8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2023

ARMSTRONG WORLD INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania	1-2116	23-0366390
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)
2500 Columbia Avenue P.O. Box 3001 Lancaster, Pennsylvania		17603
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (717) 397-0611

NA

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	AWI	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

On July 25, 2023, Armstrong World Industries, Inc. (the "Company") issued a press release announcing its second quarter 2023 consolidated financial results. The full text of the press release is attached hereto as Exhibit 99.1.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished herewith and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Section 7 – Regulation FD

Item 7.01 Regulation FD Disclosure.

On July 25, 2023, the Company issued a press release announcing that it will report its second quarter 2023 consolidated financial results via a webcast and conference call on July 25, 2023 at 10:00 a.m. Eastern Time which can be accessed through the “Investors” section of the Company’s website, www.armstrongceilings.com. During this report, the Company will reference a slide presentation, a copy of which is attached hereto as Exhibit 99.2 and incorporated herein by reference.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, is being furnished herewith and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Act, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

No. 99.1	Press Release of Armstrong World Industries, Inc. dated July 25, 2023
No. 99.2	Earnings Call Presentation Second Quarter 2023 dated July 25, 2023
No. 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ARMSTRONG WORLD INDUSTRIES, INC.
By:	/s/ Austin K. So
	Austin K. So
	Senior Vice President, General Counsel, Secretary and Chief Compliance Officer

Date: July 25, 2023

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EX-99.1

 

Exhibit 99.1

Armstrong World Industries Reports Second-Quarter 2023 Results

Second-Quarter 2023 Results

•Net sales up 1% versus the prior-year quarter on strong average unit value ("AUV") performance

•Operating income up 22% with 440 basis points of margin expansion and diluted net earnings per share up 21% versus the prior-year quarter

•Adjusted EBITDA up 10% with 260 basis points of margin expansion and adjusted diluted net earnings per share up 7% versus the prior-year quarter

•Year-to-date cash flow from operating and investing activities up 43% and adjusted free cash flow up 60% versus the prior-year period

LANCASTER, Pa., July 25, 2023 -- Armstrong World Industries, Inc. (NYSE:AWI), a leader in the design, innovation and manufacture of ceiling and wall solutions in the Americas, today reported second-quarter 2023 financial results featuring strong operating income and adjusted EBITDA growth and margin expansion with positive contributions from both the Mineral Fiber and Architectural Specialties segments.

“Our results this quarter continue to demonstrate the resilience of our business model and our team’s strong focus on execution. We delivered double-digit adjusted EBITDA growth with meaningful margin expansion in both the Mineral Fiber and Architectural Specialties segments, while navigating softer market conditions,” said Vic Grizzle, President and CEO of Armstrong World Industries. “With the relentless commitment of our team to deliver results, we are on track to generate solid sales, earnings and cash flow growth for 2023, even as challenging market conditions persist. We also remain focused on furthering our digital and healthy spaces initiatives and pursuing attractive, bolt-on acquisitions, including our acquisition of BOK Modern, a design leader in metal architectural solutions. BOK Modern is a strong complement to our existing metal portfolio, and we are excited to welcome their team and work together to accelerate growth in this attractive category.”

Second-Quarter Results

(Dollar amounts in millions except per-share data)	For the Three Months Ended June 30,
	2023			2022			Change
Net sales	$	325.4		$	321.0		1.4%
Operating income	$	87.0		$	71.6		21.5%
Operating income margin (Operating income as a % of net sales)		26.7	%		22.3	%	440bps
Net earnings	$	60.2		$	52.2		15.3%
Diluted net earnings per share	$	1.34		$	1.11		20.7%
Additional Non-GAAP* Measures
Adjusted EBITDA	$	111		$	102		9.8%
Adjusted EBITDA margin (Adjusted EBITDA as a % of net sales)		34.2	%		31.6	%	260bps
Adjusted net earnings	$	62		$	60		3.1%
Adjusted diluted net earnings per share	$	1.38		$	1.29		7.0%

* The Company uses non-GAAP adjusted measures in managing the business and believes the adjustments provide meaningful comparisons of operating performance between periods and are useful alternative measures of performance. Reconciliations of the most comparable generally accepted accounting principles in the United States ("GAAP") measure are found in the tables at the end of this press release. Excluding per share data, non-GAAP figures are rounded to the nearest million and corresponding percentages are rounded to the nearest decimal.

Second-quarter 2023 consolidated net sales increased 1.4% from prior-year results, driven by favorable Average Unit Value (dollars per unit sold, or "AUV") of $17 million which was partially offset by lower volumes of $12 million. Architectural Specialties net sales increased $5 million and Mineral Fiber net sales decreased slightly from the prior-year period.

Second-quarter 2023 operating income increased 21.5% versus the prior-year period driven primarily by favorable AUV performance, lower acquisition-related charges, primarily related to a prior-year quarter loss on the change in fair value of contingent consideration related to our 2020 acquisition of TURF Design, Inc., and an increase in Worthington Armstrong Joint Venture ('WAVE") equity earnings. These benefits were partially offset by impacts from lower volumes and an increase in selling expense.

