0001206264-24-000050 | 10-K | XBRL Viewer | Tempur Sealy International INC

Print Document View Excel Document

Stock-based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) plan $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 shares	May 05, 2022 shares	Dec. 31, 2003 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of compensation plans \| plan	2
Stock options granted (in shares)	0		0
Total intrinsic value of options exercised \| $	$ 5.1	$ 0.9
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	400,000	300,000
Granted (in dollars per share) \| $ / shares	$ 37.22	$ 51.38
RSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	500,000	400,000
Granted (in dollars per share) \| $ / shares	$ 35.11	$ 46.49
Aggregate intrinsic value of RSUs and DSUs vested during the period \| $	$ 39.0	$ 61.7
Long Term Incentive Plan 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock shares to be issued (in shares)				44,700,000
Amended And Restated 2003 Equity Incentive Plan \| Unrecognized stock option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock shares to be issued (in shares)					46,000,000

Acquisitions - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions	May 09, 2023 USD ($) shares	Aug. 02, 2021 USD ($) retailLocation	May 08, 2023 $ / shares
Dreams Topco Limited
Business Acquisition [Line Items]
Consideration transferred		$ 476.7
Cash acquired		$ 49.5
Number of retail locations \| retailLocation		200
Matress Firm
Business Acquisition [Line Items]
Consideration transferred	$ 4,000.0
Cash consideration	$ 2,700.0
Number of shares issued (in shares) \| shares	34.2
Cash consideration for stock	$ 1,300.0
Cash price per share (in dollars per share) \| $ / shares			$ 37.62

Net Sales

12 Months Ended

Dec. 31, 2023

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 years ended December 31.


	Twelve Months Ended December 31, 2023
(in millions)		North America		International		Consolidated
Channel
Wholesale		$	3,348.2	$	397.9	$	3,746.1
Direct		507.3		672.0		1,179.3
Net sales		$	3,855.5	$	1,069.9	$	4,925.4

		North America		International		Consolidated
Product
Bedding		$	3,585.2	$	879.2	$	4,464.4
Other		270.3		190.7		461.0
Net sales		$	3,855.5	$	1,069.9	$	4,925.4

		North America		International		Consolidated
Geographical region
United States		$	3,560.8	$	—	$	3,560.8
All other		294.7		1,069.9		1,364.6
Net sales		$	3,855.5	$	1,069.9	$	4,925.4


	Twelve Months Ended December 31, 2022
(in millions)		North America		International		Consolidated
Channel
Wholesale		$	3,390.1	$	382.4	$	3,772.5
Direct		496.0		652.7		1,148.7
Net sales		$	3,886.1	$	1,035.1	$	4,921.2

		North America		International		Consolidated
Product
Bedding		$	3,618.7	$	859.1	$	4,477.8
Other		267.4		176.0		443.4
Net sales		$	3,886.1	$	1,035.1	$	4,921.2

		North America		International		Consolidated
Geographical region
United States		$	3,596.0	$	—	$	3,596.0
All other		290.1		1,035.1		1,325.2

Net sales		$	3,886.1	$	1,035.1	$	4,921.2


	Twelve Months Ended December 31, 2021
(in millions)		North America		International		Consolidated
Channel
Wholesale		$	3,584.1	$	450.3	$	4,034.4
Direct		495.1		401.3		896.4
Net sales		$	4,079.2	$	851.6	$	4,930.8

		North America		International		Consolidated
Product
Bedding		$	3,825.9	$	687.0	$	4,512.9
Other		253.3		164.6		417.9
Net sales		$	4,079.2	$	851.6	$	4,930.8

		North America		International		Consolidated
Geographical region
United States		$	3,751.3	$	—	$	3,751.3
All Other		327.9		851.6		1,179.5

Net sales		$	4,079.2	$	851.6	$	4,930.8

The North America and International segments sell product through two channels: Wholesale and Direct. The Wholesale channel includes all product sales to third-party retailers, including third-party distribution, hospitality and healthcare. The Direct channel includes product sales through company-owned stores, e-commerce and call centers. The North America and International segments classify products into two major categories: Bedding and Other. Bedding products include mattresses, foundations and adjustable foundations. Other products include pillows, mattress covers, sheets, cushions and various other comfort products.

The Wholesale channel also includes income from royalties derived by licensing Sealy®, Stearns & Foster® and Tempur® brands, technology and trademarks to other manufacturers. The licenses include rights for the licensees to use trademarks as well as current proprietary or patented technology that the Company utilizes. The Company also provides its licensees with product specifications, research and development, statistical services and marketing programs. The Company recognizes royalty income based on the occurrence of sales of Sealy®, Stearns & Foster® and Tempur® branded products by various licensees. Royalty income was $32.3 million, $31.8 million and $29.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

For product sales in each of the Company's channels, the Company recognizes a sale when the performance obligations under the terms of the contract with the customer are satisfied, which is generally when control of the product has transferred to the customer. Transferring control of each product sold is considered a separate performance obligation. The Company transfers control and recognizes a sale when the customer receives the product. Each unit sold is considered an independent, unbundled performance obligation. The Company does not have any additional performance obligations other than product sales that are material in the context of the contract. The Company also offers assurance type warranties on certain of its products, which is not accounted for as separate performance obligations under the revenue model.

The transaction price is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of consideration the Company receives, and correspondingly, the revenue that is recognized, varies due to sales incentives and returns the Company offers to its Wholesale and Direct channel customers. Specifically, the Company extends volume discounts, as well as promotional allowances, floor sample discounts, commissions paid to retail associates and slotting fees to its Wholesale channel customers and reflects these amounts as a reduction of sales at the time revenue is recognized based on historical experience. The Company allows returns following a sale, depending on the channel and promotion. The Company reduces revenue and cost of sales for its estimate of the expected returns, which is primarily based on the level of historical sales returns. The Company does not offer extended payment terms beyond one year to customers. As such, the Company does not adjust its consideration for financing arrangements.

In certain jurisdictions, the Company is subject to certain non-income taxes including, but not limited to, sales tax, value added tax, excise tax and other taxes. These taxes are excluded from the transaction price, and therefore, excluded from revenue. The Company has elected to account for shipping and handling activities as a fulfillment cost. Accordingly, the Company reflects all amounts billed to customers for shipping and handling in revenue and the costs of fulfillment in cost of sales. Amounts included in net sales for shipping and handling were $8.6 million, $8.1 million and $7.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Summary of Significant Accounting Policies - Warranty Activity (Details) - Warranty Reserves - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement in Extended Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 41.6	$ 43.9
Amounts accrued	19.6	17.0
Warranties charged to accrual	(20.4)	(19.3)
Balance at end of period	$ 40.8	$ 41.6

Schedule II - Valuation and Qualifying Accounts (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 42.3	$ 42.6	$ 33.5
Additions - Charges to Costs and Expenses	18.0	3.0	7.5
Additions - Charged to Other Accounts	0.8	(1.7)	4.5
Deductions	(11.6)	(1.6)	(2.9)
Balance at End of Period	$ 49.5	$ 42.3	$ 42.6

Summary of Significant Accounting Policies - Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
2029 Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	$ 724.2	$ 672.7
2031 Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	$ 677.6	$ 627.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Income Taxes - Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Notional interest deduction ("NID")	$ 40.0	$ 0.0
State charitable contribution carryover ("SCCCs")	0.7	0.9
US State
Operating Loss Carryforwards [Line Items]
Net operating losses	134.0	103.8
Tax credit carryforwards	3.2	3.7
US Federal
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	0.0	10.6
Foreign
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 49.8	$ 63.6

Stockholders' Equity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock shares authorized (in shares) \| shares	500,000,000	500,000,000
Common stock par or stated value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Preferred stock authorized shares (in shares) \| shares	10,000,000
Preferred stock par or stated value (in dollars per share) \| $ / shares	$ 0.01
Common stock, voting rights per share held \| vote	1
Treasury stock repurchased (in shares) \| shares	100,000	18,600,000	19,500,000
Treasury stock repurchased \| $	$ 5.0	$ 621.2	$ 801.4
Performance-based Restricted Stock Units
Accumulated Other Comprehensive Income (Loss) [Line Items]
Treasury stock repurchased \| $	31.0	$ 46.2	$ 14.9
February 2017 Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Remaining authorized repurchase amount \| $	$ 774.5

Business Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

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

The Company sells its products in over 100 countries to over 10,000 wholesale customers. The Company’s Direct channel represents 23.9% of the Company’s consolidated net sales in 2023, as compared to 23.3% of the Company's consolidated net sales in 2022. One wholesale customer contributed over 15% of the Company’s consolidated net sales in the years ended 2023 and 2022, respectively.

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

The following table summarizes total assets by segment:


	December 31,		December 31,
(in millions)	2023		2022
North America	$	5,291.0	$	5,161.7
International	1,405.2		1,181.5
Corporate	1,269.5		1,077.1
Inter-segment eliminations	(3,411.8)		(3,060.5)
Total assets	$	4,553.9	$	4,359.8

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


	December 31,		December 31,
(in millions)	2023		2022
North America	$	753.8	$	672.1
International	91.3		87.3
Corporate	33.2		31.7
Total property, plant and equipment, net	$	878.3	$	791.1

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


	December 31,		December 31,
(in millions)	2023		2022
North America	$	453.5	$	349.0
International	180.2		154.1
Corporate	2.8		3.7
Total operating lease right-of-use assets	$	636.5	$	506.8

The following table summarizes segment information for the year ended December 31, 2023:


(in millions)	North America		International		Corporate		Eliminations		Consolidated
Bedding sales	$	3,585.2	$	879.2	$	—	$	—	$	4,464.4
Other sales	270.3		190.7		—		—		461.0
Net sales	$	3,855.5	$	1,069.9	$	—	$	—	$	4,925.4

Inter-segment sales	$	1.2	$	0.5	$	—	$	(1.7)	$	—
Inter-segment royalty expense (income)	33.7		(33.7)		—		—		—
Gross profit	1,537.5		591.2		—		—		2,128.7
Operating income (loss)	643.1		170.9		(206.8)		—		607.2
Income (loss) from continuing operations before income taxes	634.2		171.4		(331.5)		—		474.1

Depreciation and amortization (1)	$	102.2	$	25.6	$	55.2	$	—	$	183.0
Capital expenditures	158.8		18.1		8.5		—		185.4

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

The following table summarizes segment information for the year ended December 31, 2022:


(in millions)	North America		International		Corporate		Eliminations		Consolidated
Bedding sales	$	3,618.7	$	859.1	$	—	$	—	$	4,477.8
Other sales	267.4		176.0		—		—		443.4
Net sales	$	3,886.1	$	1,035.1	$	—	$	—	$	4,921.2

Inter-segment sales	$	1.7	$	1.1	$	—	$	(2.8)	$	—
Inter-segment royalty expense (income)	15.0		(15.0)		—		—		—
Gross profit	1,487.3		562.3		—		—		2,049.6
Operating income (loss)	642.4		187.2		(149.0)		—		680.6
Income (loss) from continuing operations before income taxes	638.6		183.4		(244.8)		—		577.2

Depreciation and amortization (1)	$	96.9	$	23.7	$	59.6	$	—	$	180.2
Capital expenditures	267.4		33.1		6.0		—		306.5

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

The following table summarizes segment information for the year ended December 31, 2021:


(in millions)	North America		International		Corporate		Eliminations		Consolidated
Bedding sales	$	3,825.9	$	687.0	$	—	$	—	$	4,512.9
Other sales	253.3		164.6		—		—		417.9
Net sales	$	4,079.2	$	851.6	$	—	$	—	$	4,930.8

Inter-segment sales	$	1.8	$	1.2	$	—	$	(3.0)	$	—
Inter-segment royalty expense (income)	8.7		(8.7)		—		—		—
Gross profit	1,678.0		480.7		—		—		2,158.7
Operating income (loss)	856.7		200.0		(144.4)		—		912.3
Income (loss) from continuing operations before income taxes	853.2		198.9		(228.1)		—		824.0

Depreciation and amortization (1)	$	87.7	$	18.1	$	68.8	$	—	$	174.6
Capital expenditures	89.7		18.0		15.6		—		123.3

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

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


	December 31,		December 31,
(in millions)	2023		2022
United States	$	764.1	$	682.0
All other	114.2		109.1
Total property, plant and equipment, net	$	878.3	$	791.1

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


	December 31,		December 31,
(in millions)	2023		2022
United States	$	444.2	$	339.6
United Kingdom	146.5		122.9
All other	45.8		44.3
Total operating lease right-of-use assets	$	636.5	$	506.8

The following table summarizes net sales by geographic region:


	Year Ended December 31,
(in millions)	2023		2022		2021
United States	$	3,560.8	$	3,596.0	$	3,751.3
All other	1,364.6		1,325.2		1,179.5
Total net sales	$	4,925.4	$	4,921.2	$	4,930.8

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Debt - Senior Notes and Deferred Financing Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 24, 2021	Mar. 25, 2021
Senior Notes \| 2031 Senior Notes
Debt Instrument [Line Items]
Aggregate principle amount of senior notes due 2031			$ 800.0
Stated percentage			3.875%
Percentage of principal amount that may be redeemed	103.875%
Minimum percentage of notes not eligible for early redemption	60.00%
Senior Notes \| 2029 Senior Notes
Debt Instrument [Line Items]
Aggregate principle amount of senior notes due 2031				$ 800.0
Stated percentage				4.00%
Percentage of principal amount that may be redeemed	104.00%
Minimum percentage of notes not eligible for early redemption	60.00%
Senior Notes \| Redemption period one \| 2031 Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage	101.938%
Senior Notes \| Redemption period one \| 2029 Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage	102.00%
Senior Notes \| Redemption period two \| 2031 Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Senior Notes \| Redemption period two \| 2029 Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Senior Notes \| Redemption period three \| 2031 Senior Notes
Debt Instrument [Line Items]
Percentage of redemption on notes	100.00%
Senior Notes \| Redemption period three \| 2029 Senior Notes
Debt Instrument [Line Items]
Percentage of redemption on notes	100.00%
Senior Notes \| Redemption period four \| 2031 Senior Notes
Debt Instrument [Line Items]
Percentage of redemption on notes	40.00%
Senior Notes \| Redemption period four \| 2029 Senior Notes
Debt Instrument [Line Items]
Percentage of redemption on notes	40.00%
2031 Senior Notes
Debt Instrument [Line Items]
Stated percentage	3.875%	3.875%
2029 Senior Notes
Debt Instrument [Line Items]
Stated percentage	4.00%	4.00%

Retirement Plans - Multi-employer Benefit Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Multi-Employer Benefit Plans
Domestic employees represented by various labor unions with separate collective bargaining agreements (percentage)	17.10%
Total contributions for most recent plan year available (percentage)	5.00%	5.00%
Red Zone
Multi-Employer Benefit Plans
Multi-employer plans funded status (percentage) (less than for Red and Yellow Zone, greater than for Green Zone)	65.00%	65.00%
Yellow Zone
Multi-Employer Benefit Plans
Multi-employer plans funded status (percentage) (less than for Red and Yellow Zone, greater than for Green Zone)	80.00%	80.00%
Number of years in which a multi-employer plan is projected to be a credit balance	7 years	7 years
Green Zone
Multi-Employer Benefit Plans
Multi-employer plans funded status (percentage) (less than for Red and Yellow Zone, greater than for Green Zone)	80.00%	80.00%
Number of years in which a multi-employer plan is projected not to be a credit balance	7 years	7 years
Multi-employer Retirement Plan
Multi-Employer Benefit Plans
Number of domestic manufacturing facilities where employees are covered by union sponsored multiemployer plans \| facility	6
Expenses recognized for contributions	$ 4.7	$ 3.7	$ 4.1
Multi‑employer health and welfare plan expense \| Multi-employer Retirement Plan
Multi-Employer Benefit Plans
Number of domestic manufacturing facilities where employees are covered by union sponsored multiemployer plans \| facility	3
Expenses recognized for contributions	$ 3.2	3.6	$ 3.8
United Furniture Workers Pension Fund A \| Multi-employer Retirement Plan
Multi-Employer Benefit Plans
Expenses recognized for contributions	$ 1.5	1.6
Pension Plan of the National Retirement Fund
Multi-Employer Benefit Plans
Surcharge imposed	10.00%
Pension Plan of the National Retirement Fund \| Multi-employer Retirement Plan
Multi-Employer Benefit Plans
Expenses recognized for contributions	$ 0.9	1.0
Central States, Southeast & Southwest Areas Pension Plan
Multi-Employer Benefit Plans
Surcharge imposed	10.00%
Central States, Southeast & Southwest Areas Pension Plan \| Multi-employer Retirement Plan
Multi-Employer Benefit Plans
Expenses recognized for contributions	$ 0.8	$ 1.1

Goodwill and Other Intangible Assets - Goodwill by Reportable Business Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 1,062.3	$ 1,107.4
Foreign currency translation adjustments and other	21.0	(45.1)
Ending balance	1,083.3	1,062.3
North America
Goodwill [Roll Forward]
Beginning balance	607.3	611.5
Foreign currency translation adjustments and other	2.4	(4.2)
Ending balance	609.7	607.3
International
Goodwill [Roll Forward]
Beginning balance	455.0	495.9
Foreign currency translation adjustments and other	18.6	(40.9)
Ending balance	473.6	$ 455.0
International \| Dreams Topco Limited
Goodwill [Roll Forward]
Ending balance	324.6
International \| International
Goodwill [Roll Forward]
Ending balance	$ 149.0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Louisville, Kentucky
Auditor Firm ID	42

Leases - Balance Sheet Effect (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 636.5	$ 506.8
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance lease assets	$ 80.1	$ 68.1
Total leased assets	716.6	574.9
Operating lease obligations	$ 119.6	$ 105.5
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt	Current portion of long-term debt
Finance lease obligations	$ 15.1	$ 13.1
Long-term operating lease obligations	$ 574.8	$ 453.5
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, net	Long-term debt, net
Finance lease obligations	$ 77.0	$ 65.6
Total lease obligations	$ 786.5	$ 637.7

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Pre-tax Income Attributable to Operating Segments

The following sets forth the amount of income before income taxes attributable to each of the Company's geographies for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in millions)	2023		2022		2021
Income before income taxes:
United States	$	288.5	$	382.5	$	602.5
Rest of the world	185.6		194.7		221.5
	$	474.1	$	577.2	$	824.0

Reconciliation of Statutory Tax Rate to Effective Tax Rate

The Company's effective income tax provision differs from the amount calculated using the statutory U.S. federal income tax rate, principally due to the following:


	Year Ended December 31,
	2023				2022				2021
(dollars in millions)	Amount		Percentage of Income Before Income Taxes		Amount		Percentage of Income Before Income Taxes		Amount		Percentage of Income Before Income Taxes
Statutory U.S. federal income tax	$	99.6	21.0	%	$	121.2	21.0	%	$	172.9	21.0	%
State income taxes, net of federal benefit	9.1		1.9	%	12.5		2.2	%	21.0		2.6	%

Foreign tax differential	5.8		1.2	%	2.9		0.5	%	4.6		0.6	%
Change in valuation allowances	6.4		1.4	%	1.3		0.2	%	4.9		0.6	%
Uncertain tax positions and interest	(0.8)		(0.2)	%	(19.2)		(3.3)	%	6.5		0.8	%
Global Intangible Low-Taxed Income ("GILTI")	2.7		0.6	%	3.2		0.5	%	1.5		0.2	%
Expiration of foreign tax credits	10.6		2.2	%	1.6		0.3	%	—		—	%
Stock compensation	(7.8)		(1.6)	%	(13.8)		(2.4)	%	(8.1)		(1.0)	%
Nondeductible compensation	12.7		2.7	%	14.6		2.5	%	5.1		0.6	%
Danish Tax Matter	(13.7)		(2.9)	%	—		—	%	—		—	%
Notional interest deduction	(14.0)		(3.0)	%	—		—	%	—		—	%
Permanent and other	(7.2)		(1.5)	%	(5.3)		(0.9)	%	(10.1)		(1.3)	%
Effective income tax provision	$	103.4	21.8	%	$	119.0	20.6	%	$	198.3	24.1	%

Summary of Tax Provision

The income tax provision consisted of the following:


	Year Ended December 31,
(in millions)	2023		2022		2021
Current provision
Federal	$	47.2	$	85.0	$	109.9
State	15.9		18.3		24.5
Foreign	32.0		26.2		52.8
Total current	$	95.1	$	129.5	$	187.2
Deferred provision
Federal	$	6.3	$	(7.7)	$	11.6
State	2.0		(2.3)		0.4
Foreign	—		(0.5)		(0.9)
Total deferred	8.3		(10.5)		11.1
Total income tax provision	$	103.4	$	119.0	$	198.3

Deferred Tax Assets and Liabilities Recognized in the Consolidated Balance Sheets

The net deferred tax assets and liabilities recognized in the accompanying Consolidated Balance Sheets, determined using the income tax rate applicable to each period in which those items will reverse, consist of the following:


	December 31,
(in millions)	2023		2022
Deferred tax assets:
Stock-based compensation	$	28.8	$	31.8
Operating lease obligations	180.6		147.5
Accrued expenses and other	64.0		64.1
Net operating losses, foreign tax credits and other tax attribute carryforwards	42.1		58.0
Inventories	10.6		10.3
Transaction costs	16.5		4.3
Property, plant and equipment	9.9		9.7
Total deferred tax assets	352.5		325.7
Valuation allowances	(49.5)		(42.3)
Total net deferred tax assets	$	303.0	$	283.4
Deferred tax liabilities:
Intangible assets	$	(174.3)	$	(174.0)
Operating lease right-of-use assets	(164.5)		(132.0)
Property, plant and equipment	(56.6)		(60.0)
Accrued expenses and other	(19.9)		(20.1)
Total deferred tax liabilities	(415.3)		(386.1)
Net deferred tax liabilities	$	(112.3)	$	(102.7)

