Guarantor/Non-Guarantor Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | | | |
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 24, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | | | | | | | | |
Ownership percentage by parent (in hundredths) | | | | | | 100.00% | | |
Supplemental condensed consolidated statements of operations and comprehensive income [Abstract] | | | | | | | | |
Net sales | | $ 880 | $ 827.4 | $ 2,383.9 | $ 2,244.3 | | | |
Cost of sales | | 520.4 | 508.9 | 1,448.1 | 1,388 | | | |
Gross profit | | 359.6 | 318.5 | 935.8 | 856.3 | | | |
Selling and marketing expenses | | 175.6 | 166.8 | 498 | 465 | | | |
General, administrative and other expenses | | 79.8 | 70.8 | 242.6 | 210.6 | | | |
Equity income in earnings of unconsolidated affiliates | | (2) | (1.8) | (8.4) | (5.6) | | | |
Royalty income, net of royalty expense | | (4.7) | (4.4) | (13.7) | (13.5) | | | |
Operating (loss) income | | 110.9 | 87.1 | 217.3 | 199.8 | | | |
Other expense, net: | | | | | | | | |
Interest expense, net | | 33.2 | 25.3 | 74.1 | 70.5 | | | |
Loss on disposal, net | | 0 | 2.8 | 0 | 23.2 | | | |
Other (income) expense, net | | 11.8 | (0.9) | 12.7 | (0.4) | | | |
Total other expense, net | | 45 | 27.2 | 86.8 | 93.3 | | | |
Income before income taxes | | 65.9 | 59.9 | 130.5 | 106.5 | | | |
Income tax benefit (provision) | | (25) | (22.4) | (43.6) | (43.7) | | | |
Net income before non-controlling interest | | 40.9 | 37.5 | 86.9 | 62.8 | | | |
Less: Net income attributable to non-controlling interest | [1],[2] | 0.7 | 0.4 | 2.1 | 0.5 | | | |
Net income attributable to Tempur Sealy International, Inc. | | 40.2 | 37.1 | 84.8 | 62.3 | | | |
Comprehensive income attributable to Tempur Sealy International, Inc. | | 25.3 | 14.9 | 42.3 | 44.1 | | | |
Current Assets: | | | | | | | | |
Cash and cash equivalents | | 71.8 | 81.8 | 62.5 | 81 | $ 71.8 | | $ 62.5 |
Accounts receivable, net | | | | | | 454.7 | | 385.8 |
Inventories, net | | | | | | 213.1 | | 217.2 |
Deferred income taxes | | | | | | 51.2 | | 44.4 |
Total Current Assets | | | | | | 854.3 | | 766.4 |
Property, plant and equipment, net | | | | | | 360.5 | | 355.6 |
Goodwill | | | | | | 712.7 | | 736.5 |
Other intangible assets, net | | | | | | 702.3 | | 727.1 |
Deferred income taxes | | | | | | 9.3 | | 8.6 |
Other non-current assets | | | | | | 100.3 | | 68.4 |
Total Assets | | | | | | 2,739.4 | | 2,662.6 |
Current Liabilities: | | | | | | | | |
Accounts payable | | | | | | 272.3 | | 226.4 |
Accrued expenses and other current liabilities | | | | | | 291.3 | | 233.3 |
Deferred income taxes | | | | | | 0.2 | | 0.2 |
Income taxes payable | | | | | | 17.7 | | 12 |
Current portion of long-term debt | | | | | | 173.8 | | 66.4 |
Total Current Liabilities | | | | | | 755.3 | | 538.3 |
Long-term debt | | | | | | 1,312.5 | | 1,535.9 |
Deferred income taxes | | | | | | 242.4 | | 258.8 |
Other non-current liabilities | | | | | | 115.6 | | 114.3 |
Total Liabilities | | | | | | 2,425.8 | | 2,447.3 |
Redeemable non-controlling interest | | | | | | 14.3 | | 12.6 |
Total Stockholders’ Equity | | | | | | 299.3 | | 202.7 |
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity | | | | | | 2,739.4 | | 2,662.6 |
Supplemental condensed consolidated statements of cash flows [Abstract] | | | | | | | | |
Net cash (used in) provided by operating activities | | | | 133.2 | 180.9 | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Acquisition of business, net of cash acquired | | | | 0 | (8.5) | | | |
Proceeds from disposition of business and other | | | | 7.2 | 43.5 | | | |
Purchases of property, plant and equipment | | (17.1) | (13.4) | (51.1) | (30.3) | | | |
Other | | | | (0.3) | 2 | | | |
Net cash (used in) provided by investing activities | | | | (44.2) | 6.7 | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Proceeds from borrowings under long-term debt obligations | | | | 405.4 | 239.5 | | | |
