XML 62 R37.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Results From Continuing Operations | A summary of segment results for the periods presented are as follows:
Year Ended December 31, |  | Bedding Products |  | Specialized Products |  | Furniture, Flooring & Textile Products |  | Total
2024 |  |  |  |  |  |  |  |
Trade sales 1 |  | $ | 1,751.7 |  |  | $ | 1,239.1 |  |  | $ | 1,392.8 |  |  | $ | 4,383.6 |
Inter-segment sales |  | 25.0 |  |  | 3.3 |  |  | 9.8 |  |  | 38.1 |
Total segment sales |  | 1,776.7 |  |  | 1,242.4 |  |  | 1,402.6 |  |  | 4,421.7 |
Less: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 59.0 |  |  | 43.0 |  |  | 21.7 |  |  | 123.7 |
Nonoperating assets depreciation and amortization 2 |  | 5.0 |  |  | 3.4 |  |  | 3.9 |  |  | 12.3 |
Total depreciation and amortization |  | 64.0 |  |  | 46.4 |  |  | 25.6 |  |  | 136.0 |
Goodwill impairment (See Note F) |  | 587.9 |  |  | 43.6 |  |  | 44.5 |  |  | 676.0 |
Restructuring, restructuring-related, and impairment charges (See Note E) |  | 37.4 |  |  | 10.1 |  |  | 2.3 |  |  | 49.8 |
Gain on sale of real estate |  | (30.9) |  |  | — |  |  | — |  |  | (30.9) |
Gain from net insurance proceeds |  | — |  |  | — |  |  | (2.2) |  |  | (2.2) |
Other segment items 3 |  | 1,667.3 |  |  | 1,077.9 |  |  | 1,274.2 |  |  | 4,019.4 |
Segment EBIT |  | $ | (549.0) |  |  | $ | 64.4 |  |  | $ | 58.2 |  |  | (426.4) |
Intersegment eliminations and other 4 |  |  |  |  |  |  |  | (3.5) |
Interest expense net of interest income |  |  |  |  |  |  |  | (79.3) |
Earnings (loss) before income taxes |  |  |  |  |  |  |  | $ | (509.2) |
Year Ended December 31, |  | Bedding Products |  | Specialized Products |  | Furniture, Flooring & Textile Products |  | Total
2023 |  |  |  |  |  |  |  |
Trade sales 1 |  | $ | 1,964.7 |  |  | $ | 1,279.8 |  |  | $ | 1,480.8 |  |  | $ | 4,725.3 |
Inter-segment sales |  | 31.9 |  |  | 1.5 |  |  | 11.7 |  |  | 45.1 |
Total segment sales |  | 1,996.6 |  |  | 1,281.3 |  |  | 1,492.5 |  |  | 4,770.4 |
Less: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 103.9 |  |  | 41.1 |  |  | 22.5 |  |  | 167.5 |
Nonoperating assets depreciation and amortization 2 |  | 5.3 |  |  | 3.3 |  |  | 3.8 |  |  | 12.4 |
Total depreciation and amortization |  | 109.2 |  |  | 44.4 |  |  | 26.3 |  |  | 179.9 |
Long-lived asset impairment (See Note F) |  | 443.7 |  |  | — |  |  | — |  |  | 443.7 |
Gain on sale of real estate |  | (5.4) |  |  | — |  |  | (5.5) |  |  | (10.9) |
Gain from net insurance proceeds |  | (1.9) |  |  | — |  |  | (7.0) |  |  | (8.9) |
Other segment items 3 |  | 1,795.2 |  |  | 1,111.9 |  |  | 1,350.1 |  |  | 4,257.2 |
Segment EBIT |  | $ | (344.2) |  |  | $ | 125.0 |  |  | $ | 128.6 |  |  | (90.6) |
Intersegment eliminations and other |  |  |  |  |  |  |  | .2 |
Interest expense net of interest income |  |  |  |  |  |  |  | (83.0) |
Earnings (loss) before income taxes |  |  |  |  |  |  |  | $ | (173.4) |
Year Ended December 31 |  | Bedding Products |  | Specialized Products |  | Furniture, Flooring & Textile Products |  | Total
2022 |  |  |  |  |  |  |  |
Trade sales 1 |  | $ | 2,356.3 |  |  | $ | 1,118.3 |  |  | $ | 1,672.1 |  |  | $ | 5,146.7 |
Inter-segment sales |  | 40.5 |  |  | 2.2 |  |  | 14.5 |  |  | 57.2 |
Total segment sales |  | 2,396.8 |  |  | 1,120.5 |  |  | 1,686.6 |  |  | 5,203.9 |
Less: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 104.1 |  |  | 40.5 |  |  | 23.2 |  |  | 167.8 |
Nonoperating assets depreciation and amortization 2 |  | 5.5 |  |  | 2.6 |  |  | 3.9 |  |  | 12.0 |
Total depreciation and amortization |  | 109.6 |  |  | 43.1 |  |  | 27.1 |  |  | 179.8 |
Other segment items 3 |  | 2,067.6 |  |  | 978.0 |  |  | 1,494.5 |  |  | 4,540.1 |
Segment EBIT |  | $ | 219.6 |  |  | $ | 99.4 |  |  | $ | 165.0 |  |  | 484.0 |
Intersegment eliminations and other |  |  |  |  |  |  |  | 1.0 |
Interest expense net of interest income |  |  |  |  |  |  |  | (81.4) |
Earnings (loss) before income taxes |  |  |  |  |  |  |  | $ | 403.6 |
1 See Note B for revenue by product family. 2 Assets are not allocated to segments for internal reporting presentations. A portion of amortization and depreciation is included with various other costs in an overhead allocation to each segment. 3 Other segment items included in segment EBIT but not regularly provided to the CODM are comprised of cost of goods sold, selling and administrative expenses, and other expense (income), net. 4 2024 Intersegment eliminations and other included $3.7 in CEO transition compensation costs.