Summary of Operating Loss and Tax Credit Carryforwards

Included in the calculation of the Company's deferred tax assets are the following gross income tax attributes available at December 31, 2023 and 2022, respectively:


(in millions)	2023		2022
State net operating losses ("SNOLs")	$	134.0	$	103.8
U.S. federal foreign tax credits ("FTCs")	—		10.6
U.S. state income tax credits ("SITCs")	3.2		3.7
Foreign net operating losses ("FNOLs")	49.8		63.6
Notional interest deduction ("NID")	40.0		—
State charitable contribution carryover ("SCCCs")	0.7		0.9

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in millions)
Balance as of December 31, 2021	$	45.3
Additions based on tax positions related to 2022	0.3
Additions for tax positions of prior years	0.2
Expiration of statutes of limitations	(1.9)
Reduction for tax positions of prior years	(4.9)
Settlements of uncertain tax positions with tax authorities	—
Balance as of December 31, 2022	$	39.0
Additions based on tax positions related to 2023	—
Additions for tax positions of prior years	—
Expiration of statutes of limitations	(0.2)
Reduction for tax positions of prior years	(0.3)
Settlements of uncertain tax positions with tax authorities	(34.0)
Balance as of December 31, 2023	$	4.5

Income Taxes - Tax Provision Summary (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current provision
Federal		$ 47.2	$ 85.0	$ 109.9
State		15.9	18.3	24.5
Foreign		32.0	26.2	52.8
Total current		95.1	129.5	187.2
Deferred provision
Federal		6.3	(7.7)	11.6
State		2.0	(2.3)	0.4
Foreign		0.0	(0.5)	(0.9)
Total deferred		8.3	(10.5)	11.1
Effective income tax provision	$ (4.8)	$ 103.4	$ 119.0	$ 198.3

Unconsolidated Affiliate Companies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unconsolidated Affiliate Companies
Income from operations	$ 370.7	$ 458.2	$ 625.7
Joint Ventures
Unconsolidated Affiliate Companies
Ownership percentage	50.00%
Equity method investments	$ 28.0	22.8
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Unconsolidated Affiliate Companies
Net sales	333.3	317.4	339.7
Income from operations	$ 65.5	$ 57.0	$ 70.9

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Expenses Related to the Multi-employer Benefit Plans

The expense recognized by the Company for such contributions for the years ended December 31 was follows:


(in millions)	2023		2022		2021
Multi‑employer retirement plan expense	$	4.7	$	3.7	$	4.1
Multi‑employer health and welfare plan expense	3.2		3.6		3.8

Schedule of Information Regarding Multi-employer Pension Plans

The following table presents information regarding the multi‑employer pension plans that are significant to the Company for the years ended December 31, 2023 and 2022, respectively:

Pension Fund

EIN/Pension Plan Number

Date of Plan Year-End

Pension Protection Act
Zone Status(1) 2023

FIP/RP Status
Pending/Implemented(2)

Contributions of the Company in 2023

Surcharge Imposed(3)

Expiration Date
of Collective
Bargaining Agreement

Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions

(in millions)

United Furniture Workers Pension Fund A(4)

13-5511877-001

2/28/23

Red

Implemented

1.5

2026

2020, 2021, 2022, 2023

Pension Plan of the National Retirement Fund

13-6130178-001

12/31/22

Red

Implemented

0.9

Yes, 10.0%

2025

N/A

Central States, Southeast & Southwest Areas Pension Plan

36-6044243-001

12/31/22

Red

Implemented

0.8

Yes, 10.0%

2024

N/A

Pension Fund

EIN/Pension Plan Number

Date of Plan Year-End

Pension Protection Act
Zone Status(1) 2022

FIP/RP Status
Pending/Implemented(2)

Contributions of the Company in 2022

Surcharge Imposed(3)

Expiration Date
of Collective
Bargaining Agreement

Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions

(in millions)

United Furniture Workers Pension Fund A(4)

13-5511877-001

2/28/22

Red

Implemented

1.6

2023, 2025

2020, 2021, 2022

Pension Plan of the National Retirement Fund

13-6130178-001

12/31/21

Red

Implemented

1.0

Yes, 10.0%

2025

N/A

Central States, Southeast & Southwest Areas Pension Plan

36-6044243-001

12/31/21

Red

Implemented

1.1

Yes, 10.0%

2024, 2025

N/A


(1)			The Pension Protection Act of 2006 ranks the funded status of multi-employer pension plans depending upon a plan's current and projected funding. A plan is in the Red Zone (Critical) if it has a current funded percentage of less than 65.0%. A plan is in the Yellow Zone (Endangered) if it has a current funded percentage of less than 80.0%, or projects a credit balance deficit within seven years. A plan is in the Green Zone (Healthy) if it has a current funded percentage greater than 80.0% and does not have a projected credit balance deficit within seven years. The zone status is based on the plan’s year end rather than the Company's. The zone status listed for each plan is based on information that the Company received from that plan and is certified by that plan’s actuary for the most recent year available.
(2)			Funding Improvement Plan or Rehabilitation Plan as defined in the Employee Retirement Income Security Act of 1974 has been implemented or is pending.
(3)			Indicates whether the Company paid a surcharge to the plan in the most current year due to funding shortfalls and the amount of the surcharge.
(4)			The Company represented more than 5.0% of the total contributions for the most recent plan year available.

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480547/715-80-55-8

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-9

+ Details

Summary of Significant Accounting Policies - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 62.4	$ 62.1
Amounts accrued	8.2	6.7	$ 2.7
Write-offs charged against the allowance	(3.7)	(6.4)
Ending balance	$ 66.9	$ 62.4	$ 62.1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interest in Subsidiaries
Balance at beginning of period at Dec. 31, 2020	$ 8.9
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	0.3
Balance at end of period at Dec. 31, 2021	9.2
Beginning balance, common stock , shares issued (in shares) at Dec. 31, 2020		283.8
Beginning balance, treasury stock , shares issued (in shares) at Dec. 31, 2020			78.9
Balance at beginning of period at Dec. 31, 2020	504.6	$ 2.8	$ (2,096.8)	$ 617.5	$ 2,045.6	$ (65.5)	$ 1.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	624.5				624.5
Net income attributable to non-controlling interests	0.2						0.2
Dividend paid to non-controlling interest in subsidiary	(4.6)			(3.4)			(1.2)
Adjustment to pension liability, net of tax	2.9					2.9
Foreign currency translation adjustments	(36.6)					(36.6)
Dividends declared on common stock	(65.2)				(65.2)
Exercise of stock options (in shares)			(0.9)
Exercise of stock options	14.9		$ 25.9	(11.0)
Issuances of PRSUs and RSUs (in shares)			(1.6)
Issuance of PRSUs and RSUs	0.0		$ 42.5	(42.5)
Treasury stock repurchased (in shares)			19.5
Treasury stock repurchased	(801.4)		$ (801.4)
Treasury stock repurchased - PRSU/RSU releases (in shares)			0.5
Treasury stock repurchased - PRSU/RSU releases	(14.9)		$ (14.9)
Amortization of unearned stock-based compensation	61.4			61.4
Ending balance, common stock , shares issued (in shares) at Dec. 31, 2021		283.8
Ending balance, treasury stock , shares issued (in shares) at Dec. 31, 2021			96.4
Balance at end of period at Dec. 31, 2021	285.8	$ 2.8	$ (2,844.7)	622.0	2,604.9	(99.2)	0.0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	2.1
Dividend paid to non-controlling interest in subsidiary	(1.5)
Balance at end of period at Dec. 31, 2022	9.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	455.7				455.7
Net income attributable to non-controlling interests	0.0
Dividend paid to non-controlling interest in subsidiary	0.0
Adjustment to pension liability, net of tax	2.4					2.4
Foreign currency translation adjustments	(80.1)					(80.1)
Dividends declared on common stock	(72.1)				(72.1)
Exercise of stock options (in shares)			0.0
Exercise of stock options	0.5		$ 1.5	(1.0)
Issuances of PRSUs and RSUs (in shares)			(2.6)
Issuance of PRSUs and RSUs	0.0		$ 75.9	(75.9)
Treasury stock repurchased (in shares)			18.6
Treasury stock repurchased	(621.2)		$ (621.2)
Treasury stock repurchased - PRSU/RSU releases (in shares)			1.0
Treasury stock repurchased - PRSU/RSU releases	(46.2)		$ (46.2)
Amortization of unearned stock-based compensation	$ 53.1			53.1
Ending balance, common stock , shares issued (in shares) at Dec. 31, 2022	283.8	283.8
Ending balance, treasury stock , shares issued (in shares) at Dec. 31, 2022	113.3		113.4
Balance at end of period at Dec. 31, 2022	$ (22.1)	$ 2.8	$ (3,434.7)	598.2	2,988.5	(176.9)	0.0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to non-controlling interests	2.6
Dividend paid to non-controlling interest in subsidiary	(2.4)
Balance at end of period at Dec. 31, 2023	10.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	368.1				368.1
Net income attributable to non-controlling interests	0.0
Adjustment to pension liability, net of tax	0.4					0.4
Foreign currency translation adjustments	39.8					39.8
Dividends declared on common stock	(77.4)				(77.4)
Exercise of stock options (in shares)			(0.2)
Exercise of stock options	2.9		$ 4.9	(2.0)
Issuances of PRSUs and RSUs (in shares)			(2.7)
Issuance of PRSUs and RSUs	0.0		$ 85.2	(85.2)
Treasury stock repurchased (in shares)			0.1
Treasury stock repurchased	(5.0)		$ (5.0)
Treasury stock repurchased - PRSU/RSU releases (in shares)			0.9
Treasury stock repurchased - PRSU/RSU releases	(31.0)		$ (31.0)
Amortization of unearned stock-based compensation	$ 47.7			47.7
Ending balance, common stock , shares issued (in shares) at Dec. 31, 2023	283.8	283.8
Ending balance, treasury stock , shares issued (in shares) at Dec. 31, 2023	111.5		111.5
Balance at end of period at Dec. 31, 2023	$ 323.4	$ 2.8	$ (3,380.6)	$ 558.7	$ 3,279.2	$ (136.7)	$ 0.0

Summary of Significant Accounting Policies - Property, Plant and Equipment Summary (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,722.7	$ 1,522.9
Accumulated depreciation	(844.4)	(731.8)
Total property, plant and equipment, net	878.3	791.1
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	599.1	533.9
Land and buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	526.3	437.8
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	247.3	231.1
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	99.8	83.2
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 250.2	$ 236.9

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income attributable to Tempur Sealy International, Inc.	$ 368.1	$ 455.7	$ 624.5

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Adjustment to pension liability, tax	$ (0.1)	$ 0.8	$ 0.9
Dividends declared on common stock (in dollars per share)	$ 0.44	$ 0.40	$ 0.32

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income before non-controlling interest	$ 370.7	$ 457.8	$ 625.0
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	39.8	(80.1)	(36.6)
Net change in pension benefits, net of tax	0.4	2.4	2.9
Other comprehensive income (loss), net of tax	40.2	(77.7)	(33.7)
Comprehensive income	410.9	380.1	591.3
Less: Comprehensive income attributable to non-controlling interest	2.6	2.1	0.5
Comprehensive income attributable to Tempur Sealy International, Inc.	$ 408.3	$ 378.0	$ 590.8

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482739/220-10-55-15

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

- 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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

Income Taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount
Statutory U.S. federal income tax		$ 99.6	$ 121.2	$ 172.9
State income taxes, net of federal benefit		9.1	12.5	21.0
Foreign tax differential		5.8	2.9	4.6
Change in valuation allowances		6.4	1.3	4.9
Uncertain tax positions and interest		(0.8)	(19.2)	6.5
Global Intangible Low-Taxed Income ("GILTI")		2.7	3.2	1.5
Expiration of foreign tax credits		10.6	1.6	0.0
Stock compensation		(7.8)	(13.8)	(8.1)
Nondeductible compensation		12.7	14.6	5.1
Danish Tax Matter		(13.7)	0.0	0.0
Notional interest deduction		(14.0)	0.0	0.0
Permanent and other		(7.2)	(5.3)	(10.1)
Effective income tax provision	$ (4.8)	$ 103.4	$ 119.0	$ 198.3
Percentage of Income Before Income Taxes
Statutory U.S. federal income tax (percentage)		21.00%	21.00%	21.00%
State income taxes, net of federal benefit (percentage)		1.90%	2.20%	2.60%
Foreign tax differential (percentage)		1.20%	0.50%	0.60%
Change in valuation allowance (percentage)		1.40%	0.20%	0.60%
Uncertain tax positions (percentage)		(0.20%)	(3.30%)	0.80%
Global Intangible Low-Taxed Income (percentage)		0.60%	0.50%	0.20%
Expiration of foreign tax credits (percentage)		2.20%	0.30%	0.00%
Stock compensation (percentage)		(1.60%)	(2.40%)	(1.00%)
Nondeductible compensation (percentage)		2.70%	2.50%	0.60%
U.S./Danish settlement (percentage)		(2.90%)	0.00%	0.00%
Notional interest deduction (percentage)		(3.00%)	0.00%	0.00%
Permanent and other (percentage)		(1.50%)	(0.90%)	(1.30%)
Effective income tax provision (percentage)		21.80%	20.60%	24.10%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

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. Certain prior period amounts have been reclassified in the accompanying consolidated financial statements and notes thereto to conform to the current period presentation.

The Company designs, manufactures and distributes bedding products, which includes 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.

Basis of Consolidation

Basis of Consolidation. The accompanying financial statements include the accounts of Tempur Sealy International and its controlled subsidiaries. Intercompany balances and transactions have been eliminated. The Company has ownership interests in Asia-Pacific joint ventures to develop markets for Sealy® and Stearns & Foster® branded products and ownership in a United Kingdom joint venture to manufacture, market and distribute Sealy® and Stearns & Foster® branded products. The Company's ownership interest in each of these joint ventures is 50.0%. The equity method of accounting is used for these joint ventures, over which the Company has significant influence but does not have control, and consolidation is not otherwise required. The Company's equity in the net income and losses of these investments is reported in equity income in earnings of unconsolidated affiliates in the accompanying Consolidated Statements of Income.

Use of Estimates

Use of Estimates. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company's results are affected by economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of raw materials, can have a significant effect on operations.

Adoption of New Accounting Standards and Accounting Pronouncements Not Yet Adopted

Adoption of New Accounting Standards.

Reference Rate Reform. In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides guidance on the accounting impacts due to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate ("SOFR"). The FASB continued to refine its guidance with the January 2021 ASU 2021-01 issued update, "Reference Rate Reform (Topic 848): Scope" and the December 2022 ASU 2022-06 issued update, "Reference Rate Reform ("Topic 848"): Deferral of the Sunset Date of Topic 848", of which all were effective upon issuance. These updates provide entities with certain optional relief expedients and exceptions for applying GAAP to contract modifications, hedge accounting and other transactions affected by reference rate reform if certain criteria are met. An entity that makes this election would present and account for a modified contract as a continuation of the existing contract. Entities are afforded these relief options until December 31, 2024, after which time they will no longer be permitted. In May 2023, the Company amended its 2019 Credit Agreement to transition the applicable reference rate from LIBOR to SOFR. In October 2023, the Company entered into the 2023 Credit Agreement, which uses SOFR as the applicable reference rate. See "Note 6 - Debt" for additional details. The results of this guidance did not have a material impact on the consolidated financial statements.

(e) Accounting Pronouncements Not Yet Adopted

Segments Reporting Disclosures. In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure", which improves reportable segment disclosure requirements for public business entities primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit (referred to as the “significant expense principle”). ASU 2023-07 is effective for annual periods beginning after December 15, 2023 (year ending December 31, 2024 for the Company), and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company expects the adoption of the standard to result in additional segment footnote disclosures.

Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures", which enhances income tax disclosure requirements for all entities by requiring specified categories and greater disaggregation within the rate reconciliation table, disclosure of income taxes paid by jurisdiction, and providing clarification on uncertain tax positions and related financial statement impacts. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 (year ending December 31, 2025 for the Company). Early adoption is permitted. The Company expects the adoption of the standard to result in additional disaggregation in the income tax footnote disclosures.

Foreign Currency

Foreign Currency. Assets and liabilities of non-U.S. subsidiaries, whose functional currency is the local currency, are translated into U.S. Dollars at period-end exchange rates. Income and expense items are translated at the average rates of exchange prevailing during the period. The adjustments resulting from translating the financial statements of foreign subsidiaries are included in accumulated other comprehensive loss ("AOCL"), a component of stockholders' equity, and included in net earnings only upon sale or liquidation of the underlying foreign subsidiary or affiliated company. Foreign currency transaction gains and losses are recognized in net earnings based on differences between foreign exchange rates on the transaction date and on the settlement date.

Cash and Cash Equivalents

Cash and Cash Equivalents. Cash and cash equivalents consist of all highly liquid investments with initial maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value because of the short-term maturity of those instruments.

Inventories

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

Property, Plant and Equipment

Property, Plant and Equipment. Property, plant and equipment are carried at cost at acquisition date and are depreciated using the straight-line method over their estimated useful lives as follows:


			Estimated Useful Lives (in years)
Buildings			25-30
Computer equipment and software			3-7
Leasehold improvements			4-7
Machinery and equipment			3-7
Office furniture and fixtures			5-7

The Company records depreciation and amortization in cost of sales for long-lived assets used in the manufacturing process, and within each line item of operating expenses for all other long-lived assets. Leasehold improvements are amortized over the shorter of the life of the lease or seven years. Assets under finance leases are included within property, plant and equipment and represent non-cash investing activities.

Long-Lived Assets

Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset or group of assets. If estimated future undiscounted net cash flows are less than the carrying amount of the asset or group of assets, the asset is considered impaired and an expense is recorded in an amount required to reduce the carrying amount of the asset to its then fair value. Fair value generally is determined from estimated discounted future net cash flows (for assets held for use) or net realizable value (for assets held for sale).

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate impairment may have occurred. The Company performs an annual impairment test on goodwill and indefinite-lived intangible assets on October 1 of each year and whenever events or circumstances make it more likely than not that impairment may have occurred. This assessment may be performed quantitatively or qualitatively. In conducting the impairment test for the North America, International and Dreams reporting units, the fair value of each is compared to its respective carrying amount including goodwill. If the fair value exceeds the carrying amount, then no impairment exists. If the carrying amount exceeds the fair value, the goodwill is written down for the amount by which the carrying amount exceeds the fair value. However, the loss recognized cannot exceed the carrying amount of goodwill.

Using the quantitative approach, the Company makes various estimates and assumptions in determining the estimated fair value of each reporting unit using a combination of discounted cash flow models and valuations based on earnings multiples for guideline public companies in each reporting unit’s industry peer group, when externally quoted market prices are not readily available. Discounted cash flow models are reliant on various assumptions, including projected business results, long-term growth factors and weighted-average cost of capital. Management judgment is involved in estimating these variables, and they include inherent uncertainties as they are forecasting future events. The Company performs sensitivity analyses by using a range of inputs to confirm the reasonableness of the long-term growth rate and weighted average cost of capital. Additionally, the Company compares the indicated equity value to its market capitalization and evaluates the resulting implied control premium/discount to determine if the estimated enterprise value is reasonable compared to external market indicators.

Using the qualitative approach, the Company reviews macroeconomic conditions, industry and market conditions and entity specific factors, including strategies and financial performance for potential indicators of impairment.

The Company also tests its indefinite-lived intangible assets for impairment, principally the Tempur, Sealy and Dreams trade names. Under a quantitative approach, the Company uses a "relief-from-royalty" method. Significant assumptions inherent in the methodologies are employed and include such estimates as royalty and discount rates.

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 product in determining its estimate of future sales returns. The Company recognizes a return asset for the right to recover the goods returned by the customer. The right of return asset is recognized on a gross basis outside of the accrued sales returns and is not material to the Company's 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 estimated lifetime credit losses in the Company's accounts receivable. The Company regularly reviews the adequacy of its allowance for credit losses. The Company estimates losses over the contractual life using assumptions to capture the risk of loss, even if remote, based principally on how long a receivable has been outstanding. Account balances are charged off against the allowance for credit losses after all reasonable means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2023, the Company's accounts receivable were substantially current. Other factors considered include historical write-off experience, current economic conditions and also factors such as customer credit, past transaction history with the customer and changes in customer payment terms. The allowance for credit losses is included in accounts receivable, net in the accompanying Consolidated Balance Sheets.

Fair Value of Financial Instruments

Fair Value. Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, accounts receivable, accounts payable and the Company's debt obligations. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term maturity of those instruments. Borrowings under the 2023 Credit Agreement (as defined in Note 6, "Debt") and the securitized debt are at variable interest rates and accordingly their carrying amounts approximate fair value. The fair value of the following material financial instruments were based on Level 2 inputs, which include observable inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of debt instruments

Income Taxes

Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are also recognized for the estimated future effects of tax loss carry forwards. The effect of changes in tax rates on deferred taxes is recognized in the period in which the enactment dates change. Valuation allowances are established when necessary on a jurisdictional basis to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for uncertain foreign and domestic tax positions utilizing a proscribed recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Interest and penalties related to uncertain tax positions are recognized as part of the income tax provision and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law and until such time that the related tax benefits are recognized.

