XML 65 R40.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Impairment Charges (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Intangible Assets and Goodwill | Pretax impairment charges are reported in “Goodwill impairment” and “Long-lived asset impairment” in the Consolidated Statements of Operations and summarized in the table below. There were no impairment charges in 2022.
| Year Ended December 31, 2024 |  | Year Ended December 31, 2023
| Goodwill Impairment |  | Other Long-Lived Asset Impairment |  | Total Impairments 1 |  | Goodwill Impairment |  | Other Long-Lived Asset Impairment |  | Total Impairments
Bedding Products | $ | 587.9 |  |  | $ | 4.6 |  |  | $ | 592.5 |  |  | $ | — |  |  | $ | 443.7 |  |  | $ | 443.7 |
Specialized Products | 43.6 |  |  | .8 |  |  | 44.4 |  |  | — |  |  | — |  |  | — |
Furniture, Flooring & Textile Products | 44.5 |  |  | .9 |  |  | 45.4 |  |  | — |  |  | — |  |  | — |
Total impairment charges | $ | 676.0 |  |  | $ | 6.3 |  |  | $ | 682.3 |  |  | $ | — |  |  | $ | 443.7 |  |  | $ | 443.7 |
1 This includes $4.2 associated with the 2024 Plan as discussed in Note E ($.7 of goodwill and $3.5 of long-lived assets discussed below).
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 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration