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Net Sales | 12 Months Ended
--- | ---
Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Net Sales | Net Sales The following table presents the Company's disaggregated revenue by channel and geographical region, including a reconciliation of disaggregated revenue by segment, for the years ended December 31.
|  |  | Twelve Months Ended December 31, 2024 |  |
(in millions) |  |  |  |  |  |  | North America |  | International |  | Consolidated |  |  |  |  |  |
Channel |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale |  |  |  |  |  |  | $ | 3,275.2 |  |  | $ | 426.4 |  |  | $ | 3,701.6 |  |  |  |  |  |  |
Direct |  |  |  |  |  |  | 513.7 |  |  | 715.6 |  |  | 1,229.3 |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  | $ | 3,788.9 |  |  | $ | 1,142.0 |  |  | $ | 4,930.9 |  |  |  |  |  |  |
|  |  |  |  |  |  | North America |  | International |  | Consolidated |  |  |  |  |  |
Geographical region |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  |  |  |  |  | $ | 3,490.1 |  |  | $ | — |  |  | $ | 3,490.1 |  |  |  |  |  |  |
All other |  |  |  |  |  |  | 298.8 |  |  | 1,142.0 |  |  | 1,440.8 |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  | $ | 3,788.9 |  |  | $ | 1,142.0 |  |  | $ | 4,930.9 |  |  |  |  |  |  |
|  |  | Twelve Months Ended December 31, 2023
(in millions) |  |  |  |  |  |  | North America |  | International |  | Consolidated
Channel |  |  |  |  |  |  |  |  |  |  |
Wholesale |  |  |  |  |  |  | $ | 3,348.2 |  |  | $ | 397.9 |  |  | $ | 3,746.1 |
Direct |  |  |  |  |  |  | 507.3 |  |  | 672.0 |  |  | 1,179.3 |
Net sales |  |  |  |  |  |  | $ | 3,855.5 |  |  | $ | 1,069.9 |  |  | $ | 4,925.4 |
|  |  |  |  |  |  | North America |  | International |  | Consolidated
Geographical region |  |  |  |  |  |  |  |  |  |  |
United States |  |  |  |  |  |  | $ | 3,560.8 |  |  | $ | — |  |  | $ | 3,560.8 |
All other |  |  |  |  |  |  | 294.7 |  |  | 1,069.9 |  |  | 1,364.6 |
Net sales |  |  |  |  |  |  | $ | 3,855.5 |  |  | $ | 1,069.9 |  |  | $ | 4,925.4 |
|  |  | Twelve Months Ended December 31, 2022
(in millions) |  |  |  |  |  |  | North America |  | International |  | Consolidated
Channel |  |  |  |  |  |  |  |  |  |  |
Wholesale |  |  |  |  |  |  | $ | 3,390.1 |  |  | $ | 382.4 |  |  | $ | 3,772.5 |
Direct |  |  |  |  |  |  | 496.0 |  |  | 652.7 |  |  | 1,148.7 |
Net sales |  |  |  |  |  |  | $ | 3,886.1 |  |  | $ | 1,035.1 |  |  | $ | 4,921.2 |
|  |  |  |  |  |  | North America |  | International |  | Consolidated
Geographical region |  |  |  |  |  |  |  |  |  |  |
United States |  |  |  |  |  |  | $ | 3,596.0 |  |  | $ | — |  |  | $ | 3,596.0 |
All other |  |  |  |  |  |  | 290.1 |  |  | 1,035.1 |  |  | 1,325.2 |
Net sales |  |  |  |  |  |  | $ | 3,886.1 |  |  | $ | 1,035.1 |  |  | $ | 4,921.2 |
Substantially all revenue is associated with bedding product sales. The North America and International segments sell product through two channels: Wholesale and Direct. The Wholesale channel includes all product sales to third-party retailers, including third-party distribution, hospitality and healthcare. The Direct channel includes product sales through company-owned stores, e-commerce and call centers. The Wholesale channel also includes income from royalties derived by licensing Sealy®, Stearns & Foster® and Tempur® brands, technology and trademarks to other manufacturers. The licenses include rights for the licensees to use trademarks as well as current proprietary or patented technology that the Company utilizes. The Company also provides its licensees with product specifications, research and development, statistical services and marketing programs. The Company recognizes royalty income based on the occurrence of sales of Sealy®, Stearns & Foster® and Tempur® branded products by various licensees. Royalty income was $31.5 million, $32.3 million and $31.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. For product sales in each of the Company's channels, the Company recognizes a sale when the performance obligations under the terms of the contract with the customer are satisfied, which is generally when control of the product has transferred to the customer. Transferring control of each product sold is considered a separate performance obligation. The Company transfers control and recognizes a sale when the customer receives the product. Each unit sold is considered an independent, unbundled performance obligation. The Company does not have any additional performance obligations other than product sales that are material in the context of the contract. The Company also offers assurance type warranties on certain of its products, which is not accounted for as separate performance obligations under the revenue model. The transaction price is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of consideration the Company receives, and correspondingly, the revenue that is recognized, varies due to sales incentives and returns the Company offers to its Wholesale and Direct channel customers. Specifically, the Company extends volume discounts, as well as promotional allowances, floor sample discounts, commissions paid to retail associates and slotting fees to its Wholesale channel customers and reflects these amounts as a reduction of sales at the time revenue is recognized based on historical experience. The Company allows returns following a sale, depending on the channel and promotion. The Company reduces revenue and cost of sales for its estimate of the expected returns, which is primarily based on the level of historical sales returns. The Company does not offer extended payment terms beyond one year to customers. As such, the Company does not adjust its consideration for financing arrangements. In certain jurisdictions, the Company is subject to certain non-income taxes including, but not limited to, sales tax, value added tax, excise tax and other taxes. These taxes are excluded from the transaction price, and therefore, excluded from revenue. The Company has elected to account for shipping and handling activities as a fulfillment cost. Accordingly, the Company reflects all amounts billed to customers for shipping and handling in revenue and the costs of fulfillment in cost of sales. Amounts included in net sales for shipping and handling were $11.1 million, $8.6 million and $8.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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