.7 |
Prior service (cost) credit | 1.1 | 0.1 |
Accumulated other comprehensive (loss) income | $ 50.6 | $ 51.8 |
Pension And Other Benefit Pr111
Pension And Other Benefit Programs (Schedule Of Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
U.S. Defined-Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 106.4 |
2,019 | 105.3 |
2,020 | 104.4 |
2,021 | 102.4 |
2,022 | 101.5 |
2023 - 2027 | 482.6 |
Non-U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 0.1 |
2,019 | 0.1 |
2,020 | 0.1 |
2,021 | 0.1 |
2,022 | 0.1 |
2023 - 2027 | 0.6 |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 7.4 |
2,019 | 7.4 |
2,020 | 7.1 |
2,021 | 6.9 |
2,022 | 6.6 |
2023 - 2027 | $ 28.8 |
Financial Instruments (Estimate
Financial Instruments (Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt, including current portion | $ (850.2) | $ (873.6) |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt, including current portion | (850.8) | (873.7) |
Foreign Currency Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.8) | 1.3 |
Foreign Currency Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.8) | 1.3 |
Natural Gas Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.6) | 1 |
Natural Gas Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.6) | 1 |
Interest Rate Swap Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | 8.9 | 6.9 |
Interest Rate Swap Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ 8.9 | $ 6.9 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Measurement of Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Level 1 [Member] | Foreign Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ (0.8) | $ 1.3 |
Level 2 [Member] | Natural Gas Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.6) | 1 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ 8.9 | $ 6.9 |
Derivative Financial Instrum114
Derivative Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2016 | Apr. 01, 2016 | |
Derivative [Line Items] | ||||||
Interest expense | $ 35,400,000 | $ 49,500,000 | $ 44,600,000 | |||
Gain reclassified from AOCI into income | (600,000) | (7,900,000) | 400,000 | |||
Derivative assets | $ 9,700,000 | 8,900,000 | 9,700,000 | |||
Derivative liabilities | 500,000 | 1,400,000 | 500,000 | |||
Loss in AOCI expected to be recognized in earnings over the next twelve months | 1,300,000 | |||||
Not Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative assets | 0 | 0 | 0 | |||
Derivative liabilities | 0 | $ 0 | 0 | |||
Term Loan A Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 450,000,000 | |||||
Term Loan A Swaps [Member] | Interest Expense [Member] | ||||||
Derivative [Line Items] | ||||||
Gain reclassified from AOCI into income | 2,400,000 | |||||
Commodity Price Risk [Member] | ||||||
Derivative [Line Items] | ||||||
Maximum length of time hedged in cash flow hedge | 24 months | |||||
Notional amount | 7,400,000 | $ 9,200,000 | 7,400,000 | |||
Gain (loss) recognized on hedge ineffective portion | $ 0 | 0 | 0 | |||
Foreign Exchange Contracts, Sales and Purchases [Member] | ||||||
Derivative [Line Items] | ||||||
Maximum length of time hedged in cash flow hedge | 15 months | |||||
Notional amount | $ 26,500,000 | $ 18,900,000 | 26,500,000 | |||
Interest Rate Swap Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized on hedge ineffective portion | 0 | |||||
Interest Rate Swap Contracts [Member] | Interest Expense [Member] | ||||||
Derivative [Line Items] | ||||||
Gain reclassified from AOCI into income | $ (900,000) | (8,300,000) | $ (800,000) | |||
Interest Rate Swap Contracts [Member] | Term Loan B Swaps Settled [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 450,000,000 | |||||
Interest Rate Swap Contracts [Member] | Term Loan B [Member] | ||||||
Derivative [Line Items] | ||||||
Trade date | Apr. 1, 2016 | |||||
Interest Rate Swap Contracts [Member] | Term Loan B [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
LIBOR floor | 0.75% | |||||
Interest Rate Swap Contracts [Member] | Term Loan B [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||||
Derivative [Line Items] | ||||||
Interest expense | $ 10,700,000 |
Derivative Financial Instrum115
