Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 19, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 48,502,391 | ||
Entity Public Float | $ 3.3 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 975.3 | $ 893.6 | $ 837.3 |
Cost of goods sold | 641.8 | 578.2 | 530.3 |
Gross profit | 333.5 | 315.4 | 307 |
Selling, general and administrative expenses | 159 | 138.6 | 184.2 |
Equity earnings from joint venture | (74.9) | (67) | (73.1) |
Operating income | 249.4 | 243.8 | 195.9 |
Interest expense | 39.2 | 35.4 | 49.5 |
Other non-operating (income) expense, net | (32.5) | (13.7) | (4.2) |
Earnings from continuing operations before income taxes | 242.7 | 222.1 | 150.6 |
Income tax expense | 53.1 | 1.5 | 51.3 |
Earnings from continuing operations | 189.6 | 220.6 | 99.3 |
Net gain (loss) from discontinued operations, net of tax expense (benefit) of $8.2, $3.6 and ($0.8) | 9.6 | 4.2 | (9.9) |
(Loss) gain on disposal of discontinued business, net of tax (benefit) of ($6.0), ($4.1) and ($15.2) | (13.3) | (70) | 15.3 |
Net (loss) gain from discontinued operations | (3.7) | (65.8) | 5.4 |
Net earnings | 185.9 | 154.8 | 104.7 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (27.6) | 24.5 | (33.2) |
Derivative gain (loss) | 1.1 | (0.3) | 7.5 |
Pension and postretirement adjustments | (32.9) | 33.7 | 49.3 |
Total other comprehensive (loss) income | (59.4) | 57.9 | 23.6 |
Total comprehensive income | $ 126.5 | $ 212.7 | $ 128.3 |
Earnings per share of common stock, continuing operations: | |||
Basic | $ 3.68 | $ 4.12 | $ 1.79 |
Diluted | 3.63 | 4.08 | 1.78 |
(Loss) earnings per share of common stock, discontinued operations: | |||
Basic | (0.07) | (1.23) | 0.09 |
Diluted | (0.07) | (1.22) | 0.09 |
Net earnings per share of common stock: | |||
Basic | 3.61 | 2.89 | 1.88 |
Diluted | $ 3.56 | $ 2.86 | $ 1.87 |
Average number of common shares outstanding: | |||
Basic | 51.3 | 53.3 | 55.4 |
Diluted | 52.1 | 53.9 | 55.7 |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net gain (loss) from discontinued operations, tax expense (benefit) | $ 8.2 | $ 3.6 | $ (0.8) |
(Loss) gain on disposal of discontinued business, tax (benefit) | $ (6) | $ (4.1) | $ (15.2) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 325.7 | $ 159.6 |
Accounts and notes receivable, net | 79.9 | 90.8 |
Inventories, net | 61.2 | 53.8 |
Current assets of discontinued operations | 279.5 | 306.1 |
Income tax receivable | 1.7 | 30.7 |
Other current assets | 4.8 | 7.9 |
Total current assets | 752.8 | 648.9 |
Property, plant, and equipment, less accumulated depreciation and amortization of $367.3 and $323.8, respectively | 501 | 499.9 |
Prepaid pension costs | 52.8 | 88.3 |
Investment in joint venture | 40.8 | 107.3 |
Goodwill and intangible assets, net | 442 | 441.1 |
Deferred income taxes | 14.8 | 19.6 |
Income tax receivable | 0.8 | 4.1 |
Other noncurrent assets | 68.5 | 64.3 |
Total assets | 1,873.5 | 1,873.5 |
Current liabilities: | ||
Current installments of long-term debt | 55 | 32.5 |
Accounts payable and accrued expenses | 383.3 | 108.4 |
Liabilities of discontinued operations | 110.3 | 128.5 |
Income tax payable | 0.9 | 0.5 |
Total current liabilities | 549.5 | 269.9 |
Long-term debt, less current installments | 764.8 | 817.7 |
Postretirement benefit liabilities | 58.8 | 79.2 |
Pension benefit liabilities | 50.3 | 57.2 |
Other long-term liabilities | 38 | 35.5 |
Income tax payable | 26.5 | 53 |
Deferred income taxes | 124.4 | 141.7 |
Total noncurrent liabilities | 1,062.8 | 1,184.3 |
Shareholders' equity: | ||
Common stock, $0.01 par value per share, authorized 200 million shares; issued 61,553,724 shares, outstanding 48,808,239 shares in 2018 and 60,782,736 shares issued, 52,772,139 outstanding shares in 2017 | 0.6 | 0.6 |
Capital in excess of par value | 547.4 | 516.8 |
Retained earnings | 865 | 633.4 |
Treasury stock, at cost, 12,745,485 shares as of December 31, 2018 and 8,010,597 shares as of December 31, 2017 | (692.2) | (385.6) |
Accumulated other comprehensive (loss) | (459.6) | (345.9) |
Total shareholders' equity | 261.2 | 419.3 |
Total liabilities and shareholders' equity | $ 1,873.5 | $ 1,873.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation and amortization | $ 412.9 | $ 361.4 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 61,553,724 | 60,782,736 |
Common stock, shares outstanding | 48,808,239 | 52,772,139 |
Treasury stock, shares | 12,745,485 | 8,010,597 |
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, 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 issuances, net | 180,694 | |||||
Share-based employee compensation | 9.2 | 9.2 | ||||
Net earnings | 104.7 | 104.7 | ||||
Other comprehensive income (loss) | 23.6 | 23.6 | ||||
Separation of Armstrong Flooring, Inc. | (596.1) | (656.1) | 60 | |||
Acquisition of treasury stock | (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 | |||||
Balance at Dec. 31, 2016 | 6,168,907 | |||||
Cumulative effect impact of ASU adoption | ASU 2016-09 [Member] | 8.7 | 8.7 | ||||
Stock issuances, net | 185,596 | |||||
Share-based employee compensation | 11.4 | 11.4 | ||||
Net earnings | 154.8 | 154.8 | ||||
Other comprehensive income (loss) | 57.9 | 57.9 | ||||
Separation of Armstrong Flooring, Inc. | 0.5 | 0.5 | ||||
Acquisition of treasury stock | (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 | ||||
Cumulative effect impact of ASU adoption | ASU 2018-02 [Member] | $ (54.3) | 54.3 | (54.3) | |||
Stock issuances, net | 770,988 | |||||
Share-based employee compensation | 30.6 | 30.6 | ||||
Cash dividends - $0.175 per common share | (8.6) | (8.6) | ||||
Net earnings | 185.9 | 185.9 | ||||
Other comprehensive income (loss) | (59.4) | (59.4) | ||||
Acquisition of treasury stock | (306.6) | $ (306.6) | ||||
Acquisition of treasury stock, shares | (4,734,888) | 4,734,888 | ||||
Balance at Dec. 31, 2018 | $ 261.2 | $ 0.6 | $ 547.4 | $ 865 | $ (692.2) | $ (459.6) |
Balance at Dec. 31, 2018 | 48,808,239 | 48,808,239 | ||||
Balance at Dec. 31, 2018 | 12,745,485 | 12,745,485 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Dividends declared | $ 0.175 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net earnings | $ 185.9 | $ 154.8 | $ 104.7 |
Adjustments to reconcile earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 79.4 | 89.2 | 89.2 |
Loss (gain) on disposal of discontinued operations | 19.3 | 74.1 | (0.1) |
Deferred income taxes | (3.8) | (12.3) | 51 |
Share-based compensation | 14 | 10.2 | 12.4 |
Equity earnings from joint venture | (74.9) | (67) | (73.1) |
Separation costs | 34.5 | ||
Loss on interest rate swap | 10.7 | ||
U.S. pension (credit) expense | (26.3) | (4.5) | 15 |
Non-cash foreign currency translation on intercompany loans | 0.8 | (2.6) | (3.6) |
Other, non-cash adjustments, net | 2.1 | 2.2 | 0.8 |
Changes in operating assets and liabilities: | |||
Receivables | 13.2 | (37.1) | (23.9) |
Inventories | (8.9) | 3.6 | (7) |
Other current assets | 9.4 | 2.2 | 7.1 |
Other noncurrent assets | (5.5) | (1.6) | (9.9) |
Accounts payable and accrued expenses | 5.4 | (20) | (82.1) |
Income taxes payable | 7.5 | (18.8) | (49.3) |
Other long-term liabilities | (14.4) | (1.2) | (22) |
Other, net | (0.8) | (5.1) | |
Net cash provided by operating activities | 203.2 | 170.4 | 49.3 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (71.9) | (89.7) | (104.2) |
Return of investment from joint venture | 141.7 | 69.1 | 86.9 |
Cash paid for acquisitions | (22.2) | (31.2) | |
Proceeds from (payment of) company-owned life insurance, net | 2 | (2.4) | |
Payments of proceeds from Knauf to investment in joint venture | (70) | ||
Cash consideration received from Knauf | 330 | ||
Other investing activities | 0.3 | ||
Net cash provided by (used for) investing activities | 309.6 | (54.2) | (17) |
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 | (32.5) | (25) | (434.1) |
Financing costs | (0.6) | (8.1) | |
Dividend paid | (8.6) | ||
Proceeds from exercised stock options | 18.4 | 3.3 | 0.7 |
Cash transferred to Armstrong Flooring, Inc. | (9.1) | ||
Proceeds from company-owned life insurance loans, net | 2 | ||
Payment for treasury stock acquired | (306.6) | (80.4) | (43.8) |
Net cash (used for) financing activities | (329.3) | (102.7) | (128.9) |
Effect of exchange rate changes on cash and cash equivalents | (7.4) | 4.2 | (6.3) |
Net increase (decrease) in cash and cash equivalents | 176.1 | 17.7 | (102.9) |
Cash and cash equivalents at beginning of year | 159.6 | 141.9 | 244.8 |
Cash and cash equivalents at end of year | 335.7 | 159.6 | 141.9 |
Cash and cash equivalents at end of year from discontinued operations | 10 | ||
Cash and cash equivalents | 325.7 | 159.6 | 141.9 |
Supplemental Cash Flow Disclosures: | |||
Interest paid | 29.9 | 30.7 | 33.4 |
Income taxes paid, net | 51.6 | 32.1 | 33.7 |
Amounts in accounts payable for capital expenditures | $ 1.9 | $ 2.6 | $ 4.4 |
Business
Business | 12 Months Ended |
Dec. 31, 2018 | |
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 August 16, 2018, we acquired the business and assets of Steel Ceilings, Inc. (“Steel Ceilings”), based in Johnstown, Ohio. Steel Ceilings is a manufacturer of aluminum and stainless metal ceilings that include architectural, radiant and security solutions with one manufacturing facility. Steel Ceilings’ operations, and its assets and liabilities, are included as a component of our Architectural Specialties segment. See Note 5 for further information. On May 31, 2018, we acquired the business and assets of Plasterform, Inc. (“Plasterform”), based in Mississauga, Ontario, Canada. Plasterform is a manufacturer of architectural cast ceilings, walls, facades, columns and moldings with one manufacturing facility. Plasterform On November 17, 2017, we entered into a Share Purchase Agreement (the “Purchase Agreement”) with Knauf International GmbH (“Knauf”), to sell certain subsidiaries comprising our business in Europe, the Middle East and Africa (including Russia) (“EMEA”) and the Pacific Rim, including the corresponding businesses and operations conducted by Worthington Armstrong Venture (“WAVE”), our joint venture with Worthington Industries, Inc. (“Worthington”) in which AWI holds a 50% interest. The consideration paid by Knauf in connection with the sale is $330 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. On July 18, 2018, we entered into an amendment to the Purchase Agreement, pursuant to which Knauf agreed to irrevocably and unconditionally pay AWI (i) $250 million on August 1, 2018, and (ii) $80 million on September 15, 2018, if, prior to such date (A) any competition condition has not been satisfied, or (B) the closing has not yet occurred. The amendment also provided for the reduction (from a maximum of $35 million to a maximum of $20 million) of potential adjustments to the purchase price consideration for the transaction based on the impact of remedies required to satisfy competition conditions. We received both the $250 million payment and the $80 million payment from Knauf in the third quarter of 2018. The transaction was notified for merger control clearance in the European Union (“EU”), Bosnia and Herzegovina, Macedonia, Montenegro, Russia and Serbia, and was cleared unconditionally in Montenegro (February 2018), Serbia (February 2018), Russia (March 2018), Macedonia (July 2018) and Bosnia and Herzegovina (August 2018). On December 7, 2018, the European Commission granted conditional clearance of the transaction, subject to certain commitments intended to address concerns regarding the overlap between the activities of AWI and Knauf, including the divestment by Knauf to a third party of certain mineral fiber and grid businesses and operations in Austria, Estonia, Germany, Ireland, Italy, Latvia, Lithuania, Portugal, Spain, Turkey and the UK. This includes our sales operations in each of the relevant countries, as well as our production facilities, and those of WAVE, located in Team Valley, UK. The terms of the sale of the divestment business by Knauf and the identity of the purchaser are subject to the approval of the European Commission. We continue to work closely with Knauf towards closing and expect the transaction to close by the end of the first half of 2019. 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, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy Use of Estimates Reclassifications Revenue Recognition. Incremental costs to fulfill our customer arrangements are expensed as incurred, as the amortization period is less than one year. Our products are sold with normal and customary return provisions. We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects. Warranties are not sold separately to customers. Our product warranties place certain requirements on the purchaser, including installation and maintenance in accordance with our written instructions. In addition to our warranty program, under certain limited circumstances, we will occasionally 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 costs associated with warranty repairs are provided to our independent distributors through a credit against accounts receivable from the distributor to us. Sales returns and warranty claims have historically not been material and do not constitute separate performance obligations. We often enter into agreements with our customers to offer incentive programs, primarily volume rebates and promotions. The majority of our rebates are designated as a percentage of annual customer purchases. We estimate the amount of rebate based on actual sales for the period and accrue for the projected incentive programs costs. We record the costs of the rebate accruals as a reduction to our revenue. In addition, other sales discounts, including early pay promotions, are deducted immediately from the sales invoice. See Note 4 to the Consolidated Financial Statements for additional information related to our Revenues. 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 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 capital 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 11 to the Consolidated Financial Statements for disclosure on intangible assets. Foreign Currency Transactions Financial Instruments and Derivatives Share-based Employee Compensation Subsequent Events On February 20, 2019, we declared a dividend of $0.175 per common share outstanding. The dividend will be paid on March 20, 2019, to shareholders of record as of the close of business on March 5, 2019. Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” “Principal versus Agent Considerations (Reporting Gross versus Net),” “Identifying Performance Obligations and Licensing,” “Narrow-Scope Improvements and Practical Expedients,” “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” Effective January 1, 2018, we adopted these standards using the modified retrospective transition method and have applied all practical expedients related to completed contracts upon adoption. Substantially all of our revenues from contracts with customers are recognized from the sale of products with standard shipping terms, sales discounts and warranties. This adoption did not have a material impact to our financial condition, results of operations or cash flows as the amount and timing of substantially all of our revenues will continue to be recognized at a point in time. As required by the revenue recognition Accounting Standards Codification (“ASC”) updates, we have expanded our disclosure of revenues from contracts with customers. See Note 4 for additional information. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” In August 2016, the FASB issued ASU 2016-15 , “Classification of Certain Cash Receipts and Cash Payments.” In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” In February 2018, the FASB issued ASU 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, “Leases,” In January 2018, FASB issued ASU 2018-01, “ Land Easement Practical Expedient for Transition to Topic 842,” “Codification improvements to Topic 842, Leases,” “Targeted Improvements,” Collectively, the guidance and all related ASU updates are effective for annual reporting periods beginning after December 15, 2018. The new standard is effective for us on January 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. We adopted the new standard on January 1, 2019 and selected the effective date as our date of initial application. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides several optional practical expedients in transition. We elected to adopt all of the new standard’s available transition practical expedients. A new system tool has been implemented to assist in the collection and analysis of data related to our lease portfolio. We have also evaluated our accounting policies, processes and internal controls that are impacted by the new guidance. This standard will have a material effect on our Consolidated Balance Sheet but not on the Consolidated Statement of Earnings and Comprehensive Income or Consolidated Statement of Cash Flows. While we continue to assess all the effects of adoption, we currently believe the most significant changes to the Consolidated Balance Sheet relates to the recognition of new Right Of Use (“ROU”) assets and lease liabilities. The adoption will significantly affect our disclosures about non-cash investing and financing activities and the lease related disclosures. Effective January 1, 2019, we currently expect to recognize ROU asset and lease liabilities in the range of $ 25.0 In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” In June 2018, the FASB issued ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting,” In August 2018, the FASB issued ASU 2018-14, “ Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans,” In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract,” |
Nature Of Operations
Nature Of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature Of Operations | NOTE 3. NATURE OF OPERATIONS In connection with the announced sale of our EMEA and Pacific Rim businesses, our former EMEA and Pacific Rim segments have been excluded from our results of continuing operations and segment assets. As a result, our operating segments are as follows: Mineral Fiber, Architectural Specialties and Unallocated Corporate. 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. 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 2018 Net sales to external customers $ 801.6 $ 173.7 $ - $ 975.3 Equity (earnings) from joint venture (74.9 ) - - (74.9 ) Segment operating income (loss) 223.8 34.3 (8.7 ) 249.4 Segment assets 1,096.1 84.7 413.2 1,594.0 Depreciation and amortization (1) 75.3 3.5 0.6 79.4 Investment in joint venture 40.8 - - 40.8 Purchases of property, plant and equipment (1) 60.5 4.1 - 64.6 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) 233.5 27.7 (17.4 ) 243.8 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) 226.5 19.2 (49.8 ) 195.9 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 (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 5 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: 2018 2017 2016 Segment operating income $ 249.4 $ 243.8 $ 195.9 Interest expense 39.2 35.4 49.5 Other non-operating (income) expense, net (32.5 ) (13.7 ) (4.2 ) Earnings from continuing operations before income taxes $ 242.7 $ 222.1 $ 150.6 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. 2018 2017 2016 Geographic Areas Net trade sales Mineral Fiber: United States $ 739.2 $ 699.8 $ 680.8 Canada 62.4 56.6 55.8 Total Mineral Fiber 801.6 756.4 736.6 Architectural Specialties: United States 157.5 129.5 95.1 Canada 16.2 7.7 5.6 Total Architectural Specialties 173.7 137.2 100.7 Total net trade sales $ 975.3 $ 893.6 $ 837.3 2018 2017 Property, plant and equipment, net at December 31, Mineral Fiber: United States $ 487.5 $ 488.7 Total Mineral Fiber 487.5 488.7 Architectural Specialties: United States $ 5.9 $ 3.0 Canada 4.5 4.5 Total Architectural Specialties 10.4 7.5 Unallocated Corporate (1) 3.1 3.7 Total property, plant and equipment, net $ 501.0 $ 499.9 (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 asset group may not be recoverable. In connection with the closing of our St. Helens, Oregon Mineral Fiber manufacturing facility we recorded $14.1 million in 2018 in cost of goods sold related to accelerated depreciation of property, plant and equipment. In 2017, we recorded $4.0 million in cost of goods sold related to accelerated depreciation of property, plant and equipment within our Mineral Fiber segment. In September 2017, we made the decision to permanently close a previously idled plant in China. As a result, during 2017 we recorded $5.6 million in costs of goods sold for accelerated depreciation of machinery and equipment. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 4. REVENUE Disaggregation of Revenues Our Mineral Fiber and Architectural Specialties operating segments both manufacture and sell ceiling systems (primarily mineral fiber, fiberglass wool and metal) throughout the Americas. We disaggregate revenue based on our product based segments and major customer grouping as these categories represent the most appropriate depiction of how the nature, amount, and timing of revenues and cash flows are affected by economic factors. Net sales by major customer group are as follows: Distributors – represents net sales to building materials distributors, who re-sell our products to contractors, subcontractors’ alliances, large architect and design firms, and major facility owners. Geographically, this category includes sales throughout the U.S., Canada, and Latin America. Home centers – represents net sales to home centers such as Lowe’s Companies, Inc. and The Home Depot, Inc. Direct customers – represents net sales sold directly to contractors, subcontractors’ alliances, large architect and design firms, and major facility owners. Only sales to U.S. customers are reported within this customer group. Retailers and other – represents net sales to independent retailers and certain national account customers, including wholesalers who re-sell our products to dealers who service builders, contractors and consumers. Geographically, this category includes sales throughout the U.S., Canada, and Latin America. The following tables provide net sales by major customer group within the Mineral Fiber and Architectural Specialties segments for the years ended December 31, 2018, 2017 and 2016: Mineral Fiber 2018 2017 2016 Distributors $ 601.4 $ 563.3 $ 549.0 Home centers 84.0 82.2 78.7 Direct customers 60.3 62.1 61.9 Retailers and other 55.9 48.8 47.0 Total $ 801.6 $ 756.4 $ 736.6 Architectural Specialties 2018 2017 2016 Distributors $ 129.8 $ 111.5 $ 73.4 Direct customers 36.7 22.3 23.9 Retailers and other 7.2 3.4 3.4 Total $ 173.7 $ 137.2 $ 100.7 |
Acquisitions and Discontinued O
Acquisitions and Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations [Abstract] | |