Cost of Sales

Cost of Sales. Costs associated with net sales are recorded in cost of sales. Cost of sales includes the costs of receiving, producing, inspecting, warehousing, insuring and shipping goods during the period, as well as depreciation and amortization of long-lived assets used in these processes. Cost of sales also includes shipping and handling costs associated with the delivery of goods to customers and costs associated with internal transfers between plant locations. Additionally, cost of sales include royalties that the Company pays to other entities for the use of their names on products produced by the Company.

Cooperative Advertising, Rebate and Other Promotional Programs

Cooperative Advertising, Rebate and Other Promotional Programs. The Company enters into programs with customers to provide funds for advertising and promotions. The Company also enters into volume and other rebate programs with customers. When sales are made to these customers, the Company records liabilities pursuant to these programs. The Company periodically assesses these liabilities based on actual sales and claims to determine whether all of the cooperative advertising earned will be used by the customer or whether the customer will meet the requirements to receive rebate funds. The Company generally negotiates these programs on a customer-by-customer basis. Some of these agreements extend over several years. Significant estimates are required at any point in time with regard to the ultimate reimbursement to be claimed by the customers. Subsequent revisions to the estimates are recorded and charged to earnings in the period in which they are identified. Rebates and cooperative advertising are classified as a reduction of revenue and presented within net sales in the accompanying Consolidated Statements of Income. Certain cooperative advertising expenses are reported as components of selling and marketing expenses in the accompanying Consolidated Statements of Income because the Company receives an identifiable benefit and the fair value of the advertising benefit can be reasonably estimated.

Advertising Costs

Advertising Costs. The Company expenses advertising costs as incurred except for production costs and advance payments, which are deferred and expensed when advertisements run for the first time. Direct response advance payments are deferred and amortized over the life of the program. Advertising costs are included in selling and marketing expenses in the accompanying Consolidated Statements of Income. Advertising costs charged to expense were $469.0 million, $448.0 million and $432.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. Advertising costs include expenditures for shared advertising costs that the Company reimburses to customers under its integrated and cooperative advertising programs.

Research and Development Expenses

Research and Development Expenses. Research and development expenses for new products are expensed as they are incurred and are included in general, administrative and other expenses in the accompanying Consolidated Statements of Income.

Stock-Based Compensation

Stock-based Compensation. The Company accounts for stock-based payment transactions in which the Company receives employee services in exchange for equity instruments of the Company. Stock-based compensation cost for restricted stock units ("RSUs") and performance restricted stock units ("PRSUs") is measured based on the closing fair market value of the Company's common stock on the date of grant. Stock-based compensation cost for stock options is estimated at the grant date based on each option's fair value as calculated by the Black-Scholes option-pricing model. Stock-based compensation cost for equity instruments that include a market performance condition are determined using a Monte Carlo simulation valuation model. The Company recognizes stock-based compensation cost as expense for awards other than its PRSUs ratably on a straight-line basis over the requisite service period. The Company recognizes stock-based compensation cost associated with its PRSUs over the requisite service period if it is probable that the performance conditions will be satisfied. The Company evaluates its awards, including modifications, and will adjust the fair value if any are determined to be spring-loaded. The Company recognizes forfeitures of awards as they occur.

Treasury Stock

Treasury Stock. Subject to Delaware law, and the limitations in the 2023 Credit Agreement (as defined in Note 6, "Debt") and the Company's other debt agreements, the Board of Directors may authorize share repurchases of the Company's common stock. Purchases made pursuant to these authorizations may be carried out through open market transactions, negotiated purchases or otherwise, at times and in such amounts as the Company deems appropriate. Shares repurchased under such authorizations are held in treasury for general corporate purposes, including issuances under various employee stock-based award plans. On February 1, 2016, the Board of Directors authorized a share repurchase program pursuant to which the Company was permitted to repurchase shares of Tempur Sealy International's common stock. Treasury stock is accounted for under the cost method and reported as a reduction of stockholders' equity. The authority provided under the share repurchase program may be suspended, limited or terminated at any time without notice.

Pension Obligations

Pension Obligations. The Company has a noncontributory, defined benefit pension plan covering current and former hourly employees at two of its active Sealy plants and ten previously-closed Sealy U.S. facilities. Sealy Canada, Ltd. (a 100.0% owned subsidiary of the Company) also sponsors a noncontributory, defined benefit pension plan covering hourly employees at one of its facilities. Both plans provide retirement and survivorship benefits based on the employees' credited years of service. The Company's funding policy provides for contributions of an amount between the minimum required and maximum amount that can be deducted for federal income tax purposes. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at December 31, the measurement date. The benefit obligation is the projected benefit obligation ("PBO"). The PBO represents the actuarial present value of benefits expected to be paid upon retirement based on estimated future compensation levels. The measurement of the PBO is based on the Company's estimates and actuarial valuations. The fair value of plan assets represents the current market value of assets held by an irrevocable trust fund for the sole benefit of participants. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain assumptions, including discount rates, expected return on plan assets, rate of compensation increases, interest crediting rates and mortality rates. The Company's PBO and fair value of plan assets were $32.6 million and $27.9 million as of December 31, 2023, respectively, and $30.1 million and $25.8 million as of December 31, 2022, respectively. The Company recognizes the funded status of each applicable plan within the Consolidated Balance Sheets as either an asset or liability based on its funded status measured as the difference between the fair value of plan assets and the PBO, which was not material as of December 31, 2023 or 2022.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS:
Net income before non-controlling interest	$ 370.7	$ 457.8	$ 625.0
Loss from discontinued operations, net of tax	0.0	0.4	0.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	135.3	127.1	113.2
Amortization of stock-based compensation	47.7	53.1	61.4
Amortization of deferred financing costs	3.9	3.9	2.8
Bad debt expense	8.2	6.7	2.7
Deferred income taxes	8.3	(10.5)	11.1
Dividends received from unconsolidated affiliates	20.4	22.9	22.9
Equity income in earnings of unconsolidated affiliates	(23.0)	(21.1)	(30.6)
Loss on extinguishment of debt	1.4	0.0	3.0
Foreign currency adjustments and other	(0.9)	0.3	1.5
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable	(11.5)	(14.8)	(40.4)
Inventories	75.8	(101.9)	(106.4)
Prepaid expenses and other assets	50.1	(24.2)	125.1
Operating leases, net	5.3	4.4	9.2
Accounts payable	(46.9)	(59.5)	50.5
Accrued expenses and other liabilities	(14.7)	(67.3)	(113.8)
Income taxes receivable and payable	(59.8)	1.5	(14.8)
Net cash provided by operating activities from continuing operations	570.3	378.8	723.1
CASH FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS:
Purchases of property, plant and equipment	(185.4)	(306.5)	(123.3)
Acquisitions, net of cash acquired	0.0	0.0	(432.8)
Other	(2.4)	(8.8)	1.3
Net cash used in investing activities from continuing operations	(187.8)	(315.3)	(554.8)
CASH FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS:
Proceeds from borrowings under long-term debt obligations	2,667.6	2,303.1	3,664.2
Repayments of borrowings under long-term debt obligations	(2,918.4)	(1,828.6)	(2,684.9)
Proceeds from exercise of stock options	2.9	0.5	14.9
Treasury stock repurchased	(36.0)	(667.4)	(816.3)
Dividends paid	(77.7)	(70.5)	(63.1)
Payment of deferred financing costs	(6.5)	0.0	(24.9)
Repayments of finance lease obligations and other	(16.2)	(16.2)	(13.4)
Net cash (used in) provided by financing activities from continuing operations	(384.3)	(279.1)	76.5
Net cash (used in) provided by continuing operations	(1.8)	(215.6)	244.8
Net operating cash flows used in discontinued operations	0.0	(0.3)	(0.9)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	7.3	(15.4)	(8.2)
Increase (decrease) in cash and cash equivalents	5.5	(231.3)	235.7
CASH AND CASH EQUIVALENTS, beginning of period	69.4	300.7	65.0
CASH AND CASH EQUIVALENTS, end of period	74.9	69.4	300.7
Cash paid during the period for:
Interest	144.6	105.8	55.2
Income taxes, net of refunds	$ 133.0	$ 138.0	$ 184.8

Leases - Expense (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Expense (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating lease expense:
Operating lease expense	$ 148.1	$ 128.9	$ 99.8
Short-term lease expense	13.5	15.3	13.1
Variable lease expense	36.3	31.5	26.9
Finance lease expense:
Amortization of right-of-use assets	14.4	14.9	12.6
Interest on lease obligations	3.9	4.4	4.5
Total lease expense	$ 216.2	$ 195.0	$ 156.9

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt for the Company consists of the following:


(in millions)	December 31, 2023			December 31, 2022
Debt:	Amount		Rate	Amount		Rate	Maturity Date
2023 Credit Agreement:
Term A Facility	$	500.0	(1)	$	—	N/A	October 10, 2028
Revolver	183.0		(1)	—		N/A	October 10, 2028
2019 Credit Agreement:
Term A Facility	—		N/A	638.8		(2)	October 16, 2024
Revolver	—		N/A	337.0		(2)	October 16, 2024
2031 Senior Notes	800.0		3.875%	800.0		3.875%	October 15, 2031
2029 Senior Notes	800.0		4.000%	800.0		4.000%	April 15, 2029
Securitized debt	157.6		(3)	139.3		(4)	April 7, 2025
Finance lease obligations (5)	92.1			78.7			Various
Other	60.9			37.0			Various
Total debt	2,593.6			2,830.8
Less: Deferred financing costs	21.7			20.5
Total debt, net	2,571.9			2,810.3
Less: Current portion	44.9			70.4
Total long-term debt, net	$	2,527.0		$	2,739.9


(1)			Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.625% as of December 31, 2023.
(2)			Interest at LIBOR plus applicable margin of 1.250% as of December 31, 2022.
(3)			Interest at one month SOFR index plus 10 basis points of credit spread adjustment, plus 85 basis points.
(4)			Interest at one month LIBOR index plus 70 basis points.
(5)			Finance lease obligations are a non-cash financing activity. Refer to Note 7, "Leases."

2023 Credit Agreement

On October 10, 2023, the Company entered into the 2023 Credit Agreement with a syndicate of banks. The 2023 Credit Agreement replaced the Company's 2019 Credit Agreement. The 2023 Credit Agreement provides for a $1.15 billion revolving credit facility, a $500.0 million term loan facility, and an incremental facility in an aggregate amount of up to the greater of $850.0 million and additional amounts subject to the conditions set forth in the 2023 Credit Agreement, plus the amount of certain prepayments, plus an additional unlimited amount subject to compliance with a maximum consolidated secured leverage ratio test. The 2023 Credit Agreement has a $60.0 million sub-facility for the issuance of letters of credit.

Borrowings under the 2023 Credit Agreement will generally bear interest, at the election of Tempur Sealy International and the other subsidiary borrowers, at either (i) base rate plus the applicable margin, (ii) "Eurocurrency" rate plus the applicable margin, (iii) "RFR" Daily SOFR rate plus the applicable margin or (iv) a "Term Benchmark" Term SOFR rate 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 Eurocurrency rate, RFR rate and Term Benchmark rate advances was 1.625% per annum, and (b) following the delivery of financial statements for the fiscal quarter ending March 31, 2024 and for subsequent fiscal quarters, such applicable margins will be determined by a pricing grid based on the consolidated total net leverage ratio of the Company.

Obligations under the 2023 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 2023 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 Consolidated Balance Sheets as of the reporting date, plus letters of credit outstanding in excess of $60.0 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"). As of December 31, 2023, netted cash was $74.9 million.

The 2023 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 2023 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 is 0.25% per annum and following the delivery of financial statements for the fiscal quarter ending March 31, 2024 and for subsequent fiscal quarters, such fees will be determined by a pricing grid based on the consolidated total net leverage ratio of the Company. 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 2023 Credit Agreement.

The maturity date of the 2023 Credit Agreement is October 10, 2028. 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 2023 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 2023 Credit Agreement are permitted at any time without payment of any prepayment premiums.

On February 6, 2024, the Company and certain other parties thereto entered into an amendment to the 2023 Credit Agreement which provides for a $625.0 million delayed draw term loan and a $40.0 million increase in availability on the existing incremental revolving loan. Once drawn, the instruments will have the same terms and conditions as the Company's existing term loans and revolving loans, respectively, under the 2023 Credit Agreement. This amendment was executed in connection with the Company's financing strategy for the pending acquisition of Mattress Firm expected to close in the second half of 2024.

The Company had $183.0 million in outstanding borrowings under the revolving credit facility as of December 31, 2023. Total availability under the revolving facility was $966.4 million, after a $0.6 million reduction for outstanding letters of credit, as of December 31, 2023.

The Company was in compliance with all applicable covenants in the 2023 Credit Agreement at December 31, 2023.

2019 Credit Agreement

The Company used the proceeds from the 2023 Credit Agreement to refinance outstanding borrowings under the 2019 Credit Agreement and terminated the existing revolving credit commitments. The 2019 Credit Agreement provided for a $725.0 million revolving credit facility and a $725.0 million term loan facility.

Securitized Debt

The Company and certain of its subsidiaries are party to a securitization transaction with respect to certain accounts receivable due to the Company and certain of its subsidiaries (as amended, the "Accounts Receivable Securitization"). On April 6, 2021, the Company and certain of its subsidiaries entered into the first amendment to the Accounts Receivable Securitization. The amendment, among other things, extended the maturity date of the Accounts Receivable Securitization to April 6, 2023 and increased the overall limit from $120.0 million to $200.0 million. On April 6, 2023, the Company and certain of its subsidiaries entered into a second amendment to the Accounts Receivable Securitization. The amendment, among other things, extended the maturity date of the Accounts Receivable Securitization to April 7, 2025. While subject to a $200.0 million overall limit, the availability of revolving loans varies over the course of the year based on the seasonality of the Company's accounts receivable. Borrowings under this facility are classified as long-term debt within the Consolidated Balance Sheets at December 31, 2023. The Company had $157.6 million in outstanding borrowings under the Accounts Receivable Securitization as of December 31, 2023. The Company did not have availability under the Accounts Receivable Securitization as of December 31, 2023.

The obligations of the Company and its relevant subsidiaries under the Accounts Receivable Securitization are secured by the accounts receivable and certain related rights and the facility agreements contain customary events of default. The accounts receivable continue to be owned by the Company and its subsidiaries and continue to be reflected as assets on the Company's Consolidated Balance Sheets and represent collateral up to the amount of the borrowings under this facility.

2031 Senior Notes

On September 24, 2021, Tempur Sealy International issued $800.0 million in aggregate principal amount of 3.875% senior notes due 2031 (the "2031 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The 2031 Senior Notes were issued pursuant to an indenture, dated as of September 24, 2021 (the "2031 Indenture"), among Tempur Sealy International, certain subsidiaries of Tempur Sealy International as guarantors (the "Guarantors"), and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2031 Senior Notes are general unsecured senior obligations of Tempur Sealy International and are guaranteed on a senior unsecured basis by the Guarantors. The 2031 Senior Notes mature on October 15, 2031, and interest is payable semi-annually in arrears on each April 15 and October 15, beginning on April 15, 2022.

Tempur Sealy International has the option to redeem all or a portion of the 2031 Senior Notes at any time on or after October 15, 2026. The initial redemption price is 101.938% of the principal amount, plus accrued and unpaid interest, if any. The redemption price will decline each year after 2026 until it becomes 100.0% of the principal amount beginning on October 15, 2029. In addition, Tempur Sealy International has the option at any time prior to October 15, 2026 to redeem some or all of the 2031 Senior Notes at 100.0% of the original principal amount plus a "make-whole" premium and accrued and unpaid interest, if any. Tempur Sealy International may also redeem up to 40.0% of the 2031 Senior Notes prior to October 15, 2024, under certain circumstances with the net cash proceeds from certain equity offerings, at 103.875% of the principal amount plus

accrued and unpaid interest, if any. Tempur Sealy International may make such redemptions as described in the preceding sentence only if, after any such redemption, at least 60.0% of the original aggregate principal amount of the 2031 Senior Notes issued remains outstanding.

The 2031 Indenture restricts the ability of Tempur Sealy International and the ability of certain of its subsidiaries to, among other things: (i) incur, directly or indirectly, debt; (ii) make, directly or indirectly, certain investments and restricted payments; (iii) incur or suffer to exist, directly or indirectly, liens on its properties or assets; (iv) sell or otherwise dispose of, directly or indirectly, assets; (v) create or otherwise cause or suffer to exist any consensual restriction on the right of certain of the subsidiaries of Tempur Sealy International to pay dividends or make any other distributions on or in respect of their capital stock; and (vi) enter into transactions with affiliates. These covenants are subject to a number of exceptions and qualifications.

2029 Senior Notes

On March 25, 2021, Tempur Sealy International issued $800.0 million in aggregate principal amount of 4.00% senior notes due 2029 (the "2029 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A of the Securities Act, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The 2029 Senior Notes were issued pursuant to an indenture, dated as of March 25, 2021 (the "2029 Indenture"), among Tempur Sealy International, the Guarantors, and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2029 Senior Notes are general unsecured senior obligations of Tempur Sealy International and are guaranteed on a senior unsecured basis by the Guarantors. The 2029 Senior Notes mature on April 15, 2029, and interest is payable semi-annually in arrears on each April 15 and October 15, beginning on October 15, 2021.

Tempur Sealy International has the option to redeem all or a portion of the 2029 Senior Notes at any time on or after April 15, 2024. The initial redemption price is 102.00% of the principal amount, plus accrued and unpaid interest, if any. The redemption price will decline each year after 2024 until it becomes 100.0% of the principal amount beginning on April 15, 2026. In addition, Tempur Sealy International has the option at any time prior to April 15, 2024 to redeem some or all of the 2029 Senior Notes at 100.0% of the original principal amount plus a "make-whole" premium and accrued and unpaid interest, if any. Tempur Sealy International may also redeem up to 40.0% of the 2029 Senior Notes prior to April 15, 2024, under certain circumstances with the net cash proceeds from certain equity offerings, at 104.00% of the principal amount plus accrued and unpaid interest, if any. Tempur Sealy International may make such redemptions as described in the preceding sentence only if, after any such redemption, at least 60.0% of the original aggregate principal amount of the 2029 Senior Notes issued remains outstanding.

The 2029 Indenture restricts the ability of Tempur Sealy International and the ability of certain of its subsidiaries to, among other things: (i) incur, directly or indirectly, debt; (ii) make, directly or indirectly, certain investments and restricted payments; (iii) incur or suffer to exist, directly or indirectly, liens on its properties or assets; (iv) sell or otherwise dispose of, directly or indirectly, assets; (v) create or otherwise cause or suffer to exist any consensual restriction on the right of certain of the subsidiaries of Tempur Sealy International to pay dividends or make any other distributions on or in respect of their capital stock; and (vi) enter into transactions with affiliates. These covenants are subject to a number of exceptions and qualifications.

Deferred Financing Costs

The Company capitalizes costs associated with the issuance of debt and amortizes these costs as additional interest expense over the lives of the debt instruments using the effective interest method. These costs are recorded as deferred financing costs as a direct reduction from the carrying amount of the corresponding debt liability in the accompanying Consolidated Balance Sheets and the related amortization is included in interest expense, net in the accompanying Consolidated Statements of Income. Upon the prepayment of the related debt, the Company accelerates the recognition of an appropriate amount of the costs.

Future Obligations

As of December 31, 2023, the scheduled maturities of long-term debt outstanding, excluding finance lease obligations, for each of the next five years and thereafter are as follows:


(in millions)
2024	$	29.7
2025	182.6
2026	25.0
2027	25.0
2028	583.0
Thereafter	1,656.2
Total(1)	$	2,501.5
(1) Total future obligations excludes $28.1 million of outstanding letters of credit issued by various financial institutions, including $0.6 million associated with the 2023 Credit Facility.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Inventory, Current

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:


	December 31,
(in millions)	2023		2022
Finished goods	$	335.4	$	383.7
Work-in-process	16.5		19.4
Raw materials and supplies	131.2		151.9
	$	483.1	$	555.0

Schedule of Property, Plant and Equipment

Property, plant and equipment are carried at cost at acquisition date and are depreciated using the straight-line method over their estimated useful lives as follows:


			Estimated Useful Lives (in years)
Buildings			25-30
Computer equipment and software			3-7
Leasehold improvements			4-7
Machinery and equipment			3-7
Office furniture and fixtures			5-7

Property, plant and equipment, net consisted of the following:


	December 31,
(in millions)	2023		2022
Machinery and equipment	$	599.1	$	533.9
Land and buildings	526.3		437.8
Computer equipment and software	247.3		231.1
Furniture and fixtures	99.8		83.2
Construction in progress	250.2		236.9
Total property, plant and equipment	1,722.7		1,522.9
Accumulated depreciation	(844.4)		(731.8)
Total property, plant and equipment, net	$	878.3	$	791.1

Changes in Accrued Sales Returns

The Company had the following activity for accrued sales returns from December 31, 2021 to December 31, 2023:


(in millions)
Balance as of December 31, 2021	$	49.8
Amounts accrued	146.6
Returns charged to accrual	(155.9)
Balance as of December 31, 2022	40.5
Amounts accrued	208.2
Returns charged to accrual	(205.0)
Balance as of December 31, 2023	$	43.7

Warranty Activity

The Company had the following activity for its accrued warranty expense from December 31, 2021 to December 31, 2023:


(in millions)
Balance as of December 31, 2021	$	43.9


Amounts accrued	17.0
Warranties charged to accrual	(19.3)
Balance as of December 31, 2022	41.6
Amounts accrued	19.6
Warranties charged to accrual	(20.4)
Balance as of December 31, 2023	$	40.8

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The Company had the following activity for its allowance for credit losses from December 31, 2021 to December 31, 2023.


