Tempur Sealy International (TPX) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		196,951,341
Entity Central Index Key	0001206264
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 1,043.8	$ 822.4
Cost of sales	584.9	465.3
Gross profit	458.9	357.1
Selling and marketing expenses	197.7	171
General, administrative and other expenses	79.5	80.6
Equity (income) loss in earnings of unconsolidated affiliates	(6.7)	0.2
Operating income	188.4	105.3
Other expense, net:
Interest expense, net	12.3	20.3
Loss on extinguishment of debt	5	0
Other (income) expense, net	(0.3)	0.5
Total other expense, net	17	20.8
Income from continuing operations before income taxes	171.4	84.5
Income tax provision	(40.5)	(23.5)
Income from continuing operations	130.9	61
Loss from discontinued operations, net of tax	(0.2)	(1.2)
Net income before non-controlling interests	130.7	59.8
Less: Net income attributable to non-controlling interests	0.2	0.1
Net income attributable to Tempur Sealy International, Inc.	$ 130.5	$ 59.7
Basic
Earnings per share for continuing operations (in dollars per share)	$ 0.64	$ 0.28
Loss per share for discontinued operations (in dollars per share)	0	0
Earnings per share (in dollars per share)	0.64	0.28
Diluted
Earnings per share for continuing operations (in dollars per share)	0.62	0.28
Loss per share for discontinued operations (in dollars per share)	0	0
Earnings per share (in dollars per share)	$ 0.62	$ 0.28
Weighted average common shares outstanding:
Basic (in shares)	203.7	213.6
Diluted (in shares)	210.1	216

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income before non-controlling interests	$ 130.7	$ 59.8
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(10.8)	(23)
Other comprehensive loss, net of tax	(10.8)	(23)
Comprehensive income	119.9	36.8
Less: Comprehensive income attributable to non-controlling interests	0.2	0.1
Comprehensive income attributable to Tempur Sealy International, Inc.	$ 119.7	$ 36.7

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 290.5	$ 65
Accounts receivable, net	397.4	383.7
Inventories	318.8	312.1
Prepaid expenses and other current assets	207.6	207.6
Total Current Assets	1,214.3	968.4
Property, plant and equipment, net	509	507.9
Goodwill	765.2	766.3
Other intangible assets, net	626.8	630.1
Operating lease assets	294.1	304.3
Deferred income taxes	13.7	13.5
Other non-current assets	119	118.1
Total Assets	3,542.1	3,308.6
Current Liabilities:
Accounts payable	278.6	324.1
Accrued expenses and other current liabilities	546.2	585.1
Current portion of long-term debt	37.7	43.9
Income taxes payable	33.2	21.7
Total Current Liabilities	895.7	974.8
Long-term debt, net	1,822.4	1,323
Long-term operating lease obligations	266.2	275.1
Deferred income taxes	98.2	90.4
Other non-current liabilities	132.4	131.8
Total Liabilities	3,214.9	2,795.1
Redeemable non-controlling interest	8.9	8.9
Total Stockholders' Equity	318.3	504.6
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity	$ 3,542.1	$ 3,308.6

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ 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, 2019			283,800	75,100
Balance at beginning of period at Dec. 31, 2019	$ 360.4	$ (6.5)	$ 2.8	$ (1,832.8)	$ 573.9	$ 1,703.3	$ (6.5)	$ (87.7)	$ 0.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59.7					59.7
Net income attributable to non-controlling interests	0.1								0.1
Foreign currency adjustments, net of tax	(23)							(23)
Exercise of stock options	1.3			$ 0.3	1
Issuances of PRSUs, RSUs, and DSUs (in shares)				(400)
Issuances of PRSUs, RSUs, and DSUs	0			$ 5.3	(5.3)
Treasury stock repurchased (in shares)				2,600
Treasury stock repurchased	(187.5)			$ (187.5)
Treasury stock repurchased - PRSU/RSU releases (in shares)				100
Treasury stock repurchased - PRSU/RSU releases	(11.8)			$ (11.8)
Amortization of unearned stock-based compensation	7.3				7.3
Balance at ending of period (in shares) at Mar. 31, 2020			283,800	77,400
Balance at end of period at Mar. 31, 2020	200		$ 2.8	$ (2,026.5)	576.9	1,756.5		(110.7)	1
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2019	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Acquisition of non-controlling interest in subsidiary	8.4
Redeemable noncontrolling interest, ending balance at Mar. 31, 2020	8.4
Balance at beginning of period (in shares) at Dec. 31, 2020			283,800	78,900
Balance at beginning of period at Dec. 31, 2020	504.6		$ 2.8	$ (2,096.8)	617.5	2,045.6		(65.5)	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	130.5					130.5
Net income attributable to non-controlling interests	0.2								0.2
Foreign currency adjustments, net of tax	(10.8)							(10.8)
Exercise of stock options (in shares)				(400)
Exercise of stock options	6.6			$ 10.9	(4.3)
Dividends on common stock	(14.8)					(14.8)
Issuances of PRSUs, RSUs, and DSUs (in shares)				(1,500)
Issuances of PRSUs, RSUs, and DSUs	0			$ 38.3	(38.3)
Treasury stock repurchased (in shares)				8,400
Treasury stock repurchased	(299.8)			$ (299.8)
Treasury stock repurchased - PRSU/RSU releases (in shares)				500
Treasury stock repurchased - PRSU/RSU releases	(13.3)			$ (13.3)
Amortization of unearned stock-based compensation	15.1				15.1
Balance at ending of period (in shares) at Mar. 31, 2021			283,800	85,900
Balance at end of period at Mar. 31, 2021	318.3		$ 2.8	$ (2,360.7)	$ 590	$ 2,161.3		$ (76.3)	$ 1.2
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020	8.9
Redeemable noncontrolling interest, ending balance at Mar. 31, 2021	$ 8.9

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS:
Net income before non-controlling interests	$ 130.7	$ 59.8
Loss from discontinued operations, net of tax	0.2	1.2
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	26.5	23.2
Amortization of stock-based compensation	15.1	7.3
Amortization of deferred financing costs	0.6	0.7
Bad debt expense	2.5	15.7
Deferred income taxes	7.1	3
Dividends received from unconsolidated affiliates	2.5	0
Equity (income) loss in earnings of unconsolidated affiliates	(6.7)	0.2
Loss on extinguishment of debt	1.5	0
Foreign currency adjustments and other	0.1	0.6
Changes in operating assets and liabilities, net of effect of business acquisitions	(93.8)	(96.7)
Net cash provided by operating activities from continuing operations	86.3	15
CASH FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS:
Purchases of property, plant and equipment	(23.5)	(26.2)
Acquisitions, net of cash acquired	(1)	(37.9)
Other	0.1	0.1
Net cash used in investing activities from continuing operations	(24.4)	(64)
CASH FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS:
Proceeds from borrowings under long-term debt obligations	1,653.4	611.1
Repayments of borrowings under long-term debt obligations	(1,148.6)	(231)
Proceeds from exercise of stock options	6.6	1.3
Treasury stock repurchased	(313.1)	(199.3)
Dividends paid	(14.3)	0
Payments of deferred financing costs	(12.7)	0
Repayments of finance lease obligations and other	(2.4)	6
Net cash provided by financing activities from continuing operations	168.9	188.1
Net cash provided by continuing operations	230.8	139.1
Net operating cash flows used in discontinued operations	(0.4)	(1.1)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(4.9)	(5.9)
Increase in cash and cash equivalents	225.5	132.1
CASH AND CASH EQUIVALENTS, beginning of period	65	64.9
CASH AND CASH EQUIVALENTS, end of period	290.5	197
Cash paid during the period for:
Interest	8.3	6.4
Income taxes, net of refunds	$ 20.2	$ 6.3

