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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Armstrong Flooring Inc | NYSE:AFI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.3512 | 0 | 01:00:00 |
|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
47-4303305
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. employer Identification number)
|
|
|
2500 Columbia Avenue, PO Box 3025, Lancaster, Pennsylvania 17604
|
|
(Address of principal executive offices)
|
|
|
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(717) 672-9611
|
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(Registrant’s telephone number, including area code).
|
|
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|
Large accelerated filer
¨
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Accelerated filer
¨
|
Non-accelerated filer
þ
|
Smaller reporting company
¨
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(Do not check if a smaller reporting company)
|
Emerging growth company
¨
|
|
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Page Number
|
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1
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|
|
|
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PART I
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|
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Item 1.
|
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||
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||
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Item 2.
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Item 3.
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Item 4.
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||
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PART II
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|
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Item 1.
|
||
Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5
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Item 6.
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||
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•
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global economic conditions;
|
•
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construction activity;
|
•
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competition;
|
•
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key customers;
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•
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availability and costs of raw materials and energy;
|
•
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recent plant construction;
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•
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international operations;
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•
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intellectual property rights;
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•
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cost saving and productivity initiatives;
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•
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strategic transactions;
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•
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labor;
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•
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information systems;
|
•
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claims and litigation;
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•
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defined-benefit plan obligations;
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•
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liquidity;
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•
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debt covenants;
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•
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debt;
|
•
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negative tax consequences;
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•
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outsourcing;
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•
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environmental matters; and
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•
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other risks detailed from time to time in our filings with the Securities and Exchange Commission (the "SEC"), press releases, and other communications, including those set forth under “Risk Factors” included in our Annual Report on Form 10-K and in the documents incorporated by reference.
