Shareholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

NOTE 17. SHAREHOLDERS’ EQUITY

Common Stock Repurchase Plan

In July 2016, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $150.0 million of our outstanding shares of common stock through July 2018 (the "Program"). Pursuant to additional authorizations and extensions of the Program approved by our Board of Directors, we are authorized to repurchase up to $1,200.0 million of our outstanding shares of common stock through December 31, 2023. We had $291.8 million remaining under the Board’s repurchase authorization as of June 30, 2023.

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

During the three months ended June 30, 2023, we repurchased 0.4 million shares under the Program for a total cost of $30.0 million, excluding commissions and taxes, or an average price of $67.66 per share. During the six months ended June 30, 2023, we repurchased 0.8 million shares under the Program for a total cost of $57.0 million, excluding commissions and taxes, or an average price of $70.31 per share. Since inception and through June 30, 2023, we have repurchased 13.2 million shares under the Program for a total cost of $908.2 million, excluding commissions and taxes, or an average price of $68.76 per share.

On July 18, 2023, our Board of Directors approved an additional $500.0 million authorization for us to repurchase outstanding shares of our common stock under the Program and extended the Program to December 31, 2026, bringing the cumulative total repurchase authorization since the inception of the Program to $1,700.0 million of our outstanding shares of common stock.

Dividends

In February and April 2023, our Board of Directors declared a $0.254 per share quarterly dividend, which was paid to shareholders in March and May 2023. On July 19, 2023, our Board of Directors declared a $0.254 per share quarterly dividend to be paid in August 2023.

Accumulated Other Comprehensive (Loss)

	Foreign Currency Translation Adjustments		Derivative  Gain (1)			Pension and Postretirement Adjustments (1)			Total Accumulated Other Comprehensive (Loss) (1)
Balance, March 31, 2023	$	0.4	$	7.3		$	(109.9	)	$	(102.2	)
Other comprehensive income (loss) before reclassifications,    net of tax (expense) benefit of $-, ($0.5), $0.1 and $(0.4)		0.7		2.1			(0.1	)		2.7
Amounts reclassified from accumulated other    comprehensive (loss)		-		(2.3	)		-			(2.3	)
Net current period other comprehensive income (loss)		0.7		(0.2	)		(0.1	)		0.4
Balance, June 30, 2023	$	1.1	$	7.1		$	(110.0	)	$	(101.8	)

	Foreign Currency Translation Adjustments		Derivative Gain (1)			Pension and Postretirement Adjustments (1)			Total Accumulated Other Comprehensive (Loss) (1)
Balance, December 31, 2022	$	0.5	$	9.5		$	(110.1	)	$	(100.1	)
Other comprehensive income before reclassifications,    net of tax (expense) of $-, ($0.3), ($0.1) and $(0.4)		0.6		1.8			0.3			2.7
Amounts reclassified from accumulated other    comprehensive (loss)		-		(4.2	)		(0.2	)		(4.4	)
Net current period other comprehensive income (loss)		0.6		(2.4	)		0.1			(1.7	)
Balance, June 30, 2023	$	1.1	$	7.1		$	(110.0	)	$	(101.8	)

	Foreign Currency Translation Adjustments			Derivative Gain (1)			Pension and Postretirement Adjustments (1)			Total Accumulated Other Comprehensive (Loss) (1)
Balance, March 31, 2022	$	3.0		$	1.5		$	(102.2	)	$	(97.7	)
Other comprehensive (loss) income before reclassifications,    net of tax (expense) of $-, ($1.3), $- and ($1.3)		(0.9	)		4.1			(0.2	)		3.0
Amounts reclassified from accumulated other    comprehensive (loss)		-			(1.1	)		0.3			(0.8	)
Net current period other comprehensive (loss) income		(0.9	)		3.0			0.1			2.2
Balance, June 30, 2022	$	2.1		$	4.5		$	(102.1	)	$	(95.5	)

	Foreign Currency Translation Adjustments			Derivative (Loss) Gain (1)			Pension and Postretirement Adjustments (1)			Total Accumulated Other Comprehensive (Loss) (1)
Balance, December 31, 2021	$	2.3		$	(9.1	)	$	(102.8	)	$	(109.6	)
Other comprehensive (loss) income before reclassifications,    net of tax (expense) of $ -, ($5.3), ($0.1) and ($5.4)		(0.2	)		16.4			0.3			16.5
Amounts reclassified from accumulated other    comprehensive (loss)		-			(2.8	)		0.4			(2.4	)
Net current period other comprehensive (loss) income		(0.2	)		13.6			0.7			14.1
Balance, June 30, 2022	$	2.1		$	4.5		$	(102.1	)	$	(95.5	)

(1)Amounts are net of tax

	Amounts Reclassified from Accumulated Other Comprehensive (Loss)												Affected Line Item in the Condensed Consolidated Statements of Earnings and Comprehensive Income
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Derivative Adjustments:
Interest rate swap contracts, before tax	$	(2.9	)	$	(1.4	)	$	(5.3	)	$	(3.5	)	Interest expense
Tax impact		0.6			0.3			1.1			0.7		Income tax expense
Total (income), net of tax		(2.3	)		(1.1	)		(4.2	)		(2.8	)
Pension and Postretirement Adjustments:
Amortization of prior service credit		(0.1	)		-			(0.1	)		(0.1	)	Other non-operating (income), net
Amortization of net actuarial loss		-			0.4			(0.2	)		0.7		Other non-operating (income), net
Total (income) loss, before tax		(0.1	)		0.4			(0.3	)		0.6
Tax impact		0.1			(0.1	)		0.1			(0.2	)	Income tax expense
Total loss (income), net of tax		-			0.3			(0.2	)		0.4
Total reclassifications for the period	$	(2.3	)	$	(0.8	)	$	(4.4	)	$	(2.4	)