Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 24, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ARMSTRONG WORLD INDUSTRIES INC | |
Trading Symbol | AWI | |
Entity Central Index Key | 0000007431 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 48,673,649 | |
Entity Shell Company | false | |
Entity File Number | 1-2116 | |
Entity Tax Identification Number | 230366390 | |
Entity Address, Address Line One | 2500 Columbia Avenue | |
Entity Address, City or Town | Lancaster | |
Entity Address, State or Province | Pennsylvania | |
Entity Address, Postal Zip Code | 17603 | |
City Area Code | 717 | |
Local Phone Number | 397-0611 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 272 | $ 248.6 | $ 514.1 | $ 475.9 |
Cost of goods sold | 168.6 | 165.9 | 319.3 | 322.4 |
Gross profit | 103.4 | 82.7 | 194.8 | 153.5 |
Selling, general and administrative expenses | 37.4 | 40.9 | 93 | 78.4 |
Equity earnings from joint venture | (21.2) | (24.2) | (40.1) | (40.5) |
Operating income | 87.2 | 66 | 141.9 | 115.6 |
Interest expense | 9.5 | 9.8 | 19.9 | 19 |
Other non-operating (income), net | (5.4) | (9.1) | (10.9) | (18.1) |
Earnings from continuing operations before income taxes | 83.1 | 65.3 | 132.9 | 114.7 |
Income tax expense | 19.4 | 17.7 | 32.8 | 25.9 |
Earnings from continuing operations | 63.7 | 47.6 | 100.1 | 88.8 |
Net (loss) earnings from discontinued operations, net of tax expense of $4.8, $0.2, $4.7 and $1.7 | (2.3) | 5.5 | (1.8) | 9.4 |
(Loss) from disposal of discontinued businesses, net of tax expense (benefit) of $0.1, $0.1, $0.1 and ($0.3) | (6.9) | (5.8) | (4.7) | (23.1) |
Net (loss) from discontinued operations | (9.2) | (0.3) | (6.5) | (13.7) |
Net earnings | 54.5 | 47.3 | 93.6 | 75.1 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 0.7 | (20.8) | 6 | (14.9) |
Derivative (loss) gain, net | (8.1) | 2 | (13.2) | 5.8 |
Pension and postretirement adjustments | 2.9 | 3.1 | 5.7 | 4.9 |
Total other comprehensive (loss) | (4.5) | (15.7) | (1.5) | (4.2) |
Total comprehensive income | $ 50 | $ 31.6 | $ 92.1 | $ 70.9 |
Earnings per share of common stock, continuing operations: | ||||
Basic | $ 1.30 | $ 0.91 | $ 2.05 | $ 1.69 |
Diluted | 1.28 | 0.90 | 2.01 | 1.66 |
(Loss) per share of common stock, discontinued operations: | ||||
Basic | (0.19) | (0.01) | (0.13) | (0.26) |
Diluted | (0.19) | (0.01) | (0.13) | (0.26) |
Net earnings per share of common stock: | ||||
Basic | 1.11 | 0.90 | 1.92 | 1.43 |
Diluted | $ 1.09 | $ 0.89 | $ 1.88 | $ 1.40 |
Average number of common shares outstanding: | ||||
Basic | 49 | 51.9 | 48.8 | 52.5 |
Diluted | 49.8 | 52.6 | 49.6 | 53.2 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Earnings and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Net (loss) earnings from discontinued operations, tax expense | $ 4.8 | $ 0.2 | $ 4.7 | $ 1.7 |
(Loss) from disposal of discontinued business, tax expense (benefit) | $ 0.1 | $ 0.1 | $ 0.1 | $ (0.3) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 240.3 | $ 325.7 |
Accounts and notes receivable, net | 96.7 | 79.9 |
Inventories, net | 70.8 | 61.2 |
Assets of discontinued operations | 276.7 | 244.3 |
Income tax receivable | 4.4 | 1.7 |
Other current assets | 6.7 | 4.8 |
Total current assets | 695.6 | 717.6 |
Property, plant, and equipment, less accumulated depreciation and amortization of $432.1 and $412.9, respectively | 511.9 | 501 |
Lease right-of-use assets | 30.3 | |
Prepaid pension costs | 66.2 | 52.8 |
Investment in joint venture | 41.6 | 40.8 |
Goodwill and intangible assets, net | 466.9 | 442 |
Deferred income taxes | 16.6 | 14.8 |
Income taxes receivable | 0.8 | 0.8 |
Other non-current assets | 60.1 | 68.5 |
Total assets | 1,890 | 1,838.3 |
Current liabilities: | ||
Current installments of long-term debt | 62.5 | 55 |
Accounts payable and accrued expenses | 378.3 | 383.3 |
Liabilities of discontinued operations | 134.3 | 110.3 |
Income tax payable | 6.4 | 0.9 |
Total current liabilities | 581.5 | 549.5 |
Long-term debt, less current installments | 734.6 | 764.8 |
Lease non-current liabilities | 25.2 | |
Postretirement benefit liabilities | 56.2 | 58.8 |
Pension benefit liabilities | 49.1 | 50.3 |
Other long-term liabilities | 37.9 | 38 |
Income taxes payable | 27.6 | 26.5 |
Deferred income taxes | 134.8 | 124.4 |
Total non-current liabilities | 1,065.4 | 1,062.8 |
Shareholders' equity: | ||
Common stock, $0.01 par value per share, 200 million shares authorized, 62,055,122 shares issued and 48,661,946 shares outstanding as of June 30, 2019 and 61,553,724, shares issued and 48,808,239 shares outstanding as of December 31, 2018 | 0.6 | 0.6 |
Capital in excess of par value | 538.1 | 547.4 |
Retained earnings | 905.7 | 829.8 |
Treasury stock, at cost, 13,393,176 shares as of June 30, 2019 and 12,745,485 shares as of December 31, 2018 | (740.3) | (692.2) |
Accumulated other comprehensive (loss) | (461) | (459.6) |
Total shareholders' equity | 243.1 | 226 |
Total liabilities and shareholders' equity | $ 1,890 | $ 1,838.3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation and amortization | $ 432.1 | $ 412.9 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 62,055,122 | 61,553,724 |
Common stock, shares outstanding | 48,661,946 | 48,808,239 |
Treasury stock, shares | 13,393,176 | 12,745,485 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | AOCI Attributable to Parent |
Balance at Dec. 31, 2017 | $ 384.1 | $ 0.6 | $ 516.8 | $ 598.2 | $ (385.6) | $ (345.9) |
Balance at Dec. 31, 2017 | 52,772,139 | |||||
Balance at Dec. 31, 2017 | 8,010,597 | |||||
Cumulative effect impact of ASU adoption | ASU 2018-02 [Member] | (54.3) | 54.3 | (54.3) | |||
Stock issuance, net | 651,726 | |||||
Share-based employee compensation | 18.9 | 18.9 | ||||
Net earnings | 75.1 | 75.1 | ||||
Other comprehensive (loss) | (4.2) | (4.2) | ||||
Acquisition of treasury stock | (105) | $ (105) | ||||
Acquisition of treasury stock, shares | (1,785,816) | 1,785,816 | ||||
Balance at Jun. 30, 2018 | 368.9 | $ 0.6 | 535.7 | 727.6 | $ (490.6) | (404.4) |
Balance at Jun. 30, 2018 | 51,638,049 | |||||
Balance at Jun. 30, 2018 | 9,796,413 | |||||
Balance at Mar. 31, 2018 | 368.6 | $ 0.6 | 532 | 680.3 | $ (455.6) | (388.7) |
Balance at Mar. 31, 2018 | 52,198,476 | |||||
Balance at Mar. 31, 2018 | 9,175,844 | |||||
Stock issuance, net | 60,142 | |||||
Share-based employee compensation | 3.7 | 3.7 | ||||
Net earnings | 47.3 | 47.3 | ||||
Other comprehensive (loss) | (15.7) | (15.7) | ||||
Acquisition of treasury stock | (35) | $ (35) | ||||
Acquisition of treasury stock, shares | (620,569) | 620,569 | ||||
Balance at Jun. 30, 2018 | 368.9 | $ 0.6 | 535.7 | 727.6 | $ (490.6) | (404.4) |
Balance at Jun. 30, 2018 | 51,638,049 | |||||
Balance at Jun. 30, 2018 | 9,796,413 | |||||
Balance at Dec. 31, 2018 | $ 226 | $ 0.6 | 547.4 | 829.8 | $ (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 | ||||
Cumulative effect impact of ASU adoption | ASU 2017-12 [Member] | $ 0.1 | (0.1) | 0.1 | |||
Stock issuance, net | 501,398 | |||||
Cash dividends - $0.175 per common share | (17.6) | (17.6) | ||||
Share-based employee compensation | (9.3) | (9.3) | ||||
Net earnings | 93.6 | 93.6 | ||||
Other comprehensive (loss) | (1.5) | (1.5) | ||||
Acquisition of treasury stock | (48.1) | $ (48.1) | ||||
Acquisition of treasury stock, shares | (647,691) | 647,691 | ||||
Balance at Jun. 30, 2019 | $ 243.1 | $ 0.6 | 538.1 | 905.7 | $ (740.3) | (461) |
Balance at Jun. 30, 2019 | 48,661,946 | 48,661,946 | ||||
Balance at Jun. 30, 2019 | 13,393,176 | 13,393,176 | ||||
Balance at Mar. 31, 2019 | $ 245.1 | $ 0.6 | 553.3 | 859.9 | $ (712.2) | (456.5) |
Balance at Mar. 31, 2019 | 48,640,635 | |||||
Balance at Mar. 31, 2019 | 13,077,171 | |||||
Stock issuance, net | 337,316 | |||||
Cash dividends - $0.175 per common share | (8.7) | (8.7) | ||||
Share-based employee compensation | (15.2) | (15.2) | ||||
Net earnings | 54.5 | 54.5 | ||||
Other comprehensive (loss) | (4.5) | (4.5) | ||||
Acquisition of treasury stock | (28.1) | $ (28.1) | ||||
Acquisition of treasury stock, shares | (316,005) | 316,005 | ||||
Balance at Jun. 30, 2019 | $ 243.1 | $ 0.6 | $ 538.1 | $ 905.7 | $ (740.3) | $ (461) |
Balance at Jun. 30, 2019 | 48,661,946 | 48,661,946 | ||||
Balance at Jun. 30, 2019 | 13,393,176 | 13,393,176 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
May 31, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends declared | $ 0.175 | $ 0.175 | $ 0.175 | $ 0.175 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net earnings | $ 93.6 | $ 75.1 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 33.8 | 44.3 |
Loss on disposal of discontinued operations | 4.6 | 23.4 |
Deferred income taxes | 12.2 | (1) |
Share-based compensation | 4.1 | 5.3 |
Equity earnings from joint venture | (40.1) | (40.5) |
U.S. pension (credit) | (3.8) | (13.1) |
Other non-cash adjustments, net | 1 | 1.1 |
Changes in operating assets and liabilities: | ||
Receivables | (14.4) | 7.4 |
Inventories | (10) | (22.1) |
Other current assets | (3.8) | 4.6 |
Lease right-of-use assets | 4.8 | |
Other non-current assets | 0.6 | (0.4) |
Accounts payable and accrued expenses | (24.5) | (10.3) |
Income taxes payable | 1.8 | 26.9 |
Non-current lease liabilities | (3.7) | |
Other long-term liabilities | (7.1) | (9) |
Other, net | (2.1) | (2.7) |
Net cash provided by operating activities | 47 | 89 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (27.1) | (25.6) |
Return of investment from joint venture | 38.6 | 35.9 |
Cash paid for acquisitions | (43.1) | (11.6) |
Net cash (used for) investing activities | (31.6) | (1.3) |
Cash flows from financing activities: | ||
Payments of long-term debt | (23.8) | (16.3) |
Dividend paid | (17.3) | |
Proceeds (payments) from share-based compensation plans and the related tax impacts | (13.4) | 15.5 |
Payment for treasury stock acquired | (48.1) | (105) |
Net cash (used for) financing activities | (102.6) | (105.8) |
Effect of exchange rate changes on cash and cash equivalents | 1.8 | (2.5) |
Net (decrease) in cash and cash equivalents | (85.4) | (20.6) |
Cash and cash equivalents at beginning of year | 335.7 | 159.6 |
Cash and cash equivalents at end of period | 250.3 | 139 |
Cash and cash equivalents at end of period of discontinued operations | 10 | 10 |
Cash and cash equivalents at end of period of continuing operations | 240.3 | 129 |
Supplemental Cash Flow Disclosures: | ||
Interest paid | 19.4 | 15.3 |
Income tax payments, net | 23.6 | 1.4 |
Amounts in accounts payable for capital expenditures | $ 0.5 | $ 0.8 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Business and Basis of Presentation | NOTE 1. BUSINESS AND BASIS OF PRESENTATION Armstrong World Industries, Inc. (“AWI”) is a Pennsylvania corporation incorporated in 1891. When we refer to “AWI,” the “Company,” “we,” “our” or “us” in these notes, we are referring to AWI and its subsidiaries. Except as disclosed in this Note, the accounting policies used in preparing the Condensed Consolidated Financial Statements in this Form 10-Q are the same as those used in preparing the Consolidated Financial Statements for the year ended December 31, 2018. These statements should therefore be read in conjunction with the Consolidated Financial Statements and notes that are included in the Form 10-K for the fiscal year ended December 31, 2018. In the opinion of management, all adjustments of a normal recurring nature have been included to provide a fair statement of the results for the reporting periods presented. Operating results for the second quarter and first six months of 2019 and 2018 included in this report are unaudited. Quarterly results are not necessarily indicative of annual earnings, primarily due to the different level of sales in each quarter of the year and the possibility of changes in general economic conditions. These Condensed Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements include management estimates and judgments, where appropriate. Management utilizes estimates to record many items including certain asset values, allowances for bad debts, inventory obsolescence and lower of cost and net realizable value charges, warranty reserves, workers’ compensation, general liability and environmental claims, and income taxes. When preparing an estimate, management determines the amount based upon the consideration of relevant information. Management may confer with outside parties, including outside counsel. Actual results may differ from these estimates. On March 4, 2019, we acquired the business and assets of Architectural Components Group, Inc. (“ACGI”), based in Marshfield, Missouri. ACGI is a manufacturer of custom wood ceilings and walls with one manufacturing facility. ACGI’s operations, and its assets and liabilities, are included as a component of our Architectural Specialties segment. See Note 4 for further information. 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 4 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 businesses 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 Purchase Agreement provides that the consideration to be paid by Knauf in connection with the sale is $330.0 million in cash, inclusive of amounts due to WAVE, subject to certain adjustments for cash and debt as provided in the Purchase Agreement, including adjustments based on the economic impact of any required regulatory remedies and a working capital adjustment. We received both the $250 million payment and the $80 million payment from Knauf in the third quarter of 2018. accrued expenses in the Condensed Consolidated Balance Sheets. 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 United Kingdom (“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. On May 23, 2019, we entered into a Transition Services Agreement with Knauf for its benefit and the benefit of the buyer of the divestment business. Pursuant to this Transition Services Agreement, we agreed to provide and Knauf agreed to pay us for certain transition technology and information technology support services during the period between March 18, 2019 and the date which is 12 months following closing of our transaction with Knauf. Upon closing, we expect to also enter into (i) an intellectual property License Agreement with Knauf for its benefit and the benefit of the buyer of the divestment business under which we will license certain patents, trademarks and know-how for their use in certain licensed territories, and (ii) a Supply Agreement with each of Knauf and the buyer of the divestment business under which the parties may continue to purchase certain products from each other following closing. WAVE will enter into similar agreements with Knauf and/or the buyer of the divestment business for such purposes. Revision of Previously Issued Financial Statements We have revised the Condensed Consolidated Financial Statements and related notes included herein to correct an immaterial error related to the previously reported estimated loss on sale of our EMEA and Pacific Rim businesses. The immaterial correction increased the estimated loss on sale and reduced the assets held for sale by $35.2 million as of December 31, 2017. Notes 1, 5 and 13 have been updated to reflect the restatement. The impacts of this error correction are as follows: Balance Sheets December 31, 2018 As Reported As Adjusted Assets of discontinued operations $ 279.5 $ 244.3 Total current assets 752.8 717.6 Total assets 1,873.5 1,838.3 Retained earnings 865.0 829.8 Total shareholders' equity 261.2 226.0 Total liabilities and shareholders' equity 1,873.5 1,838.3 Shareholders’ Equity Retained Earnings Total Shareholders' Equity As Reported As Adjusted As Reported As Adjusted December 31, 2017 $ 633.4 $ 598.2 $ 419.3 $ 384.1 March 31, 2018 715.5 680.3 403.8 368.6 June 30, 2018 762.8 727.6 404.1 368.9 December 31, 2018 865.0 829.8 261.2 226.0 March 31, 2019 895.1 859.9 280.3 245.1 Balance Sheets of Discontinued Operations December 31, 2018 As Reported As Adjusted Property, plant, and equipment, less accumulated depreciation and amortization $ 103.8 $ 68.6 Total non-current assets of discontinued operations 143.5 108.3 Total assets of discontinued operations 279.5 244.3 Accounts payable and accrued expenses December 31, 2018 As Reported As Adjusted Advance receipt of Knauf proceeds $ 237.6 $ 202.4 Contingent liability payable to Knauf for adjustments to cash consideration - 35.2 Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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,” Effective January 1, 2019, we adopted these standards using the modified retrospective transition method and have applied all practical expedients related to leases existing at the date of initial application. Upon adoption, the most significant change was to the Condensed Consolidated Balance Sheet related to the recognition of new ROU assets and lease liabilities on a continuing operations basis. Upon adoption we recognized ROU assets and lease liabilities of $29.2 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,” had no material impact on our financial condition, results of operations or cash flows. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," 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,” |
