Tempur Sealy International (TPX) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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		172,194,644
Entity Central Index Key	0001206264
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 1,211	$ 1,169.1	$ 2,450.5	$ 2,212.9
Cost of sales	714.5	650.9	1,431.2	1,235.8
Gross profit	496.5	518.2	1,019.3	977.1
Selling and marketing expenses	252.9	216.8	496.4	414.5
General, administrative and other expenses	102.3	85.1	199.9	164.6
Equity income in earnings of unconsolidated affiliates	(2.6)	(7)	(9.5)	(13.7)
Operating income	143.9	223.3	332.5	411.7
Other expense, net:
Interest expense, net	23.7	20	44.6	32.3
Loss on extinguishment of debt	0	18	0	23
Other expense (income), net	0.7	(0.1)	(0.6)	(0.4)
Total other expense, net	24.4	37.9	44	54.9
Income from continuing operations before income taxes	119.5	185.4	288.5	356.8
Income tax provision	(28.3)	(44.7)	(66.4)	(85.2)
Income from continuing operations	91.2	140.7	222.1	271.6
Loss from discontinued operations, net of tax	0	(0.3)	0	(0.5)
Net income before non-controlling interests	91.2	140.4	222.1	271.1
Less: Net income (loss) attributable to non-controlling interests	0.6	(0.4)	0.8	(0.2)
Net income attributable to Tempur Sealy International, Inc.	$ 90.6	$ 140.8	$ 221.3	$ 271.3
Earnings per common share:
Basic (in dollars per share)	$ 0.52	$ 0.72	$ 1.24	$ 1.36
Diluted (in dollars per share)	$ 0.51	$ 0.69	$ 1.20	$ 1.32
Weighted average common shares outstanding:
Basic (in shares)	174.1	197	178.3	200.4
Diluted (in shares)	178.8	204.1	183.7	204.9

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income before non-controlling interests	$ 91.2	$ 140.4	$ 222.1	$ 271.1
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(57.8)	6.7	(75.3)	(4.1)
Other comprehensive (loss) income, net of tax	(57.8)	6.7	(75.3)	(4.1)
Comprehensive income	33.4	147.1	146.8	267
Less: Comprehensive income (loss) attributable to non-controlling interests	0.6	(0.4)	0.8	(0.2)
Comprehensive income attributable to Tempur Sealy International, Inc.	$ 32.8	$ 147.5	$ 146	$ 267.2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 110.3	$ 300.7
Accounts receivable, net	481.6	419.5
Inventories	619.1	463.9
Prepaid expenses and other current assets	94.2	91.5
Total Current Assets	1,305.2	1,275.6
Property, plant and equipment, net	672.8	583.5
Goodwill	1,066.6	1,107.4
Other intangible assets, net	727.8	750.9
Operating lease right-of-use assets	507.7	480.6
Deferred income taxes	12.4	13.6
Other non-current assets	111.9	111.8
Total Assets	4,404.4	4,323.4
Current Liabilities:
Accounts payable	432.6	432
Accrued expenses and other current liabilities	528.1	558.5
Current portion of long-term debt	65.6	53
Income taxes payable	30.8	9.9
Total Current Liabilities	1,057.1	1,053.4
Long-term debt, net	2,817	2,278.5
Long-term operating lease obligations	454.9	427
Deferred income taxes	119.3	129.2
Other non-current liabilities	137	140.3
Total Liabilities	4,585.3	4,028.4
Redeemable non-controlling interest	9	9.2
Total Stockholders' (Deficit) Equity	(189.9)	285.8
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' (Deficit) Equity	$ 4,404.4	$ 4,323.4

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interest in Subsidiaries
Balance at beginning of period (in shares) at Dec. 31, 2020		283.8
Balance at beginning of period (in shares) at Dec. 31, 2020			78.9
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	271.3				271.3
Net income attributable to non-controlling interests	0.2						0.2
Purchase of remaining interest in subsidiary	(4.6)			(3.4)			(1.2)
Foreign currency adjustments, net of tax	(4.1)					(4.1)
Exercise of stock options (in shares)			(0.5)
Exercise of stock options	8.5		$ 14.3	(5.8)
Dividends declared on common stock	(29)				(29)
Issuances of PRSUs, RSUs, and DSUs (in shares)			(1.6)
Issuances of PRSUs, RSUs, and DSUs	0		$ 41.4	(41.4)
Treasury stock repurchased (in shares)			10
Treasury stock repurchased	(361.4)		$ (361.4)
Treasury stock repurchased - PRSU/RSU releases (in shares)			0.5
Treasury stock repurchased - PRSU/RSU releases	(14.1)		$ (14.1)
Amortization of unearned stock-based compensation	30.2			30.2
Balance at end of period (in shares) at Jun. 30, 2021		283.8
Balance at ending of period (in shares) at Jun. 30, 2021			87.3
Balance at end of period at Jun. 30, 2021	401.6	$ 2.8	$ (2,416.6)	597.1	2,287.9	(69.6)	0
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020	8.9
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	(0.4)
Redeemable noncontrolling interest, ending balance at Jun. 30, 2021	8.5
Balance at beginning of period (in shares) at Mar. 31, 2021		283.8
Balance at beginning of period (in shares) at Mar. 31, 2021			85.9
Balance at beginning of period at Mar. 31, 2021	318.3	$ 2.8	$ (2,360.7)	590	2,161.3	(76.3)	1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	140.8				140.8
Net income attributable to non-controlling interests	0
Purchase of remaining interest in subsidiary	(4.6)			(3.4)			(1.2)
Foreign currency adjustments, net of tax	6.7					6.7
Exercise of stock options (in shares)			(0.1)
Exercise of stock options	1.9		$ 3.4	(1.5)
Dividends declared on common stock	(14.2)				(14.2)
Issuances of PRSUs, RSUs, and DSUs (in shares)			(0.1)
Issuances of PRSUs, RSUs, and DSUs	0		$ 3.1	(3.1)
Treasury stock repurchased (in shares)			1.6
Treasury stock repurchased	(61.6)		$ (61.6)
Treasury stock repurchased - PRSU/RSU releases	(0.8)		$ (0.8)
Amortization of unearned stock-based compensation	15.1			15.1
Balance at end of period (in shares) at Jun. 30, 2021		283.8
Balance at ending of period (in shares) at Jun. 30, 2021			87.3
Balance at end of period at Jun. 30, 2021	401.6	$ 2.8	$ (2,416.6)	597.1	2,287.9	(69.6)	$ 0
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2021	8.9
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	(0.4)
Redeemable noncontrolling interest, ending balance at Jun. 30, 2021	8.5
Balance at beginning of period (in shares) at Dec. 31, 2021		283.8
Balance at beginning of period (in shares) at Dec. 31, 2021			96.4
Balance at beginning of period at Dec. 31, 2021	285.8	$ 2.8	$ (2,844.7)	622	2,604.9	(99.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	221.3				221.3
Net income attributable to non-controlling interests	0
Dividend paid to non-controlling interest in subsidiary	0
Foreign currency adjustments, net of tax	(75.3)					(75.3)
Exercise of stock options	0.2		$ 0.4	(0.2)
Dividends declared on common stock	(36.7)				(36.7)
Issuances of PRSUs, RSUs, and DSUs (in shares)			(2.6)
Issuances of PRSUs, RSUs, and DSUs	0		$ 75	(75)
Treasury stock repurchased (in shares)			16.6
Treasury stock repurchased	(566.2)		$ (566.2)
Treasury stock repurchased - PRSU/RSU releases (in shares)			1
Treasury stock repurchased - PRSU/RSU releases	(45.8)		$ (45.8)
Amortization of unearned stock-based compensation	26.8			26.8
Balance at end of period (in shares) at Jun. 30, 2022		283.8
Balance at ending of period (in shares) at Jun. 30, 2022			111.4
Balance at end of period at Jun. 30, 2022	(189.9)	$ 2.8	$ (3,381.3)	573.6	2,789.5	(174.5)
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2021	9.2
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	0.8
Dividend paid to non-controlling interest in subsidiary	(1)
Redeemable noncontrolling interest, ending balance at Jun. 30, 2022	9
Balance at beginning of period (in shares) at Mar. 31, 2022		283.8
Balance at beginning of period (in shares) at Mar. 31, 2022			107.1
Balance at beginning of period at Mar. 31, 2022	(100.7)	$ 2.8	$ (3,267.2)	563.6	2,716.8	(116.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	90.6				90.6
Net income attributable to non-controlling interests	0
Dividend paid to non-controlling interest in subsidiary	0
Foreign currency adjustments, net of tax	(57.8)					(57.8)
Exercise of stock options	0.1		$ 0.2	(0.1)
Dividends declared on common stock	(17.9)				(17.9)
Issuances of PRSUs, RSUs, and DSUs (in shares)			(0.1)
Issuances of PRSUs, RSUs, and DSUs	0		$ 2.9	(2.9)
Treasury stock repurchased (in shares)			4.4
Treasury stock repurchased	(117)		$ (117)
Treasury stock repurchased - PRSU/RSU releases	(0.2)		$ (0.2)
Amortization of unearned stock-based compensation	13			13
Balance at end of period (in shares) at Jun. 30, 2022		283.8
Balance at ending of period (in shares) at Jun. 30, 2022			111.4
Balance at end of period at Jun. 30, 2022	(189.9)	$ 2.8	$ (3,381.3)	$ 573.6	$ 2,789.5	$ (174.5)
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2022	9.4
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	0.6
Dividend paid to non-controlling interest in subsidiary	(1)
Redeemable noncontrolling interest, ending balance at Jun. 30, 2022	$ 9

