Investments in Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2025

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.

The following table presents equity (earnings) losses from our unconsolidated affiliates for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31,
	2025			2024
WAVE	$	(26.8	)	$	(27.4	)
Overcast		0.2			0.2
Equity (earnings) from unconsolidated affiliates, net	$	(26.6	)	$	(27.2	)

Condensed financial statement data for WAVE is summarized below.

	Three Months Ended
	March 31,
	2025		2024
Net sales	$	124.1	$	125.8
Gross profit		75.1		76.7
Net earnings		55.3		57.0