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2021$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in usd per share)	$ 0.07

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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 designs, manufactures and distributes 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 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. Additionally, in October 2020, the Company entered into a 50.0% ownership joint venture to reacquire the rights and acquire the assets to manufacture, market and distribute Sealy® and Stearns & Foster® branded products in the United Kingdom. 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, 2020, included in the 2020 Annual Report filed with the Securities and Exchange Commission on February 19, 2021. 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) 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: March 31, December 31, (in millions) 2021 2020 Finished goods $ 171.3 $ 170.2 Work-in-process 10.6 12.6 Raw materials and supplies 136.9 129.3 $ 318.8 $ 312.1 (c) 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, 2020 to March 31, 2021: (in millions) Balance as of December 31, 2020 $ 44.9 Amounts accrued 36.7 Returns charged to accrual (33.4) Balance as of March 31, 2021 $ 48.2 As of March 31, 2021 and December 31, 2020, $33.8 million and $31.6 million of accrued sales returns are included as a component of accrued expenses and other current liabilities and $14.4 million and $13.3 million of accrued sales returns are included in other non-current liabilities on the Company’s accompanying Condensed Consolidated Balance Sheets, respectively. (d) 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, 2020 to March 31, 2021: (in millions) Balance as of December 31, 2020 $ 44.2 Amounts accrued 5.8 Warranties charged to accrual (5.7) Balance as of March 31, 2021 $ 44.3 As of March 31, 2021 and December 31, 2020, $20.8 million and $20.3 million of accrued warranty expense is included as a component of accrued expenses and other current liabilities and $23.5 million and $23.9 million of accrued warranty expense is included in other non-current liabilities on the Company’s accompanying Condensed Consolidated Balance Sheets, respectively. (e) 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 regularly reviews the adequacy of its allowance for credit losses. 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. Account balances are charged off against the allowance for credit losses after all reasonable means of collection have been exhausted and the potential for recovery is considered remote. As of March 31, 2021, the Company's accounts receivable were substantially current. 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 allowance for credit losses is included in accounts receivable, net in the accompanying Condensed Consolidated Balance Sheets. The Company had the following activity for its allowance for credit losses from December 31, 2020 to March 31, 2021: (in millions) Balance as of December 31, 2020 $ 71.6 Amounts accrued 2.5 Write-offs charged against the allowance (1.6) Balance as of March 31, 2021 $ 72.5

Net Sales

Net Sales	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 765.5 $ 115.9 $ 881.4 $ 624.7 $ 97.7 $ 722.4 Direct 117.8 44.6 162.4 67.6 32.4 100.0 Net sales $ 883.3 $ 160.5 $ 1,043.8 $ 692.3 $ 130.1 $ 822.4 North America International Consolidated North America International Consolidated Product Bedding $ 830.3 $ 121.7 $ 952.0 $ 654.9 $ 101.5 $ 756.4 Other 53.0 38.8 91.8 37.4 28.6 66.0 Net sales $ 883.3 $ 160.5 $ 1,043.8 $ 692.3 $ 130.1 $ 822.4 North America International Consolidated North America International Consolidated Geographical region United States $ 818.5 $ — $ 818.5 $ 632.5 $ — $ 632.5 All Other 64.8 160.5 225.3 59.8 130.1 189.9 Net sales $ 883.3 $ 160.5 $ 1,043.8 $ 692.3 $ 130.1 $ 822.4

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2021
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 final allocation of the purchase price is based on the 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 Operating lease liabilities (19.9) Redeemable 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 is included within the North American reporting unit for goodwill impairment assessments.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2021
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, 2020 $ 610.3 $ 156.0 $ 766.3 Foreign currency translation and other 1.6 (2.7) (1.1) Balance as of March 31, 2021 $ 611.9 $ 153.3 $ 765.2

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Debt for the Company consists of the following: March 31, 2021 December 31, 2020 (in millions, except percentages) Amount Rate Amount Rate Maturity Date 2019 Credit Agreement: Term A Facility $ 398.4 (1) $ 409.1 (2) October 16, 2024 Revolver — (1) — (2) October 16, 2024 2029 Senior Notes 800.0 4.00% — N/A April 15, 2029 2026 Senior Notes 600.0 5.500% 600.0 5.500% June 15, 2026 2023 Senior Notes — N/A 250.0 5.625% October 15, 2023 Securitized debt — (3) 33.9 (4) April 6, 2023 Finance lease obligations (5) 69.7 71.4 Various Other 5.0 5.9 Various Total debt 1,873.1 1,370.3 Less: Deferred financing costs 13.0 3.4 Total debt, net 1,860.1 1,366.9 Less: Current portion 37.7 43.9 Total long-term debt, net $ 1,822.4 $ 1,323.0 (1) Interest at LIBOR plus applicable margin of 1.250% as of March 31, 2021. (2) Interest at LIBOR plus applicable margin of 1.250% as of December 31, 2020. (3) Interest at one month LIBOR index plus 70 basis points. (4) Interest at one month LIBOR index plus 80 basis points. (5) New finance lease obligations are a non-cash financing activity. Refer to Note 6, "Leases". As of March 31, 2021, 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. On February 2, 2021, the Company entered into an amendment to the 2019 Credit Agreement. The amendment increased the revolving credit facility from $425.0 million to $725.0 million. As of March 31, 2021, total availability under the revolving credit facility was $724.9 million after a $0.1 million reduction for outstanding letters of credit. 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 March 31, 2021, the Company had availability of $87.2 million under the Accounts Receivable Securitization. On April 6, 2021, the Company and certain of its subsidiaries entered into a new amendment to the Accounts Receivable Securitization. The amendment, among other things, extended the maturity date of the Accounts Receivable Securitization to April 6, 2023 and increased the overall limit from $120.0 million to $200.0 million. 2029 Senior Notes On March 25, 2021, Tempur Sealy International issued $800.0 million in aggregate principal amount of 4.00% senior notes due 2029 (the "2029 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The 2029 Senior Notes were issued pursuant to an indenture, dated as of March 25, 2021 (the "2029 Indenture"), among Tempur Sealy International, certain subsidiaries of Tempur Sealy International as guarantors (the "Guarantors"), and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2029 Senior Notes are general unsecured senior obligations of Tempur Sealy International and are guaranteed on a senior unsecured basis by the Guarantors. The 2029 Senior Notes mature on April 15, 2029, and interest is payable semi-annually in arrears on each April 15 and October 15, beginning on October 15, 2021. Tempur Sealy International has the option to redeem all or a portion of the 2029 Senior Notes at any time on or after April 15, 2024. The initial redemption price is 102.000% of the principal amount, plus accrued and unpaid interest, if any. The redemption price will decline each year after 2024 until it becomes 100.0% of the principal amount beginning on April 15, 2026. In addition, Tempur Sealy International has the option at any time prior to April 15, 2024 to redeem some or all of the 2029 Senior Notes at 100.0% of the original principal amount plus a “make-whole” premium and accrued and unpaid interest, if any. Tempur Sealy International may also redeem up to 40.0% of the 2029 Senior Notes prior to April 15, 2024, under certain circumstances with the net cash proceeds from certain equity offerings, at 104.000% of the principal amount plus accrued and unpaid interest, if any. Tempur Sealy International may make such redemptions as described in the preceding sentence only if, after any such redemption, at least 60.0% of the original aggregate principal amount of the 2029 Senior Notes issued remains outstanding. The 2029 Indenture restricts the ability of Tempur Sealy International and the ability of certain of its subsidiaries to, among other things: (i) incur, directly or indirectly, debt; (ii) make, directly or indirectly, certain investments and restricted payments; (iii) incur or suffer to exist, directly or indirectly, liens on its properties or assets; (iv) sell or otherwise dispose of, directly or indirectly, assets; (v) create or otherwise cause or suffer to exist any consensual restriction on the right of certain of the subsidiaries of Tempur Sealy International to pay dividends or make any other distributions on or in respect of their capital stock; and (vi) enter into transactions with affiliates. These covenants are subject to a number of exceptions and qualifications. As a result of the issuance of the 2029 Senior Notes, $11.4 million of deferred financing costs were capitalized in the first quarter of 2021 and will be amortized as interest expense over the respective debt instrument period, 8 years, using the effective interest method. 2026 Senior Notes On April 28, 2021, the Company announced its election to conditionally redeem the $600.0 million issued and outstanding 2026 Senior Notes, in full, on June 15, 2021 (the "Redemption Date"). The 2026 Senior Notes will be redeemed at 102.750% of their principal amount, plus the accrued and unpaid interest. The redemption is conditional on the determination by the Company's Chief Financial Officer, in his sole discretion, as of the second business day before the Redemption Date, that the redemption continues to be reasonably prudent and consistent with the Company's objectives concerning liquidity, financing needs and funding costs. The Company intends to use net proceeds from the 2029 Senior Notes primarily to fund the redemption. 2023 Senior Notes On November 9, 2020, the Company redeemed the first $200.0 million of the issued and outstanding 2023 Senior Notes at 101.406% of the principal amount, plus the accrued and unpaid interest. During the first quarter of 2021, the Company redeemed the remaining $250.0 million of the issued and outstanding 2023 Senior Notes at 101.406% of the principal amount, plus the accrued and unpaid interest. In the first quarter of 2021, the Company recognized $5.0 million of loss on extinguishment of debt, which includes a prepayment premium of $3.5 million and the write-off of $1.5 million of deferred financing costs, associated with the redemption of the remaining amount outstanding of the 2023 Senior Notes. 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) March 31, 2021 December 31, 2020 2023 Senior Notes $ — $ 255.1 2026 Senior Notes 625.2 625.4 2029 Senior Notes 798.2 —