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Net sales
|
$
|
265.2
|
|
|
$
|
284.4
|
|
Cost of goods sold
|
218.1
|
|
|
234.5
|
|
||
Gross profit
|
47.1
|
|
|
49.9
|
|
||
Selling, general and administrative expenses
|
56.7
|
|
|
51.8
|
|
||
Operating (loss)
|
(9.6
|
)
|
|
(1.9
|
)
|
||
Interest expense
|
0.5
|
|
|
—
|
|
||
Other (income) expense, net
|
(0.2
|
)
|
|
0.1
|
|
||
(Loss) from continuing operations before income taxes
|
(9.9
|
)
|
|
(2.0
|
)
|
||
Income tax (benefit) expense
|
(2.1
|
)
|
|
0.5
|
|
||
(Loss) from continuing operations
|
(7.8
|
)
|
|
(2.5
|
)
|
||
Gain on disposal of discontinued operations, net of tax
|
—
|
|
|
1.7
|
|
||
Net (loss)
|
(7.8
|
)
|
|
(0.8
|
)
|
||
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Foreign currency translation adjustments
|
1.5
|
|
|
(4.1
|
)
|
||
Derivatives (loss)
|
(0.4
|
)
|
|
(1.8
|
)
|
||
Postretirement adjustments
|
1.2
|
|
|
0.1
|
|
||
Total other comprehensive income (loss)
|
2.3
|
|
|
(5.8
|
)
|
||
Total comprehensive (loss)
|
$
|
(5.5
|
)
|
|
$
|
(6.6
|
)
|
|
|
|
|
||||
Basic (loss) per share of common stock:
|
|
|
|
||||
Basic (loss) per share of common stock from continuing operations
|
$
|
(0.28
|
)
|
|
$
|
(0.09
|
)
|
Basic earnings per share of common stock from discontinued operations
|
—
|
|
|
0.06
|
|
||
Basic (loss) per share of common stock
|
$
|
(0.28
|
)
|
|
$
|
(0.03
|
)
|
Diluted (loss) per share of common stock:
|
|
|
|
||||
Diluted (loss) per share of common stock from continuing operations
|
$
|
(0.28
|
)
|
|
$
|
(0.09
|
)
|
Diluted earnings per share of common stock from discontinued operations
|
—
|
|
|
0.06
|
|
||
Diluted (loss) per share of common stock
|
$
|
(0.28
|
)
|
|
$
|
(0.03
|
)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
33.3
|
|
|
$
|
30.6
|
|
Accounts and notes receivable, net
|
91.4
|
|
|
76.0
|
|
||
Inventories, net
|
287.4
|
|
|
272.1
|
|
||
Income tax receivable
|
7.7
|
|
|
2.4
|
|
||
Prepaid expenses and other current assets
|
19.5
|
|
|
23.8
|
|
||
Total current assets
|
439.3
|
|
|
404.9
|
|
||
Property, plant, and equipment, less accumulated depreciation and amortization of $348.7 and $336.8, respectively
|
440.6
|
|
|
445.2
|
|
||
Prepaid pension costs
|
0.6
|
|
|
0.2
|
|
||
Intangible assets, net
|
42.8
|
|
|
42.6
|
|
||
Deferred income taxes
|
4.6
|
|
|
4.5
|
|
||
Other non-current assets
|
7.1
|
|
|
7.0
|
|
||
Total assets
|
$
|
935.0
|
|
|
$
|
904.4
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
147.8
|
|
|
$
|
163.0
|
|
Income tax payable
|
0.4
|
|
|
0.4
|
|
||
Total current liabilities
|
148.2
|
|
|
163.4
|
|
||
Long-term debt
|
73.2
|
|
|
21.2
|
|
||
Postretirement benefit liabilities
|
74.4
|
|
|
75.5
|
|
||
Pension benefit liabilities
|
1.5
|
|
|
1.6
|
|
||
Other long-term liabilities
|
9.4
|
|
|
9.1
|
|
||
Noncurrent income taxes payable
|
1.2
|
|
|
1.7
|
|
||
Deferred income taxes
|
14.2
|
|
|
8.4
|
|
||
Total liabilities
|
322.1
|
|
|
280.9
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock with par value $.0001 per share: 100,000,000 shares authorized; 28,097,421 issued and 27,830,209 outstanding shares in 2017 and 27,895,671 issued and outstanding shares in 2016
|
—
|
|
|
—
|
|
||
Preferred stock with par value $.0001 per share: 15,000,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
Treasury stock, at cost, 267,212 shares in 2017
|
(4.9
|
)
|
|
—
|
|
||
Additional paid-in capital
|
673.1
|
|
|
673.3
|
|
||
Retained earnings
|
2.2
|
|
|
10.0
|
|
||
Accumulated other comprehensive (loss)
|
(57.5
|
)
|
|
(59.8
|
)
|
||
Total stockholders’ equity
|
612.9
|
|
|
623.5
|
|
||
Total liabilities and stockholders’ equity
|
$
|
935.0
|
|
|
$
|
904.4
|
|
|
|
|
|
|
|
|
|
|
Net AWI Investment
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained Earnings
|
|
Total
Equity |
||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|||||||||||||||||||||
December 31, 2016
|
27,895,671
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
673.3
|
|
|
$
|
(59.8
|
)
|
|
$
|
10.0
|
|
|
$
|
623.5
|
|
Net (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.8
|
)
|
|
(7.8
|
)
|
|||||||
Repurchase of common stock
|
(267,212
|
)
|
|
—
|
|
|
267,212
|
|
|
(4.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.9
|
)
|
|||||||
Stock-based employee compensation, net
|
201,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|||||||
Net transfers to AWI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|||||||
Reclassification of net parent investment to additional paid-in capital
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|
(1.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
—
|
|
|
2.3
|
|
|||||||
March 31, 2017
|
27,830,209
|
|
|
$
|
—
|
|
|
267,212
|
|
|
$
|
(4.9
|
)
|
|
$
|
—
|
|
|
$
|
673.1
|
|
|
$
|
(57.5
|
)
|
|
$
|
2.2
|
|
|
