XML 96 R27.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

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.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration