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Segment Results
9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Segment Results

NOTE 2. SEGMENT RESULTS

In connection with the announced sale of our EMEA and Pacific Rim businesses, our former EMEA and Pacific Rim segments have been excluded from our results of continuing operations and segment assets.  As a result, our operating segments are as follows:  Mineral Fiber, Architectural Specialties and Unallocated Corporate.  

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mineral Fiber

 

$

212.8

 

 

$

199.0

 

 

$

610.2

 

 

$

578.9

 

Architectural Specialties

 

 

47.7

 

 

 

34.9

 

 

 

126.2

 

 

 

100.4

 

Total net sales

 

$

260.5

 

 

$

233.9

 

 

$

736.4

 

 

$

679.3

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Segment operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mineral Fiber

 

$

71.8

 

 

$

73.1

 

 

$

175.0

 

 

$

192.7

 

Architectural Specialties

 

 

11.3

 

 

 

7.7

 

 

 

28.2

 

 

 

20.6

 

Unallocated Corporate

 

 

(1.8

)

 

 

(6.9

)

 

 

(6.3

)

 

 

(12.9

)

Total consolidated operating income

 

$

81.3

 

 

$

73.9

 

 

$

196.9

 

 

$

200.4

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Total consolidated operating income

 

$

81.3

 

 

$

73.9

 

 

$

196.9

 

 

$

200.4

 

Interest expense

 

 

9.9

 

 

 

8.8

 

 

 

28.9

 

 

 

26.6

 

Other non-operating (income) expense, net

 

 

(9.2

)

 

 

12.3

 

 

 

(27.3

)

 

 

(4.9

)

Earnings from continuing operations before income taxes

 

$

80.6

 

 

$

52.8

 

 

$

195.3

 

 

$

178.7

 

 

Segment assets

 

September 30, 2018

 

 

December 31, 2017

 

Mineral Fiber

 

$

1,126.7

 

 

$

1,193.5

 

Architectural Specialties

 

 

84.7

 

 

 

53.2

 

Unallocated Corporate

 

 

500.8

 

 

 

320.7

 

Total consolidated assets

 

$

1,712.2

 

 

$

1,567.4

 

 

In connection with the closing of our St. Helens, Oregon Mineral Fiber manufacturing facility in the second quarter of 2018, we recorded $2.1 million and $14.1 million in the three and nine months ended September 30, 2018 in cost of goods sold related to accelerated depreciation of property, plant and equipment. During the fourth quarter of 2017, we recorded $4.0 million in cost of goods sold related to accelerated depreciation of property, plant and equipment within our Unallocated Corporate segment.