$
|
612.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
December 31, 2015
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
622.0
|
|
|
$
|
—
|
|
|
$
|
2.0
|
|
|
$
|
—
|
|
|
$
|
624.0
|
|
Net (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|||||||
Net transfers from AWI
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54.3
|
|
|||||||
Other comprehensive (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.8
|
)
|
|
—
|
|
|
(5.8
|
)
|
|||||||
March 31, 2016
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
675.5
|
|
|
$
|
—
|
|
|
$
|
(3.8
|
)
|
|
$
|
—
|
|
|
$
|
671.7
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss)
|
$
|
(7.8
|
)
|
|
$
|
(0.8
|
)
|
Adjustments to reconcile net (loss) to net cash used for operating activities:
|
|
|
|
||||
Depreciation and amortization
|
11.6
|
|
|
11.4
|
|
||
Deferred income taxes
|
3.9
|
|
|
(0.8
|
)
|
||
Stock-based compensation
|
1.5
|
|
|
—
|
|
||
U.S. pension expense
|
2.3
|
|
|
—
|
|
||
Other non-cash adjustments, net
|
0.7
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables
|
(15.0
|
)
|
|
(26.7
|
)
|
||
Inventories
|
(14.7
|
)
|
|
0.7
|
|
||
Accounts payable and accrued expenses
|
(9.2
|
)
|
|
(17.2
|
)
|
||
Income taxes payable
|
(6.2
|
)
|
|
0.3
|
|
||
Other assets and liabilities
|
(0.5
|
)
|
|
3.5
|
|
||
Net cash used for operating activities
|
(33.4
|
)
|
|
(29.6
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property, plant and equipment
|
(12.7
|
)
|
|
(7.9
|
)
|
||
Other investing activities
|
0.1
|
|
|
0.3
|
|
||
Net cash used for investing activities
|
(12.6
|
)
|
|
(7.6
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from revolving credit facility
|
52.0
|
|
|
—
|
|
||
Payments of long-term debt
|
—
|
|
|
(10.0
|
)
|
||
Payments of Treasury stock acquired
|
(4.9
|
)
|
|
—
|
|
||
Proceeds from exercised stock options
|
1.1
|
|
|
—
|
|
||
Net transfers from AWI
|
—
|
|
|
47.3
|
|
||
Net cash provided by financing activities
|
48.2
|
|
|
37.3
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
0.5
|
|
|
(0.1
|
)
|
||
Net increase in cash and cash equivalents
|
2.7
|
|
|
—
|
|
||
Cash and cash equivalents at beginning of year
|
30.6
|
|
|
—
|
|
||
Cash and cash equivalents at end of period
|
$
|
33.3
|
|
|
$
|
—
|
|
Supplemental Cash Flow Disclosure:
|
|
|
|
||||
Amounts in accounts payable for capital expenditures
|
$
|
4.8
|
|
|
$
|
4.1
|
|
Interest paid
|
0.5
|
|
|
—
|
|
||
Income taxes (refunded) net
|
(0.1
|
)
|
|
—
|
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Expense, net:
|
|
|
|
||||
Selling, general and administrative expenses
|
—
|
|
|
0.5
|
|
||
Other expense, net
|
—
|
|
|
0.3
|
|
||
Total
|
$
|
—
|
|
|
$
|
0.8
|
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
(Loss) from continuing operations before income taxes
|
$
|
(9.9
|
)
|
|
$
|
(2.0
|
)
|
Income tax (benefit) expense
|
(2.1
|
)
|
|
0.5
|
|
||
Effective tax rate
|
21.2
|
%
|
|
(25.0
|
)%
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Numerator
|
|
|
|
||||
(Loss) from continuing operations
|
$
|
(7.8
|
)
|
|
$
|
(2.5
|
)
|
Gain on disposal of discontinued operations, net tax
|
—
|
|
|
1.7
|
|
||
Net (loss)
|
$
|
(7.8
|
)
|
|
$
|
(0.8
|
)
|
|
|
|
|
||||
Denominator
|
|
|
|
||||
Weighted average number of common shares outstanding
|
27,923,001
|
|
|
27,738,779
|
|
||
Weighted average number of vested shares not yet issued
|
93,595
|
|
|
—
|
|
||
Weighted average number of common shares outstanding - Basic
|
28,016,596
|
|
|
27,738,779
|
|
||
Dilutive stock-based compensation awards outstanding
|
—
|
|
|
—
|
|
||
Weighted average number of common shares outstanding - Diluted
|
28,016,596
|
|
|
27,738,779
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Customer receivables
|
$
|
105.2
|
|
|
$
|
84.3
|
|
Miscellaneous receivables
|
2.2
|
|
|
5.5
|
|
||
Less: allowance for product warranties, discounts, and losses
|
(16.0
|
)
|
|
(13.8
|
)
|
||
Total
|
$
|
91.4
|
|
|
$
|
76.0
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Balance as of January 1,
|
$
|
(7.5
|
)
|
|
$
|
(7.3
|
)
|
Reductions for payments
|
2.9
|
|
|
2.3
|
|
||
Current year warranty accruals
|
(3.4
|
)
|
|
(2.5
|
)
|
||
Balance as of March 31,
|
$
|
(8.0
|
)
|
|
$
|
(7.5
|
)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Finished goods
|
$
|
171.8
|
|
|
$
|
159.9
|
|
Goods in process
|
17.3
|
|
|
18.1
|
|
||
Raw materials and supplies
|
98.3
|
|
|
94.1
|
|
||
Total
|
$
|
287.4
|
|
|
$
|
272.1
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Payables, trade and other
|
$
|
113.1
|
|
|
$
|
123.4
|
|
Employment costs
|
20.5
|
|
|
23.3
|
|||
Other accrued expenses
|
14.2
|
|
|
16.3
|
|||
Total
|
$
|
147.8
|
|
|
$
|
163.0
|
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
AFI Plans:
|
|
|
|
||||
Defined-benefit pension, U.S.
