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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information We have three operating segments that supply a wide range of products: •Bedding Products: This segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as produces private label finished mattresses and adjustable bed bases. This segment is also vertically integrated into the production and supply of specialty foam chemicals, steel rod, and drawn steel wire to our own operations and to external customers. We also supply steel rod and wire to trade customers that operate in a broad range of markets. •Specialized Products: From this segment, we supply lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. We also produce and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and heavy construction industries. •Furniture, Flooring & Textile Products: Operations in this segment supply a wide range of components for residential and work furniture manufacturers, as well as select lines of private label finished furniture. We also produce or distribute carpet cushion, hard surface flooring underlayment, and textile and geo components. Our reportable segments are the same as our operating segments, which also correspond with our management organizational structure. Our Bedding Products and Furniture, Flooring & Textile Products segments have an executive vice president who has accountability to, and maintains regular contact with, our CEO, who is the chief operating decision maker (CODM). With the retirement of our Specialized Products segment executive vice president in April 2024, our CEO became acting segment manager on a temporary basis for this segment until a permanent replacement is named. The operating results and financial information reported through the segment structure are regularly reviewed and used by the CODM to evaluate segment performance, allocate overall resources, and determine management incentive compensation. The accounting principles used in the preparation of the segment information are the same as those used for the consolidated financial statements. We evaluate performance based on Earnings Before Interest and Taxes (EBIT). Intersegment sales are made primarily at prices that approximate market-based selling prices. Centrally incurred costs are allocated to the segments based on estimates of services used by the segment. Certain of our general and administrative costs and miscellaneous corporate income and expenses are allocated to the segments based on sales or other appropriate metrics. These allocated corporate costs include depreciation and other costs and income related to assets that are not allocated or otherwise included in the segment assets. A summary of segment results is shown in the following tables:
| Trade 1 Sales |  | Inter- Segment Sales |  | Total Sales |  | EBIT |  | Depreciation and Amortization
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Bedding Products 2 | $ | 445.5 |  |  | $ | 6.1 |  |  | $ | 451.6 |  |  | $ | 25.5 |  |  | $ | 14.8 |
Specialized Products | 299.9 |  |  | 1.5 |  |  | 301.4 |  |  | 24.8 |  |  | 11.0 |
Furniture, Flooring & Textile Products | 356.3 |  |  | 2.1 |  |  | 358.4 |  |  | 27.4 |  |  | 5.4 |
Intersegment eliminations and other 3 |  |  |  |  |  |  | — |  |  | 5.2 |
| $ | 1,101.7 |  |  | $ | 9.7 |  |  | $ | 1,111.4 |  |  | $ | 77.7 |  |  | $ | 36.4 |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |
Bedding Products | $ | 483.3 |  |  | $ | 7.4 |  |  | $ | 490.7 |  |  | $ | 31.1 |  |  | $ | 26.2 |
Specialized Products | 319.4 |  |  | .3 |  |  | 319.7 |  |  | 31.2 |  |  | 10.7 |
Furniture, Flooring & Textile Products | 372.7 |  |  | 2.8 |  |  | 375.5 |  |  | 29.5 |  |  | 5.5 |
Intersegment eliminations and other 3 |  |  |  |  |  |  | (.4) |  |  | 2.6 |
| $ | 1,175.4 |  |  | $ | 10.5 |  |  | $ | 1,185.9 |  |  | $ | 91.4 |  |  | $ | 45.0 |
| Trade 1 Sales |  | Inter- Segment Sales |  | Total Sales |  | EBIT |  | Depreciation and Amortization
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Bedding Products 2,4 | $ | 1,331.5 |  |  | $ | 19.0 |  |  | $ | 1,350.5 |  |  | $ | (550.6) |  |  | $ | 43.7 |
Specialized Products 4 | 935.4 |  |  | 3.2 |  |  | 938.6 |  |  | 39.0 |  |  | 31.4 |
Furniture, Flooring & Textile Products 4 | 1,060.3 |  |  | 7.6 |  |  | 1,067.9 |  |  | 41.6 |  |  | 16.2 |
Intersegment eliminations and other 3 |  |  |  |  |  |  | (3.6) |  |  | 10.6 |
| $ | 3,327.2 |  |  | $ | 29.8 |  |  | $ | 3,357.0 |  |  | $ | (473.6) |  |  | $ | 101.9 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |
Bedding Products | $ | 1,516.2 |  |  | $ | 25.5 |  |  | $ | 1,541.7 |  |  | $ | 87.4 |  |  | $ | 77.3 |
Specialized Products | 961.3 |  |  | 1.2 |  |  | 962.5 |  |  | 93.0 |  |  | 31.7 |
Furniture, Flooring & Textile Products | 1,132.7 |  |  | 9.3 |  |  | 1,142.0 |  |  | 96.7 |  |  | 17.0 |
Intersegment eliminations and other 3 |  |  |  |  |  |  | (.7) |  |  | 9.1 |
| $ | 3,610.2 |  |  | $ | 36.0 |  |  | $ | 3,646.2 |  |  | $ | 276.4 |  |  | $ | 135.1 |
1 See Note B for revenue by product family. 2 The lower amortization expense in the three and nine months ended September 30, 2024 is due to the fourth quarter 2023 long-lived asset impairment. 3 Depreciation and Amortization: Other relates to non-operating assets (assets not included in segment assets) and is allocated to segment EBIT as discussed above. 4 EBIT for the nine months ended September 30, 2024 includes $675.3 of goodwill impairments as discussed in Note F. Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include the average of both working capital (all current assets and current liabilities) plus net property, plant and equipment.
Average Assets by Segment |  | September 30, 2024 |  | December 31, 2023
Bedding Products |  | $ | 755.8 |  |  | $ | 815.2 |
Specialized Products |  | 399.4 |  |  | 398.6 |
Furniture, Flooring & Textile Products |  | 354.4 |  |  | 390.3 |
Average current liabilities included in segment numbers above |  | 688.3 |  |  | 736.1 |
Unallocated assets 1 |  | 1,608.6 |  |  | 2,403.2 |
Difference between average assets and period-end balance sheet |  | (26.4) |  |  | (108.9) |
Total assets |  | $ | 3,780.1 |  |  | $ | 4,634.5 |
1 Unallocated assets consist primarily of goodwill, other intangibles, cash, and deferred tax assets. The September 30, 2024 unallocated assets reflects the $675.3 goodwill impairment as discussed in Note F.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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