Tempur Sealy International (TPX) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-31922
Entity Registrant Name	TEMPUR SEALY INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-1022198
Entity Address, Address Line One	1000 Tempur Way
Entity Address, City or Town	Lexington
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40511
City Area Code	800
Local Phone Number	878-8889
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	TPX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,566,272
Entity Central Index Key	0001206264
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net sales	$ 665.2	$ 722.8	$ 1,487.6	$ 1,413.7
Cost of sales	399.3	409.4	864.6	818.5
Gross profit	265.9	313.4	623	595.2
Selling and marketing expenses	135.1	163.3	306.1	316.8
General, administrative and other expenses	82.4	72.7	163	143.4
Equity income in earnings of unconsolidated affiliates	(5)	(3.6)	(4.8)	(6.5)
Operating income	53.4	81	158.7	141.5
Other expense, net:
Interest expense, net	20.6	22.5	40.9	44.9
Other expense (income), net	(0.3)	0	(0.8)	7.8
Total other expense, net	20.9	22.5	41.7	37.1
Income from continuing operations before income taxes	32.5	58.5	117	104.4
Income tax provision	(9.4)	(15.8)	(32.9)	(32.7)
Income from continuing operations	23.1	42.7	84.1	71.7
Income (loss) from discontinued operations, net of tax	0.1	(1.2)	(1.1)	(1.6)
Net income before non-controlling interests	23.2	41.5	83	70.1
Less: Net income (loss) attributable to non-controlling interests	0.2	(0.1)	0.3	0.1
Net income attributable to Tempur Sealy International, Inc.	$ 23	$ 41.6	$ 82.7	$ 70
Basic
Earnings per share for continuing operations (in dollars per share)	$ 0.44	$ 0.78	$ 1.60	$ 1.31
Loss per share for discontinued operations (in dollars per share)	0	(0.02)	(0.02)	(0.03)
Earnings per share (in dollars per share)	0.44	0.76	1.58	1.28
Diluted
Earnings per share for continuing operations (in dollars per share)	0.44	0.76	1.58	1.29
Loss per share for discontinued operations (in dollars per share)	0	(0.02)	(0.02)	(0.03)
Earnings per share (in dollars per share)	$ 0.44	$ 0.74	$ 1.56	$ 1.26
Weighted average common shares outstanding:
Basic (in shares)	51.6	54.7	52.5	54.7
Diluted (in shares)	52	56	53	55.6

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income before non-controlling interests	$ 23.2	$ 41.5	$ 83	$ 70.1
Other comprehensive income, net of tax:
Foreign currency translation adjustments	10.7	3	(12.3)	7
Other comprehensive income (loss), net of tax	10.7	3	(12.3)	7
Comprehensive income	33.9	44.5	70.7	77.1
Less: Comprehensive income (loss) attributable to non-controlling interests	0.2	(0.1)	0.3	0.1
Comprehensive income attributable to Tempur Sealy International, Inc.	$ 33.7	$ 44.6	$ 70.4	$ 77

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 146.8	$ 64.9
Accounts receivable, net	341.8	372
Inventories	258.8	260.5
Prepaid expenses and other current assets	198.1	202.8
Total Current Assets	945.5	900.2
Property, plant and equipment, net	462.8	435.8
Goodwill	757.5	732.3
Other intangible assets, net	633.5	641.4
Operating lease right-of-use assets	281.6	245.4
Deferred income taxes	13.6	14.1
Other non-current assets	107.4	92.6
Total Assets	3,201.9	3,061.8
Current Liabilities:
Accounts payable	247.1	251.7
Accrued expenses and other current liabilities	455.2	473.2
Current portion of long-term debt	256.4	37.4
Income taxes payable	43	11
Total Current Liabilities	1,001.7	773.3
Long-term debt, net	1,497.2	1,502.6
Long-term operating lease obligations	239.3	205.4
Deferred income taxes	93	102.1
Other non-current liabilities	121	118
Total Liabilities	2,952.2	2,701.4
Total Stockholders' Equity	249.7	360.4
Total Liabilities and Stockholders' Equity	$ 3,201.9	$ 3,061.8

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period Of Adoption, Adjustment	Common Stock	Treasury Stock	Additional Paid in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period Of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Non-controlling Interest
Balance at beginning of period (in shares) at Dec. 31, 2018			99.2	44.7
Balance at beginning of period at Dec. 31, 2018	$ 217.5		$ 1	$ (1,737)	$ 532.1	$ 1,513.8		$ (95.3)	$ 2.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	70					70
Net income attributable to non-controlling interests	0.1								0.1
Foreign currency adjustments	7							7
Exercise of stock options (in shares)				(0.2)
Exercise of stock options	5.5			$ 1.7	3.8
Issuances of PRSUs, RSUs, and DSUs (in shares)				(0.2)
Issuances of PRSUs, RSUs, and DSUs	0			$ 3.5	(3.5)
Treasury stock repurchased (in shares)				0
Treasury stock repurchased	(2.3)			$ (2.3)
Treasury stock repurchased - PRSU/RSU/DSU releases (in shares)				0.1
Treasury stock repurchased - PRSU/RSU/DSU releases	(3.2)			$ (3.2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	13.2				13.2
Repurchase of interest in subsidiary	(1.9)								(1.9)
Balance at ending of period (in shares) at Jun. 30, 2019			99.2	44.4
Balance at end of period at Jun. 30, 2019	305.9		$ 1	$ (1,737.3)	545.6	1,583.8		(88.3)	1.1
Balance at beginning of period (in shares) at Mar. 31, 2019			99.2	44.5
Balance at beginning of period at Mar. 31, 2019	253.5		$ 1	$ (1,736.7)	537.1	1,542.2		(91.3)	1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41.6					41.6
Net income attributable to non-controlling interests	(0.1)								(0.1)
Foreign currency adjustments	3							3
Exercise of stock options (in shares)				(0.1)
Exercise of stock options	3.1			$ 0.9	2.2
Issuances of PRSUs, RSUs, and DSUs (in shares)				0
Issuances of PRSUs, RSUs, and DSUs	0			$ 0.3	(0.3)
Treasury stock repurchased (in shares)				0
Treasury stock repurchased	(1.5)			$ (1.5)
Treasury stock repurchased - PRSU/RSU/DSU releases (in shares)				0
Treasury stock repurchased - PRSU/RSU/DSU releases	(0.3)			$ (0.3)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6.6				6.6
Balance at ending of period (in shares) at Jun. 30, 2019			99.2	44.4
Balance at end of period at Jun. 30, 2019	305.9		$ 1	$ (1,737.3)	545.6	1,583.8		(88.3)	1.1
Balance at beginning of period (in shares) at Dec. 31, 2019			99.2	45.4
Balance at beginning of period at Dec. 31, 2019	360.4	$ (6.5)	$ 1	$ (1,832.8)	575.7	1,703.3	$ (6.5)	(87.7)	0.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	82.7					82.7
Net income attributable to non-controlling interests	0.3								0.3
Dividend paid to non-controlling interest in subsidiary	(0.1)								(0.1)
Acquisition of non-controlling interest in subsidiary	8.4								8.4
Foreign currency adjustments	(12.3)							(12.3)
Exercise of stock options (in shares)				0
Exercise of stock options	1.5			$ 0.3	1.2
Issuances of PRSUs, RSUs, and DSUs (in shares)				(0.4)
Issuances of PRSUs, RSUs, and DSUs	0			$ 5.7	(5.7)
Treasury stock repurchased (in shares)				2.6
Treasury stock repurchased	(187.5)			$ (187.5)
Treasury stock repurchased - PRSU/RSU/DSU releases (in shares)				0.1
Treasury stock repurchased - PRSU/RSU/DSU releases	(12)			$ (12)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	14.8				14.8
Balance at ending of period (in shares) at Jun. 30, 2020			99.2	47.7
Balance at end of period at Jun. 30, 2020	249.7		$ 1	$ (2,026.3)	586	1,779.5		(100)	9.5
Balance at beginning of period (in shares) at Mar. 31, 2020			99.2	47.7
Balance at beginning of period at Mar. 31, 2020	208.4		$ 1	$ (2,026.5)	578.7	1,756.5		(110.7)	9.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23					23
Net income attributable to non-controlling interests	0.2								0.2
Dividend paid to non-controlling interest in subsidiary	(0.1)								(0.1)
Foreign currency adjustments	10.7							10.7
Exercise of stock options	0.2			$ 0	0.2
Issuances of PRSUs, RSUs, and DSUs (in shares)				0
Issuances of PRSUs, RSUs, and DSUs	0			$ 0.4	(0.4)
Treasury stock repurchased - PRSU/RSU/DSU releases (in shares)				0
Treasury stock repurchased - PRSU/RSU/DSU releases	(0.2)			$ (0.2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	7.5				7.5
Balance at ending of period (in shares) at Jun. 30, 2020			99.2	47.7
Balance at end of period at Jun. 30, 2020	$ 249.7		$ 1	$ (2,026.3)	$ 586	$ 1,779.5		$ (100)	$ 9.5

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS:
Net income before non-controlling interests	$ 83	$ 70.1
Loss from discontinued operations, net of tax	1.1	1.6
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	47.5	43.5
Amortization of stock-based compensation	14.8	13.2
Amortization of deferred financing costs	1.7	1.2
Bad debt expense	26.5	4.6
Deferred income taxes	(6.6)	8.8
Dividends received from unconsolidated affiliates	1.5	2.3
Equity income in earnings of unconsolidated affiliates	(4.8)	(6.5)
Foreign currency adjustments and other	1	(6.3)
Changes in operating assets and liabilities, net of effect of business acquisitions	4.7	(86.6)
Net cash provided by operating activities from continuing operations	170.4	45.9
CASH FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS:
Purchases of property, plant and equipment	(49.4)	(39.9)
Acquisitions, net of cash acquired	(37.9)	(17.1)
Other	0.1	10.3
Net cash used in investing activities from continuing operations	(87.2)	(46.7)
CASH FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS:
Proceeds from borrowings under long-term debt obligations	1,073.9	509.2
Repayments of borrowings under long-term debt obligations	(866.9)	(509.8)
Proceeds from exercise of stock options	1.5	5.5
Treasury stock repurchased	(199.5)	(5.5)
Payments of deferred financing costs	(1.6)	(0.1)
Repayments of finance lease obligations and other	(6)	(3.3)
Net cash provided by (used in) financing activities from continuing operations	1.4	(4)
Net cash provided by (used in) continuing operations	84.6	(4.8)
CASH USED IN DISCONTINUED OPERATIONS
Operating cash flows	(1)	(2)
Investing cash flows	0	0
Financing cash flows	0	0
Net cash used in discontinued operations	(1)	(2)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(1.7)	(0.7)
Increase (decrease) in cash and cash equivalents	81.9	(7.5)
CASH AND CASH EQUIVALENTS, beginning of period	64.9	45.8
CASH AND CASH EQUIVALENTS, end of period	146.8	38.3
LESS: CASH AND CASH EQUIVALENTS OF DISCONTINUED OPERATIONS	0	0
CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS	146.8	38.3
Cash paid during the period for:
Interest	41.1	45.9
Income taxes, net of refunds	$ 7.2	$ 35.2