Proceeds from issuance of 2023 Senior Notes | | | | 450 | 0 | | | |
Repayments of borrowings under long-term debt obligations | | | | (974.4) | (432.7) | | | |
Proceeds from exercise of stock options | | | | 16.7 | 3.9 | | | |
Excess tax benefit from stock-based compensation | | | | 19.7 | 1.6 | | | |
Proceeds from issuance of treasury shares | | | | 5 | 0 | | | |
Treasury shares repurchased | | | | (1.3) | (2.2) | | | |
Payments of deferred financing costs | | | | (6.4) | 0 | | | |
Other | | | | (2.1) | 0.4 | | | |
Net cash used in financing activities | | | | (87.4) | (189.5) | | | |
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | | | 7.7 | 2.7 | | | |
Increase (decrease) in cash and cash equivalents | | | | 9.3 | 0.8 | | | |
CASH AND CASH EQUIVALENTS, end of period | | | | 62.5 | 81 | | | |
CASH AND CASH EQUIVALENTS, end of period | | 71.8 | 81.8 | 71.8 | 81.8 | | | |
Tempur Sealy International, Inc. (Ultimate Parent) | | | | | | | | |
Supplemental condensed consolidated statements of operations and comprehensive income [Abstract] | | | | | | | | |
Net sales | | 0 | 0 | 0 | 0 | | | |
Cost of sales | | 0 | 0 | 0 | 0 | | | |
Gross profit | | 0 | 0 | 0 | 0 | | | |
Selling and marketing expenses | | 1.1 | 0.8 | 2.8 | 1.7 | | | |
General, administrative and other expenses | | 4.2 | 3.8 | 15.3 | 9.5 | | | |
Equity income in earnings of unconsolidated affiliates | | 0 | 0 | 0 | 0 | | | |
Royalty income, net of royalty expense | | 0 | 0 | 0 | 0 | | | |
Operating (loss) income | | (5.3) | (4.6) | (18.1) | (11.2) | | | |
Other expense, net: | | | | | | | | |
Third party interest expense, net | | 6.7 | 6.7 | 20.1 | 20.2 | | | |
Intercompany interest expense (income), net | | 8.3 | 8.2 | 24.6 | 24.4 | | | |
Interest expense, net | | 15 | 14.9 | 44.7 | 44.6 | | | |
Loss on disposal, net | | | 0 | | 0 | | | |
Other (income) expense, net | | 0 | 0 | 0 | 0 | | | |
Total other expense, net | | 15 | 14.9 | 44.7 | 44.6 | | | |
Income from equity investees | | 55 | 50 | 130 | 99.2 | | | |
Income before income taxes | | 34.7 | 30.5 | 67.2 | 43.4 | | | |
Income tax benefit (provision) | | 6.2 | 7 | 19.7 | 19.4 | | | |
Net income before non-controlling interest | | 40.9 | 37.5 | 86.9 | 62.8 | | | |
Less: Net income attributable to non-controlling interest | | 0.7 | 0.4 | 2.1 | 0.5 | | | |
Net income attributable to Tempur Sealy International, Inc. | | 40.2 | 37.1 | 84.8 | 62.3 | | | |
Comprehensive income attributable to Tempur Sealy International, Inc. | | 24.6 | 14.5 | 40.2 | 43.6 | | | |
Current Assets: | | | | | | | | |
Cash and cash equivalents | | 0 | 0.3 | 0.4 | 0 | 0 | | 0.4 |
Accounts receivable, net | | | | | | 0 | | 0 |
Inventories, net | | | | | | 0 | | 0 |
Income taxes receivable | | | | | | 184.8 | | 144.1 |
Prepaid expenses and other current assets | | | | | | 0.4 | | 0 |
Deferred income taxes | | | | | | 15 | | 12.4 |
Total Current Assets | | | | | | 200.2 | | 156.9 |
Property, plant and equipment, net | | | | | | 0 | | 0 |
Goodwill | | | | | | 0 | | 0 |
Other intangible assets, net | | | | | | 0 | | 0 |
Deferred income taxes | | | | | | 0 | | 0 |
Other non-current assets | | | | | | 5.6 | | 6.3 |
Net investment in subsidiaries | | | | | | 1,982 | | 1,808.4 |
Due from affiliates | | | | | | 114.9 | | 51.4 |
Total Assets | | | | | | 2,302.7 | | 2,023 |
Current Liabilities: | | | | | | | | |
Accounts payable | | | | | | 0 | | 0 |
Accrued expenses and other current liabilities | | | | | | 7.8 | | 1.4 |
Deferred income taxes | | | | | | 0 | | 0 |
Income taxes payable | | | | | | 0 | | 0 |
Current portion of long-term debt | | | | | | 0 | | 0 |
Total Current Liabilities | | | | | | 7.8 | | 1.4 |
Long-term debt | | | | | | 375 | | 375 |
Deferred income taxes | | | | | | 0 | | 0 |