Second-Quarter Segment Results

Mineral Fiber

(Dollar amounts in millions)	For the Three Months Ended June 30,
	2023			2022			Change
Net sales	$	234.0		$	234.5		(0.2)%
Operating income	$	75.5		$	71.4		5.7%
Adjusted EBITDA*	$	95		$	89		6.7%
Operating income margin		32.3	%		30.4	%	190bps
Adjusted EBITDA margin*		40.4	%		37.8	%	260bps

Mineral Fiber net sales decreased in the second quarter of 2023 due to $17 million of lower volumes, partially offset by $16 million of favorable AUV. The year-over year decrease in volumes was driven primarily by softer market demand. The increase in AUV in the second quarter was primarily due to favorable like-for-like price, while mix was essentially unchanged compared to prior year as positive product mix offset channel mix headwinds.

Second-quarter 2023 operating income for Mineral Fiber increased 5.7% primarily due to a $14 million benefit from favorable AUV, a $4 million increase in WAVE equity earnings and benefits driven by current year cost savings initiatives. These increases were partially offset by a $12 million decrease from lower sales volumes and a $2 million increase in selling expenses, primarily in support of our digital initiatives.

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Architectural Specialties

(Dollar amounts in millions)	For the Three Months Ended June 30,
	2023			2022			Change
Net sales	$	91.4		$	86.5		5.7%
Operating income	$	12.2		$	1.1		Favorable
Adjusted EBITDA*	$	17		$	13		30.8%
Operating income margin		13.3	%		1.3	%	1200bps
Adjusted EBITDA margin*		18.5	%		14.9	%	360bps

Second-quarter 2023 net sales in Architectural Specialties increased 5.7% from prior-year results, driven by growth across most product categories and favorable project mix.

The increase in second-quarter Architectural Specialties operating income was driven by a $7 million benefit from increased sales volumes and improved project margins. Also contributing to the increase in operating income was a $7 million reduction in acquisition-related expenses, primarily due to a prior-year quarter loss on the change in fair value of contingent consideration recorded in the prior-year period related to our 2020 acquisition of TURF Design, Inc. These benefits were partially offset by a $2 million increase in manufacturing costs and a $1 million increase in selling expenses.

Cash Flow

Cash flows from operating activities for the first six months of 2023 increased $31 million versus the prior-year period, while cash flows used for investing activities decreased $4 million versus the prior-year period. The net $26 million, or 43%, increase in operating and investing cash flows was primarily due to favorable working capital changes, most notably in inventories and receivables, and an increase in dividends from WAVE, partially offset by an increase in purchases of property, plant and equipment and the acquisition of co-ownership interest in certain software-related intellectual property.

Share Repurchase Program

During the second quarter of 2023, we repurchased 0.4 million shares of common stock for a total cost of $30 million, excluding the cost of commissions and taxes. As of June 30, 2023, there was $292 million remaining under the Board of Directors' current authorized share repurchase program. On July 18, 2023 the Board of Directors authorized an additional $500 million to be added to the Company's existing share repurchase program authorization and extended the authorization through December 2026**.

**In July 2016, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $150 million of our outstanding common stock through July 2018 (the “Program”). Pursuant to additional authorization and extensions of the Program approved by our Board of Directors, including $500 million authorized on July 18, 2023, we are authorized to purchase up to $1,700 million of our outstanding shares of common stock through December 2026. Since inception and through June 30, 2023, we have repurchased 13.2 million shares under the Program for a total cost of $908 million, excluding commissions and taxes.

Acquisition of BOK Modern

In July 2023, the Company acquired BOK Modern, LLC ("BOK") for a total cash consideration of $13.8 million and additional contingent consideration payable upon the achievement of certain future performance objectives through 2025. BOK is a leading designer of metal architectural solutions based in California with 2022 revenues of approximately $12 million.

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Updating 2023 Outlook

“Our first half results are in-line with our expectations of delivering top line, bottom line and adjusted free cash flow growth in 2023. We are modestly updating our full year 2023 outlook to reflect our confidence in delivering the full year,” said Chris Calzaretta, AWI CFO. “Strong execution at our plants drove manufacturing productivity and operational efficiencies, while rigorous cost control discipline continued in the quarter. We remain confident in our growth strategy and the cash flow generation of the business which enables us to fund all of our capital allocation priorities.”

			For the Year Ended December 31, 2023
(Dollar amounts in millions except per-share data)	2022 Actual		Current Guidance					VPY Growth %
Net sales	$	1,233	$	1,265	to	$	1,305	3%	to	6%
Adjusted EBITDA*	$	385	$	400	to	$	420	4%	to	9%
Adjusted diluted net earnings per share*	$	4.74	$	4.85	to	$	5.05	2%	to	7%
Adjusted free cash flow*	$	221	$	240	to	$	250	9%	to	13%

Earnings Webcast

Management will host a live webcast conference call at 10:00 a.m. ET today, to discuss second-quarter 2023 results. This event will be available on the Company's website. The call and accompanying slide presentation can be found on the investor relations section of the Company's website at www.armstrongworldindustries.com. The replay of this event will be available on the website for up to one year after the date of the call.

Uncertainties Affecting Forward-Looking Statements

Disclosures in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, expected savings from cost management initiatives, the performance of our WAVE joint venture, market and broader economic conditions and guidance. Those statements provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. This includes annual guidance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in the “Risk Factors” and “Management’s Discussion and Analysis” sections of our reports on Form 10-K and 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”), including the Form 10-Q for the quarter ended June 30, 2023, that the Company expects to file today. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law.

About Armstrong and Additional Information

Armstrong World Industries, Inc. is a leader in the design, innovation and manufacture of innovative ceiling and wall system solutions in the Americas. With $1.2 billion in revenue in 2022, AWI has approximately 3,000 employees and a manufacturing network of 16 facilities, plus seven facilities dedicated to its WAVE joint venture.