|
|
|
|
||||
Service cost
|
$
|
1.4
|
|
|
$
|
—
|
|
Interest cost
|
3.9
|
|
|
—
|
|
||
Expected return on plan assets
|
(5.6
|
)
|
|
—
|
|
||
Amortization of prior service cost
|
0.1
|
|
|
—
|
|
||
Amortization of net actuarial loss
|
2.5
|
|
|
—
|
|
||
Total, defined-benefit pension, U.S.
|
$
|
2.3
|
|
|
$
|
—
|
|
Defined-benefit pension, Canada
|
|
|
|
||||
Interest cost
|
$
|
0.2
|
|
|
$
|
—
|
|
Expected return on plan assets
|
(0.2
|
)
|
|
—
|
|
||
Total, defined-benefit pension, Canada
|
$
|
—
|
|
|
$
|
—
|
|
Defined-benefit postretirement, U.S.
|
|
|
|
||||
Service cost
|
$
|
0.1
|
|
|
$
|
—
|
|
Interest cost
|
0.8
|
|
|
0.1
|
|
||
Amortization of net actuarial gains
|
(0.6
|
)
|
|
—
|
|
||
Total defined-benefit postretirement, U.S.
|
$
|
0.3
|
|
|
$
|
0.1
|
|
Shared Plans:
|
|
|
|
||||
Defined-benefit pension, U.S.
|
$
|
—
|
|
|
$
|
2.2
|
|
Defined-benefit pension, Canada
|
—
|
|
|
0.1
|
|
||
Defined-benefit postretirement, U.S.
|
—
|
|
|
(0.3
|
)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Foreign currency translation adjustments
|
$
|
2.0
|
|
|
$
|
0.5
|
|
Derivative gain, net
|
0.1
|
|
|
0.5
|
|
||
Pension and postretirement adjustments
|
(59.6
|
)
|
|
(60.8
|
)
|
||
Accumulated other comprehensive (loss)
|
$
|
(57.5
|
)
|
|
$
|
(59.8
|
)
|
|
Foreign Currency Translation Adjustments
|
|
Derivative Gain (Loss)
|
|
Pension and Postretirement Adjustments
|
|
Total Accumulated Other Comprehensive Income (Loss)
|
||||||||
Balance, December 31, 2016
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
$
|
(60.8
|
)
|
|
$
|
(59.8
|
)
|
Other comprehensive income (loss) before reclassifications, net of tax
|
1.5
|
|
|
(0.5
|
)
|
|
(0.1
|
)
|
|
0.9
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
0.1
|
|
|
1.3
|
|
|
1.4
|
|
||||
Net current period other comprehensive income (loss)
|
1.5
|
|
|
(0.4
|
)
|
|
1.2
|
|
|
2.3
|
|
||||
Balance, March 31, 2017
|
$
|
2.0
|
|
|
$
|
0.1
|
|
|
$
|
(59.6
|
)
|
|
$
|
(57.5
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance, December 31, 2015
|
$
|
0.1
|
|
|
$
|
2.3
|
|
|
$
|
(0.4
|
)
|
|
$
|
2.0
|
|
Other comprehensive (loss) income before reclassifications, net of tax
|
(4.1
|
)
|
|
(1.2
|
)
|
|
0.1
|
|
|
(5.2
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
||||
Net current period other comprehensive (loss) income
|
(4.1
|
)
|
|
(1.8
|
)
|
|
0.1
|
|
|
(5.8
|
)
|
||||
Balance, March 31, 2016
|
$
|
(4.0
|
)
|
|
$
|
0.5
|
|
|
$
|
(0.3
|
)
|
|
$
|
(3.8
|
)
|
|
Three Months Ended March 31,
|
|
|
||||||
|
2017
|
|
2016
|
|
Affected Line Item
|
||||
Derivative Adjustments:
|
|
|
|
|
|
||||
Foreign exchange contracts - purchases
|
$
|
—
|
|
|
$
|
0.1
|
|
|
Cost of goods sold
|
Foreign exchange contracts - sales
|
0.1
|
|
|
(1.0
|
)
|
|
Net sales
|
||
Total expense before tax
|
0.1
|
|
|
(0.9
|
)
|
|
|
||
Tax impact
|
—
|
|
|
0.3
|
|
|
Income tax expense
|
||
Total expense, net of tax
|
0.1
|
|
|
(0.6
|
)
|
|
|
||
Pension and Postretirement Adjustments:
|
|
|
|
|
|
||||
Prior service cost amortization
|
0.1
|
|
|
—
|