Segment Results
Segment Results | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Results | NOTE 2. SEGMENT RESULTS Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net sales Mineral Fiber $ 214.1 $ 206.7 $ 410.8 $ 397.4 Architectural Specialties 57.9 41.9 103.3 78.5 Total net sales $ 272.0 $ 248.6 $ 514.1 $ 475.9 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Segment operating income (loss) Mineral Fiber $ 79.4 $ 59.5 $ 127.0 $ 103.2 Architectural Specialties 9.5 8.6 18.7 16.9 Unallocated Corporate (1.7 ) (2.1 ) (3.8 ) (4.5 ) Total consolidated operating income $ 87.2 $ 66.0 $ 141.9 $ 115.6 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total consolidated operating income $ 87.2 $ 66.0 $ 141.9 $ 115.6 Interest expense 9.5 9.8 19.9 19.0 Other non-operating (income), net (5.4 ) (9.1 ) (10.9 ) (18.1 ) Earnings from continuing operations before income taxes $ 83.1 $ 65.3 $ 132.9 $ 114.7 June 30, 2019 December 31, 2018 Segment assets Mineral Fiber $ 1,122.1 $ 1,096.1 Architectural Specialties 153.3 84.7 Unallocated Corporate 337.9 413.2 Total consolidated assets $ 1,613.3 $ 1,594.0 In connection with the closing of our St. Helens, Oregon Mineral Fiber manufacturing facility in the second quarter of 2018, we recorded $4.3 million and $12.0 million in the three and six months ended June 30, 2018 in cost of goods sold related to accelerated depreciation of property, plant and equipment. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 3. REVENUE Revenue Recognition We recognize revenue upon transfer of control of our products to the customer, which typically occurs upon shipment. Our main performance obligation to our customers is the delivery of products in accordance with purchase orders. Each purchase order defines the transaction price for the products purchased under the arrangement. Direct sales to building materials distributors, home centers, direct customers, and retailers represent the majority of our sales. Our standard sales terms are Free On Board (“FOB”) shipping point. We have some sales terms that are FOB destination. At the point of shipment, the customer is required to pay under normal sales terms. Our normal payment terms in most cases are Incremental costs to fulfill our customer arrangements are expensed as incurred, as the amortization period is less than one year. Our products are sold with normal and customary return provisions. We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects. 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. Shipping and Handling We account for product shipping and handling costs as fulfillment activities and present the associated costs in costs of goods sold in the period in which we sell our product. Disaggregation of Revenues Our Mineral Fiber and Architectural Specialties operating segments both manufacture and sell ceiling systems (primarily mineral fiber, fiberglass wool, metal, and wood) 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 to contractors, subcontractors’ alliances, large architect and design firms, and major facility owners. Only sales to U.S. customers are reported within this customer group. Retailers and other – represents net sales to independent retailers and certain national account customers, including wholesalers who re-sell our products to dealers who service builders, contractors and consumers. Geographically, this category includes sales throughout the U.S., Canada, and Latin America. The following tables provide net sales by major customer group within the Mineral Fiber and Architectural Specialties segments for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, Mineral Fiber 2019 2018 2019 2018 Distributors $ 161.4 $ 156.7 $ 306.0 $ 294.4 Home centers 21.2 20.5 44.3 44.5 Direct customers 17.5 16.8 31.6 30.5 Retailers and other 14.0 12.7 28.9 28.0 Total $ 214.1 $ 206.7 $ 410.8 $ 397.4 Three Months Ended Six Months Ended June 30, June 30, Architectural Specialties 2019 2018 2019 2018 Distributors $ 37.3 $ 33.4 $ 68.8 $ 61.8 Direct customers 19.0 7.5 32.1 15.4 Retailers and other 1.6 1.0 2.4 1.3 Total $ 57.9 $ 41.9 $ 103.3 $ 78.5 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 4. ACQUISITIONS ACQUISITION OF ACGI On March 4, 2019, we acquired the business and assets of ACGI. The $43.1 million purchase price, which is subject to customary working capital adjustments These amounts are subject to adjustment as our purchase accounting analysis is completed. 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. ACQUISITION 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. The 2018 and 2019 acquisitions, both individually and in the aggregate, did not have a material impact on reported net sales and operating income for the three and six months ended June 30, 2019. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | NOTE 5. DISCONTINUED OPERATIONS 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. 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 unfavorable Accumulated Other Comprehensive Income (“AOCI”) adjustments. In 2018, we recorded an estimated loss of $19.3 million, which included $25.5 million of unfavorable AOCI adjustments. As of June 30, 2019, we recorded an immaterial correction related to the previously reported estimated loss on sale of our EMEA and Pacific Rim businesses. The correction increased the estimated loss on sale and reduced the assets held for sale by $35.2 million as of December 31, 2017. During the three and six months ended June 30, 2019, we recorded a net loss of $6.8 million and $4.6 million, respectively. During the three and six months ended June 30, 2019, net losses included $0.6 million of unfavorable AOCI adjustments and $8.5 million of favorable AOCI adjustments, respectively. The AOCI adjustments related primarily to accumulated foreign currency translation amounts that will be subsequently reclassified from AOCI 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. In connection with the separation and distribution of AFI, we entered into several agreements with AFI that, together with a plan of division, provided for the separation and allocation between AWI and AFI of the flooring assets, employees, liabilities and obligations of AWI and its subsidiaries attributable to periods prior to, at and after AFI’s separation from AWI, and governed the relationship between AWI and AFI subsequent to the completion of the separation and distribution. These agreements included a Tax Matters Agreement, an Employee Matters Agreement, a Trademark License Agreement, a Transition Trademark License Agreement and a Campus Lease Agreement. Summarized Financial Information of Discontinued Operations The following tables detail the businesses and line items that comprise discontinued operations on the Condensed Consolidated Statements of Earnings and Comprehensive Income. EMEA and Pacific Rim Businesses Flooring Businesses Total Three Months Ended June 30, 2019 Net sales $ 106.7 $ - $ 106.7 Cost of goods sold 83.2 - 83.2 Gross profit 23.5 - 23.5 Selling, general and administrative expenses 20.4 - 20.4 Operating income 3.1 - 3.1 Other non-operating expense, net 0.6 - 0.6 Earnings from discontinued operations before income tax 2.5 - 2.5 Income tax expense 4.8 - 4.8 Net (loss) from discontinued operations, net of tax $ (2.3 ) $ - $ (2.3 ) (Loss) from disposal of discontinued businesses, before income tax $ (6.8 ) $ - $ (6.8 ) Income tax expense - 0.1 0.1 (Loss) from disposal of discontinued businesses, net of tax $ (6.8 ) $ (0.1 ) $ (6.9 ) Net (loss) from discontinued operations $ (9.1 ) $ (0.1 ) $ (9.2 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Six Months Ended June 30, 2019 Net sales $ 203.6 $ - $ 203.6 Cost of goods sold 158.9 - 158.9 Gross profit 44.7 - 44.7 Selling, general and administrative expenses 41.2 - 41.2 Operating income 3.5 - 3.5 Other non-operating expense, net 0.6 - 0.6 Earnings from discontinued operations before income tax 2.9 - 2.9 Income tax expense 4.7 - 4.7 Net (loss) from discontinued operations, net of tax $ (1.8 ) $ - $ (1.8 ) (Loss) from disposal of discontinued businesses, before income tax $ (4.6 ) $ - $ (4.6 ) Income tax expense - 0.1 0.1 (Loss) from disposal of discontinued businesses, net of tax $ (4.6 ) $ (0.1 ) $ (4.7 ) Net (loss) from discontinued operations $ (6.4 ) $ (0.1 ) $ (6.5 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Three Months Ended June 30, 2018 Net sales $ 114.6 $ - $ 114.6 Cost of goods sold 87.3 - 87.3 Gross profit 27.3 - 27.3 Selling, general and administrative expenses 19.7 - 19.7 Operating income 7.6 - 7.6 Interest expense 0.5 - 0.5 Other non-operating expense, net 1.4 - 1.4 Earnings from discontinued operations before income tax 5.7 - 5.7 Income tax expense 0.2 - 0.2 Net earnings from discontinued operations, net of tax $ 5.5 $ - $ 5.5 (Loss) from disposal of discontinued businesses, before income tax $ (5.7 ) $ - $ (5.7 ) Income tax expense - 0.1 0.1 (Loss) from disposal of discontinued business, net of tax $ (5.7 ) $ (0.1 ) $ (5.8 ) Net (loss) from discontinued operations $ (0.2 ) $ (0.1 ) $ (0.3 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Six Months Ended June 30, 2018 Net sales $ 219.0 $ - $ 219.0 Cost of goods sold 165.1 - 165.1 Gross profit 53.9 - 53.9 Selling, general and administrative expenses 41.7 - 41.7 Operating income 12.2 - 12.2 Interest expense 0.9 - 0.9 Other non-operating expense, net 0.2 - 0.2 Earnings from discontinued operations before income tax 11.1 - 11.1 Income tax expense 1.7 - 1.7 Net earnings from discontinued operations, net of tax $ 9.4 $ - $ 9.4 (Loss) from disposal of discontinued businesses, before income tax $ (23.4 ) $ - $ (23.4 ) Income tax (benefit) - (0.3 ) (0.3 ) (Loss) gain from disposal of discontinued businesses, net of tax $ (23.4 ) $ 0.3 $ (23.1 ) Net (loss) earnings from discontinued operations $ (14.0 ) $ 0.3 $ (13.7 ) The following is a summary of the carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations as of June 30, 2019 and December 31, 2018 related to our EMEA and Pacific Rim businesses. June 30, 2019 December 31, 2018 Assets Current assets: Cash and cash equivalents $ 10.0 $ 10.0 Accounts and notes receivable, net 57.3 56.2 Inventories, net 65.0 59.8 Income tax receivable 5.4 1.8 Other current assets 10.4 8.2 Total current assets discontinued operations 148.1 136.0 Property, plant, and equipment, less accumulated depreciation and amortization (1) (2) 69.1 68.6 Prepaid pension costs (1) 28.8 28.9 Goodwill and intangible assets, net (1) 6.8 6.8 Deferred income taxes (1) 3.5 3.0 Lease ROU assets (1) 19.3 - Other non-current assets (1) 1.1 1.0 Total non-current assets of discontinued operations (1) 128.6 108.3 Total assets of discontinued operations (1) $ 276.7 $ 244.3 Liabilities Current liabilities: Accounts payable and accrued expenses $ 76.7 $ 67.1 Income tax payable 2.9 1.1 Total current liabilities 79.6 68.2 Pension benefit liabilities (3) 34.4 33.8 Lease non-current liabilities (3) 11.3 - Other long-term liabilities (3) 2.0 1.8 Deferred income taxes (3) 7.0 6.5 Total non-current liabilities of discontinued operations (3) 54.7 42.1 Total liabilities of discontinued operations (3) $ 134.3 $ 110.3 (1) Presented as Assets of discontinued operations on the Condensed Consolidated Balance Sheets. (2) Includes pre-tax estimated losses of $4.6 million recorded in the first six months of 2019. As of December 31, 2018, cumulative pre-tax estimated losses were $128.5 million. (3) Presented as Liabilities of discontinued operations on the Condensed Consolidated Balance Sheets . The following is a summary of total estimated losses, capital expenditures, and operating lease information related to our EMEA and Pacific Rim businesses which are presented as discontinued operations and included as components of operating and investing cash flows on our Condensed Consolidated Statements of Cash Flows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Estimated loss on sale to Knauf (1) 6.8 5.7 4.6 23.4 Purchases of property, plant and equipment (1.0 ) (2.0 ) (1.4 ) (3.2 ) Operating lease cost (2) 2.6 - 4.9 - Six Months Ended June 30, 2019 ROU assets obtained in exchange for lease obligations (3) 24.6 (1) Represents comparison of the EMEA and Pacific Rim net assets to the expected sales proceeds to be received upon closure of the transaction. (2) We do not believe the amount of cash paid for amounts included in the measurement of lease liabilities to be materially different from our operating lease cost for the six months ended June 30, 2019. (3) Represents initial ROU assets recognized upon adoption on January 1, 2019. We did not obtain any new ROU assets in exchange for lease obligations during the six months ended June 30, 2019. |
Accounts and Notes Receivable
Accounts and Notes Receivable | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Accounts and Notes Receivable | NOTE 6. ACCOUNTS AND NOTES RECEIVABLE June 30, 2019 December 31, 2018 Customer receivables $ 97.5 $ 70.4 Miscellaneous receivables 2.3 11.5 Less allowance for warranties, discounts and losses (3.1 ) (2.0 ) Accounts and notes receivable, net $ 96.7 $ 79.9 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 included $6.5 million of insurance recoveries related to environmental matters, which were collected during the first quarter of 2019. See Note 22 for additional information. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 7. INVENTORIES June 30, 2019 December 31, 2018 Finished goods $ 40.5 $ 38.8 Goods in process 5.2 4.4 Raw materials and supplies 35.9 27.8 Less LIFO reserves (10.8 ) (9.8 ) Total inventories, net $ 70.8 $ 61.2 |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Current Assets | NOTE 8. OTHER CURRENT ASSETS June 30, 2019 December 31, 2018 Prepaid expenses $ 5.7 $ 4.1 Other 1.0 0.7 Total other current assets $ 6.7 $ 4.8 |
Equity Investment
Equity Investment | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Investment | NOTE 9. EQUITY INVESTMENT Investment in joint venture reflects our 50% equity interest in WAVE. The WAVE joint venture is reflected within the Mineral Fiber segment in our condensed consolidated financial statements using the equity method of accounting. 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. Condensed income statement data for WAVE is summarized below on a continuing operations basis. Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net sales $ 105.5 $ 106.7 $ 202.4 $ 194.4 Gross profit 58.9 61.6 111.5 109.4 Net earnings 43.2 49.2 83.4 84.8 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | NOTE 10. LEASES We enter into operating leases for certain real estate, equipment and automobiles. Our leases have remaining lease terms of 1 to 14 years. Several leases include options for us to purchase leased items at fair value or renew for up to 5 years, or multiple 5-year renewal periods. Some of our leases include early termination options. We consider all of these options in determining the lease term used to establish our ROU assets and lease liabilities when it is reasonably certain that we will exercise that option. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. We have lease agreements with lease and non-lease components, which are accounted for separately. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight line basis over the lease term. Short-term lease expense was not material for the three and six months ended June 30, 2019 . As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on information that is available at the lease commencement date to compute the present value of lease payments. We used the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date. As of June 30, 2019, we do not have any financing leases and we have no additional operating leases that have not yet commenced. As noted in Note 1, effective January 1, 2019, we adopted ASC Topic 842 – Leases using the modified retrospective transition method. As such, we did not restate financial statement and lease disclosure data for all periods prior to January 1, 2019, which was prepared in accordance with ASC Topic 840 – Leases. The following tables present our operating lease cost and supplemental cash flow information related to our operating leases: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost $ 1.7 $ 3.3 Six Months Ended June 30, 2019 ROU assets obtained in exchange for lease obligations (1) 35.6 (1) Includes initial ROU assets of $29.2 million recognized upon adoption on January 1, 2019. We do not believe the amount of cash paid for amounts included in the measurement of lease liabilities to be materially different from our operating lease cost for the six months ended June 30, 2019. The following table presents supplemental balance sheet information related to our operating leases: Balance Sheet Classification June 30, 2019 ROU assets Lease right-of-use assets $ 30.3 Current lease liabilities Accounts payable and accrued expenses 5.1 Non-current lease liabilities Lease non-current liabilities 25.2 The following table presents the weighted average assumptions used to compute our ROU assets and lease liabilities: June 30, 2019 Weighted average remaining lease term (in years) 8.3 Weighted average discount rate 4.9 % Undiscounted future minimum lease payments as of June 30, 2019, by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows: Maturities of Lease Liabilities 2019 (1) $ 3.2 2020 6.1 2021 5.2 2022 4.4 2023 3.9 Thereafter 14.4 Total lease payments 37.2 Less interest (6.9 ) Present value of lease liabilities $ 30.3 (1) Scheduled maturities of lease liabilities represents the time period of July 1, 2019 to December 31, 2019. Future minimum lease payments as of December 31, 2018, by year and in the aggregate, having non-cancelable lease terms in excess of one year were expected to be as follows: Total Minimum Lease Payments 2019 $ 5.3 2020 4.7 2021 4.2 2022 3.7 2023 2.2 Thereafter 4.7 Total $ 24.8 Rent expense was $6.1 million in 2018. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 11. GOODWILL AND INTANGIBLE ASSETS The following table details amounts related to our goodwill and intangible assets as of June 30, 2019 and December 31, 2018. June 30, 2019 December 31, 2018 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 3-20 years $ 188.9 $ 108.8 $ 181.4 $ 103.0 Developed technology 15 years 84.7 69.3 84.3 66.5 Trademarks and brand names 5-20 years 3.9 0.3 1.1 0.2 Other Various 7.7 2.1 5.6 1.2 Total $ 285.2 $ 180.5 $ 272.4 $ 170.9 Goodwill and non-amortizing intangible assets Trademarks and brand names Indefinite 321.4 321.3 Goodwill Indefinite 40.8 19.2 Total goodwill and intangible assets $ 647.4 $ 612.9 Six Months Ended June 30, 2019 2018 Amortization expense $ 9.5 $ 7.3 |
Other Non-Current Assets
Other Non-Current Assets | 6 Months Ended |
Jun. 30, 2019 | |
Other Assets Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | NOTE 12. OTHER NON-CURRENT ASSETS June 30, 2019 December 31, 2018 Cash surrender value of Company owned life insurance policies $ 54.5 $ 54.3 Fair value of derivative assets 2.4 9.6 Other 3.2 4.6 Total other non-current assets $ 60.1 $ 68.5 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accounts Payable And Accrued Expenses | NOTE 13. ACCOUNTS PAYABLE AND ACCRUED EXPENSES June 30, 2019 December 31, 2018 Payables, trade and other $ 71.7 $ 82.2 Current portion of lease liabilities 5.1 - Employment costs 10.4 18.6 Current portion of pension and postretirement liabilities 11.1 10.9 Advance receipt of Knauf proceeds 203.3 202.4 Contingent liability payable to Knauf for adjustments to cash consideration 34.3 35.2 Payable to WAVE for advance receipt of Knauf proceeds 22.4 22.4 Current portion of environmental liabilities 9.7 0.7 Other 10.3 10.9 Total accounts payable and accrued expenses $ 378.3 $ 383.3 |
Income Tax Expense
Income Tax Expense | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | NOTE 14. INCOME TAX EXPENSE Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Earnings from continuing operations before income taxes $ 83.1 $ 65.3 $ 132.9 $ 114.7 Income tax expense 19.4 17.7 32.8 25.9 Effective tax rate 23.3 % 27.1 % 24.6 % 22.6 % Changes in the effective tax rate for the second quarter and first half of 2019, as compared to the same periods in 2018, were largely driven by the amount and timing of share-based compensation deductions. The effective tax rate for the first six months of 2019 was higher than the comparable period of 2018 primarily due to a decrease in favorable share-based compensation deductions occurring in the first half of 2019 as compared to the first half of 2018. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. However, an estimate of the range of reasonably possible outcomes cannot be made. Changes to unrecognized tax benefits could result from the completion of ongoing examinations, the expiration of the statute of limitations or other unforeseen circumstances. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 15. DEBT As of June 30, 2019 and December 31, 2018, our long-term debt included borrowings outstanding under our $1,050.0 million variable rate senior credit facility, which is comprised of a $200.0 million revolving credit facility (with a $150.0 million sublimit for letters of credit), a $600.0 million Term Loan A and a $250.0 million Term Loan B. As of June 30, 2019 and December 31, 2018, there were no borrowings outstanding on our revolving credit facility. As of June 30, 2019 and 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 U.S. plant in prior years. We also have a $25.0 On July 3, 2019, we used cash on hand to make a voluntary prepayment of $100.0 million of the debt outstanding under Term Loan B. As of June 30, 2019, this amount remains a component of Long-term debt, less current installments on our Condensed Consolidated Balance Sheets. We utilize lines of credit and other commercial commitments in order to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility, our bi-lateral facility and our securitization facility. Letters of credit are issued to third party suppliers, insurance institutions and financial institutions and typically can only be drawn upon in the event of AWI’s failure to pay its obligations to the beneficiary. The following table presents details related to our letters of credit facilities: June 30, 2019 Financing Arrangements Limit Used Available Accounts receivable securitization facility $ 36.2 $ 36.2 $ - Bi-lateral facility 25.0 11.4 13.6 Revolving credit facility 150.0 - 150.0 Total $ 211.2 $ 47.6 $ 163.6 As of December 31, 2018, $6.0 million of letters of credit issued under our accounts receivable securitization facility in excess of our maximum limit were classified as restricted cash and reported as a component of Cash and cash equivalents on our Condensed Consolidated Balance Sheets. As of June 30, 2019, no amounts were classified as restricted cash. As of June 30, 2019, we had a $36.2 million Accounts Receivable Securitization Facility with the Bank of Nova Scotia (the “funding entity”) that matures in March 2020. 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 are continuously purchased by ARC with the proceeds from collections of receivables previously purchased. As of June 30, 2019, we had no borrowings under this facility. |
Pension and Other Benefit Progr
Pension and Other Benefit Programs | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pensions and Other Benefit Programs | NOTE 16. PENSIONS AND OTHER BENEFIT PROGRAMS Following are the components of net periodic benefit costs (credits): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. defined benefit plans: Pension benefits Service cost of benefits earned during the period $ 1.2 $ 1.5 $ 2.4 $ 2.9 Interest cost on projected benefit obligation 12.6 11.6 25.2 23.1 Expected return on plan assets (20.0 ) (24.0 ) (40.1 ) (48.0 ) Amortization of net actuarial loss 4.8 5.0 9.6 10.0 Net periodic pension (credit) $ (1.4 ) $ (5.9 ) $ (2.9 ) $ (12.0 ) Retiree health and life insurance benefits Service cost of benefits earned during the period $ - $ 0.1 $ - $ 0.1 Interest cost on projected benefit obligation 0.6 0.7 1.2 1.3 Amortization of prior service credit (0.1 ) - (0.1 ) - Amortization of net actuarial gain (2.0 ) (1.4 ) (4.2 ) (2.8 ) Net periodic postretirement (credit) $ (1.5 ) $ (0.6 ) $ (3.1 ) $ (1.4 ) We also have an unfunded defined benefit pension plan in Germany, which will not be acquired by Knauf in connection with the announced sale of our EMEA and Pacific Rim segments that is reported as a component of our Unallocated Corporate segment. Net periodic pension cost for this plan was immaterial for the three and six months ended June 30, 2019 and 2018. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
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: June 30, 2019 December 31, 2018 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(liabilities), net: Total long-term debt, including current portion $ (797.1 ) $ (797.4 ) $ (819.8 ) $ (811.3 ) Interest rate swap contracts (13.5 ) (13.5 ) 3.5 3.5 The carrying amounts of cash and cash equivalents, receivables, accounts payable, and accrued expenses approximate fair value because of the short-term maturity of these instruments. The fair value estimates of long-term debt were primarily based on quotes from a major financial institution based on recently observed trading levels of our Term Loan A and Term Loan B debt. The fair value estimates for interest rate swap contracts are estimated by obtaining quotes from major financial institutions with verification by internal valuation models. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Three levels of inputs may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities; Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; or Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The fair value measurement of interest rate swap contracts measured at fair value on a recurring basis and reported on the Condensed Consolidated Balance Sheets were valued using Level 2 (other observable) inputs as of June 30, 2019 and December 31, 2018. We do not have any financial assets or liabilities that are valued using Level 1 (quoted, active market) or Level 3 (unobservable) inputs as of June 30, 2019 and December 31, 2018. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
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 interest rate 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 financial institution 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 and other various commodities for use in the manufacturing process. Although we are exposed to fluctuations in commodity pricing, we currently have no outstanding commodity derivative hedge positions. 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 June 30, 2019, our only major foreign currency exposure is to the Canadian dollar. We manage our Canadian cash flow exposures on a net basis. We currently do not expect to enter into any foreign exchange derivative products. Interest Rate Risk We utilize interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. These swaps are designated as cash flow hedges against changes in LIBOR for a portion of our variable rate debt. The following table summarizes our interest rate swaps as of June 30, 2019: 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 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 April 2016 swap maturing in 2023, we receive the greater of 3-month LIBOR or a 0.75% LIBOR Floor 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 is inclusive of 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 June 30, 2019 and December 31, 2018. We had no derivative assets or liabilities not designated as hedging instruments as of June 30, 2019 or December 31, 2018. The derivative asset and liability amounts below are shown in gross amounts; we have not netted assets with liabilities. Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location June 30, 2019 December 31, 2018 Balance Sheet Location June 30, 2019 December 31, 2018 Interest rate swap contracts Other non-current assets $ 2.4 $ 9.6 Other long-term liabilities $ 15.9 $ 6.1 Amount of Gain (Loss) Recognized in AOCI Location of (Loss) Reclassified AOCI into Income (Loss) Reclassified from AOCI into Income Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, 2019 2018 2019 2018 2019 2018 Derivatives in cash flow hedging relationships Natural gas commodity contracts $ - $ 0.2 Cost of goods sold $ - $ - $ - $ (0.4 ) Foreign exchange contracts – purchases - 0.1 Cost of goods sold - - - - Foreign exchange contracts – sales - 0.7 Net sales - (0.1 ) - (0.3 ) Interest rate swap contracts (18.7 ) 4.3 Interest expense (0.4 ) (0.3 ) (1.0 ) (0.8 ) Total $ (18.7 ) $ 5.3 Total (loss) from continuing operations $ (0.4 ) $ (0.4 ) $ (1.0 ) $ (1.5 ) Total (loss) from discontinued operations - - - (0.1 ) Total (loss) $ (0.4 ) $ (0.4 ) $ (1.0 ) $ (1.6 ) As of June 30, 2019, the amount of existing losses in AOCI expected to be recognized in earnings over the next twelve months is $2.1 million. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | NOTE 19. OTHER LONG-TERM LIABILITIES June 30, 2019 December 31, 2018 Long-term deferred compensation arrangements $ 13.8 $ 14.0 Environmental liabilities 1.6 11.7 Fair value of derivative liabilities 15.9 6.1 Other 6.6 6.2 Total other long-term liabilities $ 37.9 $ 38.0 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | NOTE 20. 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 we were authorized to repurchase up to $150.0 million of our outstanding shares of common stock through July 31, 2018 (the “Program”). On October 30, 2017, we announced that our Board of Directors had approved an additional $250.0 million authorization to repurchase shares under the Program. The Program was also extended through October 31, 2020. On July 31, 2018, we announced that our Board of Directors had approved an additional $300.0 million authorization to repurchase shares, increasing the total authorized amount under the Program to $700.0 million. Repurchases under the Program may be made through open market, block and privately-negotiated transactions, including Rule 10b5-1 plans, at such times and in such amounts as management deems appropriate, subject to market and business conditions, regulatory requirements and other factors. The Program does not obligate AWI 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 an additional 389,825 shares returned on that day to complete the ASR During the six months ended June 30, 2019, we repurchased 0.6 million shares under the Program for a total cost of $48.1 million, or an average price of $74.24 per share. Since inception of the Program, through June 30, 2019, including the ASR, we have repurchased 8.3 million shares under the Program for a total cost of $478.7 million, or an average price of $57.42 per share. Dividends In February and April 2019, our Board of Directors declared $0.175 per share quarterly dividends, which were paid to shareholders in March and May 2019, respectively. On July 23, 2019, our Board of Directors declared a $0.175 per share quarterly dividend to be paid in August 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 21. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Foreign Currency Translation Adjustments Derivative Gain (Loss) (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) (1) Balance, March 31, 2019 $ (69.4 ) $ 0.3 $ (387.4 ) $ (456.5 ) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $ -, $2.9, ($0.8) and $2.1 0.7 (8.4 ) 0.7 (7.0 ) Amounts reclassified from accumulated other comprehensive (loss) - 0.3 2.2 2.5 Net current period other comprehensive income (loss) 0.7 (8.1 ) 2.9 (4.5 ) Balance, June 30, 2019 $ (68.7 ) $ (7.8 ) $ (384.5 ) $ (461.0 ) Foreign Currency Translation Adjustments Derivative Gain (Loss) (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) (1) Balance, December 31, 2018 $ (74.7 ) $ 5.3 $ (390.2 ) $ (459.6 ) Impact of ASU 2017-12 adoption - 0.1 - 0.1 Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $ -, $4.8, ($1.0) and $3.8 6.0 (14.0 ) 1.4 (6.6 ) Amounts reclassified from accumulated other comprehensive (loss) - 0.8 4.3 5.1 Net current period other comprehensive income (loss) 6.0 (13.2 ) 5.7 (1.5 ) Balance, June 30, 2019 $ (68.7 ) $ (7.8 ) $ (384.5 ) $ (461.0 ) Foreign Currency Translation Adjustments Derivative Gain (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) Income (1) Balance, March 31, 2018 $ (41.2 ) $ 8.0 $ (355.5 ) $ (388.7 ) Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) of $ -, $0.2, ($0.1) and $0.1 (20.8 ) 1.7 0.1 (19.0 ) Amounts reclassified from accumulated other comprehensive (loss) - 0.3 3.0 3.3 Net current period other comprehensive (loss) income (20.8 ) 2.0 3.1 (15.7 ) Balance, June 30, 2018 $ (62.0 ) $ 10.0 $ (352.4 ) $ (404.4 ) Foreign Currency Translation Adjustments Derivative Gain (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) Income (1) Balance, December 31, 2017 $ (47.1 ) $ 3.5 $ (302.3 ) $ (345.9 ) Impact of ASU 2018-02 adoption - 0.7 (55.0 ) (54.3 ) Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) of $ -, ($0.8), $0.2 and ($0.6) (14.9 ) 4.6 (0.9 ) (11.2 ) Amounts reclassified from accumulated other comprehensive (loss) - 1.2 5.8 7.0 Net current period other comprehensive (loss) income (14.9 ) 5.8 4.9 (4.2 ) Balance, June 30, 2018 $ (62.0 ) $ 10.0 $ (352.4 ) $ (404.4 ) (1) Amounts are net of tax Amounts Reclassified from Accumulated Other Comprehensive (Loss) (1) Affected Condensed Consolidated Statement of Earnings and Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivative Adjustments: Natural gas commodity contracts $ - $ - $ - $ 0.4 Cost of goods sold Foreign exchange contracts - purchases - - - 0.1 Cost of goods sold Foreign exchange contracts - sales - 0.1 - 0.3 Net sales Interest rate swap contracts 0.4 0.3 1.0 0.8 Interest expense Total loss, before tax 0.4 0.4 1.0 1.6 Tax impact (0.1 ) (0.1 ) (0.2 ) (0.4 ) Income tax expense Total loss, net of tax 0.3 0.3 0.8 1.2 Pension and Postretirement Adjustments: Amortization of net actuarial loss 2.7 3.7 5.4 7.3 Other non-operating (income), net Total expense, before tax 2.7 3.7 5.4 7.3 Tax impact (0.5 ) (0.7 ) (1.1 ) (1.5 ) Income tax expense Total expense, net of tax 2.2 3.0 4.3 5.8 Total reclassifications for the period $ 2.5 $ 3.3 $ 5.1 $ 7.0 (1) Includes activity from discontinued operations. |
Litigation and Related Matters
Litigation and Related Matters | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation and Related Matters | NOTE 22. 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. In each location, we are one of multiple potentially responsible parties and have agreed to jointly fund the required investigation and remediation, while preserving our defenses to the liability. We may also have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. We are currently pursuing coverage and recoveries under those policies with respect to certain of the sites, including the St. Helens, OR site, the Macon, GA site and the Elizabeth City, NC site, each of which is summarized below. These efforts have included two active and independent litigation matters against legacy primary and excess policy insurance carriers for recovery of fees and costs incurred by us in connection with our investigation and remediation activities for such sites. As described below, the litigation matter in Oregon relating to the St. Helens, OR site was dismissed in the second quarter of 2019 in connection with our settlement with the State of Oregon. 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 and 2018, we entered settlement agreements totaling $37.5 million with certain legacy insurance carriers to resolve ongoing litigation and recover fees and costs previously incurred by us in connection with certain environmental sites. These settlements were recorded as a $9.2 million reduction to cost of goods sold and a $28.3 million reduction to SG&A expenses reflecting the same income statement categories where environmental expenditures were historically recorded. All of these cash settlements have been released to us from escrow, including $6.5 million received in the first six months of 2019. In the first six months of 2019, we entered into one new settlement agreement for $1.7 million and received additional $0.4 million payments related to previous settlements with different carriers. These settlements were recorded as a $2.1 million reduction to SG&A expenses. We anticipate that we may enter into additional settlement agreements in the future, which may or may not be material, with other legacy insurers to obtain reimbursement or contribution for environmental site expenses. Estimates of our future liability at the environmental sites are based on evaluations of currently available facts regarding each individual site. We consider factors such as our activities associated with the site, existing technology, presently enacted laws and regulations and prior company experience in remediating contaminated sites. Although current law imposes joint and several liability on all parties at Superfund sites, our contribution to the remediation of these sites is expected to be limited by the number of other companies potentially liable for site remediation. As a result, our estimated liability reflects only our expected share. In determining the probability of contribution, we consider the solvency of other parties, the site activities of other parties, whether liability is being disputed, the terms of any existing agreements and experience with similar matters, and the effect of our October 2006 Chapter 11 reorganization upon the validity of the claim, if any. Specific Material Events St Helens, OR In August 2010, we entered into a Consent Order (the “Consent Order”) with the Oregon Department of Environmental Quality (“ODEQ”), along with Kaiser Gypsum Company, Inc. (“Kaiser”), and Owens Corning Sales LLC (“OC”), with respect to our St. Helens, OR facility, which was previously owned by Kaiser and then OC. The Consent Order required that we and Kaiser complete a remedial investigation and feasibility study (“RI/FS”) on the portion of the site owned by us (“Owned Property”), which is comprised of Upland and Lowland areas. The Consent Order further required us, Kaiser and OC to conduct an RI/FS in the in-water area of the adjacent Scappoose Bay. Costs and responsibilities for investigation, including the current RI/FS, for the Owned Property have been shared with Kaiser pursuant to a cost sharing agreement with Kaiser. Costs and responsibilities for the investigation with respect to the in-water area 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 impacted 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 (“Consent Judgment”) recommending that, in exchange for a release from ODEQ for all contamination claims against us, we would pay $8.6 million to the State of Oregon and perform a previously scoped remedial action for the Upland area. 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. Kaiser filed objections to the ODEQ proof of claim and AWI’s proof of claim and sought 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 monetary damages and declaratory relief including cost recovery and/or contributions from AWI in connection with the environmental costs incurred by Kaiser at St. Helens. On March 1, 2019, we entered into a settlement agreement with Kaiser resolving all claims between us. In exchange for a payment of $1.0 million, Kaiser agreed to withdraw its appeal of the automatic stay imposed by the bankruptcy as it applies to the Consent Judgment, dismiss its complaint against AWI, and refrain from filing any objections to the Consent Judgment once filed with the Columbia County Circuit Court. The Bankruptcy Court approved our settlement with Kaiser on March 14, 2019. Our settlement with Kaiser was also conditioned on the effectiveness of a pending settlement between ODEQ and Kaiser, which was approved on May 2, 2019. Kaiser subsequently dismissed its complaints against us. 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. The Consent Judgment was entered by the Columbia County Circuit Court on June 19, 2019. Upon the expiration of a thirty day appeal period on the entered Consent Judgment, we will complete the remedial action for the Upland area as set forth in the Record of Decision and negotiated work plan, complete the final administrative steps required by the Consent Judgment, and remit the $8.6 million payment to the State of Oregon. These steps will complete our obligations under the Consent Judgment and effectively resolve and conclude the matter with ODEQ. Macon, GA The U.S. Environmental Protection Agency (the “EPA”) has listed two landfills located on a portion of our facility in Macon, GA, along with the former Macon Naval Ordnance Plant landfill adjacent to our property, portions of Rocky Creek, and certain tributaries leading to Rocky Creek (collectively, the “Macon Site”) as a Superfund site on the National Priorities List due to the presence of contaminants, most notably polychlorinated biphenyls (“PCBs”). In September 2010, we entered into an Administrative Order on Consent for a Removal Action (the “Removal Action”) with the EPA to investigate PCB contamination in one of the landfills on our property, the Wastewater Treatment Plant Landfill (the “WWTP Landfill,” also known as “Operable Unit 1”). After completing an investigation of the WWTP Landfill and submitting our final Engineering Evaluation/Cost Analysis, the EPA issued an Action Memorandum in July 2013 selecting our recommended remedy for the Removal Action. The Operable Unit 1 response action for the WWTP Landfill is complete and the final report was submitted to the EPA on October 11, 2016. The EPA approved the final report on November 28, 2016, and a Post-Removal Control Plan (the “Plan”) was submitted to the EPA on March 28, 2017. That Plan 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 our 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 and the other PRPs entered into a settlement agreement with the EPA effective September 18, 2018, in response to the Special Notice Letter to conduct the RI/FS. The PRPs submitted a complete RI/FS work plan in the second quarter of 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 our 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. In response to the September 2018 Special Notice Letter, AWI and CBS submitted a good faith offer to EPA on May 28, 2019. Summary of Financial Position Total liabilities of $11.3 million as of June 30, 2019 and $12.4 million as of December 31, 2018 were recorded for environmental liabilities that we consider probable and for which a reasonable estimate of the probable liability could be made. As of June 30, 2019 and December 31, 2018, $9.7 million and $0.7 million were reflected within Accounts payable and accrued expenses with respect to environmental liabilities. During the three and six months ended June 30, 2019, we recorded $1.0 million of additional reserves. During the three and six months ended June 30, 2018, we did not record any additional reserves for environmental liabilities. Where existing data is sufficient to estimate the liability, that estimate has been used; where only a range of probable liabilities is available and no amount within that range is more likely than any other, the lower end of the range has been used. As assessments and remediation activities progress at each site, these liabilities are reviewed to reflect new information as it becomes available, and adjusted to reflect amounts actually incurred and paid. These liabilities are undiscounted. The estimated liabilities above do not take into account any claims for recoveries from insurance or third parties. It is our policy to record insurance recoveries as assets in the Condensed Consolidated Balance Sheets 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. 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) (“Rockfon”) filed litigation against us in the United States District Court for the District of Delaware (the “Court”) 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. On April 3, 2019, we entered into a confidential settlement agreement with Rockfon to fully resolve the litigation between us, and Rockfon filed a Stipulation of Dismissal with Prejudice (“Dismissal”) with the Court. Pursuant to the Dismissal, Rockfon formally dismissed all claims it had against AWI with prejudice. All claims in the litigation have been fully and finally dismissed and released with AWI making a payment to Rockfon for its costs, expenses and attorneys’ fees. Pursuant to the settlement, both parties acknowledged that (a) AWI denies all claims of wrongdoing and makes no admission of wrongdoing or of the truth of any of the claims or allegations contained in Rockfon’s complaint or otherwise alleged in the litigation; (b) all AWI exclusive distribution locations (i.e., any location where a reseller has agreed to sell only AWI ceiling system products) will remain exclusive to AWI under their respective distribution agreements, and (c) in all other non-exclusive or “open” distribution locations, resellers are free to purchase and resell ceiling systems products of any manufacturer at their discretion. During the first six months of 2019, we incurred $19.7 million of expenses in connection with the matter, primarily relating to legal and professional fees incurred by us in connection with the litigation, including expenses and attorney’s fees paid under the settlement agreement. As a result of the settlement and Dismissal, we do not expect to incur additional future costs or expenses relating to 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 | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 23. EARNINGS PER SHARE Earnings per share (“EPS”) components may not add due to rounding. The following table is a reconciliation of earnings to earnings attributable to common shares used in our basic and diluted EPS calculations for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Earnings from continuing operations $ 63.7 $ 47.6 $ 100.1 $ 88.8 Earnings allocated to participating non-vested share awards (0.1 ) (0.2 ) (0.2 ) (0.3 ) Earnings from continuing operations attributable to common shares $ 63.6 $ 47.4 $ 99.9 $ 88.5 The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the three and six months ended June 30, 2019 and 2018 (shares in millions): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Basic shares outstanding 49.0 51.9 48.8 52.5 Dilutive effect of common stock equivalents 0.8 0.7 0.8 0.7 Diluted shares outstanding 49.8 52.6 49.6 53.2 Anti-dilutive stock awards excluded from the computation of diluted EPS for the three and six months ended June 30, 2019 were 19 and 15,195, respectively. There were no anti-dilutive stock awards excluded from the computation of diluted EPS for the three and six months ended June 30, 2018. |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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,” Effective January 1, 2019, we adopted these standards using the modified retrospective transition method and have applied all practical expedients related to leases existing at the date of initial application. Upon adoption, the most significant change was to the Condensed Consolidated Balance Sheet related to the recognition of new ROU assets and lease liabilities on a continuing operations basis. Upon adoption we recognized ROU assets and lease liabilities of $29.2 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,” had no material impact on our financial condition, results of operations or cash flows. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," 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,” |
