Accounts and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of Components of Accounts And Other Receivables

Accounts and other receivables at December 31 consisted of the following:

	2021				2020
	Current		Long-term		Current		Long-term
Trade accounts receivable 1	$	634.2	$	—	$	553.5	$	—
Trade notes receivable	.7		.2		.9		.3
Total trade receivables	634.9		.2		554.4		.3
Other notes receivable 1	.7		22.5		—		22.8
Taxes receivable, including income taxes	18.8		—		14.8		—
Other receivables	12.0		—		13.6		—
Subtotal other receivables	31.5		22.5		28.4		22.8
Total trade and other receivables	666.4		22.7		582.8		23.1
Allowance for doubtful accounts:
Trade accounts receivable 1	(14.9)		—		(19.2)		—
Trade notes receivable	—		(.1)		—		—
Total trade receivables	(14.9)		(.1)		(19.2)		—
Other notes receivable 1	—		(22.0)		—		(22.8)
Total allowance for doubtful accounts	(14.9)		(22.1)		(19.2)		(22.8)
Total net receivables	$	651.5	$	.6	$	563.6	$	.3

1     The “Trade accounts receivable” and “Other notes receivable” line items above include $22.5 and $24.6 as of December 31, 2021 and December 31, 2020, respectively, from a customer in our Bedding Products segment who is experiencing financial difficulty and liquidity problems. This customer was placed on nonaccrual status in 2018 and was delinquent in their first quarter interest payment in 2020. As a result, we increased and fully reserved the balances for this customer in the first quarter of 2020. The reserve for this customer was $22.5 ($22.0 for the note and $.5 for the trade receivable) at December 31, 2021, and $24.6 ($22.8 for the note and $1.8 for the trade receivable) at December 31, 2020.

Schedule of Allowance For Doubtful Accounts

Activity related to the allowance for doubtful accounts is reflected below:

	Balance at January 1, 2020 1		Add: Charges 2		Less: Net Charge-offs/(Recoveries) and Other		Balance at December 31, 2020		Add: Charges 2		Less: Net Charge-offs/(Recoveries) and Other		Balance at December 31, 2021
Trade accounts receivable	$	11.7	$	9.4	$	1.9	$	19.2	$	(2.7)	$	1.6	$	14.9
Trade notes receivable	.1		(.1)		—		—		.1		—		.1
Total trade receivables	11.8		9.3		1.9		19.2		(2.6)		1.6		15.0
Other notes receivable	15.0		7.8		—		22.8		(.8)		—		22.0
Total allowance for doubtful accounts	$	26.8	$	17.1	$	1.9	$	42.0	$	(3.4)	$	1.6	$	37.0

1     Effective January 1, 2020, we adopted ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326), which amended the impairment model to require a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses. The new standard was adopted using the modified retrospective approach resulting in an increase to the allowance for doubtful accounts on trade accounts receivable of $3.3 and a $2.5 adjustment to 2020 beginning retained earnings as presented in the Consolidated Statements of Changes in Equity.

2 The $17.1 million of bad debt expense in 2020 was primarily associated with one Bedding Products segment customer discussed above and pandemic-related risk across the entire portfolio. We reduced our allowance for doubtful accounts by $3.4 million during 2021, reflecting lower qualitative risk compared to 2020 due to improved economic conditions and continued strong customer payment trends.