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GOODWILL IMPAIRMENT TESTING | 9 Months Ended
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Sep. 30, 2023
Restructuring and Related Activities [Abstract] |
GOODWILL IMPAIRMENT TESTING | GOODWILL IMPAIRMENT TESTING We test goodwill for impairment at the reporting unit level (the business groups that are one level below the operating segments) when triggering events occur, or at least annually. We perform our annual goodwill impairment testing in the second quarter. The 2023 and 2022 goodwill impairment testing indicated no impairments. The fair values of our reporting units in relation to their respective carrying values and significant assumptions used are presented in the tables below. If actual results differ materially from estimates used in these calculations, we could incur future impairment charges.
2023
Fair Value over Carrying Value divided by Carrying Value |  | September 30, 2023 Goodwill Value |  | Compound Annual Growth Rate (CAGR) Range for Sales |  | Terminal Values Long-term Growth Rate for Debt-Free Cash Flow |  | Discount Rate Ranges
Less than 50% |  | $ | 1,010.0 |  |  | 1% - 17% |  | 3 | % |  | 10% - 12%
50% - 100% |  | 97.9 |  |  | < 1 |  | 3 |  |  | 8
101% - 300% |  | 367.5 |  |  | 3 - 6 |  | 3 |  |  | 8 - 10
|  | $ | 1,475.4 |  |  | < 1% - 17% |  | 3 | % |  | 8% - 12%
2022
Fair Value over Carrying Value divided by Carrying Value |  | December 31, 2022 Goodwill Value |  | CAGR Range for Sales |  | Terminal Values Long-term Growth Rate for Debt-Free Cash Flow |  | Discount Rate Ranges
Less than 50% |  | $ | 107.8 |  |  | 4% - 9% |  | 3 | % |  | 12%
50% - 100% |  | 998.7 |  |  | 3 - 5 |  | 3 |  |  | 10
101% - 300% |  | 248.3 |  |  | 1 - 3 |  | 3 |  |  | 10
Greater than 300% |  | 119.6 |  |  | 8 |  | 3 |  |  | 12
|  | $ | 1,474.4 |  |  | 1% - 9% |  | 3 | % |  | 10% - 12%
Reporting units where fair value exceeded carrying value by less than 100% are summarized in the table below:
| Fair value in excess of carrying value |  | Goodwill
| Goodwill impairment testing as performed in the second quarter 2023 |  | Goodwill impairment testing as performed in the second quarter 2022 |  | As of September 30, 2023 |  | As of December 31, 2022
Bedding | 40 | % |  | 54 | % |  | $ | 900.5 |  |  | $ | 900.3 |
Work Furniture | 74 |  |  | 78 |  |  | 97.9 |  |  | 98.4 |
Aerospace Products | 44 |  |  | 40 |  |  | 66.5 |  |  | 66.3 |
Hydraulic Cylinders 1 | 18 |  |  | 32 |  |  | 43.0 |  |  | 41.5 |
1 At the time of our annual goodwill impairment testing in second quarter 2022, there was no goodwill associated with this reporting unit, but an August 2022 acquisition added goodwill.

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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