Revenue Recognition | Revenue Recognition We recognize revenue upon transfer of control of our products to the customer, which typically occurs upon shipment. Our main performance obligation to our customers is the delivery of products in accordance with purchase orders. Each purchase order defines the transaction price for the products purchased under the arrangement. Direct sales to building materials distributors, home centers, direct customers, and retailers represent the majority of our sales. Our standard sales terms are Free On Board (“FOB”) shipping point. We have some sales terms that are FOB destination. At the point of shipment, the customer is required to pay under normal sales terms. Our normal payment terms in most cases are Incremental costs to fulfill our customer arrangements are expensed as incurred, as the amortization period is less than one year. Our products are sold with normal and customary return provisions. We provide limited warranties for defects in materials or factory workmanship, sagging and warping, and certain other manufacturing defects. 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. |
Shipping and Handling | Shipping and Handling We account for product shipping and handling costs as fulfillment activities and present the associated costs in costs of goods sold in the period in which we sell our product. |
Business and Basis of Present_3
Business and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Prior Period Adjustment [Abstract] | |
Schedule of Prior Year Adjustment on Condensed Consolidated Financial Statements | Balance Sheets December 31, 2018 As Reported As Adjusted Assets of discontinued operations $ 279.5 $ 244.3 Total current assets 752.8 717.6 Total assets 1,873.5 1,838.3 Retained earnings 865.0 829.8 Total shareholders' equity 261.2 226.0 Total liabilities and shareholders' equity 1,873.5 1,838.3 Shareholders’ Equity Retained Earnings Total Shareholders' Equity As Reported As Adjusted As Reported As Adjusted December 31, 2017 $ 633.4 $ 598.2 $ 419.3 $ 384.1 March 31, 2018 715.5 680.3 403.8 368.6 June 30, 2018 762.8 727.6 404.1 368.9 December 31, 2018 865.0 829.8 261.2 226.0 March 31, 2019 895.1 859.9 280.3 245.1 Balance Sheets of Discontinued Operations December 31, 2018 As Reported As Adjusted Property, plant, and equipment, less accumulated depreciation and amortization $ 103.8 $ 68.6 Total non-current assets of discontinued operations 143.5 108.3 Total assets of discontinued operations 279.5 244.3 Accounts payable and accrued expenses December 31, 2018 As Reported As Adjusted Advance receipt of Knauf proceeds $ 237.6 $ 202.4 Contingent liability payable to Knauf for adjustments to cash consideration - 35.2 |
Segment Results (Tables)
Segment Results (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net sales Mineral Fiber $ 214.1 $ 206.7 $ 410.8 $ 397.4 Architectural Specialties 57.9 41.9 103.3 78.5 Total net sales $ 272.0 $ 248.6 $ 514.1 $ 475.9 |
Schedule of Segment Operating Income (Loss) | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Segment operating income (loss) Mineral Fiber $ 79.4 $ 59.5 $ 127.0 $ 103.2 Architectural Specialties 9.5 8.6 18.7 16.9 Unallocated Corporate (1.7 ) (2.1 ) (3.8 ) (4.5 ) Total consolidated operating income $ 87.2 $ 66.0 $ 141.9 $ 115.6 |
Reconciliation of Total Consolidated Operating Income to Earnings Before Income Taxes | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total consolidated operating income $ 87.2 $ 66.0 $ 141.9 $ 115.6 Interest expense 9.5 9.8 19.9 19.0 Other non-operating (income), net (5.4 ) (9.1 ) (10.9 ) (18.1 ) Earnings from continuing operations before income taxes $ 83.1 $ 65.3 $ 132.9 $ 114.7 |
Reconciliation of Total Segment Assets to Total Consolidated Assets | June 30, 2019 December 31, 2018 Segment assets Mineral Fiber $ 1,122.1 $ 1,096.1 Architectural Specialties 153.3 84.7 Unallocated Corporate 337.9 413.2 Total consolidated assets $ 1,613.3 $ 1,594.0 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Mineral Fiber [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Group within Each Segment | The following tables provide net sales by major customer group within the Mineral Fiber and Architectural Specialties segments for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, Mineral Fiber 2019 2018 2019 2018 Distributors $ 161.4 $ 156.7 $ 306.0 $ 294.4 Home centers 21.2 20.5 44.3 44.5 Direct customers 17.5 16.8 31.6 30.5 Retailers and other 14.0 12.7 28.9 28.0 Total $ 214.1 $ 206.7 $ 410.8 $ 397.4 |
Architectural Specialties [Member] | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Net Sales by Major Customer Group within Each Segment | Three Months Ended Six Months Ended June 30, June 30, Architectural Specialties 2019 2018 2019 2018 Distributors $ 37.3 $ 33.4 $ 68.8 $ 61.8 Direct customers 19.0 7.5 32.1 15.4 Retailers and other 1.6 1.0 2.4 1.3 Total $ 57.9 $ 41.9 $ 103.3 $ 78.5 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations [Abstract] | |
Summary of Results of Discontinued Operations | The following tables detail the businesses and line items that comprise discontinued operations on the Condensed Consolidated Statements of Earnings and Comprehensive Income. EMEA and Pacific Rim Businesses Flooring Businesses Total Three Months Ended June 30, 2019 Net sales $ 106.7 $ - $ 106.7 Cost of goods sold 83.2 - 83.2 Gross profit 23.5 - 23.5 Selling, general and administrative expenses 20.4 - 20.4 Operating income 3.1 - 3.1 Other non-operating expense, net 0.6 - 0.6 Earnings from discontinued operations before income tax 2.5 - 2.5 Income tax expense 4.8 - 4.8 Net (loss) from discontinued operations, net of tax $ (2.3 ) $ - $ (2.3 ) (Loss) from disposal of discontinued businesses, before income tax $ (6.8 ) $ - $ (6.8 ) Income tax expense - 0.1 0.1 (Loss) from disposal of discontinued businesses, net of tax $ (6.8 ) $ (0.1 ) $ (6.9 ) Net (loss) from discontinued operations $ (9.1 ) $ (0.1 ) $ (9.2 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Six Months Ended June 30, 2019 Net sales $ 203.6 $ - $ 203.6 Cost of goods sold 158.9 - 158.9 Gross profit 44.7 - 44.7 Selling, general and administrative expenses 41.2 - 41.2 Operating income 3.5 - 3.5 Other non-operating expense, net 0.6 - 0.6 Earnings from discontinued operations before income tax 2.9 - 2.9 Income tax expense 4.7 - 4.7 Net (loss) from discontinued operations, net of tax $ (1.8 ) $ - $ (1.8 ) (Loss) from disposal of discontinued businesses, before income tax $ (4.6 ) $ - $ (4.6 ) Income tax expense - 0.1 0.1 (Loss) from disposal of discontinued businesses, net of tax $ (4.6 ) $ (0.1 ) $ (4.7 ) Net (loss) from discontinued operations $ (6.4 ) $ (0.1 ) $ (6.5 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Three Months Ended June 30, 2018 Net sales $ 114.6 $ - $ 114.6 Cost of goods sold 87.3 - 87.3 Gross profit 27.3 - 27.3 Selling, general and administrative expenses 19.7 - 19.7 Operating income 7.6 - 7.6 Interest expense 0.5 - 0.5 Other non-operating expense, net 1.4 - 1.4 Earnings from discontinued operations before income tax 5.7 - 5.7 Income tax expense 0.2 - 0.2 Net earnings from discontinued operations, net of tax $ 5.5 $ - $ 5.5 (Loss) from disposal of discontinued businesses, before income tax $ (5.7 ) $ - $ (5.7 ) Income tax expense - 0.1 0.1 (Loss) from disposal of discontinued business, net of tax $ (5.7 ) $ (0.1 ) $ (5.8 ) Net (loss) from discontinued operations $ (0.2 ) $ (0.1 ) $ (0.3 ) EMEA and Pacific Rim Businesses Flooring Businesses Total Six Months Ended June 30, 2018 Net sales $ 219.0 $ - $ 219.0 Cost of goods sold 165.1 - 165.1 Gross profit 53.9 - 53.9 Selling, general and administrative expenses 41.7 - 41.7 Operating income 12.2 - 12.2 Interest expense 0.9 - 0.9 Other non-operating expense, net 0.2 - 0.2 Earnings from discontinued operations before income tax 11.1 - 11.1 Income tax expense 1.7 - 1.7 Net earnings from discontinued operations, net of tax $ 9.4 $ - $ 9.4 (Loss) from disposal of discontinued businesses, before income tax $ (23.4 ) $ - $ (23.4 ) Income tax (benefit) - (0.3 ) (0.3 ) (Loss) gain from disposal of discontinued businesses, net of tax $ (23.4 ) $ 0.3 $ (23.1 ) Net (loss) earnings from discontinued operations $ (14.0 ) $ 0.3 $ (13.7 ) The following is a summary of the carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations as of June 30, 2019 and December 31, 2018 related to our EMEA and Pacific Rim businesses. June 30, 2019 December 31, 2018 Assets Current assets: Cash and cash equivalents $ 10.0 $ 10.0 Accounts and notes receivable, net 57.3 56.2 Inventories, net 65.0 59.8 Income tax receivable 5.4 1.8 Other current assets 10.4 8.2 Total current assets discontinued operations 148.1 136.0 Property, plant, and equipment, less accumulated depreciation and amortization (1) (2) 69.1 68.6 Prepaid pension costs (1) 28.8 28.9 Goodwill and intangible assets, net (1) 6.8 6.8 Deferred income taxes (1) 3.5 3.0 Lease ROU assets (1) 19.3 - Other non-current assets (1) 1.1 1.0 Total non-current assets of discontinued operations (1) 128.6 108.3 Total assets of discontinued operations (1) $ 276.7 $ 244.3 Liabilities Current liabilities: Accounts payable and accrued expenses $ 76.7 $ 67.1 Income tax payable 2.9 1.1 Total current liabilities 79.6 68.2 Pension benefit liabilities (3) 34.4 33.8 Lease non-current liabilities (3) 11.3 - Other long-term liabilities (3) 2.0 1.8 Deferred income taxes (3) 7.0 6.5 Total non-current liabilities of discontinued operations (3) 54.7 42.1 Total liabilities of discontinued operations (3) $ 134.3 $ 110.3 (1) Presented as Assets of discontinued operations on the Condensed Consolidated Balance Sheets. (2) Includes pre-tax estimated losses of $4.6 million recorded in the first six months of 2019. As of December 31, 2018, cumulative pre-tax estimated losses were $128.5 million. (3) Presented as Liabilities of discontinued operations on the Condensed Consolidated Balance Sheets . |
Summary of Total Estimated Losses, Capital Expenditures, and Operating Lease | The following is a summary of total estimated losses, capital expenditures, and operating lease information related to our EMEA and Pacific Rim businesses which are presented as discontinued operations and included as components of operating and investing cash flows on our Condensed Consolidated Statements of Cash Flows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Estimated loss on sale to Knauf (1) 6.8 5.7 4.6 23.4 Purchases of property, plant and equipment (1.0 ) (2.0 ) (1.4 ) (3.2 ) Operating lease cost (2) 2.6 - 4.9 - Six Months Ended June 30, 2019 ROU assets obtained in exchange for lease obligations (3) 24.6 (1) Represents comparison of the EMEA and Pacific Rim net assets to the expected sales proceeds to be received upon closure of the transaction. (2) We do not believe the amount of cash paid for amounts included in the measurement of lease liabilities to be materially different from our operating lease cost for the six months ended June 30, 2019. (3) Represents initial ROU assets recognized upon adoption on January 1, 2019. We did not obtain any new ROU assets in exchange for lease obligations during the six months ended June 30, 2019. |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | June 30, 2019 December 31, 2018 Customer receivables $ 97.5 $ 70.4 Miscellaneous receivables 2.3 11.5 Less allowance for warranties, discounts and losses (3.1 ) (2.0 ) Accounts and notes receivable, net $ 96.7 $ 79.9 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | June 30, 2019 December 31, 2018 Finished goods $ 40.5 $ 38.8 Goods in process 5.2 4.4 Raw materials and supplies 35.9 27.8 Less LIFO reserves (10.8 ) (9.8 ) Total inventories, net $ 70.8 $ 61.2 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | June 30, 2019 December 31, 2018 Prepaid expenses $ 5.7 $ 4.1 Other 1.0 0.7 Total other current assets $ 6.7 $ 4.8 |
Equity Investment (Tables)
Equity Investment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
WAVE [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Investment in Joint Venture, Income Statement Data | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net sales $ 105.5 $ 106.7 $ 202.4 $ 194.4 Gross profit 58.9 61.6 111.5 109.4 Net earnings 43.2 49.2 83.4 84.8 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Operating Lease Cost and Supplemental Cash Flow Information Related to Operating Leases | The following tables present our operating lease cost and supplemental cash flow information related to our operating leases: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost $ 1.7 $ 3.3 Six Months Ended June 30, 2019 ROU assets obtained in exchange for lease obligations (1) 35.6 (1) Includes initial ROU assets of $29.2 million recognized upon adoption on January 1, 2019. We do not believe the amount of cash paid for amounts included in the measurement of lease liabilities to be materially different from our operating lease cost for the six months ended June 30, 2019. |
Summary of Supplemental Balance Sheet Information Related to Operating Leases | The following table presents supplemental balance sheet information related to our operating leases: Balance Sheet Classification June 30, 2019 ROU assets Lease right-of-use assets $ 30.3 Current lease liabilities Accounts payable and accrued expenses 5.1 Non-current lease liabilities Lease non-current liabilities 25.2 |
Schedule of Weighted Average Assumptions Used To Compute Right To Use Assets | The following table presents the weighted average assumptions used to compute our ROU assets and lease liabilities: June 30, 2019 Weighted average remaining lease term (in years) 8.3 Weighted average discount rate 4.9 % |
Schedule of Undiscounted Future Minimum Payments | Undiscounted future minimum lease payments as of June 30, 2019, by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows: Maturities of Lease Liabilities 2019 (1) $ 3.2 2020 6.1 2021 5.2 2022 4.4 2023 3.9 Thereafter 14.4 Total lease payments 37.2 Less interest (6.9 ) Present value of lease liabilities $ 30.3 (1) Scheduled maturities of lease liabilities represents the time period of July 1, 2019 to December 31, 2019. |
Schedule of Future Minimum Payments | Future minimum lease payments as of December 31, 2018, by year and in the aggregate, having non-cancelable lease terms in excess of one year were expected to be as follows: Total Minimum Lease Payments 2019 $ 5.3 2020 4.7 2021 4.2 2022 3.7 2023 2.2 Thereafter 4.7 Total $ 24.8 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | The following table details amounts related to our goodwill and intangible assets as of June 30, 2019 and December 31, 2018. June 30, 2019 December 31, 2018 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 3-20 years $ 188.9 $ 108.8 $ 181.4 $ 103.0 Developed technology 15 years 84.7 69.3 84.3 66.5 Trademarks and brand names 5-20 years 3.9 0.3 1.1 0.2 Other Various 7.7 2.1 5.6 1.2 Total $ 285.2 $ 180.5 $ 272.4 $ 170.9 Goodwill and non-amortizing intangible assets Trademarks and brand names Indefinite 321.4 321.3 Goodwill Indefinite 40.8 19.2 Total goodwill and intangible assets $ 647.4 $ 612.9 |
Schedule of Amortization Expense | Six Months Ended June 30, 2019 2018 Amortization expense $ 9.5 $ 7.3 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Assets Noncurrent Disclosure [Abstract] | |
Schedule Of Other Non-Current Assets | June 30, 2019 December 31, 2018 Cash surrender value of Company owned life insurance policies $ 54.5 $ 54.3 Fair value of derivative assets 2.4 9.6 Other 3.2 4.6 Total other non-current assets $ 60.1 $ 68.5 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | June 30, 2019 December 31, 2018 Payables, trade and other $ 71.7 $ 82.2 Current portion of lease liabilities 5.1 - Employment costs 10.4 18.6 Current portion of pension and postretirement liabilities 11.1 10.9 Advance receipt of Knauf proceeds 203.3 202.4 Contingent liability payable to Knauf for adjustments to cash consideration 34.3 35.2 Payable to WAVE for advance receipt of Knauf proceeds 22.4 22.4 Current portion of environmental liabilities 9.7 0.7 Other 10.3 10.9 Total accounts payable and accrued expenses $ 378.3 $ 383.3 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Earnings from continuing operations before income taxes $ 83.1 $ 65.3 $ 132.9 $ 114.7 Income tax expense 19.4 17.7 32.8 25.9 Effective tax rate 23.3 % 27.1 % 24.6 % 22.6 % |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Schedule of Letters of Credit Facilities | The following table presents details related to our letters of credit facilities: June 30, 2019 Financing Arrangements Limit Used Available Accounts receivable securitization facility $ 36.2 $ 36.2 $ - Bi-lateral facility 25.0 11.4 13.6 Revolving credit facility 150.0 - 150.0 Total $ 211.2 $ 47.6 $ 163.6 |