(in millions)
Balance as of December 31, 2021	$	62.1
Amounts accrued	6.7
Write-offs charged against the allowance	(6.4)
Balance as of December 31, 2022	62.4
Amounts accrued	8.2
Write-offs charged against the allowance	(3.7)
Balance as of December 31, 2023	$	66.9

Schedule of Long-term Debt Instruments

The fair value of the following material financial instruments were based on Level 2 inputs, which include observable inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of debt instruments:


	Fair Value
(in millions)	December 31, 2023		December 31, 2022
2029 Senior Notes	$	724.2	$	672.7
2031 Senior Notes	677.6		627.1

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Stock-based Compensation - Fair Value Assumptions And Methodology (Details)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Expected volatility of stock	53.20%
Expected life of option, in years	5 years
Risk-free interest rate	2.90%
Expected dividend yield on stock	2.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Operating and Finance Lease Assets and Obligations

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Consolidated Balance Sheet as of December 31, 2023 and 2022:


(in millions)		December 31, 2023		December 31, 2022
Assets
Operating lease assets	Operating lease right-of-use assets	$	636.5	$	506.8
Finance lease assets	Property, plant and equipment, net	80.1		68.1
Total leased assets		$	716.6	$	574.9

Liabilities
Short-term:
Operating lease obligations	Short-term operating lease obligations	$	119.6	$	105.5
Finance lease obligations	Current portion of long-term debt	15.1		13.1
Long-term:
Operating lease obligations	Long-term operating lease obligations	574.8		453.5
Finance lease obligations	Long-term debt, net	77.0		65.6
Total lease obligations		$	786.5	$	637.7

Summary of Lease Expense

The following table summarizes the classification of lease expense in the Company's Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021:


	Twelve Months Ended
(in millions)	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease expense:
Operating lease expense	$	148.1	$	128.9	$	99.8
Short-term lease expense	13.5		15.3		13.1
Variable lease expense	36.3		31.5		26.9
Finance lease expense:
Amortization of right-of-use assets	14.4		14.9		12.6
Interest on lease obligations	3.9		4.4		4.5
Total lease expense	$	216.2	$	195.0	$	156.9

The following table provides supplemental information related to the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021:


	Twelve Months Ended December 31,
(in millions)	2023		2022		2021
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases (a)	$	146.8	$	126.4	$	89.6
Operating cash flows paid for finance leases	$	3.9	$	4.4	$	4.5
Financing cash flows paid for finance leases	$	14.0	$	14.7	$	13.4

Right-of-use assets obtained in exchange for new operating lease obligations	$	273.0	$	173.0	$	101.6
Right-of-use assets obtained in exchange for new finance lease obligations	$	26.3	$	19.1	$	10.8

(a)Operating cash flows paid for operating leases are included within the change in other assets and liabilities within the Consolidated Statement of Cash Flows offset by non-cash right-of-use asset amortization and lease liability accretion.

Schedule of Operating Lease Maturities

The following table sets forth the scheduled maturities of lease obligations as of December 31, 2023:


(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2024	$	147.8	$	19.4	$	167.2
2025	135.6		17.6		153.2
2026	117.1		17.5		134.6
2027	102.2		15.9		118.1
2028	85.5		13.8		99.3
Thereafter	239.4		25.4		264.8
Total lease payments	827.6		109.6		937.2
Less: Interest	(133.2)		(17.5)		(150.7)
Present value of lease obligations	$	694.4	$	92.1	$	786.5

Schedule of Finance Lease Maturity

The following table sets forth the scheduled maturities of lease obligations as of December 31, 2023:


(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2024	$	147.8	$	19.4	$	167.2
2025	135.6		17.6		153.2
2026	117.1		17.5		134.6
2027	102.2		15.9		118.1
2028	85.5		13.8		99.3
Thereafter	239.4		25.4		264.8
Total lease payments	827.6		109.6		937.2
Less: Interest	(133.2)		(17.5)		(150.7)
Present value of lease obligations	$	694.4	$	92.1	$	786.5

Summary of Lease Term and Discount Rate

The following table provides lease term and discount rate information related to operating and finance leases as of December 31, 2023:


	December 31, 2023
Weighted average remaining lease term (years):
Operating leases	6.78
Finance leases	6.23

Weighted average discount rate:
Operating leases	5.07	%
Finance leases	5.50	%

Stock-based Compensation - Compensation Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	$ 45.2
Weighted average remaining vesting period (in years)	2 years 21 days
Unrecognized stock option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	$ 5.6
Weighted average remaining vesting period (in years)	2 years 6 months 3 days
RSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	$ 20.4
Weighted average remaining vesting period (in years)	2 years 3 months 18 days
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	$ 19.2
Weighted average remaining vesting period (in years)	1 year 8 months 4 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

(a) Common and Preferred Stock. Tempur Sealy International has 500.0 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 the 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, the 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 December 31, 2023, the Company had approximately $774.5 million remaining under an existing share repurchase program initially authorized by the Board of Directors in 2016. The Company repurchased 0.1 million shares, 18.6 million shares and 19.5 million shares under the program, for approximately $5.0 million, $621.2 million and $801.4 million during the years ended December 31, 2023, 2022 and 2021, respectively. Upon the announcement of our pending acquisition of Mattress Firm, the Company suspended its share repurchase program.

In addition, the Company acquired shares upon the vesting of certain restricted stock units ("RSUs") and performance restricted stock units ("PRSUs"), which were withheld to satisfy tax withholding obligations during the years ended December 31, 2023, 2022 and 2021, respectively. The shares withheld were valued at the closing price of the stock on the New York Stock Exchange on the vesting date or first business day prior to vesting, resulting in approximately $31.0 million, $46.2 million and $14.9 million in treasury stock acquired during the years ended December 31, 2023, 2022 and 2021, respectively.


	Year Ended December 31,
(in millions)	2023		2022		2021
Foreign Currency Translation
Balance at beginning of period	$	(175.3)	$	(95.2)	$	(58.6)
Other comprehensive (loss) income:
Foreign currency translation adjustments (1)	39.8		(80.1)		(36.6)

Balance at end of period	$	(135.5)	$	(175.3)	$	(95.2)

Pension Benefits
Balance at beginning of period	$	(1.6)	$	(4.0)	$	(6.9)
Other comprehensive income:
Net change from period revaluation	0.5		3.2		3.8
Tax expense (2)	(0.1)		(0.8)		(0.9)





Total other comprehensive income	0.4		2.4		2.9
Balance at end of period	$	(1.2)	$	(1.6)	$	(4.0)

(1)In 2023, 2022 and 2021, 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 Consolidated Statements of Income.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Notional interest deduction ("NID")	$ 40.0	$ 40.0	$ 0.0
State charitable contribution carryover ("SCCCs")	0.7	0.7	0.9
Deferred tax liabilities	2.0	2.0
Accrued income taxes	1.6	1.6
Unrecognized tax benefits	4.5	4.5	17.6
Income tax penalties and interest expense, benefit		4.0	6.9
Accrued interest and penalties	1.0	1.0	5.0
Settlements of uncertain tax positions with tax authorities		34.0	0.0
Tax benefit			14.7
Tax liability			37.8
Income tax benefit (provision)	4.8	(103.4)	$ (119.0)	$ (198.3)
Income taxes receivable, current	24.8	24.8
Tax deposit	7.6	7.6
Deferred tax assets	21.6	21.6
Income taxes receivable, noncurrent	30.1	30.1
US State
Income Tax Examination [Line Items]
Operating loss carryforwards, valuation allowance	56.3	56.3
Foreign
Income Tax Examination [Line Items]
Operating loss carryforwards, valuation allowance	$ 29.5	29.5
Danish Tax Authority (SKAT)
Income Tax Examination [Line Items]
Income tax benefit, net		8.9
Income tax benefit, gross		10.5
Overpayment of interest		$ 1.6

Leases - Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases	$ 146.8	$ 126.4	$ 89.6
Operating cash flows paid for finance leases	14.0	4.4	4.5
Financing cash flows paid for finance leases	3.9	14.7	13.4
Right-of-use assets obtained in exchange for new operating lease obligations	273.0	173.0	101.6
Right-of-use assets obtained in exchange for new finance lease obligations	$ 26.3	$ 19.1	$ 10.8

Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

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.


	Year Ended December 31,
(in millions, except per common share amounts)	2023		2022		2021
Numerator:
Net income from continuing operations, net of income attributable to non-controlling interest	$	368.1	$	456.1	$	625.2

Denominator:
Denominator for basic earnings per common share—weighted average shares	172.2		174.9		197.0
Effect of dilutive securities:
Employee stock-based compensation	5.1		5.4		7.3
Denominator for diluted earnings per common share—adjusted weighted average shares	177.3		180.3		204.3

Basic earnings per common share for continuing operations	$	2.14	$	2.61	$	3.17

Diluted earnings per common share for continuing operations	$	2.08	$	2.53	$	3.06

For the years ended December 31, 2023 and 2021, the Company excluded an insignificant number of shares 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. For the year ended December 31, 2022, the Company excluded 1.2 million shares 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, respectively. Holders of non-vested stock-based compensation awards do not have voting rights but do participate in dividend equivalents distributed upon award vesting.

Stock-based Compensation - PRSU And RSU Activity And Related Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares
Performance adjustments (in shares)	0.4	0.0
Weighted Average Grant Date Fair Value
Performance adjustments (in dollars per share)	$ 38.98	$ 0
Performance-based Restricted Stock Units
Shares
Beginning balance (in shares)	3.8	4.9
Granted (in shares)	0.4	0.3
Vested (in shares)	(1.6)	(1.3)
Forfeited/Terminated (in shares)	(0.1)	(0.1)
Ending balance (in shares)	2.9	3.8
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 25.85	$ 22.99
Granted (in dollars per share)	37.22	51.38
Vested (in dollars per share)	24.40	21.38
Forfeited/Terminated (in dollars per share)	43.96	28.71
Ending balance (in dollars per share)	$ 29.53	$ 25.85
RSU expense
Shares
Beginning balance (in shares)	2.3	3.3
Granted (in shares)	0.5	0.4
Vested (in shares)	(1.1)	(1.3)
Forfeited/Terminated (in shares)	0.0	(0.1)
Ending balance (in shares)	1.7	2.3
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 22.99	$ 17.37
Granted (in dollars per share)	35.11	46.49
Vested (in dollars per share)	18.70	15.96
Forfeited/Terminated (in dollars per share)	34.74	32.84
Ending balance (in dollars per share)	$ 29.51	$ 22.99
Intrinsic value	$ 84.7	$ 78.3

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company leases retail stores, manufacturing and distribution facilities, office space and equipment under operating and finance lease agreements. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to several years, with the longest renewal period extending through 2038. The exercise of lease renewal options are at the Company's sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Consolidated Balance Sheet as of December 31, 2023 and 2022:


(in millions)		December 31, 2023		December 31, 2022
Assets
Operating lease assets	Operating lease right-of-use assets	$	636.5	$	506.8
Finance lease assets	Property, plant and equipment, net	80.1		68.1
Total leased assets		$	716.6	$	574.9

Liabilities
Short-term:
Operating lease obligations	Short-term operating lease obligations	$	119.6	$	105.5
Finance lease obligations	Current portion of long-term debt	15.1		13.1
Long-term:
Operating lease obligations	Long-term operating lease obligations	574.8		453.5
Finance lease obligations	Long-term debt, net	77.0		65.6
Total lease obligations		$	786.5	$	637.7

The following table summarizes the classification of lease expense in the Company's Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021:


	Twelve Months Ended
(in millions)	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease expense:
Operating lease expense	$	148.1	$	128.9	$	99.8
Short-term lease expense	13.5		15.3		13.1
Variable lease expense	36.3		31.5		26.9
Finance lease expense:
Amortization of right-of-use assets	14.4		14.9		12.6
Interest on lease obligations	3.9		4.4		4.5
Total lease expense	$	216.2	$	195.0	$	156.9

The following table sets forth the scheduled maturities of lease obligations as of December 31, 2023:


(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2024	$	147.8	$	19.4	$	167.2
2025	135.6		17.6		153.2
2026	117.1		17.5		134.6
2027	102.2		15.9		118.1
2028	85.5		13.8		99.3
Thereafter	239.4		25.4		264.8
Total lease payments	827.6		109.6		937.2
Less: Interest	(133.2)		(17.5)		(150.7)
Present value of lease obligations	$	694.4	$	92.1	$	786.5

The following table provides lease term and discount rate information related to operating and finance leases as of December 31, 2023:


	December 31, 2023
Weighted average remaining lease term (years):
Operating leases	6.78
Finance leases	6.23

Weighted average discount rate:
Operating leases	5.07	%
Finance leases	5.50	%

The following table provides supplemental information related to the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021:


	Twelve Months Ended December 31,
(in millions)	2023		2022		2021
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases (a)	$	146.8	$	126.4	$	89.6
Operating cash flows paid for finance leases	$	3.9	$	4.4	$	4.5
Financing cash flows paid for finance leases	$	14.0	$	14.7	$	13.4

Right-of-use assets obtained in exchange for new operating lease obligations	$	273.0	$	173.0	$	101.6
Right-of-use assets obtained in exchange for new finance lease obligations	$	26.3	$	19.1	$	10.8

Leases

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Consolidated Balance Sheet as of December 31, 2023 and 2022:


(in millions)		December 31, 2023		December 31, 2022
Assets
Operating lease assets	Operating lease right-of-use assets	$	636.5	$	506.8
Finance lease assets	Property, plant and equipment, net	80.1		68.1
Total leased assets		$	716.6	$	574.9

Liabilities
Short-term:
Operating lease obligations	Short-term operating lease obligations	$	119.6	$	105.5
Finance lease obligations	Current portion of long-term debt	15.1		13.1
Long-term:
Operating lease obligations	Long-term operating lease obligations	574.8		453.5
Finance lease obligations	Long-term debt, net	77.0		65.6
Total lease obligations		$	786.5	$	637.7

The following table summarizes the classification of lease expense in the Company's Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021:


	Twelve Months Ended
(in millions)	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease expense:
Operating lease expense	$	148.1	$	128.9	$	99.8
Short-term lease expense	13.5		15.3		13.1
Variable lease expense	36.3		31.5		26.9
Finance lease expense:
Amortization of right-of-use assets	14.4		14.9		12.6
Interest on lease obligations	3.9		4.4		4.5
Total lease expense	$	216.2	$	195.0	$	156.9

The following table sets forth the scheduled maturities of lease obligations as of December 31, 2023:


(in millions)	Operating Leases		Finance Leases		Total
Year Ended December 31,
2024	$	147.8	$	19.4	$	167.2
2025	135.6		17.6		153.2
2026	117.1		17.5		134.6
2027	102.2		15.9		118.1
2028	85.5		13.8		99.3
Thereafter	239.4		25.4		264.8
Total lease payments	827.6		109.6		937.2
Less: Interest	(133.2)		(17.5)		(150.7)
Present value of lease obligations	$	694.4	$	92.1	$	786.5

The following table provides lease term and discount rate information related to operating and finance leases as of December 31, 2023:


	December 31, 2023
Weighted average remaining lease term (years):
Operating leases	6.78
Finance leases	6.23

Weighted average discount rate:
Operating leases	5.07	%
Finance leases	5.50	%

The following table provides supplemental information related to the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021:


	Twelve Months Ended December 31,
(in millions)	2023		2022		2021
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows paid for operating leases (a)	$	146.8	$	126.4	$	89.6
Operating cash flows paid for finance leases	$	3.9	$	4.4	$	4.5
Financing cash flows paid for finance leases	$	14.0	$	14.7	$	13.4

Right-of-use assets obtained in exchange for new operating lease obligations	$	273.0	$	173.0	$	101.6
Right-of-use assets obtained in exchange for new finance lease obligations	$	26.3	$	19.1	$	10.8

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Summary of Earnings Per 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.


	Year Ended December 31,
(in millions, except per common share amounts)	2023		2022		2021
Numerator:
Net income from continuing operations, net of income attributable to non-controlling interest	$	368.1	$	456.1	$	625.2

Denominator:
Denominator for basic earnings per common share—weighted average shares	172.2		174.9		197.0
Effect of dilutive securities:
Employee stock-based compensation	5.1		5.4		7.3
Denominator for diluted earnings per common share—adjusted weighted average shares	177.3		180.3		204.3

Basic earnings per common share for continuing operations	$	2.14	$	2.61	$	3.17

Diluted earnings per common share for continuing operations	$	2.08	$	2.53	$	3.06

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	283,800,000	283,800,000
Treasury stock, shares (in shares)	111,500,000	113,300,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 74.9	$ 69.4
Accounts receivable, net	431.4	422.6
Inventories	483.1	555.0
Prepaid expenses and other current assets	113.8	148.2
Total Current Assets	1,103.2	1,195.2
Property, plant and equipment, net	878.3	791.1
Goodwill	1,083.3	1,062.3
Other intangible assets, net	714.8	715.8
Operating lease right-of-use assets	636.5	506.8
Deferred income taxes	15.6	11.3
Other non-current assets	122.2	77.3
Total Assets	4,553.9	4,359.8
Current Liabilities:
Accounts payable	311.3	359.8
Accrued expenses and other current liabilities	427.1	432.7
Short-term operating lease obligations	119.6	105.5
Income taxes payable	5.3	12.8
Current portion of long-term debt	44.9	70.4
Total Current Liabilities	908.2	981.2
Long-term debt, net	2,527.0	2,739.9
Long-term operating lease obligations	574.8	453.5
Deferred income taxes	127.9	114.0
Other non-current liabilities	82.6	83.5
Total Liabilities	4,220.5	4,372.1
Redeemable non-controlling interest	10.0	9.8
Stockholders' Equity (Deficit):
Common stock, $0.01 par value, 500.0 million shares authorized; 283.8 million shares issued as of December 31, 2023 and 2022	2.8	2.8
Additional paid in capital	558.7	598.2
Retained earnings	3,279.2	2,988.5
Accumulated other comprehensive loss	(136.7)	(176.9)
Treasury stock at cost; 111.5 million and 113.3 million shares as of December 31, 2023 and 2022, respectively	(3,380.6)	(3,434.7)
Total Stockholders' Equity (Deficit)	323.4	(22.1)
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity (Deficit)	$ 4,553.9	$ 4,359.8

Acquisitions - Dreams Purchase Allocation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 02, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,083.3	$ 1,062.3	$ 1,107.4
Dreams Topco Limited
Business Acquisition [Line Items]
Accounts receivable, net				$ 3.5
Inventory				51.2
Property, plant and equipment				33.9
Goodwill				357.1
Indefinite-lived intangible asset				141.9
Operating lease right-of-use assets				158.2
Other current and non-current assets				4.4
Accounts payable				(55.2)
Accrued expenses and other current liabilities				(69.7)
Operating lease liabilities				(165.1)
Debt				(6.1)
Other liabilities				(26.9)
Purchase price, net of cash acquired				$ 427.2

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 4,925.4	$ 4,921.2	$ 4,930.8
Cost of sales	2,796.7	2,871.6	2,772.1
Gross profit	2,128.7	2,049.6	2,158.7
Selling and marketing expenses	1,063.4	992.5	923.1
General, administrative and other expenses	481.1	397.6	353.9
Equity income in earnings of unconsolidated affiliates	(23.0)	(21.1)	(30.6)
Operating (loss) income	607.2	680.6	912.3
Other expense, net:
Interest expense, net	129.9	103.0	66.3
Loss on extinguishment of debt	3.2	0.0	23.0
Other expense (income), net	0.0	0.4	(1.0)
Total other expense, net	133.1	103.4	88.3
Income from continuing operations before income taxes	474.1	577.2	824.0
Income tax provision	(103.4)	(119.0)	(198.3)
Income from continuing operations	370.7	458.2	625.7
Loss from discontinued operations, net of tax	0.0	(0.4)	(0.7)
Net income before non-controlling interest	370.7	457.8	625.0
Less: Net income attributable to non-controlling interest	2.6	2.1	0.5
Net income attributable to Tempur Sealy International, Inc.	$ 368.1	$ 455.7	$ 624.5
Basic
Earnings per share for continuing operations, basic (in dollars per share)	$ 2.14	$ 2.61	$ 3.17
Loss per share for discontinued operations, basic (in dollars per share)	0	0	0
Basic (in dollars per share)	2.14	2.61	3.17
Diluted
Earnings per share for continuing operations, diluted (in dollars per share)	2.08	2.53	3.06
Loss per share for discontinued operations, diluted (in dollars per share)	0	0	0
Diluted (in dollars per share)	$ 2.08	$ 2.53	$ 3.06
Weighted average common shares outstanding:
Basic (in shares)	172.2	174.9	197.0
Diluted (in shares)	177.3	180.3	204.3

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following summarizes the Company's goodwill by segment:


(in millions)	North America		International		Consolidated
Balance as of December 31, 2021	$	611.5	$	495.9	$	1,107.4

Foreign currency translation adjustments and other	(4.2)		(40.9)		(45.1)
Balance as of December 31, 2022	$	607.3	$	455.0	$	1,062.3

Foreign currency translation adjustments and other	2.4		18.6		21.0
Balance as of December 31, 2023	$	609.7	$	473.6	$	1,083.3

The International segment includes the Dreams and International reporting units, which had goodwill of $324.6 million and $149.0 million, respectively, as of December 31, 2023.

