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Business Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company operates in two segments: North America and International. These segments are strategic business units that are managed separately based on geography. The North America segment consists of manufacturing, distribution and retail subsidiaries and licensees located in the U.S., Canada and Mexico. The International segment consists manufacturing, distribution and retail subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America (other than Mexico). Corporate operating expenses are not included in either of the segments and are presented separately as a reconciling item to consolidated results. The Company evaluates segment performance based on net sales, gross profit and operating income.

The Company sells its products in over 100 countries to over 10,000 wholesale customers. The Company’s Direct channel represents 23.9% of the Company’s consolidated net sales in 2023, as compared to 23.3% of the Company's consolidated net sales in 2022. One wholesale customer contributed over 15% of the Company’s consolidated net sales in the years ended 2023 and 2022, respectively.

The Company’s North America and International segment assets include investments in subsidiaries that are appropriately eliminated in the Company’s accompanying Consolidated Financial Statements. The remaining inter-segment eliminations are comprised of intercompany accounts receivable and payable.
The following table summarizes total assets by segment:
December 31,December 31,
(in millions)20232022
North America$5,291.0 $5,161.7 
International1,405.2 1,181.5 
Corporate1,269.5 1,077.1 
Inter-segment eliminations(3,411.8)(3,060.5)
Total assets$4,553.9 $4,359.8 

 The following table summarizes property, plant and equipment, net, by segment:
December 31,December 31,
(in millions)20232022
North America$753.8 $672.1 
International91.3 87.3 
Corporate33.2 31.7 
Total property, plant and equipment, net$878.3 $791.1 
 
The following table summarizes operating lease right-of-use assets by segment:
December 31,December 31,
(in millions)20232022
North America$453.5 $349.0 
International180.2 154.1 
Corporate2.8 3.7 
Total operating lease right-of-use assets$636.5 $506.8 


The following table summarizes segment information for the year ended December 31, 2023:
(in millions)North AmericaInternationalCorporateEliminationsConsolidated
Bedding sales$3,585.2 $879.2 $— $— $4,464.4 
Other sales270.3 190.7 — — 461.0 
Net sales$3,855.5 $1,069.9 $— $— $4,925.4 
Inter-segment sales$1.2 $0.5 $— $(1.7)$— 
Inter-segment royalty expense (income)33.7 (33.7)— — — 
Gross profit1,537.5 591.2 — — 2,128.7 
Operating income (loss)643.1 170.9 (206.8)— 607.2 
Income (loss) from continuing operations before income taxes634.2 171.4 (331.5)— 474.1 
Depreciation and amortization (1)
$102.2 $25.6 $55.2 $— $183.0 
Capital expenditures158.8 18.1 8.5 — 185.4 
(1)Depreciation and amortization includes stock-based compensation amortization expense.
The following table summarizes segment information for the year ended December 31, 2022:
(in millions)North AmericaInternationalCorporateEliminationsConsolidated
Bedding sales$3,618.7 $859.1 $— $— $4,477.8 
Other sales267.4 176.0 — — 443.4 
Net sales$3,886.1 $1,035.1 $— $— $4,921.2 
Inter-segment sales$1.7 $1.1 $— $(2.8)$— 
Inter-segment royalty expense (income)15.0 (15.0)— — — 
Gross profit1,487.3 562.3 — — 2,049.6 
Operating income (loss)642.4 187.2 (149.0)— 680.6 
Income (loss) from continuing operations before income taxes638.6 183.4 (244.8)— 577.2 
Depreciation and amortization (1)
$96.9 $23.7 $59.6 $— $180.2 
Capital expenditures267.4 33.1 6.0 — 306.5 
(1)Depreciation and amortization includes stock-based compensation amortization expense.

The following table summarizes segment information for the year ended December 31, 2021:
(in millions)North AmericaInternationalCorporateEliminationsConsolidated
Bedding sales$3,825.9 $687.0 $— $— $4,512.9 
Other sales253.3 164.6 — — 417.9 
Net sales$4,079.2 $851.6 $— $— $4,930.8 
Inter-segment sales$1.8 $1.2 $— $(3.0)$— 
Inter-segment royalty expense (income)8.7 (8.7)— — — 
Gross profit1,678.0 480.7 — — 2,158.7 
Operating income (loss)856.7 200.0 (144.4)— 912.3 
Income (loss) from continuing operations before income taxes853.2 198.9 (228.1)— 824.0 
Depreciation and amortization (1)
$87.7 $18.1 $68.8 $— $174.6 
Capital expenditures89.7 18.0 15.6 — 123.3 
(1)Depreciation and amortization includes stock-based compensation amortization expense.

    The following table summarizes property, plant and equipment, net, by geographic region:
December 31,December 31,
(in millions)
20232022
United States$764.1 $682.0 
All other114.2 109.1 
Total property, plant and equipment, net
$878.3 $791.1 
The following table summarizes operating lease right-of-use assets by geographic region:
December 31,December 31,
(in millions)
20232022
United States$444.2 $339.6 
United Kingdom146.5 122.9 
All other45.8 44.3 
Total operating lease right-of-use assets
$636.5 $506.8 

The following table summarizes net sales by geographic region:
Year Ended December 31,
(in millions)202320222021
United States$3,560.8 $3,596.0 $3,751.3 
All other1,364.6 1,325.2 1,179.5 
Total net sales$4,925.4 $4,921.2 $4,930.8