TEMPUR SEALY INTERNATIONAL INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
SGI$64.17-5.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-08.
0001206264-24-000135
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001206264-24-000168
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 143 previous paragraphs and 146 current paragraphs.
83 unchanged; 52 reworded; 11 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 27 previous and 27 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
On September 23, 2024, we announced that we entered into a purchase agreement with MW SO Holdings Company, LLC (“Mattress Warehouse”), a leading independently owned bedding specialty retailer, for the sale of 73 Mattress Firm retail locations and our Sleep Outfitters subsidiary, which includes 103 specialty mattress retail locations and seven distribution centers. Mattress Warehouse is a multi-branded retailer offering a full array of mattresses at various price points. We will continue to supply our Tempur-Pedic®, Stearns & Foster® and Sealy® products to the divested Mattress Firm and Sleep Outfitters stores. The divestiture is subject to the closing of our acquisition of Mattress Firm and other customary closing conditions. It is expected to close approximately one quarter after the closing of the Mattress Firm transaction.
Current report
In 2025, we will launch an all-new collection of Sealy Posturepedic products. This is a significant re-imagining of the Posturepedic collection and will feature new proprietary coil technology, a new aesthetic and an updated merchandising strategy.
Current report
•Gross margin was 45.4% as compared to 44.9% in the third quarter of 2023. Adjusted gross margin, which is a non-GAAP financial measure, was 46.2% as compared to 45.9% in the third quarter of 2023.
Current report
•North America gross margin was flat as compared to the third quarter of 2023. The factors impacting gross margin were primarily driven by the unfavorable mix of new OEM distribution of 150 basis points, offset by favorable commodity costs of 80 basis points and operational efficiencies.
Current report
•North America operating expenses decreased $1.5 million, or 0.6%, and increased 10 basis points as a percentage of net sales. The decrease in operating expenses was primarily driven by decreases in advertising, offset by incremental bad debt expense related to retailer bankruptcies.
Current report
•International operating expenses increased $6.1 million, or 5.7%, and decreased 260 basis points as a percentage of net sales. The increase in operating expenses was primarily driven by investments in growth initiatives.
Current report
•International operating income increased $11.7 million and operating margin improved 240 basis points. The improvement in operating margin was driven by operating expense leverage of 260 basis points and the improvement in gross margin of 70 basis points, partially offset by Asia joint venture performance of 90 basis points.
Current report
NINE MONTHS ENDED SEPTEMBER 30, 2023
Current report
•International operating expenses increased $16.2 million, or 4.9%, and increased 30 basis points as a percentage of net sales. The increase in operating expenses was primarily driven by investments in growth initiatives.
Current report
•Corporate operating expenses decreased $8.6 million, or 6.2%. The decrease in operating expenses was primarily driven by decreased variable compensation expense.
Current report
On October 24, 2024, we entered into an Amendment No. 2 ("Amendment No. 2") and an Amendment No. 3 ("Amendment No. 3" and together with Amendment No. 2, the "Amendments") to the 2023 Credit Agreement dated as of October 10, 2023, as amended. Amendment No. 2 extends the termination date for $605 million of our existing delayed draw term A loan commitments until October 24, 2025, among other changes. Amendment No. 3 provides for an incremental term B loan in the aggregate principal amount of $1.6 billion (the "Term B Loan"). The proceeds of the Term B Loan were funded into escrow on the closing of Amendment No. 3 and will mature on October 24, 2031. The proceeds of the Term B Loan will be used to pay fees and expenses in connection with Amendment No. 3 and may be released upon the closing of the previously disclosed Mattress Firm acquisition. If the closing of the Mattress Firm acquisition does not occur prior to the first anniversary of the funding date, we will be required to repay the Term B Loan.
Removed paragraphs (8)
Previous report
•Gross margin was 44.9% as compared to 42.7% in the second quarter of 2023.
Previous report
•North America gross margin improved 220 basis points. The improvement in gross margin was primarily driven by favorable commodity costs of 130 basis points, operational efficiencies of 120 basis points and favorable product launch costs of 110 basis points. These improvements were partially offset by the mix impact of the new distribution win for our OEM business of 140 basis points.