More details on the Company’s performance can be found in its report on Form 10-Q for the quarter ended June 30, 2023, that the Company expects to file with the SEC today.

Contacts

Investors & Media: Theresa Womble, tlwomble@armstrongceilings.com or (717) 396-6354

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Reported Financial Results

(Amounts in millions, except per share data)

SELECTED FINANCIAL RESULTS

Armstrong World Industries, Inc. and Subsidiaries

(Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Net sales	$	325.4		$	321.0		$	635.6		$	603.6
Cost of goods sold		201.4			203.1			399.5			383.5
Gross profit		124.0			117.9			236.1			220.1
Selling, general and administrative expenses		61.9			61.5			124.6			118.6
Loss related to change in fair value of contingent consideration		-			6.1			-			6.2
Equity (earnings) from joint venture		(24.9	)		(21.3	)		(45.7	)		(39.5	)
Operating income		87.0			71.6			157.2			134.8
Interest expense		9.2			5.8			17.9			10.9
Other non-operating (income), net		(2.2	)		(1.4	)		(4.6	)		(2.7	)
Earnings before income taxes		80.0			67.2			143.9			126.6
Income tax expense		19.8			15.0			36.4			30.0
Net earnings	$	60.2		$	52.2		$	107.5		$	96.6
Diluted net earnings per share of common stock	$	1.34		$	1.11		$	2.38		$	2.05
Average number of diluted common shares outstanding		45.0			46.7			45.2			47.0

SEGMENT RESULTS

Armstrong World Industries, Inc. and Subsidiaries

(Unaudited)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Net Sales
Mineral Fiber	$	234.0	$	234.5	$	462.4	$	437.7
Architectural Specialties		91.4		86.5		173.2		165.9
Total net sales	$	325.4	$	321.0	$	635.6	$	603.6

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Segment operating income (loss)
Mineral Fiber	$	75.5		$	71.4		$	139.3		$	129.1
Architectural Specialties		12.2			1.1			19.4			7.6
Unallocated Corporate		(0.7	)		(0.9	)		(1.5	)		(1.9	)
Total consolidated operating income	$	87.0		$	71.6		$	157.2		$	134.8

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SELECTED BALANCE SHEET INFORMATION

Armstrong World Industries, Inc. and Subsidiaries

	Unaudited
	June 30, 2023		December 31, 2022
Assets
Current assets	$	362.0	$	356.5
Property, plant and equipment, net		559.0		554.4
Other non-current assets		791.3		776.3
Total assets	$	1,712.3	$	1,687.2
Liabilities and shareholders’ equity
Current liabilities	$	176.8	$	182.7
Non-current liabilities		968.8		969.5
Equity		566.7		535.0
Total liabilities and shareholders’ equity	$	1,712.3	$	1,687.2

SELECTED CASH FLOW INFORMATION

Armstrong World Industries, Inc. and Subsidiaries

(Unaudited)

	For the Six Months Ended June 30,
	2023			2022
Net earnings	$	107.5		$	96.6
Other adjustments to reconcile net earnings to net cash provided by operating activities		(0.8	)		13.9
Changes in operating assets and liabilities, net		(12.8	)		(47.4	)
Net cash provided by operating activities		93.9			63.1
Net cash (used for) investing activities		(6.0	)		(1.6	)
Net cash (used for) financing activities		(92.6	)		(80.2	)
Effect of exchange rate changes on cash and cash equivalents		0.3			(0.1	)
Net (decrease) in cash and cash equivalents		(4.4	)		(18.8	)
Cash and cash equivalents at beginning of year		106.0			98.1
Cash and cash equivalents at end of period	$	101.6		$	79.3

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Supplemental Reconciliations of GAAP to non-GAAP Results (unaudited)

(Amounts in millions, except per share data)

To supplement its consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company provides additional measures of performance adjusted to exclude the impact of certain discrete expenses and income including adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), adjusted diluted net earnings per share ("EPS") and adjusted free cash flow. Investors should not consider non-GAAP measures as a substitute for GAAP measures. The Company excludes certain acquisition related expenses (i.e. – changes in the fair value of contingent consideration and deferred compensation accruals for recent acquisitions). The deferred compensation accruals are for cash and stock awards that are recorded over each award's respective vesting period, as such payments are subject to the sellers’ and employees’ continued employment with the Company. The Company excludes all acquisition-related intangible amortization from adjusted net earnings and in calculations of adjusted diluted EPS. Examples of other excluded items have included plant closures, restructuring charges and related costs, impairments, separation costs and other cost reduction initiatives, environmental site expenses and environmental insurance recoveries, endowment level charitable contributions, and certain other gains and losses. The Company also excludes income/expense from its U.S. Retirement Income Plan (“RIP”) in the non-GAAP results as it represents the actuarial net periodic benefit credit/cost recorded. For all periods presented, the Company was not required and did not make cash contributions to the RIP based on guidelines established by the Pension Benefit Guaranty Corporation, nor does the Company expect to make cash contributions to the plan in 2023. Adjusted free cash flow is defined as cash from operating and investing activities, adjusted to remove the impact of cash used or proceeds received for acquisitions and divestitures, environmental site expenses and environmental insurance recoveries. Management's adjusted free cash flow measure includes returns of investment from WAVE and cash proceeds received from the settlement of company-owned life insurance policies, which are presented within investing activities on our condensed consolidated statement of cash flows. The Company uses these adjusted performance measures in managing the business, including communications with its Board of Directors and employees, and believes that they provide users of this financial information with meaningful comparisons of operating performance between current results and results in prior periods. The Company believes that these non-GAAP financial measures are appropriate to enhance understanding of its past performance, as well as prospects for its future performance. The Company also uses adjusted EBITDA and adjusted free cash flow as factors in determining at-risk compensation for senior management. These non-GAAP measures may not be defined and calculated the same as similar measures used by other companies. Non-GAAP financial measures utilized by the Company may not be comparable to non-GAAP financial measures used by other companies. A reconciliation of these adjustments to the most directly comparable GAAP measures is included in this release and on the Company’s website. These non-GAAP measures should not be considered in isolation or as a substitute for the most comparable GAAP measures.

