Tempur Sealy International (TPX) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		173,649,328
Entity Central Index Key	0001206264
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,233.6	$ 1,269.7	$ 2,423	$ 2,477.8
Cost of sales	679.4	727.4	1,356.2	1,435.6
Gross profit	554.2	542.3	1,066.8	1,042.2
Selling and marketing expenses	276.2	270.2	541.2	526.9
General, administrative and other expenses	107.8	117.5	228.8	222
Equity income in earnings of unconsolidated affiliates	(3.1)	(4.2)	(8)	(8.8)
Operating income	173.3	158.8	304.8	302.1
Other expense, net:
Interest expense, net	33.4	33.6	67.7	66.4
Other income, net	(0.6)	(0.2)	(0.9)	(0.1)
Total other expense, net	32.8	33.4	66.8	66.3
Income before income taxes	140.5	125.4	238	235.8
Income tax provision	(34)	(32.2)	(54.7)	(56.7)
Net income before non-controlling interest	106.5	93.2	183.3	179.1
Less: Net income attributable to non-controlling interest	0.4	0.8	0.9	1.4
Net income attributable to Tempur Sealy International, Inc.	$ 106.1	$ 92.4	$ 182.4	$ 177.7
Earnings per common share:
Basic (in dollars per share)	$ 0.61	$ 0.54	$ 1.05	$ 1.03
Diluted (in dollars per share)	$ 0.60	$ 0.52	$ 1.02	$ 1.01
Weighted average common shares outstanding:
Basic (in shares)	173.7	172.1	173.6	172.1
Diluted (in shares)	178	176.8	178	176.8

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income before non-controlling interest	$ 106.5	$ 93.2	$ 183.3	$ 179.1
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(7.5)	17.2	(23)	32.1
Pension benefits loss, net of tax	0	0	(0.3)	0
Other comprehensive (loss) income, net of tax	(7.5)	17.2	(23.3)	32.1
Comprehensive income	99	110.4	160	211.2
Less: Comprehensive income attributable to non-controlling interest	0.4	0.8	0.9	1.4
Comprehensive income attributable to Tempur Sealy International, Inc.	$ 98.6	$ 109.6	$ 159.1	$ 209.8

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 95.8	$ 74.9
Accounts receivable, net	474	431.4
Inventories	507.4	483.1
Prepaid expenses and other current assets	84.5	113.8
Total Current Assets	1,161.7	1,103.2
Property, plant and equipment, net	867.6	878.3
Goodwill	1,076	1,083.3
Other intangible assets, net	708.2	714.8
Operating lease right-of-use assets	618.5	636.5
Deferred income taxes	14.5	15.6
Other non-current assets	131.5	122.2
Total Assets	4,578	4,553.9
Current Liabilities:
Accounts payable	353.3	311.3
Accrued expenses and other current liabilities	415.2	427.1
Short-term operating lease obligations	125.8	119.6
Current portion of long-term debt	48.4	44.9
Income taxes payable	15.1	5.3
Total Current Liabilities	957.8	908.2
Long-term debt, net	2,438.1	2,527
Long-term operating lease obligations	552.9	574.8
Deferred income taxes	127.1	127.9
Other non-current liabilities	81.4	82.6
Total Liabilities	4,157.3	4,220.5
Redeemable non-controlling interest	8.9	10
Total Stockholders' Equity	411.8	323.4
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity	$ 4,578	$ 4,553.9

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
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2022	$ 9.8
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	1.4
Dividend paid to non-controlling interest in subsidiary	(1.8)
Redeemable noncontrolling interest, ending balance at Jun. 30, 2023	9.4
Balance at beginning of period (in shares) at Dec. 31, 2022		283.8
Balance at beginning of period at Dec. 31, 2022	(22.1)	$ 2.8	$ (3,434.7)	$ 598.2	$ 2,988.5	$ (176.9)
Balance at beginning of period (in shares) at Dec. 31, 2022			113.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	177.7				177.7
Foreign currency adjustments, net of tax	32.1					32.1
Dividends declared on common stock	(38.7)				(38.7)
Exercise of stock options (in shares)			(0.1)
Exercise of stock options	0.8		$ 1.5	(0.7)
Issuances of PRSUs and RSUs (in shares)			(2.7)
Issuances of PRSUs and RSUs	0		$ 85	(85)
Treasury stock repurchased (in shares)			0.1
Treasury stock repurchased	(5)		$ (5)
Treasury stock repurchased - PRSU/RSU releases (in shares)			0.9
Treasury stock repurchased - PRSU/RSU releases	(30.9)		$ (30.9)
Amortization of unearned stock-based compensation	24.2			24.2
Balance at end of period (in shares) at Jun. 30, 2023		283.8
Balance at end of period at Jun. 30, 2023	138.1	$ 2.8	$ (3,384.1)	536.7	3,127.5	(144.8)
Balance at ending of period (in shares) at Jun. 30, 2023			111.6
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2023	8.9
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	0.8
Dividend paid to non-controlling interest in subsidiary	(0.3)
Redeemable noncontrolling interest, ending balance at Jun. 30, 2023	9.4
Balance at beginning of period (in shares) at Mar. 31, 2023		283.8
Balance at beginning of period at Mar. 31, 2023	34.7	$ 2.8	$ (3,386.3)	525.7	3,054.5	(162)
Balance at beginning of period (in shares) at Mar. 31, 2023			111.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	92.4				92.4
Foreign currency adjustments, net of tax	17.2					17.2
Dividends declared on common stock	(19.4)				(19.4)
Issuances of PRSUs and RSUs (in shares)			(0.1)
Issuances of PRSUs and RSUs	0		$ 2.4	(2.4)
Treasury stock repurchased - PRSU/RSU releases	(0.2)		(0.2)
Amortization of unearned stock-based compensation	13.4			13.4
Balance at end of period (in shares) at Jun. 30, 2023		283.8
Balance at end of period at Jun. 30, 2023	138.1	$ 2.8	$ (3,384.1)	536.7	3,127.5	(144.8)
Balance at ending of period (in shares) at Jun. 30, 2023			111.6
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2023	10
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	0.9
Dividend paid to non-controlling interest in subsidiary	(2)
Redeemable noncontrolling interest, ending balance at Jun. 30, 2024	8.9
Balance at beginning of period (in shares) at Dec. 31, 2023		283.8
Balance at beginning of period at Dec. 31, 2023	323.4	$ 2.8	$ (3,380.6)	558.7	3,279.2	(136.7)
Balance at beginning of period (in shares) at Dec. 31, 2023			111.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	182.4				182.4
Adjustment to Pension Liability, net of tax	(0.3)					(0.3)
Foreign currency adjustments, net of tax	(23)					(23)
Dividends declared on common stock	(45.9)				(45.9)
Exercise of stock options	0.3		$ 1.4	(1.1)
Issuances of PRSUs and RSUs (in shares)			(2.2)
Issuances of PRSUs and RSUs	0		$ 92	(92)
Treasury stock repurchased - PRSU/RSU releases (in shares)			0.9
Treasury stock repurchased - PRSU/RSU releases	(43.8)		$ (43.8)
Amortization of unearned stock-based compensation	18.7			18.7
Balance at end of period (in shares) at Jun. 30, 2024		283.8
Balance at end of period at Jun. 30, 2024	411.8	$ 2.8	$ (3,331)	484.3	3,415.7	(160)
Balance at ending of period (in shares) at Jun. 30, 2024			110.2
Redeemable noncontrolling interest, beginning balance at Mar. 31, 2024	8.8
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	0.4
Dividend paid to non-controlling interest in subsidiary	(0.3)
Redeemable noncontrolling interest, ending balance at Jun. 30, 2024	8.9
Balance at beginning of period (in shares) at Mar. 31, 2024		283.8
Balance at beginning of period at Mar. 31, 2024	326.6	$ 2.8	$ (3,332.6)	476.4	3,332.5	(152.5)
Balance at beginning of period (in shares) at Mar. 31, 2024			110.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	106.1				106.1
Foreign currency adjustments, net of tax	(7.5)					(7.5)
Dividends declared on common stock	(22.9)				(22.9)
Exercise of stock options	0		$ 0.1	(0.1)
Issuances of PRSUs and RSUs	0		1.5	(1.5)
Amortization of unearned stock-based compensation	9.5			9.5
Balance at end of period (in shares) at Jun. 30, 2024		283.8
Balance at end of period at Jun. 30, 2024	$ 411.8	$ 2.8	$ (3,331)	$ 484.3	$ 3,415.7	$ (160)
Balance at ending of period (in shares) at Jun. 30, 2024			110.2