Leases

Leases	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020: (in millions) March 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 294.1 $ 304.3 Finance lease assets Property, plant and equipment, net 59.4 61.2 Total leased assets $ 353.5 $ 365.5 Liabilities Short-term: Operating lease obligations Accrued expenses and other current liabilities $ 61.2 $ 61.0 Finance lease obligations Current portion of long-term debt 11.4 11.4 Long-term: Operating lease obligations Long-term operating lease obligations 266.2 275.1 Finance lease obligations Long-term debt, net 58.3 60.0 Total lease obligations $ 397.1 $ 407.5 The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statements of Income for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (in millions) 2021 2020 Operating lease expense: Operating lease expense $ 19.4 $ 18.0 Short-term lease expense 3.9 3.2 Variable lease expense 6.4 5.3 Finance lease expense: Amortization of right-of-use assets 2.8 2.2 Interest on lease obligations 1.1 1.2 Total lease expense $ 33.6 $ 29.9 The following table sets forth the scheduled maturities of lease obligations as of March 31, 2021: (in millions) Operating Leases Finance Leases Total Year Ended December 31, 2021 (excluding the three months ended March 31, 2021) $ 55.5 $ 11.6 $ 67.1 2022 68.3 13.7 82.0 2023 56.3 11.0 67.3 2024 46.7 8.8 55.5 2025 40.0 7.8 47.8 Thereafter 117.1 34.3 151.4 Total lease payments 383.9 87.2 471.1 Less: Interest 56.5 17.5 74.0 Present value of lease obligations $ 327.4 $ 69.7 $ 397.1 The following table provides lease term and discount rate information related to operating and finance leases as of March 31, 2021: March 31, 2021 Weighted average remaining lease term (years): Operating leases 6.61 Finance leases 7.75 Weighted average discount rate: Operating leases 4.92 % Finance leases 5.75 % The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020: Three Months Ended (in millions) March 31, 2021 March 31, 2020 Cash paid for amounts included in the measurement of lease obligations: Operating cash flows paid for operating leases (a) $ 18.2 $ 17.3 Operating cash flows paid for finance leases $ 1.1 $ 1.2 Financing cash flows paid for finance leases $ 2.4 $ 2.3 Right-of-use assets obtained in exchange for new operating lease obligations $ 9.2 $ 35.6 Right-of-use assets obtained in exchange for new finance lease obligations $ 1.2 $ 8.2 (a) Operating cash flows paid for operating leases are included within the change in other assets and liabilities within the Condensed Consolidated Statement of Cash Flows offset by non-cash right-of-use asset amortization and lease liability accretion.
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 March 31, 2021 and December 31, 2020: (in millions) March 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 294.1 $ 304.3 Finance lease assets Property, plant and equipment, net 59.4 61.2 Total leased assets $ 353.5 $ 365.5 Liabilities Short-term: Operating lease obligations Accrued expenses and other current liabilities $ 61.2 $ 61.0 Finance lease obligations Current portion of long-term debt 11.4 11.4 Long-term: Operating lease obligations Long-term operating lease obligations 266.2 275.1 Finance lease obligations Long-term debt, net 58.3 60.0 Total lease obligations $ 397.1 $ 407.5 The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statements of Income for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (in millions) 2021 2020 Operating lease expense: Operating lease expense $ 19.4 $ 18.0 Short-term lease expense 3.9 3.2 Variable lease expense 6.4 5.3 Finance lease expense: Amortization of right-of-use assets 2.8 2.2 Interest on lease obligations 1.1 1.2 Total lease expense $ 33.6 $ 29.9 The following table sets forth the scheduled maturities of lease obligations as of March 31, 2021: (in millions) Operating Leases Finance Leases Total Year Ended December 31, 2021 (excluding the three months ended March 31, 2021) $ 55.5 $ 11.6 $ 67.1 2022 68.3 13.7 82.0 2023 56.3 11.0 67.3 2024 46.7 8.8 55.5 2025 40.0 7.8 47.8 Thereafter 117.1 34.3 151.4 Total lease payments 383.9 87.2 471.1 Less: Interest 56.5 17.5 74.0 Present value of lease obligations $ 327.4 $ 69.7 $ 397.1 The following table provides lease term and discount rate information related to operating and finance leases as of March 31, 2021: March 31, 2021 Weighted average remaining lease term (years): Operating leases 6.61 Finance leases 7.75 Weighted average discount rate: Operating leases 4.92 % Finance leases 5.75 % The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020: Three Months Ended (in millions) March 31, 2021 March 31, 2020 Cash paid for amounts included in the measurement of lease obligations: Operating cash flows paid for operating leases (a) $ 18.2 $ 17.3 Operating cash flows paid for finance leases $ 1.1 $ 1.2 Financing cash flows paid for finance leases $ 2.4 $ 2.3 Right-of-use assets obtained in exchange for new operating lease obligations $ 9.2 $ 35.6 Right-of-use assets obtained in exchange for new finance lease obligations $ 1.2 $ 8.2 (a) Operating cash flows paid for operating leases are included within the change in other assets and liabilities within the Condensed Consolidated Statement of Cash Flows offset by non-cash right-of-use asset amortization and lease liability accretion.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity (a) Treasury Stock. On February 11, 2021, the Board of Directors authorized an increase, of $211.4 million, to the existing share repurchase authorization of Tempur Sealy International's common stock. The Company repurchased 8.4 million and 2.6 million shares, under the program, for approximately $299.8 million and $187.5 million during the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the Company had approximately $113.2 million remaining under its share repurchase authorization. On April 29, 2021, the Company announced that its Board of Directors authorized an increase to the share repurchase authorization bringing the total authorization to $400.0 million. In addition, the Company acquired shares upon the vesting of certain restricted stock units ("RSUs") and performance restricted stock units ("PRSUs"), which were withheld to satisfy tax withholding obligations during each of the three months ended March 31, 2021 and 2020. 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 $13.3 million and $11.8 million in treasury stock acquired during the three months ended March 31, 2021 and 2020, respectively. (b) AOCL . AOCL consisted of the following: Three Months Ended March 31, (in millions) 2021 2020 Foreign Currency Translation Balance at beginning of period $ (58.6) $ (82.2) Other comprehensive loss: Foreign currency translation adjustments (1) (10.8) (23.0) Balance at end of period $ (69.4) $ (105.2) Pensions Balance at beginning of period $ (6.9) $ (5.5) 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 $ (6.9) $ (5.5) (1) In 2021 and 2020, 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	3 Months Ended
	Mar. 31, 2021
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) March 31, 2021 December 31, 2020 Taxes $ 145.0 $ 150.4 Wages and benefits 68.1 102.5 Advertising 61.3 74.4 Operating lease obligations 61.2 61.0 Other 210.6 196.8 $ 546.2 $ 585.1

