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Quarterly Financial Data (unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (unaudited) Quarterly Financial Data (unaudited)
 
Quarterly results of operations for the years ended December 31, 2019 and 2018 are summarized below:
(in millions, except per share amounts)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2019
 
 
 
 
 
 
 
Net sales
$
690.9

 
$
722.8

 
$
821.0

 
$
871.3

Gross profit
281.8

 
313.4

 
360.6

 
386.4

Operating income
60.5

 
81.0

 
120.6

 
84.6

Income from continuing operations
29.0

 
42.7

 
72.4

 
46.7

Net income attributable to Tempur Sealy International, Inc.
28.4

 
41.6

 
73.3

 
46.2

Basic earnings per common share for continuing operations
$
0.53

 
$
0.78

 
$
1.33

 
$
0.87

Diluted earnings per common share for continuing operations
$
0.52

 
$
0.76

 
$
1.30

 
$
0.85

 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
Net sales
$
637.4

 
$
659.9

 
$
729.5

 
$
676.1

Gross profit
264.7

 
272.8

 
300.0

 
283.2

Operating income
55.7

 
58.0

 
84.7

 
57.9

Income from continuing operations
25.6

 
26.6

 
44.1

 
19.1

Net income attributable to Tempur Sealy International, Inc.
23.1

 
22.8

 
42.3

 
12.3

Basic earnings per common share for continuing operations
$
0.48

 
$
0.52

 
$
0.83

 
$
0.35

Diluted earnings per common share for continuing operations
$
0.47

 
$
0.52

 
$
0.82

 
$
0.35


 
The sum of the quarterly earnings per common share amounts may not equal the annual amount reported because per share amounts are computed independently for each quarter and for the full year based on respective weighted-average common shares outstanding and other dilutive potential common shares. The Company’s quarterly operating results fluctuate as a result of seasonal variations in the Company’s business.
    
In the fourth quarter of 2019, the Company recorded $29.8 million of customer-related charges in connection with the bankruptcy of Mattress PAL Holding, LLC ("Mattress PAL") and resulting significant liquidity issues of Mattress PAL's affiliates to fully reserve trade receivables and other assets associated with this account. Additionally, in the fourth quarter of 2019, the Company recorded an $8.9 million charge related to the donation of common stock at fair market value to certain public charities.

In the fourth quarter of 2018, prior to the Sleep Outfitters Acquisition, the Company recorded $21.2 million of customer-related charges in connection with the bankruptcy of iMS to fully reserve trade receivables and other assets associated with this account. Additionally, in the fourth quarter of 2018, the Company recorded $9.1 million of restructuring costs. These costs included $4.7 million of charges in the International business segment associated with International simplification efforts, including headcount reduction, professional fees, store closures and other costs, $2.9 million of Corporate professional fees related to restructuring activities and $1.5 million of charges associated with the operational alignment of a previous joint venture that became wholly acquired in the North America business segment.