Previous report
•International operating expenses increased $6.5 million, or 6.0%, and increased 210 basis points as a percentage of net sales. The increase in operating expenses was primarily driven by investments in growth initiatives.
Previous report
SIX MONTHS ENDED JUNE 30, 2023
Previous report
•North America operating expenses increased $10.5 million, or 2.4%, and increased 120 basis points as a percentage of net sales. The increase in operating expenses was primarily driven by investments in growth initiatives.
Previous report
•International operating expenses increased $10.1 million, or 4.5%, and increased 160 basis points as a percentage of net sales. The increase in operating expenses was primarily driven by investments in growth initiatives.
Previous report
•Corporate operating expenses increased $0.5 million, or 0.6%. The increase in operating expenses was primarily driven by transaction costs related to the pending acquisition of Mattress Firm, partially offset by decreased variable compensation expense.
Previous report
•North America operating income increased $4.7 million and operating margin improved 70 basis points. The improvement in operating margin was primarily driven by the improvement in gross margin of 200 basis points, partially offset by operating expense deleverage of 120 basis points.
Reworded paragraphs (52)
Previous wording
The following discussion and analysis should be read in conjunction with the 2023 Annual Report, including "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in ITEM 7 of Part II of the 2023 Annual Report, and the accompanying Condensed Consolidated Financial Statements and notes thereto included in this Report. Unless otherwise noted, all of the financial information in this Report is consolidated financial information for the Company. The forward-looking statements in this discussion regarding the mattress and pillow industries, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are subject to numerous risks and uncertainties. See "Special Note Regarding Forward-Looking Statements" elsewhere in this Report and in the 2023 Annual Report, the section titled "Risk Factors" contained in ITEM 1A of Part I of the 2023 Annual Report and in ITEM 1A of Part II of this Report. Our actual results may differ materially from those contained in any forward-looking statements.
Current wording
The following discussion and analysis should be read in conjunction with the 2023 Annual Report, including "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in ITEM 7 of Part II of the 2023 Annual Report, and the accompanying Condensed Consolidated Financial Statements and notes thereto included in this Report. Unless otherwise noted, all of the financial information in this Report is consolidated financial information for the Company. The forward-looking statements in this discussion regarding the mattress and pillow industries, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are subject to numerous risks and uncertainties. See "Special Note Regarding Forward-Looking Statements" elsewhere in this Report and in the 2023 Annual Report, the section titled "Risk Factors" contained in ITEM 1A of Part I of the 2023 Annual Report and in the Quarterly Report on Form 10-Q in the section titled “Risk Factors” contained in ITEM 1A of Part II for the quarter ended June 30, 2024. Our actual results may differ materially from those contained in any forward-looking statements.
Previous wording
In this discussion and analysis, we discuss and explain the consolidated financial condition and results of operations for the three and six months ended June 30, 2024, including the following topics:
Current wording
In this discussion and analysis, we discuss and explain the consolidated financial condition and results of operations for the three and nine months ended September 30, 2024, including the following topics:
Previous wording
In the second half of 2024, we expect a continuation of the current macroeconomic environment, which includes the impact of inflation and interest rate pressures on the consumer. These macroeconomic pressures on the consumer continue to challenge the global bedding industry. Ongoing geopolitical conflicts may also introduce further uncertainty for the consumer. We expect to outperform the bedding industry, amid these macroeconomic headwinds, as a result of our successful new product launches and recent distribution gains in the U.S.
Current wording
In the remainder of 2024, we expect a continuation of the current macroeconomic environment, which includes the impact of inflation and interest rate pressures on the consumer. These macroeconomic pressures on the consumer continue to challenge the global bedding industry. Ongoing geopolitical conflicts may also introduce further uncertainty for the consumer. We expect to outperform the bedding industry, amid these macroeconomic headwinds, as a result of our successful new product launches and recent distribution gains in the U.S.
Previous wording
On July 2, 2024, the FTC filed a complaint for temporary restraining order and preliminary injunction in the United States District Court for the Southern District of Texas (the "Court") and an administrative complaint (together with the complaint filed with the Court, the "Actions") to challenge our proposed acquisition of Mattress Firm. Refer to Note 8, "Commitments and Contingencies" in the "Notes to Condensed Consolidated Financial Statements," under Part I, ITEM 1 of this Report for further details.
Current wording
On July 2, 2024, the FTC filed a complaint for temporary restraining order and preliminary injunction in the United States District Court for the Southern District of Texas (the "Court") and an administrative complaint (together with the complaint filed with the Court, the "Actions") to challenge our proposed acquisition of Mattress Firm. On October 4, 2024, the Company filed a complaint in the Court seeking an injunction against the FTC's administrative proceeding. Refer to Note 8, "Commitments and Contingencies" in the "Notes to Condensed Consolidated Financial Statements," under Part I, ITEM 1 of this Report for further details.
Previous wording
We believe that a successful litigation process can be completed in the coming months, which would allow the transaction to close in late 2024 or early 2025. Following the close of the transaction, Mattress Firm is expected to operate as a separate business unit.
Current wording
We continue to believe that a successful litigation process can be completed in the coming months, which would allow the transaction to close in late 2024 or early 2025. Following the close of the transaction, Mattress Firm is expected to operate as a separate business unit.
Previous wording
In 2024, we are launching a new portfolio of Tempur-Pedic® Adapt mattresses in our North America segment. This next-generation technology sets the standard for support, pressure relief and motion cancellation with Tempur material precisely responding to your body's weight, shape and temperature in a way no other mattress does. This collection was designed to complement the Tempur-Pedic® Breeze collection and Tempur-Ergo® Smart Bases launched in 2023 and finishes the complete reset of our core Tempur lineup.
Current wording
In 2024, we completed the launch of a new portfolio of Tempur-Pedic® Adapt mattresses in our North America segment. This next-generation technology sets the standard for support, pressure relief and motion cancellation with Tempur material precisely responding to your body's weight, shape and temperature in a way no other mattress does. This collection was designed to complement the Tempur-Pedic® Breeze collection and Tempur-Ergo® Smart Bases launched in 2023 and finishes the complete reset of our core Tempur lineup.
Previous wording
•Total net sales decreased 2.8% to $1,233.6 million as compared to $1,269.7 million in the second quarter of 2023, with a decrease of 3.8% in the North America business segment and consistent sales in the International business segment. On a constant currency basis, which is a non-GAAP financial measure, total net sales decreased 2.6%, with a decrease of 3.8% in the North America business segment and an increase of 1.9% in the International business segment.
Current wording
•Total net sales increased 1.8% to $1,300.0 million as compared to $1,277.1 million in the third quarter of 2023, with a decrease of 0.8% in the North America business segment and an increase of 12.4% in the International business segment. On a constant currency basis, which is a non-GAAP financial measure, total net sales increased 1.7%, with a decrease of 0.4% in the North America business segment and an increase of 10.5% in the International business segment.
Previous wording
•Operating income increased 9.1% to $173.3 million as compared to $158.8 million in the second quarter of 2023. Adjusted operating income, which is a non-GAAP financial measure, increased 5.1% to $180.6 million as compared to $171.8 million in the second quarter of 2023.
Current wording
•Operating income increased 10.2% to $201.8 million as compared to $183.2 million in the third quarter of 2023. Adjusted operating income, which is a non-GAAP financial measure, increased 4.2% to $223.7 million as compared to $214.7 million in the third quarter of 2023.
Previous wording
•Net income increased 14.8% to $106.1 million as compared to $92.4 million in the second quarter of 2023. Adjusted net income, which is a non-GAAP financial measure, increased 9.5% to $111.7 million as compared to $102.0 million in the second quarter of 2023.
Current wording
•Net income increased 14.7% to $130.0 million as compared to $113.3 million in the third quarter of 2023. Adjusted net income, which is a non-GAAP financial measure, increased 7.1% to $146.5 million as compared to $136.8 million in the third quarter of 2023.
Previous wording
•Earnings per diluted share ("EPS") increased 15.4% to $0.60 as compared to $0.52 in the second quarter of 2023. Adjusted EPS, which is a non-GAAP financial measure, increased 8.6% to $0.63 as compared to $0.58 in the second quarter of 2023.
Current wording
•Earnings per diluted share ("EPS") increased 14.1% to $0.73 as compared to $0.64 in the third quarter of 2023. Adjusted EPS, which is a non-GAAP financial measure, increased 6.5% to $0.82 as compared to $0.77 in the third quarter of 2023.
