XML 23 R12.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Restructuring and Impairments
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Impairments Restructuring and Impairments    
In the first quarter of 2024, we committed to a restructuring plan, primarily associated with our Bedding Products segment and, to a lesser extent, our Furniture, Flooring & Textile Products segment (the “Restructuring Plan” or “Plan”), which is expected to be substantially complete by the end of 2025.
We plan to consolidate between 15 and 20 production and distribution facilities (out of 50) in the Bedding Products segment and a small number of production facilities in the Furniture, Flooring & Textile Products segment. Our total costs for this Plan are expected to be between $65.0 and $85.0, of which approximately half are anticipated to be incurred in 2024 and the remainder in 2025. As of March 31, 2024, we have incurred costs of $10.8.
The following table presents information associated with this Plan:
Total Amount Expected to be IncurredThree Months Ended 
 March 31, 2024
Restructuring and restructuring-related
$40.0 to $55.0
$8.5 
Impairment costs associated with this plan
25.0 to $30.0
2.3 
$65.0 to $85.0
$10.8 
Amount of total that represents cash charges
$30.0 to $40.0
$6.2 
The table below presents all restructuring and restructuring-related activity related to the Plan. We had no material restructuring activity in 2023.
 Three Months Ended March 31,
 2024
Restructuring costs charged to other (income) expense, net: 
Termination benefits, relocation, and other restructuring costs $5.7 
Restructuring-related costs:
Charged to cost of goods sold:
Inventory obsolescence and other 2.3 
Charged to selling and administrative:
Professional services and other.5 
Total restructuring-related costs2.8 
Total restructuring and restructuring-related costs8.5 
Amount of total that represents cash charges$6.2 
Restructuring and restructuring-related charges by segment were as follows:
 Three Months Ended March 31,
 2024
Bedding Products$7.0 
Furniture, Flooring & Textile Products1.5 
Total restructuring and restructuring-related costs$8.5 
Restructuring Liability
The accrued liability associated with the Plan consisted of the following:

Balance at December 31, 2023Add: 2024 ChargesLess: 2024 PaymentsBalance at March 31, 2024
Termination benefits$— $2.4 $.5 $1.9 
Relocation and other restructuring costs— 3.3 3.3 — 
Total$— $5.7 $3.8 $1.9 
Impairment Costs Associated with the Plan
Pretax impairment charges are reported in “Other (income) expense, net” in the Consolidated Condensed Statements of Operations. We did not have any impairment charges in the three months ended March 31, 2023. The Bedding Products segment reported other long-lived impairment charges of $2.3 in the three months ended March 31, 2024.