|
|
Cost of goods sold
|
||
Amortization of net actuarial loss
|
1.0
|
|
|
—
|
|
|
Cost of goods sold
|
||
Amortization of net actuarial loss
|
0.9
|
|
|
—
|
|
|
Selling, general and administrative expenses
|
||
Total expense before tax
|
2.0
|
|
|
—
|
|
|
|
||
Tax impact
|
(0.7
|
)
|
|
—
|
|
|
Income tax (benefit) expense
|
||
Total expense, net of tax
|
1.3
|
|
|
—
|
|
|
|
||
Total reclassifications for the period
|
$
|
1.4
|
|
|
$
|
(0.6
|
)
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Net sales to external customers
|
|
|
|
||||
Resilient Flooring
|
$
|
160.5
|
|
|
$
|
163.9
|
|
Wood Flooring
|
104.7
|
|
|
120.5
|
|
||
Total net sales to external customers
|
$
|
265.2
|
|
|
$
|
284.4
|
|
|
|
|
|
||||
Segment operating income (loss)
|
|
|
|
||||
Resilient Flooring
|
$
|
(5.0
|
)
|
|
$
|
(5.4
|
)
|
Wood Flooring
|
(4.6
|
)
|
|
3.5
|
|
||
Total operating loss
|
$
|
(9.6
|
)
|
|
$
|
(1.9
|
)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Segment assets
|
|
|
|
||||
Resilient Flooring
|
$
|
529.8
|
|
|
$
|
514.3
|
|
Wood Flooring
|
360.8
|
|
|
354.7
|
|
||
Unallocated
|
44.4
|
|
|
35.4
|
|
||
Total assets
|
$
|
935.0
|
|
|
$
|
904.4
|
|
|
|
Three Months Ended March 31,
|
|||||||||||||
|
|
|
|
Change
|
|||||||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
Net sales
|
|
$
|
265.2
|
|
|
$
|
284.4
|
|
|
$
|
(19.2
|
)
|
|
(6.8
|
)%
|
Cost of goods sold
|
|
218.1
|
|
|
234.5
|
|
|
(16.4
|
)
|
|
(7.0
|
)%
|
|||
Gross profit
|
|
47.1
|
|
|
49.9
|
|
|
(2.8
|
)
|
|
(5.7
|
)%
|
|||
Selling, general and administrative expenses
|
|
56.7
|
|
|
51.8
|
|
|
4.9
|
|
|
9.5
|
%
|
|||
Operating (loss)
|
|
(9.6
|
)
|
|
(1.9
|
)
|
|
(7.7
|
)
|
|
NM
|
||||
Interest expense
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
|
||||
Other (income) expense, net
|
|
(0.2
|
)
|
|
0.1
|
|
|
(0.3
|
)
|
|
|
|
|||
(Loss) from continuing operations before income taxes
|
|
(9.9
|
)
|
|
(2.0
|
)
|
|
(7.9
|
)
|
|
|
|
|||
Income tax (benefit) expense
|
|
(2.1
|
)
|
|
0.5
|
|
|
(2.6
|
)
|
|
|
|
|||
(Loss) from continuing operations
|
|
(7.8
|
)
|
|
(2.5
|
)
|
|
(5.3
|
)
|
|
|
|
|||
Gain on disposal of discontinued operations, net of tax
|
|
—
|
|
|
1.7
|
|
|
(1.7
|
)
|
|
|
|
|||
Net (loss)
|
|
$
|
(7.8
|
)
|
|
$
|
(0.8
|
)
|
|
$
|
(7.0
|
)
|
|
|
|
|
Three Months Ended
March 31, |
|
Change
|
|
Percentage Point Change Due to
|
||||||||||||||||||||
|
|||||||||||||||||||||||||
(Dollars in millions)
|
2017
|
|
2016
|
|
$
|
|
%
|
|
Price
|
|
Volume
|
|
Mix
|
|
Currency
|
||||||||||
Resilient Flooring
|
$
|
160.5
|
|
|
$
|
163.9
|
|
|
(3.4
|
)
|
|
(2.1
|
)%
|
|
(1.6
|
)
|
|
(1.1
|
)
|
|
0.4
|
|
|
0.2
|
|
Wood Flooring
|
104.7
|
|
|
120.5
|
|
|
(15.8
|
)
|
|
(13.1
|
)%
|
|
(0.9
|
)
|
|
(13.4
|
)
|
|
1.0
|
|
|
0.2
|
|
||
Total
|
$
|
265.2
|
|
|
$
|
284.4
|
|
|
(19.2
|
)
|
|
(6.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|||||||||
(Dollars in millions)
|
2017
|
|
2016
|
|
Change
|
|||||||
Resilient Flooring
|
$
|
(5.0
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
0.4
|
|
|
Wood Flooring