Pension and Other Benefit Pro_2
Pension and Other Benefit Programs (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Periodic Benefit Costs (Credits) | Following are the components of net periodic benefit costs (credits): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 U.S. defined benefit plans: Pension benefits Service cost of benefits earned during the period $ 1.2 $ 1.5 $ 2.4 $ 2.9 Interest cost on projected benefit obligation 12.6 11.6 25.2 23.1 Expected return on plan assets (20.0 ) (24.0 ) (40.1 ) (48.0 ) Amortization of net actuarial loss 4.8 5.0 9.6 10.0 Net periodic pension (credit) $ (1.4 ) $ (5.9 ) $ (2.9 ) $ (12.0 ) Retiree health and life insurance benefits Service cost of benefits earned during the period $ - $ 0.1 $ - $ 0.1 Interest cost on projected benefit obligation 0.6 0.7 1.2 1.3 Amortization of prior service credit (0.1 ) - (0.1 ) - Amortization of net actuarial gain (2.0 ) (1.4 ) (4.2 ) (2.8 ) Net periodic postretirement (credit) $ (1.5 ) $ (0.6 ) $ (3.1 ) $ (1.4 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | The estimated fair values of our financial instruments are as follows: June 30, 2019 December 31, 2018 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(liabilities), net: Total long-term debt, including current portion $ (797.1 ) $ (797.4 ) $ (819.8 ) $ (811.3 ) Interest rate swap contracts (13.5 ) (13.5 ) 3.5 3.5 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 December 31, 2018 Balance Sheet Location June 30, 2019 December 31, 2018 Interest rate swap contracts Other non-current assets $ 2.4 $ 9.6 Other long-term liabilities $ 15.9 $ 6.1 |
Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | Amount of Gain (Loss) Recognized in AOCI Location of (Loss) Reclassified AOCI into Income (Loss) Reclassified from AOCI into Income Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, 2019 2018 2019 2018 2019 2018 Derivatives in cash flow hedging relationships Natural gas commodity contracts $ - $ 0.2 Cost of goods sold $ - $ - $ - $ (0.4 ) Foreign exchange contracts – purchases - 0.1 Cost of goods sold - - - - Foreign exchange contracts – sales - 0.7 Net sales - (0.1 ) - (0.3 ) Interest rate swap contracts (18.7 ) 4.3 Interest expense (0.4 ) (0.3 ) (1.0 ) (0.8 ) Total $ (18.7 ) $ 5.3 Total (loss) from continuing operations $ (0.4 ) $ (0.4 ) $ (1.0 ) $ (1.5 ) Total (loss) from discontinued operations - - - (0.1 ) Total (loss) $ (0.4 ) $ (0.4 ) $ (1.0 ) $ (1.6 ) |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | June 30, 2019 December 31, 2018 Long-term deferred compensation arrangements $ 13.8 $ 14.0 Environmental liabilities 1.6 11.7 Fair value of derivative liabilities 15.9 6.1 Other 6.6 6.2 Total other long-term liabilities $ 37.9 $ 38.0 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Foreign Currency Translation Adjustments Derivative Gain (Loss) (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) (1) Balance, March 31, 2019 $ (69.4 ) $ 0.3 $ (387.4 ) $ (456.5 ) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $ -, $2.9, ($0.8) and $2.1 0.7 (8.4 ) 0.7 (7.0 ) Amounts reclassified from accumulated other comprehensive (loss) - 0.3 2.2 2.5 Net current period other comprehensive income (loss) 0.7 (8.1 ) 2.9 (4.5 ) Balance, June 30, 2019 $ (68.7 ) $ (7.8 ) $ (384.5 ) $ (461.0 ) Foreign Currency Translation Adjustments Derivative Gain (Loss) (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) (1) Balance, December 31, 2018 $ (74.7 ) $ 5.3 $ (390.2 ) $ (459.6 ) Impact of ASU 2017-12 adoption - 0.1 - 0.1 Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $ -, $4.8, ($1.0) and $3.8 6.0 (14.0 ) 1.4 (6.6 ) Amounts reclassified from accumulated other comprehensive (loss) - 0.8 4.3 5.1 Net current period other comprehensive income (loss) 6.0 (13.2 ) 5.7 (1.5 ) Balance, June 30, 2019 $ (68.7 ) $ (7.8 ) $ (384.5 ) $ (461.0 ) Foreign Currency Translation Adjustments Derivative Gain (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) Income (1) Balance, March 31, 2018 $ (41.2 ) $ 8.0 $ (355.5 ) $ (388.7 ) Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) of $ -, $0.2, ($0.1) and $0.1 (20.8 ) 1.7 0.1 (19.0 ) Amounts reclassified from accumulated other comprehensive (loss) - 0.3 3.0 3.3 Net current period other comprehensive (loss) income (20.8 ) 2.0 3.1 (15.7 ) Balance, June 30, 2018 $ (62.0 ) $ 10.0 $ (352.4 ) $ (404.4 ) Foreign Currency Translation Adjustments Derivative Gain (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) Income (1) Balance, December 31, 2017 $ (47.1 ) $ 3.5 $ (302.3 ) $ (345.9 ) Impact of ASU 2018-02 adoption - 0.7 (55.0 ) (54.3 ) Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) of $ -, ($0.8), $0.2 and ($0.6) (14.9 ) 4.6 (0.9 ) (11.2 ) Amounts reclassified from accumulated other comprehensive (loss) - 1.2 5.8 7.0 Net current period other comprehensive (loss) income (14.9 ) 5.8 4.9 (4.2 ) Balance, June 30, 2018 $ (62.0 ) $ 10.0 $ (352.4 ) $ (404.4 ) (1) Amounts are net of tax |
Reclassification out of Accumulated Other Comprehensive Income | Amounts Reclassified from Accumulated Other Comprehensive (Loss) (1) Affected Condensed Consolidated Statement of Earnings and Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivative Adjustments: Natural gas commodity contracts $ - $ - $ - $ 0.4 Cost of goods sold Foreign exchange contracts - purchases - - - 0.1 Cost of goods sold Foreign exchange contracts - sales - 0.1 - 0.3 Net sales Interest rate swap contracts 0.4 0.3 1.0 0.8 Interest expense Total loss, before tax 0.4 0.4 1.0 1.6 Tax impact (0.1 ) (0.1 ) (0.2 ) (0.4 ) Income tax expense Total loss, net of tax 0.3 0.3 0.8 1.2 Pension and Postretirement Adjustments: Amortization of net actuarial loss 2.7 3.7 5.4 7.3 Other non-operating (income), net Total expense, before tax 2.7 3.7 5.4 7.3 Tax impact (0.5 ) (0.7 ) (1.1 ) (1.5 ) Income tax expense Total expense, net of tax 2.2 3.0 4.3 5.8 Total reclassifications for the period $ 2.5 $ 3.3 $ 5.1 $ 7.0 (1) Includes activity from discontinued operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings to Earnings Attributable to Common Shares Used in Basic and Diluted Calculation | The following table is a reconciliation of earnings to earnings attributable to common shares used in our basic and diluted EPS calculations for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Earnings from continuing operations $ 63.7 $ 47.6 $ 100.1 $ 88.8 Earnings allocated to participating non-vested share awards (0.1 ) (0.2 ) (0.2 ) (0.3 ) Earnings from continuing operations attributable to common shares $ 63.6 $ 47.4 $ 99.9 $ 88.5 |
Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding | The following table is a reconciliation of basic shares outstanding to diluted shares outstanding for the three and six months ended June 30, 2019 and 2018 (shares in millions): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Basic shares outstanding 49.0 51.9 48.8 52.5 Dilutive effect of common stock equivalents 0.8 0.7 0.8 0.7 Diluted shares outstanding 49.8 52.6 49.6 53.2 |
Business and Basis of Present_4
Business and Basis of Presentation (Narrative) (Details) | Mar. 04, 2019Facility | Aug. 16, 2018Facility | Jul. 18, 2018USD ($) | May 31, 2018Facility | Nov. 17, 2017USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business And Basis Of Presentation [Line Items] | ||||||||||
Accounts payable and accrued expenses related to adjustments to consideration of debt in connection with sale of business | $ 378,300,000 | $ 383,300,000 | ||||||||
Lease right-of-use assets | 30,300,000 | $ 29,200,000 | ||||||||
Lease liabilities | 30,300,000 | |||||||||
Finance lease, liabilities | 0 | |||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Lease right-of-use assets | 29,200,000 | |||||||||
Lease liabilities | 29,200,000 | |||||||||
Maximum [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Potential adjustments to the purchase price consideration | $ 35,000,000 | |||||||||
Potential adjustments to the purchase price consideration | $ 20,000,000 | |||||||||
Knauf [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Accounts payable and accrued expenses related to adjustments to consideration of debt in connection with sale of business | $ 34,300,000 | $ 35,200,000 | ||||||||
August 1, 2018 [Member] | Knauf [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Receivable from sale of business | 250,000,000 | |||||||||
Proceeds from sale of business | $ 250,000,000 | |||||||||
September 15, 2018 [Member] | Knauf [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Receivable from sale of business | $ 80,000,000 | |||||||||
Proceeds from sale of business | 80,000,000 | |||||||||
EMEA and Pacific Rim Business [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Consideration to be received in connection with sale of businesses | $ 330,000,000 | |||||||||
EMEA and Pacific Rim Business [Member] | Immaterial Correction Related to Previously Reported Estimated Loss on Sale [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Reduction in assets held for sale | $ 35,200,000 | |||||||||
Architectural Components Group, Inc. [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Number of manufacturing facility | Facility | 1 | |||||||||
Steel Ceilings, Inc. [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Number of manufacturing facility | Facility | 1 | |||||||||
Plasterform, Inc. [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Number of manufacturing facility | Facility | 1 | |||||||||
WAVE [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Equity interest percentage | 50.00% | |||||||||
Payment to WAVE from Knauf proceeds | $ 70,000,000 | |||||||||
Accounts payable and accrued expenses related to adjustments to consideration of debt in connection with sale of business | $ 22,400,000 | |||||||||
WAVE [Member] | Worthington [Member] | ||||||||||
Business And Basis Of Presentation [Line Items] | ||||||||||
Dividend received from joint venture | $ 35,000,000 |
Business and Basis of Present_5
Business and Basis of Presentation (Schedule of Prior Year Amounts Recast Affected by Cumulative Adjustment in Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Assets of discontinued operations | $ 276.7 | $ 244.3 | ||||
Total current assets | 695.6 | 717.6 | ||||
Total assets | 1,890 | 1,838.3 | ||||
Retained earnings | 905.7 | $ 859.9 | 829.8 | $ 727.6 | $ 680.3 | $ 598.2 |
Total shareholders' equity | 243.1 | 245.1 | 226 | 368.9 | 368.6 | 384.1 |
Total liabilities and shareholders' equity | $ 1,890 | 1,838.3 | ||||
As Reported [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Assets of discontinued operations | 279.5 | |||||
Total current assets | 752.8 | |||||
Total assets | 1,873.5 | |||||
Retained earnings | 895.1 | 865 | 762.8 | 715.5 | 633.4 | |
Total shareholders' equity | $ 280.3 | 261.2 | $ 404.1 | $ 403.8 | $ 419.3 | |
Total liabilities and shareholders' equity | $ 1,873.5 |
Business and Basis of Present_6
Business and Basis of Presentation (Schedule of Prior Year Amounts Recast Affected by Cumulative Adjustment in Shareholders' Equity) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Retained earnings | $ 905.7 | $ 859.9 | $ 829.8 | $ 727.6 | $ 680.3 | $ 598.2 |
Total Shareholders' Equity | $ 243.1 | 245.1 | 226 | 368.9 | 368.6 | 384.1 |
As Reported [Member] | ||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||
Retained earnings | 895.1 | 865 | 762.8 | 715.5 | 633.4 | |
Total Shareholders' Equity | $ 280.3 | $ 261.2 | $ 404.1 | $ 403.8 | $ 419.3 |
Business and Basis of Present_7
Business and Basis of Presentation (Schedule of Prior Year Amounts Recast Affected by Cumulative Adjustment in Balance Sheets of Discontinued Operations) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Total assets of discontinued operations | $ 1,890 | $ 1,838.3 |
As Reported [Member] | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Total assets of discontinued operations | 1,873.5 | |
EMEA and Pacific Rim Business [Member] | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Property, plant, and equipment, less accumulated depreciation and amortization | 69.1 | 68.6 |
Total non-current assets of discontinued operations | 128.6 | 108.3 |
Total assets of discontinued operations | $ 276.7 | 244.3 |
EMEA and Pacific Rim Business [Member] | As Reported [Member] | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Property, plant, and equipment, less accumulated depreciation and amortization | 103.8 | |
Total non-current assets of discontinued operations | 143.5 | |
Total assets of discontinued operations | $ 279.5 |
Business and Basis of Present_8
Business and Basis of Presentation (Schedule of Prior Year Amounts Recast Affected by Cumulative Adjustment in Accounts Payable and Accrued Expenses) (Details) - Knauf [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Advance receipt of Knauf proceeds | $ 203.3 | $ 202.4 |
Contingent liability payable to Knauf for adjustments to cash consideration | $ 34.3 | 35.2 |
As Reported [Member] | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Advance receipt of Knauf proceeds | $ 237.6 |
Segment Results (Schedule of Ne
Segment Results (Schedule of Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 272 | $ 248.6 | $ 514.1 | $ 475.9 |
Mineral Fiber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 214.1 | 206.7 | 410.8 | 397.4 |
Architectural Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 57.9 | $ 41.9 | $ 103.3 | $ 78.5 |
Segment Results (Schedule of Se
Segment Results (Schedule of Segment Operating Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | $ 87.2 | $ 66 | $ 141.9 | $ 115.6 |
Mineral Fiber [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | 79.4 | 59.5 | 127 | 103.2 |
Architectural Specialties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | 9.5 | 8.6 | 18.7 | 16.9 |
Unallocated Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated operating income | $ (1.7) | $ (2.1) | $ (3.8) | $ (4.5) |
Segment Results (Reconciliation
Segment Results (Reconciliation of Total Consolidated Operating Income to Earnings Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting [Abstract] | ||||
Total consolidated operating income | $ 87.2 | $ 66 | $ 141.9 | $ 115.6 |
Interest expense | 9.5 | 9.8 | 19.9 | 19 |
Other non-operating (income), net | (5.4) | (9.1) | (10.9) | (18.1) |
Earnings from continuing operations before income taxes | $ 83.1 | $ 65.3 | $ 132.9 | $ 114.7 |
Segment Results (Reconciliati_2
Segment Results (Reconciliation of Total Segment Assets to Total Consolidated Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 1,613.3 | $ 1,594 |
Mineral Fiber [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 1,122.1 | 1,096.1 |
Architectural Specialties [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | 153.3 | 84.7 |
Unallocated Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated assets | $ 337.9 | $ 413.2 |
Segment Results (Narrative) (De
Segment Results (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Mineral Fiber [Member] | ||
Segment Reporting Information [Line Items] | ||
Cost of goods sold for accelerated depreciation of property, plant and equipment | $ 4.3 | $ 12 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - Maximum [Member] | 6 Months Ended |
Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | |
Payment terms on sales | 45 days |
Incremental costs to fulfill customer arrangements amortization period | 1 year |
Revenue (Schedule of Net Sales
Revenue (Schedule of Net Sales by Major Customer Group within Each Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | $ 272 | $ 248.6 | $ 514.1 | $ 475.9 |
Mineral Fiber [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 214.1 | 206.7 | 410.8 | 397.4 |
Mineral Fiber [Member] | Distributors [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 161.4 | 156.7 | 306 | 294.4 |
Mineral Fiber [Member] | Home Centers [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 21.2 | 20.5 | 44.3 | 44.5 |
Mineral Fiber [Member] | Direct Customers [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 17.5 | 16.8 | 31.6 | 30.5 |
