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Segment Results | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Results | NOTE 2. SEGMENT RESULTS Our operating segments are as follows: Mineral Fiber, Architectural Specialties and Unallocated Corporate. Our Mineral Fiber and Architectural Specialties segment net sales represent the product-based group offerings we sell to external customers. Our Chief Operating Decision Maker (“CODM”) is our President and Chief Executive Officer. Segment operating income (loss) is the measure of segment profit or loss reviewed by the CODM. The following tables are presented at the level of disaggregation regularly reviewed by the CODM to evaluate operating performance and allocate resources to operating segments:
For the three months ended September 30, 2025 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Net sales to external customers |  | $ | 274.0 |  |  | $ | 151.2 |  |  | $ | - |  |  | $ | 425.2 |
Cost of goods sold |  |  | 155.3 |  |  |  | 91.1 |  |  |  | 0.3 |  |  |  | 246.7 |
Gross profit (loss) |  |  | 118.7 |  |  |  | 60.1 |  |  |  | (0.3 | ) |  |  | 178.5 |
SG&A expenses |  |  | 49.1 |  |  |  | 40.7 |  |  |  | 0.3 |  |  |  | 90.1 |
Loss related to change in fair value of contingent consideration |  |  | - |  |  |  | 0.1 |  |  |  | - |  |  |  | 0.1 |
(Gain) on sales of fixed assets, net |  |  | (0.9 | ) |  |  | - |  |  |  | - |  |  |  | (0.9 | )
Equity (earnings) loss from unconsolidated affiliates, net |  |  | (28.2 | ) |  |  | - |  |  |  | 0.2 |  |  |  | (28.0 | )
Segment operating income (loss) |  | $ | 98.7 |  |  | $ | 19.3 |  |  | $ | (0.8 | ) |  | $ | 117.2 |
Depreciation and amortization |  | $ | 21.6 |  |  | $ | 8.5 |  |  | $ | - |  |  | $ | 30.1 |
Purchases of property, plant and equipment |  |  | 18.5 |  |  |  | 4.1 |  |  |  | - |  |  |  | 22.6 |
For the three months ended September 30, 2024 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Net sales to external customers |  | $ | 258.0 |  |  | $ | 128.6 |  |  | $ | - |  |  | $ | 386.6 |
Cost of goods sold |  |  | 146.5 |  |  |  | 75.5 |  |  |  | 0.5 |  |  |  | 222.5 |
Gross profit (loss) |  |  | 111.5 |  |  |  | 53.1 |  |  |  | (0.5 | ) |  |  | 164.1 |
SG&A expenses |  |  | 43.6 |  |  |  | 33.9 |  |  |  | 0.1 |  |  |  | 77.6 |
Loss related to change in fair value of contingent consideration |  |  | 0.1 |  |  |  | 0.1 |  |  |  | - |  |  |  | 0.2 |
Loss (gain) on sales and impairment of fixed assets, net |  |  | 0.3 |  |  |  | (0.1 | ) |  |  | - |  |  |  | 0.2 |
Equity (earnings) loss from unconsolidated affiliates, net |  |  | (25.5 | ) |  |  | - |  |  |  | 0.3 |  |  |  | (25.2 | )
Segment operating income (loss) |  | $ | 93.0 |  |  | $ | 19.2 |  |  | $ | (0.9 | ) |  | $ | 111.3 |
Depreciation and amortization |  | $ | 19.7 |  |  | $ | 6.4 |  |  | $ | - |  |  | $ | 26.1 |
Purchases of property, plant and equipment |  |  | 15.9 |  |  |  | 3.5 |  |  |  | - |  |  |  | 19.4 |
For the nine months ended September 30, 2025 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Net sales to external customers |  | $ | 786.1 |  |  | $ | 446.4 |  |  | $ | - |  |  | $ | 1,232.5 |
Cost of goods sold |  |  | 460.0 |  |  |  | 267.3 |  |  |  | 1.0 |  |  |  | 728.3 |
Gross profit (loss) |  |  | 326.1 |  |  |  | 179.1 |  |  |  | (1.0 | ) |  |  | 504.2 |
SG&A expenses |  |  | 132.3 |  |  |  | 119.0 |  |  |  | 0.8 |  |  |  | 252.1 |
Loss related to change in fair value of contingent consideration |  |  | 0.2 |  |  |  | 0.3 |  |  |  | - |  |  |  | 0.5 |
(Gain) loss on sales of fixed assets, net |  |  | (0.9 | ) |  |  | 0.1 |  |  |  | - |  |  |  | (0.8 | )
Equity (earnings) loss from unconsolidated affiliates, net |  |  | (87.1 | ) |  |  | - |  |  |  | 0.6 |  |  |  | (86.5 | )
