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Restructuring and Related Activities | 9 Months Ended
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Sep. 30, 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. 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 approximately $75.0, of which $47.8 was incurred in 2024, with the remainder expected to be substantially complete in 2025. As of September 30, 2025, we have incurred life-to-date 2024 Plan costs of $58.4. The following table presents all 2024 Plan restructuring and restructuring-related activity, including impairments, for the periods presented:
| Total Approximate Amount Expected to be Incurred |  | Total Amount Incurred to Date Since January 1, 2024 |  | Nine Months Ended September 30, 2025 |  | Total Amount Incurred in 2024 |  |  |  |
2024 Restructuring Plan activity: |  |  |  |  |  |  |  |  |  |  |
Net cash restructuring and restructuring-related | $ | 40.0 |  |  | $ | 38.1 |  |  | $ | 7.8 |  |  | $ | 30.3 |  |  |  |  |
Net non-cash restructuring and restructuring-related | 25.0 |  |  | 14.1 |  |  | .8 |  |  | 13.3 |  |  |  |  |
Total net restructuring and restructuring-related costs | 65.0 |  |  | 52.2 |  |  | 8.6 |  |  | 43.6 |  |  |  |  |
Goodwill and long-lived asset impairment costs 1 | 10.0 |  |  | 6.2 |  |  | 2.0 |  |  | 4.2 |  |  |  |  |
Total 2024 Restructuring Plan activity | $ | 75.0 |  |  | $ | 58.4 |  |  | $ | 10.6 |  |  | $ | 47.8 |  |  |  |  |
1 This includes $.7 of goodwill impairment in 2024 related to a small U.S. machinery business within the Bedding Products segment that reached held-for-sale status in the fourth quarter of 2024 and was sold in the first quarter of 2025 as discussed in Note O. The table below presents the restructuring and restructuring-related activity for the periods presented:
| Income Statement Presentation |  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024 |  | Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
2024 Plan restructuring costs (gains): |  |  |  |  |  |  |  |
Termination benefits, relocation, and other restructuring costs | Other (income) expense, net |  |  |  |  |  |  |  |
(See Note K) |  | $ | 5.1 |  |  | $ | 16.5 |  |  | $ | .7 |  |  | $ | 4.8 |
2024 Plan restructuring-related costs (gains): |  |  |  |  |  |  |  |
Inventory obsolescence and other | Cost of goods sold |  | .8 |  |  | 4.5 |  |  | .3 |  |  | .7 |
Professional services and other | Selling and administrative expenses |  | 1.1 |  |  | 11.7 |  |  | — |  |  | 6.3 |
Net loss (gain) on disposal of assets and businesses | Net gain on disposal of assets and businesses |  | 1.6 |  |  | (1.6) |  |  | — |  |  | (.1) |
Total 2024 Plan restructuring-related costs (gains) |  | 3.5 |  |  | 14.6 |  |  | .3 |  |  | 6.9 |
Total 2024 Plan net restructuring and restructuring-related costs (gains) |  | $ | 8.6 |  |  | $ | 31.1 |  |  | $ | 1.0 |  |  | $ | 11.7 |
Other restructuring costs (gains): |  |  |  |  |  |  |  |
Termination benefits, relocation, and other restructuring costs 1, 2 | Other (income) expense, net |  |  |  |  |  |  |  |
(See Note K) |  | $ | 2.5 |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | — |
Other restructuring-related (gains) costs: |  |  |  |  |  |  |  |
Inventory obsolescence and other 2 | Cost of goods sold |  | 1.5 |  |  | — |  |  | 1.5 |  |  | — |
Professional services and other 1 | Selling and administrative expenses |  | .6 |  |  | — |  |  | — |  |  | — |
Net (gain) loss on disposal of assets and businesses | Net gain on disposal of assets and businesses |  | (1.0) |  |  | — |  |  | (.1) |  |  | — |
Gain on sale of Aerospace Products Group | Gain on sale of Aerospace Products Group |  | (86.8) |  |  | — |  |  | (86.8) |  |  | — |
Total other restructuring-related (gains) costs |  | (85.7) |  |  | — |  |  | (85.4) |  |  | — |
Total other net restructuring and restructuring-related costs (gains) |  | $ | (83.2) |  |  | $ | — |  |  | $ | (84.4) |  |  | $ | — |
1 This includes cash charges for divestiture-related expenses associated with the sale of our Aerospace Products Group on August 29, 2025, as discussed in Note O. Costs were $2.0 for the nine months ended September 30, 2025. There were no costs for the nine months ended September 30, 2024. 2 In September 2025, we announced the consolidation of our Kentucky Adjustable Bed manufacturing operation into our Mexico operation by the end of this year. We have incurred costs of $2.0 related to this consolidation for the nine months ended September 30, 2025. Net restructuring and restructuring-related 2024 Plan costs by segment were as follows:
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024 |  | Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
Bedding Products | $ | 4.6 |  |  | $ | 24.0 |  |  | $ | .3 |  |  | $ | 7.4 |
Specialized Products | 2.9 |  |  | 5.1 |  |  | .6 |  |  | 3.8 |
Furniture, Flooring & Textile Products | 1.1 |  |  | 2.0 |  |  | .1 |  |  | .5 |
Total net restructuring and restructuring-related costs | $ | 8.6 |  |  | $ | 31.1 |  |  | $ | 1.0 |  |  | $ | 11.7 |
We recognized gains from the sale of real estate associated with the 2024 Plan of $19.2 and $14.0 in the first nine months of 2025 and 2024, respectively. 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, 2024 |  | Add: 2025 Charges |  | Less: 2025 Payments |  | Balance at September 30, 2025
Termination benefits | $ | .8 |  |  | $ | 2.2 |  |  | $ | 2.8 |  |  | $ | .2 |
Contract termination costs | — |  |  | .1 |  |  | .1 |  |  | — |
Relocation and other restructuring costs | — |  |  | 2.8 |  |  | 2.8 |  |  | — |
Total | $ | .8 |  |  | $ | 5.1 |  |  | $ | 5.7 |  |  | $ | .2 |

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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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