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company’s stock-based compensation expense for the three months ended March 31, 2021 and 2020 included PRSUs, non-qualified stock options, 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 March 31, (in millions) 2021 2020 PRSU expense $ 9.6 $ 0.3 Option expense 0.4 1.2 RSU/DSU expense 5.1 5.8 Total stock-based compensation expense $ 15.1 $ 7.3

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three months ended March 31, 2021 and 2020 was 23.6% and 27.8%, respectively. The Company's effective tax rate for the three months ended March 31, 2021 and 2020 differed from the U.S. federal statutory rate of 21.0% principally due to subpart F income (i.e., global intangible low-taxed income, or "GILTI," earned by the Company’s foreign subsidiaries), 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. 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. The uncertain income tax liabilities for the Danish Tax Matter for the years 2001 through 2011 (the "Settlement Years") and for the years 2012 through 2021 (the "2012 to Current Period") are reflected in the Company’s Condensed Consolidated Balance Sheet as per below: March 31, 2021 December 31, 2020 Period Balance Sheet Presentation DKK USD DKK USD Settlement Years Accrued expenses and other current liabilities 847.3 $ 133.5 847.3 $ 139.1 2012 to Current Period Other non-current liabilities 297.3 46.9 295.0 48.4 Total 1,144.6 $ 180.4 1,142.3 $ 187.5 The deferred tax asset for the U.S. correlative benefit associated with the accrual of Danish tax for the 2012 to Current Period at March 31, 2021 and December 31, 2020 is approximately $10.4 million and $12.0 million, respectively. At March 31, 2021 and December 31, 2020, respectively, the Company held cash on deposit with SKAT. The deposit at March 31, 2021 and December 31, 2020 is included within the Company’s Condensed Consolidated Balance Sheet (translated at the exchange rates on March 31, 2021 and December 31, 2020, respectively) as per below: March 31, 2021 December 31, 2020 DKK USD DKK USD Prepaid expenses and other current assets 847.3 $ 133.5 847.3 $ 139.1 Other non-current assets 333.6 52.6 333.6 54.8 Total 1,180.9 $ 186.1 1,180.9 $ 193.9 If the Company is not successful in resolving the Danish Tax Matter for the 2012 to Current Period or there is a change in facts and circumstances, the Company may be required to further increase its uncertain income tax position associated with this matter, or decrease its deferred tax asset, also related to this matter, which could have a material impact on the Company's reported earnings. There were no other significant changes in the Danish Tax Matter or other uncertain tax positions during the three months ended March 31, 2021.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2021
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 March 31, (in millions, except per common share amounts) 2021 2020 Numerator: Income from continuing operations, net of income attributable to non-controlling interests $ 130.7 $ 60.9 Denominator: Denominator for basic earnings per common share-weighted average shares 203.7 213.6 Effect of dilutive securities 6.4 2.4 Denominator for diluted earnings per common share-adjusted weighted average shares 210.1 216.0 Basic earnings per common share for continuing operations $ 0.64 $ 0.28 Diluted earnings per common share for continuing operations $ 0.62 $ 0.28

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company operates in two segments: North America and International. 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., Canada and Mexico. The International segment consists of Tempur manufacturing and distribution subsidiaries, Sealy distribution subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America (other than Mexico). Corporate operating expenses are not included in either of the segments and are presented separately as a reconciling item to consolidated results. 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) March 31, 2021 December 31, 2020 North America $ 3,757.6 $ 3,740.3 International 618.0 639.8 Corporate 656.6 490.3 Inter-segment eliminations (1,490.1) (1,561.8) Total assets $ 3,542.1 $ 3,308.6 The following table summarizes property, plant and equipment, net, by segment: (in millions) March 31, 2021 December 31, 2020 North America $ 418.6 $ 415.3 International 46.8 49.8 Corporate 43.6 42.8 Total property, plant and equipment, net $ 509.0 $ 507.9 The following table summarizes operating lease right-of-use assets by segment: (in millions) March 31, 2021 December 31, 2020 North America $ 252.9 $ 256.6 International 39.4 45.7 Corporate 1.8 2.0 Total operating lease right-of-use assets $ 294.1 $ 304.3 The following table summarizes segment information for the three months ended March 31, 2021: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 883.3 $ 160.5 $ — $ — $ 1,043.8 Inter-segment sales $ 0.7 $ 0.2 $ — $ (0.9) $ — Inter-segment royalty expense (income) 2.1 (2.1) — — — Gross profit 363.9 95.0 — — 458.9 Operating income (loss) 173.4 46.2 (31.2) — 188.4 Income (loss) from continuing operations before income taxes 172.5 46.1 (47.2) — 171.4 Depreciation and amortization (1) $ 21.0 $ 3.6 $ 17.0 $ — $ 41.6 Capital expenditures 18.8 2.0 2.7 — 23.5 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the three months ended March 31, 2020: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 692.3 $ 130.1 $ — $ — $ 822.4 Inter-segment sales $ 0.5 $ 0.1 $ — $ (0.6) $ — Inter-segment royalty expense (income) 2.1 (2.1) — — — Gross profit 281.2 75.9 — — 357.1 Operating income (loss) 101.6 26.4 (22.7) — 105.3 Income (loss) from continuing operations before income taxes 100.1 24.0 (39.6) — 84.5 Depreciation and amortization (1) $ 17.8 $ 3.1 $ 9.6 $ — $ 30.5 Capital expenditures 21.6 2.1 2.5 — 26.2 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes property, plant and equipment, net by geographic region: (in millions) March 31, 2021 December 31, 2020 United States $ 440.6 $ 436.2 All Other 68.4 71.7 Total property, plant and equipment, net $ 509.0 $ 507.9 The following table summarizes operating lease right-of-use assets by geographic region: (in millions) March 31, 2021 December 31, 2020 United States $ 250.9 $ 255.0 All Other 43.2 49.3 Total operating lease right-of-use assets $ 294.1 $ 304.3 The following table summarizes net sales by geographic region: Three Months Ended March 31, (in millions) 2021 2020 United States $ 818.5 $ 632.5 All Other 225.3 189.9 Total net sales $ 1,043.8 $ 822.4

