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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2020	May 04, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-31922
Entity Registrant Name	TEMPUR SEALY INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-1022198
Entity Address, Address Line One	1000 Tempur Way
Entity Address, City or Town	Lexington
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40511
City Area Code	800
Local Phone Number	878-8889
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	TPX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,538,327
Entity Central Index Key	0001206264
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 822.4	$ 690.9
Cost of sales	465.3	409.1
Gross profit	357.1	281.8
Selling and marketing expenses	171.0	153.5
General, administrative and other expenses	80.6	70.7
Equity loss (income) in earnings of unconsolidated affiliates	0.2	(2.9)
Operating income	105.3	60.5
Other expense, net:
Interest expense, net	20.3	22.4
Other expense (income), net	(0.5)	7.8
Total other expense, net	20.8	14.6
Income from continuing operations before income taxes	84.5	45.9
Income tax provision	(23.5)	(16.9)
Income from continuing operations	61.0	29.0
Loss from discontinued operations, net of tax	(1.2)	(0.4)
Net income before non-controlling interests	59.8	28.6
Less: Net income attributable to non-controlling interests	0.1	0.2
Net income attributable to Tempur Sealy International, Inc.	$ 59.7	$ 28.4
Basic
Earnings per share for continuing operations (in dollars per share)	$ 1.14	$ 0.53
Loss per share for discontinued operations (in dollars per share)	(0.02)	(0.01)
Earnings per share (in dollars per share)	1.12	0.52
Diluted
Earnings per share for continuing operations (in dollars per share)	1.13	0.52
Loss per share for discontinued operations (in dollars per share)	(0.02)	(0.01)
Earnings per share (in dollars per share)	$ 1.11	$ 0.51
Weighted average common shares outstanding:
Basic (in shares)	53.4	54.7
Diluted (in shares)	54.0	55.7

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income before non-controlling interests	$ 59.8	$ 28.6
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(23.0)	4.0
Other comprehensive (loss) income, net of tax	(23.0)	4.0
Comprehensive income	36.8	32.6
Less: Comprehensive income attributable to non-controlling interests	0.1	0.2
Comprehensive income attributable to Tempur Sealy International, Inc.	$ 36.7	$ 32.4

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 197.0	$ 64.9
Accounts receivable, net	372.8	372.0
Inventories	273.4	260.5
Prepaid expenses and other current assets	203.2	202.8
Total Current Assets	1,046.4	900.2
Property, plant and equipment, net	460.3	435.8
Goodwill	753.6	732.3
Other intangible assets, net	635.2	641.4
Operating lease right-of-use assets	283.2	245.4
Deferred income taxes	13.0	14.1
Other non-current assets	114.5	92.6
Total Assets	3,306.2	3,061.8
Current Liabilities:
Accounts payable	265.3	251.7
Accrued expenses and other current liabilities	413.0	473.2
Current portion of long-term debt	47.5	37.4
Income taxes payable	24.6	11.0
Total Current Liabilities	750.4	773.3
Long-term debt, net	1,885.5	1,502.6
Long-term operating lease obligations	241.7	205.4
Deferred income taxes	101.4	102.1
Other non-current liabilities	118.8	118.0
Total Liabilities	3,097.8	2,701.4
Total Stockholders' Equity	208.4	360.4
Total Liabilities and Stockholders' Equity	$ 3,306.2	$ 3,061.8

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
Balance at beginning of period (in shares) at Dec. 31, 2018		99.2	44.7
Balance at beginning of period at Dec. 31, 2018	$ 217.5	$ 1.0	$ (1,737.0)	$ 532.1	$ 1,513.8	$ (95.3)	$ 2.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28.4				28.4
Net income attributable to non-controlling interests	0.2						0.2
Repurchase of interest in subsidiary	(1.9)						(1.9)
Foreign currency adjustments	4.0					4.0
Exercise of stock options (in shares)			(0.1)
Exercise of stock options	2.4		$ 0.8	1.6
Issuances of PRSUs, RSUs, and DSUs (in shares)			(0.2)
Issuances of PRSUs, RSUs, and DSUs	0.0		$ 3.2	(3.2)
Treasury stock repurchased	(0.8)		$ (0.8)
Treasury stock repurchased - PRSU/RSU/DSU releases (in shares)			0.1
Treasury stock repurchased - PRSU/RSU/DSU releases	(2.9)		$ (2.9)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6.6			6.6
Balance at ending of period (in shares) at Mar. 31, 2019		99.2	44.5
Balance at end of period at Mar. 31, 2019	253.5	$ 1.0	$ (1,736.7)	537.1	1,542.2	(91.3)	1.2
Balance at beginning of period (in shares) at Dec. 31, 2019		99.2	45.4
Balance at beginning of period at Dec. 31, 2019	360.4	$ 1.0	$ (1,832.8)	575.7	1,703.3	(87.7)	0.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59.7				59.7
Net income attributable to non-controlling interests	0.1						0.1
Acquisition of non-controlling interest in subsidiary	8.4						8.4
Foreign currency adjustments	(23.0)					(23.0)
Exercise of stock options	1.3		$ 0.3	1.0
Issuances of PRSUs, RSUs, and DSUs (in shares)			(0.4)
Issuances of PRSUs, RSUs, and DSUs	0.0		$ 5.3	(5.3)
Treasury stock repurchased (in shares)			2.6
Treasury stock repurchased	(187.5)		$ (187.5)
Treasury stock repurchased - PRSU/RSU/DSU releases (in shares)			0.1
Treasury stock repurchased - PRSU/RSU/DSU releases	(11.8)		$ (11.8)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	7.3			7.3
Balance at ending of period (in shares) at Mar. 31, 2020		99.2	47.7
Balance at end of period at Mar. 31, 2020	$ 208.4	$ 1.0	$ (2,026.5)	$ 578.7	$ 1,756.5	$ (110.7)	$ 9.4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS:
Net income before non-controlling interests	$ 59.8	$ 28.6
Loss from discontinued operations, net of tax	1.2	0.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23.2	21.5
Amortization of stock-based compensation	7.3	6.6
Amortization of deferred financing costs	0.7	0.6
Bad debt expense	15.7	1.6
Deferred income taxes	3.0	(1.8)
Dividends received from unconsolidated affiliates	0.0	1.3
Equity loss (income) in earnings of unconsolidated affiliates	0.2	(2.9)
Foreign currency adjustments and other	0.6	(6.5)
Changes in operating assets and liabilities, net of effect of business acquisitions	(96.7)	(44.8)
Net cash provided by operating activities from continuing operations	15.0	4.6
CASH FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS:
Purchases of property, plant and equipment	(26.2)	(19.1)
Acquisitions, net of cash acquired	(37.9)	0.0
Debtor-in-possession financing arrangement	0.0	(9.5)
Other	0.1	8.3
Net cash used in investing activities from continuing operations	(64.0)	(20.3)
CASH FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS:
Proceeds from borrowings under long-term debt obligations	611.1	212.6
Repayments of borrowings under long-term debt obligations	(231.0)	(198.7)
Proceeds from exercise of stock options	1.3	2.4
Treasury stock repurchased	(199.3)	(3.7)
Repayments of finance lease obligations and other	6.0	(1.6)
Net cash provided by financing activities from continuing operations	188.1	11.0
Net cash provided by (used in) continuing operations	139.1	(4.7)
CASH USED IN DISCONTINUED OPERATIONS
Operating cash flows	(1.1)	(0.7)
Investing cash flows	0.0	0.0
Financing cash flows	0.0	0.0
Net cash used in discontinued operations	(1.1)	(0.7)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(5.9)	(0.8)
Increase (decrease) in cash and cash equivalents	132.1	(6.2)
CASH AND CASH EQUIVALENTS, beginning of period	64.9	45.8
CASH AND CASH EQUIVALENTS, end of period	197.0	39.6
LESS: CASH AND CASH EQUIVALENTS OF DISCONTINUED OPERATIONS	0.0	0.0
CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS	197.0	39.6
Cash paid during the period for:
Interest	6.4	8.1
Income taxes, net of refunds	$ 6.3	$ 7.6

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a) Basis of Presentation and Description of Business. Tempur Sealy International, Inc., a Delaware corporation, together with its subsidiaries, is a U.S. based, multinational company. The term "Tempur Sealy International" refers to Tempur Sealy International, Inc. only, and the term "Company" refers to Tempur Sealy International, Inc. and its consolidated subsidiaries.

The Company develops, manufactures, markets and sells bedding products, which include mattresses, foundations and adjustable bases, and other products, which include pillows and other accessories. The Company also derives income from royalties by licensing Sealy® and Stearns & Foster® brands, technology and trademarks to other manufacturers. The Company sells its products through two sales channels: Wholesale and Direct.

The Company has ownership interests in a group of Asia-Pacific joint ventures to develop markets for Sealy® branded products in those regions. The Company’s ownership interest in these joint ventures is 50.0%. The equity method of accounting is used for these joint ventures, over which the Company has significant influence but does not have control, and consolidation is not otherwise required. The Company's carrying value in its equity method investments of $22.1 million and $22.5 million at March 31, 2020 and December 31, 2019, respectively, is recorded in other non-current assets within the accompanying Condensed Consolidated Balance Sheets. The Company’s equity in the net income and losses of these investments is reported in equity income in earnings of unconsolidated affiliates in the accompanying Condensed Consolidated Statements of Income.

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States ("GAAP") for interim financial reporting. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements of the Company and related footnotes for the year ended December 31, 2019, included in the 2019 Annual Report filed with the Securities and Exchange Commission on February 21, 2020.

The results of operations for the interim periods are not necessarily indicative of results of operations for a full year. It is the opinion of management that all necessary adjustments for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein.

(b) Adoption of New Accounting Standards.

Goodwill. Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") No. 2017-04, "Intangibles - Goodwill and Other (Topic 350)." The ASU simplifies the test for goodwill impairment, by eliminating Step 2 of the impairment test. Under ASU 2017-04, the goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting units' fair value, not to exceed the total amount of goodwill for the reporting unit. Adoption of this guidance did not have a material impact on the Company's financial statements.

Credit Losses. Effective January 1, 2020, the Company adopted ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326)," which requires entities to estimate expected lifetime credit losses on financial assets and provide expanded disclosures. The ASU replaces the incurred loss impairment methodology with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.

The Company adopted the new credit losses standard using the modified retrospective approach. The cumulative effect of adoption at January 1, 2020 was $6.5 million, net of tax. The Company's primary financial assets are its trade accounts receivable, which are short-term financings under industry standard credit and trade terms.

(c) Inventories. Inventories are stated at the lower of cost and net realizable value, determined by the first-in, first-out method, and consist of the following:


	March 31,		December 31,
(in millions)	2020		2019
Finished goods	$	158.4	$	157.4
Work-in-process	10.8		10.8
Raw materials and supplies	104.2		92.3
	$	273.4	$	260.5

(d) Accrued Sales Returns. The Company allows product returns through certain sales channels and on certain products. Estimated sales returns are provided at the time of sale based on historical sales channel return rates. Estimated future obligations related to these products are provided by a reduction of sales in the period in which the revenue is recognized. The Company considers the impact of recoverable salvage value on sales returns by segment in determining its estimate of future sales returns. Accrued sales returns are included in accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets.

The Company had the following activity for sales returns from December 31, 2019 to March 31, 2020:


(in millions)
Balance as of December 31, 2019	$	39.3
Amounts accrued	29.0
Returns charged to accrual	(29.9)
Balance as of March 31, 2020	$	38.4

As of March 31, 2020 and December 31, 2019, $25.0 million and $26.2 million of accrued sales returns are included as a component of accrued expenses and other current liabilities and $13.4 million and $13.1 million of accrued sales returns are included in other non-current liabilities on the Company’s accompanying Condensed Consolidated Balance Sheets, respectively.

(e) Warranties. The Company provides warranties on certain products, which vary by segment, product and brand. Estimates of warranty expenses are based primarily on historical claims experience and product testing. Estimated future obligations related to these products are charged to cost of sales in the period in which the related revenue is recognized. The Company considers the impact of recoverable salvage value on warranty costs in determining its estimate of future warranty obligations.

The Company provides warranties on mattresses with varying warranty terms. Tempur-Pedic mattresses sold in the North America segment and all Sealy mattresses have warranty terms ranging from 10 to 25 years, generally non-prorated for the first 10 to 15 years and then prorated for the balance of the warranty term. Tempur-Pedic mattresses sold in the International segment have warranty terms ranging from 5 to 15 years, non-prorated for the first 5 years and then prorated on a straight-line basis for the last 10 years of the warranty term. Tempur-Pedic pillows have a warranty term of 3 years, non-prorated.

The Company had the following activity for its accrued warranty expense from December 31, 2019 to March 31, 2020:


(in millions)
Balance as of December 31, 2019	$	41.6
Amounts accrued	6.3
Warranties charged to accrual	(6.6)
Balance as of March 31, 2020	$	41.3

As of March 31, 2020 and December 31, 2019, $19.1 million and $19.4 million of accrued warranty expense is included as a component of accrued expenses and other current liabilities, respectively. Other non-current liabilities included $22.2 million of accrued warranty expense as of March 31, 2020 and December 31, 2019 in the Company’s accompanying Condensed Consolidated Balance Sheets.

(f) Allowance for Credit Losses. The allowance for credit losses is the Company’s best estimate of the amount of expected lifetime credit losses in the Company’s accounts receivable. The Company estimates losses over the contractual life using assumptions to capture the risk of loss, even if remote, based principally on how long a receivable has been outstanding. Other factors considered include historical write-off experience, current economic conditions and also factors such as customer credit, past transaction history with the customer and changes in customer payment terms.

The Company had the following activity for its allowance for credit losses from December 31, 2019 to March 31, 2020:


(in millions)
Balance as of December 31, 2019	$	71.9
ASU 2016-13 adoption impact	8.9
Amounts accrued	15.7
Write-offs charged against the allowance	(11.7)
Balance as of March 31, 2020	$	84.8

Net Sales

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Net Sales

The following table presents the Company's disaggregated revenue by channel, product and geographical region, including a reconciliation of disaggregated revenue by segment, for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31, 2020										Three Months Ended March 31, 2019
(in millions)	North America		International		Consolidated		North America		International		Consolidated
Channel
Wholesale	$	609.6	$	112.8	$	722.4	$	501.8	$	114.1	$	615.9
Direct	67.6		32.4		100.0		42.2		32.8		75.0
Net sales	$	677.2	$	145.2	$	822.4	$	544.0	$	146.9	$	690.9

	North America		International		Consolidated		North America		International		Consolidated
Product
Bedding	$	640.3	$	116.2	$	756.5	$	514.4	$	115.4	$	629.8
Other	36.9		29.0		65.9		29.6		31.5		61.1
Net sales	$	677.2	$	145.2	$	822.4	$	544.0	$	146.9	$	690.9









	North America		International		Consolidated		North America		International		Consolidated
Geographical region
United States	$	632.5	$	—	$	632.5	$	497.2	$	—	$	497.2
Canada	44.7		—		44.7		46.8		—		46.8
International	—		145.2		145.2		—		146.9		146.9
Net sales	$	677.2	$	145.2	$	822.4	$	544.0	$	146.9	$	690.9

Discontinued Operations

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued OperationsThe Company sold its operations in the Latin American region in 2018. The operating results from these divested businesses and subsequent adjustments related to ongoing assessments and activities of certain retained liabilities and tax items are reflected within discontinued operations for all periods presented.

Components of amounts reflected in the Condensed Consolidated Statements of Income related to discontinued operations are presented in the following table for each of the periods ended March 31.


	Three Months Ended
	March 31,
(in millions)	2020		2019
Net sales	$	—	$	0.2
Cost of sales	—		0.2
Gross profit	—		—
Selling and marketing expenses	—		0.1
General, administrative and other expenses	1.2		0.6




Operating loss	(1.2)		(0.7)

Interest income, net and other	—		(0.3)

Loss from discontinued operations before income taxes	(1.2)		(0.4)

Income tax provision	—		—
Loss from discontinued operations, net of tax	$	(1.2)	$	(0.4)

Acquisitions

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Acquisitions

Acquisition of Sherwood Bedding

On January 31, 2020, the Company acquired an 80% ownership interest in a newly formed limited liability company containing substantially all of the assets of the Sherwood Bedding business for a cash purchase price of approximately $39.1 million, which included $1.2 million of cash acquired.

The Company accounted for this transaction as a business combination. The preliminary allocation of the purchase price is based on estimated fair values of the assets acquired and liabilities assumed as of January 31, 2020, which included the following:


(in millions)
Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities)	$	5.8
Property and equipment	10.1
Goodwill	26.7
Customer relationships intangible assets	3.7
Operating lease right-of-use assets	19.9
Long-term operating lease liabilities	(19.9)
Non-controlling interest	(8.4)
Purchase price, net of cash acquired	$	37.9

Goodwill is calculated as the excess of the purchase price over the net assets acquired and primarily represents the private label product growth opportunities and expected synergistic manufacturing benefits to be realized from the acquisition. The goodwill is deductible for income tax purposes and will be included within the North American reporting unit for goodwill impairment assessments.

Acquisition of Innovative Mattress Solutions, LLC ("iMS")

On January 11, 2019, iMS filed for bankruptcy and the Company provided debtor-in-possession financing in connection with the iMS Chapter 11 proceedings. On April 1, 2019, the Company acquired substantially all of the net assets of iMS in a transaction valued at approximately $24.0 million, including assumed liabilities of approximately $11.0 million as of March 31, 2019 (referred to as the "Sleep Outfitters Acquisition"). The acquisition of this regional bedding retailer furthers the Company’s North American retail strategy, which is focused on meeting customer demand through geographic representation and sales expertise.

The Company accounted for this transaction as a business combination. Total cash consideration was $13.2 million, which included $5.1 million of cash acquired. The final allocation of the purchase price is based on the fair values of the assets acquired and liabilities assumed as of April 1, 2019, which included the following:


(in millions)
Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities)	$	(1.4)
Property and equipment	5.0
Goodwill	2.4
Other intangible assets	2.1
Operating lease right-of-use assets	28.5
Long-term operating lease liabilities	(28.5)
Purchase price, net of cash acquired	$	8.1

Goodwill is calculated as the excess of the purchase price over the net assets acquired and primarily represents the growth opportunities and expected retail synergistic benefits to be realized from the acquisition. The goodwill is deductible for income tax purposes and will be included within the North American reporting unit for goodwill impairment assessments.

Goodwill

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following summarizes changes to the Company’s goodwill, by segment:


(in millions)	North America		International		Consolidated
Balance as of December 31, 2019	$	576.6	$	155.7	$	732.3
Goodwill resulting from acquisitions	26.7		—		26.7
Foreign currency translation and other	(5.0)		(0.4)		(5.4)
Balance as of March 31, 2020	$	598.3	$	155.3	$	753.6

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

Debt for the Company consists of the following:


	March 31, 2020					December 31, 2019
(in millions, except percentages)	Amount		Rate	Amount		Rate	Maturity Date
2019 Credit Agreement:
Term A Facility	$	419.7	(1)	$	425.0	(2)	October 16, 2024
Revolver	300.4		(1)	—		(2)	October 16, 2024
2026 Senior Notes	600.0		5.500%	600.0		5.500%	June 15, 2026
2023 Senior Notes	450.0		5.625%	450.0		5.625%	October 15, 2023
Securitized debt	85.0		(3)	—		(3)	April 6, 2021
Finance lease obligations ⁽⁴⁾	70.1			64.1			Various
Other	16.7			7.9			Various
Total debt	1,941.9			1,547.0
Less: Deferred financing costs	8.9			7.0
Total debt, net	1,933.0			1,540.0
Less: Current portion	47.5			37.4
Total long-term debt, net	$	1,885.5		$	1,502.6


(1)			Interest at LIBOR plus applicable margin of 1.25% as of March 31, 2020.
(2)			Interest at LIBOR plus applicable margin of 1.625% as of December 31, 2019.
(3)			Interest at one month LIBOR index plus 80 basis points.
(4)			Finance lease obligations are a non-cash financing activity. Refer to Note 7, "Leases"

As of March 31, 2020, the Company was in compliance with all applicable debt covenants.

2019 Credit Agreement

On October 16, 2019, the Company entered into the 2019 Credit Agreement with a syndicate of banks. The 2019 Credit Agreement provides for a $425.0 million revolving credit facility, a $425.0 million term loan facility, and an incremental facility in an aggregate amount of up to $550.0 million plus the amount of certain prepayments plus an additional unlimited amount subject to compliance with a maximum consolidated secured leverage ratio test. The 2019 Credit Agreement has a $60.0 million sub-facility for the issuance of letters of credit. As of March 31, 2020, the Company had $300.4 million in outstanding borrowings under its revolving credit facility. Availability as of March 31, 2020 was further reduced by $22.7 million for outstanding letters of credit, resulting in remaining availability of $101.9 million.

Borrowings under the 2019 Credit Agreement will generally bear interest, at the election of Tempur Sealy International and the subsidiary borrowers, at either (i) Base Rate plus the applicable margin or (ii) LIBOR plus the applicable margin. For the revolving credit facility and the term loan facility (a) the initial applicable margin for Base Rate advances was 0.625% per annum and the initial applicable margin for LIBOR advances was 1.625% per annum, and (b) following the delivery of financial statements for the fiscal quarter ending December 31, 2019, such applicable margins will be determined by a pricing grid based on the consolidated total net leverage ratio of the Company.

Obligations under the 2019 Credit Agreement are guaranteed by the Company’s existing and future direct and indirect wholly-owned domestic subsidiaries, subject to certain exceptions and are secured by a security interest in substantially all of Tempur Sealy International’s and the other subsidiary borrowers’ domestic assets and the domestic assets of each subsidiary guarantor, whether owned as of the closing or thereafter acquired, including a pledge of 100.0% of the equity interests of each subsidiary owned by the Company or a subsidiary guarantor that is a domestic entity (subject to certain limited exceptions) and 65.0% of the voting equity interests of any direct first tier foreign entity owned by the Company or a subsidiary guarantor.

The 2019 Credit Agreement requires compliance with certain financial covenants providing for maintenance of a minimum consolidated interest coverage ratio, maintenance of a maximum consolidated total net leverage ratio and maintenance of a maximum consolidated secured net leverage ratio. The consolidated total net leverage ratio is calculated using consolidated indebtedness less netted cash (as defined below). Consolidated indebtedness includes debt recorded on the Condensed Consolidated Balance Sheets as of the reporting date, plus letters of credit outstanding in excess of $40.0 million and other short-term debt. The Company is allowed to subtract from consolidated indebtedness an amount equal to 100.0% of the domestic and foreign unrestricted cash ("netted cash"), the aggregate of which cannot exceed $200.0 million at the end of the reporting period. As of March 31, 2020, netted cash was $195.9 million.

The 2019 Credit Agreement contains certain customary negative covenants, which include limitations on liens, investments, indebtedness, dispositions, mergers and acquisitions, the making of restricted payments, changes in the nature of business, changes in fiscal year, transactions with affiliates, use of proceeds, prepayments of certain indebtedness, entry into burdensome agreements and changes to governing documents. The 2019 Credit Agreement also contains certain customary affirmative covenants and events of default, including upon a change of control.

The Company is required to pay a commitment fee on the unused portion of the revolving credit facility, which initially will be 0.25% per annum and following the delivery of financial statements for the fiscal quarter ending December 31, 2019, such fees as determined by a pricing grid based on the consolidated total net leverage ratio of the Company. As of March 31, 2020, the commitment fee was 0.175%. This unused commitment fee is payable quarterly in arrears and on the date of termination or expiration of the commitments under the revolving credit facility. The Company and the other borrowers also pay customary letter of credit issuance and other fees under the 2019 Credit Agreement.

The maturity date of the 2019 Credit Agreement is October 16, 2024. Amounts under the revolving credit facility may be borrowed, repaid and re-borrowed from time to time until the maturity date. The term loan facility is subject to quarterly amortization as set forth in the 2019 Credit Agreement. In addition, the term loan facility is subject to mandatory prepayment in connection with certain debt issuances, asset sales and casualty events, subject to certain reinvestment rights. Voluntary prepayments and commitment reductions under the 2019 Credit Agreement are permitted at any time without payment of any prepayment premiums.

Securitized Debt

On April 12, 2017, the Company and certain of its subsidiaries entered into 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 5, 2019, the Company and 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, 2021. As of March 31, 2020, the Company had completely drawn on the outstanding availability under the Accounts Receivable Securitization.

Fair Value of Financial Instruments

Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, accounts receivable, accounts payable, and the Company's debt obligations. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term maturity of those instruments. Borrowings under the 2019 Credit Agreement and the securitized debt are at variable interest rates and accordingly their carrying amounts approximate fair value. The fair value of the following material financial instruments were based on observable inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of debt instruments. The fair values of these material financial instruments are as follows:


	Fair Value
(in millions)	March 31, 2020		December 31, 2019
2023 Senior Notes	$	419.0	$	464.2
2026 Senior Notes	539.1		634.9

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheet as of March 31, 2020:

(in millions)

March 31, 2020

Assets

Operating lease assets

Operating lease right-of-use assets

283.2

Finance lease assets

Property, plant and equipment, net

60.3

Total leased assets

343.5

Liabilities

Short-term:

Operating lease obligations

Accrued expenses and other current liabilities

55.8

Finance lease obligations

Current portion of long-term debt

9.5

Long-term:

Operating lease obligations

Long-term operating lease obligations

241.7

Finance lease obligations

Long-term debt, net

60.6

Total lease obligations

367.6

The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statement of Income for the three months ended March 31, 2020:


	Three Months Ended
(in millions)	March 31, 2020
Operating lease expense:
Operating lease expense	$	18.0
Short-term lease expense	3.2
Variable lease expense	5.3
Finance lease expense:
Amortization of right-of-use assets	2.2
Interest on lease obligations	1.2
Total lease expense	$	29.9

The following table sets forth the scheduled maturities of lease obligations as of March 31, 2020:


(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2020 (excluding the three months ended March 31, 2020)	$	52.3	$	10.3	$	62.6
2021	63.3		13.6		76.9
2022	55.2		11.5		66.7
2023	43.7		9.1		52.8
2024	35.8		7.4		43.2
Thereafter	101.7		38.6		140.3
Total lease payments	352.0		90.5		442.5
Less: Interest	54.5		20.4		74.9
Present value of lease obligations	$	297.5	$	70.1	$	367.6

The following table provides lease term and discount rate information related to operating and finance leases as of March 31, 2020:


	March 31, 2020
Weighted average remaining lease term (years):
Operating leases	6.68
Finance leases	8.58

Weighted average discount rate:
Operating leases	5.20	%
Finance leases	6.05	%

The following table provides supplemental information related to the Company's Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2020:


	Three Months Ended
(in millions)	March 31, 2020
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases	$	17.3
Operating cash flows paid for finance leases	$	1.2
Financing cash flows paid for finance leases	$	2.3

Right-of-use assets obtained in exchange for new operating lease obligations	$	35.6
Right-of-use assets obtained in exchange for new finance lease obligations	$	8.2

Leases

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheet as of March 31, 2020:

(in millions)

March 31, 2020

Assets

Operating lease assets

Operating lease right-of-use assets

283.2

Finance lease assets

Property, plant and equipment, net

60.3

Total leased assets

343.5

Liabilities

Short-term:

Operating lease obligations

Accrued expenses and other current liabilities

55.8

Finance lease obligations

Current portion of long-term debt

9.5

Long-term:

Operating lease obligations

Long-term operating lease obligations

241.7

Finance lease obligations

Long-term debt, net

60.6

Total lease obligations

367.6

The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statement of Income for the three months ended March 31, 2020:


	Three Months Ended
(in millions)	March 31, 2020
Operating lease expense:
Operating lease expense	$	18.0
Short-term lease expense	3.2
Variable lease expense	5.3
Finance lease expense:
Amortization of right-of-use assets	2.2
Interest on lease obligations	1.2
Total lease expense	$	29.9

The following table sets forth the scheduled maturities of lease obligations as of March 31, 2020:


(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2020 (excluding the three months ended March 31, 2020)	$	52.3	$	10.3	$	62.6
2021	63.3		13.6		76.9
2022	55.2		11.5		66.7
2023	43.7		9.1		52.8
2024	35.8		7.4		43.2
Thereafter	101.7		38.6		140.3
Total lease payments	352.0		90.5		442.5
Less: Interest	54.5		20.4		74.9
Present value of lease obligations	$	297.5	$	70.1	$	367.6

The following table provides lease term and discount rate information related to operating and finance leases as of March 31, 2020:


	March 31, 2020
Weighted average remaining lease term (years):
Operating leases	6.68
Finance leases	8.58

Weighted average discount rate:
Operating leases	5.20	%
Finance leases	6.05	%

The following table provides supplemental information related to the Company's Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2020:


	Three Months Ended
(in millions)	March 31, 2020
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases	$	17.3
Operating cash flows paid for finance leases	$	1.2
Financing cash flows paid for finance leases	$	2.3

Right-of-use assets obtained in exchange for new operating lease obligations	$	35.6
Right-of-use assets obtained in exchange for new finance lease obligations	$	8.2

Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

(a) Common and Preferred Stock. Tempur Sealy International has 300.0 million authorized shares of common stock with $0.01 per share par value and 10.0 million authorized shares of preferred stock with $0.01 per share par value. The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Subject to preferences that may be applicable to any outstanding preferred stock, holders of common stock are entitled to receive ratably such dividends as may be declared from time to time by the Board of Directors out of funds legally available for that purpose. In the event of liquidation, dissolution or winding up, holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding.

The Board of Directors is authorized, subject to any limitations prescribed by law, without further vote or action by the stockholders, to issue from time to time shares of preferred stock in one or more series. Each such series of preferred stock will have such number of shares, designations, preferences, voting powers, qualifications, and special or relative rights or privileges as determined by the Board of Directors, which may include, among others, dividend rights, voting rights, redemption and sinking fund provisions, liquidation preferences, conversion rights and preemptive rights.

(b) Treasury Stock. As of March 31, 2020, the Company had approximately $131.3 million remaining under the existing share repurchase program initially authorized by the Board of Directors in 2016. In February 2020, the Board of Directors authorized an increase, of over $190.0 million, to its existing share repurchase authorization of Tempur Sealy International's common stock to $300.0 million. The Company repurchased 2.6 million and 15,731 shares, under the program, for approximately $187.5 million and $0.8 million during the three months ended March 31, 2020 and 2019, respectively. The Company ceased all share repurchase activity in March 2020.

In addition, the Company acquired 0.1 million shares upon the vesting of certain restricted stock units ("RSUs"), which were withheld to satisfy tax withholding obligations during each of the three months ended March 31, 2020 and 2019. The shares withheld were valued at the closing price of the stock on the New York Stock Exchange on the vesting date or first business day prior to vesting, resulting in approximately $11.8 million and $2.9 million in treasury stock acquired during the three months ended March 31, 2020 and 2019, respectively.

(c) Shareholder Rights Agreement. On March 27, 2020, the Board of Directors authorized and declared a dividend distribution of one right (a "Right") for each outstanding share of common stock of the Company to stockholders of record at the close of business on April 7, 2020 (the “Record Date”). Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, $0.01 par value per share (the “Preferred Shares”), of the Company at an exercise price of $273.00 per one one-thousandth of a Preferred Share, subject to adjustment (the “Exercise Price”). Generally, the Rights become exercisable in the event any person or group of affiliated or associated persons acquires beneficial ownership of 10% (20% in the case of a passive institutional investor) or more of the Company's common stock without the approval of the Board of Directors, and until such time are inseparable from and trade with the Company's common stock. The Rights have a de minimis fair value. The Rights were issued pursuant to the Rights Agreement dated as of March 27, 2020 (the "Rights Agreement"), between the Company and American Stock Transfer & Trust Company, LLC, as rights agent. The Rights expire at the close of business on March 26, 2021 or upon an earlier redemption or exchange as provided in the Rights Agreement.

(d) AOCL. AOCL consisted of the following:


	Three Months Ended
	March 31,
(in millions)	2020		2019
Foreign Currency Translation
Balance at beginning of period	$	(82.2)	$	(91.7)
Other comprehensive loss:
Foreign currency translation adjustments ⁽¹⁾	(23.0)		4.0

Balance at end of period	$	(105.2)	$	(87.7)













Pensions
Balance at beginning of period	$	(5.5)	$	(3.6)
Other comprehensive loss:
Net change from period revaluations	0.1		—
Tax expense ⁽²⁾	(0.1)		—
Total other comprehensive income before reclassifications, net of tax	$	—	$	—
Net amount reclassified to earnings ⁽¹⁾	—		—
Tax benefit ⁽²⁾	—		—
Total amount reclassified from accumulated other comprehensive loss, net of tax	$	—	$	—
Total other comprehensive loss	—		—
Balance at end of period	$	(5.5)	$	(3.6)


(1)			In 2020 and 2019, there were no tax impacts related to foreign currency translation adjustments and no amounts were reclassified to earnings.
(2)			These amounts were included in the income tax provision in the accompanying Condensed Consolidated Statements of Income.

Other Items

3 Months Ended

Mar. 31, 2020

Accrued Liabilities and Other Liabilities [Abstract]

Other Items

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)	March 31, 2020		December 31, 2019
Taxes	$	133.6	$	136.0
Other	89.6		90.8
Operating lease obligations	55.8		50.8
Wages and benefits	43.6		79.5
Advertising	34.4		56.9
Sales returns	25.0		26.2
Warranty	19.1		19.4
Rebates	11.9		13.6
	$	413.0	$	473.2

Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company’s stock-based compensation expense for the three months ended March 31, 2020 and 2019 included performance restricted stock units ("PRSUs"), non-qualified stock options, restricted stock units ("RSUs") and deferred stock units ("DSUs"). A summary of the Company’s stock-based compensation expense is presented in the following table:


	Three Months Ended March 31,
(in millions)	2020		2019
PRSU expense	$	0.3	$	0.3
Option expense	1.2		1.2
RSU/DSU expense	5.8		5.1
Total stock-based compensation expense	$	7.3	$	6.6

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 2017, the Company granted executive officers and certain members of management PRSUs if the Company achieves a certain level of adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA") during four consecutive fiscal quarters as described below (the "2019 Aspirational Plan PRSUs"). Adjusted EBITDA is defined as the Company’s "Consolidated EBITDA" as such term is defined in the Company’s Credit Agreement. The 2019 Aspirational Plan PRSUs will vest based on the highest Adjusted EBITDA in any four consecutive fiscal quarter period ending between (and including) March 31, 2018 and December 31, 2019 (the “First Designated Period”). At the end of the First Designated Period, the Adjusted EBITDA targets were not met and one-half of the total 2019 Aspirational Plan PRSUs were forfeited.

The remaining one-half of the total 2019 Aspirational Plan PRSUs will vest based on the highest Adjusted EBITDA in any four consecutive fiscal quarter period ending between (and including) March 31, 2020 and December 31, 2020 (the "Second Designated Period"). If the highest Adjusted EBITDA in the Second Designated Period is $600.0 million then 66% of the remaining 2019 Aspirational Plan PRSUs will vest; if the Adjusted EBITDA is $650.0 million or more 100% will vest; if Adjusted EBITDA is between $600.0 million and $650.0 million then a pro rata portion will vest; and if Adjusted EBITDA is below $600.0 million then all of the remaining 2019 Aspirational Plan PRSUs will be forfeited.

The Company did not record any stock-based compensation expense related to the 2019 Aspirational Plan PRSUs during the three months ended March 31, 2020, as it was not probable that the Company would achieve the specified performance target for the Second Designated Period. The Company will continue to evaluate the probability of achieving the performance condition in future periods and record the appropriate expense if necessary. Based on the price of the Company’s common stock on the grant date, the total unrecognized compensation expense related to this award if the performance target is met for the Second Designated Period would range from $33.1 million to $49.7 million, which would be a non-cash expense over the remaining service period if achievement of the performance condition becomes probable.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various legal and administrative proceedings incidental to the operations of its business. The Company believes that the outcome of all such pending proceedings in the aggregate will not have a material adverse effect on its business, financial condition, liquidity or operating results.

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s effective tax rate for the three months ended March 31, 2020 and 2019 was 27.8% and 36.8%, respectively. The Company's effective tax rate for the three months ended March 31, 2020 and 2019 differed from the U.S. federal statutory rate of 21.0% principally due to subpart F income (i.e., GILTI earned by the Company’s foreign subsidiaries), certain foreign income tax rate differentials, state and local taxes, changes in the Company’s uncertain tax positions, the excess tax deficiency (or benefit) related to stock-based compensation and certain other permanent items.

On March 27, 2020, the U.S. Government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which includes modifications to the limitation on business interest expense and net operating loss provisions. The CARES Act is not expected to have a material impact on the Company’s consolidated financial statements.

The Company has been involved in a dispute with the Danish Tax Authority ("SKAT") regarding the royalty paid by a U.S. subsidiary of Tempur Sealy International to a Danish subsidiary (the "Danish Tax Matter") for tax years 2001 through current. The royalty is paid by the U.S. subsidiary for the right to utilize certain intangible assets owned by the Danish subsidiary in the U.S. production process.

At March 31, 2020 and December 31, 2019, the Danish income tax liability recorded in the Company’s balance sheet for the periods 2001 through March 31, 2020 and December 31, 2019, respectively, is DKK 1,115.8 million (approximately $164.8 million using the exchange rate at March 31, 2020) and DKK 1,110.0 million (approximately $166.7 million using the exchange rate at December 31, 2019). The liability at March 31, 2020 is included within the Company’s Condensed Consolidated Balance Sheet (translated at the exchange rate on March 31, 2020) as per below:


	DKK		USD
Accrued expenses and other current liabilities	$	847.3	$	125.1
Other non-current liabilities	268.5		39.7
Total	$	1,115.8	$	164.8

During the three months ended March 31, 2020 the Company made a tax deposit with SKAT of DKK 134.0 million applicable to a finalized tax assessment by SKAT for the years 2012 and 2013. The Company is contesting such assessment. At March 31, 2020 and December 31, 2019, respectively the Company held on deposit with SKAT DKK 1,104.1 million (approximately $163.0 million using the applicable exchange rate at March 31, 2020) and DKK 970.1 million (approximately $145.6 million using the applicable exchange rate at December 31, 2019). The deposit is for the satisfaction of the anticipated liability for both tax and interest once these matters are concluded.

The deposit at March 31, 2020 is included within the Company’s Condensed Consolidated Balance Sheet (translated at the exchange rate on March 31, 2020) as per below:


	DKK		USD
Accrued expenses and other current liabilities	$	847.3	$	125.1
Other non-current liabilities	256.8		37.9
Total	$	1,104.1	$	163.0

There were no other significant changes in the Danish Tax Matter or other uncertain tax positions during the three months ended March 31, 2020.

Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table sets forth the components of the numerator and denominator for the computation of basic and diluted earnings per share for net income attributable to Tempur Sealy International.


	Three Months Ended
	March 31,
(in millions, except per common share amounts)	2020		2019
Numerator:
Income from continuing operations, net of income attributable to non-controlling interest	$	60.9	$	28.8

Denominator:
Denominator for basic earnings per common share-weighted average shares	53.4		54.7
Effect of dilutive securities:
Employee stock-based compensation	0.6		1.0
Denominator for diluted earnings per common share-adjusted weighted average shares	54.0		55.7

Basic earnings per common share for continuing operations	$	1.14	$	0.53

Diluted earnings per common share for continuing operations	$	1.13	$	0.52

The Company excluded 0.2 million and 1.2 million shares for the three months ended March 31, 2020 and 2019, respectively, 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. Holders of non-vested stock- based compensation awards do not have voting rights or rights to receive any dividends thereon.

Business Segment Information

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Business Segment Information

The Company operates in two segments: North America and International. Corporate operating expenses are not included in either of the segments and are presented separately as a reconciling item to consolidated results. These segments are strategic business units that are managed separately based on geography. The North America segment consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in the U.S. and Canada. The International segment consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America. The Company evaluates segment performance based on net sales, gross profit and operating income.

The Company’s North America and International segment assets include investments in subsidiaries that are appropriately eliminated in the Company’s accompanying Condensed Consolidated Financial Statements. The remaining inter-segment eliminations are comprised of intercompany accounts receivable and payable.

The following table summarizes total assets by segment:


(in millions)	March 31, 2020		December 31, 2019
North America	$	3,327.6	$	3,142.9
International	631.8		615.3
Corporate	647.5		477.1
Inter-segment eliminations	(1,300.7)		(1,173.5)
Total assets	$	3,306.2	$	3,061.8

The following table summarizes property, plant and equipment, net, by segment:


(in millions)	March 31, 2020		December 31, 2019
North America	$	355.3	$	328.9
International	49.5		51.8
Corporate	55.5		55.1
Total property, plant and equipment, net	$	460.3	$	435.8

The following table summarizes operating lease right-of-use assets by segment:


(in millions)	March 31, 2020		December 31, 2019
North America	$	240.4	$	202.0
International	41.9		42.2
Corporate	0.9		1.2
Total operating lease right-of-use assets	$	283.2	$	245.4

The following table summarizes segment information for the three months ended March 31, 2020:


(in millions)	North America		International		Corporate		Eliminations		Consolidated
Net sales	$	677.2	$	145.2	$	—	$	—	$	822.4

Inter-segment sales	$	0.8	$	0.1	$	—	$	(0.9)	$	—
Inter-segment royalty expense (income)	1.4		(1.4)		—		—		—
Gross profit	277.2		79.9		—		—		357.1
Operating income (loss)	101.4		26.6		(22.7)		—		105.3
Income (loss) from continuing operations before income taxes	99.6		24.5		(39.6)		—		84.5

Depreciation and amortization ⁽¹⁾	$	17.6	$	3.3	$	9.6	$	—	$	30.5
Capital expenditures	21.3		2.4		2.5		—		26.2

(1)Depreciation and amortization include stock-based compensation amortization expense.

The following table summarizes segment information for the three months ended March 31, 2019:


(in millions)	North America		International		Corporate		Eliminations		Consolidated


Net sales	$	544.0	$	146.9	$	—	$	—	$	690.9

Inter-segment sales	$	1.0	$	0.3	$	—	$	(1.3)	$	—
Inter-segment royalty expense (income)	1.0		(1.0)		—		—		—
Gross profit	204.4		77.4		—		—		281.8
Operating income (loss)	64.3		25.2		(29.0)		—		60.5
Income (loss) from continuing operations before income taxes	62.4		29.8		(46.3)		—		45.9

Depreciation and amortization ⁽¹⁾	$	15.0	$	3.3	$	9.8	$	—	$	28.1
Capital expenditures	12.9		2.9		3.3		—		19.1

(1)Depreciation and amortization include stock-based compensation amortization expense.

The following table summarizes property, plant and equipment, net by geographic region:


(in millions)	March 31, 2020		December 31, 2019
United States	$	395.1	$	366.4
Canada	15.7		17.5
Other International	49.5		51.9
Total property, plant and equipment, net	$	460.3	$	435.8
Total International	$	65.2	$	69.4

The following table summarizes operating lease right-of-use assets by geographic region:


(in millions)	March 31, 2020		December 31, 2019
United States	$	237.1	$	198.3
Canada	4.2		4.9
Other International	41.9		42.2
Total operating lease right-of-use assets	$	283.2	$	245.4
Total International	$	46.1	$	47.1

The following table summarizes net sales by geographic region:


	Three Months Ended
	March 31,
(in millions)	2020		2019
United States	$	632.5	$	497.2
Canada	44.7		46.8
Other International	145.2		146.9
Total net sales	$	822.4	$	690.9
Total International	$	189.9	$	193.7

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Description of Business	Basis of Presentation and Description of Business. Tempur Sealy International, Inc., a Delaware corporation, together with its subsidiaries, is a U.S. based, multinational company. The term "Tempur Sealy International" refers to Tempur Sealy International, Inc. only, and the term "Company" refers to Tempur Sealy International, Inc. and its consolidated subsidiaries. The Company develops, manufactures, markets and sells bedding products, which include mattresses, foundations and adjustable bases, and other products, which include pillows and other accessories. The Company also derives income from royalties by licensing Sealy® and Stearns & Foster® brands, technology and trademarks to other manufacturers. The Company sells its products through two sales channels: Wholesale and Direct. The Company has ownership interests in a group of Asia-Pacific joint ventures to develop markets for Sealy® branded products in those regions. The Company’s ownership interest in these joint ventures is 50.0%. The equity method of accounting is used for these joint ventures, over which the Company has significant influence but does not have control, and consolidation is not otherwise required. The Company's carrying value in its equity method investments of $22.1 million and $22.5 million at March 31, 2020 and December 31, 2019, respectively, is recorded in other non-current assets within the accompanying Condensed Consolidated Balance Sheets. The Company’s equity in the net income and losses of these investments is reported in equity income in earnings of unconsolidated affiliates in the accompanying Condensed Consolidated Statements of Income. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States ("GAAP") for interim financial reporting. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements of the Company and related footnotes for the year ended December 31, 2019, included in the 2019 Annual Report filed with the Securities and Exchange Commission on February 21, 2020. The results of operations for the interim periods are not necessarily indicative of results of operations for a full year. It is the opinion of management that all necessary adjustments for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein.
Adoption of New Accounting Standards	(b) Adoption of New Accounting Standards. Goodwill. Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") No. 2017-04, "Intangibles - Goodwill and Other (Topic 350)." The ASU simplifies the test for goodwill impairment, by eliminating Step 2 of the impairment test. Under ASU 2017-04, the goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting units' fair value, not to exceed the total amount of goodwill for the reporting unit. Adoption of this guidance did not have a material impact on the Company's financial statements. Credit Losses. Effective January 1, 2020, the Company adopted ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326)," which requires entities to estimate expected lifetime credit losses on financial assets and provide expanded disclosures. The ASU replaces the incurred loss impairment methodology with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted the new credit losses standard using the modified retrospective approach. The cumulative effect of adoption at January 1, 2020 was $6.5 million, net of tax. The Company's primary financial assets are its trade accounts receivable, which are short-term financings under industry standard credit and trade terms.
Inventories	Inventories. Inventories are stated at the lower of cost and net realizable value, determined by the first-in, first-out method
Accrued Sales Returns	Accrued Sales Returns. The Company allows product returns through certain sales channels and on certain products. Estimated sales returns are provided at the time of sale based on historical sales channel return rates. Estimated future obligations related to these products are provided by a reduction of sales in the period in which the revenue is recognized. The Company considers the impact of recoverable salvage value on sales returns by segment in determining its estimate of future sales returns. Accrued sales returns are included in accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets.
Warranties	Warranties. The Company provides warranties on certain products, which vary by segment, product and brand. Estimates of warranty expenses are based primarily on historical claims experience and product testing. Estimated future obligations related to these products are charged to cost of sales in the period in which the related revenue is recognized. The Company considers the impact of recoverable salvage value on warranty costs in determining its estimate of future warranty obligations. 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 estimates losses over the contractual life using assumptions to capture the risk of loss, even if remote, based principally on how long a receivable has been outstanding. Other factors considered include historical write-off experience, current economic conditions and also factors such as customer credit, past transaction history with the customer and changes in customer payment terms.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of inventory

Inventories are stated at the lower of cost and net realizable value, determined by the first-in, first-out method, and consist of the following:


	March 31,		December 31,
(in millions)	2020		2019
Finished goods	$	158.4	$	157.4
Work-in-process	10.8		10.8
Raw materials and supplies	104.2		92.3
	$	273.4	$	260.5

Changes in accrued sales returns

The Company had the following activity for sales returns from December 31, 2019 to March 31, 2020:


(in millions)
Balance as of December 31, 2019	$	39.3
Amounts accrued	29.0
Returns charged to accrual	(29.9)
Balance as of March 31, 2020	$	38.4

Warranty activity

The Company had the following activity for its accrued warranty expense from December 31, 2019 to March 31, 2020:


(in millions)
Balance as of December 31, 2019	$	41.6
Amounts accrued	6.3
Warranties charged to accrual	(6.6)
Balance as of March 31, 2020	$	41.3

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The Company had the following activity for its allowance for credit losses from December 31, 2019 to March 31, 2020:


(in millions)
Balance as of December 31, 2019	$	71.9
ASU 2016-13 adoption impact	8.9
Amounts accrued	15.7
Write-offs charged against the allowance	(11.7)
Balance as of March 31, 2020	$	84.8

Net Sales (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended March 31, 2020										Three Months Ended March 31, 2019
(in millions)	North America		International		Consolidated		North America		International		Consolidated
Channel
Wholesale	$	609.6	$	112.8	$	722.4	$	501.8	$	114.1	$	615.9
Direct	67.6		32.4		100.0		42.2		32.8		75.0
Net sales	$	677.2	$	145.2	$	822.4	$	544.0	$	146.9	$	690.9

	North America		International		Consolidated		North America		International		Consolidated
Product
Bedding	$	640.3	$	116.2	$	756.5	$	514.4	$	115.4	$	629.8
Other	36.9		29.0		65.9		29.6		31.5		61.1
Net sales	$	677.2	$	145.2	$	822.4	$	544.0	$	146.9	$	690.9









	North America		International		Consolidated		North America		International		Consolidated
Geographical region
United States	$	632.5	$	—	$	632.5	$	497.2	$	—	$	497.2
Canada	44.7		—		44.7		46.8		—		46.8
International	—		145.2		145.2		—		146.9		146.9
Net sales	$	677.2	$	145.2	$	822.4	$	544.0	$	146.9	$	690.9

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations Statements

Components of amounts reflected in the Condensed Consolidated Statements of Income related to discontinued operations are presented in the following table for each of the periods ended March 31.


	Three Months Ended
	March 31,
(in millions)	2020		2019
Net sales	$	—	$	0.2
Cost of sales	—		0.2
Gross profit	—		—
Selling and marketing expenses	—		0.1
General, administrative and other expenses	1.2		0.6




Operating loss	(1.2)		(0.7)

Interest income, net and other	—		(0.3)

Loss from discontinued operations before income taxes	(1.2)		(0.4)

Income tax provision	—		—
Loss from discontinued operations, net of tax	$	(1.2)	$	(0.4)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The preliminary allocation of the purchase price is based on estimated fair values of the assets acquired and liabilities assumed as of January 31, 2020, which included the following:


(in millions)
Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities)	$	5.8
Property and equipment	10.1
Goodwill	26.7
Customer relationships intangible assets	3.7
Operating lease right-of-use assets	19.9
Long-term operating lease liabilities	(19.9)
Non-controlling interest	(8.4)
Purchase price, net of cash acquired	$	37.9

The final allocation of the purchase price is based on the fair values of the assets acquired and liabilities assumed as of April 1, 2019, which included the following:


(in millions)
Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities)	$	(1.4)
Property and equipment	5.0
Goodwill	2.4
Other intangible assets	2.1
Operating lease right-of-use assets	28.5
Long-term operating lease liabilities	(28.5)
Purchase price, net of cash acquired	$	8.1

Goodwill (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill by business segment

The following summarizes changes to the Company’s goodwill, by segment:


(in millions)	North America		International		Consolidated
Balance as of December 31, 2019	$	576.6	$	155.7	$	732.3
Goodwill resulting from acquisitions	26.7		—		26.7
Foreign currency translation and other	(5.0)		(0.4)		(5.4)
Balance as of March 31, 2020	$	598.3	$	155.3	$	753.6

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of long term debt

Debt for the Company consists of the following:


	March 31, 2020					December 31, 2019
(in millions, except percentages)	Amount		Rate	Amount		Rate	Maturity Date
2019 Credit Agreement:
Term A Facility	$	419.7	(1)	$	425.0	(2)	October 16, 2024
Revolver	300.4		(1)	—		(2)	October 16, 2024
2026 Senior Notes	600.0		5.500%	600.0		5.500%	June 15, 2026
2023 Senior Notes	450.0		5.625%	450.0		5.625%	October 15, 2023
Securitized debt	85.0		(3)	—		(3)	April 6, 2021
Finance lease obligations ⁽⁴⁾	70.1			64.1			Various
Other	16.7			7.9			Various
Total debt	1,941.9			1,547.0
Less: Deferred financing costs	8.9			7.0
Total debt, net	1,933.0			1,540.0
Less: Current portion	47.5			37.4
Total long-term debt, net	$	1,885.5		$	1,502.6


(1)			Interest at LIBOR plus applicable margin of 1.25% as of March 31, 2020.
(2)			Interest at LIBOR plus applicable margin of 1.625% as of December 31, 2019.
(3)			Interest at one month LIBOR index plus 80 basis points.
(4)			Finance lease obligations are a non-cash financing activity. Refer to Note 7, "Leases"

Fair value of financial instruments

The fair values of these material financial instruments are as follows:


	Fair Value
(in millions)	March 31, 2020		December 31, 2019
2023 Senior Notes	$	419.0	$	464.2
2026 Senior Notes	539.1		634.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Assets and Liabilities, Lessee

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheet as of March 31, 2020:

(in millions)

March 31, 2020

Assets

Operating lease assets

Operating lease right-of-use assets

283.2

Finance lease assets

Property, plant and equipment, net

60.3

Total leased assets

343.5

Liabilities

Short-term:

Operating lease obligations

Accrued expenses and other current liabilities

55.8

Finance lease obligations

Current portion of long-term debt

9.5

Long-term:

Operating lease obligations

Long-term operating lease obligations

241.7

Finance lease obligations

Long-term debt, net

60.6

Total lease obligations

367.6

Lease, Expense

The following table summarizes the classification of lease expense in the Company's Condensed Consolidated Statement of Income for the three months ended March 31, 2020:


	Three Months Ended
(in millions)	March 31, 2020
Operating lease expense:
Operating lease expense	$	18.0
Short-term lease expense	3.2
Variable lease expense	5.3
Finance lease expense:
Amortization of right-of-use assets	2.2
Interest on lease obligations	1.2
Total lease expense	$	29.9

The following table provides supplemental information related to the Company's Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2020:


	Three Months Ended
(in millions)	March 31, 2020
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases	$	17.3
Operating cash flows paid for finance leases	$	1.2
Financing cash flows paid for finance leases	$	2.3

Right-of-use assets obtained in exchange for new operating lease obligations	$	35.6
Right-of-use assets obtained in exchange for new finance lease obligations	$	8.2

Lessee, Operating Lease, Liability, Maturity

The following table sets forth the scheduled maturities of lease obligations as of March 31, 2020:


(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2020 (excluding the three months ended March 31, 2020)	$	52.3	$	10.3	$	62.6
2021	63.3		13.6		76.9
2022	55.2		11.5		66.7
2023	43.7		9.1		52.8
2024	35.8		7.4		43.2
Thereafter	101.7		38.6		140.3
Total lease payments	352.0		90.5		442.5
Less: Interest	54.5		20.4		74.9
Present value of lease obligations	$	297.5	$	70.1	$	367.6

Finance Lease, Liability, Maturity

The following table sets forth the scheduled maturities of lease obligations as of March 31, 2020:


(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2020 (excluding the three months ended March 31, 2020)	$	52.3	$	10.3	$	62.6
2021	63.3		13.6		76.9
2022	55.2		11.5		66.7
2023	43.7		9.1		52.8
2024	35.8		7.4		43.2
Thereafter	101.7		38.6		140.3
Total lease payments	352.0		90.5		442.5
Less: Interest	54.5		20.4		74.9
Present value of lease obligations	$	297.5	$	70.1	$	367.6

Lease, Lease Term and Discount Rate

The following table provides lease term and discount rate information related to operating and finance leases as of March 31, 2020:


	March 31, 2020
Weighted average remaining lease term (years):
Operating leases	6.68
Finance leases	8.58

Weighted average discount rate:
Operating leases	5.20	%
Finance leases	6.05	%

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Changes in accumulated other comprehensive loss

AOCL consisted of the following:


	Three Months Ended
	March 31,
(in millions)	2020		2019
Foreign Currency Translation
Balance at beginning of period	$	(82.2)	$	(91.7)
Other comprehensive loss:
Foreign currency translation adjustments ⁽¹⁾	(23.0)		4.0

Balance at end of period	$	(105.2)	$	(87.7)













Pensions
Balance at beginning of period	$	(5.5)	$	(3.6)
Other comprehensive loss:
Net change from period revaluations	0.1		—
Tax expense ⁽²⁾	(0.1)		—
Total other comprehensive income before reclassifications, net of tax	$	—	$	—
Net amount reclassified to earnings ⁽¹⁾	—		—
Tax benefit ⁽²⁾	—		—
Total amount reclassified from accumulated other comprehensive loss, net of tax	$	—	$	—
Total other comprehensive loss	—		—
Balance at end of period	$	(5.5)	$	(3.6)


(1)			In 2020 and 2019, there were no tax impacts related to foreign currency translation adjustments and no amounts were reclassified to earnings.
(2)			These amounts were included in the income tax provision in the accompanying Condensed Consolidated Statements of Income.

Other Items (Tables)

3 Months Ended

Mar. 31, 2020

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)	March 31, 2020		December 31, 2019
Taxes	$	133.6	$	136.0
Other	89.6		90.8
Operating lease obligations	55.8		50.8
Wages and benefits	43.6		79.5
Advertising	34.4		56.9
Sales returns	25.0		26.2
Warranty	19.1		19.4
Rebates	11.9		13.6
	$	413.0	$	473.2

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

A summary of the Company’s stock-based compensation expense is presented in the following table:


	Three Months Ended March 31,
(in millions)	2020		2019
PRSU expense	$	0.3	$	0.3
Option expense	1.2		1.2
RSU/DSU expense	5.8		5.1
Total stock-based compensation expense	$	7.3	$	6.6

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Balance Sheet Location

The liability at March 31, 2020 is included within the Company’s Condensed Consolidated Balance Sheet (translated at the exchange rate on March 31, 2020) as per below:


	DKK		USD
Accrued expenses and other current liabilities	$	847.3	$	125.1
Other non-current liabilities	268.5		39.7
Total	$	1,115.8	$	164.8

The deposit at March 31, 2020 is included within the Company’s Condensed Consolidated Balance Sheet (translated at the exchange rate on March 31, 2020) as per below:


	DKK		USD
Accrued expenses and other current liabilities	$	847.3	$	125.1
Other non-current liabilities	256.8		37.9
Total	$	1,104.1	$	163.0

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per common share

The following table sets forth the components of the numerator and denominator for the computation of basic and diluted earnings per share for net income attributable to Tempur Sealy International.


	Three Months Ended
	March 31,
(in millions, except per common share amounts)	2020		2019
Numerator:
Income from continuing operations, net of income attributable to non-controlling interest	$	60.9	$	28.8

Denominator:
Denominator for basic earnings per common share-weighted average shares	53.4		54.7
Effect of dilutive securities:
Employee stock-based compensation	0.6		1.0
Denominator for diluted earnings per common share-adjusted weighted average shares	54.0		55.7

Basic earnings per common share for continuing operations	$	1.14	$	0.53

Diluted earnings per common share for continuing operations	$	1.13	$	0.52

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Total assets and long-lived assets by segment

The following table summarizes total assets by segment:


(in millions)	March 31, 2020		December 31, 2019
North America	$	3,327.6	$	3,142.9
International	631.8		615.3
Corporate	647.5		477.1
Inter-segment eliminations	(1,300.7)		(1,173.5)
Total assets	$	3,306.2	$	3,061.8

The following table summarizes property, plant and equipment, net, by segment:


(in millions)	March 31, 2020		December 31, 2019
North America	$	355.3	$	328.9
International	49.5		51.8
Corporate	55.5		55.1
Total property, plant and equipment, net	$	460.3	$	435.8

The following table summarizes operating lease right-of-use assets by segment:


(in millions)	March 31, 2020		December 31, 2019
North America	$	240.4	$	202.0
International	41.9		42.2
Corporate	0.9		1.2
Total operating lease right-of-use assets	$	283.2	$	245.4

Segment financial information

The following table summarizes segment information for the three months ended March 31, 2020:


(in millions)	North America		International		Corporate		Eliminations		Consolidated
Net sales	$	677.2	$	145.2	$	—	$	—	$	822.4

Inter-segment sales	$	0.8	$	0.1	$	—	$	(0.9)	$	—
Inter-segment royalty expense (income)	1.4		(1.4)		—		—		—
Gross profit	277.2		79.9		—		—		357.1
Operating income (loss)	101.4		26.6		(22.7)		—		105.3
Income (loss) from continuing operations before income taxes	99.6		24.5		(39.6)		—		84.5

Depreciation and amortization ⁽¹⁾	$	17.6	$	3.3	$	9.6	$	—	$	30.5
Capital expenditures	21.3		2.4		2.5		—		26.2

(1)Depreciation and amortization include stock-based compensation amortization expense.

The following table summarizes segment information for the three months ended March 31, 2019:


(in millions)	North America		International		Corporate		Eliminations		Consolidated


Net sales	$	544.0	$	146.9	$	—	$	—	$	690.9

Inter-segment sales	$	1.0	$	0.3	$	—	$	(1.3)	$	—
Inter-segment royalty expense (income)	1.0		(1.0)		—		—		—
Gross profit	204.4		77.4		—		—		281.8
Operating income (loss)	64.3		25.2		(29.0)		—		60.5
Income (loss) from continuing operations before income taxes	62.4		29.8		(46.3)		—		45.9

Depreciation and amortization ⁽¹⁾	$	15.0	$	3.3	$	9.8	$	—	$	28.1
Capital expenditures	12.9		2.9		3.3		—		19.1

(1)Depreciation and amortization include stock-based compensation amortization expense.

Long-lived assets by geographic region

The following table summarizes property, plant and equipment, net by geographic region:


(in millions)	March 31, 2020		December 31, 2019
United States	$	395.1	$	366.4
Canada	15.7		17.5
Other International	49.5		51.9
Total property, plant and equipment, net	$	460.3	$	435.8
Total International	$	65.2	$	69.4

The following table summarizes operating lease right-of-use assets by geographic region:


(in millions)	March 31, 2020		December 31, 2019
United States	$	237.1	$	198.3
Canada	4.2		4.9
Other International	41.9		42.2
Total operating lease right-of-use assets	$	283.2	$	245.4
Total International	$	46.1	$	47.1

Net sales by geographic region

The following table summarizes net sales by geographic region:


	Three Months Ended
	March 31,
(in millions)	2020		2019
United States	$	632.5	$	497.2
Canada	44.7		46.8
Other International	145.2		146.9
Total net sales	$	822.4	$	690.9
Total International	$	189.9	$	193.7

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) channel	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Number of products sales channels \| channel	2
Ownership percentage	50.00%
Net investment	$ 22.1		$ 22.5
Effect of adoption of accounting principle		$ 6.5
Retained Earnings
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Effect of adoption of accounting principle		6.5
Retained Earnings \| Accounting Standards Update 2016-13
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Effect of adoption of accounting principle		$ 6.5
Accrued expenses and other current liabilities
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accrued sales returns	25.0		26.2
Warranty Term [Abstract]
Accrued warranty expense	19.1		19.4
Other noncurrent liabilities
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accrued sales returns	13.4		13.1
Warranty Term [Abstract]
Accrued warranty expense	$ 22.2		$ 22.2
Mattresses \| Non-prorated \| International
Warranty Term [Abstract]
Warranty term (in years)	5 years
Mattresses \| Prorated \| International
Warranty Term [Abstract]
Warranty term (in years)	10 years
Mattresses \| Minimum \| North America
Warranty Term [Abstract]
Warranty term (in years)	10 years
Mattresses \| Minimum \| International
Warranty Term [Abstract]
Warranty term (in years)	5 years
Mattresses \| Minimum \| Non-prorated \| North America
Warranty Term [Abstract]
Warranty term (in years)	10 years
Mattresses \| Maximum \| North America
Warranty Term [Abstract]
Warranty term (in years)	25 years
Mattresses \| Maximum \| International
Warranty Term [Abstract]
Warranty term (in years)	15 years
Mattresses \| Maximum \| Non-prorated \| North America
Warranty Term [Abstract]
Warranty term (in years)	15 years
Pillows \| North America
Warranty Term [Abstract]
Warranty term (in years)	3 years

Summary of Significant Accounting Policies - Schedule Of Inventory, Current (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Finished goods	$ 158.4	$ 157.4
Work-in-process	10.8	10.8
Raw materials and supplies	104.2	92.3
Total	$ 273.4	$ 260.5

Summary of Significant Accounting Policies - Changes In Accured Sales Returns (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Changes in Accrued Sales Returns [Roll Forward]
Beginning balance	$ 26.2
Ending balance	25.0
Sales Returns
Changes in Accrued Sales Returns [Roll Forward]
Beginning balance	39.3
Amounts accrued	29.0
Returns charged to accrual	(29.9)
Ending balance	$ 38.4

Summary of Significant Accounting Policies - Warranty Activity (Details) - Warranty Reserves $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 41.6
Amounts accrued	6.3
Warranties charged to accrual	(6.6)
Ending balance	$ 41.3

Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 71.9
Amounts accrued	15.7	$ 1.6
Write-offs charged against the allowance	(11.7)
Ending Balance	84.8
Cumulative Effect, Period Of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 8.9

Net Sales - Sales (Details) - USD ($) $ in Millions	3 Months Ended
Net Sales - Sales (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 822.4	$ 690.9
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	822.4	690.9
Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Net sales	632.5	497.2
Operating Segments \| Canada
Disaggregation of Revenue [Line Items]
Net sales	44.7	46.8
Operating Segments \| International
Disaggregation of Revenue [Line Items]
Net sales	145.2	146.9
Operating Segments \| Bedding
Disaggregation of Revenue [Line Items]
Net sales	756.5	629.8
Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Net sales	65.9	61.1
Operating Segments \| Wholesale
Disaggregation of Revenue [Line Items]
Net sales	722.4	615.9
Operating Segments \| Direct
Disaggregation of Revenue [Line Items]
Net sales	100.0	75.0
Operating Segments \| North America
Disaggregation of Revenue [Line Items]
Net sales	677.2	544.0
Operating Segments \| North America \| United States
Disaggregation of Revenue [Line Items]
Net sales	632.5	497.2
Operating Segments \| North America \| Canada
Disaggregation of Revenue [Line Items]
Net sales	44.7	46.8
Operating Segments \| North America \| International
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Operating Segments \| North America \| Bedding
Disaggregation of Revenue [Line Items]
Net sales	640.3	514.4
Operating Segments \| North America \| Other
Disaggregation of Revenue [Line Items]
Net sales	36.9	29.6
Operating Segments \| North America \| Wholesale
Disaggregation of Revenue [Line Items]
Net sales	609.6	501.8
Operating Segments \| North America \| Direct
Disaggregation of Revenue [Line Items]
Net sales	67.6	42.2
Operating Segments \| International
Disaggregation of Revenue [Line Items]
Net sales	145.2	146.9
Operating Segments \| International \| United States
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Operating Segments \| International \| Canada
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Operating Segments \| International \| International
Disaggregation of Revenue [Line Items]
Net sales	145.2	146.9
Operating Segments \| International \| Bedding
Disaggregation of Revenue [Line Items]
Net sales	116.2	115.4
Operating Segments \| International \| Other
Disaggregation of Revenue [Line Items]
Net sales	29.0	31.5
Operating Segments \| International \| Wholesale
Disaggregation of Revenue [Line Items]
Net sales	112.8	114.1
Operating Segments \| International \| Direct
Disaggregation of Revenue [Line Items]
Net sales	$ 32.4	$ 32.8

Discontinued Operations - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Net sales	$ 0.0	$ 0.2
Cost of sales	0.0	0.2
Gross profit	0.0	0.0
Selling and marketing expenses	0.0	0.1
General, administrative and other expenses	1.2	0.6
Operating loss	(1.2)	(0.7)
Interest income, net and other	0.0	(0.3)
Loss from discontinued operations before income taxes	(1.2)	(0.4)
Income tax provision	0.0	0.0
Loss from discontinued operations, net of tax	$ (1.2)	$ (0.4)

Acquisitions (Narrative) (Details) - USD ($) $ in Millions			3 Months Ended
Acquisitions (Narrative) (Details) - USD ($) $ in Millions	Jan. 31, 2020	Apr. 01, 2019	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Goodwill, acquired during period			$ 26.7
International
Business Acquisition [Line Items]
Goodwill, acquired during period			$ 0.0
Sherwood Bedding
Business Acquisition [Line Items]
Percentage of voting interests acquired	80.00%
Consideration transferred	$ 39.1
Cash and equivalents	$ 1.2
Innovative Mattress Solutions, LLC (IMS)
Business Acquisition [Line Items]
Transaction value		$ 24.0
Liabilities				$ 11.0
Consideration transferred		13.2
Cash and equivalents		5.1
Other intangible assets		$ 2.1

Acquisitions (Price Purchase Allocation) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 31, 2020	Dec. 31, 2019	Apr. 01, 2019
Business Acquisition [Line Items]
Goodwill	$ 753.6		$ 732.3
Sherwood Bedding
Business Acquisition [Line Items]
Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities)		$ 5.8
Property and equipment		10.1
Goodwill		26.7
Operating lease right-of-use assets		19.9
Long-term operating lease liabilities		(19.9)
Non-controlling interest		(8.4)
Purchase price, net of cash acquired		37.9
Sherwood Bedding \| Customer Relationships
Business Acquisition [Line Items]
Other intangible assets		$ 3.7
Innovative Mattress Solutions, LLC (IMS)
Business Acquisition [Line Items]
Working capital (accounts receivable and inventory, net of accounts payable and accrued liabilities)				$ (1.4)
Property and equipment				5.0
Goodwill				2.4
Other intangible assets				2.1
Operating lease right-of-use assets				28.5
Long-term operating lease liabilities				(28.5)
Purchase price, net of cash acquired				$ 8.1

Goodwill (Details) $ in Millions	3 Months Ended
Goodwill (Details) $ in Millions	Mar. 31, 2020 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 732.3
Goodwill resulting from acquisitions	26.7
Foreign currency translation and other	(5.4)
Ending balance	753.6
North America
Goodwill [Roll Forward]
Beginning balance	576.6
Goodwill resulting from acquisitions	26.7
Foreign currency translation and other	(5.0)
Ending balance	598.3
International
Goodwill [Roll Forward]
Beginning balance	155.7
Goodwill resulting from acquisitions	0.0
Foreign currency translation and other	(0.4)
Ending balance	$ 155.3

Debt (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
Debt (Details) - USD ($) $ in Millions	Oct. 16, 2019	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2019
Long-term Debt, by Current and Noncurrent [Abstract]
Finance lease obligations		$ 70.1
Other		16.7	$ 7.9	$ 7.9
Total debt		1,941.9	1,547.0	1,547.0
Less: Deferred financing costs		8.9	7.0	7.0
Total debt, net		1,933.0	1,540.0	1,540.0
Less: Current portion		47.5	37.4	37.4
Total long-term debt, net		1,885.5	1,502.6	1,502.6
2026 Senior Notes
Long-term Debt, by Current and Noncurrent [Abstract]
Senior notes		$ 600.0	$ 600.0	$ 600.0
Stated percentage		5.50%	5.50%	5.50%
2026 Senior Notes \| Fair Value, Inputs, Level 2
Long-term Debt, by Current and Noncurrent [Abstract]
Notes, fair value		$ 539.1	$ 634.9	$ 634.9
2023 Senior Notes
Long-term Debt, by Current and Noncurrent [Abstract]
Senior notes		$ 450.0	$ 450.0	$ 450.0
Stated percentage		5.625%	5.625%	5.625%
2023 Senior Notes \| Fair Value, Inputs, Level 2
Long-term Debt, by Current and Noncurrent [Abstract]
Notes, fair value		$ 419.0	$ 464.2	$ 464.2
Securitized debt
Long-term Debt, by Current and Noncurrent [Abstract]
Securitized debt		$ 85.0	0.0	$ 0.0
Securitized debt \| London Interbank Offered Rate (LIBOR)
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)		0.80%		0.80%
Financing and capital lease obligations
Long-term Debt, by Current and Noncurrent [Abstract]
Finance lease obligations		$ 70.1	$ 64.1	$ 64.1
2019 Credit Agreement \| Revolving Credit Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit		300.4
2019 Credit Agreement \| Line of Credit
Long-term Debt, by Current and Noncurrent [Abstract]
Equity interest of subsidiary guarantor	100.00%
Equity voting rights of subsidiary	65.00%
Covenant letters of credit outstanding ratio	$ 40.0
Domestic and foreign qualified cash, maximum percentage	100.00%
Domestic and foreign qualified cash, maximum	$ 200.0
Covenant netted cash		$ 195.9
Commitment fee		0.175%	0.25%
2019 Credit Agreement \| Base Rate \| Line of Credit
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)	0.625%
2019 Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Line of Credit
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)	1.625%
2019 Credit Agreement \| Line of Credit
Long-term Debt, by Current and Noncurrent [Abstract]
Line of Credit Facility, Remaining Borrowing Capacity		$ 101.9
2019 Credit Agreement \| Line of Credit \| Incremental Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit borrowing	$ 550.0
2019 Credit Agreement \| Line of Credit \| Revolving Credit Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit borrowing	425.0
2019 Credit Agreement \| Line of Credit \| Term Loan Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit borrowing	425.0
2019 Credit Agreement \| Line of Credit \| Letter of Credit
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit borrowing	$ 60.0
Proceeds from lines of credit		22.7
2016 Credit Agreement \| Term A Facility
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit		$ 419.7	$ 425.0	425.0
2016 Credit Agreement \| Term A Facility \| London Interbank Offered Rate (LIBOR)
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)		1.25%
2016 Credit Agreement \| Revolver
Long-term Debt, by Current and Noncurrent [Abstract]
Line of credit		$ 300.4	$ 0.0	$ 0.0
2016 Credit Agreement \| Revolver \| London Interbank Offered Rate (LIBOR)
Long-term Debt, by Current and Noncurrent [Abstract]
Index rate or LIBOR plus (as a percent)				1.625%

Leases - Balance Sheet Effect (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 283.2	$ 245.4
Finance lease assets	60.3
Total leased assets	343.5
Operating lease obligations	55.8	50.8
Finance lease obligations	9.5
Long-term operating lease obligations	241.7	$ 205.4
Finance lease obligations	60.6
Present value of lease obligations	$ 367.6

Leases - Expense (Details) $ in Millions	3 Months Ended
Leases - Expense (Details) $ in Millions	Mar. 31, 2020 USD ($)
Leases [Abstract]
Operating lease expense	$ 18.0
Short-term lease expense	3.2
Variable lease expense	5.3
Finance lease expense:
Amortization of right-of-use assets	2.2
Interest on lease obligations	1.2
Total lease expense	$ 29.9

Leases - Maturity (Details) $ in Millions	Mar. 31, 2020 USD ($)
Operating Leases
2020 (excluding the three months ended March 31, 2020)	$ 52.3
2021	63.3
2022	55.2
2023	43.7
2024	35.8
Thereafter	101.7
Future minimum lease payments	352.0
Less: Interest	54.5
Present value of lease obligations	297.5
Finance Leases
2020 (excluding the three months ended March 31, 2020)	10.3
2021	13.6
2022	11.5
2023	9.1
2024	7.4
Thereafter	38.6
Total lease payments	90.5
Less: Interest	20.4
Present value of lease obligations	70.1
2020 (excluding the three months ended March 31, 2020)	62.6
2021	76.9
2022	66.7
2023	52.8
2024	43.2
Thereafter	140.3
Total lease payments	442.5
Less: Interest	74.9
Present value of lease obligations	$ 367.6

Leases - Long Term and Discount Rate (Details)	Mar. 31, 2020
Weighted average remaining lease term (years):
Operating leases	6 years 8 months 4 days
Finance leases	8 years 6 months 29 days
Weighted average discount rate:
Operating leases	5.20%
Finance leases	6.05%