Segment operating income (loss) |  | $ | 281.6 |  |  | $ | 59.7 |  |  | $ | (2.4 | ) |  | $ | 338.9 |
Depreciation and amortization |  | $ | 64.5 |  |  | $ | 25.4 |  |  | $ | - |  |  | $ | 89.9 |
Purchases of property, plant and equipment |  |  | 49.9 |  |  |  | 11.7 |  |  |  | - |  |  |  | 61.6 |
For the nine months ended September 30, 2024 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Net sales to external customers |  | $ | 747.8 |  |  | $ | 330.2 |  |  | $ | - |  |  | $ | 1,078.0 |
Cost of goods sold |  |  | 439.7 |  |  |  | 199.4 |  |  |  | 1.2 |  |  |  | 640.3 |
Gross profit (loss) |  |  | 308.1 |  |  |  | 130.8 |  |  |  | (1.2 | ) |  |  | 437.7 |
SG&A expenses |  |  | 132.8 |  |  |  | 89.6 |  |  |  | 0.7 |  |  |  | 223.1 |
Loss related to change in fair value of contingent consideration |  |  | 0.5 |  |  |  | 0.1 |  |  |  | - |  |  |  | 0.6 |
Loss on sales and impairment of fixed assets, net |  |  | 0.3 |  |  |  | - |  |  |  | - |  |  |  | 0.3 |
Equity (earnings) loss from unconsolidated affiliates, net |  |  | (79.4 | ) |  |  | - |  |  |  | 0.7 |  |  |  | (78.7 | )
Segment operating income (loss) |  | $ | 253.9 |  |  | $ | 41.1 |  |  | $ | (2.6 | ) |  | $ | 292.4 |
Depreciation and amortization |  | $ | 59.3 |  |  | $ | 16.6 |  |  | $ | - |  |  | $ | 75.9 |
Purchases of property, plant and equipment |  |  | 43.5 |  |  |  | 10.5 |  |  |  | - |  |  |  | 54.0 |
During the third quarter of 2025, we sold a parcel of land at a Mineral Fiber plant for total proceeds of $1.0 million, with a $0.9 million gain recorded upon sale. During the third quarter of 2024, we sold our idled Mineral Fiber plant in St. Helens, Oregon for total proceeds of $9.4 million, with a $4.6 million gain recorded upon sale, and we recorded an impairment loss of $4.9 million within our Mineral Fiber segment upon classification of a parcel of undeveloped land adjacent to our corporate campus in Lancaster, Pennsylvania to assets held for sale. During the second quarter of 2024 we sold a building and related land of an Architectural Specialties design center in Chicago, Illinois for total proceeds of $2.1 million, with no gain or loss recorded upon sale. The impact of these transactions was recorded within (gain) loss on sales and impairment of fixed assets, net on our Condensed Consolidated Statements of Earnings and Comprehensive Income. The following table reconciles our total segment operating income to earnings before income taxes. These items are measured and managed only on a consolidated basis.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total segment operating income |  | $ | 117.2 |  |  | $ | 111.3 |  |  | $ | 338.9 |  |  | $ | 292.4 |
Interest expense |  |  | 8.2 |  |  |  | 10.5 |  |  |  | 25.3 |  |  |  | 30.6 |
Other non-operating (income), net |  |  | (0.5 | ) |  |  | (3.0 | ) |  |  | (1.9 | ) |  |  | (9.3 | )
Earnings before income taxes |  | $ | 109.5 |  |  | $ | 103.8 |  |  | $ | 315.5 |  |  | $ | 271.1 |
The following tables present balance sheet information by operating segment:
As of September 30, 2025 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Segment assets |  | $ | 1,082.1 |  |  | $ | 621.1 |  |  | $ | 190.2 |  |  | $ | 1,893.4 |
Investments in unconsolidated affiliates |  |  | 27.3 |  |  |  | - |  |  |  | 4.0 |  |  |  | 31.3 |
As of December 31, 2024 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Segment assets |  | $ | 1,063.8 |  |  | $ | 602.2 |  |  | $ | 176.7 |  |  | $ | 1,842.7 |
Investments in unconsolidated affiliates |  |  | 22.6 |  |  |  | - |  |  |  | 4.6 |  |  |  | 27.2 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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