|
(4.6
|
)
|
|
3.5
|
|
|
(8.1
|
)
|
||||
Total
|
$
|
(9.6
|
)
|
|
$
|
(1.9
|
)
|
|
$
|
(7.7
|
)
|
(Dollars in millions)
|
Three Months Ended March 31,
|
||||||
2017
|
|
2016
|
|||||
Cash used for operating activities
|
$
|
(33.4
|
)
|
|
$
|
(29.6
|
)
|
Cash used for investing activities
|
(12.6
|
)
|
|
(7.6
|
)
|
||
Cash provided by financing activities
|
48.2
|
|
|
37.3
|
|
Period
|
Total Number of Shares Purchased
1,2
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
2
|
|
Approximate Dollar Value of Shares that may yet be Purchased under the Plans or Programs
|
|||||
January 1 - 31, 2017
|
19,867
|
|
|
$
|
19.91
|
|
|
—
|
|
|
—
|
|
February 1 - 28, 2017
|
45,400
|
|
|
$
|
22.04
|
|
|
—
|
|
|
—
|
|
March 1 - 31, 2017
|
273,436
|
|
|
$
|
18.32
|
|
|
267,212
|
|
|
$45 million
|
|
Total
|
338,703
|
|
|
|
|
267,212
|
|
|
$45 million
|
|
Armstrong Flooring, Inc.
|
|
(Registrant)
|
|
|
|
Date:
|
May 8, 2017
|
|
|
By:
|
/s/ John W. Thompson
|
|
|
|
John W. Thompson
|
|
Senior Vice President and Chief Financial Officer
|
|
(As Duly Authorized Officer and Principal Financial Officer)
|
|
|
Date:
|
May 8, 2017
|
|
|
By:
|
/s/ Kimberly Z. Boscan
|
|
|
|
Kimberly Z. Boscan
|
|
Vice President and Controller
|
|
(As Duly Authorized Officer and Principal Accounting Officer)
|
Exhibit
Number
|
|
Description
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation of Armstrong Flooring, Inc. dated March 30, 2016 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on April 4, 2016).
|
|
|
|
3.2
|
|
Amended and Restated Bylaws of Armstrong Flooring, Inc. dated March 30, 2016 (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on April 4, 2016).
|
|
|
|
10.1
|
|
Form of 2017 Long-Term Performance - Based Restricted Stock Grant - Tier 1 Executive - Free Cash Flow.*†
|
|
|
|
10.2
|
|
Form of 2017 Long-Term Performance - Based Restricted Stock Grant - Tier 1 Executive - EBITDA. *†
|
|
|
|
10.3
|
|
Form of 2017 Long-Term Performance - Based Restricted Stock Grant – Tier 2 Executive - Free Cash Flow. *†
|
|
|
|
10.4
|
|
Form of 2017 Long-Term Performance - Based Restricted Stock Grant – Tier 2 Executive - EBITDA. *†
|
|
|
|
10.5
|
|
Form of 2017 Long-Term Performance - Based Restricted Stock Grant - Non U.S. (China) - Free Cash Flow - Payable in Cash. *†
|
|
|
|
10.6
|
|
Form of 2017 Long-Term Performance - Based Restricted Stock Grant - Non U.S. (China) - EBITDA - Payable in Cash. *†
|
|
|
|
10.7
|
|
Form of 2017 Long-Term Time - Based Restricted Stock Grant - U.S. and Non-U.S. *†
|
|
|
|
10.8
|
|
Form of 2017 Long-Term Time - Based Restricted Stock Grant - Non-U.S. (China) - Payable in Cash. *†
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.†
|
|
|
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.†
|
|
|
|
32.1
|
|
Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.†
|
|
|
|
32.2
|
|
Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.†
|
|
|
|
1 Year Armstrong Flooring Chart |
1 Month Armstrong Flooring Chart |
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