Other non-current liabilities | | | | | | 0 | | 0 |
Due to affiliates | | | | | | 1,606.3 | | 1,431.3 |
Total Liabilities | | | | | | 1,989.1 | | 1,807.7 |
Redeemable non-controlling interest | | | | | | 14.3 | | 12.6 |
Total Stockholders’ Equity | | | | | | 299.3 | | 202.7 |
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity | | | | | | 2,302.7 | | 2,023 |
Supplemental condensed consolidated statements of cash flows [Abstract] | | | | | | | | |
Net cash (used in) provided by operating activities | | | | (63.3) | (41.1) | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Acquisition of business, net of cash acquired | | | | | 0 | | | |
Proceeds from disposition of business and other | | | | 0 | 0 | | | |
Purchases of property, plant and equipment | | | | 0 | 0 | | | |
Other | | | | 0 | 0 | | | |
Net cash (used in) provided by investing activities | | | | 0 | 0 | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Proceeds from borrowings under long-term debt obligations | | | | 0 | 0 | | | |
Proceeds from issuance of 2023 Senior Notes | | | | 0 | | | | |
Repayments of borrowings under long-term debt obligations | | | | 0 | 0 | | | |
Net activity in investment in and advances from (to) subsidiaries and affiliates | | | | 22.8 | 38.1 | | | |
Proceeds from exercise of stock options | | | | 16.7 | 3.9 | | | |
Excess tax benefit from stock-based compensation | | | | 19.7 | 1.6 | | | |
Proceeds from issuance of treasury shares | | | | 5 | | | | |
Treasury shares repurchased | | | | (1.3) | (2.2) | | | |
Payments of deferred financing costs | | | | 0 | | | | |
Other | | | | 0 | 0 | | | |
Net cash used in financing activities | | | | 62.9 | 41.4 | | | |
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | | | 0 | 0 | | | |
Increase (decrease) in cash and cash equivalents | | | | (0.4) | 0.3 | | | |
CASH AND CASH EQUIVALENTS, end of period | | | | 0.4 | 0 | | | |
CASH AND CASH EQUIVALENTS, end of period | | 0 | 0.3 | 0 | 0.3 | | | |
Combined Guarantor Subsidiaries | | | | | | | | |
Supplemental condensed consolidated statements of operations and comprehensive income [Abstract] | | | | | | | | |
Net sales | | 697.8 | 639.3 | 1,849.2 | 1,684.1 | | | |
Cost of sales | | 427.2 | 414.7 | 1,173.6 | 1,112.6 | | | |
Gross profit | | 270.6 | 224.6 | 675.6 | 571.5 | | | |
Selling and marketing expenses | | 129.4 | 121.1 | 358.1 | 326.5 | | | |
General, administrative and other expenses | | 59.1 | 49.5 | 177.5 | 148.6 | | | |
Equity income in earnings of unconsolidated affiliates | | 0 | 0 | 0 | 0 | | | |
Royalty income, net of royalty expense | | (4.7) | (4.4) | (13.7) | (13.5) | | | |
Operating (loss) income | | 86.8 | 58.4 | 153.7 | 109.9 | | | |
Other expense, net: | | | | | | | | |
Third party interest expense, net | | 25.8 | 17.9 | 52 | 48.6 | | | |
Intercompany interest expense (income), net | | (8.9) | (8.7) | (26.5) | (25.9) | | | |
Interest expense, net | | 16.9 | 9.2 | 25.5 | 22.7 | | | |
Loss on disposal, net | | | 2.8 | | 23.2 | | | |
Other (income) expense, net | | (8.6) | (0.7) | (8.2) | (1.6) | | | |
Total other expense, net | | 8.3 | 11.3 | 17.3 | 44.3 | | | |
Income from equity investees | | 1.4 | 25.3 | 40.1 | 74.8 | | | |
Income before income taxes | | 79.9 | 72.4 | 176.5 | 140.4 | | | |
Income tax benefit (provision) | | (24.9) | (22.4) | (46.5) | (41.2) | | | |
Net income before non-controlling interest | | 55 | 50 | 130 | 99.2 | | | |
Less: Net income attributable to non-controlling interest | | 0.7 | 0.4 | 2.1 | 0.5 | | | |
Net income attributable to Tempur Sealy International, Inc. | | 54.3 | 49.6 | 127.9 | 98.7 | | | |
Comprehensive income attributable to Tempur Sealy International, Inc. | | 53.9 | 47.3 | 127.5 | 98.8 | | | |
Current Assets: | | | | | | | | |
Cash and cash equivalents | | 40 | 40.7 | 25.5 | 30.9 | 40 | | 25.5 |
Accounts receivable, net | | | | | | 304.2 | | 241.2 |
