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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Statement [Abstract]        
Net sales $ 804.4 $ 764.4 $ 1,525.4 $ 1,503.9
Cost of sales 467.5 466.9 897.5 927.7
Gross profit 336.9 297.5 627.9 576.2
Selling and marketing expenses 172.8 168.6 322.9 322.4
General, administrative and other expenses 71.9 85.1 143.6 162.8
Equity income in earnings of unconsolidated affiliates (3.4) (3.4) (6.2) (6.4)
Royalty income, net of royalty expense (4.6) (4.8) (9.3) (9.0)
Operating income 100.2 52.0 176.9 106.4
Other expense, net:        
Interest expense, net 23.1 20.5 44.5 40.9
Loss on extinguishment of debt 47.2 0.0 47.2 0.0
Other expense (income), net 0.7 2.2 (0.3) 0.9
Total other expense, net 71.0 22.7 91.4 41.8
Income before income taxes 29.2 29.3 85.5 64.6
Income tax provision (9.2) (8.3) (26.5) (18.6)
Net income before non-controlling interest 20.0 21.0 59.0 46.0
Less: Net income (loss) attributable to non-controlling interest [1],[2] (1.3) (0.2) (1.9) 1.4
Net income attributable to Tempur Sealy International, Inc. $ 21.3 $ 21.2 $ 60.9 $ 44.6
Earnings per common share:        
Basic (in dollars per share) $ 0.35 $ 0.35 $ 1.00 $ 0.73
Diluted (in dollars per share) $ 0.35 $ 0.34 $ 0.99 $ 0.72
Weighted average common shares outstanding:        
Basic (in shares) 60.2 61.3 61.1 61.1
Diluted (in shares) 60.8 62.4 61.7 62.3
[1] (Loss) attributable to the Company's redeemable non-controlling interest in Comfort Revolution, LLC for the three months ended June 30, 2016 and 2015 represented $(1.3) million and $(0.1) million, respectively. (Loss) income attributable to the Company's redeemable non-controlling interest in Comfort Revolution, LLC for the six months ended June 30, 2016 and 2015 represented $(1.9) million and $0.5 million, respectively.
[2] As of June 30, 2015, the redemption value exceeded the accumulated earnings of the Company's redeemable non-controlling interest in Comfort Revolution, LLC. Accordingly, for the three and six months ended June 30, 2015, the Company recorded a $(0.1) million and $0.9 million adjustment, net of tax, respectively, to adjust the carrying value of redeemable non-controlling interest to its redemption value. As of June 30, 2016, the accumulated earnings exceeded the redemption value and, accordingly, a redemption value adjustment was not necessary for the three or six months ended June 30, 2016.