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Basis of Presentation and Description of Business. Tempur Sealy International, Inc., a Delaware corporation, together with its subsidiaries, is a U.S. based, multinational company. The term "Tempur Sealy International" refers to Tempur Sealy International, Inc. only, and the term "Company" refers to Tempur Sealy International, Inc. and its consolidated subsidiaries. The Company develops, manufactures, markets and sells bedding products, which include mattresses, foundations and adjustable bases, and other products, which include pillows and other accessories. The Company also derives income from royalties by licensing Sealy® and Stearns & Foster® brands, technology and trademarks to other manufacturers. The Company sells its products through two sales channels: Wholesale and Direct. The Company has ownership interests in a group of Asia-Pacific joint ventures to develop markets for Sealy® branded products in those regions. The Company’s ownership interest in these joint ventures is 50.0%. The equity method of accounting is used for these joint ventures, over which the Company has significant influence but does not have control, and consolidation is not otherwise required. The Company's carrying value in its equity method investments of $24.8 million and $22.5 million at June 30, 2020 and December 31, 2019, respectively, is recorded in other non-current assets within the accompanying Condensed Consolidated Balance Sheets. The Company’s equity in the net income and losses of these investments is reported in equity income in earnings of unconsolidated affiliates in the accompanying Condensed Consolidated Statements of Income. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States ("GAAP") for interim financial reporting. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements of the Company and related footnotes for the year ended December 31, 2019, included in the 2019 Annual Report filed with the Securities and Exchange Commission on February 21, 2020. The results of operations for the interim periods are not necessarily indicative of results of operations for a full year. It is the opinion of management that all necessary adjustments for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. (b) Adoption of New Accounting Standards. Goodwill. Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") No. 2017-04, "Intangibles - Goodwill and Other (Topic 350)." The ASU simplifies the test for goodwill impairment, by eliminating Step 2 of the impairment test. Under ASU 2017-04, the goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill for the reporting unit. Adoption of this guidance did not have an impact on the Company's financial statements. Credit Losses . Effective January 1, 2020, the Company adopted ASU No. 2016-13 (c) Inventories . Inventories are stated at the lower of cost and net realizable value, determined by the first-in, first-out method, and consist of the following: June 30, December 31, (in millions) 2020 2019 Finished goods $ 136.4 $ 157.4 Work-in-process 10.6 10.8 Raw materials and supplies 111.8 92.3 $ 258.8 $ 260.5 (d) Accrued Sales Returns . The Company allows product returns through certain sales channels and on certain products. Estimated sales returns are provided at the time of sale based on historical sales channel return rates. Estimated future obligations related to these products are provided by a reduction of sales in the period in which the revenue is recognized. The Company considers the impact of recoverable salvage value on sales returns by segment in determining its estimate of future sales returns. Accrued sales returns are included in accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets. The Company had the following activity for sales returns from December 31, 2019 to June 30, 2020: (in millions) Balance as of December 31, 2019 $ 39.3 Amounts accrued 51.3 Returns charged to accrual (49.3) Balance as of June 30, 2020 $ 41.3 As of June 30, 2020 and December 31, 2019, $27.9 million and $26.2 million of accrued sales returns are included as a component of accrued expenses and other current liabilities and $13.4 million and $13.1 million of accrued sales returns are included in other non-current liabilities on the Company’s accompanying Condensed Consolidated Balance Sheets, respectively. (e) Warranties . The Company provides warranties on certain products, which vary by segment, product and brand. Estimates of warranty expenses are based primarily on historical claims experience and product testing. Estimated future obligations related to these products are charged to cost of sales in the period in which the related revenue is recognized. The Company considers the impact of recoverable salvage value on warranty costs in determining its estimate of future warranty obligations. The Company provides warranties on mattresses with varying warranty terms. Tempur-Pedic mattresses sold in the North America segment and all Sealy mattresses have warranty terms ranging from 10 to 25 years, generally non-prorated for the first 10 to 15 years and then prorated for the balance of the warranty term. Tempur-Pedic mattresses sold in the International segment have warranty terms ranging from 5 to 15 years, non-prorated for the first 5 years and then prorated on a straight-line basis for the last 10 years of the warranty term. Tempur-Pedic pillows have a warranty term of 3 years, non-prorated. The Company had the following activity for its accrued warranty expense from December 31, 2019 to June 30, 2020: (in millions) Balance as of December 31, 2019 $ 41.6 Amounts accrued 9.4 Warranties charged to accrual (10.6) Balance as of June 30, 2020 $ 40.4 As of June 30, 2020 and December 31, 2019, $17.5 million and $19.4 million of accrued warranty expense is included as a component of accrued expenses and other current liabilities and $22.9 million and $22.2 million of accrued warranty expense is included in other non-current liabilities on the Company’s accompanying Condensed Consolidated Balance Sheets, respectively. (f) Allowance for Credit Losses . The allowance for credit losses is the Company’s best estimate of the amount of expected lifetime credit losses in the Company’s accounts receivable. The Company estimates losses over the contractual life using assumptions to capture the risk of loss, even if remote, based principally on how long a receivable has been outstanding. Other factors considered include historical write-off experience, current economic conditions and also factors such as customer credit, past transaction history with the customer and changes in customer payment terms. The Company had the following activity for its allowance for credit losses from December 31, 2019 to June 30, 2020: (in millions) Balance as of December 31, 2019 $ 71.9 ASU 2016-13 adoption impact 8.9 Amounts accrued 26.5 Write-offs charged against the allowance (13.4) Balance as of June 30, 2020 $ 93.9

Net Sales

Net Sales	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Net Sales	Net Sales The following table presents the Company's disaggregated revenue by channel, product and geographical region, including a reconciliation of disaggregated revenue by segment, for the three and six months ended June 30, 2020: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 494.6 $ 69.1 $ 563.7 $ 1,104.2 $ 181.9 $ 1,286.1 Direct 75.9 25.6 101.5 143.5 58.0 201.5 Net sales $ 570.5 $ 94.7 $ 665.2 $ 1,247.7 $ 239.9 $ 1,487.6 North America International Consolidated North America International Consolidated Product Bedding $ 533.0 $ 73.6 $ 606.6 $ 1,173.3 $ 189.8 $ 1,363.1 Other 37.5 21.1 58.6 74.4 50.1 124.5 Net sales $ 570.5 $ 94.7 $ 665.2 $ 1,247.7 $ 239.9 $ 1,487.6 North America International Consolidated North America International Consolidated Geographical region United States $ 542.0 $ — $ 542.0 $ 1,174.5 $ — $ 1,174.5 Canada 28.5 — 28.5 73.2 — 73.2 International — 94.7 94.7 — 239.9 239.9 Net sales $ 570.5 $ 94.7 $ 665.2 $ 1,247.7 $ 239.9 $ 1,487.6 The following table presents the Company's disaggregated revenue by channel, product and geographical region, including a reconciliation of disaggregated revenue by segment, for the three and six months ended June 30, 2019: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 528.5 $ 103.7 $ 632.2 $ 1,030.3 $ 217.8 $ 1,248.1 Direct 59.6 31.0 90.6 101.8 63.8 165.6 Net sales $ 588.1 $ 134.7 $ 722.8 $ 1,132.1 $ 281.6 $ 1,413.7 North America International Consolidated North America International Consolidated Product Bedding $ 554.2 $ 108.4 $ 662.6 $ 1,068.6 $ 223.8 $ 1,292.4 Other 33.9 26.3 60.2 63.5 57.8 121.3 Net sales $ 588.1 $ 134.7 $ 722.8 $ 1,132.1 $ 281.6 $ 1,413.7 North America International Consolidated North America International Consolidated Geographical region United States $ 533.7 $ — $ 533.7 $ 1,030.9 $ — $ 1,030.9 Canada 54.4 — 54.4 101.2 — 101.2 International — 134.7 134.7 — 281.6 281.6 Net sales $ 588.1 $ 134.7 $ 722.8 $ 1,132.1 $ 281.6 $ 1,413.7

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions Acquisition of Sherwood Bedding On January 31, 2020, the Company acquired an 80% ownership interest in a newly formed limited liability company containing substantially all of the assets of the Sherwood Bedding business for a cash purchase price of approximately $39.1 million, which included $1.2 million of cash acquired. The Company accounted for this transaction as a business combination. The preliminary allocation of the purchase price is based on estimated fair values of the assets acquired and liabilities assumed as of January 31, 2020, which included the following: (in millions) Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities) $ 5.8 Property and equipment 10.1 Goodwill 26.7 Customer relationships intangible assets 3.7 Operating lease right-of-use assets 19.9 Long-term operating lease liabilities (19.9) Non-controlling interest (8.4) Purchase price, net of cash acquired $ 37.9 Goodwill is calculated as the excess of the purchase price over the net assets acquired and primarily represents the private label product growth opportunities and expected synergistic manufacturing benefits to be realized from the acquisition. The goodwill is deductible for income tax purposes and will be included within the North American reporting unit for goodwill impairment assessments. Acquisition of Innovative Mattress Solutions, LLC ("iMS") On January 11, 2019, iMS filed for bankruptcy and the Company provided debtor-in-possession financing in connection with the iMS Chapter 11 proceedings. On April 1, 2019, the Company acquired substantially all of the net assets of iMS in a transaction valued at approximately $24.0 million, including assumed liabilities of approximately $11.0 million as of March 31, 2019 (referred to as the "Sleep Outfitters Acquisition"). The acquisition of this regional bedding retailer furthers the Company’s North American retail strategy, which is focused on meeting customer demand through geographic representation and sales expertise. The Company accounted for this transaction as a business combination. Total cash consideration was $13.2 million, which included $5.1 million of cash acquired. The final allocation of the purchase price is based on the fair values of the assets acquired and liabilities assumed as of April 1, 2019, which included the following: (in millions) Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities) $ (1.4) Property and equipment 5.0 Goodwill 2.4 Other intangible assets 2.1 Operating lease right-of-use assets 28.5 Long-term operating lease liabilities (28.5) Purchase price, net of cash acquired $ 8.1

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The following summarizes changes to the Company’s goodwill, by segment: (in millions) North America International Consolidated Balance as of December 31, 2019 $ 576.6 $ 155.7 $ 732.3 Goodwill resulting from acquisitions 26.7 — 26.7 Foreign currency translation and other (2.8) 1.3 (1.5) Balance as of June 30, 2020 $ 600.5 $ 157.0 $ 757.5