In the following charts, numbers may not sum due to rounding. Excluding adjusted diluted EPS, non-GAAP figures are rounded to the nearest million and corresponding percentages are rounded to the nearest percent based on unrounded figures.

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Consolidated Results – Adjusted EBITDA

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Net Sales	$	325		$	321		$	636		$	604
Net earnings	$	60		$	52		$	108		$	97
Add: Income tax expense		20			15			36			30
Earnings before income taxes	$	80		$	67		$	144		$	127
Add: Interest/other income and expense, net		7			4			13			8
Operating income	$	87		$	72		$	157		$	135
Add: RIP expense (1)		1			1			1			2
Add: Acquisition-related impacts (2)		1			8			3			10
Add: Cost reduction initiatives		-			-			3			-
Adjusted operating income	$	89		$	81		$	164		$	147
Add: Depreciation and amortization		22			21			43			42
Adjusted EBITDA	$	111		$	102		$	207		$	189
Operating income margin		26.7	%		22.3	%		24.7	%		22.3	%
Adjusted EBITDA margin		34.2	%		31.6	%		32.6	%		31.3	%

(1) RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP.

(2) Represents the impact of acquisition-related adjustments for changes in fair value of contingent consideration, deferred compensation and restricted stock expenses.

Mineral Fiber

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Net Sales	$	234		$	235		$	462		$	438
Operating income	$	76		$	71		$	139		$	129
Add: Cost reduction initiatives		-			-			3			-
Adjusted operating income	$	76		$	71		$	142		$	129
Add: Depreciation and amortization		19			17			37			34
Adjusted EBITDA	$	95		$	89		$	179		$	163
Operating income margin		32.3	%		30.4	%		30.1	%		29.5	%
Adjusted EBITDA margin		40.4	%		37.8	%		38.6	%		37.3	%

Architectural Specialties

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Net Sales	$	91		$	87		$	173		$	166
Operating income	$	12		$	1		$	19		$	8
Add: Acquisition-related impacts (1)		1			8			3			10
Adjusted operating income	$	14		$	9		$	22		$	18
Add: Depreciation and amortization		3			4			6			8
Adjusted EBITDA	$	17		$	13		$	29		$	26
Operating income margin		13.3	%		1.3	%		11.2	%		4.6	%
Adjusted EBITDA margin		18.5	%		14.9	%		16.5	%		15.6	%

(1) Represents the impact of acquisition-related adjustments for changes in fair value of contingent consideration, deferred compensation and restricted stock expenses.

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Unallocated Corporate

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Operating (loss)	$	(1	)	$	(1	)	$	(2	)	$	(2	)
Add: RIP expense (1)		1			1			1			2
Adjusted operating (loss)	$	-		$	-		$	-		$	-
Add: Depreciation and amortization		-			-			-			-
Adjusted EBITDA	$	-		$	-		$	-		$	-

(1) RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP.

Adjusted Free Cash Flow

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Net cash provided by operating activities	$	68		$	46		$	94		$	63
Net cash (used for) investing activities		(5	)		(2	)		(6	)		(2	)
Net cash provided by operating and investing activities	$	63		$	45		$	88		$	62
Add: Acquisition of co-ownership interest in software-related intellectual property		10			-			10			-
Add: Net environmental expenses		-			-			-			1
Add: Contingent consideration in excess of acquisition-date fair value (1)		-			-			5			2
Adjusted Free Cash Flow	$	73		$	45		$	103		$	64

(1) Contingent compensation payments related to 2020 acquisitions recorded as a component of net cash provided by operating activities.

Adjusted Diluted Net Earnings Per Share (EPS)

	For the Three Months Ended June 30,										For the Six Months Ended June 30,
	2023					2022					2023					2022
	Total			Per Diluted Share		Total			Per Diluted Share		Total			Per Diluted Share		Total			Per Diluted Share
Net earnings	$	60		$	1.34	$	52		$	1.11	$	108		$	2.38	$	97		$	2.05
Add: Income tax expense		20					15					36					30
Earnings before income taxes	$	80				$	67				$	144				$	127
(Less): RIP (credit) (1)		-					-					(1	)				-
Add: Acquisition-related impacts (2)		1					8					3					10
Add: Acquisition-related amortization (3)		1					2					3					5
Add: Cost reduction initiatives		-					-					3					-
Adjusted earnings before income taxes	$	83				$	77				$	151				$	142
(Less): Adjusted income tax expense (4)		(20	)				(17	)				(38	)				(34	)
Adjusted net earnings	$	62		$	1.38	$	60		$	1.29	$	113		$	2.50	$	108		$	2.30
Adjusted diluted EPS change versus prior year				7.0%										8.7%
Diluted shares outstanding					45.0					46.7					45.2					47.0
Effective tax rate				25%					22%					25%					24%

(1) RIP (credit) represents the entire actuarial net periodic pension (credit) recorded as a component of net earnings. For all periods presented, we were not required to and did not make cash contributions to our RIP.

