XML 57 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
Guarantor/Non-Guarantor Financial Information (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Dec. 31, 2017
Supplemental condensed consolidated statements of income and comprehensive income [Abstract]        
Net sales $ 648.0 $ 722.1    
Cost of sales 380.1 435.5    
Gross profit 267.9 286.6    
Selling and marketing expenses 148.9 153.7    
General, administrative and other expenses 69.0 66.5    
Customer termination charges, net 0.0 14.4    
Equity income in earnings of unconsolidated affiliates (3.9) (2.7)    
Royalty income, net of royalty expense 0.0 (4.8)    
Operating income 53.9 59.5    
Other expense, net:        
Interest expense, net 22.9 22.1    
Other (income) expense, net (1.8) (9.2)    
Total other expense, net 21.1 12.9    
Income before income taxes 32.8 46.6    
Income tax benefit (provision) (10.0) (14.6)    
Net income before non-controlling interest 22.8 32.0    
Less: Net loss attributable to non-controlling interests (0.3) (1.9)    
Net income attributable to Tempur Sealy International, Inc. 23.1 33.9    
Comprehensive income attributable to Tempur Sealy International, Inc. 27.5 42.2    
Current Assets:        
Cash and cash equivalents 41.9 65.7 $ 34.5 $ 41.9
Accounts receivable, net     339.4 317.7
Inventories     214.7 183.0
Prepaid expenses and other current assets     71.2 64.8
Total Current Assets     659.8 607.4
Property, plant and equipment, net     436.8 435.1
Goodwill     731.1 733.1
Other intangible assets, net     661.7 667.4
Other non-current assets     235.5 227.4
Total Assets     2,750.0 2,694.0
Current Liabilities:        
Accounts payable     248.7 241.2
Accrued expenses and other current liabilities     226.5 234.2
Income taxes payable     28.7 29.1
Current portion of long-term debt     65.6 72.4
Total Current Liabilities     569.5 576.9
Long-term debt, net     1,707.6 1,680.7
Other non-current liabilities     214.9 207.4
Total Liabilities     2,605.5 2,579.3
Redeemable non-controlling interest     1.9 2.2
Total Stockholders' Equity     142.6 112.5
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity     2,750.0 2,694.0
Supplemental condensed consolidated statements of cash flows [Abstract]        
Net cash provided by (used in) operating activities (9.7) 67.2    
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property, plant and equipment (21.8) (12.9)    
Other (4.2) 0.9    
Net cash used in investing activities (17.6) (12.0)    
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from borrowings under long-term debt obligations 417.1 302.9    
Repayments of borrowings under long-term debt obligations (394.8) (331.8)    
Proceeds from exercise of stock options 1.9 0.1    
Treasury stock repurchased (2.9) (43.8)    
Other (1.8) (3.4)    
Net cash used in financing activities 19.5 (76.0)    
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 0.4 (2.4)    
Decrease in cash and cash equivalents (7.4) (23.2)    
CASH AND CASH EQUIVALENTS, beginning of period 41.9 65.7    
CASH AND CASH EQUIVALENTS, end of period 34.5 42.5    
Consolidated        
Supplemental condensed consolidated statements of income and comprehensive income [Abstract]        
Net sales 648.0 722.1    
Cost of sales 380.1 435.5    
Gross profit 267.9 286.6    
Selling and marketing expenses 148.9 153.7    
General, administrative and other expenses 69.0 66.5    
Customer termination charges, net   14.4    
Equity income in earnings of unconsolidated affiliates (3.9) (2.7)    
Royalty income, net of royalty expense   (4.8)    
Operating income 53.9 59.5    
Other expense, net:        
Third party interest expense, net 22.9 22.1    
Intercompany interest (income) expense, net 0.0 0.0    
Interest expense, net 22.9 22.1    
Other (income) expense, net (1.8) (9.2)    
Total other expense, net 21.1 12.9    
Income from equity investees 0.0 0.0    
Income before income taxes 32.8 46.6    
Income tax benefit (provision) (10.0) (14.6)    
Net income before non-controlling interest 22.8 32.0    
