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Assets Held For Sale and Divestitures
 3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held For Sale and Divestitures Assets Held For Sale and Divestitures
In March 2025, we divested a small U.S. machinery business within our Bedding Products segment which had immaterial amounts of annual external sales and EBIT. The net sales price was $1.2 and approximated the carrying cost of the business.
On March 25, 2025, our Board of Directors approved the sale of our Aerospace Products Group, which is a part of our Specialized Products segment. On April 2, 2025, we signed an agreement for a cash purchase price of $285.0, subject to adjustments for working capital, cash, and indebtedness. It is subject to customary closing conditions and regulatory approvals. This group met held for sale criteria at March 31, 2025, but did not meet the criteria for discontinued operations because it does not represent a strategic shift that would have a major effect on our financial results. The sale is expected to close in 2025.
The held for sale items are shown on our Consolidated Condensed Balance Sheets as follows:
March 31, 2025December 31, 2024
Trade receivables, net$29.2 $— 
Inventories56.8 2.5 
Prepaid expenses and other current assets1.2 — 
Total current assets held for sale87.2 2.5 
Net property, plant and equipment28.9 4.7 
Goodwill67.2 — 
Other intangibles, net38.7 — 
Sundry7.0 — 
Total non-current assets held for sale141.8 4.7 
Total assets held for sale$229.0 $7.2 
Current portion of operating lease liabilities$1.4 $— 
Accounts payable17.0 — 
Accrued expenses10.8 — 
Other current liabilities4.2 — 
Total current liabilities held for sale33.4 — 
Operating lease liabilities4.9 — 
Other long-term liabilities3.4 — 
Total long-term liabilities held for sale8.3 — 
Total liabilities and equity held for sale$41.7 $— 
Net assets held for sale$187.3 $7.2 
The above table includes:
March 31, 2025December 31, 2024
Aerospace Products Group$183.1 $— 
Property, Plant and Equipment primarily associated with the closing of other operations4.2 4.7 
Inventories associated with the U.S. machinery business— 2.5 
$187.3 $7.2 
The Aerospace Products Group had external sales of $53.0 and $45.6 and pretax earnings (excluding corporate overhead) of $7.2 and $2.7 for the three months ended March 31, 2025 and March 31, 2024, respectively.