(2) Represents the impact of acquisition-related adjustments for changes in fair value of contingent consideration, deferred compensation and restricted stock expenses.

(3) Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements and other intangibles.

(4) Adjusted income tax expense is calculated using the effective tax rate multiplied by the adjusted earnings before income taxes.

9

Adjusted EBITDA Guidance

	For the Year Ending December 31, 2023
	Low				High
Net earnings	$	208		to	$	217
Add: Income tax expense		67				73
Earnings before income taxes	$	275		to	$	290
Add: Interest expense		35				38
Add: Other non-operating (income), net		(8	)			(9	)
Operating income	$	302		to	$	319
Add: RIP expense (1)		3				3
Add: Acquisition-related impacts (2)		4				5
Add: Cost reduction initiatives		3				3
Adjusted operating income	$	312		to	$	330
Add: Depreciation and amortization		88				90
Adjusted EBITDA	$	400		to	$	420

(1) RIP expense represents only the plan service cost that is recorded within Operating Income. For all periods presented, we were not required to and did not make cash contributions to our RIP.

(2) Represents the impact of acquisition-related adjustments for deferred compensation and restricted stock expenses.

Adjusted Diluted Net Earnings Per Share Guidance

	For the Year Ending December 31, 2023
	Low			Per Diluted Share(1)			High			Per Diluted Share(1)
Net earnings	$	208		$	4.62	to	$	217		$	4.82
Add: Income tax expense	$	67					$	73
Earnings before income taxes	$	275				to	$	290
Add: RIP (credit) (2)	$	(1	)				$	(1	)
Add: Acquisition-related amortization (3)	$	5					$	6
Add: Acquisition-related impacts (4)	$	4					$	5
Add: Cost reduction initiatives	$	3					$	3
Adjusted earnings before income taxes	$	286				to	$	304
(Less): Adjusted income tax expense (5)		(69	)					(76	)
Adjusted net earnings	$	217		$	4.85	to	$	228		$	5.05

(1) Adjusted diluted EPS guidance for 2023 is calculated based on ~45 million of diluted shares outstanding.

(2) RIP (credit) represents the entire actuarial net periodic pension (credit) recorded as a component of net earnings. We do not expect to make any cash contributions to our RIP.

(3) Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements and other intangibles.

(4) Represents the impact of acquisition-related adjustments for deferred compensation and restricted stock expenses.

(5) Income tax expense is based on an adjusted effective tax rate of ~24% for the low end and ~25% for the high end, multiplied by adjusted earnings before income taxes.

Adjusted Free Cash Flow Guidance

	For the Year Ending December 31, 2023
	Low				High
Net cash provided by operating activities	$	230		to	$	240
Add: Return of investment from joint venture		85				95
Adjusted net cash provided by operating activities	$	315		to	$	335
Less: Capital expenditures		(75	)			(85	)
Adjusted Free Cash Flow	$	240		to	$	250

Source: Armstrong World Industries, Inc.

10

EX-99.2

2nd Quarter 2023 Earnings Presentation July 25, 2023 Exhibit 99.2

Safe Harbor Statement Worthington Armstrong Joint Venture (“WAVE”). Disclosures in this presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, those relating to future financial and operational results, expected savings from cost management initiatives, the performance of our WAVE1 joint venture, market and broader economic conditions and guidance. Those statements provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. This includes annual guidance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in the “Risk Factors” and “Management’s Discussion and Analysis” sections of our reports on Form 10-K and 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law. In addition, we will be referring to non-Generally Accepted Accounting Principles (“GAAP”) financial measures within the meaning of SEC Regulation G. A reconciliation of the differences between these measures with the most directly comparable financial measures calculated in accordance with GAAP are included within this presentation and available on the Investor Relations page of our website at www.armstrongceilings.com. The guidance in this presentation is only effective as of the date given, July 25, 2023, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance.

Basis of Presentation Explanation The deferred compensation accruals are for cash and stock awards that will be recorded over each awards’ respective vesting period, as such payments are subject to the sellers’ and employees’ continued employment with the Company. Results throughout this presentation are presented on a normalized basis. We remove the impact of certain discrete expenses and income in certain measures including adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), adjusted diluted net earnings per share (“EPS”) and adjusted free cash flow. The Company excludes certain acquisition related expenses (i.e. – changes in the fair value of contingent consideration and deferred compensation accruals1 for recent acquisitions). The Company excludes all acquisition-related amortization from adjusted net earnings and in calculations of adjusted diluted EPS. Examples of other excluded items have included plant closures, restructuring charges and related costs, impairments, separation costs and other cost reduction initiatives, environmental site expenses and related insurance recoveries, endowment level charitable contributions, and certain other gains and losses. The Company also excludes income/expense from its U.S. Retirement Income Plan (“RIP”) in the non-GAAP results as it represents the actuarial net periodic benefit credit/cost recorded. Our tax rate may be adjusted for certain discrete items which are identified in the footnotes. Investors should not consider non-GAAP measures as a substitute for GAAP measures. Excluding adjusted diluted EPS, non-GAAP figures are rounded to the nearest million and corresponding percentages are based on unrounded figures. Operating Segments: “MF”: Mineral Fiber, “AS”: Architectural Specialties, “UC”: Unallocated Corporate All dollar figures throughout the presentation are in $ millions, expect per share data, and all comparisons are versus prior year unless otherwise noted. Figures may not sum due to rounding.