Acquisitions and Discontinued Operations | NOTE 5. ACQUISITIONS AND DISCONTINUED OPERATIONS ACQUISITION OF STEEL CEILINGS On August 16, 2018, we acquired the business and assets of Steel Ceilings. The $12.3 million purchase price was allocated to the assets acquired and the liabilities assumed based on their estimated fair values, with the remaining amount recorded as goodwill. In October 2018, we sold certain assets related to an acquired product line to WAVE for $2.0 million. The total fair value of tangible assets acquired, less liabilities assumed, was $4.4 million. The total fair value of identifiable intangible assets acquired was mostly comprised of amortizable customer relationships of $1.4 million and tradenames of $1.3 million, resulting in $3.2 million of goodwill. All of the acquired goodwill is deductible for tax purposes. ACQUISTION OF PLASTERFORM On May 31, 2018, we acquired the business and assets of Plasterform. The $11.9 million purchase price was allocated to the assets acquired and the liabilities assumed based on their estimated fair values, with the remaining amount recorded as goodwill. The total fair value of tangible assets acquired, less liabilities assumed, was $2.2 million. The total fair value of identifiable intangible assets acquired, comprised of amortizable customer relationships, was $4.8 million, resulting in $4.9 million of goodwill. All of the acquired goodwill is deductible for tax purposes. 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, we agreed to sell certain subsidiaries comprising our businesses in EMEA and the Pacific Rim to Knauf. Pursuant to the Purchase Agreement, prior to the closing, we and Knauf will enter into (i) an agreement relating to the mutual supply of certain products after the closing, (ii) an agreement relating to the use of certain intellectual property by Knauf after the closing, including the Armstrong trade name and (iii) an agreement relating to certain transition services to be provided by AWI to Knauf after closing for a period of up to one year. WAVE and Knauf will also enter into similar agreements for such purposes. Each quarter we compare the anticipated sales proceeds from Knauf to the carrying value of EMEA and Pacific Rim net assets. We record an estimated loss if the carrying value exceeds the anticipated sales proceeds. Net gains can only be recorded to the extent of previous estimated losses. In 2017 we recorded an estimated loss of $74.0 million, which included $51.4 million of AOCI adjustments. In 2018, we recorded an estimated loss of $19.3 million, which included $25.5 million of unfavorable AOCI adjustments. These AOCI adjustments related to accumulated foreign currency translation amounts that will be subsequently reclassified to earnings from discontinued operations upon sale of our EMEA and Pacific Rim businesses. See Note 1 for further discussion of the divestiture status. 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 were $34.5 million. Separation costs 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, provide for the separation and allocation between AWI and AFI of the flooring assets, employees, liabilities and obligations of AWI and its subsidiaries attributable to periods prior to, at and after AFI’s separation from AWI, and govern the relationship between AWI and AFI subsequent to the completion of the separation and distribution. These agreements include a Transition Services Agreement, a Tax Matters Agreement, an Employee Matters Agreement, a Trademark License Agreement, a Transition Trademark License Agreement and a Campus Lease Agreement. Under the Transition Services Agreement, AWI and AFI provided various services to each other during a transition period that expired on December 31, 2017. 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. In April 2017, we entered into a settlement agreement and mutual release with the Administrator on behalf of the DLW estate to settle all claims of the Administrator related to the insolvency for a cash payment of $11.8 million. Summarized Financial Information of Discontinued Operations The following tables detail the businesses and line items that comprise income from discontinued operations on the Consolidated Statements of Earnings and Comprehensive Income. EMEA and Pacific Rim Businesses Flooring Businesses Total 2018: Net sales $ 446.1 $ - $ 446.1 Cost of goods sold 341.4 - 341.4 Gross profit 104.7 - 104.7 Selling, general and administrative expenses 85.8 85.8 Operating income 18.9 - 18.9 Interest expense 1.4 - 1.4 Other non-operating (income), net (0.3 ) - (0.3 ) Earnings from discontinued operations before income tax 17.8 - 17.8 Income tax expense 8.2 8.2 Gain from discontinued operations $ 9.6 $ - $ 9.6 (Loss) on expected disposal of discontinued businesses before income tax (1) $ (19.3 ) $ - $ (19.3 ) Income tax (benefit) - (6.0 ) (6.0 ) Net (loss) gain on disposal of discontinued businesses $ (19.3 ) $ 6.0 $ (13.3 ) Net (loss) gain from discontinued operations $ (9.7 ) $ 6.0 $ (3.7 ) 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 years ended December 31, 2018 and 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 331.5 237.5 569.0 Gross profit 65.7 46.9 112.6 Selling, general and administrative expenses 69.7 50.5 120.2 Operating (loss) (4.0 ) (3.6 ) (7.6 ) Interest expense 0.3 - 0.3 Other non-operating expense, net 1.9 0.9 2.8 (Loss) from discontinued operations before income tax (6.2 ) (4.5 ) (10.7 ) Income tax (benefit) expense (0.9 ) 0.1 (0.8 ) (Loss) from discontinued operations $ (5.3 ) $ (4.6 ) $ (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 $ (5.3 ) $ 10.7 $ 5.4 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, 2018 and 2017 related to our EMEA and Pacific Rim businesses. December 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 10.0 $ - Accounts and notes receivable, net 56.2 61.4 Inventories, net 59.8 59.2 Income tax receivable 1.8 3.1 Other current assets 8.2 12.9 Total current assets discontinued operations 136.0 136.6 Property, plant, and equipment, less accumulated depreciation and amortization (1) (2) 103.8 131.3 Prepaid pension costs (1) 28.9 26.1 Goodwill and intangible assets, net (1) 6.8 7.2 Deferred income taxes (1) 3.0 4.0 Other non-current assets (1) 1.0 0.9 Total non-current assets of discontinued operations (1) 143.5 169.5 Total assets of discontinued operations (1) $ 279.5 $ 306.1 Liabilities Current liabilities: Accounts payable and accrued expenses $ 67.1 $ 78.6 Income tax payable 1.1 1.3 Total current liabilities 68.2 79.9 Pension benefit liabilities (3) 33.8 34.7 Other long-term liabilities (3) 1.8 1.8 Deferred income taxes (3) 6.5 12.1 Total non-current liabilities of discontinued operations (3) 42.1 48.6 Total liabilities of discontinued operations (3) $ 110.3 $ 128.5 (1) Presented as Current assets of discontinued operations on the Consolidated Balance Sheets as of December 31, 2018 and 2017. (2) Includes estimated losses of $19.3 million recorded in 2018 and $74.0 million recorded during the fourth quarter of 2017. (3) The following is a summary of total depreciation and amortization, estimated losses 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 2018: Depreciation and amortization $ - $ - $ - Estimated loss on sale to Knauf (1) 19.3 - 19.3 Purchases of property, plant and equipment (7.3 ) - (7.3 ) 2017: Depreciation and amortization $ 22.2 $ - $ 22.2 Estimated loss on sale to Knauf (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 ) (1) Loss on sale of EMEA and Pacific Rim businesses for the years ended December 31, 2018 and 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, 2018 | |
Receivables [Abstract] | |
Accounts and Notes Receivable | NOTE 6. ACCOUNTS AND NOTES RECEIVABLE December 31, 2018 December 31, 2017 Customer receivables $ 70.4 $ 62.8 Miscellaneous receivables 11.5 29.9 Less allowance for warranties, discounts, and losses (2.0 ) (1.9 ) Accounts and notes receivable, net $ 79.9 $ 90.8 We sell our products to select, pre-approved customers whose businesses are affected by changes in economic and market conditions. We consider these factors and the financial condition of each customer when establishing our allowance for losses from doubtful accounts. Miscellaneous receivables as of December 31, 2018 and December 31, 2017 included $6.5 million and $28.7 million of insurance recoveries, primarily related to environmental matters. Insurance recoveries outstanding as of December 31, 2017 were collected during the first quarter of 2018. Insurance recoveries outstanding as of December 31, 2018 are expected to be received in the first quarter of 2019. See Note 27 for additional information. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 7. INVENTORIES December 31, 2018 December 31, 2017 Finished goods $ 38.8 $ 33.2 Goods in process 4.4 2.7 Raw materials and supplies 27.8 26.1 Less LIFO reserves (9.8 ) (8.2 ) Total inventories, net $ 61.2 $ 53.8 Approximately 76% and 84% of our total inventory in 2018 and 2017, 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, 2018 December 31, 2017 U.S. locations $ 11.8 $ 6.5 Canada locations 2.9 2.2 Total $ 14.7 $ 8.7 Our Canadian locations use the First in first out (“FIFO”) method of inventory valuation (or other methods which closely approximate the FIFO method) primarily because the Last in first out (“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 and recent acquisitions. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Current Assets | NOTE 8. OTHER CURRENT ASSETS December 31, 2018 December 31, 2017 Prepaid expenses $ 4.1 $ 7.1 Other 0.7 0.8 Total other current assets $ 4.8 $ 7.9 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 9. PROPERTY, PLANT AND EQUIPMENT December 31, 2018 December 31, 2017 Land $ 32.4 $ 32.5 Buildings 232.5 224.6 Machinery and equipment 575.4 537.1 Computer software 23.8 20.9 Construction in progress 49.8 46.2 Less accumulated depreciation and amortization (412.9 ) (361.4 ) Net property, plant and equipment $ 501.0 $ 499.9 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, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Investments | NOTE 10. EQUITY INVESTMENTS Investment in joint venture as of December 31, 2018 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 2018, 2017 and 2016, 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 2018, 2017 and 2016 were $141.7 million, $69.1 million, and $86.9 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 $32.8 million, $31.2 million and $29.8 million for the years ended 2018, 2017 and 2016, respectively. Our recorded investment in WAVE was higher than our 50% share of the carrying values reported in WAVE’s consolidated financial statements by $155.5 million as of December 31, 2018 and $161.0 million as of December 31, 2017. 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, 2018 December 31, 2017 Property, plant and equipment $ 0.4 $ 0.4 Other intangibles 124.7 130.2 Goodwill 30.4 30.4 Total $ 155.5 $ 161.0 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 subject to sale to Knauf. 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 $1.5 million, $1.7 million and $2.8 million of equity earnings from WAVE’s European and Pacific Rim businesses in 2018, 2017 and 2016, respectively. Condensed financial data for WAVE is summarized below. December 31, 2018 December 31, 2017 Current assets $ 112.9 $ 96.8 Current assets of discontinued operations 33.8 36.4 Noncurrent assets 34.9 32.6 Current liabilities 113.6 18.1 Current liabilities of discontinued operations 6.9 8.1 Other noncurrent liabilities 293.6 246.6 2018 2017 2016 Net sales $ 375.0 $ 344.5 $ 330.7 Gross profit 205.8 192.7 192.4 Net earnings 156.6 144.3 151.9 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, 2018, 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, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 11. GOODWILL AND INTANGIBLE ASSETS We conduct our annual impairment testing of goodwill and non-amortizing intangible assets during the fourth quarter. The 2018, 2017 and 2016 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, 2018 and 2017: December 31, 2018 December 31, 2017 Original Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 7-20 years $ 181.4 $ 103.0 $ 176.3 $ 93.9 Developed technology 15 years 84.3 66.5 83.7 60.9 Trademarks and brand names 10 years 1.1 0.2 Other Various 5.6 1.2 5.9 1.1 Total $ 272.4 $ 170.9 $ 265.9 $ 155.9 Goodwill and non-amortizing intangible assets Trademarks and brand names Indefinite 321.3 319.8 Goodwill Indefinite 19.2 11.3 Total goodwill and intangible assets $ 612.9 $ 597.0 2018 2017 2016 Amortization expense $ 15.1 $ 14.6 $ 13.9 The expected annual amortization expense for the years 2019 through 2023 are as follows: 2019 $ 15.6 2020 15.6 2021 14.2 2022 10.2 2023 10.2 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | NOTE 12. OTHER NON-CURRENT ASSETS December 31, 2018 December 31, 2017 Cash surrender value of company-owned life insurance policies $ 54.3 $ 53.9 Fair value of derivative assets 9.6 8.7 Other 4.6 1.7 Total other non-current assets $ 68.5 $ 64.3 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accounts Payable And Accrued Expenses | NOTE 13. ACCOUNTS PAYABLE AND ACCRUED EXPENSES December 31, 2018 December 31, 2017 Payables, trade and other $ 82.2 $ 67.6 Employment costs 18.6 18.0 Current portion of pension and postretirement benefit liabilities 10.9 11.6 Advance receipt of Knauf proceeds 237.6 - Payable to WAVE for advance receipt of Knauf proceeds 22.4 - Other 11.6 11.2 Total accounts payable and accrued expenses $ 383.3 $ 108.4 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
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 in 2017 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 is based on the new 21% rate for periods beginning in 2018. 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. In the fourth quarter of 2017 we recorded a net provisional $82.5 million income tax benefit, primarily related to the revaluation of deferred tax assets and liabilities at the reduced 21% tax rate. The 2017 adjustments to deferred tax assets and liabilities, the liability related to the one-time 2017 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 were provisional amounts estimated based on information available as of December 31, 2017. These amounts were subject to change as we obtained information necessary to complete the calculations. Additional information that affected our provisional amounts included further clarification and guidance on how the Internal Revenue Service implemented 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 applied the guidance in SAB 118 when accounting for the enactment-date effects of the 2017 Tax Act in 2017 and throughout 2018. At December 31, 2018 we have now completed our accounting for the enactment-date income tax effects of the 2017 Tax Act. We increased our December 31, 2017 estimated tax benefit of $82.5 million to $83.7 million in 2018, primarily related to the mandatory repatriation of earnings feature of federal tax reform. The tax effects of principal temporary differences between the carrying amounts of assets and liabilities and their tax basis are summarized below. Management believes it is more likely than not that the results of future operations will generate sufficient taxable income in the appropriate jurisdiction to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion, we considered the profit before tax generated for the years 2016 through 2018, future reversals of existing taxable temporary differences, and projections of future profit before tax. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, we 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, 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, 2018 and 2017, we had $954.5 million and $664.6 million, respectively, of gross state net operating loss (“NOL”) carryforwards expiring between 2019 and 2036. The gross state NOL carryforward and related gross state valuation allowance, prior to being tax effected, were each grossed up by $335.0 million in 2018, there was no change to the net deferred state income tax asset, to reflect a change in Pennsylvania’s net operating loss regulations. As of December 31, 2018, we also had foreign tax credits (“FTC”) carryforwards of $19.1 million that expire between 2019 and 2028. U.S. FTC carryforwards as of December 31, 2017 were $15.7 million. As of December 31, 2018 and 2017, we had valuation allowances of $79.6 million and $47.4 million, respectively. As of December 31, 2018, our valuation allowance consisted of $19.1 million for federal deferred tax assets related to FTC carryforwards, $13.2 million for the outside basis difference between book and tax of our EMEA and Pacific Rim businesses and $47.3 million for state deferred tax assets, primarily operating loss carryforwards. Our valuation allowance increased in comparison to December 31, 2017 for both the FTC valuation allowance and the outside basis difference due to the completion of the analysis of the 2017 Tax Act under SAB 118. The state operating loss carryforward also increased due to a state law change, but this was fully offset by a similar increase in the state valuation allowance. We estimate we will need to generate future federal taxable foreign source income of $91.0 million to fully realize FTC carryforwards before they expire in 2028. We estimate we will need to generate future taxable income of approximately $537.5 million for state income tax purposes during the respective realization periods (ranging from 2019 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, 2018 December 31, 2017 Deferred income tax assets (liabilities) Net operating losses $ 58.7 $ 35.6 Postretirement benefits 18.2 23.3 Pension benefit liabilities 14.3 16.7 Deferred compensation 11.8 12.1 Undistributed foreign earnings 32.5 17.7 Foreign tax credit carryforwards 19.1 15.7 State tax credit carryforwards 9.8 10.5 Other 17.1 12.6 Total deferred income tax assets 181.5 144.2 Valuation allowances (79.6 ) (47.4 ) Net deferred income tax assets 101.9 96.8 Intangibles (132.3 ) (136.3 ) Accumulated depreciation (62.0 ) (56.1 ) Prepaid pension costs (11.5 ) (20.4 ) Inventories (5.5 ) (4.4 ) Other (0.2 ) (1.7 ) Total deferred income tax liabilities (211.5 ) (218.9 ) Net deferred income tax liabilities $ (109.6 ) $ (122.1 ) Deferred income taxes have been classified in the Consolidated Balance Sheet as: Deferred income tax assets - noncurrent $ 14.8 $ 19.6 Deferred income tax liabilities - noncurrent (124.4 ) (141.7 ) Net deferred income tax liabilities $ (109.6 ) $ (122.1 ) 2018 2017 2016 Details of taxes Earnings (loss) from continuing operations before income taxes: Domestic $ 234.0 $ 224.1 $ 147.8 Foreign 8.7 (2.0 ) 2.8 Total $ 242.7 $ 222.1 $ 150.6 Income tax expense (benefit): Current: Federal $ 45.7 $ 26.2 $ 15.1 Foreign 2.1 1.4 5.0 State 8.0 4.7 (6.7 ) Total current 55.8 32.3 13.4 Deferred: Federal (3.7 ) (36.6 ) 22.6 Foreign - (0.1 ) (1.1 ) State 1.0 5.9 16.4 Total deferred (2.7 ) (30.8 ) 37.9 Total income tax expense $ 53.1 $ 1.5 $ 51.3 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, in 2018, we have recorded foreign withholding taxes of $2.2 million, primarily within continuing operations, on approximately $208.0 million of net undistributed earnings of foreign subsidiaries. In 2017, we have recorded foreign withholding taxes of $7.6 million, primarily within continuing operations, on approximately $245.5 million of net undistributed earnings of foreign subsidiaries. 2018 2017 2016 Reconciliation to U.S. statutory tax rate Continuing operations tax at statutory rate $ 51.0 $ 77.7 $ 52.7 Increase in valuation allowances on deferred domestic income tax assets 10.0 9.1 0.8 State income tax expense, net of federal benefit 9.2 7.9 3.2 AFI separation costs - - 15.1 Domestic production activities - (5.8 ) (1.9 ) Federal statute closure (9.6 ) (2.3 ) (15.2 ) 2017 Tax Act (1.2 ) (82.5 ) - Excess tax benefits on share-based compensation (3.8 ) - - Tax on foreign and foreign-source income (4.4 ) - (3.4 ) Other 1.9 (2.6 ) - Tax expense at effective rate $ 53.1 $ 1.5 $ 51.3 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 $42.6 million of Unrecognized Tax Benefits (“UTB”) as of December 31, 2018, $23.5 million ($22.1 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 $0.7 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 $2.6 million of interest and penalty exposure as noncurrent income tax payable in the Consolidated Balance Sheet as of December 31, 2018. We had the following activity for UTB’s for the years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 Unrecognized tax benefits balance at January 1, $ 53.4 $ 86.9 $ 150.6 Gross change for current year positions 3.6 (2.2 ) 2.3 Increases for prior period positions 1.1 2.9 0.2 Decrease for prior period positions (2.0 ) (0.1 ) (12.8 ) Decrease due to settlements and payments - - - Decrease due to statute expirations (13.5 ) (34.1 ) (53.4 ) Unrecognized tax benefits balance at December 31, $ 42.6 $ 53.4 $ 86.9 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 2015. With few exceptions, the statute of limitations is no longer open for state or non-U.S. income tax examinations for the years before 2013. 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. 2018 2017 2016 Other taxes Payroll taxes $ 15.6 $ 14.2 $ 13.9 Property, franchise and capital stock taxes 3.7 4.0 4.0 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 15. DEBT December 31, 2018 Weighted Average Interest Rate for 2018 December 31, 2017 Weighted Average Interest Rate for 2017 Term loan A due 2021 $ 547.5 4.00 % $ 577.5 3.24 % Term loan B due 2023 243.1 5.39 % 245.6 4.25 % Tax exempt bonds due 2041 35.0 1.47 % 35.0 0.79 % Principal debt outstanding 825.6 4.33 % 858.1 3.43 % Unamortized debt financing costs (5.8 ) (7.9 ) Long-term debt 819.8 4.33 % 850.2 3.43 % Less current portion and short-term debt 55.0 4.07 % 32.5 3.32 % Total long-term debt, less current portion $ 764.8 4.35 % $ 817.7 3.43 % 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. The facility is secured by U.S. personal property, the capital stock of material U.S. subsidiaries and a pledge of 65% of the stock of our material first tier foreign subsidiaries. On November 28, 2018 we entered into two new swap positions. Under the $200 million notional 2018 swap we pay a fixed rate over the hedged amount and receive 1-month LIBOR. This facility will expire November 30, 2023 and includes a 0% floor. We also entered into a $100 million forward starting swap beginning March 31, 2021 and expiring on March 31, 2025. Under this $100 million notional 2021 swap we will pay a fixed rate monthly and receive 1-month LIBOR. This also includes a 0% floor. 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 2019 under the senior credit facility. As of December 31, 2018, 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 As of December 31, 2018, 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. As of December 31, 2018, we had a $40.0 million Accounts Receivable Securitization Facility with the Bank of Nova Scotia (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, 2018, we had $6.0 million classified as restricted cash under this facility. In February 2019, the facility was amended to resize the purchase limit from $40.0 million to $36.2 million and to extend the maturity to March 2020. None of our remaining outstanding debt as of December 31, 2018 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: 2019 $ 55.0 2020 62.5 2021 437.5 2022 2.5 2023 233.1 2024 and later 35.0 We utilize lines of credit and other commercial commitments in order to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility, our bi-lateral facility and our securitization facility. Letters of credit 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, 2018 Financing Arrangement Limit Used Available Accounts receivable securitization facility $ 30.2 $ 36.2 $ (6.0 ) Bi-lateral facility 25.0 13.4 11.6 Revolving credit facility 150.0 - 150.0 Total $ 205.2 $ 49.6 $ 155.6 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, 2018 and 2017, $6.0 million and $6.6 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, 2018 | |