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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 designs, manufactures and distributes 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 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. Additionally, in October 2020, the Company entered into a 50.0% ownership joint venture to reacquire the rights and acquire the assets to manufacture, market and distribute Sealy® and Stearns & Foster® branded products in the United Kingdom. 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, 2020, included in the 2020 Annual Report filed with the Securities and Exchange Commission on February 19, 2021. 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.
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 regularly reviews the adequacy of its allowance for credit losses. 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. Account balances are charged off against the allowance for credit losses after all reasonable means of collection have been exhausted and the potential for recovery is considered remote. As of March 31, 2021, the Company's accounts receivable were substantially current. 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 allowance for credit losses is included in accounts receivable, net in the accompanying Condensed Consolidated Balance Sheets.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
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: March 31, December 31, (in millions) 2021 2020 Finished goods $ 171.3 $ 170.2 Work-in-process 10.6 12.6 Raw materials and supplies 136.9 129.3 $ 318.8 $ 312.1
Changes in Accrued Sales Returns	The Company had the following activity for sales returns from December 31, 2020 to March 31, 2021: (in millions) Balance as of December 31, 2020 $ 44.9 Amounts accrued 36.7 Returns charged to accrual (33.4) Balance as of March 31, 2021 $ 48.2
Summary of Warranty Activity	The Company had the following activity for its accrued warranty expense from December 31, 2020 to March 31, 2021: (in millions) Balance as of December 31, 2020 $ 44.2 Amounts accrued 5.8 Warranties charged to accrual (5.7) Balance as of March 31, 2021 $ 44.3
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, 2020 to March 31, 2021: (in millions) Balance as of December 31, 2020 $ 71.6 Amounts accrued 2.5 Write-offs charged against the allowance (1.6) Balance as of March 31, 2021 $ 72.5

Net Sales (Tables)

Net Sales (Tables)	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 765.5 $ 115.9 $ 881.4 $ 624.7 $ 97.7 $ 722.4 Direct 117.8 44.6 162.4 67.6 32.4 100.0 Net sales $ 883.3 $ 160.5 $ 1,043.8 $ 692.3 $ 130.1 $ 822.4 North America International Consolidated North America International Consolidated Product Bedding $ 830.3 $ 121.7 $ 952.0 $ 654.9 $ 101.5 $ 756.4 Other 53.0 38.8 91.8 37.4 28.6 66.0 Net sales $ 883.3 $ 160.5 $ 1,043.8 $ 692.3 $ 130.1 $ 822.4 North America International Consolidated North America International Consolidated Geographical region United States $ 818.5 $ — $ 818.5 $ 632.5 $ — $ 632.5 All Other 64.8 160.5 225.3 59.8 130.1 189.9 Net sales $ 883.3 $ 160.5 $ 1,043.8 $ 692.3 $ 130.1 $ 822.4

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The final allocation of the purchase price is based on the 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 Operating lease liabilities (19.9) Redeemable non-controlling interest (8.4) Purchase price, net of cash acquired $ 37.9

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2020 $ 610.3 $ 156.0 $ 766.3 Foreign currency translation and other 1.6 (2.7) (1.1) Balance as of March 31, 2021 $ 611.9 $ 153.3 $ 765.2

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long Term Debt	Debt for the Company consists of the following: March 31, 2021 December 31, 2020 (in millions, except percentages) Amount Rate Amount Rate Maturity Date 2019 Credit Agreement: Term A Facility $ 398.4 (1) $ 409.1 (2) October 16, 2024 Revolver — (1) — (2) October 16, 2024 2029 Senior Notes 800.0 4.00% — N/A April 15, 2029 2026 Senior Notes 600.0 5.500% 600.0 5.500% June 15, 2026 2023 Senior Notes — N/A 250.0 5.625% October 15, 2023 Securitized debt — (3) 33.9 (4) April 6, 2023 Finance lease obligations (5) 69.7 71.4 Various Other 5.0 5.9 Various Total debt 1,873.1 1,370.3 Less: Deferred financing costs 13.0 3.4 Total debt, net 1,860.1 1,366.9 Less: Current portion 37.7 43.9 Total long-term debt, net $ 1,822.4 $ 1,323.0 (1) Interest at LIBOR plus applicable margin of 1.250% as of March 31, 2021. (2) Interest at LIBOR plus applicable margin of 1.250% as of December 31, 2020. (3) Interest at one month LIBOR index plus 70 basis points. (4) Interest at one month LIBOR index plus 80 basis points. (5) New 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) March 31, 2021 December 31, 2020 2023 Senior Notes $ — $ 255.1 2026 Senior Notes 625.2 625.4 2029 Senior Notes 798.2 —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020: (in millions) March 31, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 294.1 $ 304.3 Finance lease assets Property, plant and equipment, net 59.4 61.2 Total leased assets $ 353.5 $ 365.5 Liabilities Short-term: Operating lease obligations Accrued expenses and other current liabilities $ 61.2 $ 61.0 Finance lease obligations Current portion of long-term debt 11.4 11.4 Long-term: Operating lease obligations Long-term operating lease obligations 266.2 275.1 Finance lease obligations Long-term debt, net 58.3 60.0 Total lease obligations $ 397.1 $ 407.5
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 months ended March 31, 2021 and 2020: Three Months Ended March 31, (in millions) 2021 2020 Operating lease expense: Operating lease expense $ 19.4 $ 18.0 Short-term lease expense 3.9 3.2 Variable lease expense 6.4 5.3 Finance lease expense: Amortization of right-of-use assets 2.8 2.2 Interest on lease obligations 1.1 1.2 Total lease expense $ 33.6 $ 29.9 The following table provides supplemental information related to the Company's Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020: Three Months Ended (in millions) March 31, 2021 March 31, 2020 Cash paid for amounts included in the measurement of lease obligations: Operating cash flows paid for operating leases (a) $ 18.2 $ 17.3 Operating cash flows paid for finance leases $ 1.1 $ 1.2 Financing cash flows paid for finance leases $ 2.4 $ 2.3 Right-of-use assets obtained in exchange for new operating lease obligations $ 9.2 $ 35.6 Right-of-use assets obtained in exchange for new finance lease obligations $ 1.2 $ 8.2 (a) Operating cash flows paid for operating leases are included within the change in other assets and liabilities within the Condensed Consolidated Statement of Cash Flows offset by non-cash right-of-use asset amortization and lease liability accretion.
Maturity of Operating Leases	The following table sets forth the scheduled maturities of lease obligations as of March 31, 2021: (in millions) Operating Leases Finance Leases Total Year Ended December 31, 2021 (excluding the three months ended March 31, 2021) $ 55.5 $ 11.6 $ 67.1 2022 68.3 13.7 82.0 2023 56.3 11.0 67.3 2024 46.7 8.8 55.5 2025 40.0 7.8 47.8 Thereafter 117.1 34.3 151.4 Total lease payments 383.9 87.2 471.1 Less: Interest 56.5 17.5 74.0 Present value of lease obligations $ 327.4 $ 69.7 $ 397.1
Maturity of Finance Leases	The following table sets forth the scheduled maturities of lease obligations as of March 31, 2021: (in millions) Operating Leases Finance Leases Total Year Ended December 31, 2021 (excluding the three months ended March 31, 2021) $ 55.5 $ 11.6 $ 67.1 2022 68.3 13.7 82.0 2023 56.3 11.0 67.3 2024 46.7 8.8 55.5 2025 40.0 7.8 47.8 Thereafter 117.1 34.3 151.4 Total lease payments 383.9 87.2 471.1 Less: Interest 56.5 17.5 74.0 Present value of lease obligations $ 327.4 $ 69.7 $ 397.1
Lease Term and Discount Rate	The following table provides lease term and discount rate information related to operating and finance leases as of March 31, 2021: March 31, 2021 Weighted average remaining lease term (years): Operating leases 6.61 Finance leases 7.75 Weighted average discount rate: Operating leases 4.92 % Finance leases 5.75 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Changes in Accumulated Other Comprehensive Loss	AOCL consisted of the following: Three Months Ended March 31, (in millions) 2021 2020 Foreign Currency Translation Balance at beginning of period $ (58.6) $ (82.2) Other comprehensive loss: Foreign currency translation adjustments (1) (10.8) (23.0) Balance at end of period $ (69.4) $ (105.2) Pensions Balance at beginning of period $ (6.9) $ (5.5) 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 $ (6.9) $ (5.5) (1) In 2021 and 2020, 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)	3 Months Ended
	Mar. 31, 2021
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) March 31, 2021 December 31, 2020 Taxes $ 145.0 $ 150.4 Wages and benefits 68.1 102.5 Advertising 61.3 74.4 Operating lease obligations 61.2 61.0 Other 210.6 196.8 $ 546.2 $ 585.1

