Company Quick10K Filing
Leggett & Platt
Price40.92 EPS2
Shares135 P/E18
MCap5,541 P/FCF13
Net Debt1,955 EBIT437
TEV7,496 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-11-02 Earnings, Regulation FD, Exhibits
8-K 2020-08-03 Earnings, Regulation FD, Exhibits
8-K 2020-06-29 Officers, Other Events, Exhibits
8-K 2020-05-15
8-K 2020-05-15
8-K 2020-05-06
8-K 2020-05-04
8-K 2020-04-09
8-K 2020-04-03
8-K 2020-04-02
8-K 2020-02-18
8-K 2020-02-03
8-K 2019-11-04
8-K 2019-10-28
8-K 2019-09-25
8-K 2019-08-20
8-K 2019-08-05
8-K 2019-07-29
8-K 2019-07-15
8-K 2019-05-07
8-K 2019-05-07
8-K 2019-04-29
8-K 2019-03-08
8-K 2019-03-04
8-K 2019-02-26
8-K 2019-02-04
8-K 2019-01-15
8-K 2019-01-10
8-K 2018-12-12
8-K 2018-12-11
8-K 2018-11-07
8-K 2018-11-06
8-K 2018-11-05
8-K 2018-10-25
8-K 2018-08-08
8-K 2018-08-03
8-K 2018-07-26
8-K 2018-05-15
8-K 2018-04-26
8-K 2018-03-21
8-K 2018-03-06
8-K 2018-02-05

LEG 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 legex311q22020.htm
EX-31.2 legex312q22020.htm
EX-32.1 legex321q22020.htm
EX-32.2 legex322q22020.htm

Leggett & Platt Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.41.10.80.50.2-0.12012201420172020
Rev, G Profit, Net Income
1.30.80.3-0.3-0.8-1.32012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
for the transition period from             to
Commission File Number 001-07845
LEGGETT & PLATT, INCORPORATED
(Exact name of registrant as specified in its charter)
Missouri44-0324630
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
No. 1 Leggett Road
Carthage,Missouri64836
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code (417358-8131
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $.01 par valueLEGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes        No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes        No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer  Accelerated filer
Non-accelerated filerSmaller reporting company
  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes        No   
Common stock outstanding as of July 29, 2020: 132,392,918



LEGGETT & PLATT, INCORPORATED
FORM 10-Q
TABLE OF CONTENTS

 Page
Number
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements
Consolidated Condensed Balance Sheets at June 30, 2020 and December 31, 2019
Consolidated Condensed Statements of Operations for the three and six months ended June 30, 2020 and 2019
Consolidated Condensed Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2020 and 2019
Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2020 and 2019
Notes to Consolidated Condensed Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II - OTHER INFORMATION
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
SIGNATURES

1


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(Amounts in millions)June 30,
2020
December 31,
2019
CURRENT ASSETS
Cash and cash equivalents$208.8  $247.6  
Trade receivables, net556.9  564.4  
Other receivables, net20.4  27.5  
Total receivables, net577.3  591.9  
Total inventories, net574.1  636.7  
Prepaid expenses and other current assets50.1  61.9  
Total current assets1,410.3  1,538.1  
PROPERTY, PLANT AND EQUIPMENT—AT COST
Machinery and equipment1,363.2  1,388.8  
Buildings and other721.2  719.0  
Land42.4  43.5  
Total property, plant and equipment2,126.8  2,151.3  
Less accumulated depreciation1,329.4  1,320.5  
Net property, plant and equipment797.4  830.8  
OTHER ASSETS
Goodwill1,373.5  1,406.3  
Other intangibles, less accumulated amortization of $239.3 and $222.3 as of June 30, 2020 and December 31, 2019, respectively
730.8  764.0  
Operating lease right-of-use assets167.9  158.8  
Sundry102.2  118.4  
Total other assets2,374.4  2,447.5  
TOTAL ASSETS$4,582.1  $4,816.4  
CURRENT LIABILITIES
Current maturities of long-term debt$51.1  $51.1  
Current portion of operating lease liabilities41.8  39.3  
Accounts payable361.4  463.4  
Accrued expenses240.5  281.0  
Other current liabilities80.7  93.3  
Total current liabilities775.5  928.1  
LONG-TERM LIABILITIES
Long-term debt2,083.2  2,066.5  
Operating lease liabilities128.6  121.6  
Other long-term liabilities168.0  173.5  
Deferred income taxes212.2  214.2  
Total long-term liabilities2,592.0  2,575.8  
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock2.0  2.0  
Additional contributed capital537.8  536.1  
Retained earnings2,663.1  2,734.5  
Accumulated other comprehensive loss(117.2) (76.8) 
Treasury stock(1,871.5) (1,883.8) 
Total Leggett & Platt, Inc. equity1,214.2  1,312.0  
Noncontrolling interest.4  .5  
Total equity1,214.6  1,312.5  
TOTAL LIABILITIES AND EQUITY$4,582.1  $4,816.4  
See accompanying notes to consolidated condensed financial statements.
2


LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
 
Six Months EndedThree Months Ended
 June 30,June 30,
(Amounts in millions, except per share data)2020201920202019
Net trade sales$1,890.6  $2,368.3  $845.1  $1,213.2  
Cost of goods sold1,521.5  1,865.6  698.8  943.5  
Gross profit369.1  502.7  146.3  269.7  
Selling and administrative expenses215.0  236.9  97.2  118.3  
Amortization of intangibles32.7  31.0  16.3  16.9  
Impairments29.4  4.3  25.9  1.4  
Other (income) expense, net(11.5) (3.7) (15.9) (2.9) 
Earnings before interest and income taxes103.5  234.2  22.8  136.0  
Interest expense42.3  45.9  21.4  24.5  
Interest income1.9  4.0  1.0  2.6  
Earnings before income taxes63.1  192.3  2.4  114.1  
Income taxes23.5  44.9  8.5  27.8  
Net earnings (loss)39.6  147.4  (6.1) 86.3  
(Earnings) attributable to noncontrolling interest, net of tax      (.1) 
Net earnings (loss) attributable to Leggett & Platt, Inc. common shareholders$39.6  $147.4  $(6.1) $86.2  
Net earnings (loss) per share attributable to Leggett & Platt, Inc. common shareholders
Basic$.29  $1.10  $(.05) $.64  
Diluted$.29  $1.09  $(.05) $.64  
Weighted average shares outstanding
Basic135.5  134.5  135.7  134.7  
Diluted135.7  135.1  135.7  135.2  
See accompanying notes to consolidated condensed financial statements.
3


LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
Six Months EndedThree Months Ended
June 30,June 30,
(Amounts in millions)2020201920202019
Net earnings (loss)$39.6  $147.4  $(6.1) $86.3  
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(39.7) 9.8  25.8  1.0  
Cash flow hedges(2.6) 4.6  3.7  .7  
Defined benefit pension plans1.8  1.0  .6  .5  
Other comprehensive income (loss)(40.5) 15.4  30.1  2.2  
Comprehensive income (loss)(.9) 162.8  24.0  88.5  
Add: comprehensive (earnings) attributable to noncontrolling interest.1      (.1) 
Comprehensive income (loss) attributable to Leggett & Platt, Inc.$(.8) $162.8  $24.0  $88.4  
See accompanying notes to consolidated condensed financial statements.
4


LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended June 30,
(Amounts in millions)20202019
OPERATING ACTIVITIES
Net earnings$39.6  $147.4  
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation59.2  58.4  
Amortization of intangibles and supply agreements34.8  37.9  
Long-lived asset impairments4.0  4.3  
Goodwill impairment25.4    
Provision for losses on accounts and notes receivable20.8  2.2  
Writedown of inventories6.3  6.6  
Deferred income tax (benefit) expense (1.2) 7.9  
Stock-based compensation12.9  16.5  
Other, net8.1  (1.7) 
Increases/decreases in, excluding effects from acquisitions and divestitures:
Accounts and other receivables(13.2) (58.2) 
Inventories46.9  33.3  
Other current assets1.4  (4.5) 
Accounts payable(89.9) (46.1) 
Accrued expenses and other current liabilities(32.6) (.3) 
NET CASH PROVIDED BY OPERATING ACTIVITIES122.5  203.7  
INVESTING ACTIVITIES
Additions to property, plant and equipment(43.0) (70.5) 
Purchases of companies, net of cash acquired  (1,244.3) 
Proceeds from sales of assets and businesses3.6  2.0  
Other, net4.6  (7.7) 
NET CASH USED FOR INVESTING ACTIVITIES(34.8) (1,320.5) 
FINANCING ACTIVITIES
Additions to long-term debt  993.3  
Payments on long-term debt(25.0) (12.5) 
Change in commercial paper and short-term debt33.0  260.1  
Dividends paid(105.6) (99.4) 
Issuances of common stock.7  6.9  
Purchases of common stock(8.3) (9.2) 
Additional consideration paid on prior year acquisitions(8.4) (1.1) 
Other, net(3.8) (1.7) 
NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES(117.4) 1,136.4  
EFFECT OF EXCHANGE RATE CHANGES ON CASH(9.1) 2.0  
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS(38.8) 21.6  
CASH AND CASH EQUIVALENTS—January 1,247.6  268.1  
CASH AND CASH EQUIVALENTS—June 30,
$208.8  $289.7  
See accompanying notes to consolidated condensed financial statements.
5


LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(Amounts in millions, except per share data)
1. INTERIM PRESENTATION
The interim financial statements of Leggett & Platt, Incorporated (we, us or our) included herein have not been audited by an independent registered public accounting firm. The statements include all adjustments, including normal recurring accruals, which management considers necessary for a fair statement of our financial position and operating results for the periods presented. We have prepared the statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. The operating results for interim periods are not necessarily indicative of results to be expected for an entire year.
The December 31, 2019 financial position data included herein was derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP.