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 $6.3 million in 2018, $6.2 million in 2017 and $5.6 million in 2016. 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 $20.8 million were recorded as components of other non-operating (income) expense, net during 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 to be 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 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation as of beginning of period $ 1,500.1 $ 1,522.4 $ 2.7 $ 2.5 Service cost 5.7 8.6 - - Interest cost 46.1 48.1 - - Partial settlement - (58.1 ) - - Foreign currency translation adjustment - - (0.1 ) 0.4 Actuarial loss (gain) (90.0 ) 77.2 - (0.1 ) Benefits paid (102.2 ) (103.2 ) (0.1 ) (0.1 ) Merger of Tectum Plan - 5.1 - - Benefit obligation as of end of period $ 1,359.7 $ 1,500.1 $ 2.5 $ 2.7 U.S. Pension Plans Non-U.S. Pension Plan 2018 2017 2018 2017 Change in plan assets: Fair value of plan assets as of beginning of period $ 1,529.7 $ 1,512.9 $ - $ - Actual return on plan assets (71.0 ) 170.8 - - Employer contribution 3.9 3.9 0.1 0.1 Partial settlement - (58.1 ) - - Benefits paid (102.2 ) (103.2 ) (0.1 ) (0.1 ) Merger of Tectum Plan - 3.4 - - Fair value of plan assets as of end of period $ 1,360.4 $ 1,529.7 $ - $ - Funded status of the plans $ 0.7 $ 29.6 $ (2.5 ) $ (2.7 ) U.S. Pension Plans Non-U.S. Pension Plan 2018 2017 2018 2017 Weighted-average assumptions used to determine benefit obligations at end of period: Discount rate 4.30 % 3.63 % 1.70 % 1.50 % Rate of compensation increase 3.05 % 3.05 % - - Weighted-average assumptions used to determine net periodic benefit cost for the period: Discount rate 3.62 % 4.12 % 1.50 % 1.40 % Expected return on plan assets 6.50 % 6.50 % - - Rate of compensation increase 3.05 % 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 6.50% for the years ended December 31, 2018 and 2017. The accumulated benefit obligation for the U.S. defined benefit pension plans was $1,356.8 million and $1,496.4 million as of December 31, 2018 and 2017, respectively. The accumulated benefit obligation for the non-U.S. defined benefit pension plan was $2.5 million and $2.7 million as of December 31, 2018 and 2017, respectively. U.S. Pension Plans Non-U.S. Pension Plan 2018 2017 2018 2017 Pension plans with benefit obligations in excess of assets Projected benefit obligation, December 31 $ 52.1 $ 58.5 $ 2.5 $ 2.7 Accumulated benefit obligation, December 31 52.1 58.5 2.5 2.7 The components of the pension (credit) cost are as follows: U.S. Pension Plans Non-U.S. Pension Plan 2018 2017 2016 2018 2017 2016 Service cost of benefits earned during the period $ 5.7 $ 8.6 $ 10.1 $ 2.2 $ 2.2 $ 2.2 Interest cost on projected benefit obligation 46.1 48.1 69.8 5.0 5.4 6.9 Expected return on plan assets (95.9 ) (98.7 ) (110.6 ) (6.4 ) (6.8 ) (7.8 ) Amortization of prior service cost - 1.5 1.6 - - - Recognized net actuarial loss 20.0 17.5 48.3 0.6 1.3 1.2 Partial settlement - 20.8 - - - - Net periodic pension (credit) cost $ (24.1 ) $ (2.2 ) $ 19.2 $ 1.4 $ 2.1 $ 2.5 Less: Discontinued operations - - 2.2 1.4 2.0 2.4 Net periodic pension (credit) cost, continuing operations $ (24.1 ) $ (2.2 ) $ 17.0 $ - $ 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 2018 and 2017, actuarial gains and losses were amortized over the remaining life expectancy of plan participants, which was approximately 18 years for 2018 and 19 years for 2017 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, 2018 and 2017 positions for each asset class: Target Weight at December Position at December 31, Asset Class 2018 2018 (1) 2017 (1) Long duration bonds 59.0 % 62.0 % 59.0 % Equities 27.0 % 25.0 % 28.0 % High yield bonds and real assets 9.0 % 2.0 % 3.0 % Real estate and private equity 4.0 % 5.0 % 4.0 % Other 1.0 % 6.0 % 6.0 % (1) Investments in collective trust funds as of December 31, 2018 and 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, 2018 Description Level 1 Level 2 Level 3 Total Bonds $ - $ 832.2 $ - $ 832.2 Collective trust fund - 460.1 - 460.1 Other investments - - 2.6 2.6 Cash, other short-term investments and payables, net (22.7 ) 24.2 - 1.5 Net assets measured at fair value $ (22.7 ) $ 1,316.5 $ 2.6 $ 1,296.4 Investments measured at net asset value 64.0 Net assets $ 1,360.4 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, other short-term investments and payables, net 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 RIP Level 3 assets remained relatively unchanged from December 31, 2017 to December 31, 2018, with the change in Level 3 assets during 2018 due primarily to fees, expenses and benefits paid. The RIP has investments in alternative investment funds as of December 31, 2018 and December 31, 2017 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, 2018, 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, 2018 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Real estate $ 60.1 $ 2.2 Quarterly 45-90 Days Other investments 3.9 0.8 None None Investments measured at net asset value $ 64.0 $ 3.0 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 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: Represents collective trust and funds holding equity investments, fixed income securities, commodity futures contracts, cash and other short-term securities. The fair value of collective trust funds have been classified as Level 2 assets above as their values were derived based on the underlying securities in the fund’s portfolio which is typically the amount which the fund might reasonably expect to receive for the security upon a current sale. Real estate: Consists of both open-end and closed-end funds. There are no readily available market quotations for these real estate funds. These investments were measured at fair value using the NAV practical expedient. 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, other short-term investments and payables : 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. 2018 2017 U.S. defined benefit retiree health and life insurance plans Change in benefit obligation: Benefit obligation as of beginning of period $ 86.6 $ 93.1 Service cost 0.2 0.4 Interest cost 2.6 3.0 Plan participants' contributions 2.9 2.8 Plan amendments - (1.1 ) Actuarial (gain) (15.7 ) (1.3 ) Benefits paid (11.2 ) (10.3 ) Benefit obligation as of end of period $ 65.4 $ 86.6 2018 2017 Change in plan assets: Fair value of plan assets as of beginning of period $ - $ - Employer contribution 8.3 7.5 Plan participants' contributions 2.9 2.8 Benefits paid (11.2 ) (10.3 ) Fair value of plan assets as of end of period $ - $ - Funded status of the plans $ (65.4 ) $ (86.6 ) 2018 2017 U.S. defined benefit retiree health and life insurance plans Weighted-average discount rate used to determine benefit obligations at end of period 4.31 % 3.60 % Weighted-average discount rate used to determine net periodic benefit cost for the period 3.60 % 4.11 % The components of postretirement benefit (credit) cost are as follows: 2018 2017 2016 U.S. defined benefit retiree health and life insurance plans Service cost of benefits earned during the period $ 0.2 $ 0.4 $ 0.4 Interest cost on accumulated postretirement benefit obligation 2.6 3.0 4.7 Amortization of prior service (credit) (0.1 ) - (0.3 ) Amortization of net actuarial gain (5.7 ) (3.6 ) (6.1 ) Net periodic postretirement benefit (credit) $ (3.0 ) $ (0.2 ) $ (1.3 ) Less: Discontinued operations - - (0.2 ) Net periodic postretirement benefit (credit), continuing operations $ (3.0 ) $ (0.2 ) $ (1.1 ) For measurement purposes, an average rate of annual increase in the per capita cost of covered health care benefits of 7.6% for pre-65 retirees and 8.7% to 11.1% for post-65 retirees (depending on plan type) was assumed for 2018, 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 $ - $ - Effect on postretirement benefit obligation (0.3 ) 0.3 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 2018 2017 2018 2017 2018 2017 Prepaid pension costs $ 52.8 $ 88.3 $ - $ - $ - $ - Accounts payable and accrued expenses (4.3 ) (4.1 ) - (0.1 ) (6.6 ) (7.4 ) Postretirement benefit liabilities - - - - (58.8 ) (79.2 ) Pension benefit liabilities (47.8 ) (54.6 ) (2.5 ) (2.6 ) - - Net amount recognized $ 0.7 $ 29.6 $ (2.5 ) $ (2.7 ) $ (65.4 ) $ (86.6 ) 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 2018 2017 2018 2017 2018 2017 Net actuarial (loss) gain $ (577.3 ) $ (520.2 ) $ (3.7 ) $ (8.9 ) $ 59.3 $ 49.5 Prior service (cost) credit - - (1.6 ) (0.5 ) 1.1 1.1 Accumulated other comprehensive (loss) income $ (577.3 ) $ (520.2 ) $ (5.3 ) $ (9.4 ) $ 60.4 $ 50.6 For U.S. pension plans, we expect to amortize $19.9 million of previously unrecognized prior service cost and net actuarial losses into pension cost in 2019 and expect to contribute $4.3 million in 2019. 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 2019 and do not expect to contribute any amounts in 2019. For our U.S. postretirement benefit plans, we expect to amortize $7.2 million of previously unrecognized net actuarial gains and prior service credits into postretirement benefit cost in 2019 and expect to contribute $6.6 million in 2019. 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 2019 $ 106.3 $ 0.1 $ 6.6 2020 105.2 0.1 6.2 2021 103.1 0.1 5.8 2022 102.3 0.1 5.5 2023 100.9 0.1 5.1 2024 - 2028 472.4 0.6 21.2 (1) We were not required and did not make contributions to the RIP during 2018, 2017 or 2016 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. As required by ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” 2018 2017 2016 Service cost of benefits earned in cost of goods sold $ 3.6 $ 5.5 $ 5.4 Service cost of benefits earned in SG&A expenses 2.3 3.5 3.6 Other non-operating (income) expense (33.0 ) (11.3 ) 7.0 Net periodic pension and postretirement (credit) cost $ (27.1 ) $ (2.3 ) $ 16.0 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 December 31, 2017 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(Liabilities), net: Total debt, including current portion $ (819.8 ) $ (811.3 ) $ (850.2 ) $ (850.8 ) Foreign currency contracts - - (0.8 ) (0.8 ) Natural gas contracts - - (0.6 ) (0.6 ) Interest rate swap contracts 3.5 3.5 8.9 8.9 The carrying amounts of cash and cash equivalents, receivables, accounts payable, accrued expenses, and short-term debt approximate fair value because of the short-term maturity of these instruments. The fair value estimates of long-term debt were 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, 2018 December 31, 2017 Fair value based on Fair value based on Quoted, active markets Other observable inputs Quoted, active markets Other observable inputs Level 1 Level 2 Level 1 Level 2 Assets/(Liabilities), net: Foreign currency contracts $ - $ - $ (0.8 ) $ - Natural gas contracts - - - (0.6 ) Interest rate swap contracts - 3.5 - 8.9 We do not have any financial assets or liabilities that are valued using Level 3 (unobservable) inputs. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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 swaps to hedge some of these exposures. At inception, derivatives that we designate as hedging instruments are formally documented as either (1) a hedge of a forecasted transaction or “cash flow” hedge, or (2) a hedge of the fair value of a recognized liability or asset or “fair value” hedge. We also formally assess, both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, we discontinue hedge accounting and any future mark-to-market adjustments are recognized in earnings. We use derivative financial instruments as risk management tools and not for speculative trading purposes. Counterparty Risk We only enter into derivative transactions with established counterparties having an investment-grade credit rating. We monitor counterparty credit default swap levels and credit ratings on a regular basis. All of our derivative transactions with counterparties are governed by master International Swap and Derivatives Association agreements (“ISDAs”) with netting arrangements. These agreements can limit our exposure in situations where we have gain and loss positions outstanding with a single counterparty. We do not post nor do we receive cash collateral with any counterparty for our derivative transactions. These ISDAs do not have any credit contingent features; however, a default under our bank credit facility would trigger a default under these agreements. Exposure to individual counterparties is controlled, and thus we consider the risk of counterparty default to be negligible. Commodity Price Risk We purchase natural gas for use in the manufacturing process and to heat many of our facilities. As a result, we are exposed to fluctuations in the price of natural gas. However, in the third quarter of 2018, we decided that we will no longer enter into new natural gas derivatives as natural gas spending as a percentage of cost of goods sold and the lowered volatility of natural gas prices no longer merits hedging. As of December 31, 2018, there were no open natural gas hedge contracts. As of December 31, 2017, the notional amount of these hedges was $9.2 million. Currency Rate Risk – Sales and Purchases Upon completion of the sale of our EMEA and Pacific Rim businesses, and on a continuing operations basis as of December 31, 2018, our only major foreign currency exposure is to the Canadian dollar. We manage our Canadian cash flow exposures on a net basis. In the third quarter of 2018, we decided that we will no longer enter into new foreign currency derivatives as the risk associated with the net cash inflows and outflows between the U.S. and Canada no longer merits hedging. As of December 31, 2018, there were no open foreign exchange hedge contracts. As of December 31, 2017, the notional amount of these hedges was $18.9 million. Interest Rate Risk We utilize interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. On November 28 2018, we entered into two swaps related to our Term Loan A: (1) a $200.0 million notional swap where we receive a 1-month LIBOR and pay a fixed rate interest beginning in 2018 and running through 2023 and (2) a $100.0 million notional forward starting swap, where we receive 1-month LIBOR and pay a fixed rate beginning in 2021 and running through 2025. As of December 31, 2018, these hedges were designated as cash flow hedges against changes in LIBOR for a portion of our existing and future variable rate debt. We recorded a $4.6 million loss in other operating expense (income) during the fourth quarter of 2018, representing the change in fair value of these two swaps between the date these swaps were entered into and the date the swaps were designated as cash flow hedges. Future changes in fair value for these two swaps will be recorded in accumulated other comprehensive income. The following table summarizes our interest rate swaps as of December 31, 2018: Trade Date Notional Amount Coverage Period Risk Coverage November 13, 2016 $ 200.0 November 2016 to March 2021 USD-LIBOR April 1, 2016 $ 100.0 April 2016 to March 2023 USD-LIBOR November 28, 2018 $ 200.0 November 2018 to November 2023 USD-LIBOR November 28, 2018 $ 100.0 March 2021 to March 2025 USD-LIBOR Under the terms of the April 2016 swap maturing in 2023, we receive the greater Under the terms of the November 2016 swap maturing in 2021, we receive 3-month LIBOR and pay a fixed rate over the hedged period, in addition to a basis rate swap to convert the floating rate risk under our November 2016 Swap from 3-month LIBOR to 1-month LIBOR. As a result, we receive 1-month LIBOR and pay a fixed rate over the hedged period. Under the terms of the November 2018 swap maturing in 2023, we pay a fixed rate over the hedged amount and receive 1-month LIBOR. This includes a 0% floor. Under the terms of the November 2018 swap maturing in 2025, we will pay a fixed rate monthly and receive 1-month LIBOR. This is inclusive of a 0% floor. Financial Statement Impacts The following tables detail amounts related to our derivatives as of December 31, 2018 and December 31, 2017. We did not have any derivative assets or liabilities not designated as hedging instruments for the years ended December 31, 2018 and 2017. The derivative asset and liability amounts below are shown in gross amounts; we have not netted assets with liabilities. Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location December 2018 December 2017 Balance Sheet Location December 31, 2018 December 31, 2017 Derivatives designated as hedging instruments Natural gas commodity contracts Other current assets $ - $ - Accounts payable and accrued expenses $ - $ 0.5 Foreign exchange contracts Other current assets - - 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 - - Other long-term liabilities - 0.1 Interest rate swap contracts Other non-current assets 9.6 8.7 Other long-term liabilities 6.1 - Total derivatives designated as hedging instruments $ 9.6 $ 8.9 $ 6.1 $ 1.4 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) 2018 2017 2016 2018 2017 2016 Derivatives in Cash Flow Hedging Relationships Natural gas commodity contracts $ 0.7 $ (1.3 ) $ 0.6 Cost of goods sold $ 0.1 $ 0.3 $ (1.2 ) Foreign exchange contracts – purchases 0.1 (0.5 ) - Cost of goods sold - - - Foreign exchange contracts – sales 0.7 (1.8 ) (2.9 ) Net sales - 0.1 1.4 Interest rate swap contracts (2.0 ) 2.2 6.8 Interest expense (1.6 ) (0.9 ) (8.3 ) Total $ (0.5 ) $ (1.4 ) $ 4.5 Total gain (loss) from continuing operations (1.5 ) (0.5 ) (8.1 ) Total (loss) gain from discontinued operations - (0.1 ) 0.2 Total gain (loss) $ (1.5 ) $ (0.6 ) $ (7.9 ) As of December 31, 2018, the amount of existing losses in AOCI expected to be recognized in earnings over the next twelve months is $2.3 million. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
Product Warranties | NOTE 19. PRODUCT WARRANTIES The following table summarizes the activity for the accrual of product warranties for December 31: 2018 2017 Balance at beginning of period $ 0.1 $ 0.2 Current year warranty accruals 4.2 3.2 Reductions for payments (3.9 ) (3.3 ) Balance at end of period $ 0.4 $ 0.1 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | NOTE 20. OTHER LONG-TERM LIABILITIES December 31, 2018 December 31, 2017 Long-term deferred compensation arrangements $ 14.0 $ 15.3 Environmental liabilities 11.7 13.5 Fair value of derivative liabilities 6.1 0.2 Other 6.2 6.5 Total other long-term liabilities $ 38.0 $ 35.5 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 3,616,626 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, 2018, 189,477 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, 2018: Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value (millions) Option shares outstanding, December 31, 2017 1,272.4 $ 34.23 Option shares exercised (669.9 ) (27.51 ) Option shares outstanding, December 31, 2018 602.5 $ 41.71 2.9 $ 9.9 Option shares exercisable, vested and expected to vest, December 31, 2018 602.5 $ 41.71 2.9 $ 9.9 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: 2018 2017 2016 Total intrinsic value of stock options exercised $ 23.7 $ 0.9 $ 0.4 Cash proceeds received from stock options exercised $ 18.4 $ 3.3 $ 0.7 Tax deduction (expense) realized from stock options exercised $ 6.1 $ (0.2 ) $ (0.1 ) 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 2018, 2017 or 2016. Historically, we have also granted non-vested stock awards in the form of restricted stock, Restricted Stock Units (“RSUs”), performance restricted stock and Performance Stock Units (“PSUs”). As of December 31, 2017 and 2016, we have no outstanding restricted stock or performance restricted stock. A summary of the 2018 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, 2017 171.6 $ 45.27 379.7 $ 41.08 Granted 33.8 59.33 148.2 56.16 Vested (97.7 ) (45.72 ) - - Forfeited (7.4 ) (50.00 ) (24.7 ) (50.82 ) December 31, 2018 100.3 $ 48.69 503.2 $ 45.14 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 5,680 and 8,354 RSUs as of December 31, 2018 and 2017, respectively, which are accounted for as liability awards as they are able to be settled in cash. There are no outstanding PSUs accounted for as liability awards as of December 31, 2018 and 2017, as none of the awards are able to be settled in cash. Employee liability awards outstanding for all periods represent awards to certain 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 2018 and 2017, we granted 69,669 and 69,769 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 are presented in the table below. 2018 2017 Weighted-average grant date fair value of market based PSUs granted (dollars per award) $ 53.01 $ 43.29 Assumptions Risk free rate of return 2.4 % 1.5 % Expected volatility 26.3 % 28.0 % Expected term (in years) 3.1 3.1 Expected dividend yield 0.0 % 0.0 % The risk free rate of return was determined based on the implied yield available on zero coupon U.S. Treasury bills at the time of grant with a remaining term equal to the expected term of the PSUs. The expected volatility was based on 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, 2018 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, 2018 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, 2018 and 2017, there were 163,564 and 191,725 RSUs, respectively, outstanding under the 2016 Directors Stock Unit Plan not reflected in the Non-Vested Stock Awards table above. In 2018 and 2017, we granted 13,058 and 22,433 restricted stock units, respectively, to non-employee directors. These awards generally have a vesting period of one year, and as of December 31, 2018 and 2017, 150,506 and 169,292 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 $12.9 million ($9.6 million net of tax benefit) in 2018, $9.8 million ($5.9 million net of tax benefit) in 2017, and $11.0 million ($6.6 million net of tax benefit) in 2016. As of December 31, 2018, there was $13.0 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 1.4 years. |
Employee Costs
Employee Costs | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Employee Costs | NOTE 22. EMPLOYEE COSTS 2018 2017 2016 Wages, salaries and incentive compensation $ 197.2 $ 191.0 $ 179.1 Payroll taxes 15.6 14.2 13.9 Defined contribution and defined benefit pension plan (credit) expense, net (17.8 ) 4.1 22.7 Insurance and other benefit costs 22.3 24.0 21.4 Share-based compensation 12.9 9.8 11.0 Total $ 230.2 $ 243.1 $ 248.1 As a result of our adoption of ASU 2017-07, defined contribution and defined benefit pension plan expense, net, included above includes non-service cost components of net periodic pension costs that are reflected as a component of other non-operating income on the Consolidated Statements of Earnings and Comprehensive Income for all years presented. See Note 16 for details related to our components of net periodic pension costs. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
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 $6.1 million in 2018, $6.7 million in 2017 and $5.2 million in 2016. Future minimum payments at December 31, 2018 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 2019 $ 5.3 2020 4.7 2021 4.2 2022 3.7 2023 2.2 Thereafter 4.7 Total $ 24.8 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | NOTE 24. SHAREHOLDERS' EQUITY Common Stock Repurchase Plan On July 29, 2016, we announced that our 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 under the Program. The Program was also extended through October 31, 2020. On July 31, 2018, we announced that our Board of Directors had approved an additional $300.0 million authorization to repurchase shares, increasing the total authorized amount under the Program to $700.0 million. Repurchases under the Program may be made through open market, block and privately-negotiated transactions, including Rule 10b5-1 plans, at 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. On August 2, 2018, we entered into an accelerated share repurchase (“ASR”) agreement with Deutsche Bank AG under the Program. The ASR included a pre-payment of $150.0 million to Deutsche Bank, at which time we received 1,766,004 shares. The ASR terminated on October 8, 2018, with additional 389,825 shares returned on that day to complete the ASR. During 2018, including the ASR, we repurchased 4.7 million shares under the Program for a total cost of $306.5 million, or an average price of $64.74 per share. Since inception of the Program, including the ASR, we have repurchased 7.7 million shares under the Program for a total cost of $430.6 million, or an average price of $56.01 per share. 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. Accumulated Other Comprehensive (Loss) The balance of each component of accumulated other comprehensive (loss), net of tax as of December 31, 2018 and 2017 is presented in the table below. December 31, 2018 December 31, 2017 Foreign currency translation adjustments $ (74.7 ) $ (47.1 ) Derivative gain, net 5.3 3.5 Pension and postretirement adjustments (390.2 ) (302.3 ) Accumulated other comprehensive (loss) $ (459.6 ) $ (345.9 ) The amounts and related tax effects allocated to each component of other comprehensive income for 2018, 2017, and 2016 are presented in the table below. Pre-tax Amount Tax Benefit After- tax Amount 2018 Foreign currency translation adjustments $ (27.6 ) $ - $ (27.6 ) Derivative gain, net 0.9 0.2 1.1 Pension and postretirement adjustments (41.6 ) 8.7 (32.9 ) Total other comprehensive income (loss) $ (68.3 ) $ 8.9 $ (59.4 ) Pre-tax Amount Tax (Expense) Benefit After-tax Amount 2017 Foreign currency translation adjustments $ 24.5 $ - $ 24.5 Derivative (loss) gain, net (0.8 ) 0.5 (0.3 ) Pension and postretirement adjustments 50.4 (16.7 ) 33.7 Total other comprehensive income (loss) $ 74.1 $ (16.2 ) $ 57.9 Pre-tax Amount Tax Benefit After-tax Amount 2016 Foreign currency translation adjustments $ (33.2 ) $ - $ (33.2 ) Derivative gain (loss), net 11.9 (4.4 ) 7.5 Pension and postretirement adjustments 75.7 (26.4 ) 49.3 Total other comprehensive income (loss) $ 54.4 $ (30.8 ) $ 23.6 The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2018 and 2017: Foreign Currency Translation Adjustments (1) Derivative (Loss) Gain (1) Pension and Postretirement Adjustments (1) Total Other Comprehensive (Loss) (1) Balance, December 31, 2016 $ (71.6 ) $ 3.8 $ (336.0 ) $ (403.8 ) Other comprehensive income (loss) income before reclassifications, net of tax expense (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 ) Impact of ASU 2018-02 adoption - 0.7 (55.0 ) (54.3 ) Other comprehensive (loss) income before reclassifications, net of tax expense of $ -, $0.6, $11.3, and $11.9 (27.6 ) - (44.7 ) (72.3 ) Amounts reclassified from accumulated other comprehensive income - 1.1 11.8 12.9 Net current period other comprehensive income (loss) (27.6 ) 1.1 (32.9 ) (59.4 ) Balance, December 31, 2018 $ (74.7 ) $ 5.3 $ (390.2 ) $ (459.6 ) (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 Accumulated Other Comprehensive (Loss)(1) Affected Line Item in the Consolidated Statement of Earnings and Comprehensive Income 2018 2017 Derivative Adjustments: Natural gas commodity contracts $ (0.1 ) $ (0.3 ) Cost of goods sold Foreign exchange contracts - purchases - 0.1 Cost of goods sold Foreign exchange contracts - sales - (0.1 ) Net sales Interest rate swap contracts 1.6 0.9 Interest expense Total income, before tax 1.5 0.6 Tax impact (0.4 ) (0.2 ) Income tax expense Total income net of tax 1.1 0.4 Pension and Postretirement Adjustments: Prior service cost amortization (0.1 ) 1.5 Other non-operating (income) expense Amortization of net actuarial loss 14.9 15.2 Other non-operating (income) expense Partial settlement - 20.8 Other non-operating (income) expense Total expense before tax 14.8 37.5 Tax impact (3.0 ) (13.1 ) Income tax expense Total expense, net of tax 11.8 24.4 Total reclassifications for the period $ 12.9 $ 24.8 (1) Includes activity from discontinued operations |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | NOTE 25. SUPPLEMENTAL FINANCIAL INFORMATION 2018 2017 2016 Selected operating expense Maintenance and repair costs $ 41.6 $ 42.5 $ 41.4 Research and development costs 16.3 17.4 17.8 Advertising costs 6.5 6.0 5.4 Other non-operating (income)/expense Interest income $ (4.3 ) $ (1.8 ) $ (1.0 ) Foreign currency transaction (gain)/loss, net of hedging activity 0.4 (0.6 ) (9.4 ) Pension and post retirement benefit (credits) (33.0 ) (11.3 ) 7.0 Other 4.4 - (0.8 ) Total $ (32.5 ) $ (13.7 ) $ (4.2 ) |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