The following table summarizes information relating to the Company’s other intangible assets, net:


($ in millions)		December 31, 2023						December 31, 2022
	Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Unamortized indefinite life intangible assets:
Trade names		$	687.2	$	—	$	687.2	$	679.3	$	—	$	679.3
Amortized intangible assets:
Contractual distributor relationships	15	85.4		(61.4)		24.0		84.9		55.4		29.5
Technology and other	4-10	90.7		(90.7)		—		90.5		89.0		1.5
Patents, other trademarks and other trade names	5-20	27.6		(25.1)		2.5		27.4		23.8		3.6
Customer databases, relationships and reacquired rights	2-5	34.5		(33.4)		1.1		33.9		32.0		1.9
Total		$	925.4	$	(210.6)	$	714.8	$	916.0	$	200.2	$	715.8

Amortization expense relating to intangible assets for the Company was $9.3 million, $15.7 million and $16.3 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is recorded in general, administrative and other expenses in the Company's Consolidated Statements of Income. No impairments of goodwill or other intangible assets have adjusted the gross carrying amount of these assets in any period.

Estimated annual amortization of intangible assets is expected to be as follows for the years ending December 31:


(in millions)
2024	$	7.0
2025	6.1
2026	6.1
2027	6.0
2028	1.3
Thereafter	1.1
Total	$	27.6

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
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 pending proceedings in the aggregate will not have a material adverse effect on its business, financial condition, liquidity or operating results.

Leases - Long Term and Discount Rate (Details)	Dec. 31, 2023
Weighted average remaining lease term (years):
Operating leases	6 years 9 months 10 days
Finance leases	6 years 2 months 23 days
Weighted average discount rate:
Operating leases	5.07%
Finance leases	5.50%

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 12, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 6,647,994,376
Entity Common Stock, Shares Outstanding		173,604,315
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2024 Annual Meeting of Stockholders, which is to be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001206264
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Debt - Schedule of Maturities of Long-term Debt (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 29.7
2025	182.6
2026	25.0
2027	25.0
2028	583.0
Thereafter	1,656.2
Total debt, net	2,501.5
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Increase (decrease) to line of credit	(28.1)
Revolving Credit Facility \| Line of Credit \| 2023 Credit Agreement
Debt Instrument [Line Items]
Increase (decrease) to line of credit	$ (0.6)

Retirement Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Eligible employee contribution maximum (percentage)	85.00%
Defined contribution plan, employment eligibility to receive matching contributions, minimum (in years)	6 months
Defined contribution plan, percentage of eligible employee contribution match, first tier (percentage)	100.00%
Defined contribution plan, percentage of eligible employee contributions matched fully, first tier (percentage)	3.00%
Defined contribution plan, eligible employee contribution match, second tier (percentage)	50.00%
Defined contribution plan, eligible employee contribution matched by the company, second tier (percentage)	2.00%
Defined contribution plan, cost recognized	$ 7.5	$ 7.5	$ 7.6

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) channel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Number of products sales channels \| channel	2
Depreciation expense	$ 125.1	$ 111.4	$ 94.7
Sales returns accrual	43.7	40.5	49.8
Shipping and handling included in cost of sales	322.2	330.3	294.8
Advertising costs charged to expense	469.0	448.0	432.8
Advertising costs deferred and included in prepaid expenses and other current assets	10.2	12.4
Research and development costs charged to expense	30.6	29.2	$ 27.3
Defined benefit plan, benefit obligation	32.6	30.1
Defined benefit plan, amount	$ 27.9	25.8
2029 Senior Notes \| Redemption period three \| Senior Notes
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Percentage of redemption on notes	100.00%
Bedding \| Non-prorated \| International
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	5 years
Bedding \| Prorated \| International
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	10 years
Pillows Two \| Non-prorated
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	3 years
Accrued liabilities and other current liabilities
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Sales returns accrual	$ 30.4	27.5
Other non-current liabilities
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Sales returns accrual	13.3	13.0
Standard product warranty accrual	21.9	23.8
Accrued Expenses And Other Current Liabilities
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Standard product warranty accrual	$ 18.9	$ 17.8
Minimum \| Bedding \| North America
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	10 years
Minimum \| Bedding \| International
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	5 years
Minimum \| Bedding \| Non-prorated \| North America
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	10 years
Maximum \| Bedding \| North America
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	25 years
Maximum \| Bedding \| International
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	15 years
Maximum \| Bedding \| Non-prorated \| North America
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Warranty term (in years)	15 years
Joint Ventures
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Ownership percentage	50.00%

Stock-based Compensation - Unvested Shares Relating To Stock Options (Details) - Unvested Stock Options - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares
Beginning balance (in shares)	1.2	0.3
Granted (in shares)	0.0	1.2
Vested (in shares)	(0.3)	(0.3)
Forfeited (in shares)	0.0	0.0
Ending balance (in shares)	0.9	1.2
Weighted Average Grant Date Fair Value
Beginning of period weighted average grant date fair value (dollars per share)	$ 30.00	$ 15.45
Granted weighted average grant date fair value (dollars per share)	0	30.00
Vested weighted average grant date fair value (dollars per share)	30.00	10.44
Forfeited weighted average grant date fair value (dollars per share)	0	0
Ending of period weighted average grant date fair value (dollars per share)	$ 30.00	$ 30.00

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income from continuing operations, net of income attributable to non-controlling interest	$ 368.1	$ 456.1	$ 625.2
Denominator:
Denominator for basic earnings per common share—weighted average shares (in shares)	172.2	174.9	197.0
Effect of dilutive securities:
Employee stock based compensation (in shares)	5.1	5.4	7.3
Denominator for diluted earnings per common share—adjusted weighted average shares (in shares)	177.3	180.3	204.3
Basic earnings per share for continuing operations (in dollars per share)	$ 2.14	$ 2.61	$ 3.17
Diluted earnings per share for continuing operations (in dollars per share)	$ 2.08	$ 2.53	$ 3.06
Shares excluded from diluted earnings per common share computation as anti-dilutive (in shares)		1.2

Net Sales (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Twelve Months Ended December 31, 2023
(in millions)		North America		International		Consolidated
Channel
Wholesale		$	3,348.2	$	397.9	$	3,746.1
Direct		507.3		672.0		1,179.3
Net sales		$	3,855.5	$	1,069.9	$	4,925.4

		North America		International		Consolidated
Product
Bedding		$	3,585.2	$	879.2	$	4,464.4
Other		270.3		190.7		461.0
Net sales		$	3,855.5	$	1,069.9	$	4,925.4

		North America		International		Consolidated
Geographical region
United States		$	3,560.8	$	—	$	3,560.8
All other		294.7		1,069.9		1,364.6
Net sales		$	3,855.5	$	1,069.9	$	4,925.4


	Twelve Months Ended December 31, 2022
(in millions)		North America		International		Consolidated
Channel
Wholesale		$	3,390.1	$	382.4	$	3,772.5
Direct		496.0		652.7		1,148.7
Net sales		$	3,886.1	$	1,035.1	$	4,921.2

		North America		International		Consolidated
Product
Bedding		$	3,618.7	$	859.1	$	4,477.8
Other		267.4		176.0		443.4
Net sales		$	3,886.1	$	1,035.1	$	4,921.2

		North America		International		Consolidated
Geographical region
United States		$	3,596.0	$	—	$	3,596.0
All other		290.1		1,035.1		1,325.2

Net sales		$	3,886.1	$	1,035.1	$	4,921.2


	Twelve Months Ended December 31, 2021
(in millions)		North America		International		Consolidated
Channel
Wholesale		$	3,584.1	$	450.3	$	4,034.4
Direct		495.1		401.3		896.4
Net sales		$	4,079.2	$	851.6	$	4,930.8

		North America		International		Consolidated
Product
Bedding		$	3,825.9	$	687.0	$	4,512.9
Other		253.3		164.6		417.9
Net sales		$	4,079.2	$	851.6	$	4,930.8

		North America		International		Consolidated
Geographical region
United States		$	3,751.3	$	—	$	3,751.3
All Other		327.9		851.6		1,179.5

Net sales		$	4,079.2	$	851.6	$	4,930.8

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

The Company's stock-based compensation expense for the year ended December 31, 2023, 2022 and 2021 included PRSUs, RSUs and stock options. A summary of the Company’s stock-based compensation expense is presented below:


	Year Ended December 31,
(in millions)	2023		2022		2021
PRSU expense	$	24.9	$	31.0	$	39.4
RSU expense	20.6		21.0		20.5
Stock option expense	2.2		1.1		1.5
Total stock-based compensation expense	$	47.7	$	53.1	$	61.4

Summary of PRSU Activity and Related Information

A summary of the Company's PRSU activity and related information for the years ended December 31, 2023 and 2022 is presented below:


(shares in millions)	Shares	Weighted Average Grant Date Fair Value
Awards unvested at December 31, 2021	4.9	$	22.99
Granted	0.3	51.38
Performance adjustments(1)	—	—
Vested	(1.3)	21.38
Forfeited	(0.1)	28.71
Awards unvested at December 31, 2022	3.8	25.85
Granted	0.4	37.22
Performance adjustments(1)	0.4	38.98
Vested	(1.6)	24.40
Forfeited	(0.1)	43.96
Awards unvested at December 31, 2023	2.9	$	29.53


(1)			Adjustments based on current attainment expectations of performance targets.

Schedule of Stock Options Valuation Assumptions

Year Ended December 31,

2023

2022

2021

Expected volatility of stock

N/A

53.2 %

N/A

Expected life of option, in years

N/A

Risk-free interest rate

N/A

2.9%

N/A

Expected dividend yield on stock

N/A

2.0%

N/A

Schedule of Stock Option Activity

A summary of the Company's stock option activity under the 2003 Plan and 2013 Plan for the years ended December 31, 2023 and 2022 is presented below:


(in millions, except per share amounts and years)	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Options outstanding at December 31, 2021	3.8	$	17.03
Granted	1.2	30.00
Exercised	—	10.44
Forfeited	(0.1)	18.19
Options outstanding at December 31, 2022	4.9	$	20.34
Granted	—	—
Exercised	(0.2)	15.89
Forfeited	(0.1)	14.06
Options outstanding at December 31, 2023	4.6	$	20.54	6.37	$	139.7

Options exercisable at December 31, 2023	3.7	$	18.24	6.10	$	120.9

A summary of the Company's unvested shares relating to stock options as of December 31, 2023 and 2022, and changes during the years ended December 31, 2023 and 2022, are presented below:


(shares in millions)	Shares	Weighted Average Grant Date Fair Value
Options unvested at December 31, 2021	0.3	$	15.45
Granted	1.2	30.00
Vested	(0.3)	10.44
Forfeited	—	—
Options unvested at December 31, 2022	1.2	$	30.00
Granted	—	—
Vested	(0.3)	30.00
Forfeited	—	—
Options unvested at December 31, 2023	0.9	$	30.00

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the Company's RSU activity and related information for the years ended December 31, 2023 and 2022 is presented below:


(in millions, except per share amounts)	Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Awards outstanding at December 31, 2021	3.3	$	17.37
Granted	0.4	46.49
Vested	(1.3)	15.96
Terminated	(0.1)	32.84
Awards outstanding at December 31, 2022	2.3	$	22.99	$	78.3
Granted	0.5	35.11
Vested	(1.1)	18.70
Terminated	—	34.74
Awards outstanding at December 31, 2023	1.7	$	29.51	$	84.7

Schedule of Unrecognized Compensation Expense

A summary of total unrecognized stock-based compensation expense based on current performance estimates related to stock options, RSUs and PRSUs for the year ended December 31, 2023 is presented below:


(in millions, except years)	December 31, 2023		Weighted Average Remaining Vesting Period (Years)
Unrecognized stock option expense	$	5.6	2.51
Unrecognized RSU expense	20.4		2.30
Unrecognized PRSU expense	19.2		1.68
Total unrecognized stock-based compensation expense	$	45.2	2.06

Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details)	Dec. 31, 2023
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	25 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	30 years
Computer equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	3 years
Computer equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	4 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years
Office furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Office furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Borrowings Outstanding

Debt for the Company consists of the following:


(in millions)	December 31, 2023			December 31, 2022
Debt:	Amount		Rate	Amount		Rate	Maturity Date
2023 Credit Agreement:
Term A Facility	$	500.0	(1)	$	—	N/A	October 10, 2028
Revolver	183.0		(1)	—		N/A	October 10, 2028
2019 Credit Agreement:
Term A Facility	—		N/A	638.8		(2)	October 16, 2024
Revolver	—		N/A	337.0		(2)	October 16, 2024
2031 Senior Notes	800.0		3.875%	800.0		3.875%	October 15, 2031
2029 Senior Notes	800.0		4.000%	800.0		4.000%	April 15, 2029
Securitized debt	157.6		(3)	139.3		(4)	April 7, 2025
Finance lease obligations (5)	92.1			78.7			Various
Other	60.9			37.0			Various
Total debt	2,593.6			2,830.8
Less: Deferred financing costs	21.7			20.5
Total debt, net	2,571.9			2,810.3
Less: Current portion	44.9			70.4
Total long-term debt, net	$	2,527.0		$	2,739.9


(1)			Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.625% as of December 31, 2023.
(2)			Interest at LIBOR plus applicable margin of 1.250% as of December 31, 2022.
(3)			Interest at one month SOFR index plus 10 basis points of credit spread adjustment, plus 85 basis points.
(4)			Interest at one month LIBOR index plus 70 basis points.
(5)			Finance lease obligations are a non-cash financing activity. Refer to Note 7, "Leases."

Schedule of Maturities of Long-term Debt

As of December 31, 2023, the scheduled maturities of long-term debt outstanding, excluding finance lease obligations, for each of the next five years and thereafter are as follows:


(in millions)
2024	$	29.7
2025	182.6
2026	25.0
2027	25.0
2028	583.0
Thereafter	1,656.2
Total(1)	$	2,501.5
(1) Total future obligations excludes $28.1 million of outstanding letters of credit issued by various financial institutions, including $0.6 million associated with the 2023 Credit Facility.

Summary of Significant Accounting Policies - Changes in Accrued Sales Returns (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in Accrued Sales Returns [Roll Forward]
Beginning balance	$ 40.5	$ 49.8
Amounts accrued	208.2	146.6
Returns charged to accrual	(205.0)	(155.9)
Ending balance	$ 43.7	$ 40.5

Debt - 2023 Credit Agreement (Details) - USD ($)		3 Months Ended	12 Months Ended
Debt - 2023 Credit Agreement (Details) - USD ($)	Oct. 10, 2023	Jun. 30, 2024	Dec. 31, 2023	Feb. 06, 2024	Apr. 06, 2021	Apr. 12, 2017
2023 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Equity interest of subsidiary guarantor (percentage)	100.00%
Equity Voting Rights of Subsidiary	65.00%
Leverage ratio, letters of credit outstanding	$ 60,000,000
Domestic and Foreign Qualified Cash, Maximum Percentage	100.00%
Domestic And Foreign Unrestricted Cash			$ 74,900,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Principal borrowing capacity, maximum					$ 200,000,000	$ 120,000,000
Revolving Credit Facility [Member] \| Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Increase (Decrease), Net			28,100,000
Revolving Credit Facility [Member] \| 2023 Credit Agreement \| Base Rate
Line of Credit Facility [Line Items]
Index rate or LIBOR plus (percentage)	0.625%
Revolving Credit Facility [Member] \| 2023 Credit Agreement \| Eurocurrency Rate, RFR Rate and Term Benchmark
Line of Credit Facility [Line Items]
Index rate or LIBOR plus (percentage)	1.625%
Revolving Credit Facility [Member] \| 2023 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Principal borrowing capacity, maximum	$ 1,150,000,000
Principal borrowing capacity, remaining			966,400,000
Line of Credit Facility, Increase (Decrease), Net			$ 600,000
Revolving Credit Facility [Member] \| 2023 Credit Agreement \| Line of Credit \| Forecast
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage		0.25%
Term Loan Facility \| 2023 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Principal borrowing capacity, maximum	500,000,000
Incremental Facility \| 2023 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Principal borrowing capacity, maximum	850,000,000
Incremental Facility \| 2023 Credit Agreement \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Increase in borrowing capacity				$ 40,000,000
Letter of Credit \| 2023 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Principal borrowing capacity, maximum	$ 60,000,000
Delayed Draw Term Loan \| 2023 Credit Agreement \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Principal borrowing capacity, maximum				$ 625,000,000

Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Plans

401(k) Plan

The Company has a defined contribution plan ("the 401(k) Plan") whereby eligible employees may contribute up to 85.0% of their pay subject to certain limitations as defined by the 401(k) Plan. Employees are eligible to participate in the 401(k) Plan upon hire and are eligible to receive matching contributions upon six months of continuous employment with the Company. The 401(k) Plan provides a 100.0% match of the first 3.0% and 50.0% of the next 2.0% of eligible employee contributions. The match for union employees is based on the applicable collective bargaining arrangement. All matching contributions vest immediately. The Company incurred $7.5 million, $7.5 million and $7.6 million of expenses associated with the 401(k) Plan for the years ended December 31, 2023, 2022 and 2021, respectively, which are included in the Consolidated Statements of Income.

Multi‑Employer Benefit Plans

Approximately 17.1% of the Company's domestic employees are represented by various labor unions with separate collective bargaining agreements. Hourly employees working at six of the Company's domestic manufacturing facilities are covered by union sponsored retirement plans. Further, employees working at three of the Company's domestic manufacturing facilities are covered by union sponsored health and welfare plans. These plans cover both active employees and retirees. Through the health and welfare plans, employees receive medical, dental, vision, prescription and disability coverage. The Company's cost associated with these plans consists of periodic contributions to these plans based upon employee participation. The expense recognized by the Company for such contributions for the years ended December 31 was follows:


(in millions)	2023		2022		2021
Multi‑employer retirement plan expense	$	4.7	$	3.7	$	4.1
Multi‑employer health and welfare plan expense	3.2		3.6		3.8

The risks of participating in multi‑employer pension plans are different from the risks of sponsoring single‑employer pension plans in the following respects: 1) contributions to the multi‑employer plan by one employer may be used to provide benefits to employees of other participating employers; 2) if a participating employer ceases its contributions to the plan, the unfunded obligations of the plan allocable to the withdrawing employer may be borne by the remaining participating employers; and 3) if the Company withdraws from the multi‑employer pension plans in which it participates, the Company may be required to pay those plans an amount based on its allocable share of the underfunded status of the plan.

The following table presents information regarding the multi‑employer pension plans that are significant to the Company for the years ended December 31, 2023 and 2022, respectively:

Pension Fund

EIN/Pension Plan Number

Date of Plan Year-End

Pension Protection Act
Zone Status(1) 2023

FIP/RP Status
Pending/Implemented(2)

Contributions of the Company in 2023

Surcharge Imposed(3)

Expiration Date
of Collective
Bargaining Agreement

Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions

(in millions)

United Furniture Workers Pension Fund A(4)

13-5511877-001

2/28/23

Red

Implemented

1.5

2026

2020, 2021, 2022, 2023

Pension Plan of the National Retirement Fund

13-6130178-001

12/31/22

Red

Implemented

0.9

Yes, 10.0%

2025

N/A

Central States, Southeast & Southwest Areas Pension Plan

36-6044243-001

12/31/22

Red

Implemented

0.8

Yes, 10.0%

2024

N/A

Pension Fund

EIN/Pension Plan Number

Date of Plan Year-End

Pension Protection Act
Zone Status(1) 2022

FIP/RP Status
Pending/Implemented(2)

Contributions of the Company in 2022

Surcharge Imposed(3)

Expiration Date
of Collective
Bargaining Agreement

Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions

(in millions)

United Furniture Workers Pension Fund A(4)

13-5511877-001

2/28/22

Red

Implemented

1.6

2023, 2025

2020, 2021, 2022

Pension Plan of the National Retirement Fund

13-6130178-001

12/31/21

Red

Implemented

1.0

Yes, 10.0%

2025

N/A

Central States, Southeast & Southwest Areas Pension Plan

36-6044243-001

12/31/21

Red

Implemented

1.1

Yes, 10.0%

2024, 2025

N/A


(1)			The Pension Protection Act of 2006 ranks the funded status of multi-employer pension plans depending upon a plan's current and projected funding. A plan is in the Red Zone (Critical) if it has a current funded percentage of less than 65.0%. A plan is in the Yellow Zone (Endangered) if it has a current funded percentage of less than 80.0%, or projects a credit balance deficit within seven years. A plan is in the Green Zone (Healthy) if it has a current funded percentage greater than 80.0% and does not have a projected credit balance deficit within seven years. The zone status is based on the plan’s year end rather than the Company's. The zone status listed for each plan is based on information that the Company received from that plan and is certified by that plan’s actuary for the most recent year available.
(2)			Funding Improvement Plan or Rehabilitation Plan as defined in the Employee Retirement Income Security Act of 1974 has been implemented or is pending.
(3)			Indicates whether the Company paid a surcharge to the plan in the most current year due to funding shortfalls and the amount of the surcharge.
(4)			The Company represented more than 5.0% of the total contributions for the most recent plan year available.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The final allocation of the purchase price is based on the fair values of the assets acquired and liabilities assumed as of August 2, 2021, which included the following:


(in millions)
Accounts receivable, net	$	3.5
Inventory	51.2
Property, plant and equipment	33.9
Goodwill	357.1
Indefinite-lived intangible asset	141.9
Operating lease right-of-use assets	158.2
Other current and non-current assets	4.4
Accounts payable	(55.2)
Accrued expenses and other current liabilities	(69.7)
Operating lease liabilities	(165.1)
Debt	(6.1)
Other liabilities	(26.9)
Purchase price, net of cash acquired	$	427.2

Goodwill and Other Intangible Assets - Other Intangible Assets and Expected Future Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Gross carrying amount, total	$ 925.4	$ 916.0
Accumulated Amortization	(210.6)	200.2
Net Carrying Amount	714.8	715.8
Finite-Lived Intangible Assets, Net [Abstract]
Amortization expense relating to intangible assets	9.3	15.7	$ 16.3
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
2024	7.0
2025	6.1
2026	6.1
2027	6.0
2028	1.3
Thereafter	1.1
Total	27.6
Trade names
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Gross carrying amount - indefinite life intangible assets	687.2	679.3
Net Carrying Amount	$ 687.2	679.3
Contractual distributor relationships
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Useful Lives (Years)	15 years
Gross carrying amount - finite life intangible assets	$ 85.4	84.9
Accumulated Amortization	(61.4)	55.4
Net Carrying Amount	24.0	29.5
Technology and other
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Gross carrying amount - finite life intangible assets	90.7	90.5
Accumulated Amortization	(90.7)	89.0
Net Carrying Amount	$ 0.0	1.5
Technology and other \| Minimum
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Useful Lives (Years)	4 years
Technology and other \| Maximum
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Useful Lives (Years)	10 years
Patents, other trademarks and other trade names
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Gross carrying amount - finite life intangible assets	$ 27.6	27.4
Accumulated Amortization	(25.1)	23.8
Net Carrying Amount	$ 2.5	3.6
Patents, other trademarks and other trade names \| Minimum
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Useful Lives (Years)	5 years
Patents, other trademarks and other trade names \| Maximum
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Useful Lives (Years)	20 years
Customer databases, relationships and reacquired rights
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Gross carrying amount - finite life intangible assets	$ 34.5	33.9
Accumulated Amortization	(33.4)	32.0
Net Carrying Amount	$ 1.1	$ 1.9
Customer databases, relationships and reacquired rights \| Minimum
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Useful Lives (Years)	2 years
Customer databases, relationships and reacquired rights \| Maximum
Intangible Assets, Combined Indefinite lived and Finite lived Intangible Assets by Major Class [Line Items]
Useful Lives (Years)	5 years

Income Taxes - Pre-tax Income Attributable to Operating Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income before income taxes:
United States	$ 288.5	$ 382.5	$ 602.5
Rest of the world	185.6	194.7	221.5
Income from continuing operations before income taxes	$ 474.1	$ 577.2	$ 824.0

Unconsolidated Affiliate Companies

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Unconsolidated Affiliate Companies

The Company has ownership interests in Asia-Pacific joint ventures to develop markets for Sealy® and Stearns & Foster® branded products and ownership in a United Kingdom joint venture to manufacture, market and distribute Sealy® and Stearns & Foster® branded products. The Company’s ownership interest in each of these joint ventures is 50.0% and is accounted for under the equity method. The Company’s investment of $28.0 million and $22.8 million at December 31, 2023 and 2022, respectively, is recorded in other non-current assets in the accompanying Consolidated Balance Sheets. The Company’s share of earnings for the years ended December 31, 2023, 2022 and 2021 respectively, is recorded in equity income in earnings of unconsolidated affiliates in the accompanying Consolidated Statements of Income.

