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Restructuring and Related Activities | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Impairments | Restructuring and Related Activities 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. The Plan was expanded in the second quarter of 2024 to include a restructuring opportunity within the Specialized Products segment and in the third quarter of 2024 to include the general and administrative cost structure initiatives. Over the course of the restructuring timeline, 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 $40.0 to $50.0 are anticipated to be incurred in 2024 and the remainder in 2025. As of September 30, 2024, we have incurred costs of $34.3. The following table presents all restructuring and restructuring-related activity and impairments associated with the Plan and $1.0 of restructuring-related costs incurred in the third quarter of 2024 due to exploring a potential sale of our Aerospace business. This business has not reached the criteria to be classified as held for sale.
|  | Total Amount Expected to be Incurred |  | Nine Months Ended September 30, 2024 |  | Three Months Ended September 30, 2024
Net restructuring and restructuring-related |  | $40.0 to $55.0 |  | $ | 31.1 |  |  | $ | 11.7 |  |  |
Impairment costs associated with this plan (See Note F) |  | 25.0 to 30.0 |  | 3.2 |  |  | .6 |  |  |
|  | $65.0 to $85.0 |  | $ | 34.3 |  |  | $ | 12.3 |  |  |
Amount of total that represents net cash charges |  | $30.0 to $40.0 |  | $ | 26.6 |  |  | $ | 11.0 |  |  |
The table below presents all 2024 restructuring and restructuring-related activity. Restructuring and restructuring-related activity for 2023 was $2.7 and was not associated with any formal plan.
| Income Statement Presentation |  | Nine Months Ended September 30, 2024 |  | Three Months Ended September 30, 2024
Restructuring costs: |  |  |  |  |  |  |  |  |
Termination benefits, relocation, and other restructuring costs | Other (income) expense, net |  | $ | 16.5 |  |  |  |  | $ | 4.8 |  |  |
Restructuring-related costs (gains): |  |  |  |  |  |  |  |  |
Inventory obsolescence and other | Cost of goods sold |  | 4.5 |  |  |  |  | .7 |  |  |
Professional services and other | Selling and administrative expenses |  | 11.7 |  |  |  |  | 6.3 |  |  |
Gain on sale of equipment | Net gain on disposal of assets |  | (1.6) |  |  |  |  | (.1) |  |  |
Total restructuring-related costs |  |  | 14.6 |  |  |  |  | 6.9 |  |  |
Total net restructuring and restructuring-related costs |  |  | $ | 31.1 |  |  |  |  | $ | 11.7 |  |  |
Amount of total that represents net cash charges |  |  | $ | 26.6 |  |  |  |  | $ | 11.0 |  |  |
Net restructuring and restructuring-related costs by segment were as follows:
| Nine Months Ended September 30, 2024 |  | Three Months Ended September 30, 2024
Bedding Products | $ | 24.0 |  |  |  |  | $ | 7.4 |  |  |
Specialized Products | 5.1 |  |  |  |  | 3.8 |  |  |
Furniture, Flooring & Textile Products | 2.0 |  |  |  |  | .5 |  |  |
Total net restructuring and restructuring-related costs | $ | 31.1 |  |  |  |  | $ | 11.7 |  |  |
In August 2024, we recognized gains from the sale of real estate associated with the Plan of $14.0 within the Bedding Products segment. These gains are not reflected in the tables above. The accrued liability associated with the Plan consisted of the following:
| Balance at December 31, 2023 |  | Add: 2024 Charges |  | Less: 2024 Payments |  | Balance at September 30, 2024
Termination benefits | $ | — |  |  | $ | 6.1 |  |  | $ | 4.5 |  |  | $ | 1.6 |
Relocation and other restructuring costs | — |  |  | 10.4 |  |  | 10.3 |  |  | .1 |
Total | $ | — |  |  | $ | 16.5 |  |  | $ | 14.8 |  |  | $ | 1.7 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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