XML 41 R29.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Impairment Charges (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Intangible Assets and Goodwill | Pretax impairment charges are reported in “Impairments” in the Consolidated Statements of Operations and are summarized in the following table:
| Six Months Ended June 30, 2024 |  |  |  | Three Months Ended June 30, 2024 |  |
| Goodwill Impairment |  | Other Long-Lived Assets Impairments |  | Total Impairments |  |  |  |  |  |  |  | Goodwill Impairment |  | Other Long-Lived Assets Impairments |  | Total Impairments |  |  |  |  |  |
Bedding Products | $ | 587.2 |  |  | $ | 2.6 |  |  | $ | 589.8 |  |  |  |  |  |  |  |  | $ | 587.2 |  |  | $ | .3 |  |  | $ | 587.5 |  |  |  |  |  |  |
Specialized Products | 43.6 |  |  | — |  |  | 43.6 |  |  |  |  |  |  |  |  | 43.6 |  |  | — |  |  | 43.6 |  |  |  |  |  |  |
Furniture, Flooring & Textile Products | 44.5 |  |  | — |  |  | 44.5 |  |  |  |  |  |  |  |  | 44.5 |  |  | — |  |  | 44.5 |  |  |  |  |  |  |
Total impairment charges | $ | 675.3 |  |  | $ | 2.6 |  |  | $ | 677.9 |  |  |  |  |  |  |  |  | $ | 675.3 |  |  | $ | .3 |  |  | $ | 675.6 |  |  |  |  |  |  |
Summary of Changes In The Carrying Amounts Of Goodwill | The 2024 annual goodwill impairment testing resulted in a $675.3 non-cash goodwill impairment charge related to the following reporting units:
Reporting Unit |  | Segment |  | Three and Six Months Ended June 30, 2024
Bedding |  | Bedding Products |  | $ | 587.2 |
Work Furniture |  | Furniture, Flooring & Textile Products |  | 44.5 |
Hydraulic Cylinders |  | Specialized Products |  | 43.6 |
|  |  |  | $ | 675.3 |
The 2024 information excludes Hydraulic Cylinders, as this unit had no goodwill remaining after the second quarter 2024 impairment.
2024
Fair Value over Carrying Value divided by Carrying Value |  | June 30, 2024 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 |  | $ | 435.7 |  |  | (1)% - 12% |  | 3 | % |  | 14% - 17%
101% - 300% |  | 368.4 |  |  | 3 - 7 |  | 3 |  |  | 14
|  | $ | 804.1 |  |  | (1)% - 12% |  | 3 | % |  | 14% - 17%
2023
Fair Value over Carrying Value divided by Carrying Value |  | December 31, 2023 Goodwill Value |  | CAGR Range for Sales |  | Terminal Values Long-term Growth Rate for Debt-Free Cash Flow |  | Discount Rate Ranges
Less than 50% 1 |  | $ | 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%
1 This category includes three reporting units (Bedding, Aerospace, and Work Furniture) for 2024 and the Bedding, Aerospace, and Hydraulic Cylinders units for 2023. • The fair value of our Bedding reporting unit was less than its carrying value at our second quarter 2024 testing date, resulting in a partial goodwill impairment as discussed above. Fair value exceeded carrying value by 40% at our second quarter 2023 testing date. There was a triggering event in the fourth quarter of 2023 for this reporting unit due to certain customers' efforts to improve their financial position by moving their business to or exploring alternate suppliers. Accordingly, we performed a goodwill impairment test at that time, which indicated no goodwill impairments, but fair value in excess of carrying value had decreased to 19%. Goodwill associated with this reporting unit was $314.5 at June 30, 2024 and $906.5 at December 31, 2023. • The fair value of our Aerospace reporting unit exceeded its carrying value by 21% at our second quarter 2024 testing date as compared to 44% in 2023. Goodwill associated with this reporting unit was $66.9 at June 30, 2024 and $67.0 at December 31, 2023. • The fair value of our Work Furniture reporting unit was less than its carrying value at our second quarter 2024 testing date, resulting in a partial goodwill impairment, as discussed above. Fair value exceeded carrying value by 74% at our second quarter 2023 testing date. Goodwill associated with this reporting unit was $54.3 at June 30, 2024 and $99.6 at December 31, 2023. • The fair value of our Hydraulic Cylinders reporting unit was less than its carrying value at our second quarter 2024 testing date, resulting in a full goodwill impairment, as discussed above. Fair value exceeded carrying value by 18% at our second quarter 2023 testing date. Goodwill associated with this reporting unit was $44.6 at December 31, 2023.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration