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Restructuring and Related Activities (Tables) | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Summary of Restructuring-Related Costs | The following table presents all 2024 restructuring and restructuring-related activity, including impairments:
| Total Amount Expected to be Incurred | Year Ended December 31,
| 2024 |  |  |  |
2024 Restructuring Plan activity: |  |  |  |  |  |
Net restructuring and restructuring-related | $60.0 to $70.0 | $ | 43.6 |  |  |  |  |
Goodwill and long-lived asset impairment costs associated with this plan (see Note F) | Approximately $20.0 | 4.2 |  |  |  |  |
Total 2024 Restructuring Plan activity | $80.0 to $90.0 | 47.8 |  |  |  |  |
Other restructuring activity: |  |  |  |  |  |
Net restructuring and restructuring-related 1 |  | 2.9 |  |  |  |  |
Total net restructuring and restructuring-related activity, including impairments |  | $ | 50.7 |  |  |  |  |
Amount of total that represents net cash charges to 2024 Plan |  | 30.3 |  |  |  |  |
Amount of total that represents net cash charges to other restructuring |  | 2.9 |  |  |  |  |
Amount of total that represents net cash charges |  | $ | 33.2 |  |  |  |  |
1 This includes $2.7 of restructuring-related costs due to exploring a potential sale of our Aerospace business. This business has not reached the criteria to be classified as held for sale. The table below presents all 2024 Plan restructuring and restructuring-related activity:
| Income Statement Presentation |  | Year Ended December 31,
|  | 2024 |  |  |  |
Restructuring costs associated with the 2024 Plan: |  |  |  |  |  |  |
Termination benefits, relocation, and other restructuring costs | Other expense (income), net |  | $ | 18.5 |  |  |  |  |
Restructuring-related costs (gains): |  |  |  |  |  |  |
Write-down of inventories and other | Cost of goods sold |  | 13.2 |  |  |  |  |
Professional services and other | Selling and administrative expenses |  | 13.5 |  |  |  |  |
Gain on sale of equipment | Net gain from disposal of assets |  | (1.6) |  |  |  |  |
Total restructuring-related costs |  |  | 25.1 |  |  |  |  |
Total net restructuring and restructuring-related costs |  |  | $ | 43.6 |  |  |  |  |
Amount of total that represents net cash charges |  |  | $ | 30.3 |  |  |  |  |
Net restructuring and restructuring-related 2024 Plan costs by segment were as follows:
| Year Ended December 31,
| 2024 |  |  |  |
Bedding Products | $ | 33.9 |  |  |  |  |
Specialized Products | 7.4 |  |  |  |  |
Furniture, Flooring & Textile Products | 2.3 |  |  |  |  |
Total | $ | 43.6 |  |  |  |  |
The accrued liability associated with the 2024 Plan consisted of the following:
|  |  |  |  |  |  | Balance at December 31, 2023 |  | Add: 2024 Charges |  | Less: 2024 Payments |  | Balance at December 31, 2024
Termination benefits |  |  |  |  |  |  | $ | — |  |  | $ | 6.9 |  |  | $ | 6.1 |  |  | $ | .8 |
Relocation and other restructuring costs |  |  |  |  |  |  | — |  |  | 11.6 |  |  | 11.6 |  |  | — |
|  |  |  |  |  |  | $ | — |  |  | $ | 18.5 |  |  | $ | 17.7 |  |  | $ | .8 |

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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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