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 $22.5 million in 2018, $18.2 million in 2017 and $18.0 million in 2016. We also provide certain selling, promotional and administrative processing services to WAVE for which we receive reimbursement. Those services amounted to $15.8 million in 2018, $14.9 million in 2017, and $9.1 million in 2016. The net amount due to WAVE from us for all of our relationships was $3.0 million as of December 31, 2018 and $2.6 million as of December 31, 2017. See Note 10 to the Consolidated Financial Statements for additional information. |
Litigation and Related Matters
Litigation and Related Matters | 12 Months Ended |
Dec. 31, 2018 | |
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 three domestically owned locations allegedly resulting from past industrial activity. We are one of several potentially responsible parties in these matters 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 certain legacy insurance carriers to resolve ongoing litigation and recover fees and costs previously incurred by us in connection with certain environmental sites. These settlements were recorded as a $11.2 million reduction to cost of goods sold and a $19.3 million reduction to SG&A expenses reflecting the same income statement categories where environmental expenditures were historically recorded. All of the 2017 cash settlements have been released to us from escrow, including $28.7 million received in the first six months of 2018. In the third quarter of 2018, we entered into settlement agreements totaling $7.0 million with additional legacy insurance carriers. The 2018 settlement proceeds will be released to us from escrow following court approval. We anticipate that we may enter into additional settlement agreements in the future, which may or may not be material, with other legacy insurers to obtain reimbursement or contribution for environmental site expenses. Estimates of our future liability at the environmental sites are based on evaluations of currently available facts regarding each individual site. We consider factors such as our activities associated with the site, existing technology, presently enacted laws and regulations and prior company experience in remediating contaminated sites. Although current law imposes joint and several liability on all parties at Superfund sites, our contribution to the remediation of these sites is expected to be limited by the number of other companies potentially liable for site remediation. As a result, our estimated liability reflects only our expected share. In determining the probability of contribution, we consider the solvency of other parties, the site activities of other parties, whether liability is being disputed, the terms of any existing agreements and experience with similar matters, and the effect of our October 2006 Chapter 11 reorganization upon the validity of the claim, if any. Specific Material Events St Helens, OR In August 2010, we entered into a Consent Order (the “Consent Order”) with the Oregon Department of Environmental Quality (“ODEQ”), along with Kaiser Gypsum Company, Inc. (“Kaiser”), and Owens Corning Sales LLC (“OC”), with respect to our St. Helens, OR facility, which was previously owned by Kaiser and then OC. The Consent Order 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) (the “Bankruptcy Court”). AWI, OC and the ODEQ have all been included on the master list of potential creditors filed with the Bankruptcy Court for notice purposes. By order dated October 14, 2016, the Bankruptcy Court formed a statutory committee of unsecured creditors, to which we were appointed to serve, along with OC and The Boeing Company. The Committee is charged with, among other things, maximizing recovery of all unsecured creditor claims, including claims of AWI 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. On April 5, 2018, ODEQ issued Public Notice of the Remedial Action for the Upland Area and subsequently responded to public comments. On June 26, 2018 ODEQ published its Record of Decision confirming the selected remedial action required for the Upland Area. AWI will be responsible for performing the remedial action upon ODEQ’s filing of the Consent Judgment with the court, pending appeal. The Consent Judgment remains subject to entry and approval by the Columbia County Circuit Court. Kaiser continues to assert that the Consent Judgement violates the stay imposed by its bankruptcy case. The Bankruptcy Court, however, ruled in favor of ODEQ’s position that the Consent Judgement does not violate the stay. In response to that ruling, on October 3, 2018, Kaiser filed a motion for stay pending appeal. A decision on that motion remains pending. Kaiser has also filed objections to the ODEQ proof of claim and AWI’s proof of claim and is seeking discovery related to the determination of costs incurred by the parties at the site. On November 26, 2018, Kaiser filed a complaint against AWI seeking money damages and declaratory relief including cost recovery and/or contributions from AWI in connection with the environmental costs incurred by Kaiser at St. Helens. We believe the Kaiser allegations are without merit and have moved to partially dismiss the complaint and withdraw the reference from the Bankruptcy Court to the District Court to adjudicate the remainder of the complaint and the objection to AWI’s proof of claim. 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”). After completing an investigation of the WWTP Landfill and submitting our final Engineering Evaluation/Cost Analysis, the EPA issued an Action Memorandum in July 2013 selecting our recommended remedy for the Removal Action. The Operable Unit 1 response action for the WWTP Landfill is complete and the final report was submitted to the EPA on October 11, 2016. The EPA approved the final report on November 28, 2016, and a Post-Removal Control Plan (the “Plan”) was submitted to the EPA on March 28, 2017. That Plan 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, and the EPA entered into a Settlement Agreement effective September 18, 2018, in response to the Special Notice Letter to conduct the RI/FS. The PRPs are required to submit a complete RI/FS Work Plan by March 18, 2019. While the investigative work on this portion of the site has not yet commenced, we anticipate that the EPA will require significant investigative work for Operable Unit 2 and that we may ultimately incur costs in remediating any contamination discovered during the RI/FS. The current estimate of future liability at this site includes only our estimated share of the costs of the investigative work that, at this time, we anticipate the EPA will require the PRPs to perform. We are unable to reasonably estimate AWI’s final share of the costs or the total costs associated with the investigation work or any resulting remediation therefrom, although such amounts may be material. Elizabeth City, NC This site is a former cabinet manufacturing facility that was operated by Triangle Pacific Corporation, now known as Armstrong Wood Products, Inc. (“Triangle Pacific”), from 1977 until 1996. The site was formerly owned by the U.S. Navy (“Navy”) and Westinghouse, now CBS Corporation (“CBS”). We assumed ownership of the site when we acquired the stock of Triangle Pacific in 1998. Prior to our acquisition, the NC Department of Environment and Natural Resources listed the site as a hazardous waste site. In 1997, Triangle Pacific entered into a cost sharing agreement with Westinghouse whereby the parties agreed to share equally in costs associated with investigation and potential remediation. In 2000, Triangle Pacific and CBS entered into an Administrative Order on Consent to conduct an RI/FS with the EPA for the site. In 2007, we and CBS entered into an agreement with the Navy whereby the Navy agreed to pay one third of defined past and future investigative costs up to a certain amount, which has now been exhausted. The EPA approved the RI/FS work plan in August 2011. In January 2014, we submitted the draft Remedial Investigation and Risk Assessment reports and conducted supplemental investigative work based upon agency comments to those reports. The EPA published an Interim Action Proposed Plan for the site in April 2018 seeking public comment through June 7, 2018. The EPA has evaluated comments, including ours, and has published its Interim Record Of Decision selecting an interim cleanup approach. On September 25, 2018, AWI and CBS received a Special Notice Letter from the EPA under CERCLA inviting AWI and CBS to enter into the negotiation of a settlement agreement to conduct or finance the response action at the site. During the third quarter of 2018, we increased our reserve for the cost of the interim cleanup, which we expect to be shared with CBS and the Navy. Summary of Financial Position Liabilities of $12.4 million as of December 31, 2018 and $13.5 million as of December 31, 2017 were recorded for potential environmental liabilities that we consider probable and for which a reasonable estimate of the probable liability could be made. During 2018, we recorded $0.5 million of additional reserves for potential environmental liabilities. 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 St. Helens settlement. 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 and SG&A expenses, which are the same income statement categories where environmental expenditures were historically recorded. Insurance recoveries in excess of historical environmental spending, are recorded on the balance sheet as a part of other long-term liabilities and released as future environmental spending occurs or the liability is settled. The estimated liabilities above do not take into account any claims for recoveries from insurance or third parties. It is our policy to record recoveries as assets in the Consolidated Balance Sheets. As of December 31, 2018, we have $6.5 million of receivables for insurance recoveries reflected within Accounts and Notes Receivable. Actual costs to be incurred at identified sites may vary from our estimates. Based on our knowledge of the identified sites, it is not possible to reasonably estimate future costs in excess of amounts already recognized. OTHER CLAIMS On September 8, 2017, Roxul USA, Inc. (d/b/a Rockfon) filed litigation against us in the United States District Court for the District of Delaware alleging anticompetitive conduct seeking remedial measures and unspecified damages. Roxul USA, Inc. is a significant ceilings systems competitor with global headquarters in Europe and expanding operations in the Americas. We believe the allegations are without merit and intend to vigorously defend the matter. During the first quarter of 2018, the Court denied, in part, and granted, in part, our motion to dismiss, dismissing two of the claims brought by Roxul USA, Inc. We recently filed a motion seeking summary judgment on all of Rockfon’s remaining claims and have moved to exclude the testimony of Rockfon’s expert witness. Rockfon moved for partial summary judgment in its favor on a single claim of alleged liability only (not damages). We subsequently opposed that motion on numerous grounds. The date for determination of motions is not currently scheduled. A trial date is reserved, if necessary, for early in the second quarter of 2019. We continue to incur defense costs for the matter. We are involved in other various lawsuits, claims, investigations and other legal matters from time to time that arise in the ordinary course of business, including matters involving our products, intellectual property, relationships with suppliers, relationships with distributors, relationships with competitors, employees and other matters. From time to time, for example, we may be a party to litigation matters that involve product liability, tort liability and other claims under various allegations, including illness due to exposure to certain chemicals used in the workplace; or medical conditions arising from exposure to product ingredients or the presence of trace contaminants. Such allegations may involve multiple defendants and relate to legacy products that we and other defendants purportedly manufactured or sold. We believe that any current claims are without merit and intend to defend them vigorously. For these matters, we also may have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. When applicable and appropriate, we will pursue coverage and recoveries under those policies, but are unable to predict the outcome of those demands. While complete assurance cannot be given to the outcome of these proceedings, we do not believe that any current claims, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017, and 2016: 2018 2017 2016 Earnings from continuing operations $ 189.6 $ 220.6 $ 99.3 Earnings allocated to participating non-vested share awards (0.6 ) (0.7 ) (0.3 ) Earnings from continuing operations attributable to common shares $ 189.0 $ 219.9 $ 99.0 2018 2017 2016 (in millions) Basic shares outstanding 51.3 53.3 55.4 Dilutive effect of common stock equivalents 0.8 0.6 0.3 Diluted shares outstanding 52.1 53.9 55.7 There were no anti-dilutive stock options excluded from the computation of diluted EPS in 2018. Anti-dilutive options excluded from the computation of dilutive EPS for 2017 and 2016 were 319,836 and 632,799, respectively. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
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 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 2018 Provision for bad debts $ 0.3 $ 0.1 $ (0.1 ) $ 0.3 Provision for discounts 1.5 19.2 (19.4 ) 1.3 Provision for warranties 0.1 4.2 (3.9 ) 0.4 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation Policy | Consolidation Policy |
Use of Estimates | Use of Estimates |
Reclassifications | Reclassifications |
Revenue Recognition | Revenue Recognition. Incremental costs to fulfill our customer arrangements are expensed as incurred, as the amortization period is less than one year. Our products are sold with normal and customary return provisions. We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects. Warranties are not sold separately to customers. Our product warranties place certain requirements on the purchaser, including installation and maintenance in accordance with our written instructions. In addition to our warranty program, under certain limited circumstances, we will occasionally 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 costs associated with warranty repairs are provided to our independent distributors through a credit against accounts receivable from the distributor to us. Sales returns and warranty claims have historically not been material and do not constitute separate performance obligations. We often enter into agreements with our customers to offer incentive programs, primarily volume rebates and promotions. The majority of our rebates are designated as a percentage of annual customer purchases. We estimate the amount of rebate based on actual sales for the period and accrue for the projected incentive programs costs. We record the costs of the rebate accruals as a reduction to our revenue. In addition, other sales discounts, including early pay promotions, are deducted immediately from the sales invoice. See Note 4 to the Consolidated Financial Statements for additional information related to our Revenues. |
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 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 capital 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 11 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 On February 20, 2019, we declared a dividend of $0.175 per common share outstanding. The dividend will be paid on March 20, 2019, to shareholders of record as of the close of business on March 5, 2019. |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” “Principal versus Agent Considerations (Reporting Gross versus Net),” “Identifying Performance Obligations and Licensing,” “Narrow-Scope Improvements and Practical Expedients,” “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” Effective January 1, 2018, we adopted these standards using the modified retrospective transition method and have applied all practical expedients related to completed contracts upon adoption. Substantially all of our revenues from contracts with customers are recognized from the sale of products with standard shipping terms, sales discounts and warranties. This adoption did not have a material impact to our financial condition, results of operations or cash flows as the amount and timing of substantially all of our revenues will continue to be recognized at a point in time. As required by the revenue recognition Accounting Standards Codification (“ASC”) updates, we have expanded our disclosure of revenues from contracts with customers. See Note 4 for additional information. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” In August 2016, the FASB issued ASU 2016-15 , “Classification of Certain Cash Receipts and Cash Payments.” In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” In February 2018, the FASB issued ASU 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, “Leases,” In January 2018, FASB issued ASU 2018-01, “ Land Easement Practical Expedient for Transition to Topic 842,” “Codification improvements to Topic 842, Leases,” “Targeted Improvements,” Collectively, the guidance and all related ASU updates are effective for annual reporting periods beginning after December 15, 2018. The new standard is effective for us on January 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. We adopted the new standard on January 1, 2019 and selected the effective date as our date of initial application. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides several optional practical expedients in transition. We elected to adopt all of the new standard’s available transition practical expedients. A new system tool has been implemented to assist in the collection and analysis of data related to our lease portfolio. We have also evaluated our accounting policies, processes and internal controls that are impacted by the new guidance. This standard will have a material effect on our Consolidated Balance Sheet but not on the Consolidated Statement of Earnings and Comprehensive Income or Consolidated Statement of Cash Flows. While we continue to assess all the effects of adoption, we currently believe the most significant changes to the Consolidated Balance Sheet relates to the recognition of new Right Of Use (“ROU”) assets and lease liabilities. The adoption will significantly affect our disclosures about non-cash investing and financing activities and the lease related disclosures. Effective January 1, 2019, we currently expect to recognize ROU asset and lease liabilities in the range of $ 25.0 In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” In June 2018, the FASB issued ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting,” In August 2018, the FASB issued ASU 2018-14, “ Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans,” In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract,” |
Nature Of Operations (Tables)
Nature Of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule Of Segment Reporting Information | Mineral Fiber Architectural Specialties Unallocated Corporate Total For the year ended 2018 Net sales to external customers $ 801.6 $ 173.7 $ - $ 975.3 Equity (earnings) from joint venture (74.9 ) - - (74.9 ) Segment operating income (loss) 223.8 34.3 (8.7 ) 249.4 Segment assets 1,096.1 84.7 413.2 1,594.0 Depreciation and amortization (1) 75.3 3.5 0.6 79.4 Investment in joint venture 40.8 - - 40.8 Purchases of property, plant and equipment (1) 60.5 4.1 - 64.6 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) 233.5 27.7 (17.4 ) 243.8 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) 226.5 19.2 (49.8 ) 195.9 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 (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 5 for additional details. |
Reconciliation Of Total Consolidated Operating Income To Earnings Before Income Taxes | 2018 2017 2016 Segment operating income $ 249.4 $ 243.8 $ 195.9 Interest expense 39.2 35.4 49.5 Other non-operating (income) expense, net (32.5 ) (13.7 ) (4.2 ) Earnings from continuing operations before income taxes $ 242.7 $ 222.1 $ 150.6 |
Schedule Of Sales Allocated To Geographic Area | 2018 2017 2016 Geographic Areas Net trade sales Mineral Fiber: United States $ 739.2 $ 699.8 $ 680.8 Canada 62.4 56.6 55.8 Total Mineral Fiber 801.6 756.4 736.6 Architectural Specialties: United States 157.5 129.5 95.1 Canada 16.2 7.7 5.6 Total Architectural Specialties 173.7 137.2 100.7 Total net trade sales $ 975.3 $ 893.6 $ 837.3 |
Schedule Of Property, Plant And Equipment Allocated To Geographic Area | 2018 2017 Property, plant and equipment, net at December 31, Mineral Fiber: United States $ 487.5 $ 488.7 Total Mineral Fiber 487.5 488.7 Architectural Specialties: United States $ 5.9 $ 3.0 Canada 4.5 4.5 Total Architectural Specialties 10.4 7.5 Unallocated Corporate (1) 3.1 3.7 Total property, plant and equipment, net $ 501.0 $ 499.9 (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. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Mineral Fiber [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Group within Each Segment | The following tables provide net sales by major customer group within the Mineral Fiber and Architectural Specialties segments for the years ended December 31, 2018, 2017 and 2016: Mineral Fiber 2018 2017 2016 Distributors $ 601.4 $ 563.3 $ 549.0 Home centers 84.0 82.2 78.7 Direct customers 60.3 62.1 61.9 Retailers and other 55.9 48.8 47.0 Total $ 801.6 $ 756.4 $ 736.6 |
Architectural Specialties [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Group within Each Segment | Architectural Specialties 2018 2017 2016 Distributors $ 129.8 $ 111.5 $ 73.4 Direct customers 36.7 22.3 23.9 Retailers and other 7.2 3.4 3.4 Total $ 173.7 $ 137.2 $ 100.7 |
Acquisitions and Discontinued_2