The table below presents summarized financial information for the joint ventures as of and for the years ended December 31:


(in millions)	2023		2022		2021
Net sales	$	333.3	$	317.4	$	339.7

Income from operations	65.5		57.0		70.9

Other Items - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Wages and benefits	$ 102.1	$ 78.0
Advertising	62.6	64.9
Unearned revenue	53.3	48.5
Taxes	15.4	52.1
Other	193.7	189.2
Total accrued	$ 427.1	$ 432.7

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

VALUATION AND QUALIFYING ACCOUNTS

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

SCHEDULE II

(in millions)


			Additions
Description	Balance at Beginning of Period		Charges to Costs and Expenses		Charged to Other Accounts		Deductions		Balance at End of Period
Valuation allowance for deferred tax assets:
Year Ended December 31, 2021	$	33.5	$	7.5	$	4.5	$	(2.9)	$	42.6
Year Ended December 31, 2022	$	42.6	$	3.0	$	(1.7)	$	(1.6)	$	42.3
Year Ended December 31, 2023	$	42.3	$	18.0	$	0.8	$	(11.6)	$	49.5

Debt - Schedule of Borrowings Outstanding (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Long-term Debt, Current and Noncurrent [Abstract]
Finance lease obligations	$ 92.1	$ 78.7
Total debt	2,593.6	2,830.8
Less: Deferred financing costs	21.7	20.5
Total debt, net	2,571.9	2,810.3
Current portion of long-term debt	44.9	70.4
Total long-term debt, net	2,527.0	2,739.9
2031 Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 800.0	$ 800.0
Line of Credit Facility [Abstract]
Stated percentage	3.875%	3.875%
2029 Senior Notes
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 800.0	$ 800.0
Line of Credit Facility [Abstract]
Stated percentage	4.00%	4.00%
Securitized debt
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 157.6	$ 139.3
Securitized debt \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Abstract]
Credit spread adjustment (as a percent)	0.10%
Index rate or LIBOR plus (percentage)	0.85%
Securitized debt \| LIBOR
Line of Credit Facility [Abstract]
Index rate or LIBOR plus (percentage)	0.70%
Other
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 60.9	37.0
2023 Credit Agreement \| Revolving Credit Facility
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	183.0	0.0
2023 Credit Agreement \| Term A Facility
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	500.0	0.0
2019 Credit Agreement \| Revolving Credit Facility
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 0.0	$ 337.0
2019 Credit Agreement \| Revolving Credit Facility \| LIBOR
Line of Credit Facility [Abstract]
Index rate or LIBOR plus (percentage)	1.625%	1.25%
2019 Credit Agreement \| Term A Facility
Long-term Debt, Current and Noncurrent [Abstract]
Long term debt, gross	$ 0.0	$ 638.8
2019 Credit Agreement \| Term A Facility \| LIBOR
Line of Credit Facility [Abstract]
Index rate or LIBOR plus (percentage)	1.625%	1.25%

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Changes in Accumulated Other Comprehensive Income

AOCL consisted of the following:


	Year Ended December 31,
(in millions)	2023		2022		2021
Foreign Currency Translation
Balance at beginning of period	$	(175.3)	$	(95.2)	$	(58.6)
Other comprehensive (loss) income:
Foreign currency translation adjustments (1)	39.8		(80.1)		(36.6)

Balance at end of period	$	(135.5)	$	(175.3)	$	(95.2)

Pension Benefits
Balance at beginning of period	$	(1.6)	$	(4.0)	$	(6.9)
Other comprehensive income:
Net change from period revaluation	0.5		3.2		3.8
Tax expense (2)	(0.1)		(0.8)		(0.9)





Total other comprehensive income	0.4		2.4		2.9
Balance at end of period	$	(1.2)	$	(1.6)	$	(4.0)

(1)In 2023, 2022 and 2021, 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 Consolidated Statements of Income.

Summary of Significant Accounting Policies - Schedule of Inventory, Current (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Finished goods	$ 335.4	$ 383.7
Work-in-process	16.5	19.4
Raw materials and supplies	131.2	151.9
Total	$ 483.1	$ 555.0

Other Items (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,		December 31,
(in millions)	2023		2022
Wages and benefits	$	102.1	$	78.0
Advertising	62.6		64.9
Unearned revenue	53.3		48.5
Taxes	15.4		52.1
Other	193.7		189.2
	$	427.1	$	432.7

Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 47.7	$ 53.1	$ 61.4
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	24.9	31.0	39.4
RSU expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	20.6	21.0	20.5
Unrecognized stock option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2.2	$ 1.1	$ 1.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Deferred Tax Assets and Liabilities Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Stock-based compensation	$ 28.8	$ 31.8
Operating lease obligations	180.6	147.5
Accrued expenses and other	64.0	64.1
Net operating losses, foreign tax credits and other tax attribute carryforwards	42.1	58.0
Inventories	10.6	10.3
Transaction costs	16.5	4.3
Property, plant and equipment	9.9	9.7
Total deferred tax assets	352.5	325.7
Valuation allowances	(49.5)	(42.3)
Total net deferred tax assets	303.0	283.4
Deferred tax liabilities:
Intangible assets	(174.3)	(174.0)
Operating lease right-of-use assets	(164.5)	(132.0)
Property, plant and equipment	(56.6)	(60.0)
Accrued expenses and other	(19.9)	(20.1)
Total deferred tax liabilities	(415.3)	(386.1)
Net deferred tax liabilities	$ (112.3)	$ (102.7)

Leases - Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 147.8
2025	135.6
2026	117.1
2027	102.2
2028	85.5
Thereafter	239.4
Total lease payments	827.6
Less: Interest	(133.2)
Present value of lease obligations	694.4
Finance Leases
2024	19.4
2025	17.6
2026	17.5
2027	15.9
2028	13.8
Thereafter	25.4
Total lease payments	109.6
Less: Interest	(17.5)
Present value of lease obligations	92.1	$ 78.7
2024	167.2
2025	153.2
2026	134.6
2027	118.1
2028	99.3
Thereafter	264.8
Total lease payments	937.2
Less: Interest	(150.7)
Total lease obligations	$ 786.5	$ 637.7

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisition of Mattress Firm Group Inc.

On May 9, 2023, Tempur Sealy International and Mattress Firm entered into the Merger Agreement for a pending business acquisition in which Tempur Sealy International, through a wholly-owned subsidiary, will acquire Mattress Firm in a transaction valued at approximately $4.0 billion. The transaction is expected to be funded by approximately $2.7 billion of cash consideration and the issuance of 34.2 million shares of the Company's common stock, resulting in a total stock consideration value of $1.3 billion based on a closing share price of $37.62 as of May 8, 2023.

The Company expects the transaction to close in the second half of 2024, subject to the satisfaction of customary closing conditions, including applicable regulatory approvals. Following the close of the transaction, Mattress Firm is expected to operate as a separate business unit.

Acquisition of Dreams Topco Limited

On August 2, 2021, the Company completed the acquisition of Dreams Topco Limited and its direct and indirect subsidiaries ("Dreams"), for a cash purchase price of $476.7 million, which includes $49.5 million of cash acquired. The transaction was funded using cash on hand and bank financing. Dreams has developed a successful multi-channel sales strategy, with over 200 brick and mortar retail locations in the U.K., an industry-leading online channel, as well as manufacturing and delivery assets.

The financial results of Dreams subsequent to the date of acquisition are included in the consolidated financial statements of the Company. The Company accounted for this transaction as a business combination. The final allocation of the purchase price is based on the fair values of the assets acquired and liabilities assumed as of August 2, 2021, which included the following:


(in millions)
Accounts receivable, net	$	3.5
Inventory	51.2
Property, plant and equipment	33.9
Goodwill	357.1
Indefinite-lived intangible asset	141.9
Operating lease right-of-use assets	158.2
Other current and non-current assets	4.4
Accounts payable	(55.2)
Accrued expenses and other current liabilities	(69.7)
Operating lease liabilities	(165.1)
Debt	(6.1)
Other liabilities	(26.9)
Purchase price, net of cash acquired	$	427.2

The indefinite-lived intangible asset represents Dreams' portfolio of trade names as marketed through Dreams. The Company applied the income approach through a relief from royalty method to fair value the trade name asset using level 2 inputs. The indefinite-lived intangible asset is not deductible for income tax purposes.

Goodwill is calculated as the excess of the purchase price over the net assets acquired and primarily represents the expansion of retail competency and online capabilities, and expected synergistic manufacturing and distribution benefits to be realized from the acquisition. The goodwill is not deductible for income tax purposes and is included within the International business segment.

Business Segment Information (Details) $ in Millions	12 Months Ended
Business Segment Information (Details) $ in Millions	Dec. 31, 2023 USD ($) segment country customer	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of business segments \| segment	2
Number of countries product is sold in \| country	100
Number of wholesale customers products are sold to \| customer	10,000
Segment information [Abstract]
Total assets	$ 4,553.9	$ 4,359.8
Property, plant and equipment, net	878.3	791.1
Operating lease right-of-use assets	636.5	506.8
Net sales	4,925.4	4,921.2	$ 4,930.8
Inter-segment royalty expense (income)	0.0	0.0	0.0
Gross profit	2,128.7	2,049.6	2,158.7
Operating income (loss)	607.2	680.6	912.3
Income (loss) from continuing operations before income taxes	474.1	577.2	824.0
Depreciation and amortization	183.0	180.2	174.6
Capital expenditures	$ 185.4	$ 306.5	123.3
Revenue \| Sales Channel Concentration Risk \| Direct Channel
Segment Reporting Information [Line Items]
Concentration risk, percentage	23.90%	23.30%
Revenue \| Customer Concentration Risk \| Customer A
Segment Reporting Information [Line Items]
Concentration risk, percentage	15.00%	15.00%
Bedding sales
Segment information [Abstract]
Net sales			4,512.9
Other sales
Segment information [Abstract]
Net sales			417.9
United States
Segment information [Abstract]
Property, plant and equipment, net	$ 764.1	$ 682.0
Operating lease right-of-use assets	444.2	339.6
Net sales			3,751.3
All other
Segment information [Abstract]
Property, plant and equipment, net	114.2	109.1
Net sales	1,364.6	1,325.2	1,179.5
UNITED KINGDOM
Segment information [Abstract]
Operating lease right-of-use assets	146.5	122.9
All other
Segment information [Abstract]
Operating lease right-of-use assets	45.8	44.3
Operating Segments
Segment information [Abstract]
Net sales	4,925.4	4,921.2	4,930.8
Operating Segments \| Bedding sales
Segment information [Abstract]
Net sales	4,464.4	4,477.8
Operating Segments \| Other sales
Segment information [Abstract]
Net sales	461.0	443.4
Operating Segments \| United States
Segment information [Abstract]
Net sales	3,560.8	3,596.0	3,751.3
Operating Segments \| All other
Segment information [Abstract]
Net sales	1,364.6	1,325.2	1,179.5
Operating Segments \| North America
Segment information [Abstract]
Total assets	5,291.0	5,161.7
Property, plant and equipment, net	753.8	672.1
Operating lease right-of-use assets	453.5	349.0
Net sales	3,855.5	3,886.1	4,079.2
Inter-segment royalty expense (income)	33.7	15.0	8.7
Gross profit	1,537.5	1,487.3	1,678.0
Operating income (loss)	643.1	642.4	856.7
Income (loss) from continuing operations before income taxes	634.2	638.6	853.2
Depreciation and amortization	102.2	96.9	87.7
Capital expenditures	158.8	267.4	89.7
Operating Segments \| North America \| Bedding sales
Segment information [Abstract]
Net sales	3,585.2	3,618.7	3,825.9
Operating Segments \| North America \| Other sales
Segment information [Abstract]
Net sales	270.3	267.4	253.3
Operating Segments \| North America \| United States
Segment information [Abstract]
Net sales	3,560.8	3,596.0	3,751.3
Operating Segments \| North America \| All other
Segment information [Abstract]
Net sales	294.7	290.1	327.9
Operating Segments \| International
Segment information [Abstract]
Total assets	1,405.2	1,181.5
Property, plant and equipment, net	91.3	87.3
Operating lease right-of-use assets	180.2	154.1
Net sales	1,069.9	1,035.1	851.6
Inter-segment royalty expense (income)	(33.7)	(15.0)	(8.7)
Gross profit	591.2	562.3	480.7
Operating income (loss)	170.9	187.2	200.0
Income (loss) from continuing operations before income taxes	171.4	183.4	198.9
Depreciation and amortization	25.6	23.7	18.1
Capital expenditures	18.1	33.1	18.0
Operating Segments \| International \| Bedding sales
Segment information [Abstract]
Net sales	879.2	859.1	687.0
Operating Segments \| International \| Other sales
Segment information [Abstract]
Net sales	190.7	176.0	164.6
Operating Segments \| International \| United States
Segment information [Abstract]
Net sales	0.0	0.0	0.0
Operating Segments \| International \| All other
Segment information [Abstract]
Net sales	1,069.9	1,035.1	851.6
Corporate
Segment information [Abstract]
Total assets	1,269.5	1,077.1
Property, plant and equipment, net	33.2	31.7
Operating lease right-of-use assets	2.8	3.7
Net sales	0.0	0.0	0.0
Inter-segment royalty expense (income)	0.0	0.0	0.0
Gross profit	0.0	0.0	0.0
Operating income (loss)	(206.8)	(149.0)	(144.4)
Income (loss) from continuing operations before income taxes	(331.5)	(244.8)	(228.1)
Depreciation and amortization	55.2	59.6	68.8
Capital expenditures	8.5	6.0	15.6
Corporate \| Bedding sales
Segment information [Abstract]
Net sales	0.0	0.0	0.0
Corporate \| Other sales
Segment information [Abstract]
Net sales	0.0	0.0	0.0
Inter-segment eliminations
Segment information [Abstract]
Total assets	(3,411.8)	(3,060.5)
Net sales	(1.7)	(2.8)	(3.0)
Inter-segment eliminations \| North America
Segment information [Abstract]
Net sales	1.2	1.7	1.8
Inter-segment eliminations \| International
Segment information [Abstract]
Net sales	$ 0.5	$ 1.1	$ 1.2

Stock-based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Tempur Sealy International has two stock-based compensation plans which provide for grants of non-qualified and incentive stock options, stock appreciation rights, restricted stock and stock unit awards, performance shares, stock grants and performance based awards to employees, non-employee directors, consultants and Company advisors. The plan under which equity awards may be granted in the future is the Amended and Restated 2013 Equity Incentive Plan (the "2013 Plan"). It is the policy of the Company to issue stock out of treasury shares upon issuance or exercise of share-based awards. The Company believes that awards and purchases made under these plans better align the interests of the plan participants with those of its stockholders.

On May 5, 2022, the Company's stockholders approved the amendment and restatement of the 2013 Plan, which had been previously amended and restated on May 11, 2017. The 2013 Plan provides for grants of stock options to purchase shares of common stock to employees and directors of the Company. The 2013 Plan may be administered by the Compensation Committee of the Board of Directors, by the Board of Directors directly, or, in certain cases, by an executive officer or officers of the Company designated by the Compensation Committee. The shares issued or to be issued under the 2013 Plan may be either authorized but unissued shares of the Company's common stock or shares held by the Company in its treasury. Tempur Sealy International may issue a maximum of 44.7 million shares of common stock under the 2013 Plan, subject to certain adjustment provisions.

The Amended and Restated 2003 Equity Incentive Plan, as amended (the "2003 Plan"), was administered by the Compensation Committee of the Board of Directors, which, together with the Board of Directors, had the exclusive authority to administer the 2003 Plan, including the power to determine eligibility to receive awards, the types and number of shares of stock subject to the awards, the price and timing of awards and the acceleration or waiver of any vesting and performance of forfeiture restrictions, in each case subject to the terms of the 2003 Plan. Any of the Company's employees, non-employee directors, consultants and Company advisors, as determined by the Compensation Committee, were eligible to be selected to participate in the 2003 Plan. Tempur Sealy International allowed a maximum of 46.0 million shares of its common stock under the 2003 Plan to be issued. In May 2013, the Company's Board of Directors adopted a resolution that prohibited further grants under the 2003 Plan.

In 2010, the Board of Directors approved the terms of a Long-Term Incentive Plan established under the 2003 Plan. In 2013, the Board of Directors approved the terms of another Long-Term Incentive Plan established under the 2013 Plan. Awards under both Long-Term Incentive Plans have typically consisted primarily of a mix of stock options, RSUs and PRSUs. Shares with respect to the PRSUs will be granted and vest following the end of the applicable performance period and achievement of applicable performance metrics, market and environmental, social and corporate governance ("ESG") conditions as determined by the Compensation Committee of the Board of Directors.


	Year Ended December 31,
(in millions)	2023		2022		2021
PRSU expense	$	24.9	$	31.0	$	39.4
RSU expense	20.6		21.0		20.5
Stock option expense	2.2		1.1		1.5
Total stock-based compensation expense	$	47.7	$	53.1	$	61.4

Performance Restricted Stock Units

The Company grants PRSUs to executive officers and certain members of management. The Company granted PRSUs during the years ended December 31, 2023, 2022 and 2021. Actual payout under the PRSUs is dependent upon the achievement of certain financial and qualitative goals. A summary of the Company's PRSU activity and related information for the years ended December 31, 2023 and 2022 is presented below:


(shares in millions)	Shares	Weighted Average Grant Date Fair Value
Awards unvested at December 31, 2021	4.9	$	22.99
Granted	0.3	51.38
Performance adjustments(1)	—	—
Vested	(1.3)	21.38
Forfeited	(0.1)	28.71
Awards unvested at December 31, 2022	3.8	25.85
Granted	0.4	37.22
Performance adjustments(1)	0.4	38.98
Vested	(1.6)	24.40
Forfeited	(0.1)	43.96
Awards unvested at December 31, 2023	2.9	$	29.53


(1)			Adjustments based on current attainment expectations of performance targets.

During the first quarter of 2023, the Company granted 0.4 million PRSUs at target at a weighted average grant date fair value of $37.22 per share with a performance period of January 1, 2023 through December 31, 2023 as a component of the long-term incentive plan ("2023 PRSUs"). For the year ended December 31, 2023, the Company recognized stock-based compensation expense related to the 2023 PRSUs based on the Company's achievement of its performance targets for the performance period.

During the first quarter of 2022, the Company granted 0.3 million PRSUs at target at a weighted average grant date fair value of $51.38 per share with a performance period of January 1, 2022 through December 31, 2022 as a component of the long-term incentive plan ("2022 PRSUs"). For the year ended December 31, 2022, the Company recognized stock-based compensation expense related to the 2022 PRSUs based on the Company's achievement of its performance targets for the performance period.

Stock Options

The Company uses the Black-Scholes option-pricing model to calculate the fair value of stock options granted. During the year ended December 31, 2023 and 2021, no stock options were granted. The assumptions used in the Black-Scholes option-pricing model for the year ended December 31, 2022 are set forth in the following table. Expected volatility is based on the unbiased standard deviation of the Company's common stock over the option term. The expected life of the options represents the period of time that the Company expects the options granted to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option for the expected term of the instrument. The dividend yield reflects an estimate of dividend payouts over the term of the award. The Company uses historical data to determine these assumptions.

