v3.24.1.u1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

NOTE 16. 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 $701.8 million remaining under the Board’s repurchase authorization as of March 31, 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 March 31, 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 $105.20 per share. Since inception, we have repurchased 14.3 million shares under the Program for a total cost of $998.2 million, excluding commissions and taxes, or an average price of $69.68 per share.

Dividends

In February 2024, our Board of Directors declared a $0.28 per share quarterly dividend, which was paid to shareholders in March 2024. On April 24, 2024, our Board of Directors declared a $0.28 per share quarterly dividend to be paid on May 23, 2024.

Accumulated Other Comprehensive (Loss)

 

 

Foreign
Currency
Translation Adjustments (1)

 

 

Derivative
 Gain (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 (expense) of $0.1, ($0.7), $- and ($0.6)

 

 

(0.8

)

 

 

2.2

 

 

 

-

 

 

 

1.4

 

Amounts reclassified from accumulated other
   comprehensive (loss)

 

 

-

 

 

 

(1.7

)

 

 

(0.6

)

 

 

(2.3

)

Net current period other comprehensive (loss) income

 

 

(0.8

)

 

 

0.5

 

 

 

(0.6

)

 

 

(0.9

)

Balance, March 31, 2024

 

$

0.2

 

 

$

1.0

 

 

$

(106.8

)

 

$

(105.6

)

 

 

 

 

Foreign
Currency
Translation Adjustments (1)

 

 

Derivative
Gain (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 (loss) income before reclassifications,
   net of tax benefit (expense) of $-, $0.2, ($0.2) and $-

 

 

(0.1

)

 

 

(0.3

)

 

 

0.4

 

 

 

-

 

Amounts reclassified from accumulated other
   comprehensive (loss)

 

 

-

 

 

 

(1.9

)

 

 

(0.2

)

 

 

(2.1

)

Net current period other comprehensive (loss) income

 

 

(0.1

)

 

 

(2.2

)

 

 

0.2

 

 

 

(2.1

)

Balance, March 31, 2023

 

$

0.4

 

 

$

7.3

 

 

$

(109.9

)

 

$

(102.2

)

 

(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 March 31,

 

 

 

 

2024

 

 

2023

 

 

Derivative Adjustments:

 

 

 

 

 

 

 

Interest rate swap contracts, before tax

 

$

(2.1

)

 

$

(2.4

)

Interest expense

Tax impact

 

 

0.4

 

 

 

0.5

 

Income tax expense

Total (income), net of tax

 

 

(1.7

)

 

 

(1.9

)

 

 

 

 

 

 

 

 

 

Pension and Postretirement Adjustments:

 

 

 

 

 

 

 

Amortization of prior service credit

 

 

(0.1

)

 

 

-

 

Other non-operating (income), net

Amortization of net actuarial (gain)

 

 

(0.8

)

 

 

(0.2

)

Other non-operating (income), net

Total (income), before tax

 

 

(0.9

)

 

 

(0.2

)

 

Tax impact

 

 

0.3

 

 

 

-

 

Income tax expense

Total (income), net of tax

 

 

(0.6

)

 

 

(0.2

)

 

Total reclassifications for the period

 

$

(2.3

)

 

$

(2.1

)