Less: Net loss attributable to non-controlling interests (0.3) (1.9)    
Net income attributable to Tempur Sealy International, Inc. 23.1 33.9    
Comprehensive income attributable to Tempur Sealy International, Inc. 27.5 42.2    
Current Assets:        
Cash and cash equivalents 41.9 65.7 34.5 41.9
Accounts receivable, net     339.4 317.7
Inventories     214.7 183.0
Income taxes receivable     0.0 0.0
Prepaid expenses and other current assets     71.2 64.8
Total Current Assets     659.8 607.4
Property, plant and equipment, net     436.8 435.1
Goodwill     731.1 733.1
Other intangible assets, net     661.7 667.4
Deferred income taxes     25.1 23.6
Other non-current assets     235.5 227.4
Net investment in subsidiaries     0.0 0.0
Due from affiliates     0.0 0.0
Total Assets     2,750.0 2,694.0
Current Liabilities:        
Accounts payable     248.7 241.2
Accrued expenses and other current liabilities     226.5 234.2
Income taxes payable     28.7 29.1
Current portion of long-term debt     65.6 72.4
Total Current Liabilities     569.5 576.9
Long-term debt, net     1,707.6 1,680.7
Deferred income taxes     113.5 114.3
Other non-current liabilities     214.9 207.4
Due to affiliates     0.0 0.0
Total Liabilities     2,605.5 2,579.3
Redeemable non-controlling interest     1.9 2.2
Total Stockholders' Equity     142.6 112.5
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity     2,750.0 2,694.0
Supplemental condensed consolidated statements of cash flows [Abstract]        
Net cash provided by (used in) operating activities (9.7) 67.2    
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property, plant and equipment (21.8) (12.9)    
Other 0.0      
Other 4.2 0.9    
Net cash used in investing activities (17.6) (12.0)    
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from borrowings under long-term debt obligations 417.1 302.9    
Repayments of borrowings under long-term debt obligations (394.8) (331.8)    
Net activity in investment in and advances (to) from subsidiaries and affiliates 0.0 0.0    
Proceeds from issuance of treasury shares 1.9      
Proceeds from exercise of stock options   0.1    
Treasury stock repurchased (2.9) (43.8)    
Other (1.8) (3.4)    
Net cash used in financing activities 19.5 (76.0)    
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 0.4 (2.4)    
Decrease in cash and cash equivalents (7.4) (23.2)    
CASH AND CASH EQUIVALENTS, beginning of period 41.9 65.7    
CASH AND CASH EQUIVALENTS, end of period 34.5 42.5    
Reportable Legal Entities | Tempur Sealy International, Inc. (Ultimate Parent)        
Supplemental condensed consolidated statements of income and comprehensive income [Abstract]        
Net sales 0.0 0.0    
Cost of sales 0.0 0.0    
Gross profit 0.0 0.0    
Selling and marketing expenses 1.9 1.4    
General, administrative and other expenses 4.7 4.0    
Customer termination charges, net   (8.4)    
Equity income in earnings of unconsolidated affiliates 0.0 0.0    
Royalty income, net of royalty expense   0.0    
Operating income (6.6) 3.0    
Other expense, net:        
Third party interest expense, net 14.9 14.9    
Intercompany interest (income) expense, net (1.8) (1.2)    
Interest expense, net 13.1 13.7    
Other (income) expense, net 0.0 0.0    
Total other expense, net 13.1 13.7    
Income from equity investees 39.1 40.6    
Income before income taxes 19.4 29.9    
Income tax benefit (provision) 3.4 2.1    
Net income before non-controlling interest 22.8 32.0    
Less: Net loss attributable to non-controlling interests (0.3) (1.9)    
Net income attributable to Tempur Sealy International, Inc. 23.1 33.9    
Comprehensive income attributable to Tempur Sealy International, Inc. 27.5 42.2    
Current Assets:        
Cash and cash equivalents 0.1 0.0 0.0 0.1
Accounts receivable, net     0.0 0.0
Inventories     0.0 0.0
Income taxes receivable     264.4 260.2
Prepaid expenses and other current assets     0.6 0.8
Total Current Assets     265.0 261.1
Property, plant and equipment, net     0.0 0.0
Goodwill     0.0 0.0
Other intangible assets, net     0.0 0.0
Deferred income taxes     11.1 11.8
Other non-current assets     0.0 0.0
Net investment in subsidiaries     544.9 2,381.0
Due from affiliates     432.8 87.2
Total Assets     1,253.8 2,741.1
Current Liabilities:        
Accounts payable     0.0 0.0
Accrued expenses and other current liabilities     21.4 7.6
Income taxes payable     0.0 0.0
Current portion of long-term debt     0.0 0.0
Total Current Liabilities     21.4 7.6
Long-term debt, net     1,042.0 1,041.6
Deferred income taxes     0.0 0.0
Other non-current liabilities     0.0 0.0
Due to affiliates     45.9 1,577.2
Total Liabilities     1,109.3 2,626.4
Redeemable non-controlling interest     1.9 2.2
Total Stockholders' Equity     142.6 112.5
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity     1,253.8 2,741.1
Supplemental condensed consolidated statements of cash flows [Abstract]        
Net cash provided by (used in) operating activities 1.0 0.1    
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property, plant and equipment 0.0 0.0    
Other 0.0      
Other 0.0 0.0    
Net cash used in investing activities 0.0 0.0    
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from borrowings under long-term debt obligations 0.0 0.0    
Repayments of borrowings under long-term debt obligations 0.0 0.0    
Net activity in investment in and advances (to) from subsidiaries and affiliates (0.1) 43.6    
Proceeds from issuance of treasury shares 1.9      
Proceeds from exercise of stock options   0.1    
Treasury stock repurchased (2.9) (43.8)    
Other 0.0 0.0    
Net cash used in financing activities (1.1) (0.1)    
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 0.0 0.0    
Decrease in cash and cash equivalents (0.1) 0.0    
CASH AND CASH EQUIVALENTS, beginning of period 0.1 0.0    
CASH AND CASH EQUIVALENTS, end of period 0.0 0.0    
Reportable Legal Entities | Combined Guarantor Subsidiaries        
Supplemental condensed consolidated statements of income and comprehensive income [Abstract]        
Net sales 440.7 529.8    
Cost of sales 266.4 330.3    
Gross profit 174.3 199.5    
Selling and marketing expenses 93.1 104.9    
General, administrative and other expenses 47.5 44.3    
Customer termination charges, net   21.8    
Equity income in earnings of unconsolidated affiliates 0.0 0.0    
Royalty income, net of royalty expense   (4.8)    
Operating income 33.7 33.3    
Other expense, net:        
Third party interest expense, net 6.9 6.5    
Intercompany interest (income) expense, net 1.8 (0.3)    
Interest expense, net 8.7 6.2    
Other (income) expense, net (2.2) (9.3)    
Total other expense, net 6.5 (3.1)    
Income from equity investees 19.0 15.6    
Income before income taxes 46.2 52.0    
Income tax benefit (provision) (7.1) (11.4)    
Net income before non-controlling interest 39.1 40.6    
Less: Net loss attributable to non-controlling interests 0.0 0.0    
Net income attributable to Tempur Sealy International, Inc. 39.1 40.6    
Comprehensive income attributable to Tempur Sealy International, Inc. 38.5 36.1    
Current Assets:        
Cash and cash equivalents 12.3 7.9 7.8 12.3
Accounts receivable, net     5.1 5.1
Inventories     130.3 103.4
Income taxes receivable     0.0 0.0
Prepaid expenses and other current assets     52.8 50.6
Total Current Assets     196.0 171.4
Property, plant and equipment, net     362.7 360.4
Goodwill     507.6 507.6
Other intangible assets, net     574.6 577.5
Deferred income taxes     0.0 0.0
Other non-current assets     44.2 47.2
Net investment in subsidiaries     116.5 127.7
Due from affiliates     131.1 1,975.9
Total Assets     1,932.7 3,767.7
Current Liabilities:        
Accounts payable     159.8 174.6
Accrued expenses and other current liabilities     124.4 144.2
Income taxes payable     285.9 279.3
Current portion of long-term debt     35.8 35.7
Total Current Liabilities     605.9 633.8
Long-term debt, net     580.0 589.4
Deferred income taxes     107.1 107.8
Other non-current liabilities     57.7 55.2
Due to affiliates     37.1 0.5