Summary of Average Assets for Segments | Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include working capital (current assets and current liabilities utilized in operations) plus net property, plant and equipment. Segment assets for all years are reflected at their estimated average for the year. Acquired companies’ long-lived assets as disclosed below include property, plant and equipment, goodwill, and intangible assets.
| Year Ended December 31,
| Assets |  | Additions to Property, Plant and Equipment |  | Acquired Companies’ Long-Lived Assets |  |
2024 |  |  |  |  |  |  |
Bedding Products | $ | 741.8 |  |  | $ | 30.5 |  |  | $ | — |  |  |
Specialized Products | 398.7 |  |  | 35.2 |  |  | — |  |  |
Furniture, Flooring & Textile Products | 346.1 |  |  | 9.7 |  |  | — |  |  |
Average current liabilities included in segment numbers above | 692.7 |  |  | — |  |  | — |  |  |
Unallocated assets and other 1, 2 | 1,634.0 |  |  | 6.2 |  |  | — |  |  |
Difference between average assets and year-end balance sheet | (151.7) |  |  | — |  |  | — |  |  |
| $ | 3,661.6 |  |  | $ | 81.6 |  |  | $ | — |  |  |
2023 |  |  |  |  |  |  |
Bedding Products | $ | 815.2 |  |  | $ | 47.3 |  |  | $ | — |  |  |
Specialized Products | 398.6 |  |  | 42.7 |  |  | — |  |  |
Furniture, Flooring & Textile Products | 390.3 |  |  | 12.7 |  |  | — |  |  |
Average current liabilities included in segment numbers above | 736.1 |  |  | — |  |  | — |  |  |
Unallocated assets and other 1, 3 | 2,403.2 |  |  | 11.1 |  |  | — |  |  |
Difference between average assets and year-end balance sheet | (108.9) |  |  | — |  |  | — |  |  |
| $ | 4,634.5 |  |  | $ | 113.8 |  |  | $ | — |  |  |
2022 |  |  |  |  |  |  |
Bedding Products | $ | 931.2 |  |  | $ | 42.1 |  |  | $ | — |  |  |
Specialized Products | 350.1 |  |  | 28.2 |  |  | 93.8 |  |  |
Furniture, Flooring & Textile Products | 423.1 |  |  | 12.5 |  |  | 7.1 |  |  |
Average current liabilities included in segment numbers above | 793.9 |  |  | — |  |  | — |  |  |
Unallocated assets and other 1 | 2,840.6 |  |  | 17.5 |  |  | — |  |  |
Difference between average assets and year-end balance sheet | (152.8) |  |  | — |  |  | — |  |  |
| $ | 5,186.1 |  |  | $ | 100.3 |  |  | $ | 100.9 |  |  |
1 Unallocated assets consists primarily of goodwill, other intangibles, cash, and deferred tax assets. 2 2024 unallocated assets reflects a $676.0 goodwill impairment as discussed in Note F. 3 2023 unallocated assets reflects a $443.7 long-lived asset impairment as discussed in Note F.
Schedule Of Revenue From External Sales And Long-Lived Assets, By Geographical Areas | Trade sales and tangible long-lived assets are presented below, based on the geography of manufacture.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Trade sales |  |  |  |  |
Foreign sales |  |  |  |  |
Europe | $ | 660.6 |  |  | $ | 715.2 |  |  | $ | 624.5 |
China | 443.5 |  |  | 464.7 |  |  | 501.5 |
Canada | 289.5 |  |  | 296.6 |  |  | 279.4 |
Mexico | 214.0 |  |  | 232.6 |  |  | 262.8 |
Other | 143.4 |  |  | 139.2 |  |  | 129.2 |
Total foreign sales | 1,751.0 |  |  | 1,848.3 |  |  | 1,797.4 |
United States | 2,632.6 |  |  | 2,877.0 |  |  | 3,349.3 |
Total trade sales | $ | 4,383.6 |  |  | $ | 4,725.3 |  |  | $ | 5,146.7 |
Tangible long-lived assets |  |  |  |  |
Foreign tangible long-lived assets |  |  |  |  |
Europe | $ | 144.9 |  |  | $ | 149.4 |  |  | $ | 142.1 |
China | 44.3 |  |  | 47.1 |  |  | 45.2 |
Canada | 23.1 |  |  | 25.6 |  |  | 24.3 |
Mexico | 11.6 |  |  | 14.3 |  |  | 14.1 |
Other | 6.8 |  |  | 7.3 |  |  | 7.9 |
Total foreign tangible long-lived assets | 230.7 |  |  | 243.7 |  |  | 233.6 |
United States | 493.7 |  |  | 537.5 |  |  | 538.8 |
Total tangible long-lived assets | $ | 724.4 |  |  | $ | 781.2 |  |  | $ | 772.4 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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