Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

(a) Treasury Stock. As of June 30, 2020, the Company had approximately $131.3 million remaining under the existing share repurchase program initially authorized by the Board of Directors in 2016. In February 2020, the Board of Directors authorized an increase, of $194.2 million, to its existing share repurchase authorization of Tempur Sealy International's common stock to $300.0 million. The Company did not repurchase shares under the program during the three months ended June 30, 2020. The Company repurchased 24,170 shares under the program for approximately $1.5 million during the three months ended June 30, 2019. The Company repurchased 2.6 million shares and 39,901 shares under the program for approximately $187.5 million and $2.3 million during the six months ended June 30, 2020 and 2019, respectively.

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, 2020 and 2019. 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 prior to vesting, resulting in approximately $0.2 million and $0.3 million in treasury stock acquired during the three months ended June 30, 2020 and 2019, respectively. The Company acquired approximately $12.0 million and $3.2 million in treasury stock during the six months ended June 30, 2020 and 2019, respectively.

(b) Shareholder Rights Agreement. On March 27, 2020, the Board of Directors authorized and declared a dividend distribution of one right (a "Right") for each outstanding share of common stock of the Company to stockholders of record at the close of business on April 7, 2020 (the “Record Date”). Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, $0.01 par value per share (the “Preferred Shares”), of the Company at an exercise price of $273.00 per one one-thousandth of a Preferred Share, subject to adjustment (the “Exercise Price”). Generally, the Rights become exercisable in the event any person or group of affiliated or associated persons acquires beneficial ownership of 10% (20% in the case of a passive institutional investor) or more of the Company's common stock without the approval of the Board of Directors, and until such time are inseparable from and trade with the Company's common stock. The Rights have a de minimis fair value. The Rights were issued pursuant to the Rights Agreement dated as of March 27, 2020 (the "Rights Agreement"), between the Company and American Stock Transfer & Trust Company, LLC, as rights agent. The Rights expire at the close of business on March 26, 2021 or upon an earlier redemption or exchange as provided in the Rights Agreement.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2020		2019		2020		2019
Foreign Currency Translation
Balance at beginning of period	$	(105.2)	$	(87.7)	$	(82.2)	$	(91.7)
Other comprehensive loss:
Foreign currency translation adjustments ⁽¹⁾	10.7		3.0		(12.3)		7.0

Balance at end of period	$	(94.5)	$	(84.7)	$	(94.5)	$	(84.7)













Pensions
Balance at beginning of period	$	(5.5)	$	(3.6)	$	(5.5)	$	(3.6)
Other comprehensive loss:
Net change from period revaluations	—		—		0.1		—
Tax expense ⁽²⁾	—		—		(0.1)		—
Total other comprehensive income before reclassifications, net of tax	$	—	$	—	$	—	$	—
Net amount reclassified to earnings ⁽¹⁾	—		—		—		—
Tax benefit ⁽²⁾	—		—		—		—
Total amount reclassified from accumulated other comprehensive loss, net of tax	$	—	$	—	$	—	$	—
Total other comprehensive loss	—		—		—		—
Balance at end of period	$	(5.5)	$	(3.6)	$	(5.5)	$	(3.6)


(1)			In 2020 and 2019, 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.