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, (in millions) 2021 2020 PRSU expense $ 9.6 $ 0.3 Option expense 0.4 1.2 RSU/DSU expense 5.1 5.8 Total stock-based compensation expense $ 15.1 $ 7.3

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Balance Sheet Location	The uncertain income tax liabilities for the Danish Tax Matter for the years 2001 through 2011 (the "Settlement Years") and for the years 2012 through 2021 (the "2012 to Current Period") are reflected in the Company’s Condensed Consolidated Balance Sheet as per below: March 31, 2021 December 31, 2020 Period Balance Sheet Presentation DKK USD DKK USD Settlement Years Accrued expenses and other current liabilities 847.3 $ 133.5 847.3 $ 139.1 2012 to Current Period Other non-current liabilities 297.3 46.9 295.0 48.4 Total 1,144.6 $ 180.4 1,142.3 $ 187.5 March 31, 2021 December 31, 2020 DKK USD DKK USD Prepaid expenses and other current assets 847.3 $ 133.5 847.3 $ 139.1 Other non-current assets 333.6 52.6 333.6 54.8 Total 1,180.9 $ 186.1 1,180.9 $ 193.9

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of 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 March 31, (in millions, except per common share amounts) 2021 2020 Numerator: Income from continuing operations, net of income attributable to non-controlling interests $ 130.7 $ 60.9 Denominator: Denominator for basic earnings per common share-weighted average shares 203.7 213.6 Effect of dilutive securities 6.4 2.4 Denominator for diluted earnings per common share-adjusted weighted average shares 210.1 216.0 Basic earnings per common share for continuing operations $ 0.64 $ 0.28 Diluted earnings per common share for continuing operations $ 0.62 $ 0.28

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Total assets and long-lived assets by segment	The following table summarizes total assets by segment: (in millions) March 31, 2021 December 31, 2020 North America $ 3,757.6 $ 3,740.3 International 618.0 639.8 Corporate 656.6 490.3 Inter-segment eliminations (1,490.1) (1,561.8) Total assets $ 3,542.1 $ 3,308.6 The following table summarizes property, plant and equipment, net, by segment: (in millions) March 31, 2021 December 31, 2020 North America $ 418.6 $ 415.3 International 46.8 49.8 Corporate 43.6 42.8 Total property, plant and equipment, net $ 509.0 $ 507.9 The following table summarizes operating lease right-of-use assets by segment: (in millions) March 31, 2021 December 31, 2020 North America $ 252.9 $ 256.6 International 39.4 45.7 Corporate 1.8 2.0 Total operating lease right-of-use assets $ 294.1 $ 304.3
Segment financial information	The following table summarizes segment information for the three months ended March 31, 2021: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 883.3 $ 160.5 $ — $ — $ 1,043.8 Inter-segment sales $ 0.7 $ 0.2 $ — $ (0.9) $ — Inter-segment royalty expense (income) 2.1 (2.1) — — — Gross profit 363.9 95.0 — — 458.9 Operating income (loss) 173.4 46.2 (31.2) — 188.4 Income (loss) from continuing operations before income taxes 172.5 46.1 (47.2) — 171.4 Depreciation and amortization (1) $ 21.0 $ 3.6 $ 17.0 $ — $ 41.6 Capital expenditures 18.8 2.0 2.7 — 23.5 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the three months ended March 31, 2020: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 692.3 $ 130.1 $ — $ — $ 822.4 Inter-segment sales $ 0.5 $ 0.1 $ — $ (0.6) $ — Inter-segment royalty expense (income) 2.1 (2.1) — — — Gross profit 281.2 75.9 — — 357.1 Operating income (loss) 101.6 26.4 (22.7) — 105.3 Income (loss) from continuing operations before income taxes 100.1 24.0 (39.6) — 84.5 Depreciation and amortization (1) $ 17.8 $ 3.1 $ 9.6 $ — $ 30.5 Capital expenditures 21.6 2.1 2.5 — 26.2 (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) March 31, 2021 December 31, 2020 United States $ 440.6 $ 436.2 All Other 68.4 71.7 Total property, plant and equipment, net $ 509.0 $ 507.9 The following table summarizes operating lease right-of-use assets by geographic region: (in millions) March 31, 2021 December 31, 2020 United States $ 250.9 $ 255.0 All Other 43.2 49.3 Total operating lease right-of-use assets $ 294.1 $ 304.3
Net sales by geographic region	The following table summarizes net sales by geographic region: Three Months Ended March 31, (in millions) 2021 2020 United States $ 818.5 $ 632.5 All Other 225.3 189.9 Total net sales $ 1,043.8 $ 822.4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)channel	Dec. 31, 2020USD ($)	Oct. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Number of products sales channels | channel	2
Ownership percentage	50.00%
Sealy and Stems & Foster
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Ownership percentage			50.00%
Accrued expenses and other current liabilities
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accrued sales returns	$ 33.8	$ 31.6
Warranty Term [Abstract]
Accrued warranty expense	20.8	20.3
Other noncurrent liabilities
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accrued sales returns	14.4	13.3
Warranty Term [Abstract]
Accrued warranty expense	$ 23.5	$ 23.9
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	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Finished goods	$ 171.3	$ 170.2
Work-in-process	10.6	12.6
Raw materials and supplies	136.9	129.3
Total	$ 318.8	$ 312.1

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Changes In Accrued Sales Returns (Details) - Sales Returns $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Changes in Accrued Sales Returns [Roll Forward]
Beginning balance	$ 44.9
Amounts accrued	36.7
Returns charged to accrual	(33.4)
Ending balance	$ 48.2

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Warranty Activity (Details) - Warranty Reserves $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 44.2
Amounts accrued	5.8
Warranties charged to accrual	(5.7)
Ending balance	$ 44.3

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 71.6
Amounts accrued	2.5	$ 15.7
Write-offs charged against the allowance	(1.6)
Ending Balance	$ 72.5

Net Sales - Sales (Details)

Net Sales - Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,043.8	$ 822.4
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	1,043.8	822.4
Operating Segments | United States
Disaggregation of Revenue [Line Items]
Net sales	818.5	632.5
Operating Segments | All Other
Disaggregation of Revenue [Line Items]
Net sales	225.3	189.9
Operating Segments | Bedding
Disaggregation of Revenue [Line Items]
Net sales	952	756.4
Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales	91.8	66
Operating Segments | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	881.4	722.4
Operating Segments | Direct
Disaggregation of Revenue [Line Items]
Net sales	162.4	100
Operating Segments | North America
Disaggregation of Revenue [Line Items]
Net sales	883.3	692.3
Operating Segments | North America | United States
Disaggregation of Revenue [Line Items]
Net sales	818.5	632.5
Operating Segments | North America | All Other
Disaggregation of Revenue [Line Items]
Net sales	64.8	59.8
Operating Segments | North America | Bedding
Disaggregation of Revenue [Line Items]
Net sales	830.3	654.9
Operating Segments | North America | Other
Disaggregation of Revenue [Line Items]
Net sales	53	37.4
Operating Segments | North America | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	765.5	624.7
Operating Segments | North America | Direct
Disaggregation of Revenue [Line Items]
Net sales	117.8	67.6
Operating Segments | International
Disaggregation of Revenue [Line Items]
Net sales	160.5	130.1
Operating Segments | International | United States
Disaggregation of Revenue [Line Items]
Net sales	0	0
Operating Segments | International | All Other
Disaggregation of Revenue [Line Items]
Net sales	160.5	130.1
Operating Segments | International | Bedding
Disaggregation of Revenue [Line Items]
Net sales	121.7	101.5
Operating Segments | International | Other
Disaggregation of Revenue [Line Items]
Net sales	38.8	28.6
Operating Segments | International | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	115.9	97.7
Operating Segments | International | Direct
Disaggregation of Revenue [Line Items]
Net sales	$ 44.6	$ 32.4

