Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

NOTE 24. SHAREHOLDERS' EQUITY

Common Stock Repurchase Plan

On July 29, 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 (the "Program"). Since inception of the Program we have been authorized to repurchase up to an aggregate of $1,700.0 million of our outstanding shares of common stock through December 31, 2026. We had $716.8 million remaining under the Board’s repurchase authorization as of December 31, 2023.

Repurchases of our common stock 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 2023, we repurchased 1.8 million shares under the Program for a total cost of $132.0 million, excluding commissions and taxes, or an average price of $73.91 per share. Since inception, we have repurchased 14.2 million shares under the Program for a total cost of $983.2 million, excluding commissions and taxes, or an average price of $69.32 per share.

Dividends

In February, April and July 2023, our Board of Directors declared $0.254 per share quarterly dividends, which were paid to shareholders in March, May and August 2023. In October 2023, our Board of Directors declared a $0.28 per share quarterly dividend, which was paid to shareholders in November 2023. On February 14, 2024, our Board of Directors declared a $0.28 per share quarterly dividend to be paid in March 2024.

Accumulated Other Comprehensive (Loss)

The balance of each component of accumulated other comprehensive (loss), net of tax is presented in the table below.

	December 31, 2023			December 31, 2022
Foreign currency translation adjustments	$	1.0		$	0.5
Derivative gain, net		0.5			9.5
Pension and postretirement adjustments		(106.2	)		(110.1	)
Accumulated other comprehensive (loss)	$	(104.7	)	$	(100.1	)

The amounts and related tax effects allocated to each component of other comprehensive income (loss) for 2023, 2022, and 2021 are presented in the tables below.

	Pre-tax Amount			Tax (Expense) Benefit			After-tax Amount
2023
Foreign currency translation adjustments	$	0.5		$	-		$	0.5
Derivative (loss), net		(12.1	)		3.1			(9.0	)
Pension and postretirement adjustments		5.2			(1.3	)		3.9
Total other comprehensive (loss)	$	(6.4	)	$	1.8		$	(4.6	)

	Pre-tax Amount			Tax (Expense) Benefit			After-tax Amount
2022
Foreign currency translation adjustments	$	(1.8	)	$	-		$	(1.8	)
Derivative gain, net		24.9			(6.3	)		18.6
Pension and postretirement adjustments		(9.6	)		2.3			(7.3	)
Total other comprehensive income	$	13.5		$	(4.0	)	$	9.5

	Pre-tax Amount			Tax Benefit (Expense)			After-tax Amount
2021
Derivative gain, net	$	13.4		$	(3.5	)	$	9.9
Pension and postretirement adjustments		(13.4	)		3.2			(10.2	)
Total other comprehensive (loss)	$	-		$	(0.3	)	$	(0.3	)

The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2023 and 2022:

	Foreign Currency Translation Adjustments			Derivative (Loss) Gain (1)			Pension and Postretirement Adjustments (1)			Total Accumulated Other Comprehensive (Loss) Income (1)
Balance, December 31, 2021	$	2.3		$	(9.1	)	$	(102.8	)	$	(109.6	)
Other comprehensive (loss) income before reclassifications,    net of tax (expense) benefit of $-, ($6.7), $2.6 and ($4.1)		(1.8	)		20.2			(8.1	)		10.3
Amounts reclassified from accumulated other    comprehensive (loss)		-			(1.6	)		0.8			(0.8	)
Net current period other comprehensive (loss) income		(1.8	)		18.6			(7.3	)		9.5
Balance, December 31, 2022		0.5			9.5			(110.1	)		(100.1	)
Other comprehensive income (loss) before reclassifications,    net of tax benefit (expense) of $-, $0.2, ($1.5) and ($1.3)		0.5			(0.4	)		4.5			4.6
Amounts reclassified from accumulated other    comprehensive (loss)		-			(8.6	)		(0.6	)		(9.2	)
Net current period other comprehensive income (loss)		0.5			(9.0	)		3.9			(4.6	)
Balance, December 31, 2023	$	1.0		$	0.5		$	(106.2	)	$	(104.7	)

(1)Amounts are net of tax and include our 50% share of AOCI components from our WAVE joint venture.

The amounts reclassified from AOCI, and the affected line item of the Consolidated Statements of Earnings and Comprehensive Income, are presented in the table below.

	Amounts Reclassified from Accumulated Other Comprehensive (Loss)						Affected Line Item in the Consolidated Statements of Earnings and Comprehensive Income
	2023			2022
Derivative Adjustments:
Interest rate swap contracts, before tax	$	(11.5	)	$	(2.0	)	Interest expense
Tax impact		2.9			0.4		Income tax expense
Total (income), net of tax		(8.6	)		(1.6	)
Pension and Postretirement Adjustments:
Prior service credit amortization		(0.3	)		(0.3	)	Other non-operating (income), net
Amortization of net actuarial (gain) loss		(0.5	)		1.4		Other non-operating (income), net
Total (income) loss, before tax		(0.8	)		1.1
Tax impact		0.2			(0.3	)	Income tax expense
Total (income) loss, net of tax		(0.6	)		0.8
Total reclassifications for the period	$	(9.2	)	$	(0.8	)