Inventories, net | | | | | | 152.7 | | 158.3 |
Income taxes receivable | | | | | | 0 | | 0 |
Prepaid expenses and other current assets | | | | | | 31 | | 28.2 |
Deferred income taxes | | | | | | 30 | | 26.8 |
Total Current Assets | | | | | | 557.9 | | 480 |
Property, plant and equipment, net | | | | | | 298 | | 287.3 |
Goodwill | | | | | | 501.4 | | 557.2 |
Other intangible assets, net | | | | | | 615.5 | | 611.9 |
Deferred income taxes | | | | | | 0 | | 0 |
Other non-current assets | | | | | | 51.6 | | 46.4 |
Net investment in subsidiaries | | | | | | 0 | | 0 |
Due from affiliates | | | | | | 2,103 | | 2,226 |
Total Assets | | | | | | 4,127.4 | | 4,208.8 |
Current Liabilities: | | | | | | | | |
Accounts payable | | | | | | 217.2 | | 170.4 |
Accrued expenses and other current liabilities | | | | | | 198.8 | | 166.1 |
Deferred income taxes | | | | | | 0 | | 0 |
Income taxes payable | | | | | | 189.9 | | 163 |
Current portion of long-term debt | | | | | | 166.8 | | 61.8 |
Total Current Liabilities | | | | | | 772.7 | | 561.3 |
Long-term debt | | | | | | 937.5 | | 1,160.9 |
Deferred income taxes | | | | | | 216.9 | | 229.1 |
Other non-current liabilities | | | | | | 109.1 | | 109.3 |
Due to affiliates | | | | | | 109.2 | | 340.2 |
Total Liabilities | | | | | | 2,145.4 | | 2,400.8 |
Redeemable non-controlling interest | | | | | | 14.3 | | 12.6 |
Total Stockholders’ Equity | | | | | | 1,967.7 | | 1,795.4 |
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity | | | | | | 4,127.4 | | 4,208.8 |
Supplemental condensed consolidated statements of cash flows [Abstract] | | | | | | | | |
Net cash (used in) provided by operating activities | | | | 158.5 | 146 | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Acquisition of business, net of cash acquired | | | | | 0 | | | |
Proceeds from disposition of business and other | | | | 7.2 | 43.5 | | | |
Purchases of property, plant and equipment | | | | (40.3) | (20.7) | | | |
Other | | | | 0 | 2.9 | | | |
Net cash (used in) provided by investing activities | | | | (33.1) | 25.7 | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Proceeds from borrowings under long-term debt obligations | | | | 402.9 | 239.5 | | | |
Proceeds from issuance of 2023 Senior Notes | | | | 450 | | | | |
Repayments of borrowings under long-term debt obligations | | | | (974.4) | (432.7) | | | |
Net activity in investment in and advances from (to) subsidiaries and affiliates | | | | 19.5 | 32.5 | | | |
Proceeds from exercise of stock options | | | | 0 | 0 | | | |
Excess tax benefit from stock-based compensation | | | | 0 | 0 | | | |
Proceeds from issuance of treasury shares | | | | 0 | | | | |
Treasury shares repurchased | | | | 0 | 0 | | | |
Payments of deferred financing costs | | | | (6.4) | | | | |
Other | | | | (2.5) | (1.2) | | | |
Net cash used in financing activities | | | | (110.9) | (161.9) | | | |
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | | | 0 | 0 | | | |
Increase (decrease) in cash and cash equivalents | | | | 14.5 | 9.8 | | | |
CASH AND CASH EQUIVALENTS, end of period | | | | 25.5 | 30.9 | | | |
CASH AND CASH EQUIVALENTS, end of period | | 40 | 40.7 | 40 | 40.7 | | | |
Combined Non-Guarantor Subsidiaries | | | | | | | | |
Supplemental condensed consolidated statements of operations and comprehensive income [Abstract] | | | | | | | | |
Net sales | | 195.6 | 203.9 | 572.7 | 592.7 | | | |
Cost of sales | | 106.6 | 110 | 312.5 | 307.9 | | | |
Gross profit | | 89 | 93.9 | 260.2 | 284.8 | | | |
Selling and marketing expenses | | 45.1 | 44.9 | 137.1 | 136.8 | | | |
General, administrative and other expenses | | 16.5 | 17.5 | 49.8 | 52.5 | | | |
Equity income in earnings of unconsolidated affiliates | | (2) | (1.8) | (8.4) | (5.6) | | | |
Royalty income, net of royalty expense | | 0 | 0 | 0 | 0 | | | |