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt for the Company consists of the following: June 30, 2020 December 31, 2019 (in millions, except percentages) Amount Rate Amount Rate Maturity Date 2019 Credit Agreement: Term A Facility $ 414.4 (1) $ 425.0 (2) October 16, 2024 364-Day Term Loan 200.0 (3) — (3) May 12, 2021 Revolver — (1) — (2) October 16, 2024 2026 Senior Notes 600.0 5.500% 600.0 5.500% June 15, 2026 2023 Senior Notes 450.0 5.625% 450.0 5.625% October 15, 2023 Securitized debt — (4) — (4) April 6, 2021 Finance lease obligations (5) 71.2 64.1 Various Other 25.2 7.9 Various Total debt 1,760.8 1,547.0 Less: Deferred financing costs 7.2 7.0 Total debt, net 1,753.6 1,540.0 Less: Current portion 256.4 37.4 Total long-term debt, net $ 1,497.2 $ 1,502.6 (1) Interest at LIBOR plus applicable margin of 1.375% as of June 30, 2020. (2) Interest at LIBOR plus applicable margin of 1.625% as of December 31, 2019. (3) Interest at base rate plus applicable margin of 1.375% per annum or a eurocurrency rate (subject to a 1.0% floor) plus applicable margin of 2.375% per annum. (4) Interest at one month LIBOR index plus 80 basis points. (5) Finance lease obligations are a non-cash financing activity. Refer to Note 6, "Leases". As of June 30, 2020, the Company was in compliance with all applicable debt covenants. 2019 Credit Agreement On October 16, 2019, the Company entered into the 2019 Credit Agreement with a syndicate of banks. The 2019 Credit Agreement provides for a $425.0 million revolving credit facility, a $425.0 million term loan facility, and an incremental facility in an aggregate amount of up to $550.0 million plus the amount of certain prepayments plus an additional unlimited amount subject to compliance with a maximum consolidated secured leverage ratio test. The 2019 Credit Agreement has a $60.0 million sub-facility for the issuance of letters of credit. As of June 30, 2020, total availability under the revolving credit facility was $423.9 million after a $1.1 million reduction for outstanding letters of credit. On May 13, 2020, the Company and certain of its subsidiaries entered into an amendment to the existing 2019 Credit Agreement. The amendment provided for a new 364-day $200.0 million term loan (the "364-Day Loan"). The Company used the proceeds of the 364-Day Loan to repay borrowings under the existing $425.0 million revolving credit facility and to pay fees and expenses in connection with the amendment. The 364- Day Loan bears interest, at the borrower’s option, at a base rate plus a margin of 1.375% per annum or a eurocurrency rate (subject to a 1.0% floor) plus a margin of 2.375% per annum. In addition, for so long as the 364-Day Loan remains outstanding, the Company is subject to certain additional restrictions under the covenants provided for in the Credit Agreement, including, but not limited to, the Company's ability to repurchase shares and make certain investments. Securitized Debt The Company and certain of its subsidiaries are party to a securitization transaction with respect to certain accounts receivable due to the Company and certain of its subsidiaries (as amended, the "Accounts Receivable Securitization"). As of June 30, 2020, the Company had availability of $40.8 million under the Accounts Receivable Securitization. Fair Value of Financial Instruments Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, accounts receivable, accounts payable, and the Company's debt obligations. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term maturity of those instruments. Borrowings under the 2019 Credit Agreement and the securitized debt are at variable interest rates and accordingly their carrying amounts approximate fair value. The fair value of the following material financial instruments were based on observable inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of debt instruments. The fair values of these material financial instruments are as follows: Fair Value (in millions) June 30, 2020 December 31, 2019 2023 Senior Notes $ 457.5 $ 464.2 2026 Senior Notes 614.2 634.9

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheet as of June 30, 2020 and December 31, 2019: (in millions) June 30, 2020 December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 281.6 $ 245.4 Finance lease assets Property, plant and equipment, net 61.3 54.4 Total leased assets $ 342.9 $ 299.8 Liabilities Short-term: Operating lease obligations Accrued expenses and other current liabilities $ 58.3 $ 50.8 Finance lease obligations Current portion of long-term debt 9.9 8.2 Long-term: Operating lease obligations Long-term operating lease obligations 239.3 205.4 Finance lease obligations Long-term debt, net 61.3 55.9 Total lease obligations $ 368.8 $ 320.3 The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2020 2019 2020 2019 Operating lease expense: Operating lease expense $ 18.7 $ 15.9 $ 36.7 $ 30.1 Short-term lease expense 2.5 1.3 5.7 2.3 Variable lease expense 4.4 5.0 9.7 8.8 Finance lease expense: Amortization of right-of-use assets 2.2 2.3 4.4 4.2 Interest on lease obligations 1.1 1.2 2.3 2.4 Total lease expense $ 28.9 $ 25.7 $ 58.8 $ 47.8 The following table sets forth the scheduled maturities of lease obligations as of June 30, 2020: (in millions) Operating Leases Finance Leases Total Year Ended December 31, 2020 (excluding the six months ended June 30, 2020) $ 38.2 $ 6.9 $ 45.1 2021 66.8 14.1 80.9 2022 57.9 12.0 69.9 2023 45.5 9.8 55.3 2024 37.1 8.0 45.1 Thereafter 104.6 40.4 145.0 Total lease payments 350.1 91.2 441.3 Less: Interest 52.5 20.0 72.5 Present value of lease obligations $ 297.6 $ 71.2 $ 368.8 The following table provides lease term and discount rate information related to operating and finance leases as of June 30, 2020: June 30, 2020 Weighted average remaining lease term (years): Operating leases 6.34 Finance leases 8.33 Weighted average discount rate: Operating leases 5.16 % Finance leases 5.94 % The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019: Six Months Ended (in millions) June 30, 2020 June 30, 2019 Cash paid for amounts included in the measurement of lease obligations: Operating cash flows paid for operating leases $ 33.1 $ 27.8 Operating cash flows paid for finance leases $ 2.3 $ 2.4 Financing cash flows paid for finance leases $ 4.6 $ 3.3 Right-of-use assets obtained in exchange for new operating lease obligations $ 48.7 $ 55.0 Right-of-use assets obtained in exchange for new finance lease obligations $ 11.7 $ —
Leases	Leases The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheet as of June 30, 2020 and December 31, 2019: (in millions) June 30, 2020 December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 281.6 $ 245.4 Finance lease assets Property, plant and equipment, net 61.3 54.4 Total leased assets $ 342.9 $ 299.8 Liabilities Short-term: Operating lease obligations Accrued expenses and other current liabilities $ 58.3 $ 50.8 Finance lease obligations Current portion of long-term debt 9.9 8.2 Long-term: Operating lease obligations Long-term operating lease obligations 239.3 205.4 Finance lease obligations Long-term debt, net 61.3 55.9 Total lease obligations $ 368.8 $ 320.3 The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2020 2019 2020 2019 Operating lease expense: Operating lease expense $ 18.7 $ 15.9 $ 36.7 $ 30.1 Short-term lease expense 2.5 1.3 5.7 2.3 Variable lease expense 4.4 5.0 9.7 8.8 Finance lease expense: Amortization of right-of-use assets 2.2 2.3 4.4 4.2 Interest on lease obligations 1.1 1.2 2.3 2.4 Total lease expense $ 28.9 $ 25.7 $ 58.8 $ 47.8 The following table sets forth the scheduled maturities of lease obligations as of June 30, 2020: (in millions) Operating Leases Finance Leases Total Year Ended December 31, 2020 (excluding the six months ended June 30, 2020) $ 38.2 $ 6.9 $ 45.1 2021 66.8 14.1 80.9 2022 57.9 12.0 69.9 2023 45.5 9.8 55.3 2024 37.1 8.0 45.1 Thereafter 104.6 40.4 145.0 Total lease payments 350.1 91.2 441.3 Less: Interest 52.5 20.0 72.5 Present value of lease obligations $ 297.6 $ 71.2 $ 368.8 The following table provides lease term and discount rate information related to operating and finance leases as of June 30, 2020: June 30, 2020 Weighted average remaining lease term (years): Operating leases 6.34 Finance leases 8.33 Weighted average discount rate: Operating leases 5.16 % Finance leases 5.94 % The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019: Six Months Ended (in millions) June 30, 2020 June 30, 2019 Cash paid for amounts included in the measurement of lease obligations: Operating cash flows paid for operating leases $ 33.1 $ 27.8 Operating cash flows paid for finance leases $ 2.3 $ 2.4 Financing cash flows paid for finance leases $ 4.6 $ 3.3 Right-of-use assets obtained in exchange for new operating lease obligations $ 48.7 $ 55.0 Right-of-use assets obtained in exchange for new finance lease obligations $ 11.7 $ —

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity (a) Treasury Stock. As of June 30, 2020, the Company had approximately $131.3 million remaining under the existing share repurchase program initially authorized by the Board of Directors in 2016. In February 2020, the Board of Directors authorized an increase, of $194.2 million, to its existing share repurchase authorization of Tempur Sealy International's common stock to $300.0 million. The Company did not repurchase shares under the program during the three months ended June 30, 2020. The Company repurchased 24,170 shares under the program for approximately $1.5 million during the three months ended June 30, 2019. The Company repurchased 2.6 million shares and 39,901 shares under the program for approximately $187.5 million and $2.3 million during the six months ended June 30, 2020 and 2019, respectively. In addition, the Company acquired an insignificant amount of shares upon the vesting of certain restricted stock units ("RSUs"), which were withheld to satisfy tax withholding obligations during each of the three and six months ended June 30, 2020 and 2019. The shares withheld were valued at the closing price of the stock on the New York Stock Exchange on the vesting date or first business day prior to vesting, resulting in approximately $0.2 million and $0.3 million in treasury stock acquired during the three months ended June 30, 2020 and 2019, respectively. The Company acquired approximately $12.0 million and $3.2 million in treasury stock during the six months ended June 30, 2020 and 2019, respectively. (b) Shareholder Rights Agreement. On March 27, 2020, the Board of Directors authorized and declared a dividend distribution of one right (a "Right") for each outstanding share of common stock of the Company to stockholders of record at the close of business on April 7, 2020 (the “Record Date”). Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, $0.01 par value per share (the “Preferred Shares”), of the Company at an exercise price of $273.00 per one one-thousandth of a Preferred Share, subject to adjustment (the “Exercise Price”). Generally, the Rights become exercisable in the event any person or group of affiliated or associated persons acquires beneficial ownership of 10% (20% in the case of a passive institutional investor) or more of the Company's common stock without the approval of the Board of Directors, and until such time are inseparable from and trade with the Company's common stock. The Rights have a de minimis fair value. The Rights were issued pursuant to the Rights Agreement dated as of March 27, 2020 (the "Rights Agreement"), between the Company and American Stock Transfer & Trust Company, LLC, as rights agent. The Rights expire at the close of business on March 26, 2021 or upon an earlier redemption or exchange as provided in the Rights Agreement. (c) AOCL . AOCL consisted of the following: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2020 2019 2020 2019 Foreign Currency Translation Balance at beginning of period $ (105.2) $ (87.7) $ (82.2) $ (91.7) Other comprehensive loss: Foreign currency translation adjustments (1) 10.7 3.0 (12.3) 7.0 Balance at end of period $ (94.5) $ (84.7) $ (94.5) $ (84.7) Pensions Balance at beginning of period $ (5.5) $ (3.6) $ (5.5) $ (3.6) Other comprehensive loss: Net change from period revaluations — — 0.1 — Tax expense (2) — — (0.1) — Total other comprehensive income before reclassifications, net of tax $ — $ — $ — $ — Net amount reclassified to earnings (1) — — — — Tax benefit (2) — — — — Total amount reclassified from accumulated other comprehensive loss, net of tax $ — $ — $ — $ — Total other comprehensive loss — — — — Balance at end of period $ (5.5) $ (3.6) $ (5.5) $ (3.6) (1) In 2020 and 2019, there were no tax impacts related to foreign currency translation adjustments and no amounts were reclassified to earnings. (2) These amounts were included in the income tax provision in the accompanying Condensed Consolidated Statements of Income.