Derivative Financial Instruments (Summary of Interest Rate Swaps) (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
November 2016 to March 2018 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 13, 2016 |
Notional Amount | $ 250,000,000 |
Coverage Period | November 2016 to March 2018 |
Risk Coverage | Term Loan A |
November 2016 to March 2021 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 13, 2016 |
Notional Amount | $ 200,000,000 |
Coverage Period | November 2016 to March 2021 |
Risk Coverage | Term Loan A |
April 2016 to March 2023 [Member] | |
Derivative [Line Items] | |
Trade Date | Apr. 1, 2016 |
Notional Amount | $ 100,000,000 |
Coverage Period | April 2016 to March 2023 |
Risk Coverage | Term Loan B |
Derivative Financial Instrum116
Derivative Financial Instruments (Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 8.9 | $ 9.7 |
Derivative Liabilities, Fair Value | 1.4 | 0.5 |
Other Current Assets [Member] | Natural Gas Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 1 | |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 1.2 | |
Other Current Assets [Member] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 0.2 | |
Other Non-Current Assets [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 0.1 | |
Other Non-Current Assets [Member] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 8.7 | 7.4 |
Accounts Payable And Accrued Expenses [Member] | Natural Gas Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.5 | |
Accounts Payable And Accrued Expenses [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.7 | |
Other Long-Term Liabilities [Member] | Natural Gas Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.1 | |
Other Long-Term Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ 0.1 | |
Other Long-Term Liabilities [Member] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ 0.5 |
Derivative Financial Instrum117
Derivative Financial Instruments (Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | $ (1.4) | $ 4.5 | $ 1.5 |
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (0.6) | (7.9) | 0.4 |
Continuing Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (0.5) | (8.1) | 0.4 |
Discontinued Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (0.1) | 0.2 | |
Natural Gas Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | (1.3) | 0.6 | (2.3) |
Natural Gas Commodity Contracts [Member] | Cost Of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 0.3 | (1.2) | (4.4) |
Foreign Exchange Contracts - Purchases [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | (0.5) | 1.2 | |
Foreign Exchange Contracts - Purchases [Member] | Cost Of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 1.8 | ||
Foreign Exchange Contracts - Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | (1.8) | (2.9) | 4.7 |
Foreign Exchange Contracts - Sales [Member] | Net Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 0.1 | 1.4 | 3.8 |
Interest Rate Swap Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | 2.2 | 6.8 | (2.1) |
Interest Rate Swap Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ (0.9) | $ (8.3) | $ (0.8) |
Product Warranties (Summary of
Product Warranties (Summary of Activity for the Accrual of Product Warranties) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Product Warranties Disclosures [Abstract] | ||
Balance at beginning of period | $ 0.2 | $ 0.3 |
Current year warranty accruals | 3.2 | 8 |
Reductions for payments | (3.3) | (8.1) |
Balance at end of period | $ 0.1 | $ 0.2 |
Other Long-Term Liabilities (Sc
Other Long-Term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Long-term deferred compensation arrangements | $ 15.3 | $ 15.9 |
Environmental liabilities | 13.5 | 4.7 |
Long-term portion of derivative liabilities | 0.2 | 0.5 |
Other | 6.5 | 5.9 |
Total other long-term liabilities | $ 35.5 | $ 27 |
Share-Based Compensation Pla120
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted | 0 | 0 | 0 |
Number of shares outstanding | 1,272,400 | 1,350,600 | |
Adjusted share-based compensation cost | $ 9.8 | $ 11 | $ 10.2 |
Share-based compensation cost, net of tax | 5.9 | $ 6.6 | $ 6 |
Total unrecognized compensation cost | $ 12.1 | ||