Mineral Fiber [Member] | Retailers And Other | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 14 | 12.7 | 28.9 | 28 |
Architectural Specialties [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 57.9 | 41.9 | 103.3 | 78.5 |
Architectural Specialties [Member] | Distributors [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 37.3 | 33.4 | 68.8 | 61.8 |
Architectural Specialties [Member] | Direct Customers [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | 19 | 7.5 | 32.1 | 15.4 |
Architectural Specialties [Member] | Retailers And Other | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total net sales | $ 1.6 | $ 1 | $ 2.4 | $ 1.3 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | Mar. 04, 2019 | Aug. 16, 2018 | May 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||
Business acquisition, goodwill | $ 40.8 | $ 19.2 | |||
Architectural Components Group, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, purchase price | $ 43.1 | ||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 9.9 | ||||
Business acquisition, total fair value of intangible assets acquired | 12 | ||||
Business acquisition, goodwill | 21.2 | ||||
Architectural Components Group, Inc. [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, total fair value of intangible assets acquired | 7.4 | ||||
Architectural Components Group, Inc. [Member] | TradeNames [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, total fair value of intangible assets acquired | $ 2.8 | ||||
Steel Ceilings, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, purchase price | $ 12.3 | ||||
Business acquisition, total fair value of tangible assets acquired, less liabilities assumed | 4.4 | ||||
Business acquisition, goodwill | 3.2 | ||||
Proceed from sale of acquired product | 2 | ||||
Steel Ceilings, Inc. [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, total fair value of intangible assets acquired | 1.4 | ||||
Steel Ceilings, Inc. [Member] | TradeNames [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, total fair value of intangible assets acquired | $ 1.3 | ||||
Plasterform, Inc. [Member] | |||||
Business Acquisition [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 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ (6.9) | $ (5.8) | $ (4.7) | $ (23.1) | ||
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 | (6.8) | $ (5.7) | (4.6) | $ (23.4) | $ (19.3) | $ (74) |
EMEA and Pacific Rim Business [Member] | Immaterial Correction Related to Previously Reported Estimated Loss on Sale [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Prior period adjustment of the (loss) gain due to change in carrying value of discontinued operations net assets | 35.2 | |||||
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 | $ (0.6) | $ 8.5 | $ (25.5) | $ (51.4) |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Business Details and Line Items Comprising Discontinued Operations on Statements of Earnings and Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Net sales | $ 106.7 | $ 114.6 | $ 203.6 | $ 219 | ||
Cost of goods sold | 83.2 | 87.3 | 158.9 | 165.1 | ||
Gross profit | 23.5 | 27.3 | 44.7 | 53.9 | ||
Selling, general and administrative expenses | 20.4 | 19.7 | 41.2 | 41.7 | ||
Operating income | 3.1 | 7.6 | 3.5 | 12.2 | ||
Interest expense | 0.5 | 0.9 | ||||
Other non-operating expense, net | 0.6 | 1.4 | 0.6 | 0.2 | ||
Earnings from discontinued operations before income tax | 2.5 | 5.7 | 2.9 | 11.1 | ||
Income tax expense | 4.8 | 0.2 | 4.7 | 1.7 | ||
Net earnings (loss) from discontinued operations, net of tax | (2.3) | 5.5 | (1.8) | 9.4 | ||
(Loss) from disposal of discontinued businesses, before income tax | (6.8) | (5.7) | (4.6) | (23.4) | ||
Income tax expense (benefit) | 0.1 | 0.1 | 0.1 | (0.3) | ||
(Loss) gain from disposal of discontinued businesses, net of tax | (6.9) | (5.8) | (4.7) | (23.1) | ||
Net (loss) from discontinued operations | (9.2) | (0.3) | (6.5) | (13.7) | ||
EMEA and Pacific Rim Business [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Net sales | 106.7 | 114.6 | 203.6 | 219 | ||
Cost of goods sold | 83.2 | 87.3 | 158.9 | 165.1 | ||
Gross profit | 23.5 | 27.3 | 44.7 | 53.9 | ||
Selling, general and administrative expenses | 20.4 | 19.7 | 41.2 | 41.7 | ||
Operating income | 3.1 | 7.6 | 3.5 | 12.2 | ||
Interest expense | 0.5 | 0.9 | ||||
Other non-operating expense, net | 0.6 | 1.4 | 0.6 | 0.2 | ||
Earnings from discontinued operations before income tax | 2.5 | 5.7 | 2.9 | 11.1 | ||
Income tax expense | 4.8 | 0.2 | 4.7 | 1.7 | ||
Net earnings (loss) from discontinued operations, net of tax | (2.3) | 5.5 | (1.8) | 9.4 | ||
(Loss) from disposal of discontinued businesses, before income tax | (6.8) | (5.7) | (4.6) | (23.4) | ||
(Loss) gain from disposal of discontinued businesses, net of tax | (6.8) | (5.7) | (4.6) | (23.4) | $ (19.3) | $ (74) |
Net (loss) from discontinued operations | (9.1) | (0.2) | (6.4) | (14) | ||
Flooring Businesses [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Income tax expense (benefit) | 0.1 | 0.1 | 0.1 | (0.3) | ||
(Loss) gain from disposal of discontinued businesses, net of tax | (0.1) | (0.1) | (0.1) | 0.3 | ||
Net (loss) from discontinued operations | $ (0.1) | $ (0.1) | $ (0.1) | $ 0.3 |
Discontinued Operations (Summar
Discontinued Operations (Summary of Carrying Amount of Major Classes of Assets and Liabilities Related to EMEA and Pacific Rim Businesses) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Total current assets discontinued operations | $ 276.7 | $ 244.3 |
Total assets | 1,890 | 1,838.3 |
Current liabilities: | ||
Total current liabilities | 134.3 | 110.3 |
EMEA and Pacific Rim Business [Member] | ||
Current assets: | ||
Cash and cash equivalents | 10 | 10 |
Accounts and notes receivable, net | 57.3 | 56.2 |
Inventories, net | 65 | 59.8 |
Income tax receivable | 5.4 | 1.8 |
Other current assets | 10.4 | 8.2 |
Total current assets discontinued operations | 148.1 | 136 |
Property, plant, and equipment, less accumulated depreciation and amortization | 69.1 | 68.6 |
Prepaid pension costs | 28.8 | 28.9 |
Goodwill and intangible assets, net | 6.8 | 6.8 |
Deferred income taxes | 3.5 | 3 |
Lease ROU assets | 19.3 | |
Other non-current assets | 1.1 | 1 |
Total non-current assets of discontinued operations | 128.6 | 108.3 |
Total assets | 276.7 | 244.3 |
Current liabilities: | ||
Accounts payable and accrued expenses | 76.7 | 67.1 |
Income tax payable | 2.9 | 1.1 |
Total current liabilities | 79.6 | 68.2 |
Pension benefit liabilities | 34.4 | 33.8 |
Lease non-current liabilities | 11.3 | |
Other long-term liabilities | 2 | 1.8 |
Deferred income taxes | 7 | 6.5 |
Total non-current liabilities of discontinued operations | 54.7 | 42.1 |
Total liabilities of discontinued operations | $ 134.3 | $ 110.3 |
Discontinued Operations (Summ_2
Discontinued Operations (Summary of Carrying Amount of Major Classes of Assets and Liabilities Related to EMEA and Pacific Rim Businesses) (Parenthetical) (Details) - EMEA and Pacific Rim Business [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Adjustment of cumulative pre-tax estimated losses | $ 4.6 | |
Accumulative pre-tax estimated losses | $ 128.5 |
Discontinued Operations (Summ_3
Discontinued Operations (Summary of Total Depreciation and Amortization, Capital Expenditures and Estimated Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
(Loss) on disposal of discontinued business | $ (6.8) | $ (5.7) | $ (4.6) | $ (23.4) |
ROU assets obtained in exchange for lease obligations | 35.6 | |||
EMEA and Pacific Rim Business [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
(Loss) on disposal of discontinued business | (6.8) | (5.7) | (4.6) | (23.4) |
Purchases of property, plant and equipment | (1) | (2) | (1.4) | (3.2) |
Operating lease cost | 2.6 | 4.9 | ||
ROU assets obtained in exchange for lease obligations | 24.6 | |||
EMEA and Pacific Rim Business [Member] | Knauf [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
(Loss) on disposal of discontinued business | $ 6.8 | $ 5.7 | $ 4.6 | $ 23.4 |
Discontinued Operations (Summ_4
Discontinued Operations (Summary of Total Depreciation and Amortization, Capital Expenditures and Estimated Losses) (Parenthetical) (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
EMEA and Pacific Rim Business [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
ROU assets obtained in exchange for lease obligations | $ 0 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Customer receivables | $ 97.5 | $ 70.4 |
Miscellaneous receivables | 2.3 | 11.5 |
Less allowance for warranties, discounts and losses | (3.1) | (2) |
Accounts and notes receivable, net | $ 96.7 | $ 79.9 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable (Narrative) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Receivables [Abstract] | |
Insurance recoveries related to environmental matters | $ 6.5 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 40.5 | $ 38.8 |
Goods in process | 5.2 | 4.4 |
Raw materials and supplies | 35.9 | 27.8 |
Less LIFO reserves | (10.8) | (9.8) |
Total inventories, net | $ 70.8 | $ 61.2 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 5.7 | $ 4.1 |
Other | 1 | 0.7 |
Total other current assets | $ 6.7 | $ 4.8 |
Equity Investment (Narrative) (
Equity Investment (Narrative) (Details) | Jun. 30, 2019 |
WAVE [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity interest percentage | 50.00% |
Equity Investment (Summary of I
Equity Investment (Summary of Investment in Joint Venture, Income Statement Data) (Details) - WAVE [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 105.5 | $ 106.7 | $ 202.4 | $ 194.4 |
Gross profit | 58.9 | 61.6 | 111.5 | 109.4 |
Net earnings | $ 43.2 | $ 49.2 | $ 83.4 | $ 84.8 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Lessee Lease Description [Line Items] | ||
Operating lease existence of option to terminate | true | |
Short-term leases term | 12 months | |
Finance lease, liabilities | $ 0 | |
Additional operating leases not yet commenced | no additional operating leases that have not yet commenced | |
Rent expense | $ 6,100,000 | |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Remaining lease term operating lease | 1 year | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Remaining lease term operating lease | 14 years | |
Lease renewal term operating lease | 5 years |
Leases (Schedule of Operating L
Leases (Schedule of Operating Lease Cost and Supplemental Cash Flow Information Related to Operating Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lease Cost [Abstract] | ||
Operating lease cost | $ 1.7 | $ 3.3 |
ROU assets obtained in exchange for lease obligations | $ 35.6 |
Leases (Schedule of Operating_2
Leases (Schedule of Operating Lease Cost and Supplemental Cash Flow Information Related to Operating Leases) (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
Lease Cost [Abstract] | ||
ROU assets | $ 30.3 | $ 29.2 |
Leases (Summary of Supplemental
Leases (Summary of Supplemental Balance Sheet Information Related to Operating Leases) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Lease right-of-use assets | $ 30.3 | $ 29.2 |
Current lease liabilities | 5.1 | |
Lease non-current liabilities | $ 25.2 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent |
Leases (Schedule of Weighted Av
Leases (Schedule of Weighted Average Assumptions Used To Compute ROU Assets and Lease Liabilities) (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term (in years) | 8 years 3 months 18 days |
Weighted average discount rate | 4.90% |
Leases (Schedule of Undiscounte
Leases (Schedule of Undiscounted Future Minimum Payments) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 3.2 |
2020 | 6.1 |
2021 | 5.2 |
2022 | 4.4 |
2023 | 3.9 |
Thereafter | 14.4 |
Total lease payments | 37.2 |
Less interest | (6.9) |
Lease liabilities | $ 30.3 |
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 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill, Estimated Useful Life | Indefinite | |
Amortizing intangible assets, Gross Carrying Amount | $ 285.2 | $ 272.4 |
Amortizing intangible assets, Accumulated Amortization | 180.5 | 170.9 |
Goodwill | 40.8 | 19.2 |
Total goodwill and intangible assets | $ 647.4 | 612.9 |
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 | $ 321.4 | 321.3 |
Customer Relationships [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 188.9 | 181.4 |
Amortizing intangible assets, Accumulated Amortization | $ 108.8 | 103 |
Customer Relationships [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 3 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 | $ 84.7 | 84.3 |
Amortizing intangible assets, Accumulated Amortization | 69.3 | 66.5 |
Trademarks And Brand Names [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | 3.9 | 1.1 |
Amortizing intangible assets, Accumulated Amortization | $ 0.3 | 0.2 |
Trademarks And Brand Names [Member] | Minimum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 5 years | |
Trademarks And Brand Names [Member] | Maximum [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 20 years | |
Other [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | Various | |
Amortizing intangible assets, Gross Carrying Amount | $ 7.7 | 5.6 |
Amortizing intangible assets, Accumulated Amortization | $ 2.1 | $ 1.2 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 9.5 | $ 7.3 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Other Assets Noncurrent Disclosure [Abstract] | ||
Cash surrender value of Company owned life insurance policies | $ 54.5 | $ 54.3 |
Fair value of derivative assets | 2.4 | 9.6 |
Other | 3.2 | 4.6 |
Total other non-current assets | $ 60.1 | $ 68.5 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Accounts Payble And Accrued Expenses [Line Items] | ||
Payables, trade and other | $ 71.7 | $ 82.2 |
Current portion of lease liabilities | 5.1 | |
Employment costs | 10.4 | 18.6 |
Current portion of pension and postretirement liabilities | 11.1 | 10.9 |
Current portion of environmental liabilities | 9.7 | 0.7 |
Other | 10.3 | 10.9 |
Total accounts payable and accrued expenses | 378.3 | 383.3 |
Knauf [Member] | ||
Schedule Of Accounts Payble And Accrued Expenses [Line Items] | ||
Advance receipt of Knauf proceeds | 203.3 | 202.4 |
Contingent liability payable to Knauf for adjustments to cash consideration | 34.3 | 35.2 |
Payable to WAVE for advance receipt of Knauf proceeds | 22.4 | 22.4 |
Total accounts payable and accrued expenses | $ 34.3 | $ 35.2 |
Income Tax Expenses (Details)
Income Tax Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Earnings from continuing operations before income taxes | $ 83.1 | $ 65.3 | $ 132.9 | $ 114.7 |
Income tax expense | $ 19.4 | $ 17.7 | $ 32.8 | $ 25.9 |
Effective tax rate | 23.30% | 27.10% | 24.60% | 22.60% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Jul. 03, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility amount | $ 47,600,000 | ||
Line of credit availability | 211,200,000 | ||
Term Loan A [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit availability | 600,000,000 | $ 600,000,000 | |
Term Loan B [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit availability | 250,000,000 | 250,000,000 | |
Term Loan B [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Voluntary prepayment of debt outstanding | $ 100,000,000 | ||
Bi-lateral Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility amount | 11,400,000 | ||
Line of credit availability | 25,000,000 | 25,000,000 | |
Tax-Exempt Industrial Development Bond [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt outstanding | 35,000,000 | 35,000,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit availability | 200,000,000 | 200,000,000 | |
Letter of credit maximum sublimit | 150,000,000 | 150,000,000 | |
Amount outstanding | 0 | 0 | |
Securitization Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility amount | 36,200,000 | ||
Amount outstanding | $ 0 | ||
Maturity date | Mar. 31, 2020 | ||
Securitization Facility [Member] | ARC [Member] | |||
Debt Instrument [Line Items] | |||
Ownership interest | 100.00% | ||
Securitization Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility amount | $ 36,200,000 | ||
Line of credit availability | 36,200,000 | ||
Letters of credit issued classified as restricted cash | 0 | 6,000,000 | |