Operating (loss) income | | 29.4 | 33.3 | 81.7 | 101.1 | | | |
Other expense, net: | | | | | | | | |
Third party interest expense, net | | 0.7 | 0.7 | 2 | 1.7 | | | |
Intercompany interest expense (income), net | | 0.6 | 0.5 | 1.9 | 1.5 | | | |
Interest expense, net | | 1.3 | 1.2 | 3.9 | 3.2 | | | |
Loss on disposal, net | | | 0 | | 0 | | | |
Other (income) expense, net | | 20.4 | (0.2) | 20.9 | 1.2 | | | |
Total other expense, net | | 21.7 | 1 | 24.8 | 4.4 | | | |
Income from equity investees | | 0 | 0 | 0 | 0 | | | |
Income before income taxes | | 7.7 | 32.3 | 56.9 | 96.7 | | | |
Income tax benefit (provision) | | (6.3) | (7) | (16.8) | (21.9) | | | |
Net income before non-controlling interest | | 1.4 | 25.3 | 40.1 | 74.8 | | | |
Less: Net income attributable to non-controlling interest | | 0 | 0 | 0 | 0 | | | |
Net income attributable to Tempur Sealy International, Inc. | | 1.4 | 25.3 | 40.1 | 74.8 | | | |
Comprehensive income attributable to Tempur Sealy International, Inc. | | (21.3) | 0.5 | (14) | 53.4 | | | |
Current Assets: | | | | | | | | |
Cash and cash equivalents | | 31.8 | 40.8 | 36.6 | 50.1 | 31.8 | | 36.6 |
Accounts receivable, net | | | | | | 150.5 | | 144.6 |
Inventories, net | | | | | | 60.4 | | 58.9 |
Income taxes receivable | | | | | | 0 | | 0 |
Prepaid expenses and other current assets | | | | | | 32.1 | | 28.3 |
Deferred income taxes | | | | | | 6.2 | | 5.2 |
Total Current Assets | | | | | | 281 | | 273.6 |
Property, plant and equipment, net | | | | | | 62.5 | | 68.3 |
Goodwill | | | | | | 211.3 | | 179.3 |
Other intangible assets, net | | | | | | 86.8 | | 115.2 |
Deferred income taxes | | | | | | 9.3 | | 8.6 |
Other non-current assets | | | | | | 43.1 | | 15.7 |
Net investment in subsidiaries | | | | | | 0 | | 0 |
Due from affiliates | | | | | | 6.6 | | 5.3 |
Total Assets | | | | | | 700.6 | | 666 |
Current Liabilities: | | | | | | | | |
Accounts payable | | | | | | 55.1 | | 56 |
Accrued expenses and other current liabilities | | | | | | 84.7 | | 65.8 |
Deferred income taxes | | | | | | 0.2 | | 0.2 |
Income taxes payable | | | | | | 12.6 | | (6.9) |
Current portion of long-term debt | | | | | | 7 | | 4.6 |
Total Current Liabilities | | | | | | 159.6 | | 119.7 |
Long-term debt | | | | | | 0 | | 0 |
Deferred income taxes | | | | | | 25.5 | | 29.7 |
Other non-current liabilities | | | | | | 6.5 | | 5 |
Due to affiliates | | | | | | 617.9 | | 849.4 |
Total Liabilities | | | | | | 809.5 | | 1,003.8 |
Redeemable non-controlling interest | | | | | | 0 | | 0 |
Total Stockholders’ Equity | | | | | | (108.9) | | (337.8) |
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity | | | | | | 700.6 | | 666 |
Supplemental condensed consolidated statements of cash flows [Abstract] | | | | | | | | |
Net cash (used in) provided by operating activities | | | | 38 | 76 | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Acquisition of business, net of cash acquired | | | | | (8.5) | | | |
Proceeds from disposition of business and other | | | | 0 | 0 | | | |
Purchases of property, plant and equipment | | | | (10.8) | (9.6) | | | |
Other | | | | (0.3) | (0.9) | | | |
Net cash (used in) provided by investing activities | | | | (11.1) | (19) | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Proceeds from borrowings under long-term debt obligations | | | | 2.5 | 0 | | | |
Proceeds from issuance of 2023 Senior Notes | | | | 0 | | | | |
Repayments of borrowings under long-term debt obligations | | | | 0 | 0 | | | |
Net activity in investment in and advances from (to) subsidiaries and affiliates | | | | (42.3) | (70.6) | | | |
Proceeds from exercise of stock options | | | | 0 | 0 | | | |
Excess tax benefit from stock-based compensation | | | | 0 | 0 | | | |
Proceeds from issuance of treasury shares | | | | 0 | | | | |
Treasury shares repurchased | | | | 0 | 0 | | | |