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in usd per share)	$ 0.10	$ 0.07	$ 0.20	$ 0.14

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS:
Net income before non-controlling interests	$ 222.1	$ 271.1
Loss from discontinued operations, net of tax	0	0.5
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	61.3	53.5
Amortization of stock-based compensation	26.9	30.2
Amortization of deferred financing costs	1.9	1.2
Bad debt expense	3.8	2.9
Deferred income taxes	(6.7)	8
Dividends received from unconsolidated affiliates	3.9	5.3
Equity income in earnings of unconsolidated affiliates	(9.5)	(13.7)
Loss on extinguishment of debt	0	3
Foreign currency adjustments and other	0.2	0.6
Changes in operating assets and liabilities, net of effect of business acquisitions	(237.4)	(49.6)
Net cash provided by operating activities from continuing operations	66.5	313
CASH FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS:
Purchases of property, plant and equipment	(130.2)	(52.6)
Acquisitions, net of cash acquired	0	(5.6)
Other	1.1	0.3
Net cash used in investing activities from continuing operations	(129.1)	(57.9)
CASH FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS:
Proceeds from borrowings under long-term debt obligations	1,317.9	1,936.1
Repayments of borrowings under long-term debt obligations	(771.7)	(1,782.3)
Proceeds from exercise of stock options	0.2	8.5
Treasury stock repurchased	(612)	(374.4)
Dividends paid	(36.2)	(28.1)
Payments of deferred financing costs	0	(14.2)
Repayments of finance lease obligations and other	(8.4)	(6.1)
Net cash used in financing activities from continuing operations	(110.2)	(260.5)
Net cash used in continuing operations	(172.8)	(5.4)
Net operating cash flows used in discontinued operations	0	(0.7)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(17.6)	(0.8)
Decrease in cash and cash equivalents	(190.4)	(6.9)
CASH AND CASH EQUIVALENTS, beginning of period	300.7	65
CASH AND CASH EQUIVALENTS, end of period	110.3	58.1
Cash paid during the period for:
Interest	45.6	28.2
Income taxes, net of refunds	$ 48	$ 71.9

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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 Asia-Pacific joint ventures to develop markets for Sealy® and Stearns & Foster® branded products and ownership in a United Kingdom joint venture to manufacture, market, and distribute Sealy® and Stearns & Foster® branded products. The Company's ownership interests in each of 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. 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, 2021, included in the 2021 Annual Report filed with the Securities and Exchange Commission on February 22, 2022. 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: June 30, December 31, (in millions) 2022 2021 Finished goods $ 411.9 $ 297.8 Work-in-process 22.4 11.4 Raw materials and supplies 184.8 154.7 $ 619.1 $ 463.9 (c) 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, 2021 to June 30, 2022: (in millions) Balance as of December 31, 2021 $ 43.9 Amounts accrued 10.2 Warranties charged to accrual (9.7) Balance as of June 30, 2022 $ 44.4 As of June 30, 2022 and December 31, 2021, $19.8 million and $20.2 million of accrued warranty expense is included as a component of accrued expenses and other current liabilities and $24.6 million and $23.7 million of accrued warranty expense is included in other non-current liabilities on the Company's accompanying Condensed Consolidated Balance Sheets, respectively. (d) 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. As of June 30, 2022, 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. 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. 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, 2021 to June 30, 2022: (in millions) Balance as of December 31, 2021 $ 62.1 Amounts accrued 3.8 Write-offs charged against the allowance (3.6) Balance as of June 30, 2022 $ 62.3 (e) Fair Value. 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 Level 2 inputs, which include 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, 2022 December 31, 2021 2029 Senior Notes $ 643.8 $ 816.9 2031 Senior Notes $ 601.7 $ 803.7

Net Sales

Net Sales	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and 2021: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 847.8 $ 91.3 $ 939.1 $ 890.8 $ 114.6 $ 1,005.4 Direct 116.9 155.0 271.9 123.0 40.7 163.7 Net sales $ 964.7 $ 246.3 $ 1,211.0 $ 1,013.8 $ 155.3 $ 1,169.1 North America International Consolidated North America International Consolidated Product Bedding $ 909.1 $ 205.1 $ 1,114.2 $ 962.5 $ 118.9 $ 1,081.4 Other 55.6 41.2 96.8 51.3 36.4 87.7 Net sales $ 964.7 $ 246.3 $ 1,211.0 $ 1,013.8 $ 155.3 $ 1,169.1 North America International Consolidated North America International Consolidated Geographical region United States $ 890.3 $ — $ 890.3 $ 946.3 $ — $ 946.3 All Other 74.4 246.3 320.7 67.5 155.3 222.8 Net sales $ 964.7 $ 246.3 $ 1,211.0 $ 1,013.8 $ 155.3 $ 1,169.1 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 six months ended June 30, 2022 and 2021: Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 1,659.1 $ 204.1 $ 1,863.2 $ 1,656.3 $ 230.5 $ 1,886.8 Direct 237.0 350.3 587.3 240.8 85.3 326.1 Net sales $ 1,896.1 $ 554.4 $ 2,450.5 $ 1,897.1 $ 315.8 $ 2,212.9 North America International Consolidated North America International Consolidated Product Bedding $ 1,774.0 $ 461.6 $ 2,235.6 $ 1,792.8 $ 240.6 $ 2,033.4 Other 122.1 92.8 214.9 104.3 75.2 179.5 Net sales $ 1,896.1 $ 554.4 $ 2,450.5 $ 1,897.1 $ 315.8 $ 2,212.9 North America International Consolidated North America International Consolidated Geographical region United States $ 1,754.6 $ — $ 1,754.6 $ 1,764.8 $ — $ 1,764.8 All Other 141.5 554.4 695.9 132.3 315.8 448.1 Net sales $ 1,896.1 $ 554.4 $ 2,450.5 $ 1,897.1 $ 315.8 $ 2,212.9

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Acquisition of Dreams Topco Limited On August 2, 2021, the Company completed the acquisition of Dreams Topco Limited and its direct and indirect subsidiaries ("Dreams"), for a cash purchase price of $476.7 million, which includes $49.5 million of cash acquired. The transaction was funded using cash on hand and bank financing. Dreams has developed a successful multi-channel sales strategy, with over 200 brick and mortar retail locations in the United Kingdom, an industry-leading online channel, as well as manufacturing and delivery assets. The financial results of Dreams subsequent to the date of acquisition are included in the consolidated financial statements of the Company. The Company accounted for this transaction as a business combination. The preliminary allocation of the purchase price is based on the fair values of the assets acquired and liabilities assumed as of August 2, 2021. The Company continues to obtain information to determine the fair value of acquired assets and liabilities. The components of the preliminary purchase price allocation are as follows: (in millions) Accounts receivable, net $ 3.5 Inventory 51.2 Property, plant and equipment 33.9 Goodwill 357.1 Indefinite-lived intangible asset 141.9 Operating lease right-of-use assets 158.2 Other current and non-current assets 4.4 Accounts payable (55.2) Accrued expenses and other current liabilities (69.7) Operating lease liabilities (165.1) Debt (6.1) Other liabilities (26.9) Purchase price, net of cash acquired $ 427.2 The indefinite-lived intangible asset represents the Dreams' portfolio of trade names as marketed through Dreams. The Company applied the income approach through a relief from royalty method to fair value the trade name asset using Level 2 inputs. The indefinite-lived intangible asset is not deductible for income tax purposes. Goodwill is calculated as the excess of the purchase price over the net assets acquired and primarily represents the expansion of retail competency and online capabilities, and expected synergistic manufacturing and distribution benefits to be realized from the acquisition. The goodwill is not deductible for income tax purposes and is included within the International business segment.

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2022
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, 2021 $ 611.5 $ 495.9 $ 1,107.4 Foreign currency translation and other (1.1) (39.7) (40.8) Balance as of June 30, 2022 $ 610.4 $ 456.2 $ 1,066.6

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Debt for the Company consists of the following: June 30, 2022 December 31, 2021 (in millions, except percentages) Amount Rate Amount Rate Maturity Date 2019 Credit Agreement: Term A Facility $ 656.9 (1) $ 675.0 (2) October 16, 2024 Revolver 429.0 (1) — (2) October 16, 2024 2031 Senior Notes 800.0 3.875% 800.0 3.875% October 15, 2031 2029 Senior Notes 800.0 4.000% 800.0 4.000% April 15, 2029 Securitized debt 131.3 (3) — N/A April 6, 2023 Finance lease obligations (4) 81.1 75.2 Various Other 6.8 3.0 Various Total debt 2,905.1 2,353.2 Less: Deferred financing costs 22.5 21.7 Total debt, net 2,882.6 2,331.5 Less: Current portion 65.6 53.0 Total long-term debt, net $ 2,817.0 $ 2,278.5 (1) Interest at LIBOR plus applicable margin of 1.250% as of June 30, 2022. (2) Interest at LIBOR plus applicable margin of 1.250% as of December 31, 2021. (3) Interest at one month LIBOR index plus 70 basis points. (4) New finance lease obligations are a non-cash financing activity. As of June 30, 2022, 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. On May 26, 2021, the Company entered into an additional amendment to the 2019 Credit Agreement. The amendment provided for a $300.0 million delayed draw term loan. On July 30, 2021, the Company drew down the full $300.0 million available under the delayed draw term loan to fund, in part, the Dreams acquisition. The delayed draw term loan has the same terms and conditions as the Company's existing term loans under the 2019 Credit Agreement. On September 21, 2021, the Company entered into an additional amendment to the 2019 Credit Agreement to remove the limit to the amount of netted cash that may be deducted from indebtedness for purposes of calculating certain leverage ratios. The Company had $429.0 million in outstanding borrowings under its revolving credit facility as of June 30, 2022. Total remaining availability under the revolving credit facility was $295.3 million after a $0.7 million reduction for outstanding letters of credit as of June 30, 2022. 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"). 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. While subject to a $200.0 million overall limit, the availability of revolving loans varies over the course of the year based on the seasonality of the Company's accounts receivable. As of June 30, 2022, the Company had fully drawn down the Accounts Receivable Securitization with borrowings of $131.3 million.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity (a) Treasury Stock. As of June 30, 2022, the Company had approximately $834.5 million remaining under its share repurchase authorization. The Company repurchased 4.4 million and 1.6 million shares, under the program, for approximately $117.0 million and $61.6 million during the three months ended June 30, 2022 and 2021, respectively. The Company repurchased 16.6 million and 10.0 million shares, under the program, for approximately $566.2 million and $361.4 million during the six months ended June 30, 2022 and 2021, respectively. 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 and six months ended June 30, 2022 and 2021. 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 $0.8 million in treasury stock acquired during the three months ended June 30, 2022 and 2021, respectively. The Company acquired approximately $45.8 million and $14.1 million in treasury stock during the six months ended June 30, 2022 and 2021, respectively. (b) AOCL . AOCL consisted of the following: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Foreign Currency Translation Balance at beginning of period $ (112.7) $ (69.4) $ (95.2) $ (58.6) Other comprehensive loss: Foreign currency translation adjustments (1) (57.8) 6.7 (75.3) (4.1) Balance at end of period $ (170.5) $ (62.7) $ (170.5) $ (62.7) Pensions Balance at beginning of period $ (4.0) $ (6.9) $ (4.0) $ (6.9) Other comprehensive loss: Net change from period revaluations — — — — Balance at end of period $ (4.0) $ (6.9) $ (4.0) $ (6.9) (1) In 2022 and 2021, there were no tax impacts related to foreign currency translation adjustments and no amounts were reclassified to earnings.