Previous wording
Net sales decreased 2.2%, and on a constant currency basis decreased 2.4%. The change in net sales was driven by the following:
Current wording
Net sales increased 1.8%, and on a constant currency basis increased 1.7%. The change in net sales was driven by the following:
Previous wording
•North America net sales decreased $38.4 million, or 3.8%. Net sales in the Wholesale channel decreased $41.2 million, or 4.6%, primarily driven by continued macroeconomic pressures impacting U.S. consumer behavior. Net sales in the Direct channel increased $2.8 million, or 2.3%, as compared to the second quarter of 2023.
Current wording
•North America net sales decreased $8.4 million, or 0.8%, primarily driven by continued macroeconomic pressures impacting U.S. consumer behavior. Net sales in the Wholesale channel decreased $6.7 million, or 0.8%. Net sales in the Direct channel decreased $1.7 million, or 1.2%, as compared to the third quarter of 2023.
Previous wording
•International net sales increased $2.3 million, or 0.9%. On a constant currency basis, International net sales increased 1.9%. Net sales in the Wholesale channel increased 4.8% on a constant currency basis. Net sales in the Direct channel increased 0.1% on a constant currency basis.
Current wording
•International net sales increased $31.3 million, or 12.4%, primarily driven by the success of new product launches. On a constant currency basis, International net sales increased 10.5%. Net sales in the Wholesale channel increased 14.6% on a constant currency basis. Net sales in the Direct channel increased 8.2% on a constant currency basis.
Previous wording
Gross margin improved 220 basis points. The primary drivers of changes in gross margin by segment are discussed below:
Current wording
Gross margin improved 50 basis points. The primary drivers of changes in gross margin by segment are discussed below:
Previous wording
•International gross margin improved 150 basis points. The improvement in gross margin was primarily driven by operational efficiencies of 90 basis points and favorable commodity costs.
Current wording
•International gross margin improved 70 basis points. The improvement in gross margin was primarily driven by operational efficiencies of 60 basis points.
Previous wording
Operating expenses decreased $3.7 million, or 1.0%, and increased 60 basis points as a percentage of net sales. The primary drivers of changes in operating expenses by segment are explained below:
Current wording
Operating expenses decreased $4.5 million, or 1.1%, and decreased 90 basis points as a percentage of net sales. The primary drivers of changes in operating expenses by segment are explained below:
Previous wording
•Corporate operating expenses decreased $10.3 million, or 20.9%. The decrease in operating expenses was primarily driven by decreased variable compensation expense and transaction costs related to the pending acquisition of Mattress Firm.
Current wording
•Corporate operating expenses decreased $9.1 million, or 17.4%. The decrease in operating expenses was primarily driven by decreased variable compensation expense and transaction costs related to the pending acquisition of Mattress Firm.
Previous wording
Research and development expenses for the three months ended June 30, 2024 were $7.7 million compared to $7.3 million for the three months ended June 30, 2023, an increase of $0.4 million, or 5.5%.
Current wording
Research and development expenses for the three months ended September 30, 2024 were $7.0 million compared to $8.2 million for the three months ended September 30, 2023, an decrease of $1.2 million, or 14.6%.
Previous wording
Operating income increased $14.5 million and operating margin improved 150 basis points. The primary drivers of changes in operating income and operating margin by segment are discussed below:
Current wording
Operating income increased $18.6 million and operating margin improved 120 basis points. The primary drivers of changes in operating income and operating margin by segment are discussed below:
Previous wording
•International operating income decreased $1.5 million and operating margin declined 30 basis points. The decline in operating margin was primarily driven by operating expense deleverage of 160 basis points, partially offset by the improvement in gross margin of 150 basis points.
Current wording
•North America operating income decreased $2.2 million and operating margin declined 10 basis points. The decline in operating margin was primarily driven by operating expense deleverage of 10 basis points.
Previous wording
•Corporate operating expenses decreased $10.3 million, which positively impacted our consolidated operating margin.
Current wording
•Corporate operating expenses decreased $9.1 million, which positively impacted our consolidated operating margin.