Payments of deferred financing costs | | | | 0 | | | | |
Other | | | | 0.4 | 1.6 | | | |
Net cash used in financing activities | | | | (39.4) | (69) | | | |
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | | | 7.7 | 2.7 | | | |
Increase (decrease) in cash and cash equivalents | | | | (4.8) | (9.3) | | | |
CASH AND CASH EQUIVALENTS, end of period | | | | 36.6 | 50.1 | | | |
CASH AND CASH EQUIVALENTS, end of period | | 31.8 | 40.8 | 31.8 | 40.8 | | | |
Eliminations | | | | | | | | |
Supplemental condensed consolidated statements of operations and comprehensive income [Abstract] | | | | | | | | |
Net sales | | (13.4) | (15.8) | (38) | (32.5) | | | |
Cost of sales | | (13.4) | (15.8) | (38) | (32.5) | | | |
Gross profit | | 0 | 0 | 0 | 0 | | | |
Selling and marketing expenses | | 0 | 0 | 0 | 0 | | | |
General, administrative and other expenses | | 0 | 0 | 0 | 0 | | | |
Equity income in earnings of unconsolidated affiliates | | 0 | 0 | 0 | 0 | | | |
Royalty income, net of royalty expense | | 0 | 0 | 0 | 0 | | | |
Operating (loss) income | | 0 | 0 | 0 | 0 | | | |
Other expense, net: | | | | | | | | |
Third party interest expense, net | | 0 | 0 | 0 | 0 | | | |
Intercompany interest expense (income), net | | 0 | 0 | 0 | 0 | | | |
Interest expense, net | | 0 | 0 | 0 | 0 | | | |
Loss on disposal, net | | | 0 | | 0 | | | |
Other (income) expense, net | | 0 | 0 | 0 | 0 | | | |
Total other expense, net | | 0 | 0 | 0 | 0 | | | |
Income from equity investees | | (56.4) | (75.3) | (170.1) | (174) | | | |
Income before income taxes | | (56.4) | (75.3) | (170.1) | (174) | | | |
Income tax benefit (provision) | | 0 | 0 | 0 | 0 | | | |
Net income before non-controlling interest | | (56.4) | (75.3) | (170.1) | (174) | | | |
Less: Net income attributable to non-controlling interest | | (0.7) | (0.4) | (2.1) | (0.5) | | | |
Net income attributable to Tempur Sealy International, Inc. | | (55.7) | (74.9) | (168) | (173.5) | | | |
Comprehensive income attributable to Tempur Sealy International, Inc. | | (32.6) | (47.8) | (113.5) | (152.2) | | | |
Current Assets: | | | | | | | | |
Cash and cash equivalents | | 0 | 0 | 0 | 0 | 0 | | 0 |
Accounts receivable, net | | | | | | 0 | | 0 |
Inventories, net | | | | | | 0 | | 0 |
Income taxes receivable | | | | | | (184.8) | | (144.1) |
Prepaid expenses and other current assets | | | | | | 0 | | 0 |
Deferred income taxes | | | | | | 0 | | 0 |
Total Current Assets | | | | | | (184.8) | | (144.1) |
Property, plant and equipment, net | | | | | | 0 | | 0 |
Goodwill | | | | | | 0 | | 0 |
Other intangible assets, net | | | | | | 0 | | 0 |
Deferred income taxes | | | | | | 0 | | 0 |
Other non-current assets | | | | | | 0 | | 0 |
Net investment in subsidiaries | | | | | | (1,982) | | (1,808.4) |
Due from affiliates | | | | | | (2,224.5) | | (2,282.7) |
Total Assets | | | | | | (4,391.3) | | (4,235.2) |
Current Liabilities: | | | | | | | | |
Accounts payable | | | | | | 0 | | 0 |
Accrued expenses and other current liabilities | | | | | | 0 | | 0 |
Deferred income taxes | | | | | | 0 | | 0 |
Income taxes payable | | | | | | (184.8) | | (144.1) |
Current portion of long-term debt | | | | | | 0 | | 0 |
Total Current Liabilities | | | | | | (184.8) | | (144.1) |
Long-term debt | | | | | | 0 | | 0 |
Deferred income taxes | | | | | | 0 | | 0 |
Other non-current liabilities | | | | | | 0 | | 0 |
Due to affiliates | | | | | | (2,333.4) | | (2,620.9) |
Total Liabilities | | | | | | (2,518.2) | | (2,765) |
Redeemable non-controlling interest | | | | | | (14.3) | | (12.6) |
Total Stockholders’ Equity | | | | | | (1,858.8) | | (1,457.6) |
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity | | | | | | (4,391.3) | | (4,235.2) |
Supplemental condensed consolidated statements of cash flows [Abstract] | | | | | | | | |