Other Items

Other Items	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 Operating lease obligations $ 104.1 $ 101.7 Wages and benefits 79.1 112.2 Advertising 68.8 72.3 Unearned revenue 60.8 51.5 Taxes 17.7 15.0 Other 197.6 205.8 $ 528.1 $ 558.5

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021 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 June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 PRSU expense $ 7.9 $ 9.7 $ 16.2 $ 19.3 Option expense — 0.4 — 0.8 RSU/DSU expense 5.1 5.0 10.7 10.1 Total stock-based compensation expense $ 13.0 $ 15.1 $ 26.9 $ 30.2 The Company grants PRSUs to executive officers and certain members of management. Actual payout under the PRSUs is dependent upon the achievement of certain financial goals. During the first quarter of 2022, the Company granted PRSUs as a component of the long-term incentive plan ("2022 PRSUs"). The Company has recorded stock-based compensation expense related to the 2022 PRSUs during the three and six months ended June 30, 2022, as it was probable that the Company would achieve the specified performance target for the performance period.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 2012 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 liability for the Danish Tax Matter for the years 2012 through 2022 (the "2012 to Current Period") at June 30, 2022 and December 31, 2021 is approximately $48.0 million and $50.1 million, respectively, and is reflected in the Company's Condensed Consolidated Balance Sheet in other non-current liabilities. The deferred tax asset for the U.S. correlative benefit associated with the accrual of Danish tax for the 2012 to Current Period at June 30, 2022 and December 31, 2021 is approximately $17.6 million and $15.5 million, respectively. As of June 30, 2022, the Company had made the following tax deposits with SKAT related to the Danish Tax Matter for the years 2012 through 2015, which are reflected in the Company's Condensed Consolidated Balance Sheet in other non-current assets: (in millions) USD VAT deposits remaining with SKAT $ 1.4 Deposit payments made through December 31, 2021 43.4 Total $ 44.8 No deposit payments were made in the three or six months ended June 30, 2022. 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 six months ended June 30, 2022.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2022
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) 2022 2021 2022 2021 Numerator: Net income from continuing operations, net of income attributable to non-controlling interests $ 90.6 $ 141.1 $ 221.3 $ 271.8 Denominator: Denominator for basic earnings per common share-weighted average shares 174.1 197.0 178.3 200.4 Effect of dilutive securities 4.7 7.1 5.4 4.5 Denominator for diluted earnings per common share-adjusted weighted average shares 178.8 204.1 183.7 204.9 Basic earnings per common share $ 0.52 $ 0.72 $ 1.24 $ 1.36 Diluted earnings per common share $ 0.51 $ 0.69 $ 1.20 $ 1.32

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2022
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 manufacturing and distribution subsidiaries, joint ventures and licensees located in the U.S., Canada and Mexico. The International segment consists of manufacturing and distribution subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America (other than Mexico). On August 2, 2021, the Company acquired Dreams, which is included in the International segment. 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) June 30, 2022 December 31, 2021 North America $ 4,635.8 $ 4,360.6 International 1,159.0 1,305.9 Corporate 642.5 730.9 Inter-segment eliminations (2,032.9) (2,074.0) Total assets $ 4,404.4 $ 4,323.4 The following table summarizes property, plant and equipment, net, by segment: (in millions) June 30, 2022 December 31, 2021 North America $ 562.4 $ 449.9 International 78.5 82.3 Corporate 31.9 51.3 Total property, plant and equipment, net $ 672.8 $ 583.5 The following table summarizes operating lease right-of-use assets by segment: (in millions) June 30, 2022 December 31, 2021 North America $ 339.7 $ 280.6 International 167.3 199.0 Corporate 0.7 1.0 Total operating lease right-of-use assets $ 507.7 $ 480.6 The following table summarizes segment information for the three months ended June 30, 2022: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 964.7 $ 246.3 $ — $ — $ 1,211.0 Inter-segment sales $ 0.4 $ 0.5 $ — $ (0.9) $ — Inter-segment royalty expense (income) 2.4 (2.4) — — — Gross profit 365.8 130.7 — — 496.5 Operating income (loss) 146.1 35.8 (38.0) — 143.9 Income (loss) from continuing operations before income taxes 144.8 34.7 (60.0) — 119.5 Depreciation and amortization (1) $ 23.5 $ 5.9 $ 14.6 $ — $ 44.0 Capital expenditures 61.9 6.8 1.2 — 69.9 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the three months ended June 30, 2021: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,013.8 $ 155.3 $ — $ — $ 1,169.1 Inter-segment sales $ 0.5 $ 0.1 $ — $ (0.6) $ — Inter-segment royalty expense (income) 2.3 (2.3) — — — Gross profit 425.4 92.8 — — 518.2 Operating income (loss) 217.4 43.4 (37.5) — 223.3 Income (loss) from continuing operations before income taxes 216.8 42.8 (74.2) — 185.4 Depreciation and amortization (1) $ 21.7 $ 3.5 $ 16.9 $ — $ 42.1 Capital expenditures 22.3 2.6 4.2 — 29.1 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2022: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,896.1 $ 554.4 $ — $ — $ 2,450.5 Inter-segment sales $ 0.9 $ 0.7 $ — $ (1.6) $ — Inter-segment royalty expense (income) 9.4 (9.4) — — — Gross profit 718.2 301.1 — — 1,019.3 Operating income (loss) 301.5 102.6 (71.6) — 332.5 Income (loss) from continuing operations before income taxes 300.6 101.1 (113.2) — 288.5 Depreciation and amortization (1) $ 46.2 $ 11.9 $ 30.1 $ — $ 88.2 Capital expenditures 112.9 14.6 2.7 — 130.2 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2021: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,897.1 $ 315.8 $ — $ — $ 2,212.9 Inter-segment sales $ 1.2 $ 0.3 $ — $ (1.5) $ — Inter-segment royalty expense (income) 4.4 (4.4) — — — Gross profit 789.3 187.8 — — 977.1 Operating income (loss) 390.8 89.6 (68.7) — 411.7 Income (loss) from continuing operations before income taxes 389.3 88.9 (121.4) — 356.8 Depreciation and amortization (1) $ 42.7 $ 7.1 $ 33.9 $ — $ 83.7 Capital expenditures 41.1 4.6 6.9 — 52.6 (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, 2022 December 31, 2021 United States $ 573.5 $ 481.1 All Other 99.3 102.4 Total property, plant and equipment, net $ 672.8 $ 583.5 The following table summarizes operating lease right-of-use assets by geographic region: (in millions) June 30, 2022 December 31, 2021 United States $ 331.8 $ 278.3 United Kingdom 135.4 162.8 All Other 40.5 39.5 Total operating lease right-of-use assets $ 507.7 $ 480.6 The following table summarizes net sales by geographic region: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 United States $ 890.3 $ 946.3 $ 1,754.6 $ 1,764.8 All Other 320.7 222.8 695.9 448.1 Total net sales $ 1,211.0 $ 1,169.1 $ 2,450.5 $ 2,212.9

