Armstrong World Industries Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Armstrong World Industries Inc. has filed its annual 10-K report detailing its 2023 fiscal year performance and financial standing.</b>

AI Summary

ARMSTRONG WORLD INDUSTRIES INC (AWI) filed a Annual Report (10-K) with the SEC on February 20, 2024. Armstrong World Industries Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal executive offices are located at 2500 Columbia Ave, Lancaster, PA 17603. Armstrong World Industries Inc. was formerly known as Armstrong Cork Co. and changed its name on June 11, 1980. The filing includes financial data and disclosures for the fiscal year 2023. The SIC code for the company is 3089 (Plastics Products, NEC).

Why It Matters

For investors and stakeholders tracking ARMSTRONG WORLD INDUSTRIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Armstrong World Industries' financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors and stakeholders to assess the company's trajectory. The detailed financial statements and risk factor disclosures within the 10-K offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — ARMSTRONG WORLD INDUSTRIES INC shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of financial and operational information, but lacks specific forward-looking guidance or significant event disclosures that would elevate the risk assessment.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Armstrong World Industries' performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240220 — Filing Date (Filed as of date)
• 0000007431 — Central Index Key (Filer's Central Index Key)
• 3089 — Standard Industrial Classification (Company's SIC code)
• PA — State of Incorporation (Company's state of incorporation)
• 7173970611 — Business Phone (Company's business phone number)

Key Players & Entities

• ARMSTRONG WORLD INDUSTRIES INC (company) — Filer name
• 2500 COLUMBIA AVE (location) — Business address
• LANCASTER (location) — Business address city
• PA (location) — Business address state
• 17603 (location) — Business address zip
• ARMSTRONG CORK CO (company) — Former company name
• 19800611 (date) — Date of former company name change
• 20231231 (date) — Conformed period of report

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share AWI New York St
• $73.46 — -affiliates based on the closing price ($73.46 per share) on the New York Stock Exchan
• $631.9 million — g Materials, Inc. and GMS, Inc. totaled $631.9 million and individually exceeded 10% of our co

Filing Documents

• awi-20231231.htm (10-K) — 4037KB
• awi-ex4_1.htm (EX-4.1) — 32KB
• awi-ex10_13.htm (EX-10.13) — 141KB
• awi-ex10_17.htm (EX-10.17) — 168KB
• awi-ex10_18.htm (EX-10.18) — 99KB
• awi-ex10_30.htm (EX-10.30) — 34KB
• awi-ex19.htm (EX-19) — 93KB
• awi-ex21.htm (EX-21) — 6KB
• awi-ex23_1.htm (EX-23.1) — 2KB
• awi-ex23_2.htm (EX-23.2) — 2KB
• awi-ex31_1.htm (EX-31.1) — 13KB
• awi-ex31_2.htm (EX-31.2) — 13KB
• awi-ex32_1.htm (EX-32.1) — 5KB
• awi-ex32_2.htm (EX-32.2) — 5KB
• awi-ex97.htm (EX-97) — 44KB
• awi-ex99_1.htm (EX-99.1) — 711KB
• img2330456_0.jpg (GRAPHIC) — 1KB
• img257882307_0.jpg (GRAPHIC) — 6KB
• 0000950170-24-016792.txt (&nbsp;) — 22759KB
• awi-20231231.xsd (EX-101.SCH) — 2884KB
• awi-20231231_htm.xml (XML) — 4956KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. [Reserved] 20 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 31 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 Item 9A.

Controls and Procedures

Controls and Procedures 75 Item 9B. Other Information 75 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III Item 10. Directors, Executive Officers and Corporate Governance 76 Item 11.

Executive Compensation

Executive Compensation 76 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 77 Item 13. Certain Relationships and Related Transactions, and Director Independence 77 Item 14. Principal Accountant Fees and Services 77 PART IV Item 15. Exhibits and Financial Statement Schedules 78 Item 16. Form 10-K Summary 80

Signatures

Signatures 81 2 When we refer to "AWI," the "Company," "we," "our" and "us," we are referring to Armstrong World Industries, Inc. and its subsidiaries. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report on Form 10-K and the documents incorporated by reference herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, our expectations concerning our markets, broader economic conditions and their effect on our operating results; our expectations regarding the payment of dividends; and our ability to increase revenues, earnings and earnings before interest, taxes, depreciation and amortization. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "outlook," "target," "predict," "may," "will," "would," "could," "should," "seek," and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors that could have a material adverse effect on our financial condition, liquidity, results of operations or future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: Risks Related to Our Operations changes in key customer relationships; availability and costs of manufacturing inputs or sourced products; financial

BUSINESS

ITEM 1. BUSINESS Armstrong World Industries, Inc. ("AWI" or the "Company") is a Pennsylvania corporation incorporated in 1891. When we refer to "we," "our" and "us" in this report, we are referring to AWI and its subsidiaries. AWI is a leader in the design, innovation and manufacture of ceiling and wall solutions in the Americas. We manufacture and source products made of numerous materials, including mineral fiber, fiberglass wool, metal, wood, felt, wood fiber, and glass-reinforced-gypsum. We also manufacture ceiling suspension system (grid) products through a joint venture with Worthington Enterprises, Inc. called Worthington Armstrong Venture ("WAVE"). Reportable Segments Our operating segments are as follows: Mineral Fiber, Architectural Specialties and Unallocated Corporate. Mineral Fiber – produces suspended mineral fiber and soft fiber ceiling systems. Our mineral fiber products offer various performance attributes such as acoustical control, rated fire protection, and energy efficiency, along with other health and sustainability features and aesthetic appeal. Ceiling products are primarily sold to resale distributors, ceiling systems contractors and wholesalers, and retailers (including large home centers). The Mineral Fiber segment also includes the results of WAVE, which manufactures and sells suspension system (grid) products and ceiling component products that are invoiced by both AWI and WAVE. Segment results relating to WAVE consist primarily of equity earnings and reflect our 50% equity interest in the joint venture. Ceiling component products consist of ceiling perimeters and trim, in addition to grid products that support drywall ceiling systems. For some customers, WAVE sells its suspension system products to AWI for resale to customers. Mineral Fiber segment results reflect those sales transactions. The Mineral Fiber segment also includes all assets and liabilities not specifically allocated to our Architectural Specialties or Unallocate

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View this 10-K filing on SEC EDGAR