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Investments in Unconsolidated Affiliates | 12 Months Ended
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Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments In Unconsolidated Affiliates | NOTE 10. INVESTMENTS IN UNCONSOLIDATED AFFILIATES The following table presents equity (earnings) losses from our unconsolidated affiliates for the years ended December 31, 2025, 2024 and 2023:
|  | 2025 |  |  | 2024 |  |  | 2023 |
WAVE |  | $ | (113.2 | ) |  | $ | (104.3 | ) |  | $ | (89.3 | )
Overcast |  |  | 0.9 |  |  |  | 0.9 |  |  |  | - |
Equity (earnings) from unconsolidated affiliates, net |  | $ | (112.3 | ) |  | $ | (103.4 | ) |  | $ | (89.3 | )
As of December 31, 2025 and 2024, our investment in our WAVE joint venture was $22.9 million and $22.6 million, respectively. As of December 31, 2025 and 2024 our investment in Overcast was $3.7 million and $4.6 million, respectively. The following table presents combined condensed financial data for our unconsolidated affiliates:
|  | December 31, 2025 |  |  | December 31, 2024 |
Current assets |  | $ | 110.6 |  |  | $ | 111.5 |
Non-current assets |  |  | 88.9 |  |  |  | 98.9 |
Current liabilities |  |  | 33.8 |  |  |  | 33.6 |
Non-current liabilities |  |  | 360.3 |  |  |  | 376.6 |
The following table presents combined financial statement data for our unconsolidated affiliates for the years ended December 31, 2025, 2024 and 2023:
|  | 2025 |  |  | 2024 |  |  | 2023 (1) |
Net sales |  | $ | 513.5 |  |  | $ | 492.7 |  |  | $ | 449.0 |
Gross profit |  |  | 312.9 |  |  |  | 296.9 |  |  |  | 263.2 |
Net earnings |  |  | 230.0 |  |  |  | 211.1 |  |  |  | 187.2 |
(1) Excludes financial information for Overcast. Distributions from WAVE in 2025, 2024 and 2023, were $113.0 million, $97.8 million, and $96.9 million, respectively. We did not receive any distributions from Overcast in 2025 or 2024. In certain markets, we sell WAVE products directly to customers pursuant to specific terms of sale. In those circumstances, we record the sales and associated costs within our Consolidated Financial Statements. The total sales associated with these transactions were $48.8 million, $49.1 million and $47.2 million for the years ended 2025, 2024 and 2023, respectively. Our recorded investment in WAVE was higher than our 50% share of the carrying values reported in WAVE’s consolidated financial statements by $119.3 million as of December 31, 2025 and $123.6 million as of December 31, 2024. These differences arose from our adoption of fresh-start reporting upon our emergence from Chapter 11 of the U.S. Bankruptcy Code in October 2006, while WAVE’s consolidated financial statements do not reflect fresh-start reporting. The differences are composed of the following fair value adjustments to assets:
|  | December 31, 2025 |  |  | December 31, 2024 |
Property, plant and equipment |  | $ | 0.4 |  |  | $ | 0.4 |
Other intangibles |  |  | 88.5 |  |  |  | 92.8 |
Goodwill |  |  | 30.4 |  |  |  | 30.4 |
Total |  | $ | 119.3 |  |  | $ | 123.6 |
Other intangibles include customer relationships and trademarks. Customer relationships are amortized over 20 years and trademarks have an indefinite life. See Note 25 to the Consolidated Financial Statements for additional information.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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