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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 Asia-Pacific joint ventures to develop markets for Sealy® and Stearns & Foster® branded products and ownership in a United Kingdom joint venture to manufacture, market, and distribute Sealy® and Stearns & Foster® branded products. The Company's ownership interests in each of 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. 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, 2021, included in the 2021 Annual Report filed with the Securities and Exchange Commission on February 22, 2022. 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
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. As of June 30, 2022, 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. 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. The allowance for credit losses is included in accounts receivable, net in the accompanying Condensed Consolidated Balance Sheets.
Fair Value	Fair Value. 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 Level 2 inputs, which include observable inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of debt instruments.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
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) 2022 2021 Finished goods $ 411.9 $ 297.8 Work-in-process 22.4 11.4 Raw materials and supplies 184.8 154.7 $ 619.1 $ 463.9
Summary of Warranty Activity	The Company had the following activity for its accrued warranty expense from December 31, 2021 to June 30, 2022: (in millions) Balance as of December 31, 2021 $ 43.9 Amounts accrued 10.2 Warranties charged to accrual (9.7) Balance as of June 30, 2022 $ 44.4
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, 2021 to June 30, 2022: (in millions) Balance as of December 31, 2021 $ 62.1 Amounts accrued 3.8 Write-offs charged against the allowance (3.6) Balance as of June 30, 2022 $ 62.3
Schedule of Long Term Debt	The fair values of these material financial instruments are as follows: Fair Value (in millions) June 30, 2022 December 31, 2021 2029 Senior Notes $ 643.8 $ 816.9 2031 Senior Notes $ 601.7 $ 803.7

Net Sales (Tables)

Net Sales (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and 2021: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 847.8 $ 91.3 $ 939.1 $ 890.8 $ 114.6 $ 1,005.4 Direct 116.9 155.0 271.9 123.0 40.7 163.7 Net sales $ 964.7 $ 246.3 $ 1,211.0 $ 1,013.8 $ 155.3 $ 1,169.1 North America International Consolidated North America International Consolidated Product Bedding $ 909.1 $ 205.1 $ 1,114.2 $ 962.5 $ 118.9 $ 1,081.4 Other 55.6 41.2 96.8 51.3 36.4 87.7 Net sales $ 964.7 $ 246.3 $ 1,211.0 $ 1,013.8 $ 155.3 $ 1,169.1 North America International Consolidated North America International Consolidated Geographical region United States $ 890.3 $ — $ 890.3 $ 946.3 $ — $ 946.3 All Other 74.4 246.3 320.7 67.5 155.3 222.8 Net sales $ 964.7 $ 246.3 $ 1,211.0 $ 1,013.8 $ 155.3 $ 1,169.1 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 six months ended June 30, 2022 and 2021: Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 1,659.1 $ 204.1 $ 1,863.2 $ 1,656.3 $ 230.5 $ 1,886.8 Direct 237.0 350.3 587.3 240.8 85.3 326.1 Net sales $ 1,896.1 $ 554.4 $ 2,450.5 $ 1,897.1 $ 315.8 $ 2,212.9 North America International Consolidated North America International Consolidated Product Bedding $ 1,774.0 $ 461.6 $ 2,235.6 $ 1,792.8 $ 240.6 $ 2,033.4 Other 122.1 92.8 214.9 104.3 75.2 179.5 Net sales $ 1,896.1 $ 554.4 $ 2,450.5 $ 1,897.1 $ 315.8 $ 2,212.9 North America International Consolidated North America International Consolidated Geographical region United States $ 1,754.6 $ — $ 1,754.6 $ 1,764.8 $ — $ 1,764.8 All Other 141.5 554.4 695.9 132.3 315.8 448.1 Net sales $ 1,896.1 $ 554.4 $ 2,450.5 $ 1,897.1 $ 315.8 $ 2,212.9

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary allocation of the purchase price is based on the fair values of the assets acquired and liabilities assumed as of August 2, 2021. The Company continues to obtain information to determine the fair value of acquired assets and liabilities. The components of the preliminary purchase price allocation are as follows: (in millions) Accounts receivable, net $ 3.5 Inventory 51.2 Property, plant and equipment 33.9 Goodwill 357.1 Indefinite-lived intangible asset 141.9 Operating lease right-of-use assets 158.2 Other current and non-current assets 4.4 Accounts payable (55.2) Accrued expenses and other current liabilities (69.7) Operating lease liabilities (165.1) Debt (6.1) Other liabilities (26.9) Purchase price, net of cash acquired $ 427.2

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2021 $ 611.5 $ 495.9 $ 1,107.4 Foreign currency translation and other (1.1) (39.7) (40.8) Balance as of June 30, 2022 $ 610.4 $ 456.2 $ 1,066.6

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	Debt for the Company consists of the following: June 30, 2022 December 31, 2021 (in millions, except percentages) Amount Rate Amount Rate Maturity Date 2019 Credit Agreement: Term A Facility $ 656.9 (1) $ 675.0 (2) October 16, 2024 Revolver 429.0 (1) — (2) October 16, 2024 2031 Senior Notes 800.0 3.875% 800.0 3.875% October 15, 2031 2029 Senior Notes 800.0 4.000% 800.0 4.000% April 15, 2029 Securitized debt 131.3 (3) — N/A April 6, 2023 Finance lease obligations (4) 81.1 75.2 Various Other 6.8 3.0 Various Total debt 2,905.1 2,353.2 Less: Deferred financing costs 22.5 21.7 Total debt, net 2,882.6 2,331.5 Less: Current portion 65.6 53.0 Total long-term debt, net $ 2,817.0 $ 2,278.5 (1) Interest at LIBOR plus applicable margin of 1.250% as of June 30, 2022. (2) Interest at LIBOR plus applicable margin of 1.250% as of December 31, 2021. (3) Interest at one month LIBOR index plus 70 basis points. (4) New finance lease obligations are a non-cash financing activity.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
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) 2022 2021 2022 2021 Foreign Currency Translation Balance at beginning of period $ (112.7) $ (69.4) $ (95.2) $ (58.6) Other comprehensive loss: Foreign currency translation adjustments (1) (57.8) 6.7 (75.3) (4.1) Balance at end of period $ (170.5) $ (62.7) $ (170.5) $ (62.7) Pensions Balance at beginning of period $ (4.0) $ (6.9) $ (4.0) $ (6.9) Other comprehensive loss: Net change from period revaluations — — — — Balance at end of period $ (4.0) $ (6.9) $ (4.0) $ (6.9) (1) In 2022 and 2021, there were no tax impacts related to foreign currency translation adjustments and no amounts were reclassified to earnings.