Net cash (used in) provided by operating activities | | | | 0 | 0 | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Acquisition of business, net of cash acquired | | | | | 0 | | | |
Proceeds from disposition of business and other | | | | 0 | | | | |
Purchases of property, plant and equipment | | | | 0 | 0 | | | |
Other | | | | 0 | 0 | | | |
Net cash (used in) provided by investing activities | | | | 0 | 0 | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Proceeds from borrowings under long-term debt obligations | | | | 0 | 0 | | | |
Proceeds from issuance of 2023 Senior Notes | | | | 0 | | | | |
Repayments of borrowings under long-term debt obligations | | | | 0 | 0 | | | |
Net activity in investment in and advances from (to) subsidiaries and affiliates | | | | | 0 | | | |
Proceeds from exercise of stock options | | | | 0 | 0 | | | |
Excess tax benefit from stock-based compensation | | | | 0 | 0 | | | |
Proceeds from issuance of treasury shares | | | | 0 | | | | |
Treasury shares repurchased | | | | 0 | 0 | | | |
Payments of deferred financing costs | | | | 0 | | | | |
Other | | | | 0 | 0 | | | |
Net cash used in financing activities | | | | 0 | 0 | | | |
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | | | 0 | 0 | | | |
Increase (decrease) in cash and cash equivalents | | | | 0 | 0 | | | |
CASH AND CASH EQUIVALENTS, end of period | | | | 0 | 0 | | | |
CASH AND CASH EQUIVALENTS, end of period | | 0 | 0 | 0 | 0 | | | |
Consolidated | | | | | | | | |
Supplemental condensed consolidated statements of operations and comprehensive income [Abstract] | | | | | | | | |
Net sales | | 880 | 827.4 | 2,383.9 | 2,244.3 | | | |
Cost of sales | | 520.4 | 508.9 | 1,448.1 | 1,388 | | | |
Gross profit | | 359.6 | 318.5 | 935.8 | 856.3 | | | |
Selling and marketing expenses | | 175.6 | 166.8 | 498 | 465 | | | |
General, administrative and other expenses | | 79.8 | 70.8 | 242.6 | 210.6 | | | |
Equity income in earnings of unconsolidated affiliates | | (2) | (1.8) | (8.4) | (5.6) | | | |
Royalty income, net of royalty expense | | (4.7) | (4.4) | (13.7) | (13.5) | | | |
Operating (loss) income | | 110.9 | 87.1 | 217.3 | 199.8 | | | |
Other expense, net: | | | | | | | | |
Third party interest expense, net | | 33.2 | 25.3 | 74.1 | 70.5 | | | |
Intercompany interest expense (income), net | | 0 | 0 | 0 | 0 | | | |
Interest expense, net | | 33.2 | 25.3 | 74.1 | 70.5 | | | |
Loss on disposal, net | | | 2.8 | | 23.2 | | | |
Other (income) expense, net | | 11.8 | (0.9) | 12.7 | (0.4) | | | |
Total other expense, net | | 45 | 27.2 | 86.8 | 93.3 | | | |
Income from equity investees | | 0 | 0 | 0 | 0 | | | |
Income before income taxes | | 65.9 | 59.9 | 130.5 | 106.5 | | | |
Income tax benefit (provision) | | (25) | (22.4) | (43.6) | (43.7) | | | |
Net income before non-controlling interest | | 40.9 | 37.5 | 86.9 | 62.8 | | | |
Less: Net income attributable to non-controlling interest | | 0.7 | 0.4 | 2.1 | 0.5 | | | |
Net income attributable to Tempur Sealy International, Inc. | | 40.2 | 37.1 | 84.8 | 62.3 | | | |
Comprehensive income attributable to Tempur Sealy International, Inc. | | 24.6 | 14.5 | 40.2 | 43.6 | | | |
Current Assets: | | | | | | | | |
Cash and cash equivalents | | 71.8 | 81.8 | 62.5 | 81 | 71.8 | | 62.5 |
Accounts receivable, net | | | | | | 454.7 | | 385.8 |
Inventories, net | | | | | | 213.1 | | 217.2 |
Income taxes receivable | | | | | | 0 | | 0 |
Prepaid expenses and other current assets | | | | | | 63.5 | | 56.5 |
Deferred income taxes | | | | | | 51.2 | | 44.4 |
Total Current Assets | | | | | | 854.3 | | 766.4 |
Property, plant and equipment, net | | | | | | 360.5 | | 355.6 |
Goodwill | | | | | | 712.7 | | 736.5 |
Other intangible assets, net | | | | | | 702.3 | | 727.1 |
Deferred income taxes | | | | | | 9.3 | | 8.6 |
Other non-current assets | | | | | | 100.3 | | 68.4 |
Net investment in subsidiaries | | | | | | 0 | | 0 |