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

Stockholders' Equity (Details)	3 Months Ended
Stockholders' Equity (Details)	Mar. 31, 2020 USD ($) vote $ / shares shares	Mar. 31, 2019 USD ($) shares	Mar. 27, 2020 right $ / shares shares	Feb. 29, 2020 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock shares authorized (in shares) \| shares	300,000,000.0
Common stock par value (USD per share) \| $ / shares	$ 0.01
Preferred stock authorized shares (in shares) \| shares	10,000,000.0
Preferred stock par or stated value (in dollars per share) \| $ / shares	$ 0.01
Common stock, number of votes granted per common share held \| vote	1
Increase (decrease) in authorization amount				$ 190,000,000.0
Authorized amount of stock to be repurchased				$ 300,000,000.0
Treasury stock, acquired (in shares) \| shares	2,600,000	15,731
Payments for repurchase of common stock	$ 187,500,000	$ 800,000
Value of treasury stock acquired	187,500,000	800,000
Number of rights authorized and declared per common share \| right			1
Number of securities per each right \| shares			0.001
Exercise price \| $ / shares			$ 0.273
Affiliated person common shares trigger percent			0.10
Passive investor common shares trigger percent			0.20
Treasury Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Value of treasury stock acquired	$ 187,500,000	800,000
Performance-based Restricted Stock Units
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares withheld for tax withholding \| shares	100,000
Value of treasury stock acquired	$ 11,800,000	$ 2,900,000
February 2016 Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Remaining shares under share repurchase authorization	$ 131,300,000

Stockholders' Equity - AOCL (Details) - USD ($)	3 Months Ended
Stockholders' Equity - AOCL (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 360,400,000	$ 217,500,000
Foreign currency translation adjustments	(23,000,000.0)	4,000,000.0
Total other comprehensive loss	0	0
Balance at end of period	208,400,000	253,500,000
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(82,200,000)	(91,700,000)
Tax expense	0	0
Net amount reclassified to earnings	0	0
Balance at end of period	(105,200,000)	(87,700,000)
Pensions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(5,500,000)	(3,600,000)
Net change from period revaluations	100,000	0
Tax expense	(100,000)	0
Total other comprehensive gain (loss) before reclassifications, net of tax	0	0
Net amount reclassified to earnings	0	0
Tax benefit	0	0
Total amount reclassified from accumulated other comprehensive loss, net of tax	0	0
Balance at end of period	$ (5,500,000)	$ (3,600,000)

Other Items (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Taxes	$ 133.6	$ 136.0
Other	89.6	90.8
Operating lease obligations	55.8	50.8
Wages and benefits	43.6	79.5
Advertising	34.4	56.9
Sales returns	25.0	26.2
Warranty	19.1	19.4
Rebates	11.9	13.6
Total accrued liabilities	$ 413.0	$ 473.2

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 7.3	$ 6.6
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0.3	0.3
Performance-based Restricted Stock Units \| 2019 Aspirational Plan \| 2018 Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares forfeited	50.00%
Award vesting percentage	50.00%
Performance-based Restricted Stock Units \| 2019 Aspirational Plan \| 2018 Target \| Adjust EBITDA is $600 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	66.00%
Performance-based Restricted Stock Units \| 2019 Aspirational Plan \| 2018 Target \| Adjusted EBITDA is less than $600.0 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Adjusted EBITDA	$ 600.0
Performance-based Restricted Stock Units \| 2019 Aspirational Plan \| 2017 Target \| Adjust EBITDA is $600 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Adjusted EBITDA	600.0
Performance-based Restricted Stock Units \| 2019 Aspirational Plan \| 2017 Target \| Adjusted EBITDA equals or exceeds $650 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Adjusted EBITDA	$ 650.0
Award vesting percentage	100.00%
Option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1.2	1.2
RSU/DSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5.8	$ 5.1
Minimum \| Performance-based Restricted Stock Units \| 2019 Aspirational Plan \| 2018 Target \| Adjusted EBITDA is between $600.0 million and $650.0 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Adjusted EBITDA	600.0
Minimum \| Performance-based Restricted Stock Units \| 2019 Aspirational Plan \| First Designated Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	33.1
Maximum \| Performance-based Restricted Stock Units \| 2019 Aspirational Plan \| 2017 Target \| Adjusted EBITDA is between $600.0 million and $650.0 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum Adjusted EBITDA	650.0
Maximum \| Performance-based Restricted Stock Units \| 2019 Aspirational Plan \| First Designated Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	$ 49.7

Income Taxes (Details) kr in Millions, $ in Millions	3 Months Ended			12 Months Ended
Income Taxes (Details) kr in Millions, $ in Millions	Mar. 31, 2020 USD ($)	Mar. 31, 2020 DKK (kr)	Mar. 31, 2019	Dec. 31, 2019 USD ($)	Dec. 31, 2019 DKK (kr)	Mar. 31, 2020 DKK (kr)	Dec. 31, 2019 DKK (kr)
Income Tax Examination [Line Items]
Effective income tax provision (as a percent)	27.80%	27.80%	36.80%
Danish Tax Authority (SKAT) \| Foreign Tax Authority \| Tax Years Post 2011
Income Tax Examination [Line Items]
Income tax liability	$ 164.8	kr 1,115.8		$ 166.7	kr 1,110.0
Tax deposit	$ 163.0			$ 145.6		kr 1,104.1	kr 970.1
Danish Tax Authority (SKAT) \| Foreign Tax Authority \| Tax Years 2012-2013
Income Tax Examination [Line Items]
Income tax liability		kr 134.0

Income Taxes - Balance Sheet Location (Details) - Foreign Tax Authority - Danish Tax Authority (SKAT) - Tax Years Post 2011 kr in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020 USD ($)	Mar. 31, 2020 DKK (kr)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 DKK (kr)	Mar. 31, 2020 DKK (kr)	Dec. 31, 2019 DKK (kr)
Income Tax Examination [Line Items]
Income tax liability	$ 164.8	kr 1,115.8	$ 166.7	kr 1,110.0
Tax deposit	163.0		$ 145.6		kr 1,104.1	kr 970.1
Accrued expenses and other current liabilities
Income Tax Examination [Line Items]
Income tax liability	125.1	847.3
Tax deposit	125.1				847.3
Other non-current assets
Income Tax Examination [Line Items]
Income tax liability	39.7	kr 268.5
Tax deposit	$ 37.9				kr 256.8

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Income from continuing operations, net of income attributable to non-controlling interest	$ 60.9	$ 28.8
Denominator:
Denominator for basic earnings per common share-weighted average shares (in shares)	53.4	54.7
Effect of dilutive securities:
Employee stock-based compensation (in shares)	0.6	1.0
Denominator for diluted earnings per common share-adjusted weighted average shares	54.0	55.7
Basic earnings per share for continuing operations (in dollars per share)	$ 1.14	$ 0.53
Diluted earnings per share for continuing operations (in dollars per share)	$ 1.13	$ 0.52
Shares excluded from diluted earnings per common share computation as anti-dilutive (in shares)	0.2	1.2

Business Segment Information (Details) $ in Millions	3 Months Ended
Business Segment Information (Details) $ in Millions	Mar. 31, 2020 USD ($) segment	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting [Abstract]
Number of business segments \| segment	2
Segment Reporting Information [Line Items]
Total assets	$ 3,306.2		$ 3,061.8
Total property, plant and equipment, net	460.3		435.8
Operating lease right-of-use assets	283.2		245.4
Net sales	822.4	$ 690.9
Gross Profit	357.1	281.8
Operating Income (Loss)	105.3	60.5
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	84.5	45.9
Depreciation and amortization (including stock-based compensation amortization)	30.5	28.1
Payments to Acquire Property, Plant, and Equipment	26.2	19.1
United States
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	395.1		366.4
Operating lease right-of-use assets	237.1		198.3
Canada
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	15.7		17.5
Operating lease right-of-use assets	4.2		4.9
Other International
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	49.5		51.9
Operating lease right-of-use assets	41.9		42.2
Total International
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	65.2		69.4
Operating lease right-of-use assets	46.1		47.1
Net sales	189.9	193.7
Operating Segments
Segment Reporting Information [Line Items]
Total property, plant and equipment, net	460.3		435.8
Net sales	822.4	690.9
Operating Segments \| United States
Segment Reporting Information [Line Items]
Net sales	632.5	497.2
Operating Segments \| Canada
Segment Reporting Information [Line Items]
Net sales	44.7	46.8
Operating Segments \| International
Segment Reporting Information [Line Items]
Net sales	145.2	146.9
Operating Segments \| North America
Segment Reporting Information [Line Items]
Total assets	3,327.6		3,142.9
Total property, plant and equipment, net	355.3		328.9
Operating lease right-of-use assets	240.4		202.0
Net sales	677.2	544.0
Gross Profit	277.2	204.4
Operating Income (Loss)	101.4	64.3
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	99.6	62.4
Depreciation and amortization (including stock-based compensation amortization)	17.6	15.0
Payments to Acquire Property, Plant, and Equipment	21.3	12.9
Operating Segments \| North America \| United States
Segment Reporting Information [Line Items]
Net sales	632.5	497.2
Operating Segments \| North America \| Canada
Segment Reporting Information [Line Items]
Net sales	44.7	46.8
Operating Segments \| North America \| International
Segment Reporting Information [Line Items]
Net sales	0.0	0.0
Operating Segments \| International
Segment Reporting Information [Line Items]
Total assets	631.8		615.3
Total property, plant and equipment, net	49.5		51.8
Operating lease right-of-use assets	41.9		42.2
Net sales	145.2	146.9
Gross Profit	79.9	77.4
Operating Income (Loss)	26.6	25.2
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	24.5	29.8
Depreciation and amortization (including stock-based compensation amortization)	3.3	3.3
Payments to Acquire Property, Plant, and Equipment	2.4	2.9
Operating Segments \| International \| United States
Segment Reporting Information [Line Items]
Net sales	0.0	0.0
Operating Segments \| International \| Canada
Segment Reporting Information [Line Items]
Net sales	0.0	0.0
Operating Segments \| International \| International
Segment Reporting Information [Line Items]
Net sales	145.2	146.9
Corporate
Segment Reporting Information [Line Items]
Total assets	647.5		477.1
Total property, plant and equipment, net	55.5		55.1
Operating lease right-of-use assets	0.9		1.2
Operating Income (Loss)	(22.7)	(29.0)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(39.6)	(46.3)
Depreciation and amortization (including stock-based compensation amortization)	9.6	9.8
Payments to Acquire Property, Plant, and Equipment	2.5	3.3
Inter-segment eliminations
Segment Reporting Information [Line Items]
Total assets	(1,300.7)		$ (1,173.5)
Net sales	(0.9)	(1.3)
Inter-segment eliminations \| North America
Segment Reporting Information [Line Items]
Net sales	0.8	1.0
Royalty Revenue, Net of Royalty Expense	1.4	1.0
Inter-segment eliminations \| International
Segment Reporting Information [Line Items]
Net sales	0.1	0.3
Royalty Revenue, Net of Royalty Expense	$ (1.4)	$ (1.0)