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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Changes In The Carrying Amounts Of Goodwill | The following table represents 2024 total goodwill impairments. This includes non-cash pretax charges of $675.3 related to our second quarter annual goodwill impairment testing and $.7 related to a small operation in the Bedding Products segment that reached held-for-sale status in the fourth quarter of 2024 and was associated with the 2024 Plan.
|  |  |  | Year Ended
Reporting Unit |  | Segment |  | December 31, 2024
Bedding |  | Bedding Products |  | $ | 587.9 |
Work Furniture |  | Furniture, Flooring & Textile Products |  | 44.5 |
Hydraulic Cylinders |  | Specialized Products |  | 43.6 |
|  |  |  | $ | 676.0 |
The 2024 information excludes Hydraulic Cylinders, as this unit had no goodwill remaining after the second quarter 2024 impairment.
2024
Fair Value over Carrying Value divided by Carrying Value |  | December 31, 2024 Goodwill Value |  | Compound Annual Growth Rate (CAGR) Range for Sales |  | Terminal Values Long-term Growth Rate for Debt-Free Cash Flow |  | Discount Rate Ranges
Less than 50%1 |  | $ | 430.4 |  |  | (1) - 12% |  | 3 | % |  | 14 - 17%
101 - 300% |  | 364.0 |  |  | 3 - 7 |  | 3 |  |  | 14
|  | $ | 794.4 |  |  | (1) - 12% |  | 3 | % |  | 14-17%
2023
Fair Value over Carrying Value divided by Carrying Value |  | December 31, 2023 Goodwill Value |  | CAGR Range for Sales |  | Terminal Values Long-term Growth Rate for Debt-Free Cash Flow |  | Discount Rate Ranges
Less than 50% 1 |  | $ | 1,018.1 |  |  | 1 - 17% |  | 3 | % |  | 10% - 12%
50-100% |  | 99.6 |  |  | <1 |  | 3 |  |  | 8
101-300% |  | 372.1 |  |  | 3 - 6 |  | 3 |  |  | 8 - 10
|  | $ | 1,489.8 |  |  | <1 - 17% |  | 3 | % |  | 8 - 12%
1 This category includes Bedding, Aerospace, and Work Furniture for 2024 and Bedding, Aerospace, and Hydraulic Cylinders for 2023. • The fair value of our Bedding reporting unit was less than its carrying value at our second quarter 2024 testing date, resulting in a partial goodwill impairment, as discussed above. Fair value exceeded carrying value by 40% at our second quarter 2023 testing date and had decreased to 19% after a triggering event occurred to test for goodwill impairment for the reporting unit late in the fourth quarter of 2023, as discussed in the "Other long-lived assets" section below. Goodwill associated with this reporting unit was $310.0 and $906.5 at December 31, 2024 and 2023, respectively. • The fair value of our Aerospace reporting unit exceeded its carrying value by 21% at our second quarter 2024 testing date as compared to 44% at our second quarter 2023 testing date. Goodwill associated with this reporting unit was $66.8 and $67.0 at December 31, 2024 and 2023, respectively. • The fair value of our Work Furniture reporting unit was less than its carrying value at our second quarter 2024 testing date, resulting in a partial goodwill impairment, as discussed above. Fair value exceeded carrying value by 74% at our second quarter 2023 testing date. Goodwill associated with this reporting unit was $53.6 and $99.6 at December 31, 2024 and 2023, respectively. • The fair value of our Hydraulic Cylinders reporting unit was less than its carrying value at our second quarter 2024 testing date, resulting in a full goodwill impairment, as discussed above. Fair value exceeded carrying value by 18% at our second quarter 2023 testing date. Goodwill associated with this reporting unit was $44.6 at December 31, 2023. The changes in the carrying amounts of goodwill are as follows:
| Bedding Products |  | Specialized Products |  | Furniture, Flooring & Textile Products |  | Total
Net goodwill as of January 1, 2023 | $ | 900.3 |  |  | $ | 227.4 |  |  | $ | 346.7 |  |  | $ | 1,474.4 |
Adjustments to prior year acquisitions | — |  |  | 2.9 |  |  | .8 |  |  | 3.7 |
Foreign currency translation adjustment | 6.2 |  |  | 3.4 |  |  | 2.1 |  |  | 11.7 |
Net goodwill as of December 31, 2023 1 | 906.5 |  |  | 233.7 |  |  | 349.6 |  |  | 1,489.8 |
Impairment charge | (587.9) |  |  | (43.6) |  |  | (44.5) |  |  | (676.0) |
Foreign currency translation adjustment | (8.6) |  |  | (7.2) |  |  | (3.6) |  |  | (19.4) |
Net goodwill as of December 31, 2024 2 | $ | 310.0 |  |  | $ | 182.9 |  |  | $ | 301.5 |  |  | $ | 794.4 |
1 Net goodwill as of December 31, 2023 is comprised of: |  |  |  |  |  |  |
Gross goodwill | $ | 911.9 |  |  | $ | 325.8 |  |  | $ | 600.2 |  |  | $ | 1,837.9 |
Accumulated impairment losses | (5.4) |  |  | (92.1) |  |  | (250.6) |  |  | (348.1) |
Net goodwill as of December 31, 2023 | $ | 906.5 |  |  | $ | 233.7 |  |  | $ | 349.6 |  |  | $ | 1,489.8 |
2 Net goodwill as of December 31, 2024 is comprised of: |  |  |  |  |  |  |
Gross goodwill | $ | 903.3 |  |  | $ | 318.6 |  |  | $ | 596.6 |  |  | $ | 1,818.5 |
Accumulated impairment losses | (593.3) |  |  | (135.7) |  |  | (295.1) |  |  | (1,024.1) |
Net goodwill as of December 31, 2024 | $ | 310.0 |  |  | $ | 182.9 |  |  | $ | 301.5 |  |  | $ | 794.4 |
Schedule of Intangible Assets Purchased | The gross carrying amount and accumulated amortization by intangible asset class and intangible assets acquired during the periods presented, included in "Other intangibles, net" on the Consolidated Balance Sheets, are as follows:
| December 31, 2024 |  | Year Ended December 31, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles |  | Gross carrying amounts of items acquired |  | Weighted average life in years for items acquired
Customer-related intangibles | $ | 193.0 |  |  | $ | 120.5 |  |  | $ | 72.5 |  |  | $ | — |  |  | 0
Technology | 85.8 |  |  | 63.8 |  |  | 22.0 |  |  | — |  |  | 0
Patents and trademarks 1 | 77.6 |  |  | 39.4 |  |  | 38.2 |  |  | 1.5 |  |  | 8.5
Non-compete agreements, supply agreements and other | 30.0 |  |  | 22.3 |  |  | 7.7 |  |  | .9 |  |  | 5.0
Total | $ | 386.4 |  |  | $ | 246.0 |  |  | $ | 140.4 |  |  | $ | 2.4 |  |  | 7.2
| December 31, 2023 |  | Year Ended December 31, 2023
Customer-related intangibles | $ | 331.5 |  |  | $ | 244.7 |  |  | $ | 86.8 |  |  | $ | — |  |  | 0
Technology | 86.8 |  |  | 60.8 |  |  | 26.0 |  |  | — |  |  | 0
Patents and trademarks 1 | 103.6 |  |  | 59.8 |  |  | 43.8 |  |  | 1.5 |  |  | 19.3
Non-compete agreements, supply agreements and other | 62.0 |  |  | 51.1 |  |  | 10.9 |  |  | — |  |  | 0
Total 2 | $ | 583.9 |  |  | $ | 416.4 |  |  | $ | 167.5 |  |  | $ | 1.5 |  |  | 19.3
1 $17.4 and $18.2 of our trademarks at December 31, 2024 and December 31, 2023, respectively, are not subject to amortization. 2 We incurred impairment charges in 2023 associated with intangible assets as discussed in Note F.
Schedule of Estimated Amortization Expense | Estimated amortization expense for the next five years is as follows:
2025 | $ | 21.9 |
2026 | 19.9 |
2027 | 18.3 |
2028 | 17.5 |
2029 | 16.4 |

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