<SEC-DOCUMENT>0001564590-19-024959.txt : 20190813
<SEC-HEADER>0001564590-19-024959.hdr.sgml : 20190813
<ACCEPTANCE-DATETIME>20190715154806
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001564590-19-024959
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sleep Number Corp
		CENTRAL INDEX KEY:			0000827187
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				411597886
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1001 THIRD AVENUE SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55404
		BUSINESS PHONE:		7635517000

	MAIL ADDRESS:	
		STREET 1:		1001 THIRD AVENUE SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SELECT COMFORT CORP
		DATE OF NAME CHANGE:	19980821
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">July 15, 2019&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">United States Securities and Exchange Commission</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Division of Corporation Finance</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Office of Manufacturing and Construction</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100 F Street, N.E.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C. 20549</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">RE: Sleep Number Corporation</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Form 10-Q for Fiscal Quarter Ended March 30, 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Filed April 26, 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">File No. 000-25121</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ladies and Gentlemen:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The response of Sleep Number Corporation (the &#8220;Company&#8221;) to your letter dated June 28, 2019, regarding the above-referenced filing of the Company, is set forth below.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_BPDCI_6"></a><a name="_BPDCI_6"></a>For convenience, the Staff&#8217;s comment contained in your letter is set forth in italics below, followed by the Company&#8217;s response. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_BPDCI_7"></a>Our response set forth below is also intended to address the Staff&#8217;s comment with respect to the same issue as applicable to the Company&#8217;s earnings release included in the Company&#8217;s Form 8-K filed on April 17, 2019.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Form 10-Q for Fiscal Quarter Ended March 30, 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Management's Discussion and Analysis of Financial Condition and Results of Operations</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Non-GAAP Data, page 18</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-style:italic;font-family:Times New Roman;font-size:11pt;font-weight:normal;text-transform:none;font-variant: normal;"><font style="font-style:italic;font-family:Times New Roman;font-size:11pt;font-weight:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-style:italic;font-weight:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">We note you include adjustments in arriving at net operating profit after taxes that appear to remove your operating lease rent expense under GAAP and replace it with estimated depreciation and include lease adjustments in arriving at average invested capital. Please tell us your basis for including each of these adjustments, how you determined the amount of these adjustments, how the adoption of ASC 842 was considered for continuing to present these adjustments and how your presentation complies with the guidance in Question 100.04 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations. This issue also applies to your earnings release included in Form 8-K filed on April 17, 2019. </p></td></tr></table></div>
<p style="margin-top:0pt;margin-bottom:0pt;margin-left:11.19%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_BPDCI_8"></a><a name="_BPDCI_9"></a>As part of our Return on Invested Capital (ROIC) <a name="_BPDCI_8"></a>disclosures and the related adjustments in arriving at net operating profit after taxes (NOPAT) (on page 19 of our Form 10-Q, and page 8 of our Form 8-K)<a name="_BPDCI_9"></a>, we considered the referenced guidance in Question 100.04 and specifically evaluated Rule100(b) of Regulation G that states that a registrant shall not make public a non-GAAP financial measure that, taken together with the information accompanying that measure, is misleading.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_BPDCI_10"></a><a name="_BPDCD_11"></a><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><a name="_BPDCD_12"></a>Our ROIC calculation is based on a well-accepted approach used and generally und<a name="_BPDCI_10"></a>erstood by our investors and analysts. Our computation of average invested capital includes the addition of &#8220;capitalized operating lease obligations.&#8221; See notes (2) and (5) on page 19 of our Form 10-Q, and page 8 of our Form 8-K. We estimate capitalized operating lease obligations based on a multiple of eight times the trailing-twelve-months rent expense, which is a commonly used method to estimate the capitalized assets and the corresponding liability as if we had purchased the property. We adjust operatin<a name="_BPDCD_11"></a>g income to illustrate the impact of owning versus leasing the property by: (i) adding back the trailing<strike>-</strike>twelve-months rent expense; and (ii) subtracting </p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">depreciation based on the estimated capitalized operating lease obligations (at eight times the traili</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_BPDCD_12"></a>ng</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>-</strike></font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">twelve-months rent expense) for the respective reporting period with an assumed thirty-year useful life. This is a reasonable life for the calculation given the longer-term horizon of our business plans to operate retail stores in the </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">geographic </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">markets</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> we enter. Individual store locations within a market may and do change in a shorter time frame based on consumer shopping preferences, but our participation in the markets is longer-term. </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In advance of the adoption of ASC 842, we evaluated whether to revise our ROIC calculation. We elected to not revise our ROIC calculation for the following reasons:</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;">ASC 842 did not impact our consolidated statement of operations, including our rent expense, operating income and interest expense;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;">Upon adoption of ASC 842, we recognized a right-of-use (ROU) asset and lease liability on our balance sheet. However, the ROU asset and lease liability calculated in accordance with ASC 842 were based on our existing lease commitments with an average remaining lease term of only 6.8 years. We operate our business with the intent to participate in a geographic market with retail stores and other infrastructure assuming a 30-year operating life. We generally lease stores for five to ten years to provide us flexibility to react to changing customer demographics and shopping preferences. Replacing our historical methodology for estimating capitalized assets (based on eight times rent) with ASC 842 ROU assets would undervalue our estimated invested capital in our ROIC calculation and artificially inflate our ROIC metric from 16% to approximately 20% to 22%;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;">We are executing a long-term business strategy and have publicly communicated long-term ROIC targets with our investors applying our current ROIC calculation. Our investors have informed us that they value our ROIC disclosures and being consistent with our ROIC calculation methodology; and</font></p></td></tr></table></div>
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<p style="margin-top:0pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><a name="_BPDCD_13"></a><a name="_BPDCI_14"></a><font style="font-family:Times New Roman;">We believe our current ROIC calculation best represents how we operate our business and deploy our capital. We believe altering our ROIC calcula<a name="_BPDCI_14"></a>tion based on our average remaining lease term of only 6.8 years would not reflect our business performance as accurately as our current ROIC calculation and would make the metric less useful to our investors. </font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company acknowledges that it is responsible for the adequacy and accuracy of the disclosures in the Company's filings, notwithstanding any review, comments, action or absence of action by the Staff. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We hope that the foregoing has been responsive to the Staff&#8217;s comment, and we appreciate the Staff's assistance in this process. Should you have any questions relating to any of the foregoing, or would like to discuss any of our responses, please feel free to contact the undersigned at (763) 551-6151.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sincerely,</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sleep Number Corporation</p>
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