Acquisitions and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018: Net sales $ 446.1 $ - $ 446.1 Cost of goods sold 341.4 - 341.4 Gross profit 104.7 - 104.7 Selling, general and administrative expenses 85.8 85.8 Operating income 18.9 - 18.9 Interest expense 1.4 - 1.4 Other non-operating (income), net (0.3 ) - (0.3 ) Earnings from discontinued operations before income tax 17.8 - 17.8 Income tax expense 8.2 8.2 Gain from discontinued operations $ 9.6 $ - $ 9.6 (Loss) on expected disposal of discontinued businesses before income tax (1) $ (19.3 ) $ - $ (19.3 ) Income tax (benefit) - (6.0 ) (6.0 ) Net (loss) gain on disposal of discontinued businesses $ (19.3 ) $ 6.0 $ (13.3 ) Net (loss) gain from discontinued operations $ (9.7 ) $ 6.0 $ (3.7 ) 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 years ended December 31, 2018 and 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 331.5 237.5 569.0 Gross profit 65.7 46.9 112.6 Selling, general and administrative expenses 69.7 50.5 120.2 Operating (loss) (4.0 ) (3.6 ) (7.6 ) Interest expense 0.3 - 0.3 Other non-operating expense, net 1.9 0.9 2.8 (Loss) from discontinued operations before income tax (6.2 ) (4.5 ) (10.7 ) Income tax (benefit) expense (0.9 ) 0.1 (0.8 ) (Loss) from discontinued operations $ (5.3 ) $ (4.6 ) $ (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 $ (5.3 ) $ 10.7 $ 5.4 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, 2018 and 2017 related to our EMEA and Pacific Rim businesses. December 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 10.0 $ - Accounts and notes receivable, net 56.2 61.4 Inventories, net 59.8 59.2 Income tax receivable 1.8 3.1 Other current assets 8.2 12.9 Total current assets discontinued operations 136.0 136.6 Property, plant, and equipment, less accumulated depreciation and amortization (1) (2) 103.8 131.3 Prepaid pension costs (1) 28.9 26.1 Goodwill and intangible assets, net (1) 6.8 7.2 Deferred income taxes (1) 3.0 4.0 Other non-current assets (1) 1.0 0.9 Total non-current assets of discontinued operations (1) 143.5 169.5 Total assets of discontinued operations (1) $ 279.5 $ 306.1 Liabilities Current liabilities: Accounts payable and accrued expenses $ 67.1 $ 78.6 Income tax payable 1.1 1.3 Total current liabilities 68.2 79.9 Pension benefit liabilities (3) 33.8 34.7 Other long-term liabilities (3) 1.8 1.8 Deferred income taxes (3) 6.5 12.1 Total non-current liabilities of discontinued operations (3) 42.1 48.6 Total liabilities of discontinued operations (3) $ 110.3 $ 128.5 (1) Presented as Current assets of discontinued operations on the Consolidated Balance Sheets as of December 31, 2018 and 2017. (2) Includes estimated losses of $19.3 million recorded in 2018 and $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, estimated losses 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 2018: Depreciation and amortization $ - $ - $ - Estimated loss on sale to Knauf (1) 19.3 - 19.3 Purchases of property, plant and equipment (7.3 ) - (7.3 ) 2017: Depreciation and amortization $ 22.2 $ - $ 22.2 Estimated loss on sale to Knauf (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 ) (1) Loss on sale of EMEA and Pacific Rim businesses for the years ended December 31, 2018 and 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, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | December 31, 2018 December 31, 2017 Customer receivables $ 70.4 $ 62.8 Miscellaneous receivables 11.5 29.9 Less allowance for warranties, discounts, and losses (2.0 ) (1.9 ) Accounts and notes receivable, net $ 79.9 $ 90.8 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | December 31, 2018 December 31, 2017 Finished goods $ 38.8 $ 33.2 Goods in process 4.4 2.7 Raw materials and supplies 27.8 26.1 Less LIFO reserves (9.8 ) (8.2 ) Total inventories, net $ 61.2 $ 53.8 |
Summary Of Inventory Not Accounted For Under LIFO | December 31, 2018 December 31, 2017 U.S. locations $ 11.8 $ 6.5 Canada locations 2.9 2.2 Total $ 14.7 $ 8.7 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | December 31, 2018 December 31, 2017 Prepaid expenses $ 4.1 $ 7.1 Other 0.7 0.8 Total other current assets $ 4.8 $ 7.9 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | December 31, 2018 December 31, 2017 Land $ 32.4 $ 32.5 Buildings 232.5 224.6 Machinery and equipment 575.4 537.1 Computer software 23.8 20.9 Construction in progress 49.8 46.2 Less accumulated depreciation and amortization (412.9 ) (361.4 ) Net property, plant and equipment $ 501.0 $ 499.9 |
Equity Investments (Tables)
Equity Investments (Tables) - WAVE [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |
Summary Of The Difference Between Carrying Amount And Underlying Equity OF Equity Method Investment | December 31, 2018 December 31, 2017 Property, plant and equipment $ 0.4 $ 0.4 Other intangibles 124.7 130.2 Goodwill 30.4 30.4 Total $ 155.5 $ 161.0 |
Summary Of Investment In Joint Venture, Balance Sheet Data | December 31, 2018 December 31, 2017 Current assets $ 112.9 $ 96.8 Current assets of discontinued operations 33.8 36.4 Noncurrent assets 34.9 32.6 Current liabilities 113.6 18.1 Current liabilities of discontinued operations 6.9 8.1 Other noncurrent liabilities 293.6 246.6 |
Summary of Investment in Joint Venture, Income Statement Data | 2018 2017 2016 Net sales $ 375.0 $ 344.5 $ 330.7 Gross profit 205.8 192.7 192.4 Net earnings 156.6 144.3 151.9 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table details amounts related to our intangible assets as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Original Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 7-20 years $ 181.4 $ 103.0 $ 176.3 $ 93.9 Developed technology 15 years 84.3 66.5 83.7 60.9 Trademarks and brand names 10 years 1.1 0.2 Other Various 5.6 1.2 5.9 1.1 Total $ 272.4 $ 170.9 $ 265.9 $ 155.9 Goodwill and non-amortizing intangible assets Trademarks and brand names Indefinite 321.3 319.8 Goodwill Indefinite 19.2 11.3 Total goodwill and intangible assets $ 612.9 $ 597.0 |
Schedule of Amortization Expense | 2018 2017 2016 Amortization expense $ 15.1 $ 14.6 $ 13.9 |
Schedule of Expected Annual Amortization Expense | The expected annual amortization expense for the years 2019 through 2023 are as follows: 2019 $ 15.6 2020 15.6 2021 14.2 2022 10.2 2023 10.2 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets Noncurrent Disclosure [Abstract] | |
Schedule Of Other Non-Current Assets | December 31, 2018 December 31, 2017 Cash surrender value of company-owned life insurance policies $ 54.3 $ 53.9 Fair value of derivative assets 9.6 8.7 Other 4.6 1.7 Total other non-current assets $ 68.5 $ 64.3 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | December 31, 2018 December 31, 2017 Payables, trade and other $ 82.2 $ 67.6 Employment costs 18.6 18.0 Current portion of pension and postretirement benefit liabilities 10.9 11.6 Advance receipt of Knauf proceeds 237.6 - Payable to WAVE for advance receipt of Knauf proceeds 22.4 - Other 11.6 11.2 Total accounts payable and accrued expenses $ 383.3 $ 108.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Deferred Tax Assets and Liabilities | December 31, 2018 December 31, 2017 Deferred income tax assets (liabilities) Net operating losses $ 58.7 $ 35.6 Postretirement benefits 18.2 23.3 Pension benefit liabilities 14.3 16.7 Deferred compensation 11.8 12.1 Undistributed foreign earnings 32.5 17.7 Foreign tax credit carryforwards 19.1 15.7 State tax credit carryforwards 9.8 10.5 Other 17.1 12.6 Total deferred income tax assets 181.5 144.2 Valuation allowances (79.6 ) (47.4 ) Net deferred income tax assets 101.9 96.8 Intangibles (132.3 ) (136.3 ) Accumulated depreciation (62.0 ) (56.1 ) Prepaid pension costs (11.5 ) (20.4 ) Inventories (5.5 ) (4.4 ) Other (0.2 ) (1.7 ) Total deferred income tax liabilities (211.5 ) (218.9 ) Net deferred income tax liabilities $ (109.6 ) $ (122.1 ) Deferred income taxes have been classified in the Consolidated Balance Sheet as: Deferred income tax assets - noncurrent $ 14.8 $ 19.6 Deferred income tax liabilities - noncurrent (124.4 ) (141.7 ) Net deferred income tax liabilities $ (109.6 ) $ (122.1 ) |
Schedule Of Income Tax Expense (Benefit) | 2018 2017 2016 Details of taxes Earnings (loss) from continuing operations before income taxes: Domestic $ 234.0 $ 224.1 $ 147.8 Foreign 8.7 (2.0 ) 2.8 Total $ 242.7 $ 222.1 $ 150.6 Income tax expense (benefit): Current: Federal $ 45.7 $ 26.2 $ 15.1 Foreign 2.1 1.4 5.0 State 8.0 4.7 (6.7 ) Total current 55.8 32.3 13.4 Deferred: Federal (3.7 ) (36.6 ) 22.6 Foreign - (0.1 ) (1.1 ) State 1.0 5.9 16.4 Total deferred (2.7 ) (30.8 ) 37.9 Total income tax expense $ 53.1 $ 1.5 $ 51.3 |
Schedule Of The Reconciliation To U.S. Statutory Tax Rate | 2018 2017 2016 Reconciliation to U.S. statutory tax rate Continuing operations tax at statutory rate $ 51.0 $ 77.7 $ 52.7 Increase in valuation allowances on deferred domestic income tax assets 10.0 9.1 0.8 State income tax expense, net of federal benefit 9.2 7.9 3.2 AFI separation costs - - 15.1 Domestic production activities - (5.8 ) (1.9 ) Federal statute closure (9.6 ) (2.3 ) (15.2 ) 2017 Tax Act (1.2 ) (82.5 ) - Excess tax benefits on share-based compensation (3.8 ) - - Tax on foreign and foreign-source income (4.4 ) - (3.4 ) Other 1.9 (2.6 ) - Tax expense at effective rate $ 53.1 $ 1.5 $ 51.3 |
Schedule Of Unrecognized Tax Benefits | 2018 2017 2016 Unrecognized tax benefits balance at January 1, $ 53.4 $ 86.9 $ 150.6 Gross change for current year positions 3.6 (2.2 ) 2.3 Increases for prior period positions 1.1 2.9 0.2 Decrease for prior period positions (2.0 ) (0.1 ) (12.8 ) Decrease due to settlements and payments - - - Decrease due to statute expirations (13.5 ) (34.1 ) (53.4 ) Unrecognized tax benefits balance at December 31, $ 42.6 $ 53.4 $ 86.9 |
Schedule Of Other Taxes | 2018 2017 2016 Other taxes Payroll taxes $ 15.6 $ 14.2 $ 13.9 Property, franchise and capital stock taxes 3.7 4.0 4.0 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Schedule Of Debt | December 31, 2018 Weighted Average Interest Rate for 2018 December 31, 2017 Weighted Average Interest Rate for 2017 Term loan A due 2021 $ 547.5 4.00 % $ 577.5 3.24 % Term loan B due 2023 243.1 5.39 % 245.6 4.25 % Tax exempt bonds due 2041 35.0 1.47 % 35.0 0.79 % Principal debt outstanding 825.6 4.33 % 858.1 3.43 % Unamortized debt financing costs (5.8 ) (7.9 ) Long-term debt 819.8 4.33 % 850.2 3.43 % Less current portion and short-term debt 55.0 4.07 % 32.5 3.32 % Total long-term debt, less current portion $ 764.8 4.35 % $ 817.7 3.43 % |
Scheduled Payments Of Long-Term Debt | Scheduled payments of long-term debt: 2019 $ 55.0 2020 62.5 2021 437.5 2022 2.5 2023 233.1 2024 and later 35.0 |
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, 2018 Financing Arrangement Limit Used Available Accounts receivable securitization facility $ 30.2 $ 36.2 $ (6.0 ) Bi-lateral facility 25.0 13.4 11.6 Revolving credit facility 150.0 - 150.0 Total $ 205.2 $ 49.6 $ 155.6 |
Pension And Other Benefit Pro_2
Pension And Other Benefit Programs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 2018 2017 2018 2017 Prepaid pension costs $ 52.8 $ 88.3 $ - $ - $ - $ - Accounts payable and accrued expenses (4.3 ) (4.1 ) - (0.1 ) (6.6 ) (7.4 ) Postretirement benefit liabilities - - - - (58.8 ) (79.2 ) Pension benefit liabilities (47.8 ) (54.6 ) (2.5 ) (2.6 ) - - Net amount recognized $ 0.7 $ 29.6 $ (2.5 ) $ (2.7 ) $ (65.4 ) $ (86.6 ) |
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 2018 2017 2018 2017 2018 2017 Net actuarial (loss) gain $ (577.3 ) $ (520.2 ) $ (3.7 ) $ (8.9 ) $ 59.3 $ 49.5 Prior service (cost) credit - - (1.6 ) (0.5 ) 1.1 1.1 Accumulated other comprehensive (loss) income $ (577.3 ) $ (520.2 ) $ (5.3 ) $ (9.4 ) $ 60.4 $ 50.6 |
Schedule Of Expected Benefit Payments | U.S. Pension Benefits (1) Non-U.S. Pension Benefits Retiree Health and Life Insurance Benefits, Net 2019 $ 106.3 $ 0.1 $ 6.6 2020 105.2 0.1 6.2 2021 103.1 0.1 5.8 2022 102.3 0.1 5.5 2023 100.9 0.1 5.1 2024 - 2028 472.4 0.6 21.2 (1) We were not required and did not make contributions to the RIP during 2018, 2017 or 2016 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. |
ASU 2017-07 [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Components of Net Periodic Benefit Credit within Income Statement | The following table presents the components of net periodic pension and postretirement (credits) costs within our Consolidated Statement of Earnings and Comprehensive Income: 2018 2017 2016 Service cost of benefits earned in cost of goods sold $ 3.6 $ 5.5 $ 5.4 Service cost of benefits earned in SG&A expenses 2.3 3.5 3.6 Other non-operating (income) expense (33.0 ) (11.3 ) 7.0 Net periodic pension and postretirement (credit) cost $ (27.1 ) $ (2.3 ) $ 16.0 |
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 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation as of beginning of period $ 1,500.1 $ 1,522.4 $ 2.7 $ 2.5 Service cost 5.7 8.6 - - Interest cost 46.1 48.1 - - Partial settlement - (58.1 ) - - Foreign currency translation adjustment - - (0.1 ) 0.4 Actuarial loss (gain) (90.0 ) 77.2 - (0.1 ) Benefits paid (102.2 ) (103.2 ) (0.1 ) (0.1 ) Merger of Tectum Plan - 5.1 - - Benefit obligation as of end of period $ 1,359.7 $ 1,500.1 $ 2.5 $ 2.7 U.S. Pension Plans Non-U.S. Pension Plan 2018 2017 2018 2017 Change in plan assets: Fair value of plan assets as of beginning of period $ 1,529.7 $ 1,512.9 $ - $ - Actual return on plan assets (71.0 ) 170.8 - - Employer contribution 3.9 3.9 0.1 0.1 Partial settlement - (58.1 ) - - Benefits paid (102.2 ) (103.2 ) (0.1 ) (0.1 ) Merger of Tectum Plan - 3.4 - - Fair value of plan assets as of end of period $ 1,360.4 $ 1,529.7 $ - $ - Funded status of the plans $ 0.7 $ 29.6 $ (2.5 ) $ (2.7 ) |
Schedule Of Assumptions Used | U.S. Pension Plans Non-U.S. Pension Plan 2018 2017 2018 2017 Weighted-average assumptions used to determine benefit obligations at end of period: Discount rate 4.30 % 3.63 % 1.70 % 1.50 % Rate of compensation increase 3.05 % 3.05 % - - Weighted-average assumptions used to determine net periodic benefit cost for the period: Discount rate 3.62 % 4.12 % 1.50 % 1.40 % Expected return on plan assets 6.50 % 6.50 % - - Rate of compensation increase 3.05 % 3.10 % - - |
Schedule Of Benefit Obligations In Excess Of Assets | U.S. Pension Plans Non-U.S. Pension Plan 2018 2017 2018 2017 Pension plans with benefit obligations in excess of assets Projected benefit obligation, December 31 $ 52.1 $ 58.5 $ 2.5 $ 2.7 Accumulated benefit obligation, December 31 52.1 58.5 2.5 2.7 |
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 2018 2017 2016 2018 2017 2016 Service cost of benefits earned during the period $ 5.7 $ 8.6 $ 10.1 $ 2.2 $ 2.2 $ 2.2 Interest cost on projected benefit obligation 46.1 48.1 69.8 5.0 5.4 6.9 Expected return on plan assets (95.9 ) (98.7 ) (110.6 ) (6.4 ) (6.8 ) (7.8 ) Amortization of prior service cost - 1.5 1.6 - - - Recognized net actuarial loss 20.0 17.5 48.3 0.6 1.3 1.2 Partial settlement - 20.8 - - - - Net periodic pension (credit) cost $ (24.1 ) $ (2.2 ) $ 19.2 $ 1.4 $ 2.1 $ 2.5 Less: Discontinued operations - - 2.2 1.4 2.0 2.4 Net periodic pension (credit) cost, continuing operations $ (24.1 ) $ (2.2 ) $ 17.0 $ - $ 0.1 $ 0.1 |
Schedule Of Defined Asset Allocation | Target Weight at December Position at December 31, Asset Class 2018 2018 (1) 2017 (1) Long duration bonds 59.0 % 62.0 % 59.0 % Equities 27.0 % 25.0 % 28.0 % High yield bonds and real assets 9.0 % 2.0 % 3.0 % Real estate and private equity 4.0 % 5.0 % 4.0 % Other 1.0 % 6.0 % 6.0 % (1) Investments in collective trust funds as of December 31, 2018 and 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, 2018 Description Level 1 Level 2 Level 3 Total Bonds $ - $ 832.2 $ - $ 832.2 Collective trust fund - 460.1 - 460.1 Other investments - - 2.6 2.6 Cash, other short-term investments and payables, net (22.7 ) 24.2 - 1.5 Net assets measured at fair value $ (22.7 ) $ 1,316.5 $ 2.6 $ 1,296.4 Investments measured at net asset value 64.0 Net assets $ 1,360.4 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, other short-term investments and payables, net 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 |
Summary Of Assets Measured At NAV | Value at December 31, 2018 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Real estate $ 60.1 $ 2.2 Quarterly 45-90 Days Other investments 3.9 0.8 None None Investments measured at net asset value $ 64.0 $ 3.0 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 |
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 | 2018 2017 U.S. defined benefit retiree health and life insurance plans Change in benefit obligation: Benefit obligation as of beginning of period $ 86.6 $ 93.1 Service cost 0.2 0.4 Interest cost 2.6 3.0 Plan participants' contributions 2.9 2.8 Plan amendments - (1.1 ) Actuarial (gain) (15.7 ) (1.3 ) Benefits paid (11.2 ) (10.3 ) Benefit obligation as of end of period $ 65.4 $ 86.6 2018 2017 Change in plan assets: Fair value of plan assets as of beginning of period $ - $ - Employer contribution 8.3 7.5 Plan participants' contributions 2.9 2.8 Benefits paid (11.2 ) (10.3 ) Fair value of plan assets as of end of period $ - $ - Funded status of the plans $ (65.4 ) $ (86.6 ) |
Schedule Of Assumptions Used | 2018 2017 U.S. defined benefit retiree health and life insurance plans Weighted-average discount rate used to determine benefit obligations at end of period 4.31 % 3.60 % Weighted-average discount rate used to determine net periodic benefit cost for the period 3.60 % 4.11 % |
Schedule Of Periodic Benefit (Credits) Costs | The components of postretirement benefit (credit) cost are as follows: 2018 2017 2016 U.S. defined benefit retiree health and life insurance plans Service cost of benefits earned during the period $ 0.2 $ 0.4 $ 0.4 Interest cost on accumulated postretirement benefit obligation 2.6 3.0 4.7 Amortization of prior service (credit) (0.1 ) - (0.3 ) Amortization of net actuarial gain (5.7 ) (3.6 ) (6.1 ) Net periodic postretirement benefit (credit) $ (3.0 ) $ (0.2 ) $ (1.3 ) Less: Discontinued operations - - (0.2 ) Net periodic postretirement benefit (credit), continuing operations $ (3.0 ) $ (0.2 ) $ (1.1 ) |
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 $ - $ - Effect on postretirement benefit obligation (0.3 ) 0.3 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | The estimated fair values of our financial instruments are as follows: December 31, 2018 December 31, 2017 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(Liabilities), net: Total debt, including current portion $ (819.8 ) $ (811.3 ) $ (850.2 ) $ (850.8 ) Foreign currency contracts - - (0.8 ) (0.8 ) Natural gas contracts - - (0.6 ) (0.6 ) Interest rate swap contracts 3.5 3.5 8.9 8.9 |
Fair Value Measurement of Assets and Liabilities | The fair value measurement of assets and liabilities is summarized below: December 31, 2018 December 31, 2017 Fair value based on Fair value based on Quoted, active markets Other observable inputs Quoted, active markets Other observable inputs Level 1 Level 2 Level 1 Level 2 Assets/(Liabilities), net: Foreign currency contracts $ - $ - $ (0.8 ) $ - Natural gas contracts - - - (0.6 ) Interest rate swap contracts - 3.5 - 8.9 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | Trade Date Notional Amount Coverage Period Risk Coverage November 13, 2016 $ 200.0 November 2016 to March 2021 USD-LIBOR April 1, 2016 $ 100.0 April 2016 to March 2023 USD-LIBOR November 28, 2018 $ 200.0 November 2018 to November 2023 USD-LIBOR November 28, 2018 $ 100.0 March 2021 to March 2025 USD-LIBOR |
Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet | Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location December 2018 December 2017 Balance Sheet Location December 31, 2018 December 31, 2017 Derivatives designated as hedging instruments Natural gas commodity contracts Other current assets $ - $ - Accounts payable and accrued expenses $ - $ 0.5 Foreign exchange contracts Other current assets - - 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 - - Other long-term liabilities - 0.1 Interest rate swap contracts Other non-current assets 9.6 8.7 Other long-term liabilities 6.1 - Total derivatives designated as hedging instruments $ 9.6 $ 8.9 $ 6.1 $ 1.4 |
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) 2018 2017 2016 2018 2017 2016 Derivatives in Cash Flow Hedging Relationships Natural gas commodity contracts $ 0.7 $ (1.3 ) $ 0.6 Cost of goods sold $ 0.1 $ 0.3 $ (1.2 ) Foreign exchange contracts – purchases 0.1 (0.5 ) - Cost of goods sold - - - Foreign exchange contracts – sales 0.7 (1.8 ) (2.9 ) Net sales - 0.1 1.4 Interest rate swap contracts (2.0 ) 2.2 6.8 Interest expense (1.6 ) (0.9 ) (8.3 ) Total $ (0.5 ) $ (1.4 ) $ 4.5 Total gain (loss) from continuing operations (1.5 ) (0.5 ) (8.1 ) Total (loss) gain from discontinued operations - (0.1 ) 0.2 Total gain (loss) $ (1.5 ) $ (0.6 ) $ (7.9 ) |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 Balance at beginning of period $ 0.1 $ 0.2 Current year warranty accruals 4.2 3.2 Reductions for payments (3.9 ) (3.3 ) Balance at end of period $ 0.4 $ 0.1 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | December 31, 2018 December 31, 2017 Long-term deferred compensation arrangements $ 14.0 $ 15.3 Environmental liabilities 11.7 13.5 Fair value of derivative liabilities 6.1 0.2 Other 6.2 6.5 Total other long-term liabilities $ 38.0 $ 35.5 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2017 1,272.4 $ 34.23 Option shares exercised (669.9 ) (27.51 ) Option shares outstanding, December 31, 2018 602.5 $ 41.71 2.9 $ 9.9 Option shares exercisable, vested and expected to vest, December 31, 2018 602.5 $ 41.71 2.9 $ 9.9 |
Schedule of Information Related to Stock Option Exercises | The following table presents information related to stock option exercises: 2018 2017 2016 Total intrinsic value of stock options exercised $ 23.7 $ 0.9 $ 0.4 Cash proceeds received from stock options exercised $ 18.4 $ 3.3 $ 0.7 Tax deduction (expense) realized from stock options exercised $ 6.1 $ (0.2 ) $ (0.1 ) |
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, 2017 171.6 $ 45.27 379.7 $ 41.08 Granted 33.8 59.33 148.2 56.16 Vested (97.7 ) (45.72 ) - - Forfeited (7.4 ) (50.00 ) (24.7 ) (50.82 ) December 31, 2018 100.3 $ 48.69 503.2 $ 45.14 |
PSUs [Member] | |
Schedule of Weighted-Average Assumptions | 2018 2017 Weighted-average grant date fair value of market based PSUs granted (dollars per award) $ 53.01 $ 43.29 Assumptions Risk free rate of return 2.4 % 1.5 % Expected volatility 26.3 % 28.0 % Expected term (in years) 3.1 3.1 Expected dividend yield 0.0 % 0.0 % |
Employee Costs (Tables)
Employee Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Schedule Of Employee Costs | 2018 2017 2016 Wages, salaries and incentive compensation $ 197.2 $ 191.0 $ 179.1 Payroll taxes 15.6 14.2 13.9 Defined contribution and defined benefit pension plan (credit) expense, net (17.8 ) 4.1 22.7 Insurance and other benefit costs 22.3 24.0 21.4 Share-based compensation 12.9 9.8 11.0 Total $ 230.2 $ 243.1 $ 248.1 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule Of Future Minimum Payments | Total Minimum Lease Payments Scheduled minimum lease payments 2019 $ 5.3 2020 4.7 2021 4.2 2022 3.7 2023 2.2 Thereafter 4.7 Total $ 24.8 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | December 31, 2018 December 31, 2017 Foreign currency translation adjustments $ (74.7 ) $ (47.1 ) Derivative gain, net 5.3 3.5 Pension and postretirement adjustments (390.2 ) (302.3 ) Accumulated other comprehensive (loss) $ (459.6 ) $ (345.9 ) |
Schedule of Other Comprehensive Income (Loss) | Pre-tax Amount Tax Benefit After- tax Amount 2018 Foreign currency translation adjustments $ (27.6 ) $ - $ (27.6 ) Derivative gain, net 0.9 0.2 1.1 Pension and postretirement adjustments (41.6 ) 8.7 (32.9 ) Total other comprehensive income (loss) $ (68.3 ) $ 8.9 $ (59.4 ) Pre-tax Amount Tax (Expense) Benefit After-tax Amount 2017 Foreign currency translation adjustments $ 24.5 $ - $ 24.5 Derivative (loss) gain, net (0.8 ) 0.5 (0.3 ) Pension and postretirement adjustments 50.4 (16.7 ) 33.7 Total other comprehensive income (loss) $ 74.1 $ (16.2 ) $ 57.9 Pre-tax Amount Tax Benefit After-tax Amount 2016 Foreign currency translation adjustments $ (33.2 ) $ - $ (33.2 ) Derivative gain (loss), net 11.9 (4.4 ) 7.5 Pension and postretirement adjustments 75.7 (26.4 ) 49.3 Total other comprehensive income (loss) $ 54.4 $ (30.8 ) $ 23.6 |