Previous wording
Interest expense, net, decreased $0.2 million, or 0.6%. The decrease in interest expense, net, was primarily driven by reduced average levels of outstanding variable rate debt.
Current wording
Interest expense, net, decreased $1.8 million, or 5.5%. The decrease in interest expense, net, was primarily driven by reduced average levels of outstanding variable rate debt.
Previous wording
Our income tax provision increased $1.8 million due to an increase in income before income taxes. Our effective tax rate for the three months ended June 30, 2024 as compared to the prior year declined by 150 basis points. The effective tax rates as compared to the U.S. federal statutory rates for the three months ended June 30, 2024 and 2023 included a net favorable impact of other discrete items.
Current wording
Our income tax provision increased $4.0 million due to an increase in income before income taxes. Our effective tax rate for the three months ended September 30, 2024 as compared to the prior year declined by 50 basis points. The effective tax rates as compared to the U.S. federal statutory rates for the three months ended September 30, 2024 and 2023 included a net favorable impact of other discrete items.
Previous wording
SIX MONTHS ENDED JUNE 30, 2024 COMPARED TO THE
Current wording
NINE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED TO THE
Previous wording
Net sales decreased 2.8%, and on a constant currency basis decreased 2.6%. The change in net sales was driven by the following:
Current wording
Net sales decreased 0.8%, and on a constant currency basis decreased 1.0%. The change in net sales was driven by the following:
Previous wording
•North America net sales decreased $56.9 million, or 2.9%. Net sales in the Wholesale channel decreased $68.6 million, or 4.0%, primarily driven by continued macroeconomic pressures impacting U.S. consumer behavior. Net sales in the Direct channel increased $11.7 million, or 5.0%, primarily driven by strength in our e-commerce business.
Current wording
•North America net sales decreased $65.3 million, or 2.2%. Net sales in the Wholesale channel decreased $75.3 million, or 2.9%, primarily driven by continued macroeconomic pressures impacting U.S. consumer behavior. Net sales in the Direct channel increased $10.0 million, or 2.7%, primarily driven by strength in our e-commerce business.
Previous wording
•International net sales increased $2.1 million, or 0.4%. On a constant currency basis, International net sales were consistent with the prior year. Net sales in the Wholesale channel increased 2.7% on a constant currency basis. Net sales in the Direct channel decreased 1.6% on a constant currency basis.
Current wording
•International net sales increased $33.4 million, or 4.2%, primarily driven by the success of new product launches. On a constant currency basis, International net sales increased $26.4 million, or 3.3%. Net sales in the Wholesale channel increased 6.4% on a constant currency basis. Net sales in the Direct channel increased 1.6% on a constant currency basis.
Previous wording
Gross margin improved 190 basis points. The primary drivers of changes in gross margin by segment are discussed below:
Current wording
Gross margin improved 150 basis points. The primary drivers of changes in gross margin by segment are discussed below:
Previous wording
•North America gross margin improved 200 basis points. The improvement in gross margin was primarily driven by favorable commodity costs of 150 basis points, operational efficiencies of 70 basis points and favorable product launch costs. These improvements were partially offset by the mix impact of the new distribution win for our OEM business of 70 basis points.
Current wording
•North America gross margin improved 130 basis points. The improvement in gross margin was primarily driven by favorable commodity costs of 130 basis points and operational efficiencies of 70 basis points. These improvements were partially offset by the unfavorable mix of new OEM distribution of 100 basis points.
Previous wording
•International gross margin improved 170 basis points. The improvement in gross margin was primarily driven by operational efficiencies of 110 basis points and favorable product launch costs of 80 basis points.
Current wording
•International gross margin improved 130 basis points. The improvement in gross margin was primarily driven by operational efficiencies of 80 basis points and favorable commodity costs of 50 basis points.
Previous wording
Operating expenses increased $21.1 million, or 2.8%, and increased 160 basis points as a percentage of net sales. The primary drivers of changes in operating expenses by segment are explained below:
Current wording
Operating expenses increased $16.6 million, or 1.5%, and increased 70 basis points as a percentage of net sales. The primary drivers of changes in operating expenses by segment are explained below:
Previous wording
•North America operating expenses increased $0.1 million, consistent with prior year, and increased 80 basis points as a percentage of net sales. The increase in operating expenses was primarily driven by investments in growth initiatives, partially offset by decreased variable compensation expense.
