v3.25.2
Assets Held For Sale and Divestitures
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held For Sale and Divestitures Assets Held For Sale and Divestitures
In March 2025, as part of the 2024 Plan, 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.
In May 2025, we divested a small Mexican Work Furniture business within our Furniture, Flooring & Textile Products segment, which had immaterial amounts of annual external sales and EBIT. The net sales price was $3.8 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 25, 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 held-for-sale items are shown on our Consolidated Condensed Balance Sheets as follows:
June 30, 2025December 31, 2024
Trade receivables, net$29.0 $— 
Inventories64.5 2.5 
Prepaid expenses and other current assets1.3 — 
Total current assets held for sale94.8 2.5 
Net property, plant and equipment29.2 4.7 
Goodwill68.0 — 
Other intangibles, net39.3 — 
Sundry7.2 — 
Total non-current assets held for sale143.7 4.7 
Total assets held for sale$238.5 $7.2 
Current portion of operating lease liabilities$1.4 $— 
Accounts payable22.8 — 
Accrued expenses11.3 — 
Other current liabilities4.1 — 
Total current liabilities held for sale39.6 — 
Operating lease liabilities4.6 — 
Other long-term liabilities3.8 — 
Total long-term liabilities held for sale8.4 — 
Total liabilities and equity held for sale$48.0 $— 
Net assets held for sale$190.5 $7.2 
The above table includes:
June 30, 2025December 31, 2024
Aerospace Products Group$188.1 $— 
Property, plant and equipment primarily associated with the closing of other operations2.4 4.7 
Inventories associated with the U.S. machinery business— 2.5 
$190.5 $7.2 
The Aerospace Products Group had external sales and pretax earnings as shown below:
Six Months Ended 
 June 30,		Three Months Ended 
 June 30,
2025202420252024
External sales$103.6 $93.1 $50.6 $47.5 
Pretax earnings (excluding corporate overhead)16.5 7.9 9.3 5.2 
Depreciation and amortization were discontinued upon classification as held for sale. Accordingly, depreciation and amortization expense included in pre-tax earnings was $0 and $2.6 for the three months ended June 30, 2025, and June 30, 2024, respectively, and $2.5 and $5.2 for the six months ended June 30, 2025 and June 30, 2024, respectively. The sale is expected to close in 2025.