Reclassifications

Certain reclassifications have been made to the prior period's information in the Notes to the Consolidated Condensed Financial Statements to conform to the 2020 segment reporting changes in our management structure and all related internal reporting (See Note 4 - Segment Information). These reclassifications did not impact our consolidated earnings or assets of the company, and all prior periods presented have been restated to conform with these changes.

2. ACCOUNTING STANDARD UPDATES
        
        The Financial Accounting Standards Board (FASB) regularly issues updates to the FASB Accounting Standards Codification that are communicated through issuance of an Accounting Standards Update (ASU).   Below is a summary of the ASUs, effective for current or future periods, most relevant to our financial statements.

Adopted in 2020:

On January 1, 2020, we adopted ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326) as discussed in Note 7.

ASU 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”. We adopted this ASU on January 1, 2020. This ASU simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value up to the total amount of goodwill for the reporting unit. We applied this guidance to our annual goodwill impairment testing completed in the second quarter of 2020 as discussed in Note 5.

ASU 2018-15 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)”.  We adopted this ASU on January 1, 2020. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.  The adoption of this ASU did not materially impact our financial statements.
6

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
To be adopted in future years:

ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”: This ASU will be effective January 1, 2021 and is a part of the FASB overall simplification initiative. We are currently evaluating this guidance.

The FASB has issued accounting guidance, in addition to the issuance discussed above, effective for current and future periods. This guidance did not have a material impact on our current financial statements, and we do not believe it will have a material impact on our future financial statements.
 
3. REVENUE
        
Performance Obligations and Shipping and Handling Costs
We recognize revenue when performance obligations under the terms of a contract with our customers are satisfied. Substantially all of our revenue is recognized upon transfer of control of our products to our customers, which is generally upon shipment from our facilities or upon delivery to our customers' facilities and is dependent on the terms of the specific contract. This conclusion considers the point at which our customers have the ability to direct the use of and obtain substantially all of the remaining benefits of the products that are transferred. Substantially all unsatisfied performance obligations as of June 30, 2020, will be satisfied within one year or less. Shipping and handling costs are included as a component of "Cost of goods sold".
Sales, value added, and other taxes collected in connection with revenue-producing activities are excluded from revenue.
Sales Allowances and Returns
The amount of consideration we receive and revenue we recognize varies with changes in various sales allowances, discounts and rebates (variable consideration) that we offer to our customers. We reduce revenue by our estimates of variable consideration based on contract terms and historical experience. Changes in estimates of variable consideration for the periods presented were not material.
Some of our products transferred to customers can be returned, and we recognize the following for this right:
An estimated refund liability and a corresponding reduction to revenue based on historical returns experience.
An asset and a corresponding reduction to cost of sales for our right to recover products from customers upon settling the refund liability. We reduce the carrying amount of these assets by estimates of costs associated with the recovery and any additional expected reduction in value.

Our refund liability and the corresponding asset associated with our right to recover products from our customers were immaterial for the periods presented.
Other
We expect that at contract inception, the time period between when we transfer a promised good to our customer and our receipt of payment from that customer for that good will be one year or less (our typical trade terms are 30 to 60 days for U.S. customers and up to 90 days for our international customers).

We generally expense costs of obtaining a contract because the amortization period would be one year or less.

7

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Revenue by Product Line
We disaggregate revenue by customer group, which is the same as our product lines for each of our segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. For information on our new segment structure, see Note 4.
 Six Months Ended June 30,Three Months Ended June 30,
 2020201920202019
Bedding Products 
Bedding group$901.2  $1,122.7  $410.6  $568.4  
 901.2  1,122.7  410.6  568.4  
Specialized Products    
Automotive group279.2  398.0  105.5  201.9  
Aerospace Products group60.2  80.1  21.8  40.7  
Hydraulic Cylinders group 35.9  51.8  13.5  24.4  
 375.3  529.9  140.8  267.0  
Furniture, Flooring & Textile Products   
Home Furniture group131.0  178.3  49.8  87.4  
Work Furniture group109.0  147.7  45.4  74.5  
Flooring & Textile Products group 374.1  389.7  198.5  215.9  
 614.1  715.7