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v3.26.1

Segment Results | 6 Months Ended
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Jun. 30, 2026
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. Effective April 1, 2026, our President and Chief Executive Officer (“CEO”), Victor Grizzle, transitioned to Executive Chair of our Board of Directors, and Mark Hershey, formerly our Senior Vice President and Chief Operating Officer, succeeded Victor Grizzle as President and CEO. 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 segments:
For the three months ended June 30, 2026 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Net sales to external customers |  | $ | 288.2 |  |  | $ | 183.8 |  |  | $ | - |  |  | $ | 472.0 |
Cost of goods sold |  |  | 166.8 |  |  |  | 109.8 |  |  |  | 0.4 |  |  |  | 277.0 |
Gross profit (loss) |  |  | 121.4 |  |  |  | 74.0 |  |  |  | (0.4 | ) |  |  | 195.0 |
SG&A expenses |  |  | 48.7 |  |  |  | 44.7 |  |  |  | 0.3 |  |  |  | 93.7 |
Loss related to change in fair value of contingent consideration, net |  |  | 1.0 |  |  |  | (0.1 | ) |  |  | - |  |  |  | 0.9 |
Equity (earnings) loss from unconsolidated affiliates, net |  |  | (33.6 | ) |  |  | - |  |  |  | 0.2 |  |  |  | (33.4 | )
Segment operating income (loss) |  | $ | 105.3 |  |  | $ | 29.4 |  |  | $ | (0.9 | ) |  | $ | 133.8 |
Depreciation and amortization |  | $ | 22.0 |  |  | $ | 8.2 |  |  | $ | - |  |  | $ | 30.2 |
Purchases of property, plant and equipment |  |  | 17.8 |  |  |  | 6.2 |  |  |  | - |  |  |  | 24.0 |
For the three months ended June 30, 2025 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Net sales to external customers |  | $ | 267.0 |  |  | $ | 157.6 |  |  | $ | - |  |  | $ | 424.6 |
Cost of goods sold |  |  | 156.7 |  |  |  | 91.8 |  |  |  | 0.3 |  |  |  | 248.8 |
Gross profit (loss) |  |  | 110.3 |  |  |  | 65.8 |  |  |  | (0.3 | ) |  |  | 175.8 |
SG&A expenses |  |  | 43.8 |  |  |  | 40.3 |  |  |  | 0.3 |  |  |  | 84.4 |
Loss related to change in fair value of contingent consideration, net |  |  | 0.2 |  |  |  | (0.1 | ) |  |  | - |  |  |  | 0.1 |
Equity (earnings) loss from unconsolidated affiliates, net |  |  | (32.1 | ) |  |  | - |  |  |  | 0.2 |  |  |  | (31.9 | )
Segment operating income (loss) |  | $ | 98.4 |  |  | $ | 25.6 |  |  | $ | (0.8 | ) |  | $ | 123.2 |
Depreciation and amortization |  | $ | 22.1 |  |  | $ | 8.4 |  |  | $ | - |  |  | $ | 30.5 |
Purchases of property, plant and equipment |  |  | 16.8 |  |  |  | 3.1 |  |  |  | - |  |  |  | 19.9 |
For the six months ended June 30, 2026 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Net sales to external customers |  | $ | 545.4 |  |  | $ | 336.5 |  |  | $ | - |  |  | $ | 881.9 |
Cost of goods sold |  |  | 322.1 |  |  |  | 208.8 |  |  |  | 0.7 |  |  |  | 531.6 |
Gross profit (loss) |  |  | 223.3 |  |  |  | 127.7 |  |  |  | (0.7 | ) |  |  | 350.3 |
SG&A expenses |  |  | 92.5 |  |  |  | 89.1 |  |  |  | 0.5 |  |  |  | 182.1 |
Loss related to change in fair value of contingent consideration, net |  |  | 1.0 |  |  |  | (0.1 | ) |  |  | - |  |  |  | 0.9 |
Equity (earnings) loss from unconsolidated affiliates, net |  |  | (61.0 | ) |  |  | - |  |  |  | 0.3 |  |  |  | (60.7 | )
Segment operating income (loss) |  | $ | 190.8 |  |  | $ | 38.7 |  |  | $ | (1.5 | ) |  | $ | 228.0 |
Depreciation and amortization |  | $ | 44.0 |  |  | $ | 15.9 |  |  | $ | - |  |  | $ | 59.9 |
Purchases of property, plant and equipment |  |  | 31.7 |  |  |  | 10.0 |  |  |  | - |  |  |  | 41.7 |
For the six months ended June 30, 2025 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Net sales to external customers |  | $ | 512.1 |  |  | $ | 295.2 |  |  | $ | - |  |  | $ | 807.3 |
Cost of goods sold |  |  | 304.7 |  |  |  | 176.2 |  |  |  | 0.7 |  |  |  | 481.6 |
Gross profit (loss) |  |  | 207.4 |  |  |  | 119.0 |  |  |  | (0.7 | ) |  |  | 325.7 |
SG&A expenses |  |  | 83.2 |  |  |  | 78.4 |  |  |  | 0.5 |  |  |  | 162.1 |
Loss related to change in fair value of contingent consideration, net |  |  | 0.2 |  |  |  | 0.2 |  |  |  | - |  |  |  | 0.4 |
Equity (earnings) loss from unconsolidated affiliates, net |  |  | (58.9 | ) |  |  | - |  |  |  | 0.4 |  |  |  | (58.5 | )
Segment operating income (loss) |  | $ | 182.9 |  |  | $ | 40.4 |  |  | $ | (1.6 | ) |  | $ | 221.7 |
Depreciation and amortization |  | $ | 42.9 |  |  | $ | 16.9 |  |  | $ | - |  |  | $ | 59.8 |
Purchases of property, plant and equipment |  |  | 31.4 |  |  |  | 7.6 |  |  |  | - |  |  |  | 39.0 |
The following table reconciles our total segment operating income to earnings before income taxes. These items are only measured and managed on a consolidated basi s:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Total segment operating income |  | $ | 133.8 |  |  | $ | 123.2 |  |  | $ | 228.0 |  |  | $ | 221.7 |
Interest expense |  |  | 7.8 |  |  |  | 8.6 |  |  |  | 15.1 |  |  |  | 17.1 |
Other non-operating (income), net |  |  | (0.9 | ) |  |  | (0.7 | ) |  |  | (2.4 | ) |  |  | (1.4 | )
Earnings before income taxes |  | $ | 126.9 |  |  | $ | 115.3 |  |  | $ | 215.3 |  |  | $ | 206.0 |
The following tables present balance sheet information by segment:
As of June 30, 2026 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Segment assets |  | $ | 1,104.0 |  |  | $ | 712.4 |  |  | $ | 190.4 |  |  | $ | 2,006.8 |
Investments in unconsolidated affiliates |  |  | 26.3 |  |  |  | - |  |  |  | 3.3 |  |  |  | 29.6 |
As of December 31, 2025 |  | Mineral Fiber |  |  | Architectural Specialties |  |  | Unallocated Corporate |  |  | Total |
Segment assets |  | $ | 1,095.6 |  |  | $ | 612.7 |  |  | $ | 216.4 |  |  | $ | 1,924.7 |
Investments in unconsolidated affiliates |  |  | 22.9 |  |  |  | - |  |  |  | 3.7 |  |  |  | 26.6 |

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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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