Senior Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility amount | $ 1,050,000,000 | $ 1,050,000,000 |
Debt (Schedule of Letters of Cr
Debt (Schedule of Letters of Credit Facilities) (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | $ 211,200,000 | |
Letters of credit, Used | 47,600,000 | |
Letters of credit, Available | 163,600,000 | |
Letter of Credit [Member] | Bi-lateral Facility [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | 25,000,000 | $ 25,000,000 |
Letters of credit, Used | 11,400,000 | |
Letters of credit, Available | 13,600,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Letter of credit maximum sublimit | 150,000,000 | 150,000,000 |
Letters of credit, Limit | 200,000,000 | $ 200,000,000 |
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Available | 150,000,000 | |
Accounts Receivable Securitization Facility [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Used | 36,200,000 | |
Accounts Receivable Securitization Facility [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, Limit | 36,200,000 | |
Letters of credit, Used | $ 36,200,000 |
Pension and Other Benefit Pro_3
Pension and Other Benefit Programs (Schedule of Periodic Benefit Costs (Credits) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
U.S. Defined-Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost of benefits earned during the period | $ 1.2 | $ 1.5 | $ 2.4 | $ 2.9 |
Interest cost on projected benefit obligation | 12.6 | 11.6 | 25.2 | 23.1 |
Expected return on plan assets | (20) | (24) | (40.1) | (48) |
Amortization of net actuarial (gain) loss | 4.8 | 5 | 9.6 | 10 |
Net periodic pension/postretirement (credit) | (1.4) | (5.9) | (2.9) | (12) |
Retiree Health And Life Insurance Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost of benefits earned during the period | 0.1 | 0.1 | ||
Interest cost on projected benefit obligation | 0.6 | 0.7 | 1.2 | 1.3 |
Amortization of prior service (credit) cost | (0.1) | (0.1) | ||
Amortization of net actuarial (gain) loss | (2) | (1.4) | (4.2) | (2.8) |
Net periodic pension/postretirement (credit) | $ (1.5) | $ (0.6) | $ (3.1) | $ (1.4) |
Financial Instruments (Estimate
Financial Instruments (Estimated Fair Value of Financial Instruments) (Details) - Level 2 [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | $ (797.1) | $ (819.8) |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, including current portion | (797.4) | (811.3) |
Interest Rate Swap Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | (13.5) | 3.5 |
Interest Rate Swap Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets (liabilities), net | $ (13.5) | $ 3.5 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) | Nov. 28, 2018 | Nov. 13, 2016 | Apr. 01, 2016 | Jun. 30, 2019USD ($)item | Dec. 31, 2018USD ($) |
Derivative [Line Items] | |||||
Loss in AOCI expected to be recognized in earnings over the next twelve months | $ (2,100,000) | ||||
Not Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative assets | 0 | $ 0 | |||
Derivative liabilities | $ 0 | $ 0 | |||
Commodity Price Risk [Member] | Open Natural Gas Contracts | |||||
Derivative [Line Items] | |||||
Number of Contract Designated Hedges | item | 0 | ||||
Currency Rate Risk – Sales and Purchases | Foreign Exchange | |||||
Derivative [Line Items] | |||||
Number of Contract Designated Hedges | item | 0 | ||||
Interest Rate Swap Mature 2021 [Member] | |||||
Derivative [Line Items] | |||||
Derivatives swap maturity year | 2021 | ||||
Interest Rate Swap Mature 2023 [Member] | |||||
Derivative [Line Items] | |||||
Derivatives swap maturity year | 2023 | 2023 | |||
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 Mature 2025 [Member] | |||||
Derivative [Line Items] | |||||
Derivatives swap maturity year | 2025 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Summary of Interest Rate Swaps) (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
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) - Interest Rate Swap Contracts [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Other Non-Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 2.4 | $ 9.6 |
Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ 15.9 | $ 6.1 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Summary of Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income) (Details) - Derivatives in Cash Flow Hedging Relationships [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain(Loss) Recognized in AOCI | $ (18.7) | $ 5.3 | ||
(Loss) Reclassified from AOCI into Income | $ (0.4) | $ (0.4) | (1) | (1.6) |
Continuing Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Reclassified from AOCI into Income | (0.4) | (0.4) | (1) | (1.5) |
Discontinued Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Reclassified from AOCI into Income | (0.1) | |||
Natural Gas Commodity Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain(Loss) Recognized in AOCI | 0.2 | |||
Natural Gas Commodity Contracts [Member] | Cost of goods sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Reclassified from AOCI into Income | (0.4) | |||
Foreign Exchange Contracts - Purchases [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain(Loss) Recognized in AOCI | 0.1 | |||
Foreign Exchange Contracts - Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain(Loss) Recognized in AOCI | 0.7 | |||
Foreign Exchange Contracts - Sales [Member] | Net Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Reclassified from AOCI into Income | (0.1) | (0.3) | ||
Interest Rate Swap Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain(Loss) Recognized in AOCI | (18.7) | 4.3 | ||
Interest Rate Swap Contracts [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Reclassified from AOCI into Income | $ (0.4) | $ (0.3) | $ (1) | $ (0.8) |
Other Long-Term Liabilities (Sc
Other Long-Term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Long-term deferred compensation arrangements | $ 13.8 | $ 14 |
Environmental liabilities | 1.6 | 11.7 |
Fair value of derivative liabilities | 15.9 | 6.1 |
Other | 6.6 | 6.2 |
Total other long-term liabilities | $ 37.9 | $ 38 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | Jul. 23, 2019 | Oct. 08, 2018 | Aug. 02, 2018 | Oct. 30, 2017 | Jul. 29, 2016 | Aug. 31, 2019 | May 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jul. 31, 2018 |
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||||
Shares repurchase program, repurchased cost | $ 28,100,000 | $ 35,000,000 | $ 48,100,000 | $ 105,000,000 | ||||||||||||
Quarterly dividends declared | $ 0.175 | $ 0.175 | ||||||||||||||
Dividends declared | $ 0.175 | $ 0.175 | $ 0.175 | $ 0.175 | ||||||||||||
Dividends payable, date to be paid, year and month | 2019-05 | 2019-03 | ||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||||
Quarterly dividends declared | $ 0.175 | |||||||||||||||
Scenario Forecast [Member] | ||||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||||
Dividends declared | $ 0.175 | |||||||||||||||
Dividends payable, date to be paid, year and month | 2019-08 | |||||||||||||||
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 | ||||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||||
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 | 316,005 | 620,569 | 647,691 | 1,785,816 | ||||||||||||
Common Stock | Share Repurchase Program Excluding ASR [Member] | ||||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||||
Shares repurchase program, shares repurchased | 600,000 | |||||||||||||||
Shares repurchase program, repurchased cost | $ 48,100,000 | |||||||||||||||
Shares repurchase program, average price per share | $ 74.24 | |||||||||||||||
Common Stock | Share Repurchase Program Including ASR [Member] | ||||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||||
Shares repurchase program, shares repurchased | 8,300,000 | |||||||||||||||
Shares repurchase program, repurchased cost | $ 478,700,000 | |||||||||||||||
Shares repurchase program, average price per share | $ 57.42 | |||||||||||||||
Common Stock | Maximum [Member] | ||||||||||||||||
Equity Class Of Treasury Stock [Line Items] | ||||||||||||||||
Shares repurchase program, authorized amount | $ 150,000,000 | $ 700,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | $ 245.1 | $ 368.6 | $ 226 | $ 384.1 |
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) | (7) | (19) | (6.6) | (11.2) |
Amounts reclassified from accumulated other comprehensive (loss) | 2.5 | 3.3 | 5.1 | 7 |
Net current period other comprehensive income (loss) | (4.5) | (15.7) | (1.5) | (4.2) |
Balance | 243.1 | 368.9 | 243.1 | 368.9 |
ASU 2017-12 [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Impact of ASU adoption | 0.1 | |||
ASU 2018-02 [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Impact of ASU adoption | (54.3) | |||
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (69.4) | (41.2) | (74.7) | (47.1) |
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) | 0.7 | (20.8) | 6 | (14.9) |
Net current period other comprehensive income (loss) | 0.7 | (20.8) | 6 | (14.9) |
Balance | (68.7) | (62) | (68.7) | (62) |
Derivative Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | 0.3 | 8 | 5.3 | 3.5 |
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) | (8.4) | 1.7 | (14) | 4.6 |
Amounts reclassified from accumulated other comprehensive (loss) | 0.3 | 0.3 | 0.8 | 1.2 |
Net current period other comprehensive income (loss) | (8.1) | 2 | (13.2) | 5.8 |
Balance | (7.8) | 10 | (7.8) | 10 |
Derivative Gain (Loss) [Member] | ASU 2017-12 [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Impact of ASU adoption | 0.1 | |||
Derivative Gain (Loss) [Member] | ASU 2018-02 [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Impact of ASU adoption | 0.7 | |||
Pension And Postretirement Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (387.4) | (355.5) | (390.2) | (302.3) |
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) | 0.7 | 0.1 | 1.4 | (0.9) |
Amounts reclassified from accumulated other comprehensive (loss) | 2.2 | 3 | 4.3 | 5.8 |
Net current period other comprehensive income (loss) | 2.9 | 3.1 | 5.7 | 4.9 |
Balance | (384.5) | (352.4) | (384.5) | (352.4) |
Pension And Postretirement Adjustments [Member] | ASU 2018-02 [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Impact of ASU adoption | (55) | |||
Accumulated Other Comprehensive (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (456.5) | (388.7) | (459.6) | (345.9) |
Balance | $ (461) | $ (404.4) | (461) | (404.4) |
Accumulated Other Comprehensive (Loss) [Member] | ASU 2017-12 [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Impact of ASU adoption | $ 0.1 | |||
Accumulated Other Comprehensive (Loss) [Member] | ASU 2018-02 [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Impact of ASU adoption | $ (54.3) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | $ 2.1 | $ 0.1 | $ 3.8 | $ (0.6) |
Derivative Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 2.9 | 0.2 | 4.8 | (0.8) |
Pension And Postretirement Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | $ (0.8) | $ (0.1) | $ (1) | $ 0.2 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | $ 168.6 | $ 165.9 | $ 319.3 | $ 322.4 |
Net sales | 272 | 248.6 | 514.1 | 475.9 |
Interest expense | 9.5 | 9.8 | 19.9 | 19 |
Total loss, before tax | (83.1) | (65.3) | (132.9) | (114.7) |
Tax impact | 19.4 | 17.7 | 32.8 | 25.9 |
Total loss, net of tax | (54.5) | (47.3) | (93.6) | (75.1) |
Total reclassifications for the period | 2.5 | 3.3 | 5.1 | 7 |
Derivative Gain (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period | 0.3 | 0.3 | 0.8 | 1.2 |
Derivative Gain (Loss) [Member] | Reclassified From Accumulated Other Comprehensive (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total loss, before tax | 0.4 | 0.4 | 1 | 1.6 |
Tax impact | (0.1) | (0.1) | (0.2) | (0.4) |
Total loss, net of tax | 0.3 | 0.3 | 0.8 | 1.2 |
Derivative Gain (Loss) [Member] | Natural Gas Commodity Contracts [Member] | Reclassified From Accumulated Other Comprehensive (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | 0.4 | |||
Derivative Gain (Loss) [Member] | Foreign Exchange Contracts - Purchases [Member] | Reclassified From Accumulated Other Comprehensive (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | 0.1 | |||
Derivative Gain (Loss) [Member] | Foreign Exchange Contracts - Sales [Member] | Reclassified From Accumulated Other Comprehensive (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net sales | 0.1 | 0.3 | ||
Derivative Gain (Loss) [Member] | Interest Rate Swap Contracts [Member] | Reclassified From Accumulated Other Comprehensive (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | 0.4 | 0.3 | 1 | 0.8 |
Amortization Of Net Actuarial Loss [Member] | Reclassified From Accumulated Other Comprehensive (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of net actuarial loss | 2.7 | 3.7 | 5.4 | 7.3 |
Pension And Postretirement Adjustments [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period | 2.2 | 3 | 4.3 | 5.8 |
Pension And Postretirement Adjustments [Member] | Reclassified From Accumulated Other Comprehensive (Loss) [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Total expense, before tax | 2.7 | 3.7 | 5.4 | 7.3 |
Tax impact | (0.5) | (0.7) | (1.1) | (1.5) |
Total expense, net of tax | $ 2.2 | $ 3 | $ 4.3 | $ 5.8 |
Litigation and Related Matters
Litigation and Related Matters (Narrative) (Details) | Mar. 01, 2019USD ($) | Sep. 30, 2010site | Jun. 30, 2019USD ($)Litigation | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2019USD ($)Litigationsite | Jun. 30, 2018USD ($) | Dec. 31, 2007 | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | |||||||||
Number of active and independent litigation matters for which pursuing coverage and recoveries | Litigation | 2 | 2 | |||||||
Settlement agreement amount of litigation agreement | $ 1,700,000 | $ 37,500,000 | |||||||
Cash received from litigation settlements | 6,500,000 | ||||||||
Additional cash received from litigation settlements | 400,000 | ||||||||
Environmental liabilities | $ 11,300,000 | 11,300,000 | 12,400,000 | ||||||
Reserves for potential environmental liabilities | 1,000,000 | $ 0 | 1,000,000 | $ 0 | |||||
Settlement agreement amount paid for litigation agreement | 19,700,000 | ||||||||
Accounts Payable and Accrued Expenses [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental liabilities | 9,700,000 | 9,700,000 | 700,000 | ||||||
St. Helens [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental liabilities | $ 8,600,000 | $ 8,600,000 | |||||||
Reserves for potential environmental liabilities | $ 8,600,000 | ||||||||
Settlement agreement amount paid for litigation agreement | $ 1,000,000 | ||||||||
Macon Site [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of landfills listed as Superfund site | site | 2 | ||||||||
Number of landfills AWI entered into an Administrative Order on Consent for a Removal Action | site | 1 | ||||||||
Submission date of final report to EPA | Oct. 11, 2016 | ||||||||
Elizabeth City [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of site costs Navy agreed to pay | 33.33% | ||||||||
Cost Of Goods Sold [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Settlement agreement amount of litigation agreement | 9,200,000 | ||||||||
SG&A Expenses [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Settlement agreement amount of litigation agreement | $ 2,100,000 | $ 28,300,000 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of Earnings to Earnings Attributable to Common Shares Used in Basic and Diluted Calculation) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Earnings from continuing operations | $ 63.7 | $ 47.6 | $ 100.1 | $ 88.8 |
Earnings allocated to participating non-vested share awards | (0.1) | (0.2) | (0.2) | (0.3) |
Earnings from continuing operations attributable to common shares | $ 63.6 | $ 47.4 | $ 99.9 | $ 88.5 |
Earnings Per Share (Reconcili_2
Earnings Per Share (Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Basic shares outstanding | 49 | 51.9 | 48.8 | 52.5 |
Dilutive effect of common stock equivalents | 0.8 | 0.7 | 0.8 | 0.7 |
Diluted shares outstanding | 49.8 | 52.6 | 49.6 | 53.2 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Awards to purchase common stock not included in the computation of diluted EPS | 19 | 0 | 15,195 | 0 |