Total unrecognized compensation cost, weighted-average period | 1 year 7 months 6 days | ||
RSUs Liability Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares accounted for liability awards | 8,354 | 9,581 | |
PSUs Liability Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares accounted for liability awards | 720 | ||
Performance Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares granted | 69,769 | 158,790 | |
RSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares accounted for liability awards | 171,600 | 224,500 | |
Number of shares granted | 54,200 | ||
2016 LTIP [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized | 8,949,000 | ||
Shares available for grant | 2,543,180 | ||
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 | 550,000 | ||
Shares available for grant | 202,535 | ||
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 | 22,433 | 25,714 | |
Award payable period | 6 months | ||
Number of shares outstanding | 191,725 | 189,237 | |
Vested director stock units | 169,292 | 163,523 | |
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 | ||
Award payable period | 6 months | ||
Total liability recorded for shares | $ 1.3 | ||
2006 Phantom Stock Unit Plan [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
2006 Phantom Stock Unit Plan [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 3 years |
Share-Based Compensation Pla121
Share-Based Compensation Plans (Schedule Of Changes In Stock Options) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Option shares outstanding, December 31, 2016, Number of shares | shares | 1,350,600 |
Option shares exercised, Number of shares | shares | (78,200) |
Option shares outstanding, December 31, 2017, Number of shares | shares | 1,272,400 |
Option shares exercisable, vested and expected to vest, December 31, 2017, Number of shares | shares | 1,272,400 |
Option shares outstanding, December 31, 2016, Weighted-average exercise price | $ / shares | $ 34.66 |
Option shares exercised, Weighted-average exercise price | $ / shares | (41.62) |
Option shares outstanding, December 31, 2017, Weighted-average exercise price | $ / shares | 34.23 |
Option shares exercisable, vested and expected to vest, December 31, 2017. Weighted-average exercise price | $ / shares | $ 34.23 |
Option shares outstanding, December 31, 2017, Weighted-average remaining contractual term | 3 years 4 months 24 days |
Option shares exercisable, vested and expected to vest, December 31, 2017. Weighted-average remaining contractual term | 3 years 4 months 24 days |
Option shares outstanding, December 31, 2017, Aggregate intrinsic value | $ | $ 33.5 |
Option shares exercisable, vested and expected to vest, December 31, 2017, Aggregate intrinsic value | $ | $ 33.5 |
Share-Based Compensation Pla122
Share-Based Compensation Plans (Schedule Of Stock Option Exercises) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Total intrinsic value of stock options exercised | $ 0.9 | $ 0.4 | $ 3.5 |
Proceeds from exercised stock options | 3.3 | 0.7 | 6.4 |
Tax (expense) deduction realized from stock options exercised | $ (0.2) | $ (0.1) | $ 0.4 |
Share-Based Compensation Pla123
Share-Based Compensation Plans (Schedule Of Restricted Stock, RSUs, Performance Restricted Stock and PSUs Activity) (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
RSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of shares | shares | 224,500 |
Granted, Number of shares | shares | 54,200 |
Vested, Number of shares | shares | (101,100) |
Forfeited, Number of shares | shares | (6,000) |
Ending balance, Number of shares | shares | 171,600 |
Beginning balance, Weighted-average fair value at grant date | $ / shares | $ 44.94 |
Granted, Weighted-average fair value at grant date | $ / shares | 47.18 |
Vested, Weighted-average fair value at grant date | $ / shares | (46.23) |
Forfeited, Weighted-average fair value at grant date | $ / shares | (44.23) |
Ending balance, Weighted-average fair value at grant date | $ / shares | $ 45.27 |
PSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of shares | shares | 290,400 |
Granted, Number of shares | shares | 139,400 |
Vested, Number of shares | shares | (39,700) |
