Shareholders' Equity

6 Months Ended

Jun. 30, 2021

NOTE 18. SHAREHOLDERS’ EQUITY

Common Stock Repurchase Plan

Since July 29, 2016, our Board of Directors has approved our share repurchase program pursuant to which we are currently authorized to repurchase up to $1,200.0 million of our outstanding shares of common stock through December 31, 2023 (the “Program”). We currently have $563.8 million remaining under the Board’s repurchase authorization as of June 30, 2021.

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 six months ended June 30, 2021, we repurchased 0.3 million shares under the Program for a total cost of $30.0 million, excluding commissions, or an average price of $93.72 per share. Since inception, through June 30, 2021, we have repurchased 10.0 million shares under the Program for a total cost of $636.2 million, excluding commissions, or an average price of $63.35 per share.

Dividends

In February 2021 and April, our Board of Directors declared $0.21 per share quarterly dividends, which were paid to shareholders in March and May 2021. On July 21, 2021, our Board of Directors declared a $0.21 dividend per share quarterly dividend to be paid in August 2021.

Accumulated Other Comprehensive (Loss)

	Foreign Currency Translation Adjustments		Derivative (Loss) ⁽¹⁾			Pension and Postretirement Adjustments⁽¹⁾			Total Accumulated Other Comprehensive (Loss)⁽¹⁾
Balance, March 31, 2021	$	2.9	$	(15.2	)	$	(92.4	)	$	(104.7	)
Other comprehensive income before reclassifications, net of tax (expense) of $-, ($0.9), $- and ($0.9)		0.5		2.8			-			3.3
Amounts reclassified from accumulated other comprehensive (loss)		-		(1.7	)		0.2			(1.5	)
Net current period other comprehensive income		0.5		1.1			0.2			1.8
Balance, June 30, 2021	$	3.4	$	(14.1	)	$	(92.2	)	$	(102.9	)

	Foreign Currency Translation Adjustments		Derivative (Loss) ⁽¹⁾			Pension and Postretirement Adjustments⁽¹⁾			Total Accumulated Other Comprehensive (Loss)⁽¹⁾
Balance, December 31, 2020	$	2.3	$	(19.0	)	$	(92.6	)	$	(109.3	)
Other comprehensive income before reclassifications, net of tax (expense) of $ -, ($2.6), $- and ($2.6)		1.1		8.1			-			9.2
Amounts reclassified from accumulated other comprehensive (loss)		-		(3.2	)		0.4			(2.8	)
Net current period other comprehensive income		1.1		4.9			0.4			6.4
Balance, June 30, 2021	$	3.4	$	(14.1	)	$	(92.2	)	$	(102.9	)

	Foreign Currency Translation Adjustments		Derivative (Loss) ⁽¹⁾			Pension and Postretirement Adjustments⁽¹⁾			Total Accumulated Other Comprehensive (Loss) ⁽¹⁾
Balance, March 31, 2020	$	7.3	$	(20.3	)	$	(88.7	)	$	(101.7	)
Other comprehensive income (loss) before reclassifications, net of tax benefit of $ -, $0.4, $ - and $0.4		0.1		(0.8	)		-			(0.7	)
Amounts reclassified from accumulated other comprehensive (loss)		-		(1.2	)		(0.7	)		(1.9	)
Net current period other comprehensive income (loss)		0.1		(2.0	)		(0.7	)		(2.6	)
Balance, June 30, 2020	$	7.4	$	(22.3	)	$	(89.4	)	$	(104.3	)

	Foreign Currency Translation Adjustments			Derivative (Loss) ⁽¹⁾			Pension and Postretirement Adjustments⁽¹⁾			Total Accumulated Other Comprehensive (Loss) ⁽¹⁾
Balance, December 31, 2019	$	9.4		$	(8.5	)	$	(377.0	)	$	(376.1	)
Other comprehensive (loss) before reclassifications, net of tax benefit (expense) of $ -, $4.4, ($2.9) and $1.5		(2.0	)		(12.4	)		8.6			(5.8	)
Amounts reclassified from accumulated other comprehensive (loss)		-			(1.4	)		279.0			277.6
Net current period other comprehensive income (loss)		(2.0	)		(13.8	)		287.6			271.8
Balance, June 30, 2020	$	7.4		$	(22.3	)	$	(89.4	)	$	(104.3	)

(1)

Amounts are net of tax

	Amounts Reclassified from Accumulated Other Comprehensive (Loss)												Affected Line Item in the Condensed Consolidated Statements of Operations and Comprehensive Income
	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Derivative Adjustments:
Interest rate swap contracts, before tax	$	(2.2	)	$	(1.5	)	$	(4.1	)	$	(1.8	)	Interest expense
Tax impact		0.5			0.3			0.9			0.4		Income tax expense
Total (income), net of tax		(1.7	)		(1.2	)		(3.2	)		(1.4	)

Pension and Postretirement Adjustments:
Prior service credit amortization		-			-			(0.1	)		(0.1	)	Other non-operating (income) expense, net
Amortization of net actuarial loss (gain)		0.3			(0.9	)		0.7			1.4		Other non-operating (income) expense, net
Settlement		-			-			-			374.4		Other non-operating (income) expense, net
Total loss (income), before tax		0.3			(0.9	)		0.6			375.7
Tax impact		(0.1	)		0.2			(0.2	)		(96.7	)	Income tax expense
Total loss (income), net of tax		0.2			(0.7	)		0.4			279.0
Total reclassifications for the period	$	(1.5	)	$	(1.9	)	$	(2.8	)	$	277.6