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, 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 ) Impact of ASU 2018-02 adoption - 0.7 (55.0 ) (54.3 ) Other comprehensive (loss) income before reclassifications, net of tax expense of $ -, $0.6, $11.3, and $11.9 (27.6 ) - (44.7 ) (72.3 ) Amounts reclassified from accumulated other comprehensive income - 1.1 11.8 12.9 Net current period other comprehensive income (loss) (27.6 ) 1.1 (32.9 ) (59.4 ) Balance, December 31, 2018 $ (74.7 ) $ 5.3 $ (390.2 ) $ (459.6 ) (1) Amounts are net of tax |
Reclassification out of Accumulated Other Comprehensive Income | Amounts Reclassified from Accumulated Other Comprehensive (Loss)(1) Affected Line Item in the Consolidated Statement of Earnings and Comprehensive Income 2018 2017 Derivative Adjustments: Natural gas commodity contracts $ (0.1 ) $ (0.3 ) Cost of goods sold Foreign exchange contracts - purchases - 0.1 Cost of goods sold Foreign exchange contracts - sales - (0.1 ) Net sales Interest rate swap contracts 1.6 0.9 Interest expense Total income, before tax 1.5 0.6 Tax impact (0.4 ) (0.2 ) Income tax expense Total income net of tax 1.1 0.4 Pension and Postretirement Adjustments: Prior service cost amortization (0.1 ) 1.5 Other non-operating (income) expense Amortization of net actuarial loss 14.9 15.2 Other non-operating (income) expense Partial settlement - 20.8 Other non-operating (income) expense Total expense before tax 14.8 37.5 Tax impact (3.0 ) (13.1 ) Income tax expense Total expense, net of tax 11.8 24.4 Total reclassifications for the period $ 12.9 $ 24.8 (1) Includes activity from discontinued operations |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Financial Information [Abstract] | |
Schedule Of Supplemental Financial Information | 2018 2017 2016 Selected operating expense Maintenance and repair costs $ 41.6 $ 42.5 $ 41.4 Research and development costs 16.3 17.4 17.8 Advertising costs 6.5 6.0 5.4 Other non-operating (income)/expense Interest income $ (4.3 ) $ (1.8 ) $ (1.0 ) Foreign currency transaction (gain)/loss, net of hedging activity 0.4 (0.6 ) (9.4 ) Pension and post retirement benefit (credits) (33.0 ) (11.3 ) 7.0 Other 4.4 - (0.8 ) Total $ (32.5 ) $ (13.7 ) $ (4.2 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Earnings to Net Earnings Attributable to Common Shares Used in Basic and Diluted Calculation | 2018 2017 2016 Earnings from continuing operations $ 189.6 $ 220.6 $ 99.3 Earnings allocated to participating non-vested share awards (0.6 ) (0.7 ) (0.3 ) Earnings from continuing operations attributable to common shares $ 189.0 $ 219.9 $ 99.0 |
Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding | 2018 2017 2016 (in millions) Basic shares outstanding 51.3 53.3 55.4 Dilutive effect of common stock equivalents 0.8 0.6 0.3 Diluted shares outstanding 52.1 53.9 55.7 |
Business (Narrative) (Details)
Business (Narrative) (Details) $ in Millions | Jul. 18, 2018USD ($) | Jan. 31, 2017Facility | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 17, 2017USD ($) |
Business And Basis Of Presentation [Line Items] | ||||||
Potential adjustments to the purchase price consideration | $ 35 | |||||
Potential adjustments to the purchase price consideration | 20 | |||||
Proceeds from sale of business | $ 330 | |||||
Payment to WAVE from Knauf proceeds | 70 | |||||
Account payable and accrued expenses related to investment in joint venture | $ 383.3 | $ 108.4 | ||||
Tectum, Inc. [Member] | ||||||
Business And Basis Of Presentation [Line Items] | ||||||
Number of manufacturing facility | Facility | 2 | |||||
August 1, 2018 [Member] | Knauf [Member] | ||||||
Business And Basis Of Presentation [Line Items] | ||||||
Receivable from sale of business | 250 | |||||
Proceeds from sale of business | $ 250 | |||||
September 15, 2018 [Member] | Knauf [Member] | ||||||
Business And Basis Of Presentation [Line Items] | ||||||
Receivable from sale of business | $ 80 | |||||
Proceeds from sale of business | $ 80 | |||||
EMEA and Pacific Rim Business [Member] | ||||||
Business And Basis Of Presentation [Line Items] | ||||||
Consideration to be received in connection with sale of businesses | $ 330 | |||||
WAVE [Member] | ||||||
Business And Basis Of Presentation [Line Items] | ||||||
Equity interest percentage | 50.00% | |||||
Payment to WAVE from Knauf proceeds | $ 70 | |||||
Account payable and accrued expenses related to investment in joint venture | 22.4 | |||||
WAVE [Member] | Worthington [Member] | ||||||
Business And Basis Of Presentation [Line Items] | ||||||
Dividend received from joint venture | $ 35 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) | Jan. 22, 2019USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2018USD ($)customer | Dec. 31, 2017USD ($)customer | Dec. 31, 2016USD ($)customer | Feb. 20, 2019$ / shares |
Significant Accounting Policies [Line Items] | ||||||
Gross sales | $ 975,300,000 | $ 893,600,000 | $ 837,300,000 | |||
Dividends payable, date declared | Feb. 20, 2019 | |||||
Dividends payable, date to be paid | Mar. 20, 2019 | |||||
Dividends payable, date of record | Mar. 5, 2019 | |||||
Corporate statutory tax rate | 21.00% | 35.00% | ||||
Tax cuts and jobs act of 2017 reclassification from AOCI to retained earnings | $ 54,300,000 | |||||
ASU 2017-07 [Member] | Increase Decrease in Cost of Goods Sold [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Reclassification adjustment amount | $ 8,400,000 | 1,300,000 | ||||
ASU 2017-07 [Member] | Increase Decrease in Other Non-operating Income, Net [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Reclassification adjustment amount | 11,400,000 | 7,000,000 | ||||
ASU 2017-07 [Member] | Increase Decrease in Selling General and Administrative Expenses [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Reclassification adjustment amount | $ 3,000,000 | $ 5,700,000 | ||||
Subsequent Event [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Dividends declared per common share outstanding | $ / shares | $ 0.175 | |||||
Architectural Components Group, Inc. [Member] | Subsequent Event [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Annual revenue | $ 35,000,000 | |||||
Developed Technology [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Definite-lived intangible assets, useful life | 15 years | |||||
Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Expect to recognize ROU asset | $ 25,000,000 | |||||
Expect to recognize lease liabilities | $ 25,000,000 | |||||
Minimum [Member] | Customer Relationships [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Definite-lived intangible assets, useful life | 7 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 | 13 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] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Payment terms on sales | 45 days | |||||
Incremental costs to fulfill customer arrangements amortization period | 1 year | |||||
Expect to recognize ROU asset | $ 30,000,000 | |||||
Expect to recognize lease liabilities | $ 30,000,000 | |||||
Maximum [Member] | Customer Relationships [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Definite-lived intangible assets, useful life | 20 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 | |||||
Gross Sales [Member] | Concentration Risk On Three Customers [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of customers accounted for significant percentage of net sales | customer | 3 | 3 | 3 | |||
Gross sales | $ 459,300,000 | $ 426,100,000 | $ 372,900,000 | |||
Gross 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) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unallocated Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Cost of goods sold for accelerated depreciation of property, plant and equipment | $ 5.6 | |
Mineral Fiber [Member] | ||
Segment Reporting Information [Line Items] | ||
Cost of goods sold for accelerated depreciation of property, plant and equipment | $ 14.1 | $ 4 |
WAVE [Member] | ||
Segment Reporting Information [Line Items] | ||
Equity interest percentage | 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 975.3 | $ 893.6 | $ 837.3 | |
Equity (earnings) from joint venture | (74.9) | (67) | (73.1) | |
Segment operating income (loss) | 249.4 | 243.8 | 195.9 | |
Segment assets | 1,594 | 1,567.4 | 1,411.7 | |
Depreciation and amortization | [1] | 79.4 | 67 | 54.8 |
Investment in joint venture | 40.8 | 107.3 | 106.2 | |
Purchases of property, plant and equipment | [1] | 64.6 | 77.7 | 66.3 |
Mineral Fiber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 801.6 | 756.4 | 736.6 | |
Equity (earnings) from joint venture | (74.9) | (67) | (73.1) | |
Segment operating income (loss) | 223.8 | 233.5 | 226.5 | |
Segment assets | 1,096.1 | 1,193.5 | 1,145.1 | |
Depreciation and amortization | [1] | 75.3 | 59.2 | 53.6 |
Investment in joint venture | 40.8 | 107.3 | 106.2 | |
Purchases of property, plant and equipment | [1] | 60.5 | 76.1 | 66.1 |
Architectural Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 173.7 | 137.2 | 100.7 | |
Segment operating income (loss) | 34.3 | 27.7 | 19.2 | |
Segment assets | 84.7 | 53.2 | 17.3 | |
Depreciation and amortization | [1] | 3.5 | 1.8 | 0.8 |
Purchases of property, plant and equipment | [1] | 4.1 | 1.6 | 0.2 |
Unallocated Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | (8.7) | (17.4) | (49.8) | |
Segment assets | 413.2 | 320.7 | 249.3 | |
Depreciation and amortization | [1] | $ 0.6 | $ 6 | $ 0.4 |
[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 5 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Segment operating income | $ 249.4 | $ 243.8 | $ 195.9 |
Interest expense | 39.2 | 35.4 | 49.5 |
Other non-operating (income) expense, net | (32.5) | (13.7) | (4.2) |
Earnings from continuing operations before income taxes | $ 242.7 | $ 222.1 | $ 150.6 |
Nature of Operations (Schedul_2
Nature of Operations (Schedule Of Sales Allocated To Geographic Area) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | $ 975.3 | $ 893.6 | $ 837.3 |
Mineral Fiber [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | 801.6 | 756.4 | 736.6 |
Mineral Fiber [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | 739.2 | 699.8 | 680.8 |
Mineral Fiber [Member] | Canada [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | 62.4 | 56.6 | 55.8 |
Architectural Specialties [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | 173.7 | 137.2 | 100.7 |
Architectural Specialties [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | 157.5 | 129.5 | 95.1 |
Architectural Specialties [Member] | Canada [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net trade sales | $ 16.2 | $ 7.7 | $ 5.6 |
Nature of Operations (Schedul_3
Nature of Operations (Schedule Of Property, Plant And Equipment Allocated To Geographic Area) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | $ 501 | $ 499.9 | |
Mineral Fiber [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | 487.5 | 488.7 | |
Mineral Fiber [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | 487.5 | 488.7 | |
Architectural Specialties [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | 10.4 | 7.5 | |
Architectural Specialties [Member] | United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | 5.9 | 3 | |
Architectural Specialties [Member] | Canada [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | 4.5 | 4.5 | |
Unallocated Corporate [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property, plant and equipment, net | [1] | $ 3.1 | $ 3.7 |
[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. |
Revenue (Schedule of Net Sales
Revenue (Schedule of Net Sales by Major Customer Group within Each Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Entity Wide Revenue Major Customer [Line Items] | |||
Total net sales | $ 975.3 | $ 893.6 | $ 837.3 |
Mineral Fiber [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total net sales | 801.6 | 756.4 | 736.6 |
Mineral Fiber [Member] | Distributors [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total net sales | 601.4 | 563.3 | 549 |
Mineral Fiber [Member] | Home Centers [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total net sales | 84 | 82.2 | 78.7 |
Mineral Fiber [Member] | Direct Customers [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total net sales | 60.3 | 62.1 | 61.9 |
Mineral Fiber [Member] | Retailers And Other | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total net sales | 55.9 | 48.8 | 47 |
Architectural Specialties [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total net sales | 173.7 | 137.2 | 100.7 |
Architectural Specialties [Member] | Distributors [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total net sales | 129.8 | 111.5 | 73.4 |
Architectural Specialties [Member] | Direct Customers [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total net sales | 36.7 | 22.3 | 23.9 |
Architectural Specialties [Member] | Retailers And Other | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total net sales | $ 7.2 | $ 3.4 | $ 3.4 |
Acquisitions and Discontinued_3
Acquisitions and Discontinued Operations (Narrative) (Details) $ in Millions | Aug. 16, 2018USD ($) | Jan. 13, 2017USD ($) | Apr. 01, 2016 | May 31, 2018USD ($) | Apr. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2018USD ($) | Dec. 04, 2014USD ($) |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||
Business acquisition, goodwill | $ 19.2 | $ 11.3 | ||||||||
(Loss) gain due to change in carrying value of discontinued operations net assets | (13.3) | (70) | $ 15.3 | |||||||
Separation costs | 34.5 | |||||||||
EMEA and Pacific Rim Business [Member] | ||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||
(Loss) gain due to change in carrying value of discontinued operations net assets | (19.3) | (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] | ||||||||||
(Loss) gain due to change in carrying value of discontinued operations net assets | 25.5 | 51.4 | ||||||||
Flooring Businesses [Member] | ||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||
(Loss) gain due to change in carrying value of discontinued operations net assets | $ 6 | $ 4 | 15.3 | |||||||
Common stock split ratio of AFI share to AWI shares | 0.5 | |||||||||
Separation costs | $ 34.5 | |||||||||
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 | |||||||||
Steel Ceilings, Inc. [Member] | ||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||
Business acquisition, purchase price | $ 12.3 | |||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Other | $ 2 | |||||||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 4.4 | |||||||||
Business acquisition, goodwill | 3.2 | |||||||||
Steel Ceilings, Inc. [Member] | Customer Relationships [Member] | ||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||
Business acquisition, total fair value of intangible assets acquired | 1.4 | |||||||||
Steel Ceilings, Inc. [Member] | TradeNames [Member] | ||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||
Business acquisition, total fair value of intangible assets acquired | $ 1.3 | |||||||||
Plasterform, Inc. [Member] | ||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||
Business acquisition, purchase price | $ 11.9 | |||||||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 2.2 | |||||||||
Business acquisition, total fair value of intangible assets acquired | 4.8 | |||||||||
Business acquisition, goodwill | $ 4.9 | |||||||||
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 acquired | 16 | |||||||||
Business acquisition, goodwill | $ 10.8 |
Acquisitions and Discontinued_4
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 | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Net sales | $ 446.1 | $ 436.2 | $ 681.6 | |||
Cost of goods sold | 341.4 | 350.8 | 569 | |||
Gross profit | 104.7 | 85.4 | 112.6 | |||
Selling, general and administrative expenses | 85.8 | 78.3 | 120.2 | |||
Operating income (loss) | 18.9 | 7.1 | (7.6) | |||
Interest expense | 1.4 | 1.2 | 0.3 | |||
Other non-operating (income) expense, net | (0.3) | (1.9) | 2.8 | |||
Earnings (loss) from discontinued operations before income tax | 17.8 | 7.8 | (10.7) | |||
Income tax (benefit) expense | 8.2 | 3.6 | (0.8) | |||
Gain (loss) from discontinued operations | 9.6 | 4.2 | (9.9) | |||
Gain (Loss) on expected disposal of discontinued businesses before income tax | (19.3) | [1] | (74.1) | [1] | 0.1 | |
Income tax (benefit) expense | (6) | (4.1) | (15.2) | |||
Net (loss) gain on disposal of discontinued businesses | (13.3) | (70) | 15.3 | |||
Net (loss) gain from discontinued operations | (3.7) | (65.8) | 5.4 | |||
EMEA and Pacific Rim Business [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Net sales | 446.1 | 436.2 | 397.2 | |||
Cost of goods sold | 341.4 | 350.8 | 331.5 | |||
Gross profit | 104.7 | 85.4 | 65.7 | |||
Selling, general and administrative expenses | 85.8 | 78.3 | 69.7 | |||
Operating income (loss) | 18.9 | 7.1 | (4) | |||
Interest expense | 1.4 | 1.2 | 0.3 | |||
Other non-operating (income) expense, net | (0.3) | (1.9) | 1.9 | |||
Earnings (loss) from discontinued operations before income tax | 17.8 | 7.8 | (6.2) | |||
Income tax (benefit) expense | 8.2 | 3.6 | (0.9) | |||
Gain (loss) from discontinued operations | 9.6 | 4.2 | (5.3) | |||
Gain (Loss) on expected disposal of discontinued businesses before income tax | $ (74) | (19.3) | [1] | (74) | [1] | |
Net (loss) gain on disposal of discontinued businesses | (19.3) | (74) | ||||
Net (loss) gain from discontinued operations | (9.7) | (69.8) | (5.3) | |||
Flooring Businesses [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Net sales | 284.4 | |||||
Cost of goods sold | 237.5 | |||||
Gross profit | 46.9 | |||||
Selling, general and administrative expenses | 50.5 | |||||
Operating income (loss) | (3.6) | |||||
Other non-operating (income) expense, net | 0.9 | |||||
Earnings (loss) from discontinued operations before income tax | (4.5) | |||||
Income tax (benefit) expense | 0.1 | |||||
Gain (loss) from discontinued operations | (4.6) | |||||
Gain (Loss) on expected disposal of discontinued businesses before income tax | (0.1) | [1] | 0.1 | |||
Income tax (benefit) expense | (6) | (4.1) | (15.2) | |||
Net (loss) gain on disposal of discontinued businesses | 6 | 4 | 15.3 | |||
Net (loss) gain from discontinued operations | $ 6 | $ 4 | $ 10.7 | |||
[1] | Loss on disposal of EMEA and Pacific Rim businesses for the years ended December 31, 2018 and 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 Discontinued_5
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, 2018 | Dec. 31, 2017 |
Current assets: | ||
Total current assets discontinued operations | $ 279.5 | $ 306.1 |
Total assets | 1,873.5 | 1,873.5 |
Current liabilities: | ||
Total current liabilities | 110.3 | 128.5 |
EMEA and Pacific Rim Business [Member] | ||
Current assets: | ||
Cash and cash equivalents | 10 | |
Accounts and notes receivable, net | 56.2 | 61.4 |
Inventories, net | 59.8 | 59.2 |
Income tax receivable | 1.8 | 3.1 |
Other current assets | 8.2 | 12.9 |
Total current assets discontinued operations | 136 | 136.6 |
Property, plant, and equipment, less accumulated depreciation and amortization | 103.8 | 131.3 |
Prepaid pension costs | 28.9 | 26.1 |
Goodwill and intangible assets, net | 6.8 | 7.2 |
Deferred income taxes | 3 | 4 |
Other non-current assets | 1 | 0.9 |
Total non-current assets of discontinued operations | 143.5 | 169.5 |
Total assets | 279.5 | 306.1 |
Current liabilities: | ||
Accounts payable and accrued expenses | 67.1 | 78.6 |
Income tax payable | 1.1 | 1.3 |
Total current liabilities | 68.2 | 79.9 |
Pension benefit liabilities | 33.8 | 34.7 |
Other long-term liabilities | 1.8 | 1.8 |
Deferred income taxes | 6.5 | 12.1 |
Total non-current liabilities of discontinued operations | 42.1 | 48.6 |
Total liabilities of discontinued operations | $ 110.3 | $ 128.5 |
Acquisitions and Discontinued_6
Acquisitions and Discontinued Operations (Summary of Carrying Amount of Major Classes of Assets and Liabilities Related to EMEA and Pacific Rim Businesses) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
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 | $ (19.3) | $ (74.1) | $ 0.1 | |||
EMEA and Pacific Rim Business [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 | $ (74) | $ (19.3) | $ (74) | |||
[1] | Loss on disposal of EMEA and Pacific Rim businesses for the years ended December 31, 2018 and 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 Discontinued_7
Acquisitions and Discontinued Operations (Summary of Total Depreciation and Amortization and Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | $ 22.2 | $ 34.4 | |
Gain (loss) on disposal of discontinued business, net of tax | $ (13.3) | (70) | 15.3 |
Purchases of property, plant and equipment | (7.3) | (12) | (37.9) |
Knauf [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Gain (loss) on disposal of discontinued business, net of tax | 19.3 | 74 | |
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 | |
Gain (loss) on disposal of discontinued business, net of tax | (19.3) | (74) | |
Purchases of property, plant and equipment | (7.3) | (12) | (25.8) |
EMEA and Pacific Rim Business [Member] | Knauf [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Gain (loss) on disposal of discontinued business, net of tax | 19.3 | 74 | |
Flooring Businesses [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | 11.4 | ||
Gain (loss) on disposal of discontinued business, net of tax | $ 6 | $ 4 | 15.3 |
Purchases of property, plant and equipment | $ (12.1) |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Customer receivables | $ 70.4 | $ 62.8 |
Miscellaneous receivables | 11.5 | 29.9 |
Less allowance for warranties, discounts, and losses | (2) | (1.9) |
Accounts and notes receivable, net | $ 79.9 | $ 90.8 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Insurance recoveries related to environmental matters | $ 6.5 | $ 28.7 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 38.8 | $ 33.2 |
Goods in process | 4.4 | 2.7 |
Raw materials and supplies | 27.8 | 26.1 |
Less LIFO reserves | (9.8) | (8.2) |
Total inventories, net | $ 61.2 | $ 53.8 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Percent of inventory valued on a LIFO basis | 76.00% | 84.00% |
Inventories (Summary Of Invento
Inventories (Summary Of Inventory Not Accounted For Under LIFO) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
FIFO inventory | $ 14.7 | $ 8.7 |
U.S. Locations [Member] | ||
Segment Reporting Information [Line Items] | ||
FIFO inventory | 11.8 | 6.5 |
Canada Locations [Member] | ||
Segment Reporting Information [Line Items] | ||
FIFO inventory | $ 2.9 | $ 2.2 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 4.1 | $ 7.1 |
Other | 0.7 | 0.8 |
Total other current assets | $ 4.8 | $ 7.9 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Abstract] | ||
Land | $ 32.4 | $ 32.5 |
Buildings | 232.5 | 224.6 |
Machinery and equipment | 575.4 | 537.1 |
Computer software | 23.8 | 20.9 |
Construction in progress | 49.8 | 46.2 |
Less accumulated depreciation and amortization | (412.9) | (361.4) |
Net property, plant and equipment | $ 501 | $ 499.9 |
Equity Investments (Narrative)
Equity Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Distributions from equity interest | $ 141.7 | $ 69.1 | $ 86.9 |
Equity method investment, sales reported on consolidated financial statements | 32.8 | 31.2 | 29.8 |
Equity earnings in joint venture | $ 74.9 | 67 | 73.1 |
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 | $ 141.7 | 69.1 | 86.9 |
Equity method investment, difference between carrying amount and underlying equity | 155.5 | 161 | |
WAVE [Member] | European and Pacific Rim Businesses [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity earnings in joint venture | $ 1.5 | $ 1.7 | $ 2.8 |
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, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | $ 155.5 | $ 161 |
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 | 124.7 | 130.2 |
Goodwill [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | $ 30.4 | $ 30.4 |
Equity Investments (Summary O_2
Equity Investments (Summary Of Investment In Joint Venture, Balance Sheet Data) (Details) - WAVE [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 112.9 | $ 96.8 |
Current assets of discontinued operations | 33.8 | 36.4 |
Noncurrent assets | 34.9 | 32.6 |
Current liabilities | 113.6 | 18.1 |
Current liabilities of discontinued operations | 6.9 | 8.1 |
Other noncurrent liabilities | $ 293.6 | $ 246.6 |
Equity Investments (Summary o_3