Forfeited, Number of shares | shares | (10,400) |
Ending balance, Number of shares | shares | 379,700 |
Beginning balance, Weighted-average fair value at grant date | $ / shares | $ 40.29 |
Granted, Weighted-average fair value at grant date | $ / shares | 44.65 |
Vested, Weighted-average fair value at grant date | $ / shares | (47.19) |
Forfeited, Weighted-average fair value at grant date | $ / shares | (43.91) |
Ending balance, Weighted-average fair value at grant date | $ / shares | $ 41.08 |
Share-Based Compensation Pla124
Share-Based Compensation Plans (Schedule Of Weighted-Average Assumptions For PSUs Measured At Fair Value) (Details) - PSUs [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted-average grant date fair value of market based PSUs granted | $ 43.29 | $ 37.75 |
Risk free rate of return | 1.50% | 0.80% |
Expected volatility | 28.00% | 28.00% |
Expected term | 3 years 1 month 6 days | 2 years 8 months 12 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation Related Costs [Abstract] | |||
Wages, salaries and incentive compensation | $ 191 | $ 179.1 | $ 185.1 |
Payroll taxes | 14.2 | 13.9 | 14 |
Defined contribution and defined benefit pension plan expense, net | 4.1 | 22.7 | 26.4 |
Insurance and other benefit costs | 24 | 21.4 | 18.8 |
Share-based compensation | 9.8 | 11 | 10.2 |
Total | $ 243.1 | $ 248.1 | $ 254.5 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Rent expense | $ 6.7 | $ 5.2 | $ 5.2 |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Payments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
Total minimum lease payments, 2018 | $ 2.4 |
Total minimum lease payments, 2019 | 2.2 |
Total minimum lease payments, 2020 | 1.8 |
Total minimum lease payments, 2021 | 1.5 |
Total minimum lease payments, 2022 | 1.1 |
Total minimum lease payments, Thereafter | 4.3 |
Total minimum lease payments, Total | $ 13.3 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | Oct. 30, 2017 | Jul. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 |
Equity Class Of Treasury Stock [Line Items] | |||||
Shares repurchase program, repurchased cost | $ 80,400,000 | $ 43,800,000 | |||
Common Stock [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Shares repurchase program, expiration date | Jul. 31, 2018 | ||||
Stock repurchase program, additional authorized amount | $ 250,000,000 | ||||
Shares repurchase program, extended expiration date | Oct. 31, 2020 | ||||
Shares repurchase program, shares repurchased | 1,841,690 | 1,111,525 | 2,950,000 | ||
Shares repurchase program, repurchased cost | $ 80,400,000 | $ 43,800,000 | $ 124,200,000 | ||
Shares repurchase program, average price per share | $ 43.58 | $ 39.45 | $ 42.03 | ||
Maximum [Member] | Common Stock [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Shares repurchase program, authorized amount | $ 150,000,000 |
Shareholders' Equity (Component
Shareholders' Equity (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Stockholders Equity Note [Abstract] | ||
Foreign currency translation adjustments | $ (47.1) | $ (71.6) |
Derivative gain, net | 3.5 | 3.8 |
Pension and postretirement adjustments | (302.3) | (336) |
Accumulated other comprehensive (loss) | $ (345.9) | $ (403.8) |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |||
Foreign currency translation adjustments, Pre-tax Amount | $ 24.5 | $ (33.2) | $ (25.5) |
Derivative gain (loss), net, Pre-tax Amount | (0.8) | 11.9 | 1.1 |
Pension and postretirement adjustments, Pre-tax Amount | 50.4 | 75.7 | 50.7 |
Total other comprehensive income (loss), Pre-tax Amount | 74.1 | 54.4 | 26.3 |
Derivative gain (loss), net, Tax Benefit | 0.5 | (4.4) | (0.4) |
Pension and postretirement adjustments, Tax Benefit | (16.7) | (26.4) | (17.8) |
Total other comprehensive (loss), Tax Benefit | (16.2) | (30.8) | (18.2) |
Foreign currency translation adjustments, After-tax Amount | 24.5 | (33.2) | (25.5) |
Derivative gain (loss), net, After-tax Amount | (0.3) | 7.5 | 0.7 |
Pension and postretirement adjustments | 33.7 | 49.3 | 32.9 |
Total other comprehensive income | $ 57.9 | $ 23.6 | $ 8.1 |
Shareholders' Equity (Schedu131
