Armstrong World Industries, Inc.

Armstrong World Industries, Inc. (AWI) is a Pennsylvania corporation incorporated in 1891. AWI is an Americas leader in designing and manufacturing innovative interior and exterior architectural applications, including ceilings, specialty walls, and exterior metal solutions. The company manufactures and sources products from materials such as mineral fiber, fiberglass, metal, felt, architectural resin and glass, wood, wood fiber, and glass-reinforced-gypsum. AWI also manufactures ceiling suspension system (grid) products through Worthington Armstrong Venture (WAVE), a joint venture with Worthington Enterprises, Inc. AWI has two reportable operating segments: Mineral Fiber and Architectural Specialties, plus Unallocated Corporate. The Mineral Fiber segment produces suspended mineral fiber and fiberglass ceiling systems. These products offer features like acoustical control, rated fire protection, energy efficiency, health and sustainability features, and aesthetic appeal. Ceiling products are primarily sold to resale distributors, ceiling systems contractors and wholesalers, and retailers, including large home centers. This segment also includes the results of WAVE, which manufactures and sells suspension system (grid) products and ceiling component products. AWI's segment results relating to WAVE primarily consist of equity earnings, reflecting its 50% equity interest. Ceiling component products include ceiling perimeters and trim, and grid products supporting drywall ceiling systems, structural, and walkable grid systems. WAVE sells some suspension system products to AWI for resale to customers, and these transactions are reflected in the Mineral Fiber segment results. This segment also includes all assets and liabilities not specifically allocated to Architectural Specialties or Unallocated Corporate, including property and depreciation for the Lancaster, Pennsylvania headquarters. Operating results for the Mineral Fiber segment include a significant majority of allocated Corporate administrative expenses.