Other Items (Tables)

Other Items (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 Operating lease obligations $ 104.1 $ 101.7 Wages and benefits 79.1 112.2 Advertising 68.8 72.3 Unearned revenue 60.8 51.5 Taxes 17.7 15.0 Other 197.6 205.8 $ 528.1 $ 558.5

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
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) 2022 2021 2022 2021 PRSU expense $ 7.9 $ 9.7 $ 16.2 $ 19.3 Option expense — 0.4 — 0.8 RSU/DSU expense 5.1 5.0 10.7 10.1 Total stock-based compensation expense $ 13.0 $ 15.1 $ 26.9 $ 30.2

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Summary of Income Tax Examinations	As of June 30, 2022, the Company had made the following tax deposits with SKAT related to the Danish Tax Matter for the years 2012 through 2015, which are reflected in the Company's Condensed Consolidated Balance Sheet in other non-current assets: (in millions) USD VAT deposits remaining with SKAT $ 1.4 Deposit payments made through December 31, 2021 43.4 Total $ 44.8

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended June 30, June 30, (in millions, except per common share amounts) 2022 2021 2022 2021 Numerator: Net income from continuing operations, net of income attributable to non-controlling interests $ 90.6 $ 141.1 $ 221.3 $ 271.8 Denominator: Denominator for basic earnings per common share-weighted average shares 174.1 197.0 178.3 200.4 Effect of dilutive securities 4.7 7.1 5.4 4.5 Denominator for diluted earnings per common share-adjusted weighted average shares 178.8 204.1 183.7 204.9 Basic earnings per common share $ 0.52 $ 0.72 $ 1.24 $ 1.36 Diluted earnings per common share $ 0.51 $ 0.69 $ 1.20 $ 1.32

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Total Assets and Long-Lived Assets by Segment	The following table summarizes total assets by segment: (in millions) June 30, 2022 December 31, 2021 North America $ 4,635.8 $ 4,360.6 International 1,159.0 1,305.9 Corporate 642.5 730.9 Inter-segment eliminations (2,032.9) (2,074.0) Total assets $ 4,404.4 $ 4,323.4 The following table summarizes property, plant and equipment, net, by segment: (in millions) June 30, 2022 December 31, 2021 North America $ 562.4 $ 449.9 International 78.5 82.3 Corporate 31.9 51.3 Total property, plant and equipment, net $ 672.8 $ 583.5 The following table summarizes operating lease right-of-use assets by segment: (in millions) June 30, 2022 December 31, 2021 North America $ 339.7 $ 280.6 International 167.3 199.0 Corporate 0.7 1.0 Total operating lease right-of-use assets $ 507.7 $ 480.6
Segment Financial Information	The following table summarizes segment information for the three months ended June 30, 2022: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 964.7 $ 246.3 $ — $ — $ 1,211.0 Inter-segment sales $ 0.4 $ 0.5 $ — $ (0.9) $ — Inter-segment royalty expense (income) 2.4 (2.4) — — — Gross profit 365.8 130.7 — — 496.5 Operating income (loss) 146.1 35.8 (38.0) — 143.9 Income (loss) from continuing operations before income taxes 144.8 34.7 (60.0) — 119.5 Depreciation and amortization (1) $ 23.5 $ 5.9 $ 14.6 $ — $ 44.0 Capital expenditures 61.9 6.8 1.2 — 69.9 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the three months ended June 30, 2021: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,013.8 $ 155.3 $ — $ — $ 1,169.1 Inter-segment sales $ 0.5 $ 0.1 $ — $ (0.6) $ — Inter-segment royalty expense (income) 2.3 (2.3) — — — Gross profit 425.4 92.8 — — 518.2 Operating income (loss) 217.4 43.4 (37.5) — 223.3 Income (loss) from continuing operations before income taxes 216.8 42.8 (74.2) — 185.4 Depreciation and amortization (1) $ 21.7 $ 3.5 $ 16.9 $ — $ 42.1 Capital expenditures 22.3 2.6 4.2 — 29.1 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2022: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,896.1 $ 554.4 $ — $ — $ 2,450.5 Inter-segment sales $ 0.9 $ 0.7 $ — $ (1.6) $ — Inter-segment royalty expense (income) 9.4 (9.4) — — — Gross profit 718.2 301.1 — — 1,019.3 Operating income (loss) 301.5 102.6 (71.6) — 332.5 Income (loss) from continuing operations before income taxes 300.6 101.1 (113.2) — 288.5 Depreciation and amortization (1) $ 46.2 $ 11.9 $ 30.1 $ — $ 88.2 Capital expenditures 112.9 14.6 2.7 — 130.2 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2021: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,897.1 $ 315.8 $ — $ — $ 2,212.9 Inter-segment sales $ 1.2 $ 0.3 $ — $ (1.5) $ — Inter-segment royalty expense (income) 4.4 (4.4) — — — Gross profit 789.3 187.8 — — 977.1 Operating income (loss) 390.8 89.6 (68.7) — 411.7 Income (loss) from continuing operations before income taxes 389.3 88.9 (121.4) — 356.8 Depreciation and amortization (1) $ 42.7 $ 7.1 $ 33.9 $ — $ 83.7 Capital expenditures 41.1 4.6 6.9 — 52.6 (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, 2022 December 31, 2021 United States $ 573.5 $ 481.1 All Other 99.3 102.4 Total property, plant and equipment, net $ 672.8 $ 583.5 The following table summarizes operating lease right-of-use assets by geographic region: (in millions) June 30, 2022 December 31, 2021 United States $ 331.8 $ 278.3 United Kingdom 135.4 162.8 All Other 40.5 39.5 Total operating lease right-of-use assets $ 507.7 $ 480.6
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) 2022 2021 2022 2021 United States $ 890.3 $ 946.3 $ 1,754.6 $ 1,764.8 All Other 320.7 222.8 695.9 448.1 Total net sales $ 1,211.0 $ 1,169.1 $ 2,450.5 $ 2,212.9

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) channel	Dec. 31, 2021 USD ($)
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Number of products sales channels | channel	2
Asia Pacific Joint Ventures
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Ownership percentage	50%
United Kingdom Joint Venture
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Ownership percentage	50%
Accrued Expenses And Other Current Liabilities
Warranty Term [Abstract]
Accrued warranty expense	$ 19.8	$ 20.2
Other Noncurrent Liabilities
Warranty Term [Abstract]
Accrued warranty expense	$ 24.6	$ 23.7
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, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Finished goods	$ 411.9	$ 297.8
Work-in-process	22.4	11.4
Raw materials and supplies	184.8	154.7
Total	$ 619.1	$ 463.9