Current wording
•North America operating expenses increased $9.0 million, or 1.3%, and increased 80 basis points as a percentage of net sales. The increase in operating expenses was primarily driven by investments in growth initiatives and incremental bad debt expense related to retailer bankruptcies, offset by decreases in advertising.
Previous wording
Research and development expenses were $15.8 million for the six months ended June 30, 2024 as compared to $14.8 million for the six months ended June 30, 2023, an increase of $1.0 million, or 6.8%.
Current wording
Research and development expenses were $22.8 million for the nine months ended September 30, 2024 as compared to $23.0 million for the nine months ended September 30, 2023, an decrease of $0.2 million, or 0.9%.
Previous wording
Operating income increased $2.7 million and operating margin improved 40 basis points. The primary drivers of changes in operating income and operating margin by segment are discussed below:
Current wording
Operating income increased $21.3 million and operating margin improved 70 basis points. The primary drivers of changes in operating income and operating margin by segment are discussed below:
Previous wording
•North America operating income increased $6.3 million and operating margin improved 130 basis points. The improvement in operating margin was primarily driven by the improvement in gross margin of 220 basis points, partially offset by operating expense deleverage of 80 basis points.
Current wording
•North America operating income increased $2.5 million and operating margin improved 50 basis points. The improvement in operating margin was primarily driven by the improvement in gross margin of 130 basis points, partially offset by operating expense deleverage of 80 basis points.
Previous wording
•International operating income decreased $2.1 million and operating margin declined 90 basis points. The decline in operating margin was driven by operating expense deleverage of 210 basis points and Asia joint venture performance, partially offset by the improvement in gross margin of 170 basis points.
Current wording
•International operating income increased $10.2 million and operating margin improved 60 basis points. The improvement in operating margin was primarily driven by the improvement in gross margin of 130 basis points, partially offset by operating expense deleverage of 30 basis points and Asia joint venture performance.
Previous wording
•Corporate operating expenses increased $0.5 million, which negatively impacted our consolidated operating margin.
Current wording
•Corporate operating expenses decreased $8.6 million, which positively impacted our consolidated operating margin.
Previous wording
Interest expense, net, increased $1.3 million, or 2.0%. The increase in interest expense, net, was primarily driven by higher interest rates on our variable rate debt.
Current wording
Interest expense, net, decreased $0.5 million, or 0.5%. The decrease in interest expense, net, was primarily driven by reduced average levels of outstanding variable rate debt.
Previous wording
Our income tax provision decreased $2.0 million. Our effective tax rate for the six months ended June 30, 2024 as compared to the prior year declined 110 basis points. The effective tax rates as compared to the U.S. federal statutory rates for the six months ended June 30, 2024 and 2023 included the net favorable impact of the deductibility of stock compensation in the U.S., which was offset by the unfavorable impact of discrete items.
Current wording
Our income tax provision increased $2.0 million driven by an increase in income before income taxes. Our effective tax rate for the nine months ended September 30, 2024 as compared to the prior year declined 90 basis points. The effective tax rates as compared to the U.S. federal statutory rates for the nine months ended September 30, 2024 and 2023 included the net favorable impact of the deductibility of stock compensation in the U.S., which was offset by the unfavorable impact of discrete items.
Previous wording
As of June 30, 2024, we had net working capital of $203.9 million, including cash and cash equivalents of $95.8 million, as compared to a working capital of $195.0 million, including cash and cash equivalents of $74.9 million, as of December 31, 2023. The amount of cash and cash equivalents held by subsidiaries outside of the U.S. and not readily convertible into the U.S. Dollar or other major foreign currencies is not material to our overall liquidity or financial position.
Current wording
As of September 30, 2024, we had net working capital of $143.5 million, including cash and cash equivalents of $104.2 million, as compared to a working capital of $195.0 million, including cash and cash equivalents of $74.9 million, as of December 31, 2023. The amount of cash and cash equivalents held by subsidiaries outside of the U.S. and not readily convertible into the U.S. Dollar or other major foreign currencies is not material to our overall liquidity or financial position.
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