Other Items

Other Items	6 Months Ended
	Jun. 30, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Other Items	Other Items Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following: (in millions) June 30, 2020 December 31, 2019 Taxes $ 138.6 $ 136.0 Wages and benefits 59.4 79.5 Operating lease obligations 58.3 50.8 Advertising 42.5 56.9 Sales returns 27.9 26.2 Warranty 17.5 19.4 Rebates 6.6 13.6 Other 104.4 90.8 $ 455.2 $ 473.2

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company’s stock-based compensation expense for the three and six months ended June 30, 2020 and 2019 included performance restricted stock units ("PRSUs"), non-qualified stock options, restricted stock units ("RSUs") and deferred stock units ("DSUs"). A summary of the Company’s stock-based compensation expense is presented in the following table: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 PRSU expense $ 0.9 $ 0.4 $ 1.2 $ 0.7 Option expense 1.2 1.2 2.4 2.4 RSU/DSU expense 5.4 5.0 11.2 10.1 Total stock-based compensation expense $ 7.5 $ 6.6 $ 14.8 $ 13.2 The Company grants PRSUs to executive officers and certain members of management. During the first quarter of 2020, the Company granted PRSUs as a component of the long-term incentive plan. Actual payout under the PRSUs is dependent upon the achievement of certain financial goals. During 2017, the Company granted executive officers and certain members of management PRSUs if the Company achieves a certain level of adjusted earnings before interest, tax, depreciation and amortization as defined in the Company’s Credit Agreement ("Adjusted EBITDA per Credit Facility") during four consecutive fiscal quarters as described below (the "2019 Aspirational Plan PRSUs"). The 2019 Aspirational Plan PRSUs will vest based on the highest Adjusted EBITDA per Credit Facility in any four consecutive fiscal quarter period ending between (and including) March 31, 2018 and December 31, 2019 (the “First Designated Period”). At the end of the First Designated Period, the Adjusted EBITDA per Credit Facility targets were not met and one-half of the total 2019 Aspirational Plan PRSUs were forfeited. The remaining one-half of the total 2019 Aspirational Plan PRSUs will vest based on the highest Adjusted EBITDA per Credit Facility in any four consecutive fiscal quarter period ending between (and including) March 31, 2020 and December 31, 2020 (the "Second Designated Period"). If the highest Adjusted EBITDA per Credit Facility in the Second Designated Period is $600.0 million then 66% of the remaining 2019 Aspirational Plan PRSUs will vest; if the Adjusted EBITDA per Credit Facility is $650.0 million or more 100% will vest; if Adjusted EBITDA per Credit Facility is between $600.0 million and $650.0 million then a pro rata portion will vest; and if Adjusted EBITDA per Credit Facility is below $600.0 million then all of the remaining 2019 Aspirational Plan PRSUs will be forfeited.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various legal and administrative proceedings incidental to the operations of its business. The Company believes that the outcome of all such pending proceedings in the aggregate will not have a material adverse effect on its business, financial condition, liquidity or operating results.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three months ended June 30, 2020 and 2019 was 28.9% and 27.0%, respectively. The Company's effective tax rate for the six months ended June 30, 2020 and 2019 was 28.1% and 31.3%, respectively. The Company's effective tax rate for the three and six months ended June 30, 2020 and 2019 differed from the U.S. federal statutory rate of 21.0% principally due to subpart F income (i.e., GILTI earned by the Company’s foreign subsidiaries), certain foreign income tax rate differentials, state and local taxes, changes in the Company’s uncertain tax positions, the excess tax deficiency (or benefit) related to stock-based compensation and certain other permanent items. On March 27, 2020, the U.S. Government enacted the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) which includes modifications to the limitation on business interest expense and net operating loss provisions. The CARES Act is not expected to have a material impact on the Company’s consolidated financial statements. The Company has been involved in a dispute with the Danish Tax Authority ("SKAT") regarding the royalty paid by a U.S. subsidiary of Tempur Sealy International to a Danish subsidiary (the "Danish Tax Matter") for tax years 2001 through current. The royalty is paid by the U.S. subsidiary for the right to utilize certain intangible assets owned by the Danish subsidiary in the U.S. production process. At June 30, 2020 and December 31, 2019, the Danish income tax liability recorded in the Company’s balance sheet for the periods 2001 through June 30, 2020 and December 31, 2019, respectively, is DKK 1,121.1 million and DKK 1,110.6 million, respectively (approximately $169.1 million and $166.7 million using the applicable exchange rates at June 30, 2020 and December 31, 2019, respectively). The liability at June 30, 2020 and December 31, 2019 is included within the Company’s Condensed Consolidated Balance Sheet (translated at the exchange rate on June 30, 2020 and December 31, 2019) as per below: June 30, 2020 December 31, 2019 DKK USD DKK USD Accrued expenses and other current liabilities 847.3 $ 127.8 847.3 $ 127.2 Other non-current liabilities 273.8 41.3 263.3 39.5 Total 1,121.1 $ 169.1 1,110.6 $ 166.7 During the three months ended March 31, 2020 the Company made a tax deposit with SKAT of DKK 134.0 million applicable to a tax assessment by SKAT for the years 2012 and 2013. The Company is contesting such assessment. At June 30, 2020 and December 31, 2019, respectively, the Company held on deposit with SKAT DKK 1,104.1 million and DKK 970.1 million (approximately $166.5 million and $145.6 million using the applicable exchange rates at June 30, 2020 and December 31, 2019, respectively). The deposit is for the satisfaction of the anticipated liability for both tax and interest once these matters are concluded. The deposit at June 30, 2020 and December 31, 2019 is included within the Company’s Condensed Consolidated Balance Sheet (translated at the exchange rates on June 30, 2020 and December 31, 2019) as per below: June 30, 2020 December 31, 2019 DKK USD DKK USD Prepaid expenses and other current assets 847.3 $ 127.8 847.3 $ 127.2 Other non-current assets 256.8 38.7 122.8 18.4 Total 1,104.1 $ 166.5 970.1 $ 145.6 There were no significant changes in the Danish Tax Matter or other uncertain tax positions during the three or six months ended June 30, 2020.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following table sets forth the components of the numerator and denominator for the computation of basic and diluted earnings per share for net income attributable to Tempur Sealy International. Three Months Ended Six Months Ended June 30, June 30, (in millions, except per common share amounts) 2020 2019 2020 2019 Numerator: Income from continuing operations, net of income attributable to non-controlling interests $ 22.9 $ 42.8 $ 83.8 $ 71.6 Denominator: Denominator for basic earnings per common share-weighted average shares 51.6 54.7 52.5 54.7 Effect of dilutive securities: Employee stock-based compensation 0.4 1.3 0.5 0.9 Denominator for diluted earnings per common share-adjusted weighted average shares 52.0 56.0 53.0 55.6 Basic earnings per common share for continuing operations $ 0.44 $ 0.78 $ 1.60 $ 1.31 Diluted earnings per common share for continuing operations $ 0.44 $ 0.76 $ 1.58 $ 1.29

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company operates in two segments: North America and International. Corporate operating expenses are not included in either of the segments and are presented separately as a reconciling item to consolidated results. These segments are strategic business units that are managed separately based on geography. The North America segment consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in the U.S. and Canada. The International segment consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America. The Company evaluates segment performance based on net sales, gross profit and operating income. The Company’s North America and International segment assets include investments in subsidiaries that are appropriately eliminated in the Company’s accompanying Condensed Consolidated Financial Statements. The remaining inter-segment eliminations are comprised of intercompany accounts receivable and payable. The following table summarizes total assets by segment: (in millions) June 30, 2020 December 31, 2019 North America $ 3,299.5 $ 3,142.9 International 603.2 615.3 Corporate 549.9 477.1 Inter-segment eliminations (1,250.7) (1,173.5) Total assets $ 3,201.9 $ 3,061.8 The following table summarizes property, plant and equipment, net, by segment: (in millions) June 30, 2020 December 31, 2019 North America $ 369.0 $ 328.9 International 51.2 51.8 Corporate 42.6 55.1 Total property, plant and equipment, net $ 462.8 $ 435.8 The following table summarizes operating lease right-of-use assets by segment: (in millions) June 30, 2020 December 31, 2019 North America $ 237.0 $ 202.0 International 42.1 42.2 Corporate 2.5 1.2 Total operating lease right-of-use assets $ 281.6 $ 245.4 The following table summarizes segment information for the three months ended June 30, 2020: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 570.5 $ 94.7 $ — $ — $ 665.2 Inter-segment sales $ 0.1 $ — $ — $ (0.1) $ — Inter-segment royalty expense (income) 0.7 (0.7) — — — Gross profit 216.2 49.7 — — 265.9 Operating income (loss) 69.4 9.6 (25.6) — 53.4 Income (loss) from continuing operations before income taxes 68.0 7.6 (43.1) — 32.5 Depreciation and amortization (1) $ 18.6 $ 3.4 $ 9.8 $ — $ 31.8 Capital expenditures 18.1 3.1 2.0 — 23.2 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the three months ended June 30, 2019: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 588.1 $ 134.7 $ — $ — $ 722.8 Inter-segment sales $ 0.9 $ 0.1 $ — $ (1.0) $ — Inter-segment royalty expense (income) 1.0 (1.0) — — — Gross profit 240.0 73.4 — — 313.4 Operating income (loss) 80.1 27.4 (26.5) — 81.0 Income (loss) from continuing operations before income taxes 78.6 23.2 (43.3) — 58.5 Depreciation and amortization (1) $ 15.6 $ 3.5 $ 9.5 $ — $ 28.6 Capital expenditures 14.4 3.1 3.3 — 20.8 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2020: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,247.7 $ 239.9 $ — $ — $ 1,487.6 Inter-segment sales $ 0.9 $ 0.1 $ — $ (1.0) $ — Inter-segment royalty expense (income) 2.1 (2.1) — — — Gross profit 493.4 129.6 — — 623.0 Operating income (loss) 170.8 36.2 (48.3) — 158.7 Income (loss) from continuing operations before income taxes 167.6 32.1 (82.7) — 117.0 Depreciation and amortization (1) $ 36.2 $ 6.7 $ 19.4 $ — $ 62.3 Capital expenditures 39.4 5.5 4.5 — 49.4 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2019: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,132.1 $ 281.6 $ — $ — $ 1,413.7 Inter-segment sales $ 1.9 $ 0.4 $ — $ (2.3) $ — Inter-segment royalty expense (income) 2.0 (2.0) — — — Gross profit 444.4 150.8 — — 595.2 Operating income (loss) 144.4 52.6 (55.5) — 141.5 Income (loss) from continuing operations before income taxes 141.0 53.0 (89.6) — 104.4 Depreciation and amortization (1) $ 30.6 $ 6.8 $ 19.3 $ — $ 56.7 Capital expenditures 27.3 6.0 6.6 — 39.9 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes property, plant and equipment, net by geographic region: (in millions) June 30, 2020 December 31, 2019 United States $ 395.7 $ 366.4 Canada 15.9 17.5 Other International 51.2 51.9 Total property, plant and equipment, net $ 462.8 $ 435.8 Total International $ 67.1 $ 69.4 The following table summarizes operating lease right-of-use assets by geographic region: (in millions) June 30, 2020 December 31, 2019 United States $ 235.4 $ 198.3 Canada 4.1 4.9 Other International 42.1 42.2 Total operating lease right-of-use assets $ 281.6 $ 245.4 Total International $ 46.2 $ 47.1 The following table summarizes net sales by geographic region: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2020 2019 2020 2019 United States $ 542.0 $ 533.7 $ 1,174.5 $ 1,030.9 Canada 28.5 54.4 73.2 101.2 Other International 94.7 134.7 239.9 281.6 Total net sales $ 665.2 $ 722.8 $ 1,487.6 $ 1,413.7 Total International $ 123.2 $ 189.1 $ 313.1 $ 382.8

