Investments in Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

NOTE 7. INVESTMENTS IN UNCONSOLIDATED AFFILIATES

Investments in unconsolidated affiliates include our 50% equity interest in Worthington Armstrong Venture (“WAVE”), our joint venture with Worthington Enterprises, Inc., and our 19.5% equity interest in Overcast. Both the WAVE joint venture and Overcast investment are reflected within our Condensed Consolidated Financial Statements using the equity method of accounting. WAVE is

reflected as a component of our Mineral Fiber segment while Overcast is included as a component of our Unallocated Corporate segment.

Condensed financial statement data for WAVE is summarized below.

	Three Months Ended
	March 31,
	2024		2023
Net sales	$	125.8	$	109.5
Gross profit		76.7		62.3
Net earnings		57.0		43.8

The following table presents equity (earnings) loss from our unconsolidated affiliates for the three months ended March 31, 2024 and 2023:

	Three Months Ended
	March 31,
	2024			2023
WAVE	$	(27.4	)	$	(20.8	)
Overcast		0.2			-
Equity (earnings) from unconsolidated affiliates, net	$	(27.2	)	$	(20.8	)