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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Income Statement [Abstract]        
Net sales $ 880.0 $ 827.4 $ 2,383.9 $ 2,244.3
Cost of sales 520.4 508.9 1,448.1 1,388.0
Gross profit 359.6 318.5 935.8 856.3
Selling and marketing expenses 175.6 166.8 498.0 465.0
General, administrative and other expenses 79.8 70.8 242.6 210.6
Equity income in earnings of unconsolidated affiliates (2.0) (1.8) (8.4) (5.6)
Royalty income, net of royalty expense (4.7) (4.4) (13.7) (13.5)
Operating (loss) income 110.9 87.1 217.3 199.8
Other expense, net:        
Interest expense, net 33.2 25.3 74.1 70.5
Loss on disposal, net 0.0 2.8 0.0 23.2
Other expense (income), net 11.8 (0.9) 12.7 (0.4)
Total other expense, net 45.0 27.2 86.8 93.3
Income before income taxes 65.9 59.9 130.5 106.5
Income tax provision (25.0) (22.4) (43.6) (43.7)
Net income before non-controlling interest 40.9 37.5 86.9 62.8
Less: Net income attributable to non-controlling interest [1],[2] 0.7 0.4 2.1 0.5
Net income attributable to Tempur Sealy International, Inc. $ 40.2 $ 37.1 $ 84.8 $ 62.3
Earnings per common share:        
Basic (in dollars per share) $ 0.65 $ 0.61 $ 1.38 $ 1.02
Diluted (in dollars per share) $ 0.64 $ 0.60 $ 1.36 $ 1.00
Weighted average common shares outstanding:        
Basic (in shares) 62.1 60.9 61.4 60.8
Diluted (in shares) 62.9 62.1 62.5 62.0
[1] Income attributable to the Company's redeemable non-controlling interest in Comfort Revolution, LLC for the three months ended September 30, 2015 and 2014 represented $0.5 million and $0.4 million, respectively. Income attributable to the Company's redeemable non-controlling interest in Comfort Revolution, LLC for the nine months ended September 30, 2015 and 2014 represented $1.0 million and $0.5 million, respectively.
[2] The Company recorded a $0.2 million and $1.1 million redemption value adjustment, net of tax, for the three and nine months ended September 30, 2015, respectively, to adjust the carrying value of the redeemable non-controlling interest as of September 30, 2015 to its redemption value. As of September 30, 2014, the accumulated earnings exceeded the redemption value and, accordingly, a redemption value adjustment was not necessary for the three and nine months ended September 30, 2014.