SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

We have three operating segments that supply a wide range of products:

•Bedding Products: This segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as produces private label finished mattresses for bedding brands and adjustable bed bases. This segment is also vertically integrated into the production and supply of specialty foam chemicals, steel rod, and drawn steel wire to our own operations and to external customers. Our trade customers for wire make mechanical springs and many other end products.

•Specialized Products: From this segment, we supply lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. We also produce and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and construction industries.

•Furniture, Flooring & Textile Products: Operations in this segment supply a wide range of components for residential and work furniture manufacturers, as well as select lines of private label finished furniture. We also produce or distribute carpet cushion, hard surface flooring underlayment, and textile and geo components.

Our reportable segments are the same as our operating segments, which also correspond with our management organizational structure. Each reportable segment has a vice president who has accountability to, and maintains regular contact with, our chief executive officer, who is the chief operating decision maker (CODM). The operating results and financial information reported through the segment structure are regularly reviewed and used by the CODM to evaluate segment performance, allocate overall resources, and determine management incentive compensation.

The accounting principles used in the preparation of the segment information are the same as those used for the consolidated financial statements. We evaluate performance based on Earnings Before Interest and Taxes (EBIT). Intersegment sales are made primarily at prices that approximate market-based selling prices. Centrally incurred costs are allocated to the segments based on estimates of services used by the segment. Certain of our general and administrative costs and miscellaneous corporate income and expenses are allocated to the segments based on sales or other appropriate metrics. These allocated corporate costs include depreciation and other costs and income related to assets that are not allocated or otherwise included in the segment assets.

A summary of segment results is shown in the following tables.

	Trade 1 Sales		Inter- Segment Sales		Total Sales		EBIT		Depreciation and Amortization
Three Months Ended March 31, 2022
Bedding Products	$	639.4	$	12.0	$	651.4	$	76.2	$	26.2
Specialized Products	264.1		.9		265.0		20.3		10.8
Furniture, Flooring & Textile Products	418.8		4.3		423.1		42.7		5.9
Intersegment eliminations and other 2							(1.6)		2.8
	$	1,322.3	$	17.2	$	1,339.5	$	137.6	$	45.7
Three Months Ended March 31, 2021
Bedding Products	$	535.8	$	10.0	$	545.8	$	63.8	$	26.1
Specialized Products	257.6		.9		258.5		35.2		11.1
Furniture, Flooring & Textile Products	357.5		3.6		361.1		28.3		6.1
Intersegment eliminations and other 2							.4		2.8
	$	1,150.9	$	14.5	$	1,165.4	$	127.7	$	46.1

1 See Note 3 for revenue by product family.

2 Depreciation and Amortization: Other relates to non-operating assets (assets not included in segment assets) and is allocated to segment EBIT as discussed above.

Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include working capital (all current assets and current liabilities) plus net property, plant and equipment. Segment assets for all years are reflected at their estimated average for the periods presented. 

	March 31, 2022		December 31, 2021
Bedding Products	$	947.2	$	836.0
Specialized Products	335.5		316.7
Furniture, Flooring & Textile Products	402.1		373.5
Average current liabilities included in segment numbers above	833.3		814.1
Unallocated assets 1	2,791.5		2,828.5
Difference between average assets and period-end balance sheet	32.2		138.5
Total assets	$	5,341.8	$	5,307.3

1 Unallocated assets consist primarily of goodwill, other intangibles, cash and deferred tax assets.