Equity Investments (Summary of Investment in Joint Venture, Income Statement Data) (Details) - WAVE [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 375 | $ 344.5 | $ 330.7 |
Gross profit | 205.8 | 192.7 | 192.4 |
Net earnings | $ 156.6 | $ 144.3 | $ 151.9 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Intangible asset impairment | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Estimated Useful Life | Indefinite | |
Amortizing intangible assets, Gross Carrying Amount | $ 272.4 | $ 265.9 |
Amortizing intangible assets, Accumulated Amortization | 170.9 | 155.9 |
Goodwill | 19.2 | 11.3 |
Total goodwill and intangible assets | $ 612.9 | 597 |
Trademarks And Brand Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Non-amortizing intangible assets, Estimated Useful Life | Indefinite | |
Non-amortizing intangible assets | $ 321.3 | 319.8 |
Customer Relationships [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 181.4 | 176.3 |
Amortizing intangible assets, Accumulated Amortization | $ 103 | 93.9 |
Customer Relationships [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 7 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 20 years | |
Developed Technology [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 15 years | |
Amortizing intangible assets, Gross Carrying Amount | $ 84.3 | 83.7 |
Amortizing intangible assets, Accumulated Amortization | $ 66.5 | 60.9 |
Trademarks And Brand Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 10 years | |
Amortizing intangible assets, Gross Carrying Amount | $ 1.1 | |
Amortizing intangible assets, Accumulated Amortization | $ 0.2 | |
Other [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | Various | |
Amortizing intangible assets, Gross Carrying Amount | $ 5.6 | 5.9 |
Amortizing intangible assets, Accumulated Amortization | $ 1.2 | $ 1.1 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 15.1 | $ 14.6 | $ 13.9 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Schedule of Expected Annual Amortization Expense) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,019 | $ 15.6 |
2,020 | 15.6 |
2,021 | 14.2 |
2,022 | 10.2 |
2,023 | $ 10.2 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets Noncurrent Disclosure [Abstract] | ||
Cash surrender value of company-owned life insurance policies | $ 54.3 | $ 53.9 |
Fair value of derivative assets | 9.6 | 8.7 |
Other | 4.6 | 1.7 |
Total other non-current assets | $ 68.5 | $ 64.3 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Accounts Payble And Accrued Expenses [Line Items] | ||
Payables, trade and other | $ 82.2 | $ 67.6 |
Employment costs | 18.6 | 18 |
Current portion of pension and postretirement benefit liabilities | 10.9 | 11.6 |
Other | 11.6 | 11.2 |
Total accounts payable and accrued expenses | 383.3 | $ 108.4 |
Knauf [Member] | ||
Schedule Of Accounts Payble And Accrued Expenses [Line Items] | ||
Advance receipt of Knauf proceeds | 237.6 | |
Payable to WAVE for advance receipt of Knauf proceeds | $ 22.4 |
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 | |
Income Taxes [Line Items] | |||||
Corporate statutory tax rate | 21.00% | 35.00% | |||
Percentage of deduction for cost | 100.00% | ||||
Net provisional income tax benefit | $ 82.5 | $ 83.7 | |||
Operating Loss Carryforwards, Valuation Allowance | 335 | ||||
Tax credit carryforward netted with unrecognized tax benefits | 15.7 | 19.1 | $ 15.7 | ||
Valuation allowances | 47.4 | 79.6 | 47.4 | ||
Difference between book and tax basis of undistributed foreign earnings | 13.2 | ||||
Estimated future taxable income to realize foreign tax credits | $ 91 | ||||
Estimated future taxable income to realize foreign tax credits, expiration year | 2,028 | ||||
Unremitted earnings not taxed | $ 208 | 245.5 | |||
Income tax reconciliation foreign withholding taxes | 2.2 | 7.6 | |||
Unrecognized tax benefits | 53.4 | 42.6 | 53.4 | $ 86.9 | $ 150.6 |
UTB if recognized, would impact the reported effective tax rate | 23.5 | ||||
UTB if recognized, would impact the reported effective tax rate, net of federal benefit | 22.1 | ||||
Interest and penalty exposure reported as accrued income tax | $ 2.6 | ||||
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 | $ 954.5 | $ 664.6 | ||
Valuation allowances | 47.3 | ||||
Estimated future taxable income to utilize deferred tax assets | 537.5 | ||||
UTB decrease due to uncertain tax positions | $ 0.7 | ||||
State [Member] | Minimum [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,019 | ||||
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 | $ 19.1 | $ 15.7 | |||
Valuation allowances | 19.1 | ||||
UTB increase due to uncertain tax positions | $ 2.8 | ||||
Federal [Member] | Minimum [Member] | |||||
Income Taxes [Line Items] | |||||
Tax credit carryforward, expiration year | 2,019 | ||||
Federal [Member] | Maximum [Member] | |||||
Income Taxes [Line Items] | |||||
Tax credit carryforward, expiration year | 2,028 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 58.7 | $ 35.6 |
Postretirement benefits | 18.2 | 23.3 |
Pension benefit liabilities | 14.3 | 16.7 |
Deferred compensation | 11.8 | 12.1 |
Undistributed foreign earnings | 32.5 | 17.7 |
Foreign tax credit carryforwards | 19.1 | 15.7 |
State tax credit carryforwards | 9.8 | 10.5 |
Other | 17.1 | 12.6 |
Total deferred income tax assets | 181.5 | 144.2 |
Valuation allowances | (79.6) | (47.4) |
Net deferred income tax assets | 101.9 | 96.8 |
Intangibles | (132.3) | (136.3) |
Accumulated depreciation | (62) | (56.1) |
Prepaid pension costs | (11.5) | (20.4) |
Inventories | (5.5) | (4.4) |
Other | (0.2) | (1.7) |
Total deferred income tax liabilities | (211.5) | (218.9) |
Net deferred income tax liabilities | (109.6) | (122.1) |
Deferred income taxes have been classified in the Consolidated Balance Sheet as: | ||
Deferred income tax assets - noncurrent | 14.8 | 19.6 |
Deferred income tax liabilities - noncurrent | (124.4) | (141.7) |
Net deferred income tax liabilities | $ (109.6) | $ (122.1) |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Earnings (loss) before income taxes, Domestic | $ 234 | $ 224.1 | $ 147.8 |
Earnings (loss) before income taxes, Foreign | 8.7 | (2) | 2.8 |
Earnings from continuing operations before income taxes | 242.7 | 222.1 | 150.6 |
Current income tax expense (benefit), Federal | 45.7 | 26.2 | 15.1 |
Current income tax expense (benefit), Foreign | 2.1 | 1.4 | 5 |
Current income tax expense (benefit), State | 8 | 4.7 | (6.7) |
Current income tax expense (benefit), Total | 55.8 | 32.3 | 13.4 |
Deferred income tax expense (benefit), Federal | (3.7) | (36.6) | 22.6 |
Deferred income tax expense (benefit), Foreign | (0.1) | (1.1) | |
Deferred income tax expense (benefit), State | 1 | 5.9 | 16.4 |
Deferred income tax expense (benefit), Total | (2.7) | (30.8) | 37.9 |
Income tax expense (benefit) | $ 53.1 | $ 1.5 | $ 51.3 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Continuing operations tax at statutory rate | $ 51 | $ 77.7 | $ 52.7 |
Increase in valuation allowances on deferred domestic income tax assets | 10 | 9.1 | 0.8 |
State income tax expense, net of federal benefit | 9.2 | 7.9 | 3.2 |
AFI separation costs | 15.1 | ||
Domestic production activities | (5.8) | (1.9) | |
Federal statute closure | (9.6) | (2.3) | (15.2) |
2017 Tax Act | (1.2) | (82.5) | |
Excess tax benefits on share-based compensation | (3.8) | ||
Tax on foreign and foreign-source income | (4.4) | (3.4) | |
Other | 1.9 | (2.6) | |
Income tax expense (benefit) | $ 53.1 | $ 1.5 | $ 51.3 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits balance at January 1, | $ 53.4 | $ 86.9 | $ 150.6 |
Gross change for current year positions | 3.6 | (2.2) | 2.3 |
Increases for prior period positions | 1.1 | 2.9 | 0.2 |
Decrease for prior period positions | (2) | (0.1) | (12.8) |
Decrease due to statute expirations | (13.5) | (34.1) | (53.4) |
Unrecognized tax benefits balance at December 31, | $ 42.6 | $ 53.4 | $ 86.9 |
Income Taxes (Schedule Of Other
Income Taxes (Schedule Of Other Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Payroll taxes | $ 15.6 | $ 14.2 | $ 13.9 |
Property, franchise and capital stock taxes | $ 3.7 | $ 4 | $ 4 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Principal debt outstanding | $ 825.6 | $ 858.1 |
Unamortized debt financing costs | (5.8) | (7.9) |
Less current portion and short-term debt | 55 | 32.5 |
Long-term debt, less current installments | $ 764.8 | $ 817.7 |
Principal debt outstanding, Weighted average year- end interest rate | 4.33% | 3.43% |
Term Loan A Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Principal debt outstanding | $ 547.5 | $ 577.5 |
Principal debt outstanding, Weighted average year- end interest rate | 4.00% | 3.24% |
Term Loan B Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Principal debt outstanding | $ 243.1 | $ 245.6 |
Principal debt outstanding, Weighted average year- end interest rate | 5.39% | 4.25% |
Tax Exempt Bonds Due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Principal debt outstanding | $ 35 | $ 35 |
Principal debt outstanding, Weighted average year- end interest rate | 1.47% | 0.79% |
Current Portion And Short-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Less current portion and short-term debt | $ 55 | $ 32.5 |
Current portion and short-term debt, Weighted average year-end interest rate | 4.07% | 3.32% |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 819.8 | $ 850.2 |
Principal debt outstanding, Weighted average year- end interest rate | 4.33% | 3.43% |
Long-Term Debt, Less Current Portion [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, less current installments | $ 764.8 | $ 817.7 |
Long-term debt, Weighted average year-end interest rate | 4.35% | 3.43% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Nov. 28, 2018USD ($)Swap | Feb. 25, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 01, 2016 |
Debt Instrument [Line Items] | |||||
Credit facility pledge percentage | 65.00% | ||||
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 | $ 825,600,000 | $ 858,100,000 | |||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility covenant leverage ratio multiple for required prepayment | 3.5 | ||||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility covenant leverage ratio multiple for required prepayment | 1 | ||||
Interest Rate Swap Contracts [Member] | |||||
Debt Instrument [Line Items] | |||||
LIBOR floor | 0.00% | ||||
Interest Rate Swap Contracts [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
LIBOR floor | 0.75% | ||||
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | $ 49,600,000 | ||||
Line of credit availability | 205,200,000 | ||||
Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit availability | $ 600,000,000 | ||||
Maturity date | Mar. 1, 2021 | ||||
Long-term debt outstanding | $ 547,500,000 | 577,500,000 | |||
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 | ||||
Long-term debt outstanding | $ 243,100,000 | 245,600,000 | |||
Term Loan B [Member] | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 2.75% | ||||
Bi-lateral Facility [Member] | Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | $ 13,400,000 | ||||
Line of credit availability | 25,000,000 | ||||
2018 Swap [Member] | Interest Rate Swap Contracts [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of swaps positions | Swap | 2 | ||||
Notional amount | $ 200,000,000 | ||||
Swap, expiration date | Nov. 30, 2023 | ||||
LIBOR floor | 0.00% | ||||
2021 Swap [Member] | Interest Rate Swap Contracts [Member] | Forward Starting Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional amount | $ 100,000,000 | ||||
Swap, expiration date | Mar. 31, 2025 | ||||
LIBOR floor | 0.00% | ||||
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] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | $ 36,200,000 | ||||
Maturity date | Mar. 1, 2020 | ||||
Securitization Facility [Member] | ARC [Member] | |||||
Debt Instrument [Line Items] | |||||
Ownership interest | 100.00% | ||||
Letters of credits issued classified as restricted cash | $ 6,000,000 | ||||
Securitization Facility [Member] | Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | 36,200,000 | ||||
Line of credit availability | 30,200,000 | ||||
Letters of credits issued classified as restricted cash | 6,000,000 | $ 6,600,000 | |||
Senior Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | $ 1,050,000,000 |
Debt (Scheduled Payments Of Lon
Debt (Scheduled Payments Of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 55 |
2,020 | 62.5 |
2,021 | 437.5 |
2,022 | 2.5 |
2,023 | 233.1 |
2024 and later | $ 35 |
Debt (Schedule Of Letters Of Cr
Debt (Schedule Of Letters Of Credit) (Details) | Dec. 31, 2018USD ($) |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | $ 205,200,000 |
Letters of credit, Used | 49,600,000 |
Letters of credit, Available | 155,600,000 |
Letter of Credit [Member] | Bi-lateral Facility [Member] | |
Debt Instrument [Line Items] | |
Letters of credit, Limit | 25,000,000 |
Letters of credit, Used | 13,400,000 |
Letters of credit, Available | 11,600,000 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Letter of credit maximum sublimit | 150,000,000 |
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 | 30,200,000 |
Letters of credit, Used | 36,200,000 |
Letters of credit, Available | $ (6,000,000) |
Pension And Other Benefit Pro_3
Pension And Other Benefit Programs (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. Defined-Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial gain (loss) amortization period | 18 years | 19 years | 8 years |
Amortization of unrecognized net actuarial gains (losses) in 2018 | $ (19.9) | ||
Estimated future employer contributions in 2018 | $ 4.3 | ||
U.S. Defined-Benefit Plans [Member] | Other Non-operating (Income) Expense, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Partial settlement losses | $ 20.8 | ||
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% | 6.50% | |
Accumulated benefit obligation | $ 1,356.8 | $ 1,496.4 | |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 2.5 | 2.7 | |
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 | 7.60% | ||
Ultimate rate | 4.50% | ||
Amortization of unrecognized net actuarial gains (losses) in 2018 | $ 7.2 | ||
Estimated future employer contributions in 2018 | $ 6.6 | ||
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 | 8.70% | ||
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 | 11.10% | ||
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 | $ 6.3 | $ 6.2 | $ 5.6 |
Pension And Other Benefit Pro_4
Pension And Other Benefit Programs (Schedule Of Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets as of beginning of period | $ 1,529.7 | |
Fair value of plan assets as of end of period | 1,360.4 | $ 1,529.7 |
Defined Benefit Pension Plans [Member] | U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation as of beginning of period | 1,500.1 | 1,522.4 |
Service cost | 5.7 | 8.6 |
Interest cost | 46.1 | 48.1 |
Partial settlement | (58.1) | |
Actuarial loss (gain) | (90) | 77.2 |
Benefits paid | (102.2) | (103.2) |
Merger of Tectum Plan | 5.1 | |
Benefit obligation as of end of period | 1,359.7 | 1,500.1 |
Fair value of plan assets as of beginning of period | 1,529.7 | 1,512.9 |
Actual return on plan assets | (71) | 170.8 |
Employer contribution | 3.9 | 3.9 |
Partial settlement | (58.1) | |
Benefits paid | (102.2) | (103.2) |
Merger of Tectum Plan | 3.4 | |
Fair value of plan assets as of end of period | 1,360.4 | 1,529.7 |
Funded status of the plans | 0.7 | 29.6 |
Defined Benefit Pension Plans [Member] | Non-U.S. Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation as of beginning of period | 2.7 | 2.5 |
Foreign currency translation adjustment | (0.1) | 0.4 |
Actuarial loss (gain) | (0.1) | |
Benefits paid | (0.1) | (0.1) |
Benefit obligation as of end of period | 2.5 | 2.7 |
Employer contribution | 0.1 | 0.1 |
Benefits paid | (0.1) | (0.1) |
Funded status of the plans | (2.5) | (2.7) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation as of beginning of period | 86.6 | 93.1 |
Service cost | 0.2 | 0.4 |
Interest cost | 2.6 | 3 |
Plan participants' contributions | 2.9 | 2.8 |
Plan amendments | (1.1) | |
Actuarial loss (gain) | (15.7) | (1.3) |
Benefits paid | (11.2) | (10.3) |
Benefit obligation as of end of period | 65.4 | 86.6 |
Fair value of plan assets as of beginning of period | 0 | 0 |
Employer contribution | 8.3 | 7.5 |
Plan participants' contributions | 2.9 | 2.8 |
Benefits paid | (11.2) | (10.3) |
Fair value of plan assets as of end of period | 0 | 0 |
Funded status of the plans | $ (65.4) | $ (86.6) |
Pension And Other Benefit Pro_5
Pension And Other Benefit Programs (Schedule Of Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 4.30% | 3.63% |
Benefit obligation rate of compensation increase | 3.05% | 3.05% |
Net periodic benefit cost discount rate | 3.62% | 4.12% |
Net periodic benefit cost expected return on plan assets | 6.50% | 6.50% |
Net periodic benefit cost rate of compensation increase | 3.05% | 3.10% |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 1.70% | 1.50% |
Net periodic benefit cost discount rate | 1.50% | 1.40% |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 4.31% | 3.60% |
Net periodic benefit cost discount rate | 3.60% | 4.11% |
Pension And Other Benefit Pro_6
Pension And Other Benefit Programs (Schedule Of Benefit Obligations In Excess Of Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation, December 31 | $ 52.1 | $ 58.5 |
Accumulated benefit obligation, December 31 | 52.1 | 58.5 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation, December 31 | 2.5 | 2.7 |
Accumulated benefit obligation, December 31 | $ 2.5 | $ 2.7 |
Pension And Other Benefit Pro_7
Pension And Other Benefit Programs (Schedule Of Periodic Benefit (Credit) Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic pension (credit) cost | $ (33) | $ (11.3) | $ 7 |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | 5.7 | 8.6 | 10.1 |
Interest cost on projected benefit obligation | 46.1 | 48.1 | 69.8 |
Expected return on plan assets | (95.9) | (98.7) | (110.6) |
Amortization of prior service (credit) cost | 1.5 | 1.6 | |
Amortization of net actuarial (gain) loss | 20 | 17.5 | 48.3 |
Partial settlement | 20.8 | ||
Net periodic pension (credit) cost | (24.1) | (2.2) | 19.2 |
Less: Discontinued operations | 2.2 | ||
Net periodic pension (credit) cost, continuing operations | (24.1) | (2.2) | 17 |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | 2.2 | 2.2 | 2.2 |
Interest cost on projected benefit obligation | 5 | 5.4 | 6.9 |
Expected return on plan assets | (6.4) | (6.8) | (7.8) |
Amortization of net actuarial (gain) loss | 0.6 | 1.3 | 1.2 |
Net periodic pension (credit) cost | 1.4 | 2.1 | 2.5 |
Less: Discontinued operations | 1.4 | 2 | 2.4 |
Net periodic pension (credit) cost, continuing operations | 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 | 0.2 | 0.4 | 0.4 |
Interest cost on projected benefit obligation | 2.6 | 3 | 4.7 |
Amortization of prior service (credit) cost | (0.1) | (0.3) | |
Amortization of net actuarial (gain) loss | (5.7) | (3.6) | (6.1) |
Net periodic pension (credit) cost | (3) | (0.2) | (1.3) |
Less: Discontinued operations | (0.2) | ||
Net periodic pension (credit) cost, continuing operations | $ (3) | $ (0.2) | $ (1.1) |
Pension And Other Benefit Pro_8
Pension And Other Benefit Programs (Schedule Of Defined Asset Allocation) (Details) | Dec. 31, 2018 | Dec. 31, 2017 | |
Long Duration Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 59.00% | ||
Position | 62.00% | [1] | 59.00% |
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 27.00% | ||
Position | 25.00% | [1] | 28.00% |
High Yield Bonds And Real Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 9.00% | ||
Position | 2.00% | [1] | 3.00% |
Real Estate And Private Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 4.00% | ||
Position | 5.00% | [1] | 4.00% |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Weight | 1.00% | ||
Position | 6.00% | [1] | 6.00% |
[1] | Investments in collective trust funds as of December 31, 2018 and 2017 have been categorized within the asset classes above based on the underlying investments in those funds. |
Pension And Other Benefit Pro_9
Pension And Other Benefit Programs (Summary Of Fair Value Of Assets Plan) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | $ 1,296.4 | $ 1,466.2 |
Investments measured at net asset value | 64 | 63.5 |
Net assets | 1,360.4 | 1,529.7 |
Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 832.2 | 879.5 |
Collective Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 460.1 | 561.6 |
Cash, Other Short-Term Investments and Payables, Net [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 1.5 | 22.4 |
Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 2.6 | 2.7 |
Investments measured at net asset value | 3.9 | 3.6 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | (22.7) | 1.7 |
Level 1 [Member] | Cash, Other Short-Term Investments and Payables, Net [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | (22.7) | 1.7 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 1,316.5 | 1,461.8 |
Level 2 [Member] | Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 832.2 | 879.5 |
Level 2 [Member] | Collective Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 460.1 | 561.6 |
Level 2 [Member] | Cash, Other Short-Term Investments and Payables, Net [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 24.2 | 20.7 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | 2.6 | 2.7 |
Level 3 [Member] | Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value | $ 2.6 | $ 2.7 |
Pension And Other Benefit Pr_10
Pension And Other Benefit Programs (Summary Of Assets Measured At NAV) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 64 | $ 63.5 |
Unfunded commitments | 3 | 3.1 |
Real Estate [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | 60.1 | 59.9 |
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 | $ 3.9 | $ 3.6 |
Unfunded commitments | $ 0.8 | $ 0.9 |
Redemption frequency | None | |
Redemption notice period | None |
Pension And Other Benefit Pr_11
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, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on postretirement benefit obligation, Increase | $ (0.3) |
Effect on postretirement benefit obligation, Decrease | $ 0.3 |
Pension And Other Benefit Pr_12
Pension And Other Benefit Programs (Schedule Of Amounts Recognized In Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | $ 52.8 | $ 88.3 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | 52.8 | 88.3 |
Accounts payable and accrued expenses | (4.3) | (4.1) |
Pension benefit liabilities | (47.8) | (54.6) |
Net amount recognized | 0.7 | 29.6 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable and accrued expenses | (0.1) | |
Pension benefit liabilities | (2.5) | (2.6) |
Net amount recognized | (2.5) | (2.7) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable and accrued expenses | (6.6) | (7.4) |
Postretirement benefit liabilities | (58.8) | (79.2) |
Net amount recognized | $ (65.4) | $ (86.6) |
Pension And Other Benefit Pr_13
Pension And Other Benefit Programs (Schedule Of Amounts In Accumulated Other Comprehensive) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (577.3) | $ (520.2) |
Accumulated other comprehensive (loss) income | (577.3) | (520.2) |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | (3.7) | (8.9) |
Prior service (cost) credit | (1.6) | (0.5) |
Accumulated other comprehensive (loss) income | (5.3) | (9.4) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 59.3 | 49.5 |
Prior service (cost) credit | 1.1 | 1.1 |
Accumulated other comprehensive (loss) income | $ 60.4 | $ 50.6 |
Pension And Other Benefit Pr_14
Pension And Other Benefit Programs (Schedule Of Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2018USD ($) |
U.S. Defined-Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 106.3 |
2,020 | 105.2 |
2,021 | 103.1 |
2,022 | 102.3 |
2,023 | 100.9 |
2024 - 2028 | 472.4 |
Non-U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 0.1 |
2,020 | 0.1 |
2,021 | 0.1 |
2,022 | 0.1 |
2,023 | 0.1 |
2024 - 2028 | 0.6 |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 6.6 |
2,020 | 6.2 |
2,021 | 5.8 |
2,022 | 5.5 |
2,023 | 5.1 |
2024 - 2028 | $ 21.2 |
Pension and Other Benefit Pr_15
Pension and Other Benefit Programs (Components of Net Periodic Benefit Credit within Income Statement) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic pension and postretirement (credit) cost | $ (33) | $ (11.3) | $ 7 |