Year Ended December 31,

2023

2022

2021

Expected volatility of stock

N/A

53.2 %

N/A

Expected life of option, in years

N/A

Risk-free interest rate

N/A

2.9%

N/A

Expected dividend yield on stock

N/A

2.0%

N/A

A summary of the Company's stock option activity under the 2003 Plan and 2013 Plan for the years ended December 31, 2023 and 2022 is presented below:


(in millions, except per share amounts and years)	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Options outstanding at December 31, 2021	3.8	$	17.03
Granted	1.2	30.00
Exercised	—	10.44
Forfeited	(0.1)	18.19
Options outstanding at December 31, 2022	4.9	$	20.34
Granted	—	—
Exercised	(0.2)	15.89
Forfeited	(0.1)	14.06
Options outstanding at December 31, 2023	4.6	$	20.54	6.37	$	139.7

Options exercisable at December 31, 2023	3.7	$	18.24	6.10	$	120.9

The aggregate intrinsic value of options exercised during the years ended December 31, 2023 and 2022 was $5.1 million and $0.9 million, respectively.

A summary of the Company's unvested shares relating to stock options as of December 31, 2023 and 2022, and changes during the years ended December 31, 2023 and 2022, are presented below:


(shares in millions)	Shares	Weighted Average Grant Date Fair Value
Options unvested at December 31, 2021	0.3	$	15.45
Granted	1.2	30.00
Vested	(0.3)	10.44
Forfeited	—	—
Options unvested at December 31, 2022	1.2	$	30.00
Granted	—	—
Vested	(0.3)	30.00
Forfeited	—	—
Options unvested at December 31, 2023	0.9	$	30.00

Restricted Stock Units

A summary of the Company's RSU activity and related information for the years ended December 31, 2023 and 2022 is presented below:


(in millions, except per share amounts)	Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Awards outstanding at December 31, 2021	3.3	$	17.37
Granted	0.4	46.49
Vested	(1.3)	15.96
Terminated	(0.1)	32.84
Awards outstanding at December 31, 2022	2.3	$	22.99	$	78.3
Granted	0.5	35.11
Vested	(1.1)	18.70
Terminated	—	34.74
Awards outstanding at December 31, 2023	1.7	$	29.51	$	84.7

The aggregate intrinsic value of RSUs vested during the years ended December 31, 2023 and 2022 was $39.0 million and $61.7 million, respectively.


(in millions, except years)	December 31, 2023		Weighted Average Remaining Vesting Period (Years)
Unrecognized stock option expense	$	5.6	2.51
Unrecognized RSU expense	20.4		2.30
Unrecognized PRSU expense	19.2		1.68
Total unrecognized stock-based compensation expense	$	45.2	2.06

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Pre-tax Income by Jurisdiction

The following sets forth the amount of income before income taxes attributable to each of the Company's geographies for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in millions)	2023		2022		2021
Income before income taxes:
United States	$	288.5	$	382.5	$	602.5
Rest of the world	185.6		194.7		221.5
	$	474.1	$	577.2	$	824.0

Reconciliation of Statutory Tax Rate to Effective Tax Rate

The Company's effective income tax provision differs from the amount calculated using the statutory U.S. federal income tax rate, principally due to the following:


	Year Ended December 31,
	2023				2022				2021
(dollars in millions)	Amount		Percentage of Income Before Income Taxes		Amount		Percentage of Income Before Income Taxes		Amount		Percentage of Income Before Income Taxes
Statutory U.S. federal income tax	$	99.6	21.0	%	$	121.2	21.0	%	$	172.9	21.0	%
State income taxes, net of federal benefit	9.1		1.9	%	12.5		2.2	%	21.0		2.6	%

Foreign tax differential	5.8		1.2	%	2.9		0.5	%	4.6		0.6	%
Change in valuation allowances	6.4		1.4	%	1.3		0.2	%	4.9		0.6	%
Uncertain tax positions and interest	(0.8)		(0.2)	%	(19.2)		(3.3)	%	6.5		0.8	%
Global Intangible Low-Taxed Income ("GILTI")	2.7		0.6	%	3.2		0.5	%	1.5		0.2	%
Expiration of foreign tax credits	10.6		2.2	%	1.6		0.3	%	—		—	%
Stock compensation	(7.8)		(1.6)	%	(13.8)		(2.4)	%	(8.1)		(1.0)	%
Nondeductible compensation	12.7		2.7	%	14.6		2.5	%	5.1		0.6	%
Danish Tax Matter	(13.7)		(2.9)	%	—		—	%	—		—	%
Notional interest deduction	(14.0)		(3.0)	%	—		—	%	—		—	%
Permanent and other	(7.2)		(1.5)	%	(5.3)		(0.9)	%	(10.1)		(1.3)	%
Effective income tax provision	$	103.4	21.8	%	$	119.0	20.6	%	$	198.3	24.1	%

Income Tax Provision

The income tax provision consisted of the following:


	Year Ended December 31,
(in millions)	2023		2022		2021
Current provision
Federal	$	47.2	$	85.0	$	109.9
State	15.9		18.3		24.5
Foreign	32.0		26.2		52.8
Total current	$	95.1	$	129.5	$	187.2
Deferred provision
Federal	$	6.3	$	(7.7)	$	11.6
State	2.0		(2.3)		0.4
Foreign	—		(0.5)		(0.9)
Total deferred	8.3		(10.5)		11.1
Total income tax provision	$	103.4	$	119.0	$	198.3

The income tax provision includes federal, state and foreign income taxes currently payable and those deferred or prepaid because of temporary differences between financial statement and tax bases of assets and liabilities.

Deferred Income Tax Assets and Liabilities


	December 31,
(in millions)	2023		2022
Deferred tax assets:
Stock-based compensation	$	28.8	$	31.8
Operating lease obligations	180.6		147.5
Accrued expenses and other	64.0		64.1
Net operating losses, foreign tax credits and other tax attribute carryforwards	42.1		58.0
Inventories	10.6		10.3
Transaction costs	16.5		4.3
Property, plant and equipment	9.9		9.7
Total deferred tax assets	352.5		325.7
Valuation allowances	(49.5)		(42.3)
Total net deferred tax assets	$	303.0	$	283.4
Deferred tax liabilities:
Intangible assets	$	(174.3)	$	(174.0)
Operating lease right-of-use assets	(164.5)		(132.0)
Property, plant and equipment	(56.6)		(60.0)
Accrued expenses and other	(19.9)		(20.1)
Total deferred tax liabilities	(415.3)		(386.1)
Net deferred tax liabilities	$	(112.3)	$	(102.7)

Tax Attributes Included in Deferred Tax Assets

Included in the calculation of the Company's deferred tax assets are the following gross income tax attributes available at December 31, 2023 and 2022, respectively:


(in millions)	2023		2022
State net operating losses ("SNOLs")	$	134.0	$	103.8
U.S. federal foreign tax credits ("FTCs")	—		10.6
U.S. state income tax credits ("SITCs")	3.2		3.7
Foreign net operating losses ("FNOLs")	49.8		63.6
Notional interest deduction ("NID")	40.0		—
State charitable contribution carryover ("SCCCs")	0.7		0.9

The SNOLs, SITCs, FNOLs and SCCCs generally begin to expire in 2024, 2031, 2024 and 2024, respectively.

Management believes that, based on a number of factors, the available objective evidence creates sufficient uncertainty regarding the realizability of certain of the SNOLs, SITCs, FNOLs, NID, the SCCCs and certain other deferred tax assets related to certain foreign operations (together, the "Tax Attributes"). The Company has established a valuation allowance for certain deferred tax assets (including the Tax Attributes) where it is more likely than not such deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible or creditable. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making its assessment regarding the recoverability of its deferred tax assets. The Company has recorded valuation allowances against $56.3 million of the SNOLs, $29.5 million of FNOLs, $40.0 million of the NID and $0.7 million of the SCCCs as of December 31, 2023. With respect to all other Tax Attributes above, based upon the level of historical taxable income and projections for future taxable income, management believes it is more likely than not the Company will realize the benefits of the underlying deferred tax assets. However, there can be no assurance that such assets will be realized if circumstances change.

Deferred Tax Liability for Undistributed Foreign Earnings

As it relates to stock of the Company's top tier foreign subsidiaries in the hands of each such subsidiary's U.S. shareholder, at December 31, 2023, the book basis of each such subsidiary exceeds the tax basis in each such subsidiary. No income taxes have been provided for the book to tax basis differences (including undistributed foreign earnings) inherent in these entities except to the extent of certain earnings that have been previously subject to U.S. income tax ("PTEP"). During the three month period ended December 31, 2023, the Company revalued the deferred income tax liability associated with the PTEP resulting in a tax benefit of approximately $2.0 million. The revaluation is primarily attributable to a reduction in PTEP during 2023.

As it relates to the book to tax basis difference with respect to the stock of each of the Company's second and lower tier foreign subsidiaries, as a general matter, the book basis exceeds the tax basis in the hands of such foreign subsidiaries' shareholders. By operation of the tax laws of the various countries in which these subsidiaries are domiciled, earnings of lower tier foreign subsidiaries are not subject to tax, in all material respects, when distributed to a foreign shareholder. It is the Company's intent that the earnings of each lower tier foreign subsidiary, with the exception of its Danish subsidiary, its two Canadian subsidiaries and its Mexican subsidiary, will be permanently reinvested in each such foreign subsidiaries' own operations. As it relates to the Danish subsidiary, its earnings may be distributed without any income tax impact. With respect to the Canadian and Mexican subsidiaries, Canadian and Mexican income tax withholding applies, respectively, to any distribution each such subsidiary makes to its foreign parent company. The Company concluded that at December 31, 2023 it is likely that the Canadian subsidiaries and the Mexican subsidiary will each make dividend distributions in the next twelve months. In each case, local country income tax withholding, i.e., Canada and Mexico, applies. Consequently at December 31, 2023 the Company has accrued approximately $1.6 million for such withholding tax.

Uncertain Income Tax Positions

GAAP prescribes a recognition threshold and measurement attribute for the accounting and financial statement disclosure of tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. The second step requires the Company to recognize in the financial statements each tax position that meets the more likely than not criteria, measured at the largest amount of benefit that has a greater than 50.0% likelihood of being realized. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense. Uncertain income tax liabilities reflect the Company's best judgement of the facts, circumstances and information available through December 31, 2023. Uncertain income tax liabilities are derived using the cumulative probability approach and applying the tax technical requirements applicable to U.S. and other international tax and transfer pricing requirements.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in millions)
Balance as of December 31, 2021	$	45.3
Additions based on tax positions related to 2022	0.3
Additions for tax positions of prior years	0.2
Expiration of statutes of limitations	(1.9)
Reduction for tax positions of prior years	(4.9)
Settlements of uncertain tax positions with tax authorities	—
Balance as of December 31, 2022	$	39.0
Additions based on tax positions related to 2023	—
Additions for tax positions of prior years	—
Expiration of statutes of limitations	(0.2)
Reduction for tax positions of prior years	(0.3)
Settlements of uncertain tax positions with tax authorities	(34.0)
Balance as of December 31, 2023	$	4.5

The amount of unrecognized tax benefits that would impact the effective tax rate if recognized at December 31, 2023 and 2022 would be $4.5 million and $17.6 million, respectively. During the years ended December 31, 2023 and 2022, the Company recognized $4.0 million and $6.9 million in interest and penalties as a benefit in the income tax provision, respectively. The Company had $1.0 million and $5.0 million of accrued interest and penalties at December 31, 2023 and 2022, respectively.

As discussed below, in the three months ended December 31, 2023, the Company settled the Danish Tax Matter related to 2012 to 2022. Such settlement resulted in a reduction of the Company’s liability for uncertain tax positions of approximately $34.0 million, which is reflected in “Settlements of uncertain tax positions with tax authorities” in the table above.

The Company anticipates it is reasonably possible an increase or decrease in the amount of unrecognized tax benefits could be made in the next twelve months as a result of the statute of limitations expiring and/or the examinations being concluded on these returns. However, the Company does not presently anticipate that any increase or decrease in unrecognized tax benefits will be material to the Consolidated Financial Statements.

With few exceptions, the Company is no longer subject to tax examinations by the U.S., state and local municipalities or non-U.S. jurisdictions for periods prior to 2015. The Company is currently under examination by various tax authorities around the world.

The Danish Tax Matter

The Company has been involved in a dispute with the SKAT regarding the royalty paid by a U.S. subsidiary to a Danish subsidiary for tax years 2012 through 2022. 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.

In October 2018, the Company initiated an Advanced Pricing Agreement (“APA”) process for SKAT and the U.S. Internal Revenue Service (“IRS”) to negotiate a resolution of this dispute. The Company had previously estimated an uncertain tax position with respect to additional Danish income tax (and interest) related to an increase in Danish taxable income resulting from the dispute. Conversely, the Company also previously recorded a deferred tax asset for the correlative benefit for the U.S. reduction in taxable income that would result from the dispute.

In December 2022, SKAT and the IRS reached a preliminary framework agreement (the “Framework”) to resolve the dispute. In the year ended December 31, 2022, the Company remeasured the uncertain tax position and associated deferred tax asset to reflect the terms of the Framework, which resulted in a net income tax benefit for the year ended December 31, 2022 of $14.7 million. The Framework was not a binding agreement, but its terms provided definitive data for the Company to determine both the Danish and U.S. tax impacts at December 31, 2022. As it relates to the year ended December 31, 2023, in January 2023 the Company implemented the terms of the Framework. Consequently, there is neither Danish income tax exposure nor a correlative U.S. benefit for the year December 31, 2023.

On October 12, 2023, the IRS Advanced Pricing and Mutual Agreement (“APMA”) Team and SKAT formally agreed on final terms of a bilateral advance pricing agreement (“BAPA”) with respect to the ongoing royalty matter for the periods 2012 through 2024 (the “Settlement”). The terms of the BAPA are substantially identical with those preliminarily agreed upon in the Preliminary Framework in December 2022.

With respect to impact of the Settlement on the Company’s Danish tax position, pursuant to the BAPA, in December 2023 SKAT issued revised or initial assessments for each of the years 2012 through 2022. The final tax and interest assessed was materially consistent with the income tax reserves the Company previously recorded, which was $37.8 million as of December 31, 2022. The Company offset the income tax reserves in the fourth quarter of 2023 against the previous amounts on deposit with SKAT and recorded a net income tax benefit in the Company’s consolidated financial statements of approximately $4.8 million (largely interest to be paid by SKAT on the overpayment of tax). The assessments reflect a net refund of deposits previously paid to SKAT of approximately $24.8 million, which the Company has recorded as an income tax receivable included in prepaid expenses and other current assets in the accompanying Consolidated Balance Sheets. In addition, the Company has approximately $7.6 million remaining on deposit with SKAT for an unrelated matter recorded in other non-current assets.

With respect to the impact of the Settlement on the Company’s U.S. tax position, on November 9, 2023, the Company formally agreed on a Mutual Agreement Procedure (“MAP”) and Advance Pricing Agreement (“APA”) with APMA related to the implementation of the terms of the BAPA for U.S. income tax purposes, which included reporting the U.S. result of the Settlement for all years 2012 through 2022 in an amended 2022 income tax return. As a result, the Company released the deferred tax asset associated with its U.S. position of $21.6 million in the year ended December 31, 2023 and recorded a net income tax benefit and incremental receivable in the Company’s consolidated financial statements at December 31, 2023. The net income tax benefit is approximately $8.9 million (consisting of a gross benefit of $10.5 million, offset by U.S. tax of approximately $1.6 million related to subpart F income resulting from the interest paid by SKAT on the Danish overpayment of tax). The incremental U.S. income tax receivable at December 31, 2023 is approximately $30.1 million and is included in other non-current assets in the accompanying Consolidated Balance Sheets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Stockholders' Equity - AOCI (Details) - USD ($)	12 Months Ended
Stockholders' Equity - AOCI (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ (22,100,000)	$ 285,800,000	$ 504,600,000
Foreign currency translation adjustments	39,800,000	(80,100,000)	(36,600,000)
Total other comprehensive income	400,000	2,400,000	2,900,000
Balance at end of period	323,400,000	(22,100,000)	285,800,000
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(175,300,000)	(95,200,000)	(58,600,000)
Foreign currency translation adjustments	39,800,000	(80,100,000)	(36,600,000)
Balance at end of period	(135,500,000)	(175,300,000)	(95,200,000)
Tax expense	0	0	0
Net amount reclassified to earnings	0	0	0
Pension Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,600,000)	(4,000,000.0)	(6,900,000)
Net change from period revaluation	500,000	3,200,000	3,800,000
Tax expense	(100,000)	(800,000)	(900,000)
Balance at end of period	$ (1,200,000)	$ (1,600,000)	$ (4,000,000.0)

Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Exercise Price
Forfeited weighted average exercise price (dollars per share)	$ 14.06	$ 18.19
Stock Option Plans 2003 and 2013
Shares
Beginning balance (in shares)	4.9	3.8
Granted (in shares)	0.0	1.2
Exercised (in shares)	(0.2)	0.0
Forfeited (in shares)	(0.1)	(0.1)
Ending balance (in shares)	4.6	4.9
Options exercisable (in shares)	3.7
Weighted Average Exercise Price
Beginning balance weighted average exercise price (dollars per share)	$ 20.34	$ 17.03
Granted weighted average exercise price (dollars per share)	0	30.00
Exercised weighted average exercise price (in dollars per share)	15.89	10.44
Ending balance weighted average exercise price (dollars per share)	20.54	$ 20.34
Options exercisable weighted average exercise price (dollars per share)	$ 18.24
Options outstanding weighted average remaining contractual term (in years)	6 years 4 months 13 days
Options outstanding weighted average intrinsic value	$ 139.7
Options exercisable weighted average remaining contractual term (in years)	6 years 1 month 6 days
Options exercisable weighted average intrinsic value	$ 120.9

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Total Assets and Long-lived Assets by Segment

The following table summarizes total assets by segment:


	December 31,		December 31,
(in millions)	2023		2022
North America	$	5,291.0	$	5,161.7
International	1,405.2		1,181.5
Corporate	1,269.5		1,077.1
Inter-segment eliminations	(3,411.8)		(3,060.5)
Total assets	$	4,553.9	$	4,359.8

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


	December 31,		December 31,
(in millions)	2023		2022
North America	$	753.8	$	672.1
International	91.3		87.3
Corporate	33.2		31.7
Total property, plant and equipment, net	$	878.3	$	791.1

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


	December 31,		December 31,
(in millions)	2023		2022
North America	$	453.5	$	349.0
International	180.2		154.1
Corporate	2.8		3.7
Total operating lease right-of-use assets	$	636.5	$	506.8

Segment Financial Information

The following table summarizes segment information for the year ended December 31, 2023:


(in millions)	North America		International		Corporate		Eliminations		Consolidated
Bedding sales	$	3,585.2	$	879.2	$	—	$	—	$	4,464.4
Other sales	270.3		190.7		—		—		461.0
Net sales	$	3,855.5	$	1,069.9	$	—	$	—	$	4,925.4

Inter-segment sales	$	1.2	$	0.5	$	—	$	(1.7)	$	—
Inter-segment royalty expense (income)	33.7		(33.7)		—		—		—
Gross profit	1,537.5		591.2		—		—		2,128.7
Operating income (loss)	643.1		170.9		(206.8)		—		607.2
Income (loss) from continuing operations before income taxes	634.2		171.4		(331.5)		—		474.1

Depreciation and amortization (1)	$	102.2	$	25.6	$	55.2	$	—	$	183.0
Capital expenditures	158.8		18.1		8.5		—		185.4

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

The following table summarizes segment information for the year ended December 31, 2022:


(in millions)	North America		International		Corporate		Eliminations		Consolidated
Bedding sales	$	3,618.7	$	859.1	$	—	$	—	$	4,477.8
Other sales	267.4		176.0		—		—		443.4
Net sales	$	3,886.1	$	1,035.1	$	—	$	—	$	4,921.2

Inter-segment sales	$	1.7	$	1.1	$	—	$	(2.8)	$	—
Inter-segment royalty expense (income)	15.0		(15.0)		—		—		—
Gross profit	1,487.3		562.3		—		—		2,049.6
Operating income (loss)	642.4		187.2		(149.0)		—		680.6
Income (loss) from continuing operations before income taxes	638.6		183.4		(244.8)		—		577.2

Depreciation and amortization (1)	$	96.9	$	23.7	$	59.6	$	—	$	180.2
Capital expenditures	267.4		33.1		6.0		—		306.5

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

The following table summarizes segment information for the year ended December 31, 2021:


(in millions)	North America		International		Corporate		Eliminations		Consolidated
Bedding sales	$	3,825.9	$	687.0	$	—	$	—	$	4,512.9
Other sales	253.3		164.6		—		—		417.9
Net sales	$	4,079.2	$	851.6	$	—	$	—	$	4,930.8

Inter-segment sales	$	1.8	$	1.2	$	—	$	(3.0)	$	—
Inter-segment royalty expense (income)	8.7		(8.7)		—		—		—
Gross profit	1,678.0		480.7		—		—		2,158.7
Operating income (loss)	856.7		200.0		(144.4)		—		912.3
Income (loss) from continuing operations before income taxes	853.2		198.9		(228.1)		—		824.0

Depreciation and amortization (1)	$	87.7	$	18.1	$	68.8	$	—	$	174.6
Capital expenditures	89.7		18.0		15.6		—		123.3

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

Long-Lived Assets by Geographic Region

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


	December 31,		December 31,
(in millions)	2023		2022
United States	$	764.1	$	682.0
All other	114.2		109.1
Total property, plant and equipment, net	$	878.3	$	791.1

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


	December 31,		December 31,
(in millions)	2023		2022
United States	$	444.2	$	339.6
United Kingdom	146.5		122.9
All other	45.8		44.3
Total operating lease right-of-use assets	$	636.5	$	506.8

Net Sales by Geographic Region

The following table summarizes net sales by geographic region:


	Year Ended December 31,
(in millions)	2023		2022		2021
United States	$	3,560.8	$	3,596.0	$	3,751.3
All other	1,364.6		1,325.2		1,179.5
Total net sales	$	4,925.4	$	4,921.2	$	4,930.8

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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. Certain prior period amounts have been reclassified in the accompanying consolidated financial statements and notes thereto to conform to the current period presentation.