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Description of Business	Basis of Presentation and Description of Business. Tempur Sealy International, Inc., a Delaware corporation, together with its subsidiaries, is a U.S. based, multinational company. The term "Tempur Sealy International" refers to Tempur Sealy International, Inc. only, and the term "Company" refers to Tempur Sealy International, Inc. and its consolidated subsidiaries. The Company develops, manufactures, markets and sells bedding products, which include mattresses, foundations and adjustable bases, and other products, which include pillows and other accessories. The Company also derives income from royalties by licensing Sealy® and Stearns & Foster® brands, technology and trademarks to other manufacturers. The Company sells its products through two sales channels: Wholesale and Direct. The Company has ownership interests in a group of Asia-Pacific joint ventures to develop markets for Sealy® branded products in those regions. The Company’s ownership interest in these joint ventures is 50.0%. The equity method of accounting is used for these joint ventures, over which the Company has significant influence but does not have control, and consolidation is not otherwise required. The Company's carrying value in its equity method investments of $24.8 million and $22.5 million at June 30, 2020 and December 31, 2019, respectively, is recorded in other non-current assets within the accompanying Condensed Consolidated Balance Sheets. The Company’s equity in the net income and losses of these investments is reported in equity income in earnings of unconsolidated affiliates in the accompanying Condensed Consolidated Statements of Income. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States ("GAAP") for interim financial reporting. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements of the Company and related footnotes for the year ended December 31, 2019, included in the 2019 Annual Report filed with the Securities and Exchange Commission on February 21, 2020. The results of operations for the interim periods are not necessarily indicative of results of operations for a full year. It is the opinion of management that all necessary adjustments for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein.
Adoption of New Accounting Standards	(b) Adoption of New Accounting Standards. Goodwill. Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") No. 2017-04, "Intangibles - Goodwill and Other (Topic 350)." The ASU simplifies the test for goodwill impairment, by eliminating Step 2 of the impairment test. Under ASU 2017-04, the goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill for the reporting unit. Adoption of this guidance did not have an impact on the Company's financial statements. ASU No. 2016-13
Inventories	Inventories. Inventories are stated at the lower of cost and net realizable value, determined by the first-in, first-out method
Accrued Sales Returns	Accrued Sales Returns. The Company allows product returns through certain sales channels and on certain products. Estimated sales returns are provided at the time of sale based on historical sales channel return rates. Estimated future obligations related to these products are provided by a reduction of sales in the period in which the revenue is recognized. The Company considers the impact of recoverable salvage value on sales returns by segment in determining its estimate of future sales returns. Accrued sales returns are included in accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets.
Warranties	Warranties . The Company provides warranties on certain products, which vary by segment, product and brand. Estimates of warranty expenses are based primarily on historical claims experience and product testing. Estimated future obligations related to these products are charged to cost of sales in the period in which the related revenue is recognized. The Company considers the impact of recoverable salvage value on warranty costs in determining its estimate of future warranty obligations.
Allowance for Credit Losses	Allowance for Credit Losses. The allowance for credit losses is the Company’s best estimate of the amount of expected lifetime credit losses in the Company’s accounts receivable. The Company estimates losses over the contractual life using assumptions to capture the risk of loss, even if remote, based principally on how long a receivable has been outstanding. Other factors considered include historical write-off experience, current economic conditions and also factors such as customer credit, past transaction history with the customer and changes in customer payment terms.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of inventory	Inventories are stated at the lower of cost and net realizable value, determined by the first-in, first-out method, and consist of the following: June 30, December 31, (in millions) 2020 2019 Finished goods $ 136.4 $ 157.4 Work-in-process 10.6 10.8 Raw materials and supplies 111.8 92.3 $ 258.8 $ 260.5
Changes in accrued sales returns	The Company had the following activity for sales returns from December 31, 2019 to June 30, 2020: (in millions) Balance as of December 31, 2019 $ 39.3 Amounts accrued 51.3 Returns charged to accrual (49.3) Balance as of June 30, 2020 $ 41.3
Warranty activity	The Company had the following activity for its accrued warranty expense from December 31, 2019 to June 30, 2020: (in millions) Balance as of December 31, 2019 $ 41.6 Amounts accrued 9.4 Warranties charged to accrual (10.6) Balance as of June 30, 2020 $ 40.4
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The Company had the following activity for its allowance for credit losses from December 31, 2019 to June 30, 2020: (in millions) Balance as of December 31, 2019 $ 71.9 ASU 2016-13 adoption impact 8.9 Amounts accrued 26.5 Write-offs charged against the allowance (13.4) Balance as of June 30, 2020 $ 93.9

Net Sales (Tables)

Net Sales (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company's disaggregated revenue by channel, product and geographical region, including a reconciliation of disaggregated revenue by segment, for the three and six months ended June 30, 2020: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 494.6 $ 69.1 $ 563.7 $ 1,104.2 $ 181.9 $ 1,286.1 Direct 75.9 25.6 101.5 143.5 58.0 201.5 Net sales $ 570.5 $ 94.7 $ 665.2 $ 1,247.7 $ 239.9 $ 1,487.6 North America International Consolidated North America International Consolidated Product Bedding $ 533.0 $ 73.6 $ 606.6 $ 1,173.3 $ 189.8 $ 1,363.1 Other 37.5 21.1 58.6 74.4 50.1 124.5 Net sales $ 570.5 $ 94.7 $ 665.2 $ 1,247.7 $ 239.9 $ 1,487.6 North America International Consolidated North America International Consolidated Geographical region United States $ 542.0 $ — $ 542.0 $ 1,174.5 $ — $ 1,174.5 Canada 28.5 — 28.5 73.2 — 73.2 International — 94.7 94.7 — 239.9 239.9 Net sales $ 570.5 $ 94.7 $ 665.2 $ 1,247.7 $ 239.9 $ 1,487.6 The following table presents the Company's disaggregated revenue by channel, product and geographical region, including a reconciliation of disaggregated revenue by segment, for the three and six months ended June 30, 2019: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 528.5 $ 103.7 $ 632.2 $ 1,030.3 $ 217.8 $ 1,248.1 Direct 59.6 31.0 90.6 101.8 63.8 165.6 Net sales $ 588.1 $ 134.7 $ 722.8 $ 1,132.1 $ 281.6 $ 1,413.7 North America International Consolidated North America International Consolidated Product Bedding $ 554.2 $ 108.4 $ 662.6 $ 1,068.6 $ 223.8 $ 1,292.4 Other 33.9 26.3 60.2 63.5 57.8 121.3 Net sales $ 588.1 $ 134.7 $ 722.8 $ 1,132.1 $ 281.6 $ 1,413.7 North America International Consolidated North America International Consolidated Geographical region United States $ 533.7 $ — $ 533.7 $ 1,030.9 $ — $ 1,030.9 Canada 54.4 — 54.4 101.2 — 101.2 International — 134.7 134.7 — 281.6 281.6 Net sales $ 588.1 $ 134.7 $ 722.8 $ 1,132.1 $ 281.6 $ 1,413.7

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary allocation of the purchase price is based on estimated fair values of the assets acquired and liabilities assumed as of January 31, 2020, which included the following: (in millions) Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities) $ 5.8 Property and equipment 10.1 Goodwill 26.7 Customer relationships intangible assets 3.7 Operating lease right-of-use assets 19.9 Long-term operating lease liabilities (19.9) Non-controlling interest (8.4) Purchase price, net of cash acquired $ 37.9 (in millions) Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities) $ (1.4) Property and equipment 5.0 Goodwill 2.4 Other intangible assets 2.1 Operating lease right-of-use assets 28.5 Long-term operating lease liabilities (28.5) Purchase price, net of cash acquired $ 8.1

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill by business segment	The following summarizes changes to the Company’s goodwill, by segment: (in millions) North America International Consolidated Balance as of December 31, 2019 $ 576.6 $ 155.7 $ 732.3 Goodwill resulting from acquisitions 26.7 — 26.7 Foreign currency translation and other (2.8) 1.3 (1.5) Balance as of June 30, 2020 $ 600.5 $ 157.0 $ 757.5

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of long term debt	Debt for the Company consists of the following: June 30, 2020 December 31, 2019 (in millions, except percentages) Amount Rate Amount Rate Maturity Date 2019 Credit Agreement: Term A Facility $ 414.4 (1) $ 425.0 (2) October 16, 2024 364-Day Term Loan 200.0 (3) — (3) May 12, 2021 Revolver — (1) — (2) October 16, 2024 2026 Senior Notes 600.0 5.500% 600.0 5.500% June 15, 2026 2023 Senior Notes 450.0 5.625% 450.0 5.625% October 15, 2023 Securitized debt — (4) — (4) April 6, 2021 Finance lease obligations (5) 71.2 64.1 Various Other 25.2 7.9 Various Total debt 1,760.8 1,547.0 Less: Deferred financing costs 7.2 7.0 Total debt, net 1,753.6 1,540.0 Less: Current portion 256.4 37.4 Total long-term debt, net $ 1,497.2 $ 1,502.6 (1) Interest at LIBOR plus applicable margin of 1.375% as of June 30, 2020. (2) Interest at LIBOR plus applicable margin of 1.625% as of December 31, 2019. (3) Interest at base rate plus applicable margin of 1.375% per annum or a eurocurrency rate (subject to a 1.0% floor) plus applicable margin of 2.375% per annum. (4) Interest at one month LIBOR index plus 80 basis points. (5) Finance lease obligations are a non-cash financing activity. Refer to Note 6, "Leases".
Fair value of financial instruments	The fair values of these material financial instruments are as follows: Fair Value (in millions) June 30, 2020 December 31, 2019 2023 Senior Notes $ 457.5 $ 464.2 2026 Senior Notes 614.2 634.9

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Assets and Liabilities	The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheet as of June 30, 2020 and December 31, 2019: (in millions) June 30, 2020 December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 281.6 $ 245.4 Finance lease assets Property, plant and equipment, net 61.3 54.4 Total leased assets $ 342.9 $ 299.8 Liabilities Short-term: Operating lease obligations Accrued expenses and other current liabilities $ 58.3 $ 50.8 Finance lease obligations Current portion of long-term debt 9.9 8.2 Long-term: Operating lease obligations Long-term operating lease obligations 239.3 205.4 Finance lease obligations Long-term debt, net 61.3 55.9 Total lease obligations $ 368.8 $ 320.3
Schedule of Lease Expense	The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2020 2019 2020 2019 Operating lease expense: Operating lease expense $ 18.7 $ 15.9 $ 36.7 $ 30.1 Short-term lease expense 2.5 1.3 5.7 2.3 Variable lease expense 4.4 5.0 9.7 8.8 Finance lease expense: Amortization of right-of-use assets 2.2 2.3 4.4 4.2 Interest on lease obligations 1.1 1.2 2.3 2.4 Total lease expense $ 28.9 $ 25.7 $ 58.8 $ 47.8 The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019: Six Months Ended (in millions) June 30, 2020 June 30, 2019 Cash paid for amounts included in the measurement of lease obligations: Operating cash flows paid for operating leases $ 33.1 $ 27.8 Operating cash flows paid for finance leases $ 2.3 $ 2.4 Financing cash flows paid for finance leases $ 4.6 $ 3.3 Right-of-use assets obtained in exchange for new operating lease obligations $ 48.7 $ 55.0 Right-of-use assets obtained in exchange for new finance lease obligations $ 11.7 $ —
Maturity of Operating Leases	The following table sets forth the scheduled maturities of lease obligations as of June 30, 2020: (in millions) Operating Leases Finance Leases Total Year Ended December 31, 2020 (excluding the six months ended June 30, 2020) $ 38.2 $ 6.9 $ 45.1 2021 66.8 14.1 80.9 2022 57.9 12.0 69.9 2023 45.5 9.8 55.3 2024 37.1 8.0 45.1 Thereafter 104.6 40.4 145.0 Total lease payments 350.1 91.2 441.3 Less: Interest 52.5 20.0 72.5 Present value of lease obligations $ 297.6 $ 71.2 $ 368.8
Maturity of Finance Leases	The following table sets forth the scheduled maturities of lease obligations as of June 30, 2020: (in millions) Operating Leases Finance Leases Total Year Ended December 31, 2020 (excluding the six months ended June 30, 2020) $ 38.2 $ 6.9 $ 45.1 2021 66.8 14.1 80.9 2022 57.9 12.0 69.9 2023 45.5 9.8 55.3 2024 37.1 8.0 45.1 Thereafter 104.6 40.4 145.0 Total lease payments 350.1 91.2 441.3 Less: Interest 52.5 20.0 72.5 Present value of lease obligations $ 297.6 $ 71.2 $ 368.8
Lease Term and Discount Rate	The following table provides lease term and discount rate information related to operating and finance leases as of June 30, 2020: June 30, 2020 Weighted average remaining lease term (years): Operating leases 6.34 Finance leases 8.33 Weighted average discount rate: Operating leases 5.16 % Finance leases 5.94 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Changes in accumulated other comprehensive loss	AOCL consisted of the following: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2020 2019 2020 2019 Foreign Currency Translation Balance at beginning of period $ (105.2) $ (87.7) $ (82.2) $ (91.7) Other comprehensive loss: Foreign currency translation adjustments (1) 10.7 3.0 (12.3) 7.0 Balance at end of period $ (94.5) $ (84.7) $ (94.5) $ (84.7) Pensions Balance at beginning of period $ (5.5) $ (3.6) $ (5.5) $ (3.6) Other comprehensive loss: Net change from period revaluations — — 0.1 — Tax expense (2) — — (0.1) — Total other comprehensive income before reclassifications, net of tax $ — $ — $ — $ — Net amount reclassified to earnings (1) — — — — Tax benefit (2) — — — — Total amount reclassified from accumulated other comprehensive loss, net of tax $ — $ — $ — $ — Total other comprehensive loss — — — — Balance at end of period $ (5.5) $ (3.6) $ (5.5) $ (3.6) (1) In 2020 and 2019, there were no tax impacts related to foreign currency translation adjustments and no amounts were reclassified to earnings. (2) These amounts were included in the income tax provision in the accompanying Condensed Consolidated Statements of Income.

Other Items (Tables)

Other Items (Tables)	6 Months Ended
	Jun. 30, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: (in millions) June 30, 2020 December 31, 2019 Taxes $ 138.6 $ 136.0 Wages and benefits 59.4 79.5 Operating lease obligations 58.3 50.8 Advertising 42.5 56.9 Sales returns 27.9 26.2 Warranty 17.5 19.4 Rebates 6.6 13.6 Other 104.4 90.8 $ 455.2 $ 473.2

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	A summary of the Company’s stock-based compensation expense is presented in the following table: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 PRSU expense $ 0.9 $ 0.4 $ 1.2 $ 0.7 Option expense 1.2 1.2 2.4 2.4 RSU/DSU expense 5.4 5.0 11.2 10.1 Total stock-based compensation expense $ 7.5 $ 6.6 $ 14.8 $ 13.2

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Balance Sheet Location	The liability at June 30, 2020 and December 31, 2019 is included within the Company’s Condensed Consolidated Balance Sheet (translated at the exchange rate on June 30, 2020 and December 31, 2019) as per below: June 30, 2020 December 31, 2019 DKK USD DKK USD Accrued expenses and other current liabilities 847.3 $ 127.8 847.3 $ 127.2 Other non-current liabilities 273.8 41.3 263.3 39.5 Total 1,121.1 $ 169.1 1,110.6 $ 166.7 The deposit at June 30, 2020 and December 31, 2019 is included within the Company’s Condensed Consolidated Balance Sheet (translated at the exchange rates on June 30, 2020 and December 31, 2019) as per below: June 30, 2020 December 31, 2019 DKK USD DKK USD Prepaid expenses and other current assets 847.3 $ 127.8 847.3 $ 127.2 Other non-current assets 256.8 38.7 122.8 18.4 Total 1,104.1 $ 166.5 970.1 $ 145.6

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per common share	The following table sets forth the components of the numerator and denominator for the computation of basic and diluted earnings per share for net income attributable to Tempur Sealy International. Three Months Ended Six Months Ended June 30, June 30, (in millions, except per common share amounts) 2020 2019 2020 2019 Numerator: Income from continuing operations, net of income attributable to non-controlling interests $ 22.9 $ 42.8 $ 83.8 $ 71.6 Denominator: Denominator for basic earnings per common share-weighted average shares 51.6 54.7 52.5 54.7 Effect of dilutive securities: Employee stock-based compensation 0.4 1.3 0.5 0.9 Denominator for diluted earnings per common share-adjusted weighted average shares 52.0 56.0 53.0 55.6 Basic earnings per common share for continuing operations $ 0.44 $ 0.78 $ 1.60 $ 1.31 Diluted earnings per common share for continuing operations $ 0.44 $ 0.76 $ 1.58 $ 1.29

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Total assets and long-lived assets by segment	The following table summarizes total assets by segment: (in millions) June 30, 2020 December 31, 2019 North America $ 3,299.5 $ 3,142.9 International 603.2 615.3 Corporate 549.9 477.1 Inter-segment eliminations (1,250.7) (1,173.5) Total assets $ 3,201.9 $ 3,061.8 The following table summarizes property, plant and equipment, net, by segment: (in millions) June 30, 2020 December 31, 2019 North America $ 369.0 $ 328.9 International 51.2 51.8 Corporate 42.6 55.1 Total property, plant and equipment, net $ 462.8 $ 435.8 The following table summarizes operating lease right-of-use assets by segment: (in millions) June 30, 2020 December 31, 2019 North America $ 237.0 $ 202.0 International 42.1 42.2 Corporate 2.5 1.2 Total operating lease right-of-use assets $ 281.6 $ 245.4
Segment financial information	The following table summarizes segment information for the three months ended June 30, 2020: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 570.5 $ 94.7 $ — $ — $ 665.2 Inter-segment sales $ 0.1 $ — $ — $ (0.1) $ — Inter-segment royalty expense (income) 0.7 (0.7) — — — Gross profit 216.2 49.7 — — 265.9 Operating income (loss) 69.4 9.6 (25.6) — 53.4 Income (loss) from continuing operations before income taxes 68.0 7.6 (43.1) — 32.5 Depreciation and amortization (1) $ 18.6 $ 3.4 $ 9.8 $ — $ 31.8 Capital expenditures 18.1 3.1 2.0 — 23.2 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the three months ended June 30, 2019: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 588.1 $ 134.7 $ — $ — $ 722.8 Inter-segment sales $ 0.9 $ 0.1 $ — $ (1.0) $ — Inter-segment royalty expense (income) 1.0 (1.0) — — — Gross profit 240.0 73.4 — — 313.4 Operating income (loss) 80.1 27.4 (26.5) — 81.0 Income (loss) from continuing operations before income taxes 78.6 23.2 (43.3) — 58.5 Depreciation and amortization (1) $ 15.6 $ 3.5 $ 9.5 $ — $ 28.6 Capital expenditures 14.4 3.1 3.3 — 20.8 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2020: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,247.7 $ 239.9 $ — $ — $ 1,487.6 Inter-segment sales $ 0.9 $ 0.1 $ — $ (1.0) $ — Inter-segment royalty expense (income) 2.1 (2.1) — — — Gross profit 493.4 129.6 — — 623.0 Operating income (loss) 170.8 36.2 (48.3) — 158.7 Income (loss) from continuing operations before income taxes 167.6 32.1 (82.7) — 117.0 Depreciation and amortization (1) $ 36.2 $ 6.7 $ 19.4 $ — $ 62.3 Capital expenditures 39.4 5.5 4.5 — 49.4 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2019: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,132.1 $ 281.6 $ — $ — $ 1,413.7 Inter-segment sales $ 1.9 $ 0.4 $ — $ (2.3) $ — Inter-segment royalty expense (income) 2.0 (2.0) — — — Gross profit 444.4 150.8 — — 595.2 Operating income (loss) 144.4 52.6 (55.5) — 141.5 Income (loss) from continuing operations before income taxes 141.0 53.0 (89.6) — 104.4 Depreciation and amortization (1) $ 30.6 $ 6.8 $ 19.3 $ — $ 56.7 Capital expenditures 27.3 6.0 6.6 — 39.9 (1) Depreciation and amortization includes stock-based compensation amortization expense.
Long-lived assets by geographic region	The following table summarizes property, plant and equipment, net by geographic region: (in millions) June 30, 2020 December 31, 2019 United States $ 395.7 $ 366.4 Canada 15.9 17.5 Other International 51.2 51.9 Total property, plant and equipment, net $ 462.8 $ 435.8 Total International $ 67.1 $ 69.4 The following table summarizes operating lease right-of-use assets by geographic region: (in millions) June 30, 2020 December 31, 2019 United States $ 235.4 $ 198.3 Canada 4.1 4.9 Other International 42.1 42.2 Total operating lease right-of-use assets $ 281.6 $ 245.4 Total International $ 46.2 $ 47.1
Net sales by geographic region	The following table summarizes net sales by geographic region: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2020 2019 2020 2019 United States $ 542.0 $ 533.7 $ 1,174.5 $ 1,030.9 Canada 28.5 54.4 73.2 101.2 Other International 94.7 134.7 239.9 281.6 Total net sales $ 665.2 $ 722.8 $ 1,487.6 $ 1,413.7 Total International $ 123.2 $ 189.1 $ 313.1 $ 382.8

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)channel	Mar. 31, 2020USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Number of products sales channels | channel	2
Ownership percentage	50.00%
Net investment	$ 24.8			$ 22.5
Total Stockholders' Equity	$ (249.7)	$ (208.4)		(360.4)	$ (305.9)	$ (253.5)	$ (217.5)
Warranty Term [Abstract]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Cumulative Effect, Period Of Adoption, Adjustment
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Total Stockholders' Equity				6.5
Retained Earnings
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Total Stockholders' Equity	$ (1,779.5)	$ (1,756.5)		(1,703.3)	$ (1,583.8)	$ (1,542.2)	$ (1,513.8)
Retained Earnings | Cumulative Effect, Period Of Adoption, Adjustment
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Total Stockholders' Equity			$ 6.5	6.5
Accrued expenses and other current liabilities
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accrued sales returns	27.9			26.2
Warranty Term [Abstract]
Accrued warranty expense	17.5			19.4
Other noncurrent liabilities
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accrued sales returns	13.4			13.1
Warranty Term [Abstract]
Accrued warranty expense	$ 22.9			$ 22.2
Mattresses | Non-prorated | International
Warranty Term [Abstract]
Warranty term (in years)	5 years
Mattresses | Prorated | International
Warranty Term [Abstract]
Warranty term (in years)	10 years
Mattresses | Minimum | North America
Warranty Term [Abstract]
Warranty term (in years)	10 years
Mattresses | Minimum | International
Warranty Term [Abstract]
Warranty term (in years)	5 years
Mattresses | Minimum | Non-prorated | North America
Warranty Term [Abstract]
Warranty term (in years)	10 years
Mattresses | Maximum | North America
Warranty Term [Abstract]
Warranty term (in years)	25 years
Mattresses | Maximum | International
Warranty Term [Abstract]
Warranty term (in years)	15 years
Mattresses | Maximum | Non-prorated | North America
Warranty Term [Abstract]
Warranty term (in years)	15 years
Pillows | North America
Warranty Term [Abstract]
Warranty term (in years)	3 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule Of Inventory, Current (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Finished goods	$ 136.4	$ 157.4
Work-in-process	10.6	10.8
Raw materials and supplies	111.8	92.3
Total	$ 258.8	$ 260.5