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - Sherwood Bedding $ in Millions	Jan. 31, 2020USD ($)
Business Acquisition [Line Items]
Percentage of voting interests acquired	80.00%
Consideration transferred	$ 39.1
Cash and equivalents	$ 1.2

Acquisitions (Price Purchase Al

Acquisitions (Price Purchase Allocation) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Jan. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 765.2	$ 766.3
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
Operating lease liabilities			(19.9)
Redeemable non-controlling interest			(8.4)
Purchase price, net of cash acquired			37.9
Sherwood Bedding | Customer Relationships
Business Acquisition [Line Items]
Customer relationships intangible assets			$ 3.7

Goodwill (Details)

Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 766.3
Foreign currency translation and other	(1.1)
Ending balance	765.2
North America
Goodwill [Roll Forward]
Beginning balance	610.3
Foreign currency translation and other	1.6
Ending balance	611.9
International
Goodwill [Roll Forward]
Beginning balance	156
Foreign currency translation and other	(2.7)
Ending balance	$ 153.3

Debt - Schedule of Borrowings O

Debt - Schedule of Borrowings Outstanding (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 25, 2021
Long-term Debt, Current and Noncurrent [Abstract]
Present value of lease obligations	$ 69.7	$ 71.4
Total debt	1,873.1	1,370.3
Less: Deferred financing costs	13	3.4
Total debt, net	1,860.1	1,366.9
Current portion of long-term debt	37.7	43.9
Total long-term debt, net	1,822.4	1,323
2029 Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 800	0
Line of Credit Facility [Abstract]
Stated percentage	4.00%		4.00%
2026 Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 600	$ 600
Line of Credit Facility [Abstract]
Stated percentage	5.50%	5.50%
2023 Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 0	$ 250
Line of Credit Facility [Abstract]
Stated percentage		5.625%
Securitized debt
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 0	$ 33.9
Securitized debt | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Abstract]
Index rate or LIBOR plus (as a percent)	0.70%	0.80%
Other
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 5	$ 5.9
2019 Credit Agreement | Term A Facility
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 398.4	$ 409.1
2019 Credit Agreement | Term A Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Abstract]
Index rate or LIBOR plus (as a percent)	1.25%	1.25%
2019 Credit Agreement | Revolving Credit Facility
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 0	$ 0
2019 Credit Agreement | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Abstract]
Index rate or LIBOR plus (as a percent)	1.25%	1.25%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Apr. 28, 2021	Nov. 09, 2020	Mar. 31, 2021	Mar. 31, 2020	Apr. 06, 2021	Mar. 25, 2021	Feb. 02, 2021	Dec. 31, 2020	Oct. 16, 2019
Debt Instrument [Line Items]
Deferred financing costs expensed			$ 1,500,000	$ 0
Loss on extinguishment of debt			$ 5,000,000	$ 0
2029 Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount						$ 800,000,000
Stated percentage			4.00%			4.00%
Percentage of principal amount that may be redeemed			104.00%
Minimum percentage of notes not eligible for early redemption			60.00%
Deferred financing costs expensed			$ 11,400,000
Debt term			8 years
2029 Senior Notes | Anytime on or after April 15, 2024
Debt Instrument [Line Items]
Redemption price percentage			102.00%
2029 Senior Notes | Beginning on April 15, 2026
Debt Instrument [Line Items]
Redemption price percentage			100.00%
2029 Senior Notes | Anytime prior to April 15, 2024 with a 'make-whole' premium and accrued and unpaid interest, if any
Debt Instrument [Line Items]
Percentage of redemption on notes			100.00%
2029 Senior Notes | Any time prior to April 15, 2024 with the net cash proceeds from certain equity offerings plus accrued and unpaid interest, if any
Debt Instrument [Line Items]
Percentage of redemption on notes			40.00%
2026 Senior Notes
Debt Instrument [Line Items]
Stated percentage			5.50%					5.50%
2026 Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Redemption price percentage	102.75%
Repayments of senior notes	$ 600,000,000
2023 Senior Notes
Debt Instrument [Line Items]
Stated percentage								5.625%
Redemption price percentage		101.406%	101.406%
Deferred financing costs expensed			$ 1,500,000
Repayments of senior notes		$ 200,000,000	250,000,000
Loss on extinguishment of debt			5,000,000
Debt prepayment cost			3,500,000
2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity			724,900,000
Accounts Receivable Securitization | Securitized debt
Debt Instrument [Line Items]
Line of credit borrowing			120,000,000
Debt availability			87,200,000
Accounts Receivable Securitization | Securitized debt | Subsequent Event
Debt Instrument [Line Items]
Line of credit borrowing					$ 200,000,000
Revolving Credit Facility | 2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing							$ 725,000,000		$ 425,000,000
Term Loan Facility | 2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing									425,000,000
Incremental Facility | 2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing									550,000,000
Letter of Credit | 2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing									$ 60,000,000
Proceeds from lines of credit			$ 100,000

Debt - Schedule of Notes Estima

Debt - Schedule of Notes Estimated Fair Value (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
2023 Senior Notes
Debt Instrument [Line Items]
Notes, fair value	$ 0	$ 255.1
2026 Senior Notes
Debt Instrument [Line Items]
Notes, fair value	625.2	625.4
2029 Senior Notes
Debt Instrument [Line Items]
Notes, fair value	$ 798.2	$ 0

Leases - Balance Sheet Effect (

Leases - Balance Sheet Effect (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease assets	$ 294.1	$ 304.3
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Finance lease assets	$ 59.4	$ 61.2
Total leased assets	$ 353.5	$ 365.5
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating lease obligations	$ 61.2	$ 61
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt	Current portion of long-term debt
Finance lease obligations	$ 11.4	$ 11.4
Long-term operating lease obligations	$ 266.2	$ 275.1
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, net	Long-term debt, net
Finance lease obligations	$ 58.3	$ 60
Present value of lease obligations	$ 397.1	$ 407.5

Leases - Expense (Details)

Leases - Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease expense	$ 19.4	$ 18
Short-term lease expense	3.9	3.2
Variable lease expense	6.4	5.3
Finance lease expense:
Amortization of right-of-use assets	2.8	2.2
Interest on lease obligations	1.1	1.2
Total lease expense	$ 33.6	$ 29.9

Leases - Maturity (Details)

Leases - Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Operating Leases
2021 (excluding the three months ended March 31, 2021)	$ 55.5
2022	68.3
2023	56.3
2024	46.7
2025	40
Thereafter	117.1
Future minimum lease payments	383.9
Less: Interest	56.5
Present value of lease obligations	327.4
Finance Leases
2021 (excluding the three months ended March 31, 2021)	11.6
2022	13.7
2023	11
2024	8.8
2025	7.8
Thereafter	34.3
Total lease payments	87.2
Less: Interest	17.5
Present value of lease obligations	69.7	$ 71.4
2021 (excluding the three months ended March 31, 2021)	67.1
2022	82
2023	67.3
2024	55.5
2025	47.8
Thereafter	151.4
Total lease payments	471.1
Less: Interest	74
Present value of lease obligations	$ 397.1	$ 407.5

