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Restructuring and Related Activities (Tables) | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Summary Of Restructuring-Related Costs | 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 |  |  |
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 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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