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive Income Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | $ 266.4 | $ 768.8 |
Separation, net of tax (benefit) | 60 | |
Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) | 33.1 | (10) |
Amounts reclassified from accumulated other comprehensive income | 24.8 | 33.6 |
Net current period other comprehensive (loss) income | 57.9 | 23.6 |
Balance | 419.3 | 266.4 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (71.6) | (33.8) |
Separation, net of tax (benefit) | (4.6) | |
Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) | 24.5 | (33.2) |
Net current period other comprehensive (loss) income | 24.5 | (33.2) |
Balance | (47.1) | (71.6) |
Derivative (Loss) Gain [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | 3.8 | (3.3) |
Separation, net of tax (benefit) | (0.4) | |
Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) | (0.7) | 3 |
Amounts reclassified from accumulated other comprehensive income | 0.4 | 4.5 |
Net current period other comprehensive (loss) income | (0.3) | 7.5 |
Balance | 3.5 | 3.8 |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (336) | (450.3) |
Separation, net of tax (benefit) | 65 | |
Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) | 9.3 | 20.2 |
Amounts reclassified from accumulated other comprehensive income | 24.4 | 29.1 |
Net current period other comprehensive (loss) income | 33.7 | 49.3 |
Balance | (302.3) | (336) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (403.8) | (487.4) |
Balance | $ (345.9) | $ (403.8) |
Shareholders' Equity (Schedu132
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive Income Activity) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | $ (2.8) | $ (12.8) |
Derivative (Loss) Gain [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 0.8 | (1.8) |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | $ (3.6) | (10.9) |
AFI [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income adjustments | (39.2) | |
AFI [Member] | Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income adjustments | $ (39.2) |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | $ 569.8 | $ 531.5 | $ 499.1 |
Net sales | 893.6 | 837.3 | 805.1 |
Interest expense | 35.4 | 49.5 | 44.6 |
Total income from continuing operations, before tax | (222.1) | (150.6) | (94.6) |
Tax impact | 1.5 | 51.3 | 36.7 |
Total (loss) from discontinued operations, net of tax | 65.8 | (5.4) | (36.3) |
Total income, net of tax | (154.8) | (104.7) | (94.2) |
Selling, general and administrative expenses | 135.7 | 155.5 | 180.8 |
Total expense from discontinued operations net of tax | 4.2 | (9.9) | $ (5.3) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications for the period | 24.8 | 33.6 | |
Derivative Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total income from continuing operations, before tax | 0.6 | 7.9 | |
Tax impact | (0.2) | (2.8) | |
Total income from continuing operations, net of tax | 0.4 | 5.1 | |
Total (loss) from discontinued operations, net of tax | (0.6) | ||
Total income, net of tax | 0.4 | 4.5 | |
Derivative Adjustments [Member] | Natural Gas Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | (0.3) | 1.2 | |
Derivative Adjustments [Member] | Foreign Exchange Contracts - Purchases [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | 0.1 | (0.2) | |
Derivative Adjustments [Member] | Foreign Exchange Contracts - Sales [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net sales | (0.1) | (1.4) | |
Derivative Adjustments [Member] | Interest Rate Swap Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | 0.9 | 8.3 | |
Prior Service Cost Amortization [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | 0.9 | 0.6 | |
Selling, general and administrative expenses | 0.6 | 0.6 | |
Amortization Of Net Actuarial Loss [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | 7.4 | 20.7 | |
Selling, general and administrative expenses | 7.8 | 18.4 | |
Pension And Postretirement Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total expense from continuing operations, before tax | 37.5 | 40.3 | |
Tax impact | (13.1) | (14.1) | |
Total expense from continuing operations, net of tax | 24.4 | 26.2 | |
Total expense from discontinued operations net of tax | 2.9 | ||