Leases - Long Term and Discount

Leases - Long Term and Discount Rate (Details)	Mar. 31, 2021
Weighted average remaining lease term (years):
Operating leases	6 years 7 months 9 days
Finance leases	7 years 9 months
Weighted average discount rate:
Operating leases	4.92%
Finance leases	5.75%

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases (a)	$ 18.2	$ 17.3
Operating cash flows paid for finance leases	1.1	1.2
Financing cash flows paid for finance leases	2.4	2.3
Right-of-use assets obtained in exchange for new operating lease obligations	9.2	35.6
Right-of-use assets obtained in exchange for new finance lease obligations	$ 1.2	$ 8.2

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Apr. 29, 2021	Feb. 11, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Increase (decrease) in authorization amount				$ 211,400,000
Treasury stock, acquired (in shares)	8.4	2.6
Payments for repurchase of common stock	$ 299,800,000	$ 187,500,000
Value of treasury stock acquired	299,800,000	187,500,000
Performance-based Restricted Stock Units
Accumulated Other Comprehensive Income (Loss) [Line Items]
Value of treasury stock acquired	13,300,000	$ 11,800,000
February 2016 Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Remaining shares under share repurchase authorization	$ 113,200,000
February 2016 Program | Subsequent Event
Accumulated Other Comprehensive Income (Loss) [Line Items]
Authorized amount of stock to be repurchased			$ 400,000,000

Stockholders' Equity - AOCL (De

Stockholders' Equity - AOCL (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 504,600,000	$ 360,400,000
Foreign currency translation adjustments	(10,800,000)	(23,000,000)
Total other comprehensive loss	0	0
Balance at end of period	318,300,000	200,000,000
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(58,600,000)	(82,200,000)
Tax expense	0	0
Net amount reclassified to earnings	0	0
Balance at end of period	(69,400,000)	(105,200,000)
Pensions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(6,900,000)	(5,500,000)
Net change from period revaluations	0	100,000
Tax expense	0	(100,000)
Total other comprehensive gain (loss) before reclassifications, net of tax	0	0
Net amount reclassified to earnings	0	0
Tax benefit	0	0
Total amount reclassified from accumulated other comprehensive loss, net of tax	0	0
Balance at end of period	$ (6,900,000)	$ (5,500,000)

Other Items (Details)

Other Items (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Taxes	$ 145	$ 150.4
Wages and benefits	68.1	102.5
Advertising	61.3	74.4
Operating lease obligations	61.2	61
Other	210.6	196.8
Total accrued liabilities	$ 546.2	$ 585.1

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 15.1	$ 7.3
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	9.6	0.3
Option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.4	1.2
RSU/DSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 5.1	$ 5.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Examination [Line Items]
Effective income tax provision (as a percent)	23.60%	27.80%
Danish Tax Authority (SKAT) | Foreign Tax Authority | Tax Years Post 2011
Income Tax Examination [Line Items]
Deferred tax assets	$ 10.4		$ 12

Income Taxes - Balance Sheet Lo

Income Taxes - Balance Sheet Location (Details) kr in Millions, $ in Millions	Mar. 31, 2021DKK (kr)	Mar. 31, 2021USD ($)	Dec. 31, 2020DKK (kr)	Dec. 31, 2020USD ($)
Income Tax Examination [Line Items]
Tax liability	kr 1,144.6	$ 180.4	kr 1,142.3	$ 187.5
Tax deposit	1,180.9	186.1	1,180.9	193.9
Accrued expenses and other current liabilities
Income Tax Examination [Line Items]
Tax liability	847.3	133.5	847.3	139.1
Tax deposit	847.3	133.5	847.3	139.1
Other noncurrent liabilities
Income Tax Examination [Line Items]
Tax liability	297.3	46.9	295	48.4
Other non-current assets
Income Tax Examination [Line Items]
Tax deposit	kr 333.6	$ 52.6	kr 333.6	$ 54.8

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Income from continuing operations, net of income attributable to non-controlling interests	$ 130.7	$ 60.9
Denominator:
Denominator for basic earnings per common share-weighted average shares (in shares)	203.7	213.6
Effect of dilutive securities (in shares)	6.4	2.4
Denominator for diluted earnings per common share-adjusted weighted average shares (in shares)	210.1	216
Basic earnings per share for continuing operations (in dollars per share)	$ 0.64	$ 0.28
Diluted earnings per share for continuing operations (in dollars per share)	$ 0.62	$ 0.28
Shares excluded from diluted earnings per common share computation as anti-dilutive (in shares)		0.8

Business Segment Information (D

Business Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of business segments | segment	2
Segment Reporting Information [Line Items]
Total assets	$ 3,542.1		$ 3,308.6
Total property, plant and equipment, net	509		507.9
Operating lease assets	294.1		304.3
Net sales	1,043.8	$ 822.4
Gross profit	458.9	357.1
Operating income (loss)	188.4	105.3
Income (loss) from continuing operations before income taxes	171.4	84.5
Depreciation and amortization (including stock-based compensation amortization)	41.6	30.5
Capital expenditures	23.5	26.2
United States
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	440.6		436.2
Operating lease assets	250.9		255
All Other
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	68.4		71.7
Operating lease assets	43.2		49.3
Operating Segments
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	509		507.9
Net sales	1,043.8	822.4
Operating Segments | United States
Segment Reporting Information [Line Items]
Net sales	818.5	632.5
Operating Segments | All Other
Segment Reporting Information [Line Items]
Net sales	225.3	189.9
Operating Segments | North America
Segment Reporting Information [Line Items]
Total assets	3,757.6		3,740.3
Total property, plant and equipment, net	418.6		415.3
Operating lease assets	252.9		256.6
Net sales	883.3	692.3
Gross profit	363.9	281.2
Operating income (loss)	173.4	101.6
Income (loss) from continuing operations before income taxes	172.5	100.1
Depreciation and amortization (including stock-based compensation amortization)	21	17.8
Capital expenditures	18.8	21.6
Operating Segments | North America | United States
Segment Reporting Information [Line Items]
Net sales	818.5	632.5
Operating Segments | North America | All Other
Segment Reporting Information [Line Items]
Net sales	64.8	59.8
Operating Segments | International
Segment Reporting Information [Line Items]
Total assets	618		639.8
Total property, plant and equipment, net	46.8		49.8
Operating lease assets	39.4		45.7
Net sales	160.5	130.1
Gross profit	95	75.9
Operating income (loss)	46.2	26.4
Income (loss) from continuing operations before income taxes	46.1	24
Depreciation and amortization (including stock-based compensation amortization)	3.6	3.1
Capital expenditures	2	2.1
Operating Segments | International | United States
Segment Reporting Information [Line Items]
Net sales	0	0
Operating Segments | International | All Other
Segment Reporting Information [Line Items]
Net sales	160.5	130.1
Corporate
Segment Reporting Information [Line Items]
Total assets	656.6		490.3
Total property, plant and equipment, net	43.6		42.8
Operating lease assets	1.8		2
Operating income (loss)	(31.2)	(22.7)
Income (loss) from continuing operations before income taxes	(47.2)	(39.6)
Depreciation and amortization (including stock-based compensation amortization)	17	9.6
Capital expenditures	2.7	2.5
Inter-segment eliminations
Segment Reporting Information [Line Items]
Total assets	(1,490.1)		$ (1,561.8)
Net sales	(0.9)	(0.6)
Inter-segment eliminations | North America
Segment Reporting Information [Line Items]
Net sales	0.7	0.5
Inter-segment royalty expense (income)	2.1	2.1
Inter-segment eliminations | International
Segment Reporting Information [Line Items]
Net sales	0.2	0.1
Inter-segment royalty expense (income)	$ (2.1)	$ (2.1)