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Restructuring and Related Activities | 3 Months Ended
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Mar. 31, 2025
Restructuring and Related Activities [Abstract] |
Restructuring and Related Activities | Restructuring and Related Activities In 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 includes, to a lesser extent, our Furniture, Flooring & Textile Products segment, an opportunity within the Specialized Products segment, and 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, of which $47.8 was incurred in 2024, with the remainder expected to be substantially incurred in 2025. As of March 31, 2025, we have incurred life-to-date 2024 Plan costs of $53.3. The following table presents all restructuring and restructuring-related activity, including impairments for the periods presented:
| Total Amount Expected to be Incurred | Total Amount Incurred to Date Since January 1, 2024 |  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
2024 Restructuring Plan activity: |  |  |  |  |  |
Net restructuring and restructuring-related | $60.0 to $70.0 | $ | 48.8 |  |  | $ | 5.2 |  |  | $ | 8.5 |
Goodwill and long-lived asset impairment costs associated with this plan | Approximately $20.0 | 4.5 |  |  | .3 |  |  | 2.3 |
Total 2024 Restructuring Plan activity | $80.0 to $90.0 | 53.3 |  |  | 5.5 |  |  | 10.8 |
Other restructuring activity: |  |  |  |  |  |
Net restructuring and restructuring-related 1 |  |  |  | 1.4 |  |  | — |
Total net restructuring and restructuring-related activity, including impairments |  |  |  | $ | 6.9 |  |  | $ | 10.8 |
Amount of total that represents net cash charges to 2024 Plan |  | $ | 35.0 |  |  | $ | 4.7 |  |  | $ | 6.2 |
1 This includes cash charges for divestiture-related expenses associated with the pending sale of our Aerospace business that met held for sale criteria in the first quarter of 2025 as discussed in Note L. Costs were $1.4 for the three months ended March 31, 2025. There were no costs for the three months ended March 31, 2024. The table below presents the 2024 Plan restructuring and restructuring-related activity for the periods presented:
| Income Statement Presentation |  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024 |  |  |  |
Restructuring costs: |  |  |  |  |  |  |  |  |
Termination benefits, relocation, and other restructuring costs | Other expense, net of other income |  | $ | 2.3 |  |  | $ | 5.7 |  |  |  |  |
Restructuring-related costs (gains): |  |  |  |  |  |  |  |  |
Inventory obsolescence and other | Cost of goods sold |  | .5 |  |  | 2.3 |  |  |  |  |
Professional services and other | Selling and administrative expenses |  | 1.0 |  |  | .5 |  |  |  |  |
Net loss on disposal of assets and businesses | Net gain on disposal of assets and businesses |  | 1.4 |  |  | — |  |  |  |  |
Total restructuring-related costs |  |  | 2.9 |  |  | 2.8 |  |  |  |  |
Total net restructuring and restructuring-related costs |  |  | $ | 5.2 |  |  | 8.5 |  |  |  |  |
Net restructuring and restructuring-related 2024 Plan costs by segment were as follows:
| Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024 |  |  |  |
Bedding Products | $ | 3.1 |  |  | $ | 7.0 |  |  |  |  |
Specialized Products | 2.0 |  |  | — |  |  |  |  |
Furniture, Flooring & Textile Products | .1 |  |  | 1.5 |  |  |  |  |
Total net restructuring and restructuring-related costs | $ | 5.2 |  |  | $ | 8.5 |  |  |  |  |
The accrued liability associated with the 2024 Plan consisted of the following:
| Balance at December 31, 2024 |  | Add: 2025 Charges |  | Less: 2025 Payments |  | Balance at March 31, 2025
Termination benefits | $ | .8 |  |  | $ | 1.5 |  |  | $ | 1.5 |  |  | $ | .8 |
Relocation and other restructuring costs | — |  |  | .8 |  |  | .8 |  |  | — |
Total | $ | .8 |  |  | $ | 2.3 |  |  | $ | 2.3 |  |  | $ | .8 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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