Due from affiliates | | | | | | 0 | | 0 |
Total Assets | | | | | | 2,739.4 | | 2,662.6 |
Current Liabilities: | | | | | | | | |
Accounts payable | | | | | | 272.3 | | 226.4 |
Accrued expenses and other current liabilities | | | | | | 291.3 | | 233.3 |
Deferred income taxes | | | | | | 0.2 | | 0.2 |
Income taxes payable | | | | | | 17.7 | | 12 |
Current portion of long-term debt | | | | | | 173.8 | | 66.4 |
Total Current Liabilities | | | | | | 755.3 | | 538.3 |
Long-term debt | | | | | | 1,312.5 | | 1,535.9 |
Deferred income taxes | | | | | | 242.4 | | 258.8 |
Other non-current liabilities | | | | | | 115.6 | | 114.3 |
Due to affiliates | | | | | | 0 | | 0 |
Total Liabilities | | | | | | 2,425.8 | | 2,447.3 |
Redeemable non-controlling interest | | | | | | 14.3 | | 12.6 |
Total Stockholders’ Equity | | | | | | 299.3 | | 202.7 |
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity | | | | | | 2,739.4 | | 2,662.6 |
Supplemental condensed consolidated statements of cash flows [Abstract] | | | | | | | | |
Net cash (used in) provided by operating activities | | | | 133.2 | 180.9 | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Acquisition of business, net of cash acquired | | | | | (8.5) | | | |
Proceeds from disposition of business and other | | | | 7.2 | 43.5 | | | |
Purchases of property, plant and equipment | | | | (51.1) | (30.3) | | | |
Other | | | | (0.3) | 2 | | | |
Net cash (used in) provided by investing activities | | | | (44.2) | 6.7 | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Proceeds from borrowings under long-term debt obligations | | | | 405.4 | 239.5 | | | |
Proceeds from issuance of 2023 Senior Notes | | | | 450 | | | | |
Repayments of borrowings under long-term debt obligations | | | | (974.4) | (432.7) | | | |
Net activity in investment in and advances from (to) subsidiaries and affiliates | | | | 0 | 0 | | | |
Proceeds from exercise of stock options | | | | 16.7 | 3.9 | | | |
Excess tax benefit from stock-based compensation | | | | 19.7 | 1.6 | | | |
Proceeds from issuance of treasury shares | | | | 5 | | | | |
Treasury shares repurchased | | | | (1.3) | (2.2) | | | |
Payments of deferred financing costs | | | | (6.4) | | | | |
Other | | | | (2.1) | 0.4 | | | |
Net cash used in financing activities | | | | (87.4) | (189.5) | | | |
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | | | 7.7 | 2.7 | | | |
Increase (decrease) in cash and cash equivalents | | | | 9.3 | 0.8 | | | |
CASH AND CASH EQUIVALENTS, end of period | | | | 62.5 | 81 | | | |
CASH AND CASH EQUIVALENTS, end of period | | $ 71.8 | $ 81.8 | $ 71.8 | $ 81.8 | | | |
2020 Senior Notes | | | | | | | | |
Condensed Financial Statements, Captions [Line Items] | | | | | | | | |
Senior notes | | | | | | 375 | | 375 |
2023 Senior Notes | | | | | | | | |
Condensed Financial Statements, Captions [Line Items] | | | | | | | | |
Senior notes | | | | | | $ 450 | $ 450 | $ 0 |
| |
[1] | Income attributable to the Company's redeemable non-controlling interest in Comfort Revolution, LLC for the three months ended September 30, 2015 and 2014 represented $0.5 million and $0.4 million, respectively. Income attributable to the Company's redeemable non-controlling interest in Comfort Revolution, LLC for the nine months ended September 30, 2015 and 2014 represented $1.0 million and $0.5 million, respectively. | |
[2] | The Company recorded a $0.2 million and $1.1 million redemption value adjustment, net of tax, for the three and nine months ended September 30, 2015, respectively, to adjust the carrying value of the redeemable non-controlling interest as of September 30, 2015 to its redemption value. As of September 30, 2014, the accumulated earnings exceeded the redemption value and, accordingly, a redemption value adjustment was not necessary for the three and nine months ended September 30, 2014. | |