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Warranty Activity (Details) - Warranty Reserves $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 43.9
Amounts accrued	10.2
Warranties charged to accrual	(9.7)
Ending balance	$ 44.4

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 62.1
Amounts accrued	3.8	$ 2.9
Write-offs charged against the allowance	(3.6)
Ending balance	$ 62.3

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
2029 Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 643.8	$ 816.9
2031 Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 601.7	$ 803.7

Net Sales - Sales (Details)

Net Sales - Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 1,211	$ 1,169.1	$ 2,450.5	$ 2,212.9
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	1,211	1,169.1	2,450.5	2,212.9
Operating Segments | United States
Disaggregation of Revenue [Line Items]
Net sales	890.3	946.3	1,754.6	1,764.8
Operating Segments | All Other
Disaggregation of Revenue [Line Items]
Net sales	320.7		695.9	448.1
Operating Segments | Bedding
Disaggregation of Revenue [Line Items]
Net sales	1,114.2	1,081.4	2,235.6	2,033.4
Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales	96.8	87.7	214.9	179.5
Operating Segments | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	939.1	1,005.4	1,863.2	1,886.8
Operating Segments | Direct
Disaggregation of Revenue [Line Items]
Net sales	271.9	163.7	587.3	326.1
Operating Segments | North America
Disaggregation of Revenue [Line Items]
Net sales	964.7	1,013.8	1,896.1	1,897.1
Operating Segments | North America | United States
Disaggregation of Revenue [Line Items]
Net sales	890.3	946.3
Operating Segments | North America | All Other
Disaggregation of Revenue [Line Items]
Net sales	74.4	67.5	141.5	132.3
Operating Segments | North America | Bedding
Disaggregation of Revenue [Line Items]
Net sales	909.1	962.5	1,774	1,792.8
Operating Segments | North America | Other
Disaggregation of Revenue [Line Items]
Net sales	55.6	51.3	122.1	104.3
Operating Segments | North America | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	847.8	890.8	1,659.1	1,656.3
Operating Segments | North America | Direct
Disaggregation of Revenue [Line Items]
Net sales	116.9	123	237	240.8
Operating Segments | International
Disaggregation of Revenue [Line Items]
Net sales	246.3	155.3	554.4	315.8
Operating Segments | International | United States
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Operating Segments | International | All Other
Disaggregation of Revenue [Line Items]
Net sales	246.3	155.3	554.4	315.8
Operating Segments | International | Bedding
Disaggregation of Revenue [Line Items]
Net sales	205.1	118.9	461.6	240.6
Operating Segments | International | Other
Disaggregation of Revenue [Line Items]
Net sales	41.2	36.4	92.8	75.2
Operating Segments | International | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	91.3	114.6	204.1	230.5
Operating Segments | International | Direct
Disaggregation of Revenue [Line Items]
Net sales	$ 155	$ 40.7	$ 350.3	$ 85.3

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - Dreams $ in Millions	Aug. 02, 2021 USD ($) retailLocation
Business Acquisition [Line Items]
Consideration transferred	$ 476.7
Cash and equivalents	$ 49.5
Number of retail locations | retailLocation	200

Acquisitions (Price Purchase Al

Acquisitions (Price Purchase Allocation) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Aug. 02, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,066.6	$ 1,107.4
Dreams
Business Acquisition [Line Items]
Accounts receivable, net			$ 3.5
Inventory			51.2
Property, plant and equipment			33.9
Goodwill			357.1
Indefinite-lived intangible asset			141.9
Operating lease right-of-use assets			158.2
Other current and non-current assets			4.4
Accounts payable			(55.2)
Accrued expenses and other current liabilities			(69.7)
Operating lease liabilities			(165.1)
Debt			(6.1)
Other liabilities			(26.9)
Purchase price, net of cash acquired			$ 427.2

Goodwill (Details)

Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,107.4
Foreign currency translation and other	(40.8)
Ending balance	1,066.6
North America
Goodwill [Roll Forward]
Beginning balance	611.5
Foreign currency translation and other	(1.1)
Ending balance	610.4
International
Goodwill [Roll Forward]
Beginning balance	495.9
Foreign currency translation and other	(39.7)
Ending balance	$ 456.2

Debt - Schedule of Borrowings O

Debt - Schedule of Borrowings Outstanding (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Long-term Debt, Current and Noncurrent [Abstract]
Finance lease obligations	$ 81.1	$ 75.2
Total debt	2,905.1	2,353.2
Less: Deferred financing costs	22.5	21.7
Total debt, net	2,882.6	2,331.5
Less: Current portion	65.6	53
Total long-term debt, net	2,817	2,278.5
Securitized debt
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 131.3	0
Securitized debt | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Abstract]
Index rate or LIBOR plus (as a percent)	0.70%
Other
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 6.8	3
2019 Credit Agreement | Revolving Credit Facility
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 429	$ 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%
2019 Credit Agreement | Term A Facility
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 656.9	$ 675
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%
2031 Senior Notes | Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 800	$ 800
Line of Credit Facility [Abstract]
Stated percentage	3.875%	3.875%
2029 Senior Notes | Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 800	$ 800
Line of Credit Facility [Abstract]
Stated percentage	4%	4%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	Jul. 30, 2021	Jun. 30, 2022	May 26, 2021	Apr. 06, 2021	Feb. 02, 2021	Oct. 16, 2019	Apr. 12, 2017
2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Long-term line of credit		$ 429
Remaining borrowing capacity		295.3
Accounts Receivable Securitization | Securitized debt
Debt Instrument [Line Items]
Line of credit borrowing				$ 200			$ 120
Proceeds from lines of credit		131.3
Revolving Credit Facility | 2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing					$ 725	$ 425
Term Loan Facility | 2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing						425
Incremental Facility | 2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing						550
Letter of Credit | 2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing						$ 60
Proceeds from lines of credit		$ 0.7
Delayed Draw Term Loan | 2019 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing			$ 300
Proceeds from lines of credit	$ 300

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Treasury stock, acquired (in shares)	4.4	1.6	16.6	10
Payments for repurchase of common stock	$ 117	$ 61.6	$ 566.2	$ 361.4
Value of treasury stock acquired	117	61.6	566.2	361.4
Performance-based Restricted Stock Units
Accumulated Other Comprehensive Income (Loss) [Line Items]
Value of treasury stock acquired	0.2	$ 0.8	45.8	$ 14.1
February 2016 Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Remaining shares under share repurchase authorization	$ 834.5		$ 834.5

Stockholders' Equity - AOCL (De

Stockholders' Equity - AOCL (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ (100,700,000)	$ 318,300,000	$ 285,800,000	$ 504,600,000
Foreign currency translation adjustments	(57,800,000)	6,700,000	(75,300,000)	(4,100,000)
Balance at end of period	(189,900,000)	401,600,000	(189,900,000)	401,600,000
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(112,700,000)	(69,400,000)	(95,200,000)	(58,600,000)
Balance at end of period	(170,500,000)	(62,700,000)	(170,500,000)	(62,700,000)
Tax expense			0	0
Net amount reclassified to earnings			0	0
Pensions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(4,000,000)	(6,900,000)	(4,000,000)	(6,900,000)
Net change from period revaluations	0	0	0	0
Balance at end of period	$ (4,000,000)	$ (6,900,000)	$ (4,000,000)	$ (6,900,000)