ASU 2017-07 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic pension and postretirement (credit) cost | (27.1) | (2.3) | 16 |
ASU 2017-07 [Member] | Cost Of Goods Sold [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | 3.6 | 5.5 | 5.4 |
ASU 2017-07 [Member] | Selling, General and Administrative Expenses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | 2.3 | 3.5 | 3.6 |
ASU 2017-07 [Member] | Other Nonoperating (Income) Expense [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other non-operating (income) expense | $ (33) | $ (11.3) | $ 7 |
Financial Instruments (Estimate
Financial Instruments (Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt, including current portion | $ (819.8) | $ (850.2) |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt, including current portion | (811.3) | (850.8) |
Foreign Currency Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.8) | |
Foreign Currency Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.8) | |
Natural Gas Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.6) | |
Natural Gas Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.6) | |
Interest Rate Swap Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | 3.5 | 8.9 |
Interest Rate Swap Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ 3.5 | $ 8.9 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Measurement of Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Level 1 [Member] | Foreign Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ (0.8) | |
Level 2 [Member] | Natural Gas Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (0.6) | |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ 3.5 | $ 8.9 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) | Nov. 28, 2018USD ($)Swap | Nov. 30, 2016 | Apr. 01, 2016 | Dec. 31, 2018USD ($)item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) |
Derivative [Line Items] | ||||||
Derivative assets | $ 9,600,000 | $ 9,600,000 | $ 8,900,000 | |||
Derivative liabilities | 6,100,000 | 6,100,000 | 1,400,000 | |||
Loss in AOCI expected to be recognized in earnings over the next twelve months | 2,300,000 | |||||
Not Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative assets | 0 | 0 | 0 | |||
Derivative liabilities | $ 0 | $ 0 | 0 | |||
Commodity Price Risk [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount | 9,200,000 | |||||
Commodity Price Risk [Member] | Open Natural Gas Contracts | ||||||
Derivative [Line Items] | ||||||
Number of Contract Designated Hedges | item | 0 | 0 | ||||
Currency Rate Risk – Sales and Purchases | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 18,900,000 | |||||
Currency Rate Risk – Sales and Purchases | Foreign Exchange | ||||||
Derivative [Line Items] | ||||||
Number of Contract Designated Hedges | item | 0 | 0 | ||||
Interest Rate Swap Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
LIBOR floor | 0.00% | |||||
Interest Rate Swap Contracts [Member] | Minimum [Member] | ||||||
Derivative [Line Items] | ||||||
LIBOR floor | 0.75% | |||||
Interest Rate Swap Contracts [Member] | Term Loan A Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 200,000,000 | |||||
Number of interest rate swaps | Swap | 2 | |||||
Loss in other operating expense (income) due to fair value changes | $ 4,600,000 | |||||
Interest Rate Swap Contracts [Member] | Term Loan A Swaps [Member] | Forward Starting Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 100,000,000 | |||||
Interest Rate Swap Mature 2023 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivatives Swap Maturity Date | 2,023 | 2,023 | ||||
Interest Rate Swap Mature 2021 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivatives Swap Maturity Date | 2,021 | |||||
Interest Rate Swap Mature 2025 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivatives Swap Maturity Date | 2,025 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Summary of Interest Rate Swaps) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
November 2016 to March 2021 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 13, 2016 |
Notional Amount | $ 200,000,000 |
Coverage Period | November 2016 to March 2021 |
Risk Coverage | USD-LIBOR |
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 | USD-LIBOR |
November 2018 to November 2023 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 28, 2018 |
Notional Amount | $ 200,000,000 |
Coverage Period | November 2018 to November 2023 |
Risk Coverage | USD-LIBOR |
March 2021 to March 2025 [Member] | |
Derivative [Line Items] | |
Trade Date | Nov. 28, 2018 |
Notional Amount | $ 100,000,000 |
Coverage Period | March 2021 to March 2025 |
Risk Coverage | USD-LIBOR |
Derivative Financial Instrume_5
Derivative Financial Instruments (Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 9.6 | $ 8.9 |
Derivative Liabilities, Fair Value | 6.1 | 1.4 |
Other Current Assets [Member] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 0.2 | |
Other Non-Current Assets [Member] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 9.6 | 8.7 |
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 | $ 6.1 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | $ 0.9 | $ (0.8) | $ 11.9 |
Derivatives in Cash Flow Hedging Relationships [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | (0.5) | (1.4) | 4.5 |
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (1.5) | (0.6) | (7.9) |
Derivatives in Cash Flow Hedging Relationships [Member] | Continuing Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (1.5) | (0.5) | (8.1) |
Derivatives in Cash Flow Hedging Relationships [Member] | Discontinued Operations [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (0.1) | 0.2 | |
Derivatives in Cash Flow Hedging Relationships [Member] | Natural Gas Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | 0.7 | (1.3) | 0.6 |
Derivatives in Cash Flow Hedging Relationships [Member] | 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) | 0.1 | 0.3 | (1.2) |
Derivatives in Cash Flow Hedging Relationships [Member] | Foreign Exchange Contracts - Purchases [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | 0.1 | (0.5) | |
Derivatives in Cash Flow Hedging Relationships [Member] | Foreign Exchange Contracts - Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion) | 0.7 | (1.8) | (2.9) |
Derivatives in Cash Flow Hedging Relationships [Member] | 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 | |
Derivatives in Cash Flow Hedging Relationships [Member] | 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) | 2.2 | 6.8 |
Derivatives in Cash Flow Hedging Relationships [Member] | Interest Rate Swap Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ (1.6) | $ (0.9) | $ (8.3) |
Product Warranties (Summary of
Product Warranties (Summary of Activity for the Accrual of Product Warranties) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | ||
Balance at beginning of period | $ 0.1 | $ 0.2 |
Current year warranty accruals | 4.2 | 3.2 |
Reductions for payments | (3.9) | (3.3) |
Balance at end of period | $ 0.4 | $ 0.1 |
Other Long-Term Liabilities (Sc
Other Long-Term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Long-term deferred compensation arrangements | $ 14 | $ 15.3 |
Environmental liabilities | 11.7 | 13.5 |
Fair value of derivative liabilities | 6.1 | 0.2 |
Other | 6.2 | 6.5 |
Total other long-term liabilities | $ 38 | $ 35.5 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options granted | 0 | 0 | 0 |
Number of shares outstanding | 602,500 | 1,272,400 | |
Adjusted share-based compensation cost | $ 12.9 | $ 9.8 | $ 11 |
Share-based compensation cost, net of tax | 9.6 | $ 5.9 | $ 6.6 |
Total unrecognized compensation cost | $ 13 | ||
Total unrecognized compensation cost, weighted-average period | 1 year 4 months 24 days | ||
RSUs Liability Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares accounted for liability awards | 5,680 | 8,354 | |
PSUs Liability Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares accounted for liability awards | 0 | 0 | |
Performance Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares granted | 69,669 | 69,769 | |
RSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares accounted for liability awards | 100,300 | 171,600 | |
Number of shares granted | 33,800 | ||
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 | 3,616,626 | ||
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 | 189,477 | ||
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 | 13,058 | 22,433 | |
Award payable period | 6 months | ||
Number of shares outstanding | 163,564 | 191,725 | |
Vested director stock units | 150,506 | 169,292 | |
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 Plan_3
Share-Based Compensation Plans (Schedule Of Changes In Stock Options) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Option shares outstanding, December 31, 2017, Number of shares | shares | 1,272,400 |
Option shares exercised, Number of shares | shares | (669,900) |
Option shares outstanding, December 31, 2018, Number of shares | shares | 602,500 |
Option shares exercisable, vested and expected to vest, December 31, 2018, Number of shares | shares | 602,500 |
Option shares outstanding, December 31, 2017, Weighted-average exercise price | $ / shares | $ 34.23 |
Option shares exercised, Weighted-average exercise price | $ / shares | (27.51) |
Option shares outstanding, December 31, 2018, Weighted-average exercise price | $ / shares | 41.71 |
Option shares exercisable, vested and expected to vest, December 31, 2018. Weighted-average exercise price | $ / shares | $ 41.71 |
Option shares outstanding, December 31, 2018, Weighted-average remaining contractual term | 2 years 10 months 24 days |
Option shares exercisable, vested and expected to vest, December 31, 2018. Weighted-average remaining contractual term | 2 years 10 months 24 days |
Option shares outstanding, December 31, 2018, Aggregate intrinsic value | $ | $ 9.9 |
Option shares exercisable, vested and expected to vest, December 31, 2018, Aggregate intrinsic value | $ | $ 9.9 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Schedule Of Stock Option Exercises) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Total intrinsic value of stock options exercised | $ 23.7 | $ 0.9 | $ 0.4 |
Proceeds from exercised stock options | 18.4 | 3.3 | 0.7 |
Tax deduction (expense) realized from stock options exercised | $ 6.1 | $ (0.2) | $ (0.1) |
Share-Based Compensation Plan_5
Share-Based Compensation Plans (Schedule Of Restricted Stock, RSUs, Performance Restricted Stock and PSUs Activity) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
RSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of shares | shares | 171,600 |
Granted, Number of shares | shares | 33,800 |
Vested, Number of shares | shares | (97,700) |
Forfeited, Number of shares | shares | (7,400) |
Ending balance, Number of shares | shares | 100,300 |
Beginning balance, Weighted-average fair value at grant date | $ / shares | $ 45.27 |
Granted, Weighted-average fair value at grant date | $ / shares | 59.33 |
Vested, Weighted-average fair value at grant date | $ / shares | (45.72) |
Forfeited, Weighted-average fair value at grant date | $ / shares | (50) |
Ending balance, Weighted-average fair value at grant date | $ / shares | $ 48.69 |
PSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of shares | shares | 379,700 |
Granted, Number of shares | shares | 148,200 |
Forfeited, Number of shares | shares | (24,700) |
Ending balance, Number of shares | shares | 503,200 |
Beginning balance, Weighted-average fair value at grant date | $ / shares | $ 41.08 |
Granted, Weighted-average fair value at grant date | $ / shares | 56.16 |
Forfeited, Weighted-average fair value at grant date | $ / shares | (50.82) |
Ending balance, Weighted-average fair value at grant date | $ / shares | $ 45.14 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans (Schedule Of Weighted-Average Assumptions For PSUs Measured At Fair Value) (Details) - PSUs [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted-average grant date fair value of market based PSUs granted | $ 53.01 | $ 43.29 |
Risk free rate of return | 2.40% | 1.50% |
Expected volatility | 26.30% | 28.00% |
Expected term | 3 years 1 month 6 days | 3 years 1 month 6 days |
Expected dividend yield | 0.00% | 0.00% |
Employee Costs (Schedule Of Emp
Employee Costs (Schedule Of Employee Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Compensation Related Costs [Abstract] | |||
Wages, salaries and incentive compensation | $ 197.2 | $ 191 | $ 179.1 |
Payroll taxes | 15.6 | 14.2 | 13.9 |
Defined contribution and defined benefit pension plan (credit) expense, net | (17.8) | 4.1 | 22.7 |
Insurance and other benefit costs | 22.3 | 24 | 21.4 |
Share-based compensation | 12.9 | 9.8 | 11 |
Total | $ 230.2 | $ 243.1 | $ 248.1 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Rent expense | $ 6.1 | $ 6.7 | $ 5.2 |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Payments) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Total minimum lease payments, 2019 | $ 5.3 |
Total minimum lease payments, 2020 | 4.7 |
Total minimum lease payments, 2021 | 4.2 |
Total minimum lease payments, 2022 | 3.7 |
Total minimum lease payments, 2023 | 2.2 |
Total minimum lease payments, Thereafter | 4.7 |
Total minimum lease payments, Total | $ 24.8 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | Oct. 08, 2018 | Aug. 02, 2018 | Oct. 30, 2017 | Jul. 29, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Jul. 31, 2018 |
Equity Class Of Treasury Stock [Line Items] | |||||||||
Shares repurchase program, repurchased cost | $ 306,600,000 | $ 80,400,000 | $ 43,800,000 | ||||||
Accelerated Share Repurchase [Member] | Deutsche Bank AG [Member] | |||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||
Shares repurchase program, expiration date | Oct. 8, 2018 | ||||||||
Pre payment of repurchase program | $ 150,000,000 | ||||||||
Repurchase program, Shares | 1,766,004 | ||||||||
Accelerated share repurchase remaining shares returned | 389,825 | ||||||||
Common Stock [Member] | |||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||
Shares repurchase program, authorized amount | $ 700,000,000 | ||||||||
Shares repurchase program, expiration date | Jul. 31, 2018 | ||||||||
Stock repurchase program, additional authorized amount | $ 250,000,000 | $ 300,000,000 | |||||||
Shares repurchase program, extended expiration date | Oct. 31, 2020 | ||||||||
Shares repurchase program, shares repurchased | 4,734,888 | 1,841,690 | 1,111,525 | ||||||
Common Stock [Member] | Share Repurchase Program Excluding ASR [Member] | |||||||||
Equity Class Of Treasury Stock [Line Items] | |||||||||
Shares repurchase program, shares repurchased | 4,700,000 | 1,800,000 | 7,700,000 | ||||||
Shares repurchase program, repurchased cost | $ 306,500,000 | $ 80,400,000 | $ 430,600,000 | ||||||
Shares repurchase program, average price per share | $ 64.74 | $ 43.58 | $ 56.01 | ||||||
Common Stock [Member] | Maximum [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, 2018 | Dec. 31, 2017 |
Stockholders Equity Note [Abstract] | ||
Foreign currency translation adjustments | $ (74.7) | $ (47.1) |
Derivative gain, net | 5.3 | 3.5 |
Pension and postretirement adjustments | (390.2) | (302.3) |
Accumulated other comprehensive (loss) | $ (459.6) | $ (345.9) |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders Equity Note [Abstract] | |||
Foreign currency translation adjustments, Pre-tax Amount | $ (27.6) | $ 24.5 | $ (33.2) |
Derivative gain (loss), net, Pre-tax Amount | 0.9 | (0.8) | 11.9 |
Pension and postretirement adjustments, Pre-tax Amount | (41.6) | 50.4 | 75.7 |
Total other comprehensive income (loss), Pre-tax Amount | (68.3) | 74.1 | 54.4 |
Derivative gain (loss), net, Tax Benefit | 0.2 | 0.5 | (4.4) |
Pension and postretirement adjustments, Tax Benefit | 8.7 | (16.7) | (26.4) |
Total other comprehensive (loss), Tax Benefit | 8.9 | (16.2) | (30.8) |
Foreign currency translation adjustments, After-tax Amount | (27.6) | 24.5 | (33.2) |
Derivative gain (loss), net, After-tax Amount | 1.1 | (0.3) | 7.5 |
Pension and postretirement adjustments | (32.9) | 33.7 | 49.3 |
Total other comprehensive (loss) income | $ (59.4) | $ 57.9 | $ 23.6 |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive Income Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | $ 419.3 | $ 266.4 |
Other comprehensive income (loss) income before reclassifications, net of tax expense (benefit) | (72.3) | 33.1 |
Amounts reclassified from accumulated other comprehensive income | 12.9 | 24.8 |
Net current period other comprehensive income (loss) | (59.4) | 57.9 |
Balance | 261.2 | 419.3 |
ASU 2018-02 [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Impact of ASU 2018-02 adoption | (54.3) | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (47.1) | (71.6) |
Other comprehensive income (loss) income before reclassifications, net of tax expense (benefit) | (27.6) | 24.5 |
Net current period other comprehensive income (loss) | (27.6) | 24.5 |
Balance | (74.7) | (47.1) |
Derivative (Loss) Gain [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | 3.5 | 3.8 |
Other comprehensive income (loss) income before reclassifications, net of tax expense (benefit) | (0.7) | |
Amounts reclassified from accumulated other comprehensive income | 1.1 | 0.4 |
Net current period other comprehensive income (loss) | 1.1 | (0.3) |
Balance | 5.3 | 3.5 |
Derivative (Loss) Gain [Member] | ASU 2018-02 [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Impact of ASU 2018-02 adoption | 0.7 | |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (302.3) | (336) |
Other comprehensive income (loss) income before reclassifications, net of tax expense (benefit) | (44.7) | 9.3 |
Amounts reclassified from accumulated other comprehensive income | 11.8 | 24.4 |
Net current period other comprehensive income (loss) | (32.9) | 33.7 |
Balance | (390.2) | (302.3) |
Pension And Postretirement Adjustments [Member] | ASU 2018-02 [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Impact of ASU 2018-02 adoption | (55) | |
Accumulated Other Comprehensive (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (345.9) | (403.8) |
Balance | (459.6) | $ (345.9) |
Accumulated Other Comprehensive (Loss) [Member] | ASU 2018-02 [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Impact of ASU 2018-02 adoption | $ (54.3) |
Shareholders' Equity (Schedul_3
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive Income Activity) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | $ 11.9 | $ (2.8) |
Derivative (Loss) Gain [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 0.6 | 0.8 |
Pension And Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | $ 11.3 | $ (3.6) |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | $ 641.8 | $ 578.2 | $ 530.3 |
Net sales | 975.3 | 893.6 | 837.3 |
Interest expense | 39.2 | 35.4 | 49.5 |
Tax impact | 53.1 | 1.5 | 51.3 |
Total income net of tax | (185.9) | (154.8) | (104.7) |
Other non-operating (income) expense | (4.4) | $ 0.8 | |
Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications for the period | 12.9 | 24.8 | |
Derivative (Loss) Gain [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total income, before tax | 1.5 | 0.6 | |
Tax impact | (0.4) | (0.2) | |
Total income net of tax | 1.1 | 0.4 | |
Derivative (Loss) Gain [Member] | Natural Gas Contracts [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | (0.1) | (0.3) | |
Derivative (Loss) Gain [Member] | Foreign Exchange Contracts - Purchases [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | 0.1 | ||
Derivative (Loss) Gain [Member] | Foreign Exchange Contracts - Sales [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net sales | (0.1) | ||
Derivative (Loss) Gain [Member] | Interest Rate Swap Contracts [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | 1.6 | 0.9 | |
Prior Service Cost Amortization [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other non-operating (income) expense | (0.1) | 1.5 | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other non-operating (income) expense | 14.9 | 15.2 | |
Accumulated Defined Benefit Plans Adjustment Net Partial Settlement Gain Loss [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other non-operating (income) expense | 20.8 | ||
Total expense before tax | 14.8 | 37.5 | |
Pension And Postretirement Adjustments [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Tax impact | (3) | (13.1) | |
Total expense, net of tax | $ 11.8 | $ 24.4 |
Supplemental Financial Inform_3
Supplemental Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Financial Information [Line Items] | |||
Cost of goods sold | $ 641.8 | $ 578.2 | $ 530.3 |
Research and development costs | 16.3 | 17.4 | 17.8 |
Advertising costs | 6.5 | 6 | 5.4 |
Interest income | (4.3) | (1.8) | (1) |
Foreign currency transaction (gain)/loss, net of hedging activity | 0.4 | (0.6) | (9.4) |
Pension and post retirement benefit (credits) | (33) | (11.3) | 7 |
Other | 4.4 | (0.8) | |
Total | (32.5) | (13.7) | (4.2) |
Maintenance and Repair Costs [Member] | |||
Supplemental Financial Information [Line Items] | |||
Cost of goods sold | $ 41.6 | $ 42.5 | $ 41.4 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - WAVE [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Percentage of ownership in joint venture | 50.00% | ||
Purchases from joint venture | $ 22.5 | $ 18.2 | $ 18 |
Reimbursement from joint venture | 15.8 | 14.9 | $ 9.1 |
Due from related parties | $ 3 | $ 2.6 |
Litigation and Related Matters
Litigation and Related Matters (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2010site | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)Litigationsite | Dec. 31, 2017USD ($) | Dec. 31, 2007 | Feb. 01, 2018USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Number of active and independent litigation matters for which pursuing coverage and recoveries | Litigation | 2 | |||||||
Settlement agreement amount of litigation agreement | $ 7 | $ 30.5 | ||||||
Cash received from litigation settlements | $ 28.7 | |||||||
Environmental liabilities | $ 13.5 | $ 12.4 | 13.5 | |||||
Reserves for potential environmental liabilities | 0.5 | 10.1 | ||||||
Insurance recoveries related to environmental matters | $ 6.5 | |||||||
St. Helens [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Environmental liabilities | $ 8.6 | |||||||
Reserves for potential environmental liabilities | $ 8.6 | |||||||
Macon Site [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of landfills listed as Superfund site | site | 2 | |||||||
Number of landfills AWI entered into an Administrative Order on Consent for a Removal Action | site | 1 | |||||||
Submission date of final report to EPA | Oct. 11, 2016 | |||||||
Elizabeth City [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Percentage of site costs Navy agreed to pay | 33.33% | |||||||
Cost Of Goods Sold [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Settlement agreement amount of litigation agreement | 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Earnings from continuing operations | $ 189.6 | $ 220.6 | $ 99.3 |
Earnings allocated to participating non-vested share awards | (0.6) | (0.7) | (0.3) |
Earnings from continuing operations attributable to common shares | $ 189 | $ 219.9 | $ 99 |
Earnings Per Share (Reconcili_2
Earnings Per Share (Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Basic shares outstanding | 51.3 | 53.3 | 55.4 |
Dilutive effect of common stock equivalents | 0.8 | 0.6 | 0.3 |
Diluted shares outstanding | 52.1 | 53.9 | 55.7 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Options to purchase common stock not included in the computation of diluted EPS | 0 | 319,836 | 632,799 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Provision For Bad Debts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 0.3 | $ 0.4 | $ 1.1 |
Additions charged to earnings | 0.1 | ||
Deductions | (0.1) | (0.1) | (0.7) |
Balance at end of year | 0.3 | 0.3 | 0.4 |
Provision For Discounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 1.5 | 1.3 | 0.8 |
Additions charged to earnings | 19.2 | 17.6 | 16.9 |
Deductions | (19.4) | (17.4) | (16.4) |
Balance at end of year | 1.3 | 1.5 | 1.3 |
Provision For Warranties [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 0.1 | 0.2 | 0.3 |
Additions charged to earnings | 4.2 | 3.2 | 8 |
Deductions | (3.9) | (3.3) | (8.1) |
Balance at end of year | $ 0.4 | $ 0.1 | $ 0.2 |