GAAP and non-GAAP Financial Results AWI Consolidated Company Results Q2 2023 Q2 2022 YTD 2023 YTD 2023 Net Sales $325.4 $321.0 $635.6 $603.6 Net Earnings $60.2 $52.2 $107.5 $96.6 Operating Income $87.0 $71.6 $157.2 $134.8 Adj. EBITDA* $111 $102 $207 $189 Operating Income Margin (Operating Income % of Net Sales) 26.7% 22.3% 24.7% 22.3% Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 34.2% 31.6% 32.6% 31.3% Diluted Net Earnings per Share $1.34 $1.11 $2.38 $2.05 Adj. Diluted Net Earnings per Share* $1.38 $1.29 $2.50 $2.30 Net Cash Provided by Operating & Investing Activities $63.2 $44.6 $87.9 $61.5 Adj. Free Cash Flow* $73 $45 $103 $64 Net Cash Provided by Operating & Investing Activities % of Net Sales 19.4% 13.9% 13.8% 10.2% Adj. Free Cash Flow Margin* (Adj. Free Cash Flow % of Net Sales) 22.5% 13.9% 16.2% 10.6% Segment Results Q2 2023 Q2 2022 MF AS UC MF AS UC Net Sales $234.0 $91.4 - $234.5 $86.5 - Operating Income (Loss) $75.5 $12.2 ($0.7) $71.4 $1.1 ($0.9) Adj. EBITDA* $95 $17 - $89 $13 - Operating Income Margin (Operating Income % of Net Sales) 32.3% 13.3% NM 30.4% 1.3% NM Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 40.4% 18.5% NM 37.8% 14.9% NM *Non-GAAP measure. See appendix for reconciliation to nearest GAAP measure. “NM”: Not meaningful.

$325M (+1% VPY) Net Sales $111M (+10% VPY) Adj. EBITDA* $1.38 (+7% VPY) Adj. Diluted EPS* $73M (+64% VPY) Adj. Free Cash Flow* 2nd Quarter 2023 Key Takeaways Robust Profitability Growth on Solid Execution *Non-GAAP measure. See slide 4 and appendix for reconciliation to nearest GAAP measure. 1. Average Unit Value (“AUV”). Includes both like-for-like price and mix impacts. Net Sales up 1% and Adj. EBITDA* up 10%Total company Adjusted EBITDA margin* expanded 260bps Mineral Fiber segment Adj. EBITDA* up 7%Driven by AUV1 improvement, moderating inflation and positive WAVE contribution; EBITDA margin* expanded 260bps to 40.4% Architectural Specialties segment Adj. EBITDA* up 31%Adj. EBITDA margin* expanded 360bps, driven by operating leverage Continued strategic momentum into July With BŌK Modern acquisition and $500M increase in share repurchase authorization

Mineral Fiber Q2 2023 Results Margin Expansion on Solid AUV Fall-Through & WAVE Growth *Non-GAAP measure. See slide 4 and appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation throughout the presentation. Includes raw material, energy and freight impacts in addition to inventory valuation impacts. Excludes the change in amortization throughout the presentation. Net Sales Growth VPY Q2 Mineral Fiber Key Highlights ● Adj. EBITDA margin* expanded 260bps year-over-year to 40.4% ● Solid topline AUV growth of 7% driven by like-for-like price ● Lower volume on softer market demand ● Steady manufacturing productivity gains across plant network ● Input cost inflation moderated with some raw materials inflating while energy costs declined ● WAVE equity earnings up double digits driven by lower steel costs Adj. EBITDA* Comparison VPY Q1 Q2 2022 Adjusted EBITDA* $74 $89 AUV 5 14 Volume 12 (12) Manufacturing1 3 3 Input Costs2 (10) (2) SG&A3 (3) - WAVE 3 4 2023 Adjusted EBITDA* $84 $95 % Change 13% 7% (0%)

Architectural Specialties Q2 2023 Results Strong Adj. EBITDA* Growth Driven by Operating Leverage Adj. EBITDA* Comparison VPY Q1 Q2 2022 Adjusted EBITDA* $13 $13 Volume 2 7 Manufacturing1 (1) (1) SG&A2 (2) (2) 2023 Adjusted EBITDA* $12 $17 % Change (10%) 31% Q2 Architectural Specialties Key Highlights ● Sales growth accelerated sequentially from Q1…order intake remains strong ● Growth across most product categories ● AS EBITDA margin* expanded 360bps to 18.5% ● Robust transportation project bidding activity continues ● Acquisition of BK Modern in July, expanding metal category Net Sales Growth VPY +6% *Non-GAAP measure. See slide 4 and appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation throughout the presentation. Excludes the change in amortization throughout the presentation.