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in usd per share)	$ 0.13	$ 0.11	$ 0.26	$ 0.22

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income before non-controlling interest	$ 183.3	$ 179.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79.7	66.4
Amortization of stock-based compensation	18.7	24.2
Amortization of deferred financing costs	1.9	1.9
Bad debt expense	4	4.2
Deferred income taxes	0.2	0.8
Dividends received from unconsolidated affiliates	6	3.4
Equity income in earnings of unconsolidated affiliates	(8)	(8.8)
Foreign currency adjustments and other	0.5	(1.1)
Changes in operating assets and liabilities	(5.5)	(19.6)
Net cash provided by operating activities	280.8	250.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(60)	(112.7)
Other	0.3	0.4
Net cash used in investing activities	(59.7)	(112.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under long-term debt obligations	869	1,005.7
Repayments of borrowings under long-term debt obligations	(962.7)	(1,033.3)
Proceeds from exercise of stock options	0.3	0.8
Treasury stock repurchased	(43.8)	(35.9)
Dividends paid	(47.5)	(39.8)
Repayments of finance lease obligations and other	(10.3)	(8.9)
Net cash used in financing activities	(195)	(111.4)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(5.2)	5.6
Increase in cash and cash equivalents	20.9	32.4
CASH AND CASH EQUIVALENTS, beginning of period	74.9	69.4
CASH AND CASH EQUIVALENTS, end of period	95.8	101.8
Cash paid during the period for:
Interest	72.7	72.1
Income taxes, net of refunds	$ 42	$ 52

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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, 2023, included in the 2023 Annual Report filed with the Securities and Exchange Commission on February 16, 2024. 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 or net realizable value, determined by the first-in, first-out method, and consist of the following: June 30, December 31, (in millions) 2024 2023 Finished goods $ 362.5 $ 335.4 Work-in-process 16.3 16.5 Raw materials and supplies 128.6 131.2 $ 507.4 $ 483.1 (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, 2023 to June 30, 2024: (in millions) Balance as of December 31, 2023 $ 40.8 Amounts accrued 6.2 Warranties charged to accrual (6.6) Balance as of June 30, 2024 $ 40.4 As of June 30, 2024 and December 31, 2023, $18.3 million and $18.9 million of accrued warranty expense is included as a component of accrued expenses and other current liabilities and $22.1 million and $21.9 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, 2024, the Company's accounts receivable were substantially current. 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. 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, 2023 to June 30, 2024: (in millions) Balance as of December 31, 2023 $ 66.9 Amounts accrued 4.0 Write-offs charged against the allowance (3.7) Balance as of June 30, 2024 $ 67.2 (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 2023 Credit Agreement (as defined in Note 4, "Debt") 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, 2024 December 31, 2023 2029 Senior Notes $ 720.8 $ 724.2 2031 Senior Notes $ 672.3 $ 677.6 (f) Definitive Agreement with Mattress Firm. On May 9, 2023, Tempur Sealy International and Mattress Firm entered into a definitive agreement and plan of merger (the "Merger Agreement") for a proposed business acquisition in which Tempur Sealy International, through a wholly-owned subsidiary, will acquire Mattress Firm in a transaction valued at approximately $4.0 billion. The transaction is expected to be funded by approximately $2.7 billion of cash consideration and the issuance of 34.2 million shares of common stock resulting in a total stock consideration value of $1.3 billion based on a closing share price of $37.62 as of May 8, 2023. On July 2, 2024, the FTC filed a complaint for a temporary restraining order and preliminary injunction in the United States District Court for the Southern District of Texas (the "Court") and an administrative complaint (together with the complaint filed with the Court, the "Actions") to challenge the proposed acquisition of Mattress Firm by the Company. Refer to Note 8, "Commitments and Contingencies" for further details.

Net Sales

Net Sales	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Net Sales	Net Sales The following table presents the Company's disaggregated revenue by channel and geographical region, including a reconciliation of disaggregated revenue by segment, for the three months ended June 30, 2024 and 2023: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 854.8 $ 95.7 $ 950.5 $ 896.0 $ 93.2 $ 989.2 Direct 123.6 159.5 283.1 120.8 159.7 280.5 Net sales $ 978.4 $ 255.2 $ 1,233.6 $ 1,016.8 $ 252.9 $ 1,269.7 North America International Consolidated North America International Consolidated Geographical region United States $ 903.2 $ — $ 903.2 $ 946.2 $ — $ 946.2 All Other 75.2 255.2 330.4 70.6 252.9 323.5 Net sales $ 978.4 $ 255.2 $ 1,233.6 $ 1,016.8 $ 252.9 $ 1,269.7 Substantially all revenue is associated with bedding product sales. The following table presents the Company's disaggregated revenue by channel and geographical region, including a reconciliation of disaggregated revenue by segment, for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 1,631.7 $ 204.6 $ 1,836.3 $ 1,700.3 $ 201.5 $ 1,901.8 Direct 247.8 338.9 586.7 236.1 339.9 576.0 Net sales $ 1,879.5 $ 543.5 $ 2,423.0 $ 1,936.4 $ 541.4 $ 2,477.8 North America International Consolidated North America International Consolidated Geographical region United States $ 1,736.4 $ — $ 1,736.4 $ 1,801.1 $ — $ 1,801.1 All Other 143.1 543.5 686.6 135.3 541.4 676.7 Net sales $ 1,879.5 $ 543.5 $ 2,423.0 $ 1,936.4 $ 541.4 $ 2,477.8 Substantially all revenue is associated with bedding product sales.

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2024
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, 2023 $ 609.7 $ 473.6 $ 1,083.3 Foreign currency translation and other (2.6) (4.7) (7.3) Balance as of June 30, 2024 $ 607.1 $ 468.9 $ 1,076.0

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt for the Company consists of the following: June 30, 2024 December 31, 2023 (in millions, except percentages) Amount Rate Amount Rate Maturity Date 2023 Credit Agreement: Term A Facility $ 487.5 (1) $ 500.0 (1) October 10, 2028 Revolver 76.5 (1) 183.0 (1) October 10, 2028 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 182.8 (2) 157.6 (2) April 7, 2025 Finance lease obligations (3) 98.2 92.1 Various Other 60.8 60.9 Various Total debt 2,505.8 2,593.6 Less: Deferred financing costs 19.3 21.7 Total debt, net 2,486.5 2,571.9 Less: Current portion 48.4 44.9 Total long-term debt, net $ 2,438.1 $ 2,527.0 (1) Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.250%. (2) Interest at one month SOFR index plus 10 basis points of credit spread adjustment, plus 85 basis points. (3) New finance lease obligations are a non-cash financing activity. As of June 30, 2024, the Company was in compliance with all applicable debt covenants. 2023 Credit Agreement On October 10, 2023, the Company entered into the 2023 Credit Agreement with a syndicate of banks. The 2023 Credit Agreement provides for a $1.15 billion revolving credit facility, a $500.0 million term loan facility, and an incremental facility in an aggregate amount of up to the greater of $850.0 million and additional amounts subject to the conditions set forth in the 2023 Credit Agreement, plus the amount of certain prepayments, plus an additional unlimited amount subject to compliance with a maximum consolidated secured leverage ratio test. The 2023 Credit Agreement has a $60.0 million sub-facility for the issuance of letters of credit. On February 6, 2024, the Company and certain other parties thereto entered into an amendment to the 2023 Credit Agreement which provides for a $625.0 million delayed draw term loan and a $40.0 million increase in availability on the existing revolving loan. Once drawn, the instruments will have the same terms and conditions as the Company's existing term loans and revolving loans, respectively, under the 2023 Credit Agreement. This amendment was executed in connection with the Company's financing strategy for the pending acquisition of Mattress Firm. The Company had $76.5 million in outstanding borrowings under the revolving credit facility as of June 30, 2024. Total availability under the revolving facility was $1,112.9 million, after a $0.6 million reduction for outstanding letters of credit, as of June 30, 2024. Securitized Debt The Company and certain of its subsidiaries are party to a securitization transaction with respect to certain accounts receivable due to the Company and certain of its subsidiaries (as amended, the "Accounts Receivable Securitization"). As of June 30, 2024, the Company had completely drawn on the outstanding availability of the Accounts Receivable Securitization with borrowings of $182.8 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. Borrowings under this facility are classified as long-term debt within the Condensed Consolidated Balance Sheets at June 30, 2024, based on the Company's ability and intent to refinance on a long-term basis.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity (a) Treasury Stock. As of June 30, 2024, the Company had approximately $774.5 million remaining under its share repurchase authorization. The Company did not repurchase shares under the program during the three and six months ended June 30, 2024. The Company did not repurchase shares under the program during the three months ended June 30, 2023. The Company repurchased 0.1 million shares under the program for approximately $5.0 million during the six months ended June 30, 2023. 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, 2024 and 2023, respectively. 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 an immaterial amount of treasury stock acquired during the three months ended June 30, 2024 and $0.2 million of treasury stock acquired during the three months ended June 30, 2023. The Company acquired approximately $43.8 million and $30.9 million in treasury stock during the six months ended June 30, 2024 and 2023, respectively. (b) Accumulated Other Comprehensive Loss ("AOCL"). AOCL consisted of the following: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Foreign Currency Translation Balance at beginning of period $ (151.0) $ (160.4) $ (135.5) $ (175.3) Other comprehensive loss: Foreign currency translation adjustments (1) (7.5) 17.2 (23.0) 32.1 Balance at end of period $ (158.5) $ (143.2) $ (158.5) $ (143.2) Pensions Balance at beginning of period $ (1.5) $ (1.6) $ (1.2) $ (1.6) Other comprehensive loss: Net change from period revaluations (2) — — (0.3) — Balance at end of period $ (1.5) $ (1.6) $ (1.5) $ (1.6) (1) In 2024 and 2023, there were no tax impacts related to foreign currency translation adjustments and no amounts were reclassified to earnings. (2) In 2024, there were no tax impacts related to pension adjustments.

Other Items

Other Items	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 Wages and benefits $ 86.7 $ 102.1 Unearned revenue 65.5 53.3 Advertising 54.6 62.6 Taxes 17.0 15.4 Other 191.4 193.7 $ 415.2 $ 427.1

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 included PRSUs, RSUs and non-qualified stock options. 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) 2024 2023 2024 2023 PRSU expense $ 4.5 $ 7.8 $ 8.6 $ 12.9 RSU expense 4.5 5.1 9.0 10.2 Option expense 0.5 0.5 1.1 1.1 Total stock-based compensation expense $ 9.5 $ 13.4 $ 18.7 $ 24.2 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 2024, the Company granted PRSUs as a component of the long-term incentive plan ("2024 PRSUs"). The Company has recorded stock-based compensation expense related to the 2024 PRSUs during the three and six months ended June 30, 2024, as it was probable that the Company would achieve the specified performance targets for the performance period.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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. Except as disclosed, 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. Some of these proceedings involve complex claims that are subject to substantial uncertainties and unascertainable potential losses. Accordingly, the Company has not established material reserves or ranges of possible loss related to these proceedings, as at this time in the proceedings, the matters do not relate to a probable loss and/or the amount or range of losses are not reasonably estimable. Although the Company believes that it has strong defenses for the litigation and regulatory proceedings described below, it could, in the future, enter into settlements of claims that could have a material adverse effect on the Company's financial position, results of operations or cash flows. Mattress Firm Pending Acquisition On July 2, 2024, the FTC filed the Actions alleging that, if consummated, the pending acquisition of Mattress Firm may substantially lessen competition and would be an unfair method of competition. If the administrative court or the Court rule in favor of the FTC, the completion of the acquisition of Mattress Firm may be delayed for a significant period of time (including beyond the termination date of February 9, 2025) or prevented from occurring. On July 16, 2024 the Court entered a temporary restraining order enjoining the completion of the merger until the Court rules on the FTC's motion for a preliminary injunction. In each of the Company's and Mattress Firm's respective answers to the Actions, the Company and Mattress Firm each denied the FTC's substantive allegations; asserted numerous defenses; described the pro-competitive aspects and significant consumer benefits relating to the merger; and denied that the combination of their respective businesses would violate any law. The Company intends to defend the lawsuit vigorously.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rates for the three months ended June 30, 2024 and 2023 were 24.2% and 25.7%, respectively. The Company's effective tax rates for the six months ended June 30, 2024 and 2023 were 23.0% and 24.1%, respectively. The Company's effective tax rates for the three and six months ended June 30, 2024 and 2023 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 benefit related to stock-based compensation and certain other permanent items. The OECD (Organization for Economic Co-operation and Development) has proposed a global minimum effective tax of 15% on income arising in each jurisdiction ("Pillar 2") that has been agreed upon in principle by over 140 countries. During 2023, many countries took steps to incorporate Pillar 2 model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2. Accordingly, the Company is evaluating the potential consequences of Pillar 2 on its longer-term financial position. In 2024, the Company does not expect Pillar 2 to have a material impact on its financial results.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 2024 2023 Numerator: Net income attributable to Tempur Sealy International, Inc. $ 106.1 $ 92.4 $ 182.4 $ 177.7 Denominator: Denominator for basic earnings per common share-weighted average shares 173.7 172.1 173.6 172.1 Effect of dilutive securities 4.3 4.7 4.4 4.7 Denominator for diluted earnings per common share-adjusted weighted average shares 178.0 176.8 178.0 176.8 Basic earnings per common share $ 0.61 $ 0.54 $ 1.05 $ 1.03 Diluted earnings per common share $ 0.60 $ 0.52 $ 1.02 $ 1.01 The Company excludes shares issuable upon exercise of outstanding stock options from the diluted earnings per common share computation because their exercise price was greater than the average market price of Tempur Sealy International's common stock or they were otherwise anti-dilutive. As a result, the Company excluded an immaterial amount of shares for the three and six months ended June 30, 2024 and excluded 0.6 million shares for the three and six months ended June 30, 2023. Holders of non-vested stock-based compensation awards do not have voting rights but do participate in dividend equivalents distributed upon the award vesting.

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2024
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 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). 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 segment information for the three months ended June 30, 2024: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 978.4 $ 255.2 $ — $ — $ 1,233.6 Inter-segment sales $ 0.2 $ — $ — $ (0.2) $ — Inter-segment royalty expense (income) 9.3 (9.3) — — — Gross profit 409.8 144.4 — — 554.2 Operating income (loss) 180.4 31.8 (38.9) — 173.3 Income (loss) before income taxes 177.2 35.3 (72.0) — 140.5 Depreciation and amortization (1) $ 31.5 $ 6.7 $ 11.8 $ — $ 50.0 Capital expenditures 16.0 8.9 3.6 — 28.5 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the three months ended June 30, 2023: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,016.8 $ 252.9 $ — $ — $ 1,269.7 Inter-segment sales $ 0.3 $ 0.4 $ — $ (0.7) $ — Inter-segment royalty expense (income) 9.3 (9.3) — — — Gross profit 403.4 138.9 — — 542.3 Operating income (loss) 174.1 33.9 (49.2) — 158.8 Income (loss) before income taxes 172.4 32.7 (79.7) — 125.4 Depreciation and amortization (1) $ 24.3 $ 6.4 $ 15.3 $ — $ 46.0 Capital expenditures 52.3 6.8 1.5 — 60.6 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2024: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,879.5 $ 543.5 $ — $ — $ 2,423.0 Inter-segment sales $ 0.5 $ 0.1 $ — $ (0.6) $ — Inter-segment royalty expense (income) 16.7 (16.7) — — — Gross profit 762.6 304.2 — — 1,066.8 Operating income (loss) 314.8 76.6 (86.6) — 304.8 Income (loss) before income taxes 308.6 83.0 (153.6) — 238.0 Depreciation and amortization (1) $ 62.2 $ 13.2 $ 23.0 $ — $ 98.4 Capital expenditures 36.7 15.1 8.2 — 60.0 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2023: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,936.4 $ 541.4 $ — $ — $ 2,477.8 Inter-segment sales $ 0.6 $ 0.4 $ — $ (1.0) $ — Inter-segment royalty expense (income) 16.7 (16.7) — — — Gross profit 747.4 294.8 — — 1,042.2 Operating income (loss) 310.1 78.1 (86.1) — 302.1 Income (loss) from continuing operations before income taxes 306.6 75.7 (146.5) — 235.8 Depreciation and amortization (1) $ 49.8 $ 12.9 $ 27.9 $ — $ 90.6 Capital expenditures 98.1 11.5 3.1 — 112.7 (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, 2024 December 31, 2023 United States $ 751.3 $ 764.1 All other 116.3 114.2 Total property, plant and equipment, net $ 867.6 $ 878.3 The following table summarizes operating lease right-of-use assets by geographic region: (in millions) June 30, 2024 December 31, 2023 United States $ 427.4 $ 444.2 United Kingdom 141.6 146.5 All other 49.5 45.8 Total operating lease right-of-use assets $ 618.5 $ 636.5

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 106.1	$ 92.4	$ 182.4	$ 177.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023, included in the 2023 Annual Report filed with the Securities and Exchange Commission on February 16, 2024. 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
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. 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.
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, 2024, the Company's accounts receivable were substantially current. 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. 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.
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 2023 Credit Agreement (as defined in Note 4, "Debt") 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, 2024
Accounting Policies [Abstract]
Schedule of Inventory	Inventories are stated at the lower of cost or net realizable value, determined by the first-in, first-out method, and consist of the following: June 30, December 31, (in millions) 2024 2023 Finished goods $ 362.5 $ 335.4 Work-in-process 16.3 16.5 Raw materials and supplies 128.6 131.2 $ 507.4 $ 483.1
Summary of Warranty Activity	The Company had the following activity for its accrued warranty expense from December 31, 2023 to June 30, 2024: (in millions) Balance as of December 31, 2023 $ 40.8 Amounts accrued 6.2 Warranties charged to accrual (6.6) Balance as of June 30, 2024 $ 40.4
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The Company had the following activity for its allowance for credit losses from December 31, 2023 to June 30, 2024: (in millions) Balance as of December 31, 2023 $ 66.9 Amounts accrued 4.0 Write-offs charged against the allowance (3.7) Balance as of June 30, 2024 $ 67.2
Schedule of Long Term Debt	The fair values of these material financial instruments are as follows: Fair Value (in millions) June 30, 2024 December 31, 2023 2029 Senior Notes $ 720.8 $ 724.2 2031 Senior Notes $ 672.3 $ 677.6

Net Sales (Tables)

Net Sales (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company's disaggregated revenue by channel and geographical region, including a reconciliation of disaggregated revenue by segment, for the three months ended June 30, 2024 and 2023: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 854.8 $ 95.7 $ 950.5 $ 896.0 $ 93.2 $ 989.2 Direct 123.6 159.5 283.1 120.8 159.7 280.5 Net sales $ 978.4 $ 255.2 $ 1,233.6 $ 1,016.8 $ 252.9 $ 1,269.7 North America International Consolidated North America International Consolidated Geographical region United States $ 903.2 $ — $ 903.2 $ 946.2 $ — $ 946.2 All Other 75.2 255.2 330.4 70.6 252.9 323.5 Net sales $ 978.4 $ 255.2 $ 1,233.6 $ 1,016.8 $ 252.9 $ 1,269.7 The following table presents the Company's disaggregated revenue by channel and geographical region, including a reconciliation of disaggregated revenue by segment, for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (in millions) North America International Consolidated North America International Consolidated Channel Wholesale $ 1,631.7 $ 204.6 $ 1,836.3 $ 1,700.3 $ 201.5 $ 1,901.8 Direct 247.8 338.9 586.7 236.1 339.9 576.0 Net sales $ 1,879.5 $ 543.5 $ 2,423.0 $ 1,936.4 $ 541.4 $ 2,477.8 North America International Consolidated North America International Consolidated Geographical region United States $ 1,736.4 $ — $ 1,736.4 $ 1,801.1 $ — $ 1,801.1 All Other 143.1 543.5 686.6 135.3 541.4 676.7 Net sales $ 1,879.5 $ 543.5 $ 2,423.0 $ 1,936.4 $ 541.4 $ 2,477.8

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2023 $ 609.7 $ 473.6 $ 1,083.3 Foreign currency translation and other (2.6) (4.7) (7.3) Balance as of June 30, 2024 $ 607.1 $ 468.9 $ 1,076.0

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	Debt for the Company consists of the following: June 30, 2024 December 31, 2023 (in millions, except percentages) Amount Rate Amount Rate Maturity Date 2023 Credit Agreement: Term A Facility $ 487.5 (1) $ 500.0 (1) October 10, 2028 Revolver 76.5 (1) 183.0 (1) October 10, 2028 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 182.8 (2) 157.6 (2) April 7, 2025 Finance lease obligations (3) 98.2 92.1 Various Other 60.8 60.9 Various Total debt 2,505.8 2,593.6 Less: Deferred financing costs 19.3 21.7 Total debt, net 2,486.5 2,571.9 Less: Current portion 48.4 44.9 Total long-term debt, net $ 2,438.1 $ 2,527.0 (1) Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.250%. (2) Interest at one month SOFR index plus 10 basis points of credit spread adjustment, plus 85 basis points. (3) New finance lease obligations are a non-cash financing activity.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Changes in Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss ("AOCL"). AOCL consisted of the following: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Foreign Currency Translation Balance at beginning of period $ (151.0) $ (160.4) $ (135.5) $ (175.3) Other comprehensive loss: Foreign currency translation adjustments (1) (7.5) 17.2 (23.0) 32.1 Balance at end of period $ (158.5) $ (143.2) $ (158.5) $ (143.2) Pensions Balance at beginning of period $ (1.5) $ (1.6) $ (1.2) $ (1.6) Other comprehensive loss: Net change from period revaluations (2) — — (0.3) — Balance at end of period $ (1.5) $ (1.6) $ (1.5) $ (1.6) (1) In 2024 and 2023, there were no tax impacts related to foreign currency translation adjustments and no amounts were reclassified to earnings. (2) In 2024, there were no tax impacts related to pension adjustments.

Other Items (Tables)

Other Items (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 Wages and benefits $ 86.7 $ 102.1 Unearned revenue 65.5 53.3 Advertising 54.6 62.6 Taxes 17.0 15.4 Other 191.4 193.7 $ 415.2 $ 427.1

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 2024 2023 PRSU expense $ 4.5 $ 7.8 $ 8.6 $ 12.9 RSU expense 4.5 5.1 9.0 10.2 Option expense 0.5 0.5 1.1 1.1 Total stock-based compensation expense $ 9.5 $ 13.4 $ 18.7 $ 24.2

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 2024 2023 Numerator: Net income attributable to Tempur Sealy International, Inc. $ 106.1 $ 92.4 $ 182.4 $ 177.7 Denominator: Denominator for basic earnings per common share-weighted average shares 173.7 172.1 173.6 172.1 Effect of dilutive securities 4.3 4.7 4.4 4.7 Denominator for diluted earnings per common share-adjusted weighted average shares 178.0 176.8 178.0 176.8 Basic earnings per common share $ 0.61 $ 0.54 $ 1.05 $ 1.03 Diluted earnings per common share $ 0.60 $ 0.52 $ 1.02 $ 1.01

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Total Assets and Long-Lived Assets by Segment	The following table summarizes total assets by segment: (in millions) June 30, 2024 December 31, 2023 North America $ 5,505.0 $ 5,291.0 International 1,402.5 1,405.2 Corporate 1,581.0 1,269.5 Inter-segment eliminations (3,910.5) (3,411.8) Total assets $ 4,578.0 $ 4,553.9 The following table summarizes property, plant and equipment, net, by segment: (in millions) June 30, 2024 December 31, 2023 North America $ 734.3 $ 753.8 International 95.9 91.3 Corporate 37.4 33.2 Total property, plant and equipment, net $ 867.6 $ 878.3 The following table summarizes operating lease right-of-use assets by segment: (in millions) June 30, 2024 December 31, 2023 North America $ 435.0 $ 453.5 International 179.8 180.2 Corporate 3.7 2.8 Total operating lease right-of-use assets $ 618.5 $ 636.5
Segment Financial Information	The following table summarizes segment information for the three months ended June 30, 2024: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 978.4 $ 255.2 $ — $ — $ 1,233.6 Inter-segment sales $ 0.2 $ — $ — $ (0.2) $ — Inter-segment royalty expense (income) 9.3 (9.3) — — — Gross profit 409.8 144.4 — — 554.2 Operating income (loss) 180.4 31.8 (38.9) — 173.3 Income (loss) before income taxes 177.2 35.3 (72.0) — 140.5 Depreciation and amortization (1) $ 31.5 $ 6.7 $ 11.8 $ — $ 50.0 Capital expenditures 16.0 8.9 3.6 — 28.5 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the three months ended June 30, 2023: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,016.8 $ 252.9 $ — $ — $ 1,269.7 Inter-segment sales $ 0.3 $ 0.4 $ — $ (0.7) $ — Inter-segment royalty expense (income) 9.3 (9.3) — — — Gross profit 403.4 138.9 — — 542.3 Operating income (loss) 174.1 33.9 (49.2) — 158.8 Income (loss) before income taxes 172.4 32.7 (79.7) — 125.4 Depreciation and amortization (1) $ 24.3 $ 6.4 $ 15.3 $ — $ 46.0 Capital expenditures 52.3 6.8 1.5 — 60.6 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2024: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,879.5 $ 543.5 $ — $ — $ 2,423.0 Inter-segment sales $ 0.5 $ 0.1 $ — $ (0.6) $ — Inter-segment royalty expense (income) 16.7 (16.7) — — — Gross profit 762.6 304.2 — — 1,066.8 Operating income (loss) 314.8 76.6 (86.6) — 304.8 Income (loss) before income taxes 308.6 83.0 (153.6) — 238.0 Depreciation and amortization (1) $ 62.2 $ 13.2 $ 23.0 $ — $ 98.4 Capital expenditures 36.7 15.1 8.2 — 60.0 (1) Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2023: (in millions) North America International Corporate Eliminations Consolidated Net sales $ 1,936.4 $ 541.4 $ — $ — $ 2,477.8 Inter-segment sales $ 0.6 $ 0.4 $ — $ (1.0) $ — Inter-segment royalty expense (income) 16.7 (16.7) — — — Gross profit 747.4 294.8 — — 1,042.2 Operating income (loss) 310.1 78.1 (86.1) — 302.1 Income (loss) from continuing operations before income taxes 306.6 75.7 (146.5) — 235.8 Depreciation and amortization (1) $ 49.8 $ 12.9 $ 27.9 $ — $ 90.6 Capital expenditures 98.1 11.5 3.1 — 112.7 (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, 2024 December 31, 2023 United States $ 751.3 $ 764.1 All other 116.3 114.2 Total property, plant and equipment, net $ 867.6 $ 878.3 The following table summarizes operating lease right-of-use assets by geographic region: (in millions) June 30, 2024 December 31, 2023 United States $ 427.4 $ 444.2 United Kingdom 141.6 146.5 All other 49.5 45.8 Total operating lease right-of-use assets $ 618.5 $ 636.5

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) channel	Dec. 31, 2023 USD ($)
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
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accrued warranty expense	$ 18.3	$ 18.9
Other non-current assets
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accrued warranty expense	$ 22.1	$ 21.9
Bedding | Non-prorated | International
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	5 years
Bedding | Prorated | International
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	10 years
Bedding | Minimum | North America
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	10 years
Bedding | Minimum | International
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	5 years
Bedding | Minimum | Non-prorated | North America
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	10 years
Bedding | Maximum | North America
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	25 years
Bedding | Maximum | International
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	15 years
Bedding | Maximum | Non-prorated | North America
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	15 years
Pillows | North America
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
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, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Finished goods	$ 362.5	$ 335.4
Work-in-process	16.3	16.5
Raw materials and supplies	128.6	131.2
Total	$ 507.4	$ 483.1

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Warranty Activity (Details) - Warranty Reserves $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 40.8
Amounts accrued	6.2
Warranties charged to accrual	(6.6)
Ending balance	$ 40.4

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, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 66.9
Amounts accrued	4	$ 4.2
Write-offs charged against the allowance	(3.7)
Ending balance	$ 67.2

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
2029 Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	$ 720.8	$ 724.2
2031 Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	$ 672.3	$ 677.6

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Definitive Agreement with Mattress Firm (Details) - Matress Firm - USD ($) $ / shares in Units, shares in Millions, $ in Billions	May 09, 2023	May 08, 2023
Debt Instrument [Line Items]
Consideration transferred	$ 4
Cash consideration	$ 2.7
Shares issued in acquisition (in shares)	34.2
Total stock consideration	$ 1.3
Closing share price (in dollars per share)		$ 37.62

Net Sales - Sales (Details)

Net Sales - Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,233.6	$ 1,269.7	$ 2,423	$ 2,477.8
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	1,233.6	1,269.7	2,423	2,477.8
Operating Segments | United States
Disaggregation of Revenue [Line Items]
Net sales	903.2	946.2	1,736.4	1,801.1
Operating Segments | All Other
Disaggregation of Revenue [Line Items]
Net sales	330.4	323.5	686.6	676.7
Operating Segments | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	950.5	989.2	1,836.3	1,901.8
Operating Segments | Direct
Disaggregation of Revenue [Line Items]
Net sales	283.1	280.5	586.7	576
Operating Segments | North America
Disaggregation of Revenue [Line Items]
Net sales	978.4	1,016.8	1,879.5	1,936.4
Operating Segments | North America | United States
Disaggregation of Revenue [Line Items]
Net sales	903.2	946.2	1,736.4	1,801.1
Operating Segments | North America | All Other
Disaggregation of Revenue [Line Items]
Net sales	75.2	70.6	143.1	135.3
Operating Segments | North America | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	854.8	896	1,631.7	1,700.3
Operating Segments | North America | Direct
Disaggregation of Revenue [Line Items]
Net sales	123.6	120.8	247.8	236.1
Operating Segments | International
Disaggregation of Revenue [Line Items]
Net sales	255.2	252.9	543.5	541.4
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	255.2	252.9	543.5	541.4
Operating Segments | International | Wholesale
Disaggregation of Revenue [Line Items]
Net sales	95.7	93.2	204.6	201.5
Operating Segments | International | Direct
Disaggregation of Revenue [Line Items]
Net sales	$ 159.5	$ 159.7	$ 338.9	$ 339.9

Goodwill (Details)

Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,083.3
Foreign currency translation and other	(7.3)
Ending balance	1,076
North America
Goodwill [Roll Forward]
Beginning balance	609.7
Foreign currency translation and other	(2.6)
Ending balance	607.1
International
Goodwill [Roll Forward]
Beginning balance	473.6
Foreign currency translation and other	(4.7)
Ending balance	$ 468.9

Debt - Schedule of Borrowings O

Debt - Schedule of Borrowings Outstanding (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Long-term Debt, Current and Noncurrent [Abstract]
Finance lease obligations	$ 98.2	$ 92.1
Total debt	2,505.8	2,593.6
Less: Deferred financing costs	19.3	21.7
Total debt, net	2,486.5	2,571.9
Less: Current portion	48.4	44.9
Total long-term debt, net	2,438.1	2,527
Securitized debt
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 182.8	$ 157.6
Securitized debt | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Abstract]
Credit spread adjustment (as a percent)	0.10%	0.10%
Variable rate (as a percent)	0.85%	0.85%
Other
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 60.8	$ 60.9
2023 Credit Agreement | Revolving Credit Facility
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 76.5	$ 183
2023 Credit Agreement | Revolving Credit Facility | LIBOR
Line of Credit Facility [Abstract]
Variable rate (as a percent)	1.25%	1.25%
2023 Credit Agreement | Term A Facility
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 487.5	$ 500
2023 Credit Agreement | Term A Facility | LIBOR
Line of Credit Facility [Abstract]
Variable rate (as a percent)	1.25%	1.25%
2031 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
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
	Jun. 30, 2024	Feb. 06, 2024	Dec. 31, 2023	Oct. 10, 2023
2023 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 1,112.9
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit borrowing	200
Revolving Credit Facility | 2023 Credit Agreement
Debt Instrument [Line Items]
Long term debt, gross	76.5		$ 183
Revolving Credit Facility | 2023 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing				$ 1,150
Term Loan Facility | 2023 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing				500
Incremental Facility | 2023 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing				850
Increase in borrowing capacity		$ 40
Letter of Credit | 2023 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing				$ 60
Proceeds from lines of credit	$ 0.6
Delayed Draw Term Loan | 2023 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit borrowing		$ 625

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Treasury stock, acquired (in shares)	0	0	0	0.1
Value of treasury stock acquired				$ 5
Performance-based Restricted Stock Units
Accumulated Other Comprehensive Income (Loss) [Line Items]
Value of treasury stock acquired		$ 0.2	$ 43.8	$ 30.9
February 2016 Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Remaining shares under share repurchase authorization	$ 774.5		$ 774.5