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Changes In Accured Sales Returns (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Changes in Accrued Sales Returns [Roll Forward]
Beginning balance	$ 26.2
Ending balance	27.9
Sales Returns
Changes in Accrued Sales Returns [Roll Forward]
Beginning balance	39.3
Amounts accrued	51.3
Returns charged to accrual	(49.3)
Ending balance	$ 41.3

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Warranty Activity (Details) - Warranty Reserves $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 41.6
Amounts accrued	9.4
Warranties charged to accrual	(10.6)
Ending balance	$ 40.4

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 71.9
Amounts accrued	26.5	$ 4.6
Write-offs charged against the allowance	(13.4)
Ending Balance	93.9
Cumulative Effect, Period Of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 8.9

Net Sales - Sales (Details)

Net Sales - Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 665.2	$ 722.8	$ 1,487.6	$ 1,413.7
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	665.2	722.8	1,487.6	1,413.7
Operating Segments | United States
Disaggregation of Revenue [Line Items]
Net sales	542	533.7	1,174.5	1,030.9
Operating Segments | Canada
Disaggregation of Revenue [Line Items]
Net sales	28.5	54.4	73.2	101.2
Operating Segments | International
Disaggregation of Revenue [Line Items]
Net sales	94.7	134.7	239.9	281.6
Operating Segments | Bedding
Disaggregation of Revenue [Line Items]
Net sales	606.6	662.6	1,363.1	1,292.4
Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales	58.6	60.2	124.5	121.3
Operating Segments | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	563.7	632.2	1,286.1	1,248.1
Operating Segments | Direct
Disaggregation of Revenue [Line Items]
Net sales	101.5	90.6	201.5	165.6
Operating Segments | North America
Disaggregation of Revenue [Line Items]
Net sales	570.5	588.1	1,247.7	1,132.1
Operating Segments | North America | United States
Disaggregation of Revenue [Line Items]
Net sales	542	533.7	1,174.5	1,030.9
Operating Segments | North America | Canada
Disaggregation of Revenue [Line Items]
Net sales	28.5	54.4	73.2	101.2
Operating Segments | North America | International
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Operating Segments | North America | Bedding
Disaggregation of Revenue [Line Items]
Net sales	533	554.2	1,173.3	1,068.6
Operating Segments | North America | Other
Disaggregation of Revenue [Line Items]
Net sales	37.5	33.9	74.4	63.5
Operating Segments | North America | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	494.6	528.5	1,104.2	1,030.3
Operating Segments | North America | Direct
Disaggregation of Revenue [Line Items]
Net sales	75.9	59.6	143.5	101.8
Operating Segments | International
Disaggregation of Revenue [Line Items]
Net sales	94.7	134.7	239.9	281.6
Operating Segments | International | United States
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Operating Segments | International | Canada
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Operating Segments | International | International
Disaggregation of Revenue [Line Items]
Net sales	94.7	134.7	239.9	281.6
Operating Segments | International | Bedding
Disaggregation of Revenue [Line Items]
Net sales	73.6	108.4	189.8	223.8
Operating Segments | International | Other
Disaggregation of Revenue [Line Items]
Net sales	21.1	26.3	50.1	57.8
Operating Segments | International | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	69.1	103.7	181.9	217.8
Operating Segments | International | Direct
Disaggregation of Revenue [Line Items]
Net sales	$ 25.6	$ 31	$ 58	$ 63.8

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Millions	Jan. 31, 2020	Apr. 01, 2019	Mar. 31, 2019
Sherwood Bedding
Business Acquisition [Line Items]
Percentage of voting interests acquired	80.00%
Consideration transferred	$ 39.1
Cash and equivalents	$ 1.2
Innovative Mattress Solutions, LLC (IMS)
Business Acquisition [Line Items]
Consideration transferred		$ 13.2
Cash and equivalents		5.1
Transaction value		$ 24
Liabilities			$ 11

Acquisitions (Price Purchase Al

Acquisitions (Price Purchase Allocation) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jan. 31, 2020	Dec. 31, 2019	Apr. 01, 2019
Business Acquisition [Line Items]
Goodwill	$ 757.5		$ 732.3
Sherwood Bedding
Business Acquisition [Line Items]
Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities)		$ 5.8
Property and equipment		10.1
Goodwill		26.7
Operating lease right-of-use assets		19.9
Long-term operating lease liabilities		(19.9)
Non-controlling interest		(8.4)
Purchase price, net of cash acquired		37.9
Sherwood Bedding | Customer Relationships
Business Acquisition [Line Items]
Other intangible assets		$ 3.7
Innovative Mattress Solutions, LLC (IMS)
Business Acquisition [Line Items]
Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities)				$ (1.4)
Property and equipment				5
Goodwill				2.4
Other intangible assets				2.1
Operating lease right-of-use assets				28.5
Long-term operating lease liabilities				(28.5)
Purchase price, net of cash acquired				$ 8.1

Goodwill (Details)

Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 732.3
Goodwill resulting from acquisitions	26.7
Foreign currency translation and other	(1.5)
Ending balance	757.5
North America
Goodwill [Roll Forward]
Beginning balance	576.6
Goodwill resulting from acquisitions	26.7
Foreign currency translation and other	(2.8)
Ending balance	600.5
International
Goodwill [Roll Forward]
Beginning balance	155.7
Goodwill resulting from acquisitions	0
Foreign currency translation and other	1.3
Ending balance	$ 157

Debt (Details)

Debt (Details) - USD ($)	May 13, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Oct. 16, 2019
Long-term Debt, by Current and Noncurrent [Abstract]
Finance lease obligations			$ 71,200,000
Other			25,200,000	$ 7,900,000
Total debt			1,760,800,000	1,547,000,000
Less: Deferred financing costs			7,200,000	7,000,000
Total debt, net			1,753,600,000	1,540,000,000
Less: Current portion			256,400,000	37,400,000
Total long-term debt, net			1,497,200,000	1,502,600,000
2026 Senior Notes
Long-term Debt, by Current and Noncurrent [Abstract]
Senior notes			$ 600,000,000	$ 600,000,000
Stated percentage			5.50%	5.50%
2026 Senior Notes | Fair Value, Inputs, Level 2
Long-term Debt, by Current and Noncurrent [Abstract]
Notes, fair value			$ 614,200,000	$ 634,900,000
2023 Senior Notes
Long-term Debt, by Current and Noncurrent [Abstract]
Senior notes			$ 450,000,000	$ 450,000,000
Stated percentage			5.625%	5.625%
2023 Senior Notes | Fair Value, Inputs, Level 2
Long-term Debt, by Current and Noncurrent [Abstract]
Notes, fair value			$ 457,500,000	$ 464,200,000
Securitized debt
Long-term Debt, by Current and Noncurrent [Abstract]
Securitized debt			$ 0	0
Securitized debt | London Interbank Offered Rate (LIBOR)
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)		0.80%	0.80%
Financing and capital lease obligations
Long-term Debt, by Current and Noncurrent [Abstract]
Finance lease obligations			$ 71,200,000	64,100,000
2019 Credit Agreement | Line of Credit
Long-term Debt, by Current and Noncurrent [Abstract]
Remaining borrowing capacity			423,900,000
2019 Credit Agreement | Line of Credit | Incremental Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit borrowing					$ 550,000,000
2019 Credit Agreement | Line of Credit | Revolving Credit Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit borrowing					425,000,000
2019 Credit Agreement | Line of Credit | Term Loan Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit borrowing	$ 200,000,000				425,000,000
2019 Credit Agreement | Line of Credit | Letter of Credit
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit borrowing					$ 60,000,000
Proceeds from lines of credit			1,100,000
2019 Credit Agreement | Line of Credit | Base Rate | Term Loan Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)	1.375%
2019 Credit Agreement | Line of Credit | Eurodollar | Term Loan Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)	2.375%
2019 Credit Agreement | Line of Credit | Eurodollar | Term Loan Facility | Minimum
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)	1.00%
2019 Credit Agreement | Term A Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit			$ 414,400,000	425,000,000
2019 Credit Agreement | Term A Facility | London Interbank Offered Rate (LIBOR)
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)			1.375%
2019 Credit Agreement | Revolver
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit			$ 0	$ 0
2019 Credit Agreement | Revolver | London Interbank Offered Rate (LIBOR)
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)				1.625%
2019 Credit Agreement | 364-Day Term Loan
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit			$ 200,000,000	$ 0
2019 Credit Agreement | 364-Day Term Loan | Base Rate
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)			1.375%
2019 Credit Agreement | 364-Day Term Loan | Eurodollar
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)			2.375%
2019 Credit Agreement | 364-Day Term Loan | Eurodollar | Minimum
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)			1.00%
Accounts Receivable Securitization | Securitized debt
Long-term Debt, by Current and Noncurrent [Abstract]
Debt availability			$ 40,800,000

Leases - Balance Sheet Effect (

Leases - Balance Sheet Effect (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 281.6	$ 245.4
Finance lease assets	61.3	54.4
Total leased assets	342.9	299.8
Operating lease obligations	58.3	50.8
Finance lease obligations	9.9	8.2
Long-term operating lease obligations	239.3	205.4
Finance lease obligations	61.3	55.9
Present value of lease obligations	$ 368.8	$ 320.3

Leases - Expense (Details)

Leases - Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease expense	$ 18.7	$ 15.9	$ 36.7	$ 30.1
Short-term lease expense	2.5	1.3	5.7	2.3
Variable lease expense	4.4	5	9.7	8.8
Finance lease expense:
Amortization of right-of-use assets	2.2	2.3	4.4	4.2
Interest on lease obligations	1.1	1.2	2.3	2.4
Total lease expense	$ 28.9	$ 25.7	$ 58.8	$ 47.8

Leases - Maturity (Details)

Leases - Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Operating Leases
2020 (excluding the six months ended June 30, 2020)	$ 38.2
2021	66.8
2022	57.9
2023	45.5
2024	37.1
Thereafter	104.6
Future minimum lease payments	350.1
Less: Interest	52.5
Present value of lease obligations	297.6
Finance Leases
2020 (excluding the six months ended June 30, 2020)	6.9
2021	14.1
2022	12
2023	9.8
2024	8
Thereafter	40.4
Total lease payments	91.2
Less: Interest	20
Present value of lease obligations	71.2
2020 (excluding the six months ended June 30, 2020)	45.1
2021	80.9
2022	69.9
2023	55.3
2024	45.1
Thereafter	145
Total lease payments	441.3
Less: Interest	72.5
Present value of lease obligations	$ 368.8	$ 320.3

Leases - Long Term and Discount

Leases - Long Term and Discount Rate (Details)	Jun. 30, 2020
Weighted average remaining lease term (years):
Operating leases	6 years 4 months 2 days
Finance leases	8 years 3 months 29 days
Weighted average discount rate:
Operating leases	5.16%
Finance leases	5.94%

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases	$ 33.1	$ 27.8
Operating cash flows paid for finance leases	2.3	2.4
Financing cash flows paid for finance leases	4.6	3.3
Right-of-use assets obtained in exchange for new operating lease obligations	48.7	55
Right-of-use assets obtained in exchange for new finance lease obligations	$ 11.7	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)$ / shares	Jun. 30, 2019USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)shares	Mar. 27, 2020right$ / sharesshares	Feb. 29, 2020USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Increase (decrease) in authorization amount						$ 194,200,000
Authorized amount of stock to be repurchased						$ 300,000,000
Treasury stock, acquired (in shares) | shares		24,170	2,600,000	39,901
Payments for repurchase of common stock		$ 1,500,000	$ 187,500,000	$ 2,300,000
Value of treasury stock acquired		1,500,000	$ 187,500,000	2,300,000
Number of rights authorized and declared per common share | right					1
Preferred stock par or stated value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Number of securities per each right | shares					0.001
Exercise price | $ / shares					$ 0.273
Affiliated person common shares trigger percent					0.10
Passive investor common shares trigger percent					0.20
Performance-based Restricted Stock Units
Accumulated Other Comprehensive Income (Loss) [Line Items]
Value of treasury stock acquired	$ 200,000	$ 300,000	$ 12,000,000	$ 3,200,000
February 2016 Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Remaining shares under share repurchase authorization	$ 131,300,000		$ 131,300,000