Q2 2023 Consolidated Company Key Metrics AWI Margin Expansion with Significant Adj. Free Cash Flow* Growth Q2 2022 Q2 2023 Variance Net Sales $321 $325 1% Adj. EBITDA* $102 $111 10% Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 31.6% 34.2% 260bps Adj. Diluted Net Earnings Per Share* $1.29 $1.38 7% Adj. Free Cash Flow* $45 $73 64% *Non-GAAP measure. See slide 4 and appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation throughout the presentation. 2. Includes raw material, energy and freight impacts in addition to inventory valuation impacts. 3. Excludes the change in amortization throughout the presentation.. 1 2 3

First Half 2023 Consolidated Company Key Metrics Solid Execution Through First Half of 2023 YTD 2022 YTD 2023 Variance Net Sales $604 $636 5% Adj. EBITDA* $189 $207 10% Adj. EBITDA Margin* (Adj. EBITDA % of Net Sales) 31.3% 32.6% 130bps Adj. Diluted Net Earnings Per Share* $2.30 $2.50 9% Adj. Free Cash Flow* $64 $103 60% *Non-GAAP measure. See slide 4 and appendix for reconciliation to nearest GAAP measure. Excludes the change in depreciation throughout the presentation. 2. Includes raw material, energy and freight impacts in addition to inventory valuation impacts. 3. Excludes the change in amortization throughout the presentation.. 1 2 3 $189 $207

Adjusted Free Cash Flow* Funds Balanced Capital Allocation Strategy *Non-GAAP measure. See slide 4 and appendix for reconciliation to nearest GAAP measure. Includes cash earnings, working capital and other current assets and liabilities. 2023 Year to Date Capital Deployment 2023 Year to Date Adj. Free Cash Flow* Up 60% vs PY

Driving Growth in a Challenging Macroeconomic Environment Updating Full Year 2023 Guidance Commentary1 $1,265M to $1,305M 3% to 6% YoY Prior: 2% to 6% YoY Net Sales $4.85 to $5.05 2% to 7% YoY Prior: 1% to 7% Adjusted Diluted EPS* $400M to $420M 4% to 9% YoY Prior: 3% to 9% YoY Adjusted EBITDA* $240M to $250M 9% to 13% YoY Prior: 4% to 13% Adjusted Free Cash Flow* Improved visibility removes worst case market downturn scenario Expect lower market demand, partially offsetby initiatives, to result in low to mid-single digit MF volume decline Expect above average MF AUV growth with historical fall-through rates Managing investments and working capital to offset weaker macroeconomic conditions Expect positive WAVE equity earnings versus prior year, rebounding from 2022 results *Non-GAAP measure. See slide 4 and appendix for reconciliation to nearest GAAP measure. Additional assumptions available in the appendix of this presentation. Reflects update from prior guidance

Appendix

Full Year 2023 Assumptions *Non-GAAP Measure. See slide 4 and appendix for reconciliation to nearest GAAP measure. Assumes no contribution from future acquisitions. Based on preliminary expectations. Subject to change. Segment Net Sales Adjusted EBITDA Margin* Mineral Fiber +1% to +5% growth YoY >37.5% (prior: >37%) Architectural Specialties1 >6% growth YoY >18% Consolidated Company Metrics Full Year 2023 Capital expenditures $75M to $85M Depreciation and amortization $88M to $90M (prior: $83M to $88M) Interest expense $35M to $38M (prior: $35M to $37M) Book / cash tax rate 24% to 25% / ~26% (prior: ~25% / ~25%) Shares outstanding ~45 million Return of investment from joint venture $85M to $95M Shipping Days vs Prior Year 2022 2023 20242 Q1 (1) +1 - Q2 +1 - - Q3 - (1) +1 Q4 (1) - +1 Full Year (1) - +2

For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Net earnings $60 $52 $108 $97 Add: Income tax expense 20 15 36 30 Earnings before income taxes $80 $67 $144 $127 Add: Interest/other income and expense, net 7 4 13 8 Operating income $87 $72 $157 $135 Add: RIP expense1 1 1 1 2 Add: Acquisition-related impacts2 1 8 3 10 Add: Cost reduction initiatives - - 3 - Adjusted operating income $89 $81 $164 $147 Add: Depreciation and amortization 22 21 43 42 Adjusted EBITDA $111 $102 $207 $189 Operating income margin 26.7% 22.3% 24.7% 22.3% Adjusted EBITDA margin 34.2% 31.6% 32.6% 31.3% RIP expense represents only the plan service cost that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents the impact of acquisition-related adjustments for changes in fair value of contingent consideration, deferred compensation and restricted stock expenses. RIP (credit) represents the entire actuarial net periodic pension (credit) recorded as a component of earnings from continuing operations. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements and other intangibles. Adjusted income tax expense is calculated using the effective tax rate multiplied by the adjusted earnings before income taxes. For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Net earnings $60 $52 $108 $97 Add: Income tax expense 20 15 36 30 Earnings before income taxes $80 $67 $144 $127 (Less): RIP (credit)3 - - (1) - Add: Acquisition-related impacts2 1 8 3 10 Add: Acquisition-related amortization4 1 2 3 5 Add: Cost reduction initiatives - - 3 - Adjusted earnings before income taxes $83 $77 $151 $142 (Less): Adjusted income tax expense5 (20) (17) (38) (34) Adjusted net earnings $62 $60 $113 $108 Diluted shares outstanding 45.0 46.7 45.2 47.0 Effective tax rate 25% 22% 25% 24% Diluted net earnings per share $1.34 $1.11 $2.38 $2.05 Adjusted diluted net earnings per share $1.38 $1.29 $2.50 $2.30 Q2 2023 Adjusted EBITDA Reconciliation Q2 2023 Adjusted Diluted EPS Reconciliation

