XML 35 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Income Statement [Abstract]        
Net sales $ 764.4 $ 715.0 $ 1,503.9 $ 1,416.9
Cost of sales 466.9 446.7 927.7 879.1
Gross profit 297.5 268.3 576.2 537.8
Selling and marketing expenses 168.6 155.2 322.4 298.2
General, administrative and other 85.1 69.5 162.8 139.8
Equity income in earnings of unconsolidated affiliates (3.4) (2.1) (6.4) (3.8)
Royalty income, net of royalty expense (4.8) (4.6) (9.0) (9.1)
Operating (loss) income 52.0 50.3 106.4 112.7
Other expense, net:        
Interest expense, net 20.5 23.0 40.9 45.2
Loss on disposal, net 0.0 20.4 0.0 20.4
Other expense (income), net 2.2 (0.5) 0.9 0.5
Total other expense, net 22.7 42.9 41.8 66.1
Income before income taxes 29.3 7.4 64.6 46.6
Income tax provision (8.3) (9.8) (18.6) (21.3)
Net income (loss) before non-controlling interest 21.0 (2.4) 46.0 25.3
Less: Net income attributable to non-controlling interest [1],[2] (0.2) (0.2) 1.4 0.1
Net income (loss) attributable to Tempur Sealy International, Inc. $ 21.2 $ (2.2) $ 44.6 $ 25.2
Earnings (loss) per common share:        
Basic (in dollars per share) $ 0.35 $ (0.04) $ 0.73 $ 0.41
Diluted (in dollars per share) $ 0.34 $ (0.04) $ 0.72 $ 0.41
Weighted average common shares outstanding:        
Basic (in shares) 61.3 60.8 61.1 60.8
Diluted (in shares) 62.4 60.8 62.3 61.9
[1] Loss attributable to the Company's redeemable non-controlling interest in Comfort Revolution, LLC for the three months ended June 30, 2015 and 2014 represented $(0.1) million and $(0.2) million, respectively. Income attributable to the Company's redeemable non-controlling interest in Comfort Revolution, LLC for the six months ended June 30, 2015 and 2014 represented $0.5 million and $0.1 million, respectively.
[2] The Company recorded a $(0.1) million and $0.9 million redemption value adjustment, net of tax, for the three and six months ended June 30, 2015, respectively, to adjust the carrying value of the redeemable non-controlling interest as of June 30, 2015 to its redemption value. As of June 30, 2014, the accumulated earnings exceeded the redemption value and, accordingly, a redemption value adjustment was not necessary for the three and six months ended June 30, 2014.