Other Items (Details)

Other Items (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Operating lease obligations	$ 104,100	$ 101,700
Wages and benefits	79,100	112,200
Advertising	68,800	72,300
Unearned revenue	60,800	51,500
Taxes	17,700	15,000
Other	197,600	205,800
Total accrued liabilities	$ 528,100	$ 558,500

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 13	$ 15.1	$ 26.9	$ 30.2
PRSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	7.9	9.7	16.2	19.3
Option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	0.4	0	0.8
RSU/DSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 5.1	$ 5	$ 10.7	$ 10.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Examination [Line Items]
Effective income tax provision (as a percent)	23.70%	24.10%	23%	23.90%
Tax liability	$ 48		$ 48		$ 50.1
Tax deposit	44.8		44.8
Payments Made During Three-Month Period March 2022
Income Tax Examination [Line Items]
Tax deposit	0		0
Danish Tax Authority (SKAT) | Foreign Tax Authority | Tax Years Post 2011
Income Tax Examination [Line Items]
Deferred tax assets	$ 17.6		$ 17.6		$ 15.5

Income Taxes - Income Tax Exami

Income Taxes - Income Tax Examination (Details) $ in Millions	Jun. 30, 2022 USD ($)
Income Tax Examination [Line Items]
Tax deposit	$ 44.8
VAT deposits remaining with SKAT
Income Tax Examination [Line Items]
Tax deposit	1.4
Deposit payments made through December 31, 2021
Income Tax Examination [Line Items]
Tax deposit	$ 43.4

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income from continuing operations, net of income attributable to non-controlling interests	$ 90.6	$ 141.1	$ 221.3	$ 271.8
Denominator:
Denominator for basic earnings per common share-weighted average shares (in shares)	174.1	197	178.3	200.4
Effect of dilutive securities (in shares)	4.7	7.1	5.4	4.5
Denominator for diluted earnings per common share-adjusted weighted average shares (in shares)	178.8	204.1	183.7	204.9
Basic earnings per common share (in dollars per share)	$ 0.52	$ 0.72	$ 1.24	$ 1.36
Diluted earnings per common share (in dollars per share)	$ 0.51	$ 0.69	$ 1.20	$ 1.32
Shares excluded from diluted earnings per common share computation as anti-dilutive (in shares)	0.4		0.4

Business Segment Information (D

Business Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of business segments | segment			2
Segment information [Abstract]
Total assets	$ 4,404.4		$ 4,404.4		$ 4,323.4
Total property, plant and equipment, net	672.8		672.8		583.5
Operating lease assets	507.7		507.7		480.6
Net sales	1,211	$ 1,169.1	2,450.5	$ 2,212.9
Gross profit	496.5	518.2	1,019.3	977.1
Operating income (loss)	143.9	223.3	332.5	411.7
Income (loss) from continuing operations before income taxes	119.5	185.4	288.5	356.8
Depreciation and amortization	44	42.1	88.2	83.7
Capital expenditures	69.9	29.1	130.2	52.6
United States
Segment information [Abstract]
Total property, plant and equipment, net	573.5		573.5		481.1
Operating lease assets	331.8		331.8		278.3
All Other
Segment information [Abstract]
Total property, plant and equipment, net	99.3		99.3		102.4
United Kingdom
Segment information [Abstract]
Operating lease assets	135.4		135.4		162.8
All Other
Segment information [Abstract]
Operating lease assets	40.5		40.5		39.5
Operating Segments
Segment information [Abstract]
Total property, plant and equipment, net	672.8		672.8		583.5
Net sales	1,211	1,169.1	2,450.5	2,212.9
Operating Segments | United States
Segment information [Abstract]
Net sales	890.3	946.3	1,754.6	1,764.8
Operating Segments | All Other
Segment information [Abstract]
Net sales	320.7		695.9	448.1
Operating Segments | All Other
Segment information [Abstract]
Net sales	320.7	222.8
Operating Segments | North America
Segment information [Abstract]
Total assets	4,635.8		4,635.8		4,360.6
Total property, plant and equipment, net	562.4		562.4		449.9
Operating lease assets	339.7		339.7		280.6
Net sales	964.7	1,013.8	1,896.1	1,897.1
Gross profit	365.8	425.4	718.2	789.3
Operating income (loss)	146.1	217.4	301.5	390.8
Income (loss) from continuing operations before income taxes	144.8	216.8	300.6	389.3
Depreciation and amortization	23.5	21.7	46.2	42.7
Capital expenditures	61.9	22.3	112.9	41.1
Operating Segments | North America | United States
Segment information [Abstract]
Net sales	890.3	946.3
Operating Segments | North America | All Other
Segment information [Abstract]
Net sales	74.4	67.5	141.5	132.3
Operating Segments | International
Segment information [Abstract]
Total assets	1,159		1,159		1,305.9
Total property, plant and equipment, net	78.5		78.5		82.3
Operating lease assets	167.3		167.3		199
Net sales	246.3	155.3	554.4	315.8
Gross profit	130.7	92.8	301.1	187.8
Operating income (loss)	35.8	43.4	102.6	89.6
Income (loss) from continuing operations before income taxes	34.7	42.8	101.1	88.9
Depreciation and amortization	5.9	3.5	11.9	7.1
Capital expenditures	6.8	2.6	14.6	4.6
Operating Segments | International | United States
Segment information [Abstract]
Net sales	0	0	0	0
Operating Segments | International | All Other
Segment information [Abstract]
Net sales	246.3	155.3	554.4	315.8
Corporate
Segment information [Abstract]
Total assets	642.5		642.5		730.9
Total property, plant and equipment, net	31.9		31.9		51.3
Operating lease assets	0.7		0.7		1
Operating income (loss)	(38)	(37.5)	(71.6)	(68.7)
Income (loss) from continuing operations before income taxes	(60)	(74.2)	(113.2)	(121.4)
Depreciation and amortization	14.6	16.9	30.1	33.9
Capital expenditures	1.2	4.2	2.7	6.9
Inter-segment eliminations
Segment information [Abstract]
Total assets	(2,032.9)		(2,032.9)		$ (2,074)
Net sales	(0.9)	(0.6)	(1.6)	(1.5)
Inter-segment eliminations | North America
Segment information [Abstract]
Net sales	0.4	0.5	0.9	1.2
Inter-segment royalty expense (income)	2.4	2.3	9.4	4.4
Inter-segment eliminations | International
Segment information [Abstract]
Net sales	0.5	0.1	0.7	0.3
Inter-segment royalty expense (income)	$ (2.4)	$ (2.3)	$ (9.4)	$ (4.4)