Stockholders' Equity - AOCL (De

Stockholders' Equity - AOCL (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 208,400,000	$ 253,500,000	$ 360,400,000	$ 217,500,000
Foreign currency translation adjustments	10,700,000	3,000,000	(12,300,000)	7,000,000
Total other comprehensive loss	0	0	0	0
Balance at end of period	249,700,000	305,900,000	249,700,000	305,900,000
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(105,200,000)	(87,700,000)	(82,200,000)	(91,700,000)
Tax expense			0	0
Net amount reclassified to earnings			0	0
Balance at end of period	(94,500,000)	(84,700,000)	(94,500,000)	(84,700,000)
Pensions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(5,500,000)	(3,600,000)	(5,500,000)	(3,600,000)
Net change from period revaluations	0	0	100,000	0
Tax expense	0	0	(100,000)	0
Total other comprehensive gain (loss) before reclassifications, net of tax	0	0	0	0
Net amount reclassified to earnings	0	0	0	0
Tax benefit	0	0	0	0
Total amount reclassified from accumulated other comprehensive loss, net of tax	0	0	0	0
Balance at end of period	$ (5,500,000)	$ (3,600,000)	$ (5,500,000)	$ (3,600,000)

Other Items (Details)

Other Items (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Taxes	$ 138.6	$ 136
Wages and benefits	59.4	79.5
Operating lease obligations	58.3	50.8
Advertising	42.5	56.9
Sales returns	27.9	26.2
Warranty	17.5	19.4
Rebates	6.6	13.6
Other	104.4	90.8
Total accrued liabilities	$ 455.2	$ 473.2

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 7.5	$ 6.6	$ 14.8	$ 13.2
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.9	0.4	$ 1.2	0.7
Performance-based Restricted Stock Units | 2019 Aspirational Plan | 2018 Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares forfeited			50.00%
Award vesting percentage			50.00%
Performance-based Restricted Stock Units | 2019 Aspirational Plan | 2018 Target | Adjust EBITDA per Credit Facility is $600 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			66.00%
Performance-based Restricted Stock Units | 2019 Aspirational Plan | 2018 Target | Adjusted EBITDA per Credit Facility is less than $600.0 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Adjusted EBITDA per Credit Facility	600		$ 600
Performance-based Restricted Stock Units | 2019 Aspirational Plan | 2017 Target | Adjust EBITDA per Credit Facility is $600 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Adjusted EBITDA per Credit Facility	600		600
Performance-based Restricted Stock Units | 2019 Aspirational Plan | 2017 Target | Adjusted EBITDA per Credit Facility equals or exceeds $650 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Adjusted EBITDA per Credit Facility	650		$ 650
Award vesting percentage			100.00%
Option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1.2	1.2	$ 2.4	2.4
RSU/DSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5.4	$ 5	11.2	$ 10.1
Minimum | Performance-based Restricted Stock Units | 2019 Aspirational Plan | 2018 Target | Adjusted EBITDA per Credit Facility is between $600.0 million and $650.0 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Adjusted EBITDA per Credit Facility	600		600
Minimum | Performance-based Restricted Stock Units | 2019 Aspirational Plan | First Designated Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	33		33
Maximum | Performance-based Restricted Stock Units | 2019 Aspirational Plan | 2017 Target | Adjusted EBITDA per Credit Facility is between $600.0 million and $650.0 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Adjusted EBITDA per Credit Facility	650		650
Maximum | Performance-based Restricted Stock Units | 2019 Aspirational Plan | First Designated Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	$ 49.5		$ 49.5

Income Taxes (Details)

Income Taxes (Details) kr in Millions, $ in Millions	3 Months Ended			6 Months Ended			12 Months Ended
	Jun. 30, 2020DKK (kr)	Mar. 31, 2020DKK (kr)	Jun. 30, 2019	Jun. 30, 2020DKK (kr)	Jun. 30, 2020USD ($)	Jun. 30, 2019	Dec. 31, 2019DKK (kr)	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Income Tax Examination [Line Items]
Effective income tax provision (as a percent)	28.90%		27.00%	28.10%	28.10%	31.30%
Danish Tax Authority (SKAT) | Foreign Tax Authority | Tax Years Post 2011
Income Tax Examination [Line Items]
Income tax liability				kr 1,121.1	$ 169.1		kr 1,110.6	$ 166.7
Tax deposit	kr 1,104.1			kr 1,104.1			kr 970.1		$ 166.5	$ 145.6
Danish Tax Authority (SKAT) | Foreign Tax Authority | Tax Years 2012-2013
Income Tax Examination [Line Items]
Income tax liability		kr 134

Income Taxes - Balance Sheet Lo

Income Taxes - Balance Sheet Location (Details) - Foreign Tax Authority - Danish Tax Authority (SKAT) - Tax Years Post 2011 kr in Millions, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020DKK (kr)	Jun. 30, 2020USD ($)	Dec. 31, 2019DKK (kr)	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Income Tax Examination [Line Items]
Income tax liability	kr 1,121.1	$ 169.1	kr 1,110.6	$ 166.7
Tax deposit	1,104.1		970.1		$ 166.5	$ 145.6
Accrued expenses and other current liabilities
Income Tax Examination [Line Items]
Income tax liability	847.3	127.8	847.3	127.2
Tax deposit	847.3		847.3		127.8	127.2
Other noncurrent liabilities
Income Tax Examination [Line Items]
Income tax liability	273.8	$ 41.3	263.3	$ 39.5
Other non-current assets
Income Tax Examination [Line Items]
Tax deposit	kr 256.8		kr 122.8		$ 38.7	$ 18.4

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Income from continuing operations, net of income attributable to non-controlling interests	$ 22.9	$ 42.8	$ 83.8	$ 71.6
Denominator:
Denominator for basic earnings per common share-weighted average shares (in shares)	51.6	54.7	52.5	54.7
Effect of dilutive securities:
Employee stock-based compensation (in shares)	0.4	1.3	0.5	0.9
Denominator for diluted earnings per common share-adjusted weighted average shares	52	56	53	55.6
Basic earnings per share for continuing operations (in dollars per share)	$ 0.44	$ 0.78	$ 1.60	$ 1.31
Diluted earnings per share for continuing operations (in dollars per share)	$ 0.44	$ 0.76	$ 1.58	$ 1.29
Shares excluded from diluted earnings per common share computation as anti-dilutive (in shares)	1.3	1.1	0.8	1.1

Business Segment Information (D

Business Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting [Abstract]
Number of business segments | segment			2
Segment Reporting Information [Line Items]
Total assets	$ 3,201.9		$ 3,201.9		$ 3,061.8
Total property, plant and equipment, net	462.8		462.8		435.8
Operating lease right-of-use assets	281.6		281.6		245.4
Net sales	665.2	$ 722.8	1,487.6	$ 1,413.7
Gross profit	265.9	313.4	623	595.2
Operating income (loss)	53.4	81	158.7	141.5
Income (loss) from continuing operations before income taxes	32.5	58.5	117	104.4
Depreciation and amortization (including stock-based compensation amortization)	31.8	28.6	62.3	56.7
Capital expenditures	23.2	20.8	49.4	39.9
United States
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	395.7		395.7		366.4
Operating lease right-of-use assets	235.4		235.4		198.3
Canada
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	15.9		15.9		17.5
Operating lease right-of-use assets	4.1		4.1		4.9
Other International
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	51.2		51.2		51.9
Operating lease right-of-use assets	42.1		42.1		42.2
Total International
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	67.1		67.1		69.4
Operating lease right-of-use assets	46.2		46.2		47.1
Net sales	123.2	189.1	313.1	382.8
Operating Segments
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	462.8		462.8		435.8
Net sales	665.2	722.8	1,487.6	1,413.7
Operating Segments | United States
Segment Reporting Information [Line Items]
Net sales	542	533.7	1,174.5	1,030.9
Operating Segments | Canada
Segment Reporting Information [Line Items]
Net sales	28.5	54.4	73.2	101.2
Operating Segments | International
Segment Reporting Information [Line Items]
Net sales	94.7	134.7	239.9	281.6
Operating Segments | North America
Segment Reporting Information [Line Items]
Total assets	3,299.5		3,299.5		3,142.9
Total property, plant and equipment, net	369		369		328.9
Operating lease right-of-use assets	237		237		202
Net sales	570.5	588.1	1,247.7	1,132.1
Gross profit	216.2	240	493.4	444.4
Operating income (loss)	69.4	80.1	170.8	144.4
Income (loss) from continuing operations before income taxes	68	78.6	167.6	141
Depreciation and amortization (including stock-based compensation amortization)	18.6	15.6	36.2	30.6
Capital expenditures	18.1	14.4	39.4	27.3
Operating Segments | North America | United States
Segment Reporting Information [Line Items]
Net sales	542	533.7	1,174.5	1,030.9
Operating Segments | North America | Canada
Segment Reporting Information [Line Items]
Net sales	28.5	54.4	73.2	101.2
Operating Segments | North America | International
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Operating Segments | International
Segment Reporting Information [Line Items]
Total assets	603.2		603.2		615.3
Total property, plant and equipment, net	51.2		51.2		51.8
Operating lease right-of-use assets	42.1		42.1		42.2
Net sales	94.7	134.7	239.9	281.6
Gross profit	49.7	73.4	129.6	150.8
Operating income (loss)	9.6	27.4	36.2	52.6
Income (loss) from continuing operations before income taxes	7.6	23.2	32.1	53
Depreciation and amortization (including stock-based compensation amortization)	3.4	3.5	6.7	6.8
Capital expenditures	3.1	3.1	5.5	6
Operating Segments | International | United States
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Operating Segments | International | Canada
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Operating Segments | International | International
Segment Reporting Information [Line Items]
Net sales	94.7	134.7	239.9	281.6
Corporate
Segment Reporting Information [Line Items]
Total assets	549.9		549.9		477.1
Total property, plant and equipment, net	42.6		42.6		55.1
Operating lease right-of-use assets	2.5		2.5		1.2
Operating income (loss)	(25.6)	(26.5)	(48.3)	(55.5)
Income (loss) from continuing operations before income taxes	(43.1)	(43.3)	(82.7)	(89.6)
Depreciation and amortization (including stock-based compensation amortization)	9.8	9.5	19.4	19.3
Capital expenditures	2	3.3	4.5	6.6
Inter-segment eliminations
Segment Reporting Information [Line Items]
Total assets	(1,250.7)		(1,250.7)		$ (1,173.5)
Net sales	(0.1)	(1)	(1)	(2.3)
Inter-segment eliminations | North America
Segment Reporting Information [Line Items]
Net sales	0.1	0.9	0.9	1.9
Inter-segment royalty expense (income)	0.7	1	2.1	2
Inter-segment eliminations | International
Segment Reporting Information [Line Items]
Net sales	0	0.1	0.1	0.4
Inter-segment royalty expense (income)	$ (0.7)	$ (1)	$ (2.1)	$ (2)