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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Net sales $ 832.4 $ 880.0 $ 2,357.8 $ 2,383.9
Cost of sales 470.3 520.4 1,367.8 1,448.1
Gross profit 362.1 359.6 990.0 935.8
Selling and marketing expenses 175.2 175.6 498.1 498.0
General, administrative and other expenses 64.0 79.8 207.6 242.6
Equity income in earnings of unconsolidated affiliates (2.4) (2.0) (8.6) (8.4)
Royalty income, net of royalty expense (5.8) (4.7) (15.1) (13.7)
Operating income 131.1 110.9 308.0 217.3
Other expense, net:        
Interest expense, net 20.5 33.2 65.0 74.1
Loss on extinguishment of debt 0.0 0.0 47.2 0.0
Other expense, net 0.3 11.8 0.0 12.7
Total other expense, net 20.8 45.0 112.2 86.8
Income before income taxes 110.3 65.9 195.8 130.5
Income tax provision (33.7) (25.0) (60.2) (43.6)
Net income before non-controlling interest 76.6 40.9 135.6 86.9
Less: Net income (loss) attributable to non-controlling interest [1],[2] (1.2) 0.7 (3.1) 2.1
Net income attributable to Tempur Sealy International, Inc. $ 77.8 $ 40.2 $ 138.7 $ 84.8
Earnings per common share:        
Basic (in dollars per share) $ 1.34 $ 0.65 $ 2.31 $ 1.38
Diluted (in dollars per share) $ 1.32 $ 0.64 $ 2.28 $ 1.36
Weighted average common shares outstanding:        
Basic (in shares) 58.2 62.1 60.1 61.4
Diluted (in shares) 58.8 62.9 60.8 62.5
[1] As of September 30, 2015, the redemption value exceeded the accumulated earnings of the Company's redeemable non-controlling interest in Comfort Revolution, LLC. Accordingly, for the three and nine months ended September 30, 2015, the Company recorded a $0.2 million and $1.1 million adjustment, net of tax, respectively, to adjust the carrying value of redeemable non-controlling interest to its redemption value. [As of September 30, 2016, the accumulated earnings exceeded the redemption value and, accordingly, a redemption value adjustment was not necessary for the three or nine months ended September 30, 2016.
[2] Net (loss) income attributable to the Company's redeemable non-controlling interest in Comfort Revolution, LLC for the three months ended September 30, 2016 and 2015 represented $(1.2) million and $0.5 million, respectively. Net (loss) income attributable to the Company's redeemable non-controlling interest in Comfort Revolution, LLC for the nine months ended September 30, 2016 and 2015 represented $(3.1) million and $1.0 million, respectively.