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Restructuring and Related Activities (Tables) | 6 Months Ended
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Jun. 30, 2024
Restructuring and Related Activities [Abstract] |
Summary Of Restructuring-Related Costs | The following table presents information associated with this Plan:
|  | Total Amount Expected to be Incurred |  | Six Months Ended June 30, 2024 |  | Three Months Ended June 30, 2024
Net restructuring and restructuring-related |  | $40.0 to $55.0 |  | $ | 19.4 |  |  | $ | 10.9 |  |  |
Impairment costs associated with this plan (See Note F) |  | 25.0 to 30.0 |  | 2.6 |  |  | .3 |  |  |
|  | $65.0 to $85.0 |  | $ | 22.0 |  |  | $ | 11.2 |  |  |
Amount of total that represents net cash charges |  | $30.0 to $40.0 |  | $ | 15.6 |  |  | $ | 9.4 |  |  |
The table below presents all restructuring and restructuring-related activity related to the Plan. We had no material restructuring activity in 2023.
| Six Months Ended June 30, 2024 |  | Three Months Ended June 30, 2024
Restructuring costs charged to other (income) expense, net: |  |  |  |  |  |  |
Termination benefits, relocation, and other restructuring costs | $ | 11.7 |  |  |  |  | $ | 6.0 |  |  |
Restructuring-related costs (gains): |  |  |  |  |  |  |
Presented in cost of goods sold: |  |  |  |  |  |  |
Inventory obsolescence and other | 3.8 |  |  |  |  | 1.5 |  |  |
Presented in selling and administrative expenses: |  |  |  |  |  |  |
Professional services and other | 5.4 |  |  |  |  | 4.9 |  |  |
Presented in net gain on disposal of assets: |  |  |  |  |  |  |
Gain on sale of equipment | (1.5) |  |  |  |  | (1.5) |  |  |
Total restructuring-related costs | 7.7 |  |  |  |  | 4.9 |  |  |
Total net restructuring and restructuring-related costs | $ | 19.4 |  |  |  |  | $ | 10.9 |  |  |
Amount of total that represents net cash charges | $ | 15.6 |  |  |  |  | $ | 9.4 |  |  |
Net restructuring and restructuring-related charges by segment were as follows:
| Six Months Ended June 30, 2024 |  | Three Months Ended June 30, 2024
Bedding Products | $ | 16.6 |  |  |  |  | $ | 9.6 |  |  |
Specialized Products | 1.3 |  |  |  |  | 1.3 |  |  |
Furniture, Flooring & Textile Products | 1.5 |  |  |  |  | — |  |  |
Total net restructuring and restructuring-related costs | $ | 19.4 |  |  |  |  | $ | 10.9 |  |  |
Restructuring Liability The accrued liability associated with the Plan consisted of the following:
| Balance at December 31, 2023 |  | Add: 2024 Charges |  | Less: 2024 Payments |  | Balance at June 30, 2024
Termination benefits | $ | — |  |  | $ | 5.6 |  |  | $ | 2.6 |  |  | $ | 3.0 |
Relocation and other restructuring costs | — |  |  | 6.1 |  |  | 5.1 |  |  | 1.0 |
Total | $ | — |  |  | $ | 11.7 |  |  | $ | 7.7 |  |  | $ | 4.0 |

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- Definition Tabular 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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