Total Liabilities     1,387.8 1,386.7
Redeemable non-controlling interest     0.0 0.0
Total Stockholders' Equity     544.9 2,381.0
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity     1,932.7 3,767.7
Supplemental condensed consolidated statements of cash flows [Abstract]        
Net cash provided by (used in) operating activities (18.2) 55.1    
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property, plant and equipment (18.7) (10.6)    
Other 35.2      
Other 0.0 0.8    
Net cash used in investing activities 16.5 (9.8)    
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from borrowings under long-term debt obligations 185.3 251.4    
Repayments of borrowings under long-term debt obligations (191.8) (278.9)    
Net activity in investment in and advances (to) from subsidiaries and affiliates 5.0 (19.0)    
Proceeds from issuance of treasury shares 0.0      
Proceeds from exercise of stock options   0.0    
Treasury stock repurchased 0.0 0.0    
Other (1.3) (1.1)    
Net cash used in financing activities (2.8) (47.6)    
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 0.0 0.0    
Decrease in cash and cash equivalents (4.5) (2.3)    
CASH AND CASH EQUIVALENTS, beginning of period 12.3 7.9    
CASH AND CASH EQUIVALENTS, end of period 7.8 5.6    
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries        
Supplemental condensed consolidated statements of income and comprehensive income [Abstract]        
Net sales 224.8 212.7    
Cost of sales 131.2 125.6    
Gross profit 93.6 87.1    
Selling and marketing expenses 53.9 47.4    
General, administrative and other expenses 16.8 18.2    
Customer termination charges, net   1.0    
Equity income in earnings of unconsolidated affiliates (3.9) (2.7)    
Royalty income, net of royalty expense   0.0    
Operating income 26.8 23.2    
Other expense, net:        
Third party interest expense, net 1.1 0.7    
Intercompany interest (income) expense, net 0.0 1.5    
Interest expense, net 1.1 2.2    
Other (income) expense, net 0.4 0.1    
Total other expense, net 1.5 2.3    
Income from equity investees 0.0 0.0    
Income before income taxes 25.3 20.9    
Income tax benefit (provision) (6.3) (5.3)    
Net income before non-controlling interest 19.0 15.6    
Less: Net loss attributable to non-controlling interests (0.3) (1.9)    
Net income attributable to Tempur Sealy International, Inc. 19.3 17.5    
Comprehensive income attributable to Tempur Sealy International, Inc. 24.3 30.4    
Current Assets:        
Cash and cash equivalents 29.5 57.8 26.7 29.5
Accounts receivable, net     323.2 322.2
Inventories     84.4 79.6
Income taxes receivable     0.0 0.0
Prepaid expenses and other current assets     17.8 13.4
Total Current Assets     452.1 444.7
Property, plant and equipment, net     74.1 74.7
Goodwill     223.5 225.5
Other intangible assets, net     87.1 89.9
Deferred income taxes     25.1 23.6
Other non-current assets     191.3 180.2
Net investment in subsidiaries     0.0 0.0
Due from affiliates     21.2 15.6
Total Assets     1,074.4 1,054.2
Current Liabilities:        
Accounts payable     77.8 76.2
Accrued expenses and other current liabilities     80.7 82.4
Income taxes payable     7.2 10.0
Current portion of long-term debt     29.8 36.7
Total Current Liabilities     195.5 205.3
Long-term debt, net     85.6 49.7
Deferred income taxes     17.5 18.3
Other non-current liabilities     157.2 152.2
Due to affiliates     502.1 501.0
Total Liabilities     957.9 926.5
Redeemable non-controlling interest     1.9 2.2
Total Stockholders' Equity     114.6 125.5
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity     1,074.4 1,054.2
Supplemental condensed consolidated statements of cash flows [Abstract]        
Net cash provided by (used in) operating activities 7.5 12.0    
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property, plant and equipment (3.1) (2.3)    
Other (35.2)      
Other 4.2 0.1    
Net cash used in investing activities (34.1) (2.2)    
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from borrowings under long-term debt obligations 231.8 51.5    