Total expense, net of tax | 24.4 | $ 29.1 | |
Partial Settlement [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | 12.5 | ||
Selling, general and administrative expenses | $ 8.3 |
Shareholders' Equity (Reclas134
Shareholders' Equity (Reclassification out of Accumulated Other Comprehensive Income) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax expense | $ 3.6 | $ (0.8) | $ 34.6 |
Tax expense from discontinued operations | $ 3.6 | (0.8) | $ 34.6 |
Derivative Adjustments [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax expense | (0.3) | ||
Pension And Postretirement Adjustments [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Tax expense from discontinued operations | $ 1.5 |
Supplemental Financial Infor135
Supplemental Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Financial Information [Abstract] | |||
Maintenance and repair costs | $ 42.5 | $ 41.4 | $ 42.2 |
Research and development costs | 17.4 | 17.8 | 18.7 |
Advertising costs | 6 | 5.4 | 5.5 |
Interest income | (1.8) | (1) | (0.6) |
Foreign currency transaction (gain)/loss, net of hedging activity | (0.6) | (9.4) | 13.8 |
Other | (0.8) | 4.6 | |
Total | $ (2.4) | $ (11.2) | $ 17.8 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - WAVE [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Percentage of ownership in joint venture | 50.00% | ||
Purchases from joint venture | $ 18.2 | $ 18 | $ 18.2 |
Reimbursement from joint venture | 14.9 | 9.1 | $ 8.8 |
Due from related parties | $ 2.6 | $ 4.2 |
Litigation and Related Matters
Litigation and Related Matters (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2010site | Dec. 31, 2017USD ($)Litigation | Dec. 31, 2017USD ($)Litigationsite | Dec. 31, 2016USD ($) | Dec. 31, 2007 | |
Loss Contingencies [Line Items] | |||||
Number of active and independent litigation matters for which pursuing coverage and recoveries | Litigation | 2 | 2 | |||
Settlement agreement amount of litigation agreement | $ 30.5 | ||||
Potential environmental liabilities | $ 13.5 | 13.5 | $ 4.7 | ||
Reserves for potential environmental liabilities | $ 10.1 | $ 2.9 | |||
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% | ||||
St. Helens [Member] | |||||
Loss Contingencies [Line Items] | |||||
Reserves for potential environmental liabilities | $ 8.6 | ||||
Cost Of Goods Sold [Member] | |||||
Loss Contingencies [Line Items] | |||||
Settlement agreement amount of litigation agreement | $ 11.2 | ||||
SG&A Expenses [Member] | |||||
Loss Contingencies [Line Items] | |||||
Settlement agreement amount of litigation agreement | $ 19.3 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of Net Earnings to Net Earnings Attributable to Common Shares Used in Basic and Diluted Calculation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Earnings from continuing operations | $ 220.6 | $ 99.3 | $ 57.9 |
Earnings allocated to participating non-vested share awards | (0.7) | (0.3) | (0.2) |
Earnings from continuing operations attributable to common shares | $ 219.9 | $ 99 | $ 57.7 |
Earnings Per Share (Reconcil139
Earnings Per Share (Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Basic shares outstanding | 53.3 | 55.4 | 55.5 |
Dilutive effect of common stock equivalents | 0.6 | 0.3 | 0.4 |
Diluted shares outstanding | 53.9 | 55.7 | 55.9 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Options to purchase common stock not included in the computation of diluted EPS | 319,836 | 632,799 | 203,527 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Provision For Bad Debts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 0.4 | $ 1.1 | $ 1.3 |
Deductions | (0.1) | (0.7) | (0.2) |
Balance at end of year | 0.3 | 0.4 | 1.1 |
Provision For Discounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 1.3 | 0.8 | 2 |
Additions charged to earnings | 17.6 | 16.9 | 15.8 |
Deductions | (17.4) | (16.4) | (17) |
Balance at end of year | 1.5 | 1.3 | 0.8 |
Provision For Warranties [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 0.2 | 0.3 | |
Additions charged to earnings | 3.2 | 8 | 1.6 |
Deductions | (3.3) | (8.1) | (1.3) |
Balance at end of year | $ 0.1 | $ 0.2 | $ 0.3 |