woolgathering \WOOL-gath-(uh)-ring\, noun:

Indulgence in idle daydreaming.

Similarly, in the meadow, if you laze too late into the fall, woolgathering, snow could fill your mouth.
-- Edward Hoagland, "Earth's eye", Sierra, May 1999

It would be easy to slip off into woolgathering and miss a deadline.
-- Jeraldine Saunders, Washington Post, March 4, 2004

Plagued by guilt, they took refuge in wine, women, and woolgathering.
-- Brennan Manning, Ruthless Trust

The soprano roused Fergus from his woolgathering.
-- Sandra Brown, Where There's Smoke

Woolgathering derives from the literal sense, "gathering fragments of wool."