XML 23 R11.htm IDEA: XBRL DOCUMENT v3.25.3
Restructuring and Related Activities
 9 Months Ended
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 IncurredTotal Amount Incurred to Date Since January 1, 2024Nine 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-related25.0 14.1 .8 13.3 
Total net restructuring and restructuring-related costs65.0 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 PresentationNine 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 costsOther (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 otherSelling and administrative expenses1.1 11.7 — 6.3 
Net loss (gain) on disposal of assets and businessesNet gain on disposal of assets and businesses1.6 (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 $— 
Other restructuring-related (gains) costs:
Inventory obsolescence and other 2
Cost of goods sold1.5 — 1.5 — 
Professional services and other 1
Selling and administrative expenses.6 — — — 
Net (gain) loss on disposal of assets and businessesNet gain on disposal of assets and businesses(1.0)— (.1)— 
Gain on sale of Aerospace Products GroupGain on sale of Aerospace Products Group(86.8)— (86.8)— 
Total other restructuring-related (gains) costs(85.7)— (85.4)— 
Total other net restructuring and restructuring-related costs (gains)$(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 Products2.9 5.1 .6 3.8 
Furniture, Flooring & Textile Products1.1 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 $14.0 in the first nine months of 2025 and 2024, respectively. These gains are not reflected in the tables above.
The accrued liability associated with the 2024 Plan consisted of the following:
Balance at December 31, 2024Add: 2025 ChargesLess: 2025 PaymentsBalance at September 30, 2025
Termination benefits$.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