Investments in Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

NOTE 8. INVESTMENTS IN UNCONSOLIDATED AFFILIATES

Investments in unconsolidated affiliates include our 50% equity interest in Worthington Armstrong Venture (“WAVE”), our joint venture with Worthington Enterprises, Inc., and our 19.5% equity interest in Overcast. Both the WAVE joint venture and Overcast investment are reflected within our Condensed Consolidated Financial Statements using the equity method of accounting. WAVE is reflected as a component of our Mineral Fiber segment while Overcast is included as a component of our Unallocated Corporate segment.

Condensed financial statement data for WAVE is summarized below.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales	$	126.1	$	116.1	$	251.9	$	225.6
Gross profit		71.1		70.1		147.8		132.4
Net earnings		55.2		51.6		112.2		95.4

The following table presents equity (earnings) losses from our unconsolidated affiliates for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
WAVE	$	(26.5	)	$	(24.9	)	$	(53.9	)	$	(45.7	)
Overcast		0.2			-			0.4			-
Equity (earnings) from unconsolidated affiliates, net	$	(26.3	)	$	(24.9	)	$	(53.5	)	$	(45.7	)