Contingent compensation payments related to 2020 acquisitions recorded as a component of net cash provided by operating activities. RIP expense represents only the plan service cost related to the RIP that is recorded within Operating Income. For all periods presented, we were not required to and did not make cash contributions to our RIP. Represents the impact of acquisition-related adjustments for changes in fair value of contingent consideration, deferred compensation and restricted stock expenses. “NM”: Not meaningful. For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Net cash provided by operating activities $68 $46 $94 $63 Net cash (used for) investing activities ($5) ($2) ($6) ($2) Net cash provided by operating and investing activities $63 $45 $88 $62 Add: Acquisition of co-ownership interest in software-related intellectual property 10 - 10 - Add: Net environmental expenses - - - 1 Add: Contingent consideration in excess of acquisition-date fair value1 - - 5 2 Adjusted free cash flow $73 $45 $103 $64 For the Three Months Ended June 30, For the Six Months Ended June 30, MF AS UC UNALLOCATED CORPORATE MF AS UC UNALLOCATED CORPORATE 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net sales $234 $235 $91 $87 - - $462 $438 $173 $166 - - Operating income (loss) $76 $71 $12 $1 ($1) ($1) $139 $129 $19 $8 ($2) ($2) Add: RIP expense2 - - - - 1 1 - - - - 1 2 Add: Acquisition-related impacts3 - - 1 8 - - - - 3 10 - - Add: Cost reduction initiatives - - - - - - 3 - - - - - Adjusted operating income (loss) $76 $71 $14 $9 - - $142 $129 $22 $18 - - Add: Depreciation and amortization 19 17 3 4 - - 37 34 6 8 - - Adjusted EBITDA $95 $89 $17 $13 - - $179 $163 $29 $26 - - Operating income margin (Operating income % of net sales) 32.3% 30.4% 13.3% 1.3% NM NM 30.1% 29.5% 11.2% 4.6% NM NM Adjusted EBITDA margin (Adjusted EBITDA % of net sales) 40.4% 37.8% 18.5% 14.9% NM NM 38.6% 37.3% 16.5% 15.6% NM NM Q2 2023 Adjusted Free Cash Flow Reconciliation Q2 2023 Segment Adj. EBITDA Reconciliation

For the Year Ending December 31, 2023 Low High Net earnings $208 $217 Add: Income tax expense 67 73 Earnings before income taxes $275 $290 Add: Interest expense 35 38 Add: Other non-operating (income), net (8) (9) Operating income $302 $319 Add: RIP expense1 3 3 Add: Acquisition-related impacts2 4 5 Add: Cost reduction initiatives 3 3 Adjusted operating income $312 $330 Add: Depreciation and amortization $88 $90 Adjusted EBITDA $400 $420 Note: Assumes rounding to sum segments to consolidated company figures. 1. RIP expense represents only the plan service cost related to the RIP that is recorded within Operating income. For all periods presented, we were not required to and did not make cash contributions to our RIP. 2. Represents the impact of acquisition-related adjustments for deferred compensation and restricted stock expenses. “NM”: Not meaningful. Full Year 2023 (Supports low-end Adj. EBITDA Margin % assumption) For the Three months Ended March 31, MF AS UC Net sales $896 $366 $ - Operating income (loss) $256 $50 ($3) Add: RIP expense1 - - 3 Add: Acquisition-related impacts2 - 4 - Add: Cost reduction initiatives 3 - - Adjusted operating income $259 $54 - Add: Depreciation and amortization 77 11 - Adjusted EBITDA $336 $66 $ - Operating income margin (Operating income % of net sales) 29% 14% NM Adjusted EBITDA margin (Adjusted EBITDA % of net sales) 37.5% 18% NM 2023 Adj. EBITDA Guidance Reconciliation 2023 Segment Adj. EBITDA Margin Guidance Reconciliation

RIP (credit) represents the entire actuarial net periodic pension (credit) recorded as a component of Net earnings. We do not expect to make cash contributions to our RIP. Represents the impact of acquisition-related adjustments for deferred compensation and restricted stock expenses. Represents acquisition-related intangible amortization, including customer relationships, developed technology, software, trademarks and brand names, non-compete agreements and other intangibles. Adjusted income tax expense is based on an adjusted effective tax rate of ~24% for the low end and ~25% for the high end, multiplied by adjusted earnings before income tax. For the Year Ending December 31, 2023 Low High Net earnings $208 $217 Add: Income tax expense 67 73 Earnings before income taxes $275 $290 Add: RIP (credit)1 (1) (1) Add: Acquisition-related impacts2 4 5 Add: Acquisition-related amortization3 5 6 Add: Cost reduction initiatives 3 3 Adjusted earnings before income taxes $286 $304 (Less): Adjusted income tax expense4 (69) (76) Adjusted net earnings $217 $228 Diluted shares outstanding ~45M ~45M Effective tax rate ~24% ~25% Diluted net earnings per share $4.62 $4.82 Adjusted diluted net earnings per share $4.85 $5.05 For the Year Ending December 31, 2023 Low High Net cash provided by operating activities $230 $240 Add: Return of investment from joint venture 85 95 Adjusted net cash provided by operating activities $315 $335 (Less): Capital expenditures (75) (85) Adjusted Free Cash Flow $240 $250 2023 Adj. Diluted EPS Guidance Reconciliation 2023 Adj. Free Cash Flow Guidance Reconciliation

XML

Document And Entity Information	Jul. 25, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 25, 2023
Entity Registrant Name	ARMSTRONG WORLD INDUSTRIES, INC.
Entity Central Index Key	0000007431
Entity Emerging Growth Company	false
Securities Act File Number	1-2116
Entity Tax Identification Number	23-0366390
Entity Address, Address Line One	2500 Columbia Avenue P.O. Box 3001
Entity Address, City or Town	Lancaster
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17603
City Area Code	717
Local Phone Number	397-0611
Entity Incorporation, State or Country Code	PA
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AWI
Security Exchange Name	NYSE