Stockholders' Equity - AOCL (De

Stockholders' Equity - AOCL (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 326,600,000	$ 34,700,000	$ 323,400,000	$ (22,100,000)
Foreign currency translation adjustments	(7,500,000)	17,200,000	(23,000,000)	32,100,000
Balance at end of period	411,800,000	138,100,000	411,800,000	138,100,000
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(151,000,000)	(160,400,000)	(135,500,000)	(175,300,000)
Foreign currency translation adjustments	(7,500,000)	17,200,000	(23,000,000)	32,100,000
Balance at end of period	(158,500,000)	(143,200,000)	(158,500,000)	(143,200,000)
Tax expense (benefits)			0	0
Net amount reclassified to earnings			0	0
Pensions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,500,000)	(1,600,000)	(1,200,000)	(1,600,000)
Net change from period revaluations	0	0	(300,000)	0
Balance at end of period	$ (1,500,000)	$ (1,600,000)	(1,500,000)	$ (1,600,000)
Tax expense (benefits)			$ 0

Other Items (Details)

Other Items (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Wages and benefits	$ 86.7	$ 102.1
Unearned revenue	65.5	53.3
Advertising	54.6	62.6
Taxes	17	15.4
Other	191.4	193.7
Total accrued liabilities	$ 415.2	$ 427.1

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 9.5	$ 13.4	$ 18.7	$ 24.2
PRSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4.5	7.8	8.6	12.9
RSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4.5	5.1	9	10.2
Option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0.5	$ 0.5	$ 1.1	$ 1.1

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax provision (as a percent)	24.20%	25.70%	23%	24.10%

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributable to Tempur Sealy International, Inc.	$ 106.1	$ 92.4	$ 182.4	$ 177.7
Denominator:
Denominator for basic earnings per common share-weighted average shares (in shares)	173.7	172.1	173.6	172.1
Effect of dilutive securities (in shares)	4.3	4.7	4.4	4.7
Denominator for diluted earnings per common share-adjusted weighted average shares (in shares)	178	176.8	178	176.8
Basic earnings per common share (in dollars per share)	$ 0.61	$ 0.54	$ 1.05	$ 1.03
Diluted earnings per common share (in dollars per share)	$ 0.60	$ 0.52	$ 1.02	$ 1.01
Shares excluded from diluted earnings per common share computation as anti-dilutive (in shares)		0.6		0.6

Business Segment Information (D

Business Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of business segments | segment			2
Segment information [Abstract]
Total assets	$ 4,578		$ 4,578		$ 4,553.9
Total property, plant and equipment, net	867.6		867.6		878.3
Operating lease assets	618.5		618.5		636.5
Net sales	1,233.6	$ 1,269.7	2,423	$ 2,477.8
Gross profit	554.2	542.3	1,066.8	1,042.2
Operating income (loss)	173.3	158.8	304.8	302.1
Income (loss) before income taxes	140.5	125.4	238	235.8
Depreciation and amortization	50	46	98.4	90.6
Capital expenditures	28.5	60.6	60	112.7
United States
Segment information [Abstract]
Total property, plant and equipment, net	751.3		751.3		764.1
Operating lease assets	427.4		427.4		444.2
All Other
Segment information [Abstract]
Total property, plant and equipment, net	116.3		116.3		114.2
United Kingdom
Segment information [Abstract]
Operating lease assets	141.6		141.6		146.5
All other
Segment information [Abstract]
Operating lease assets	49.5		49.5		45.8
Operating Segments
Segment information [Abstract]
Net sales	1,233.6	1,269.7	2,423	2,477.8
Operating Segments | United States
Segment information [Abstract]
Net sales	903.2	946.2	1,736.4	1,801.1
Operating Segments | All Other
Segment information [Abstract]
Net sales	330.4	323.5	686.6	676.7
Operating Segments | North America
Segment information [Abstract]
Total assets	5,505		5,505		5,291
Total property, plant and equipment, net	734.3		734.3		753.8
Operating lease assets	435		435		453.5
Net sales	978.4	1,016.8	1,879.5	1,936.4
Gross profit	409.8	403.4	762.6	747.4
Operating income (loss)	180.4	174.1	314.8	310.1
Income (loss) before income taxes	177.2	172.4	308.6	306.6
Depreciation and amortization	31.5	24.3	62.2	49.8
Capital expenditures	16	52.3	36.7	98.1
Operating Segments | North America | United States
Segment information [Abstract]
Net sales	903.2	946.2	1,736.4	1,801.1
Operating Segments | North America | All Other
Segment information [Abstract]
Net sales	75.2	70.6	143.1	135.3
Operating Segments | International
Segment information [Abstract]
Total assets	1,402.5		1,402.5		1,405.2
Total property, plant and equipment, net	95.9		95.9		91.3
Operating lease assets	179.8		179.8		180.2
Net sales	255.2	252.9	543.5	541.4
Gross profit	144.4	138.9	304.2	294.8
Operating income (loss)	31.8	33.9	76.6	78.1
Income (loss) before income taxes	35.3	32.7	83	75.7
Depreciation and amortization	6.7	6.4	13.2	12.9
Capital expenditures	8.9	6.8	15.1	11.5
Operating Segments | International | United States
Segment information [Abstract]
Net sales	0	0	0	0
Operating Segments | International | All Other
Segment information [Abstract]
Net sales	255.2	252.9	543.5	541.4
Corporate
Segment information [Abstract]
Total assets	1,581		1,581		1,269.5
Total property, plant and equipment, net	37.4		37.4		33.2
Operating lease assets	3.7		3.7		2.8
Operating income (loss)	(38.9)	(49.2)	(86.6)	(86.1)
Income (loss) before income taxes	(72)	(79.7)	(153.6)	(146.5)
Depreciation and amortization	11.8	15.3	23	27.9
Capital expenditures	3.6	1.5	8.2	3.1
Inter-segment eliminations
Segment information [Abstract]
Total assets	(3,910.5)		(3,910.5)		$ (3,411.8)
Net sales	(0.2)	(0.7)	(0.6)	(1)
Inter-segment eliminations | North America
Segment information [Abstract]
Net sales	0.2	0.3	0.5	0.6
Inter-segment royalty expense (income)	9.3	9.3	16.7	16.7
Inter-segment eliminations | International
Segment information [Abstract]
Net sales	0	0.4	0.1	0.4
Inter-segment royalty expense (income)	$ (9.3)	$ (9.3)	$ (16.7)	$ (16.7)