Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

NOTE 18. SHAREHOLDERS’ EQUITY

Common Stock Repurchase Plan

On July 29, 2016, our Board of Directors approved our 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 further 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 $676.8 million remaining under the Board’s repurchase authorization as of September 30, 2024.

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 September 30, 2024, we repurchased 0.1 million shares under the Program for a total cost of $15.0 million, excluding commissions and taxes, or an average price of $119.05 per share. During the nine months ended September 30, 2024, we repurchased 0.4 million shares under the Program for a total cost of $40.0 million, excluding commissions and taxes, or an average price of $113.51 per share. Since inception, we have repurchased 14.5 million shares under the Program for a total cost of $1,023.2 million, excluding commissions and taxes, or an average price of $70.39 per share.

Dividends

In February, April and July 2024, our Board of Directors declared a $0.28 per share quarterly dividend, which was paid to shareholders in March, May and August 2024. On October 23, 2024, our Board of Directors declared a $0.308 per share quarterly dividend to be paid in November 2024.

Accumulated Other Comprehensive (Loss)

	Foreign Currency Translation Adjustments (1)			Derivative  Gain (Loss) (1)			Pension and Postretirement Adjustments (1)			Total Accumulated Other Comprehensive (Loss) (1)
Balance, June 30, 2024	$	(0.2	)	$	1.2		$	(107.5	)	$	(106.5	)
Other comprehensive income (loss) before reclassifications,    net of tax benefit of -, $1.5, $0.2 and $1.7		0.3			(4.7	)		(0.4	)		(4.8	)
Amounts reclassified from accumulated other    comprehensive (loss)		-			(1.0	)		(0.6	)		(1.6	)
Net current period other comprehensive income (loss)		0.3			(5.7	)		(1.0	)		(6.4	)
Balance, September 30, 2024	$	0.1		$	(4.5	)	$	(108.5	)	$	(112.9	)

	Foreign Currency Translation Adjustments (1)			Derivative Gain (Loss) (1)			Pension and Postretirement Adjustments (1)			Total Accumulated Other Comprehensive (Loss) (1)
Balance, December 31, 2023	$	1.0		$	0.5		$	(106.2	)	$	(104.7	)
Other comprehensive (loss) income before reclassifications,    net of tax benefit of $0.1, $0.5, $0.2 and $0.8		(0.9	)		(1.4	)		(0.4	)		(2.7	)
Amounts reclassified from accumulated other    comprehensive (loss)		-			(3.6	)		(1.9	)		(5.5	)
Net current period other comprehensive (loss)		(0.9	)		(5.0	)		(2.3	)		(8.2	)
Balance, September 30, 2024	$	0.1		$	(4.5	)	$	(108.5	)	$	(112.9	)

	Foreign Currency Translation Adjustments (1)			Derivative Gain (Loss) (1)			Pension and Postretirement Adjustments (1)			Total Accumulated Other Comprehensive (Loss) (1)
Balance, June 30, 2023	$	1.1		$	7.1		$	(110.0	)	$	(101.8	)
Other comprehensive (loss) income before reclassifications,    net of tax (expense) of $-, ($0.1), $- and ($0.1)		(0.5	)		0.7			(0.1	)		0.1
Amounts reclassified from accumulated other    comprehensive (loss)		-			(2.6	)		(0.1	)		(2.7	)
Net current period other comprehensive (loss)		(0.5	)		(1.9	)		(0.2	)		(2.6	)
Balance, September 30, 2023	$	0.6		$	5.2		$	(110.2	)	$	(104.4	)

	Foreign Currency Translation Adjustments (1)		Derivative Gain (Loss) (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 $-, ($0.4), ($0.1) and ($0.5)		0.1		2.5			0.2			2.8
Amounts reclassified from accumulated other    comprehensive (loss)		-		(6.8	)		(0.3	)		(7.1	)
Net current period other comprehensive income (loss)		0.1		(4.3	)		(0.1	)		(4.3	)
Balance, September 30, 2023	$	0.6	$	5.2		$	(110.2	)	$	(104.4	)

(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 September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Derivative Adjustments:
Interest rate swap contracts, before tax	$	(1.4	)	$	(3.3	)	$	(4.7	)	$	(8.6	)	Interest expense
Tax impact		0.4			0.7			1.1			1.8		Income tax expense
Total (income), net of tax		(1.0	)		(2.6	)		(3.6	)		(6.8	)
Pension and Postretirement Adjustments:
Amortization of prior service credit		(0.1	)		(0.1	)		(0.2	)		(0.2	)	Other non-operating (income), net
Amortization of net actuarial (gain)		(0.9	)		-			(2.5	)		(0.2	)	Other non-operating (income), net
Total (income), before tax		(1.0	)		(0.1	)		(2.7	)		(0.4	)
Tax impact		0.4			-			0.8			0.1		Income tax expense
Total (income), net of tax		(0.6	)		(0.1	)		(1.9	)		(0.3	)
Total reclassifications for the period	$	(1.6	)	$	(2.7	)	$	(5.5	)	$	(7.1	)