Stockholders' Equity

(a) Common Stock. Tempur Sealy International has 300.0 million authorized shares of common stock with $0.01 per share par value and 0.01 million authorized shares of preferred stock with $0.01 per share par value. The holders of the common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Subject to preferences that may be applicable to any outstanding preferred stock, holders of the common stock are entitled to receive ratably such dividends as may be declared from time to time by the Board of Directors ("Board") out of funds legally available for that purpose. In the event of liquidation, dissolution or winding up, the holders of the common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding.

The Board is authorized, subject to any limitations prescribed by law, without further vote or action by the stockholders, to issue from time to time shares of preferred stock in one or more series. Each such series of preferred stock will have such number of shares, designations, preferences, voting powers, qualifications, and special or relative rights or privileges as determined by the Board, which may include, among others, dividend rights, voting rights, redemption and sinking fund provisions, liquidation preferences, conversion rights and preemptive rights.

(b) Treasury Stock. As of March 31, 2018, the Company had approximately $226.9 million remaining under the existing share repurchase authorization for repurchases of Tempur Sealy International's common stock. The Company did not repurchase any shares during the three months ended March 31, 2018. For the three months ended March 31, 2017, the Company repurchased 0.6 million shares for approximately $40.1 million.

In addition, the Company acquired 0.1 million shares upon the vesting of certain performance restricted stock units ("PRSUs"), which were withheld to satisfy tax withholding obligations during both the three months ended March 31, 2018 and 2017. The shares withheld were valued at the closing price of the common stock on the New York Stock Exchange on the vesting date or first business day thereafter, resulting in approximately $2.9 million and $3.7 million in treasury stock acquired during the three months ended March 31, 2018 and 2017, respectively.



	Three Months Ended
	March 31,
(in millions)	2018			2017
Foreign Currency Translation
Balance at beginning of period	$	(72.8	)	$	(119.9	)
Other comprehensive income:
Foreign currency translation adjustments ⁽¹⁾	5.0			8.8
Balance at end of period	$	(67.8	)	$	(111.1	)

Pensions
Balance at beginning of period	$	(2.7	)	$	(2.2	)
Other comprehensive loss:
Net change from period revaluations, net of tax	—			—
Tax expense ⁽²⁾	—			—
Total other comprehensive income before reclassifications, net of tax	$	—		$	—
Net amount reclassified to earnings ⁽¹⁾	—			—
U.S. tax reform - reclassification to retained earnings upon adoption of ASU No. 2018-02	(0.5		)	—
Tax benefit ⁽²⁾	(0.1		)	—
Total amount reclassified from accumulated other comprehensive loss, net of tax	$	(0.6	)	$	—
Total other comprehensive loss	(0.6		)	—
Balance at end of period	$	(3.3	)	$	(2.2	)

Foreign Exchange Forward Contracts
Balance at beginning of period	$	—		$	0.6
Other comprehensive loss:
Net change from period revaluations	—			(0.3		)
Tax benefit ⁽²⁾	—			0.1
Total other comprehensive loss before reclassifications, net of tax	$	—		$	(0.2	)
Net amount reclassified to earnings ⁽³⁾	—			(0.4		)
Tax benefit ⁽²⁾	—			0.1
Total amount reclassified from accumulated other comprehensive loss, net of tax	$	—		$	(0.3	)
Total other comprehensive loss	—			(0.5		)
Balance at end of period	$	—		$	0.1



(1)	In 2018 and 2017, there were no tax impacts related to foreign currency translation adjustments and no amounts were reclassified to earnings.
(2)	These amounts were included in the income tax provision in the accompanying Condensed Consolidated Statements of Income.
(3)	This amount was included in cost of sales in the accompanying Condensed Consolidated Statements of Income.