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Restructuring and Related Activities
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Restructuring and Related Activities
Restructuring and restructuring-related activity for 2023 and 2022 was $2.9 and $1.4, respectively, and was not associated with any formal plan.
In the first quarter of 2024, we committed to a restructuring plan (the “2024 Restructuring Plan” or “2024 Plan”). The 2024 Plan is primarily associated with our Bedding Products segment and, to a lesser extent, our Furniture, Flooring & Textile Products segment. The 2024 Plan was expanded in the second quarter of 2024 to include a restructuring opportunity within the Specialized Products segment and in the third quarter of 2024 to include the general and administrative cost structure initiatives. 2024 Plan costs are expected to be substantially complete by the end of 2025.
Over the course of the restructuring timeline, we plan to consolidate between 15 and 20 production and distribution facilities in the Bedding Products segment and a small number of production facilities in the Furniture, Flooring & Textile Products segment. Our total restructuring, restructuring-related, and impairment costs for the 2024 Plan are expected to be between $80.0 and $90.0, versus our prior estimate of $65.0 to $85.0, of which $47.8 was incurred in 2024 with the remainder expected to be incurred in 2025.
The following table presents all 2024 restructuring and restructuring-related activity, including impairments:
 Total Amount Expected to be IncurredYear 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 Plan30.3 
Amount of total that represents net cash charges to other restructuring2.9 
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 PresentationYear 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 sold13.2 
Professional services and otherSelling and administrative expenses13.5 
Gain on sale of equipmentNet gain from disposal of assets(1.6)
Total restructuring-related costs25.1 
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 Products7.4 
Furniture, Flooring & Textile Products2.3 
Total$43.6 
During 2024, we recognized gains of $16.6 from the sale of real estate associated with the 2024 Plan within the Bedding Products segment. These gains are not reflected in the tables above.
The accrued liability associated with the 2024 Plan consisted of the following:
Balance at December 31, 2023Add: 2024 ChargesLess: 2024 PaymentsBalance at December 31, 2024
Termination benefits$— $6.9 $6.1 $.8 
Relocation and other restructuring costs— 11.6 11.6 — 
 $— $18.5 $17.7 $.8