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Restructuring and Related Activities (Tables)

9 Months Ended

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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- References

No definition available.

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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

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