Stockholders' Equity

6 Months Ended

Jun. 30, 2019

Stockholders' Equity Note [Abstract]

(a) Common and Preferred Stock. Tempur Sealy International has 300.0 million authorized shares of common stock with $0.01 per share par value and 10.0 million authorized shares of preferred stock with $0.01 per share par value. The holders of 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 common stock are entitled to receive ratably such dividends as may be declared from time to time by the Company's Board of Directors (the "Board") out of funds legally available for that purpose. In the event of liquidation, dissolution or winding up, holders of 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 June 30, 2019, the Company had approximately $224.6 million remaining under the existing share repurchase authorization for repurchases of Tempur Sealy International's common stock. The Company repurchased 24,170 shares for approximately $1.5 million and 39,901 shares for approximately $2.3 million during the three and six months ended June 30, 2019, respectively. The Company did not repurchase any shares during the three and six months ended June 30, 2018.

In addition, the Company acquired an insignificant amount of shares upon the vesting of certain restricted stock units ("RSUs"), which were withheld to satisfy tax withholding obligations during each of the three and six months ended June 30, 2019 and 2018. The shares withheld were valued at the closing price of the stock on the New York Stock Exchange on the vesting date or first business day thereafter, resulting in approximately $0.3 million and $0.1 million in treasury stock acquired during the three months ended June 30, 2019 and 2018, respectively. The Company acquired approximately $3.2 million and $3.0 million in treasury stock during the six months ended June 30, 2019 and 2018, respectively.



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2019			2018			2019			2018
Foreign Currency Translation
Balance at beginning of period	$	(87.7	)	$	(67.8	)	$	(91.7	)	$	(72.8	)
Other comprehensive loss:
Foreign currency translation adjustments ⁽¹⁾	3.0			(16.1		)	7.0			(11.1		)
Balance at end of period	$	(84.7	)	$	(83.9	)	$	(84.7	)	$	(83.9	)

Pensions
Balance at beginning of period	$	(3.6	)	$	(3.3	)	$	(3.6	)	$	(2.7	)
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	$	(3.6	)	$	(3.3	)	$	(3.6	)	$	(3.3	)



(1)	In 2019 and 2018, 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.