Equity Investment

9 Months Ended

Sep. 30, 2018

Equity Method Investments And Joint Ventures [Abstract]

NOTE 7. EQUITY INVESTMENT

Investment in joint venture reflects our 50% equity interest in WAVE. The WAVE joint venture is reflected within the Mineral Fiber segment in our consolidated financial statements using the equity method of accounting. Condensed income statement data for WAVE is summarized below.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017
Net sales	$	93.1	$	88.3	$	287.5	$	266.1
Gross profit		50.8		48.9		160.2		148.9
Net earnings		38.7		32.6		123.5		111.8

In the third quarter of 2018, following receipt of payment from Knauf, we remitted $70.0 million to WAVE in partial consideration of the purchase price payable in respect to the business and operations of WAVE. Subsequently, we received a dividend of $35.0 million from WAVE. We also recorded a $22.4 million payable to WAVE, which is reflected within Accounts Payable and Accrued Expenses.

In October 2018, WAVE refinanced its credit facility and paid AWI an additional dividend of $25.0 million.