| Shareholders' Equity |
NOTE 17. SHAREHOLDERS’ EQUITY Common Stock Repurchase Plan On July 29, 2016, the Board of Directors of the Company approved a 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, this authorization has been increased to permit repurchases of up to an aggregate of $1,700.0 million of our outstanding shares of common stock through December 31, 2026. We had $397.9 million remaining under the Board’s repurchase authorization as of June 30, 2026. On July 21, 2026, the Board of Directors of the Company approved an additional $800.0 million authorization under the Program, increasing the total authorized amount available for repurchases to $2,500.0 million, and extending the Program through December 31, 2029. Repurchases of our common stock 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 June 30, 2026, we repurchased 0.5 million shares under the Program for a total cost of $74.9 million, excluding commissions and taxes, or an average price of $163.20 per share. During the six months ended June 30, 2026, we repurchased 0.8 million shares under the Program for a total cost of $134.9 million, excluding commissions and taxes, or an average price of $168.65 per share. Since inception and through June 30, 2026, we have repurchased 16.2 million shares under the Program for a total cost of $1,302.1 million, excluding commissions and taxes, or an average price of $80.31 per share. Dividends In February and April 2026, our Board of Directors declared $0.339 per share quarterly dividends, which were paid to shareholders in March and May 2026. On July 21, 2026, our Board of Directors declared a $0.339 per share quarterly dividend to be paid in August 2026. Accumulated Other Comprehensive (Loss) The following tables summarize the activity, by component, related to the change in AOCL for the three and six months ended June 30, 2026 and 2025:
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Foreign Currency
Translation Adjustments (1) |
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Derivative
(Loss) (1) |
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Pension and Postretirement Adjustments (1) |
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Total Accumulated
Other Comprehensive (Loss) (1) |
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Balance, March 31, 2026 |
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$ |
(1.2 |
) |
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$ |
(1.5 |
) |
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$ |
(99.4 |
) |
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$ |
(102.1 |
) |
Other comprehensive (loss) income before reclassifications,
net of tax benefit (expense) of $0.8, $(0.3), $- and $0.5 |
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(2.4 |
) |
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0.8 |
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- |
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(1.6 |
) |
Amounts reclassified from accumulated other
comprehensive (loss) |
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- |
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0.4 |
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0.7 |
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1.1 |
|
Net current period other comprehensive (loss) income |
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(2.4 |
) |
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1.2 |
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0.7 |
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(0.5 |
) |
Balance, June 30, 2026 |
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$ |
(3.6 |
) |
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$ |
(0.3 |
) |
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$ |
(98.7 |
) |
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$ |
(102.6 |
) |
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Foreign Currency
Translation Adjustments (1) |
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Derivative
(Loss) (1) |
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Pension and Postretirement Adjustments (1) |
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Total Accumulated
Other Comprehensive (Loss) (1) |
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Balance, December 31, 2025 |
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$ |
(0.5 |
) |
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$ |
(2.6 |
) |
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$ |
(100.0 |
) |
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$ |
(103.1 |
) |
Other comprehensive (loss) income before reclassifications,
net of tax benefit (expense) of $0.9, ($0.5), $- and $0.4 |
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(3.1 |
) |
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1.6 |
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- |
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(1.5 |
) |
Amounts reclassified from accumulated other
comprehensive (loss) |
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- |
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0.7 |
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1.3 |
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2.0 |
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Net current period other comprehensive (loss) income |
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(3.1 |
) |
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2.3 |
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1.3 |
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0.5 |
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Balance, June 30, 2026 |
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$ |
(3.6 |
) |
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$ |
(0.3 |
) |
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$ |
(98.7 |
) |
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$ |
(102.6 |
) |
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Foreign Currency
Translation Adjustments (1) |
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Derivative
(Loss) (1) (2) |
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Pension and Postretirement Adjustments (1) |
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Total Accumulated
Other Comprehensive (Loss) (1) (2) |
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Balance, March 31, 2025 |
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$ |
(1.9 |
) |
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$ |
(2.6 |
) |
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$ |
(106.3 |
) |
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$ |
(110.8 |
) |
Other comprehensive income (loss) before reclassifications,
net of tax (expense) benefit of ($0.3), $0.1, $- and ($0.2) |
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1.5 |
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(0.3 |
) |
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- |
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1.2 |
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Amounts reclassified from accumulated other
comprehensive (loss) |
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- |
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- |
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0.7 |
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0.7 |
|
Net current period other comprehensive income (loss) |
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1.5 |
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(0.3 |
) |
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0.7 |
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1.9 |
|
Balance, June 30, 2025 |
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$ |
(0.4 |
) |
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$ |
(2.9 |
) |
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$ |
(105.6 |
) |
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$ |
(108.9 |
) |
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Foreign Currency
Translation Adjustments (1) |
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Derivative
(Loss) (1) (2) |
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Pension and Postretirement Adjustments (1) |
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Total Accumulated
Other Comprehensive (Loss) (1) (2) |
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Balance, December 31, 2024 |
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$ |
(2.2 |
) |
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$ |
(1.1 |
) |
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$ |
(106.9 |
) |
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$ |
(110.2 |
) |
Other comprehensive income (loss) before reclassifications,
net of tax (expense) benefit of ($0.4), $0.4, $- and $- |
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1.8 |
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(1.5 |
) |
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- |
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0.3 |
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Amounts reclassified from accumulated other
comprehensive (loss) |
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- |
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(0.3 |
) |
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1.3 |
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1.0 |
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Net current period other comprehensive income (loss) |
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1.8 |
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(1.8 |
) |
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1.3 |
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1.3 |
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Balance, June 30, 2025 |
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$ |
(0.4 |
) |
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$ |
(2.9 |
) |
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$ |
(105.6 |
) |
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$ |
(108.9 |
) |
(1)Amounts are net of tax. (2)Amounts include our 50% share of AOCL components from our WAVE joint venture. The amounts classified from AOCL, and the affected line item of the Condensed Consolidated Statements of Earnings and Comprehensive Income, are presented in the table below:
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Amounts Reclassified from Accumulated Other Comprehensive (Loss) |
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Affected Line Item on the
Condensed Consolidated |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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Statements of Earnings |
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2026 |
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2025 |
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2026 |
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2025 |
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and Comprehensive Income |
Derivative Adjustments: |
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Interest rate swap contracts, before tax |
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$ |
0.5 |
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$ |
- |
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$ |
0.9 |
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$ |
(0.4 |
) |
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Interest expense |
Tax impact |
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(0.1 |
) |
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- |
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(0.2 |
) |
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0.1 |
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Income tax expense |
Total loss (income), net of tax |
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0.4 |
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- |
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0.7 |
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(0.3 |
) |
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Pension and Postretirement Adjustments: |
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Amortization of prior service credit |
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- |
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(0.1 |
) |
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- |
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(0.1 |
) |
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Other non-operating (income), net |
Amortization of net actuarial loss |
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1.0 |
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1.0 |
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1.8 |
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1.9 |
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Other non-operating (income), net |
Total loss, before tax |
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1.0 |
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0.9 |
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1.8 |
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1.8 |
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Tax impact |
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(0.3 |
) |
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(0.2 |
) |
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(0.5 |
) |
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(0.5 |
) |
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Income tax expense |
Total loss, net of tax |
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0.7 |
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0.7 |
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1.3 |
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1.3 |
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Total reclassifications for the period |
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$ |
1.1 |
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$ |
0.7 |
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$ |
2.0 |
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$ |
1.0 |
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