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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Changes In The Carrying Amounts Of Goodwill |
2023
Fair Value over Carrying Value divided by Carrying Value |  | December 31, 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% |  | $ | 1,018.1 |  |  | 1-17% |  | 3 | % |  | 10-12%
50-100% |  | 99.6 |  |  | < 1 |  | 3 |  |  | 8
101-300% |  | 372.1 |  |  | 3-6 |  | 3 |  |  | 8-10
|  | $ | 1,489.8 |  |  | < 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%
| Fair value in excess of carrying value for the goodwill impairment testing performed during |  | Goodwill
| Triggering event Fourth quarter 2023 |  | Annual testing Second quarter 2023 |  | Annual testing Second quarter 2022 |  | As of December 31, 2023 |  | As of December 31, 2022
Reporting unit with a triggering event |  |  |  |  |  |
Bedding 1 | 19 | % |  | 40 | % |  | 54 | % |  | $ | 906.5 |  |  | $ | 900.3 |
Reporting units with no triggering event |  |  |  |
Work Furniture |  |  | 74 |  |  | 78 |  |  | 99.6 |  |  | 98.4 |
Aerospace Products |  |  | 44 |  |  | 40 |  |  | 67.0 |  |  | 66.3 |
Hydraulic Cylinders 2 |  |  | 18 |  |  | 32 |  |  | 44.6 |  |  | 41.5 |
1 The fourth quarter 2023 testing for the Bedding reporting unit included the impacts of the long-lived asset impairments discussed above. It also assumed a compound annual growth rate for sales of 2% and a discount rate of 10%.
2 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 (see Note Q) acquisition added goodwill.
The changes in the carrying amounts of goodwill are as follows:
| Bedding Products |  | Specialized Products |  | Furniture, Flooring & Textile Products |  | Total
Net goodwill as of January 1, 2022 | $ | 908.3 |  |  | $ | 192.7 |  |  | $ | 348.6 |  |  | $ | 1,449.6 |
Additions for current year acquisitions | — |  |  | 39.0 |  |  | 3.5 |  |  | 42.5 |
Adjustments to prior year acquisitions | — |  |  | .3 |  |  | — |  |  | .3 |
Allocations to divested businesses | (.3) |  |  | — |  |  | — |  |  | (.3) |
Foreign currency translation adjustment | (7.7) |  |  | (4.6) |  |  | (5.4) |  |  | (17.7) |
Net goodwill as of December 31, 2022 | 900.3 |  |  | 227.4 |  |  | 346.7 |  |  | 1,474.4 |
Adjustments to prior year acquisitions | — |  |  | 2.9 |  |  | .8 |  |  | 3.7 |
Foreign currency translation adjustment | 6.2 |  |  | 3.4 |  |  | 2.1 |  |  | 11.7 |
Net goodwill as of December 31, 2023 | $ | 906.5 |  |  | $ | 233.7 |  |  | $ | 349.6 |  |  | $ | 1,489.8 |
Net goodwill as of December 31, 2023 is comprised of: |  |  |  |  |  |  |
Gross goodwill | $ | 911.9 |  |  | $ | 325.8 |  |  | $ | 600.2 |  |  | $ | 1,837.9 |
Accumulated impairment losses | (5.4) |  |  | (92.1) |  |  | (250.6) |  |  | (348.1) |
Net goodwill as of December 31, 2023 | $ | 906.5 |  |  | $ | 233.7 |  |  | $ | 349.6 |  |  | $ | 1,489.8 |
Schedule of Intangible Assets Purchased | The gross carrying amount and accumulated amortization by intangible asset class and intangible assets acquired during the periods presented, included in "Other intangibles, net" on the Consolidated Balance Sheets, are as follows:
| December 31, 2023 |  | Year Ended December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles |  | Gross carrying amounts of items acquired | 1 |  | Weighted average life in years for items acquired
Customer-related intangibles | $ | 331.5 |  |  | $ | 244.7 |  |  | $ | 86.8 |  |  | $ | — |  |  | 0
Patents and trademarks | 103.6 |  |  | 59.8 |  |  | 43.8 |  |  | 1.5 |  |  | 19.3
Technology | 86.8 |  |  | 60.8 |  |  | 26.0 |  |  | — |  |  | 0
Non-compete agreements, supply agreements and other | 62.0 |  |  | 51.1 |  |  | 10.9 |  |  | — |  |  | 0
Total 2 | $ | 583.9 |  |  | $ | 416.4 |  |  | $ | 167.5 |  |  | $ | 1.5 |  |  | 19.3
| December 31, 2022 |  | Year Ended December 31, 2022
Customer-related intangibles | $ | 622.6 |  |  | $ | 206.1 |  |  | $ | 416.5 |  |  | $ | 22.0 |  |  | 15.0
Patents and trademarks | 145.7 |  |  | 52.8 |  |  | 92.9 |  |  | 8.2 |  |  | 15.6
Technology | 196.6 |  |  | 51.7 |  |  | 144.9 |  |  | 13.4 |  |  | 13.9
Non-compete agreements, supply agreements and other | 66.9 |  |  | 45.8 |  |  | 21.1 |  |  | .3 |  |  | 4.8
Total | $ | 1,031.8 |  |  | $ | 356.4 |  |  | $ | 675.4 |  |  | $ | 43.9 |  |  | 14.7
1 2022 includes $40.6 related to business acquisitions. For information regarding our business acquisitions, see Note Q. 2 We incurred impairment charges in 2023 associated with intangible assets as discussed in Note C.
Schedule of Estimated Amortization Expense | Estimated amortization expense for the next five years is as follows:
2024 | $ | 21.2 |
2025 | 19.7 |
2026 | 17.9 |
2027 | 16.5 |
2028 | 15.5 |

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