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v3.25.2

Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2025
Accounting Policies [Abstract] |
Restrictions on Cash and Cash Equivalents | Total cash, cash equivalents and restricted cash consisted of the following:
| June 30, |  | December 31,
(in millions) | 2025 |  | 2024
Cash and cash equivalents | $ | 98.1 |  |  | $ | 117.4 |
Restricted cash | — |  |  | 1,592.3 |
Cash, cash equivalents and restricted cash | $ | 98.1 |  |  | $ | 1,709.7 |
Schedule of Cash and Cash Equivalents | Total cash, cash equivalents and restricted cash consisted of the following:
| June 30, |  | December 31,
(in millions) | 2025 |  | 2024
Cash and cash equivalents | $ | 98.1 |  |  | $ | 117.4 |
Restricted cash | — |  |  | 1,592.3 |
Cash, cash equivalents and restricted cash | $ | 98.1 |  |  | $ | 1,709.7 |
Schedule of Inventory | Inventories are stated at the lower of cost or net realizable value, determined by either the first-in, first-out method or the weighted average cost method, depending on reportable segment, and consist of the following:
| June 30, |  | December 31,
(in millions) | 2025 |  | 2024
Finished goods | $ | 558.9 |  |  | $ | 300.5 |
Work-in-process | 17.3 |  |  | 16.1 |
Raw materials and supplies | 133.4 |  |  | 130.4 |
| $ | 709.6 |  |  | $ | 447.0 |
Warranty Activity | The Company had the following activity for its accrued warranty expense from December 31, 2024 to June 30, 2025:
(in millions) |
Balance as of December 31, 2024 | $ | 33.6 |
Amounts accrued | 10.1 |
Liabilities assumed as a result of Mattress Firm Acquisition | 25.4 |
Warranties charged to accrual | (9.5) |
Balance as of June 30, 2025 | $ | 59.6 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The Company had the following activity for its allowance for credit losses from December 31, 2024 to June 30, 2025:
(in millions) |  |
Balance as of December 31, 2024 |  | $ | 80.4 |
Amounts accrued |  | 4.3 |
Write-offs charged against the allowance |  | (39.9) |
Balance as of June 30, 2025 |  | $ | 44.8 |
Schedule of Long-term Debt Instruments | The fair values of these material financial instruments are as follows:
|  | Fair Value
(in millions) |  | June 30, 2025 |  | December 31, 2024
2029 Senior Notes |  | $ | 765.2 |  |  | $ | 739.1 |
2031 Senior Notes |  | $ | 727.8 |  |  | $ | 698.2 |

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