Repayments of borrowings under long-term debt obligations (203.0) (52.9)    
Net activity in investment in and advances (to) from subsidiaries and affiliates (4.9) (24.6)    
Proceeds from issuance of treasury shares 0.0      
Proceeds from exercise of stock options   0.0    
Treasury stock repurchased 0.0 0.0    
Other (0.5) (2.3)    
Net cash used in financing activities 23.4 (28.3)    
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 0.4 (2.4)    
Decrease in cash and cash equivalents (2.8) (20.9)    
CASH AND CASH EQUIVALENTS, beginning of period 29.5 57.8    
CASH AND CASH EQUIVALENTS, end of period 26.7 36.9    
Eliminations        
Supplemental condensed consolidated statements of income and comprehensive income [Abstract]        
Net sales (17.5) (20.4)    
Cost of sales (17.5) (20.4)    
Gross profit 0.0 0.0    
Selling and marketing expenses 0.0 0.0    
General, administrative and other expenses 0.0 0.0    
Equity income in earnings of unconsolidated affiliates 0.0 0.0    
Royalty income, net of royalty expense   0.0    
Operating income 0.0 0.0    
Other expense, net:        
Third party interest expense, net 0.0 0.0    
Intercompany interest (income) expense, net 0.0 0.0    
Interest expense, net 0.0 0.0    
Other (income) expense, net 0.0 0.0    
Total other expense, net 0.0 0.0    
Income from equity investees (58.1) (56.2)    
Income before income taxes (58.1) (56.2)    
Income tax benefit (provision) 0.0 0.0    
Net income before non-controlling interest (58.1) (56.2)    
Less: Net loss attributable to non-controlling interests 0.3 1.9    
Net income attributable to Tempur Sealy International, Inc. (58.4) (58.1)    
Comprehensive income attributable to Tempur Sealy International, Inc. (62.8) (66.5)    
Current Assets:        
Cash and cash equivalents 0.0 0.0 0.0 0.0
Accounts receivable, net     11.1 (9.6)
Inventories     0.0 0.0
Income taxes receivable     (264.4) (260.2)
Prepaid expenses and other current assets     0.0 0.0
Total Current Assets     (253.3) (269.8)
Property, plant and equipment, net     0.0 0.0
Goodwill     0.0 0.0
Other intangible assets, net     0.0 0.0
Deferred income taxes     (11.1) (11.8)
Other non-current assets     0.0 0.0
Net investment in subsidiaries     (661.4) (2,508.7)
Due from affiliates     (585.1) (2,078.7)
Total Assets     (1,510.9) (4,869.0)
Current Liabilities:        
Accounts payable     11.1 (9.6)
Accrued expenses and other current liabilities     0.0 0.0
Income taxes payable     (264.4) (260.2)
Current portion of long-term debt     0.0 0.0
Total Current Liabilities     (253.3) (269.8)
Long-term debt, net     0.0 0.0
Deferred income taxes     (11.1) (11.8)
Other non-current liabilities     0.0 0.0
Due to affiliates     (585.1) (2,078.7)
Total Liabilities     (849.5) (2,360.3)
Redeemable non-controlling interest     (1.9) (2.2)
Total Stockholders' Equity     (659.5) (2,506.5)
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity     $ (1,510.9) $ (4,869.0)
Supplemental condensed consolidated statements of cash flows [Abstract]        
Net cash provided by (used in) operating activities 0.0 0.0    
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property, plant and equipment 0.0 0.0    
Other 0.0      
Other 0.0 0.0    
Net cash used in investing activities 0.0 0.0    
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from borrowings under long-term debt obligations 0.0 0.0    
Repayments of borrowings under long-term debt obligations 0.0 0.0    
Net activity in investment in and advances (to) from subsidiaries and affiliates 0.0 0.0    
Proceeds from issuance of treasury shares 0.0      
Proceeds from exercise of stock options   0.0    
Treasury stock repurchased 0.0 0.0    
Other 0.0 0.0    
Net cash used in financing activities 0.0 0.0    
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 0.0 0.0    
Decrease in cash and cash equivalents 0.0 0.0    
CASH AND CASH EQUIVALENTS, beginning of period 0.0 0.0    
CASH AND CASH EQUIVALENTS, end of period $ 0.0 $ 0.0