(b) Basis of Consolidation. The accompanying financial statements include the accounts of Tempur Sealy International and its controlled subsidiaries. Intercompany balances and transactions have been eliminated.

The Company has ownership interests in Asia-Pacific joint ventures to develop markets for Sealy® and Stearns & Foster® branded products and ownership in a United Kingdom joint venture to manufacture, market and distribute Sealy® and Stearns & Foster® branded products. The Company's ownership interest in each of these joint ventures is 50.0%. The equity method of accounting is used for these joint ventures, over which the Company has significant influence but does not have control, and consolidation is not otherwise required. The Company's equity in the net income and losses of these investments is reported in equity income in earnings of unconsolidated affiliates in the accompanying Consolidated Statements of Income.

(c) Use of Estimates. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company's results are affected by economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of raw materials, can have a significant effect on operations.

(d) Adoption of New Accounting Standards.

(e) Accounting Pronouncements Not Yet Adopted

(f) Foreign Currency. Assets and liabilities of non-U.S. subsidiaries, whose functional currency is the local currency, are translated into U.S. Dollars at period-end exchange rates. Income and expense items are translated at the average rates of exchange prevailing during the period. The adjustments resulting from translating the financial statements of foreign subsidiaries are included in accumulated other comprehensive loss ("AOCL"), a component of stockholders' equity, and included in net earnings only upon sale or liquidation of the underlying foreign subsidiary or affiliated company. Foreign currency transaction gains and losses are recognized in net earnings based on differences between foreign exchange rates on the transaction date and on the settlement date. These amounts are not considered material to the Consolidated Financial Statements.

(g) Cash and Cash Equivalents. Cash and cash equivalents consist of all highly liquid investments with initial maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value because of the short-term maturity of those instruments.

(h) 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:


	December 31,
(in millions)	2023		2022
Finished goods	$	335.4	$	383.7
Work-in-process	16.5		19.4
Raw materials and supplies	131.2		151.9
	$	483.1	$	555.0

(i) Property, Plant and Equipment. Property, plant and equipment are carried at cost at acquisition date and are depreciated using the straight-line method over their estimated useful lives as follows:


			Estimated Useful Lives (in years)
Buildings			25-30
Computer equipment and software			3-7
Leasehold improvements			4-7
Machinery and equipment			3-7
Office furniture and fixtures			5-7

Property, plant and equipment, net consisted of the following:


	December 31,
(in millions)	2023		2022
Machinery and equipment	$	599.1	$	533.9
Land and buildings	526.3		437.8
Computer equipment and software	247.3		231.1
Furniture and fixtures	99.8		83.2
Construction in progress	250.2		236.9
Total property, plant and equipment	1,722.7		1,522.9
Accumulated depreciation	(844.4)		(731.8)
Total property, plant and equipment, net	$	878.3	$	791.1

Depreciation expense, which includes depreciation expense for finance lease assets, for the Company was $125.1 million, $111.4 million and $94.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(j) Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset or group of assets. If estimated future undiscounted net cash flows are less than the carrying amount of the asset or group of assets, the asset is considered impaired and an expense is recorded in an amount required to reduce the carrying amount of the asset to its then fair value. Fair value generally is determined from estimated discounted future net cash flows (for assets held for use) or net realizable value (for assets held for sale). The Company did not identify any impairments for the years ended December 31, 2023, 2022 and 2021.

(k) Goodwill and Other Intangible Assets. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate impairment may have occurred. The Company performs an annual impairment test on goodwill and indefinite-lived intangible assets on October 1 of each year and whenever events or circumstances make it more likely than not that impairment may have occurred. This assessment may be performed quantitatively or qualitatively. In conducting the impairment test for the North America, International and Dreams reporting units, the fair value of each is compared to its respective carrying amount including goodwill. If the fair value exceeds the carrying amount, then no impairment exists. If the carrying amount exceeds the fair value, the goodwill is written down for the amount by which the carrying amount exceeds the fair value. However, the loss recognized cannot exceed the carrying amount of goodwill.

The Company performed its annual impairment test of goodwill and indefinite-lived intangible assets quantitatively in 2023, and qualitatively in 2022 and 2021, none of which resulted in the recognition of impairment charges. For further information on goodwill and other intangible assets, refer to Note 4, "Goodwill and Other Intangible Assets."

(l) 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 product in determining its estimate of future sales returns. The Company recognizes a return asset for the right to recover the goods returned by the customer. The right of return asset is recognized on a gross basis outside of the accrued sales returns and is not material to the Company's Consolidated Balance Sheets.

The Company had the following activity for accrued sales returns from December 31, 2021 to December 31, 2023:


(in millions)
Balance as of December 31, 2021	$	49.8
Amounts accrued	146.6
Returns charged to accrual	(155.9)
Balance as of December 31, 2022	40.5
Amounts accrued	208.2
Returns charged to accrual	(205.0)
Balance as of December 31, 2023	$	43.7

As of December 31, 2023 and 2022, $30.4 million and $27.5 million of accrued sales returns is included as a component of accrued expenses and other current liabilities and $13.3 million and $13.0 million of accrued sales returns is included in other non-current liabilities on the Company’s accompanying Consolidated Balance Sheets, respectively.

(m) 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 had the following activity for its accrued warranty expense from December 31, 2021 to December 31, 2023:


(in millions)
Balance as of December 31, 2021	$	43.9


Amounts accrued	17.0
Warranties charged to accrual	(19.3)
Balance as of December 31, 2022	41.6
Amounts accrued	19.6
Warranties charged to accrual	(20.4)
Balance as of December 31, 2023	$	40.8

As of December 31, 2023 and 2022, $18.9 million and $17.8 million of accrued warranty expense is included as a component of accrued expenses and other current liabilities and $21.9 million and $23.8 million of accrued warranty expense is included in other non-current liabilities on the Company's accompanying Consolidated Balance Sheets, respectively.

(n) Allowance for Credit Losses. The allowance for credit losses is the Company's best estimate of the amount of estimated lifetime credit losses in the Company's accounts receivable. The Company regularly reviews the adequacy of its allowance for credit losses. The Company estimates losses over the contractual life using assumptions to capture the risk of loss, even if remote, based principally on how long a receivable has been outstanding. Account balances are charged off against the allowance for credit losses after all reasonable means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2023, the Company's accounts receivable were substantially current. Other factors considered include historical write-off experience, current economic conditions and also factors such as customer credit, past transaction history with the customer and changes in customer payment terms. The allowance for credit losses is included in accounts receivable, net in the accompanying Consolidated Balance Sheets.

The Company had the following activity for its allowance for credit losses from December 31, 2021 to December 31, 2023.


(in millions)
Balance as of December 31, 2021	$	62.1
Amounts accrued	6.7
Write-offs charged against the allowance	(6.4)
Balance as of December 31, 2022	62.4
Amounts accrued	8.2
Write-offs charged against the allowance	(3.7)
Balance as of December 31, 2023	$	66.9

(o) Fair Value. Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, accounts receivable, accounts payable and the Company's debt obligations. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term maturity of those instruments. Borrowings under the 2023 Credit Agreement (as defined in Note 6, "Debt") and the securitized debt are at variable interest rates and accordingly their carrying amounts approximate fair value. The fair value of the following material financial instruments were based on Level 2 inputs, which include observable inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of debt instruments:


	Fair Value
(in millions)	December 31, 2023		December 31, 2022
2029 Senior Notes	$	724.2	$	672.7
2031 Senior Notes	677.6		627.1

(p) Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are also recognized for the estimated future effects of tax loss carry forwards. The effect of changes in tax rates on deferred taxes is recognized in the period in which the enactment dates change. Valuation allowances are established when necessary on a jurisdictional basis to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for uncertain foreign and domestic tax positions utilizing a proscribed recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Interest and penalties related to uncertain tax positions are recognized as part of the income tax provision and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law and until such time that the related tax benefits are recognized.

(q) Cost of Sales. Costs associated with net sales are recorded in cost of sales. Cost of sales includes the costs of receiving, producing, inspecting, warehousing, insuring and shipping goods during the period, as well as depreciation and amortization of long-lived assets used in these processes. Cost of sales also includes shipping and handling costs associated with the delivery of goods to customers and costs associated with internal transfers between plant locations. Amounts included in cost of sales for shipping and handling were $322.2 million, $330.3 million and $294.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. Additionally, cost of sales include royalties that the Company pays to other entities for the use of their names on products produced by the Company. Royalty expense is not material to the Company's Consolidated Statements of Income.

(r) Cooperative Advertising, Rebate and Other Promotional Programs. The Company enters into programs with customers to provide funds for advertising and promotions. The Company also enters into volume and other rebate programs with customers. When sales are made to these customers, the Company records liabilities pursuant to these programs. The Company periodically assesses these liabilities based on actual sales and claims to determine whether all of the cooperative advertising earned will be used by the customer or whether the customer will meet the requirements to receive rebate funds. The Company generally negotiates these programs on a customer-by-customer basis. Some of these agreements extend over several years. Significant estimates are required at any point in time with regard to the ultimate reimbursement to be claimed by the customers. Subsequent revisions to the estimates are recorded and charged to earnings in the period in which they are identified. Rebates and cooperative advertising are classified as a reduction of revenue and presented within net sales in the accompanying Consolidated Statements of Income. Certain cooperative advertising expenses are reported as components of selling and marketing expenses in the accompanying Consolidated Statements of Income because the Company receives an identifiable benefit and the fair value of the advertising benefit can be reasonably estimated.

(s) Advertising Costs. The Company expenses advertising costs as incurred except for production costs and advance payments, which are deferred and expensed when advertisements run for the first time. Direct response advance payments are deferred and amortized over the life of the program. Advertising costs are included in selling and marketing expenses in the accompanying Consolidated Statements of Income. Advertising costs charged to expense were $469.0 million, $448.0 million and $432.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. Advertising costs include expenditures for shared advertising costs that the Company reimburses to customers under its integrated and cooperative advertising programs. Advertising costs deferred and included in prepaid expenses and other current assets in the accompanying Consolidated Balance Sheets were $10.2 million and $12.4 million as of December 31, 2023 and 2022, respectively.

(t) Research and Development Expenses. Research and development expenses for new products are expensed as they are incurred and are included in general, administrative and other expenses in the accompanying Consolidated Statements of Income. Research and development costs charged to expense were $30.6 million, $29.2 million and $27.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(u) Stock-based Compensation. The Company accounts for stock-based payment transactions in which the Company receives employee services in exchange for equity instruments of the Company. Stock-based compensation cost for restricted stock units ("RSUs") and performance restricted stock units ("PRSUs") is measured based on the closing fair market value of the Company's common stock on the date of grant. Stock-based compensation cost for stock options is estimated at the grant date based on each option's fair value as calculated by the Black-Scholes option-pricing model. Stock-based compensation cost for equity instruments that include a market performance condition are determined using a Monte Carlo simulation valuation model. The Company recognizes stock-based compensation cost as expense for awards other than its PRSUs ratably on a straight-line basis over the requisite service period. The Company recognizes stock-based compensation cost associated with its PRSUs over the requisite service period if it is probable that the performance conditions will be satisfied. The Company evaluates its awards, including modifications, and will adjust the fair value if any are determined to be spring-loaded. The Company recognizes forfeitures of awards as they occur. Further information regarding stock-based compensation can be found in Note 11, "Stock-based Compensation."

(v) Treasury Stock. Subject to Delaware law, and the limitations in the 2023 Credit Agreement (as defined in Note 6, "Debt") and the Company's other debt agreements, the Board of Directors may authorize share repurchases of the Company's common stock. Purchases made pursuant to these authorizations may be carried out through open market transactions, negotiated purchases or otherwise, at times and in such amounts as the Company deems appropriate. Shares repurchased under such authorizations are held in treasury for general corporate purposes, including issuances under various employee stock-based award plans. On February 1, 2016, the Board of Directors authorized a share repurchase program pursuant to which the Company was permitted to repurchase shares of Tempur Sealy International's common stock. Treasury stock is accounted for under the cost method and reported as a reduction of stockholders' equity. The authority provided under the share repurchase program may be suspended, limited or terminated at any time without notice. Please refer to Note 9, "Stockholders' Equity", for additional information.

(w) Pension Obligations. The Company has a noncontributory, defined benefit pension plan covering current and former hourly employees at two of its active Sealy plants and ten previously-closed Sealy U.S. facilities. Sealy Canada, Ltd. (a 100.0% owned subsidiary of the Company) also sponsors a noncontributory, defined benefit pension plan covering hourly employees at one of its facilities. Both plans provide retirement and survivorship benefits based on the employees' credited years of service. The Company's funding policy provides for contributions of an amount between the minimum required and maximum amount that can be deducted for federal income tax purposes. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at December 31, the measurement date. The benefit obligation is the projected benefit obligation ("PBO"). The PBO represents the actuarial present value of benefits expected to be paid upon retirement based on estimated future compensation levels. The measurement of the PBO is based on the Company's estimates and actuarial valuations. The fair value of plan assets represents the current market value of assets held by an irrevocable trust fund for the sole benefit of participants. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain assumptions, including discount rates, expected return on plan assets, rate of compensation increases, interest crediting rates and mortality rates. The Company's PBO and fair value of plan assets were $32.6 million and $27.9 million as of December 31, 2023, respectively, and $30.1 million and $25.8 million as of December 31, 2022, respectively. The Company recognizes the funded status of each applicable plan within the Consolidated Balance Sheets as either an asset or liability based on its funded status measured as the difference between the fair value of plan assets and the PBO, which was not material as of December 31, 2023 or 2022.

Net Sales - Disaggregation of Revenue (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) channel category	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Net sales	$ 4,925.4	$ 4,921.2	$ 4,930.8
Number of products sales channels \| channel	2
Number of product categories \| category	2
Royalty income, net of royalty expense	$ 32.3	31.8	29.1
Shipping and handling included in net sales	8.6	8.1	7.4
United States
Disaggregation of Revenue [Line Items]
Net sales			3,751.3
All Other
Disaggregation of Revenue [Line Items]
Net sales	1,364.6	1,325.2	1,179.5
Bedding
Disaggregation of Revenue [Line Items]
Net sales			4,512.9
Other
Disaggregation of Revenue [Line Items]
Net sales			417.9
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	4,925.4	4,921.2	4,930.8
Operating Segments \| Wholesale
Disaggregation of Revenue [Line Items]
Net sales	3,746.1	3,772.5	4,034.4
Operating Segments \| Direct
Disaggregation of Revenue [Line Items]
Net sales	1,179.3	1,148.7	896.4
Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Net sales	3,560.8	3,596.0	3,751.3
Operating Segments \| All Other
Disaggregation of Revenue [Line Items]
Net sales	1,364.6	1,325.2	1,179.5
Operating Segments \| Bedding
Disaggregation of Revenue [Line Items]
Net sales	4,464.4	4,477.8
Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Net sales	461.0	443.4
Operating Segments \| North America
Disaggregation of Revenue [Line Items]
Net sales	3,855.5	3,886.1	4,079.2
Operating Segments \| North America \| Wholesale
Disaggregation of Revenue [Line Items]
Net sales	3,348.2	3,390.1	3,584.1
Operating Segments \| North America \| Direct
Disaggregation of Revenue [Line Items]
Net sales	507.3	496.0	495.1
Operating Segments \| North America \| United States
Disaggregation of Revenue [Line Items]
Net sales	3,560.8	3,596.0	3,751.3
Operating Segments \| North America \| All Other
Disaggregation of Revenue [Line Items]
Net sales	294.7	290.1	327.9
Operating Segments \| North America \| Bedding
Disaggregation of Revenue [Line Items]
Net sales	3,585.2	3,618.7	3,825.9
Operating Segments \| North America \| Other
Disaggregation of Revenue [Line Items]
Net sales	270.3	267.4	253.3
Operating Segments \| International
Disaggregation of Revenue [Line Items]
Net sales	1,069.9	1,035.1	851.6
Operating Segments \| International \| Wholesale
Disaggregation of Revenue [Line Items]
Net sales	397.9	382.4	450.3
Operating Segments \| International \| Direct
Disaggregation of Revenue [Line Items]
Net sales	672.0	652.7	401.3
Operating Segments \| International \| United States
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Operating Segments \| International \| All Other
Disaggregation of Revenue [Line Items]
Net sales	1,069.9	1,035.1	851.6
Operating Segments \| International \| Bedding
Disaggregation of Revenue [Line Items]
Net sales	879.2	859.1	687.0
Operating Segments \| International \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 190.7	$ 176.0	$ 164.6

Unconsolidated Affiliate Companies (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summary of Financial Information for Joint Ventures

The table below presents summarized financial information for the joint ventures as of and for the years ended December 31:


(in millions)	2023		2022		2021
Net sales	$	333.3	$	317.4	$	339.7

Income from operations	65.5		57.0		70.9

Debt - 2019 Credit Agreement and Securitized Debt (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Apr. 06, 2021	Oct. 16, 2019	Apr. 12, 2017
Revolving Credit Facility
Line of Credit Facility [Line Items]
Principal borrowing capacity, maximum			$ 200,000,000		$ 120,000,000
2019 Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Long term debt, gross	$ 0	$ 337,000,000.0
Line of Credit \| 2019 Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Principal borrowing capacity, maximum				$ 725,000,000
Line of Credit \| 2019 Credit Agreement \| Term Loan Facility
Line of Credit Facility [Line Items]
Principal borrowing capacity, maximum				$ 725,000,000
Securitized debt
Line of Credit Facility [Line Items]
Long term debt, gross	$ 157,600,000	$ 139,300,000

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unrecognized tax benefits [Roll Forward]
Balance as of beginning of period	$ 39.0	$ 45.3
Additions based on tax positions related to current period	0.0	0.3
Additions for tax positions of prior years	0.0	0.2
Expiration of statutes of limitations	(0.2)	(1.9)
Reduction for tax positions of prior years	(0.3)	(4.9)
Settlements of uncertain tax positions with tax authorities	(34.0)	0.0
Balance as of end of period	$ 4.5	$ 39.0

Other Items

12 Months Ended

Dec. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Other Items

Accrued expenses and other current liabilities consisted of the following:


	December 31,		December 31,
(in millions)	2023		2022
Wages and benefits	$	102.1	$	78.0
Advertising	62.6		64.9
Unearned revenue	53.3		48.5
Taxes	15.4		52.1
Other	193.7		189.2
	$	427.1	$	432.7

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill by Reportable Business Segment

The following summarizes the Company's goodwill by segment:


(in millions)	North America		International		Consolidated
Balance as of December 31, 2021	$	611.5	$	495.9	$	1,107.4

Foreign currency translation adjustments and other	(4.2)		(40.9)		(45.1)
Balance as of December 31, 2022	$	607.3	$	455.0	$	1,062.3

Foreign currency translation adjustments and other	2.4		18.6		21.0
Balance as of December 31, 2023	$	609.7	$	473.6	$	1,083.3

Schedule of Finite-Lived Intangible Assets

The following table summarizes information relating to the Company’s other intangible assets, net:


($ in millions)		December 31, 2023						December 31, 2022
	Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Unamortized indefinite life intangible assets:
Trade names		$	687.2	$	—	$	687.2	$	679.3	$	—	$	679.3
Amortized intangible assets:
Contractual distributor relationships	15	85.4		(61.4)		24.0		84.9		55.4		29.5
Technology and other	4-10	90.7		(90.7)		—		90.5		89.0		1.5
Patents, other trademarks and other trade names	5-20	27.6		(25.1)		2.5		27.4		23.8		3.6
Customer databases, relationships and reacquired rights	2-5	34.5		(33.4)		1.1		33.9		32.0		1.9
Total		$	925.4	$	(210.6)	$	714.8	$	916.0	$	200.2	$	715.8

Schedule of Indefinite-Lived Intangible Assets

The following table summarizes information relating to the Company’s other intangible assets, net:


($ in millions)		December 31, 2023						December 31, 2022
	Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Unamortized indefinite life intangible assets:
Trade names		$	687.2	$	—	$	687.2	$	679.3	$	—	$	679.3
Amortized intangible assets:
Contractual distributor relationships	15	85.4		(61.4)		24.0		84.9		55.4		29.5
Technology and other	4-10	90.7		(90.7)		—		90.5		89.0		1.5
Patents, other trademarks and other trade names	5-20	27.6		(25.1)		2.5		27.4		23.8		3.6
Customer databases, relationships and reacquired rights	2-5	34.5		(33.4)		1.1		33.9		32.0		1.9
Total		$	925.4	$	(210.6)	$	714.8	$	916.0	$	200.2	$	715.8

Expected Future Amortization Expense

Estimated annual amortization of intangible assets is expected to be as follows for the years ending December 31:


(in millions)
2024	$	7.0
2025	6.1
2026	6.1
2027	6.0
2028	1.3
Thereafter	1.1
Total	$	27.6

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details