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 2020-03-31 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 2020-05-15 Officers, Shareholder Vote, Other Events, Exhibits
8-K 2020-05-15 Regulation FD, Exhibits
8-K 2020-05-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-05-04 Earnings, Regulation FD, Exhibits
8-K 2020-04-09 Officers, Other Events, Exhibits
8-K 2020-04-03 Regulation FD, Exhibits
8-K 2020-04-02 Earnings, Regulation FD, Other Events, Exhibits
8-K 2020-02-18 Officers, Exhibits
8-K 2020-02-03 Earnings, Regulation FD, Exhibits
8-K 2019-11-04 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2019-10-28 Earnings, Regulation FD, Exhibits
8-K 2019-09-25 Officers, Exhibits
8-K 2019-08-20 Enter Agreement, Officers, Exhibits
8-K 2019-08-05 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2019-07-29 Earnings, Regulation FD, Exhibits
8-K 2019-07-15 Officers, Regulation FD, Exhibits
8-K 2019-05-07 Shareholder Vote
8-K 2019-05-07 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2019-04-29 Earnings, Regulation FD, Exhibits
8-K 2019-03-08 Officers, Exhibits
8-K 2019-03-04 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-26 Officers, Exhibits
8-K 2019-02-04 Earnings, Regulation FD, Exhibits
8-K 2019-01-15 Enter Agreement, M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-01-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-12 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-11 Exit Costs, Impairments, Regulation FD, Exhibits
8-K 2018-11-07 Suspend Trading, Exhibits
8-K 2018-11-06 Enter Agreement, Regulation FD, Exhibits
8-K 2018-11-05 Officers, Exhibits
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-08-08 Officers
8-K 2018-08-03 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Regulation FD, Exhibits
8-K 2018-05-15 Shareholder Vote
8-K 2018-04-26 Earnings, Regulation FD, Exhibits
8-K 2018-03-21 Officers, Exhibits
8-K 2018-03-06 Other Events, Exhibits
8-K 2018-02-05 Earnings, Regulation FD, Exhibits

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 legex311q12020.htm
EX-31.2 legex312q12020.htm
EX-32.1 legex321q12020.htm
EX-32.2 legex322q12020.htm

Leggett & Platt Earnings 2020-03-31

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 March 31, 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 April 29, 2020: 132,276,805



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

 Page
Number
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements
Consolidated Condensed Balance Sheets at March 31, 2020 and December 31, 2019
Consolidated Condensed Statements of Operations for the three months ended March 31, 2020 and 2019
Consolidated Condensed Statements of Comprehensive Income (Loss) for the three months ended March 31, 2020 and 2019
Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 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)March 31,
2020
December 31,
2019
CURRENT ASSETS
Cash and cash equivalents$505.8  $247.6  
Trade receivables, net546.0  564.4  
Other receivables, net22.2  27.5  
Total receivables, net568.2  591.9  
Total inventories, net655.5  636.7  
Prepaid expenses and other current assets52.5  61.9  
Total current assets1,782.0  1,538.1  
PROPERTY, PLANT AND EQUIPMENT—AT COST
Machinery and equipment1,369.6  1,388.8  
Buildings and other696.3  719.0  
Land41.7  43.5  
Total property, plant and equipment2,107.6  2,151.3  
Less accumulated depreciation1,298.1  1,320.5  
Net property, plant and equipment809.5  830.8  
OTHER ASSETS
Goodwill1,391.4  1,406.3  
Other intangibles, less accumulated amortization of $237.6 and $222.3 as of March 31, 2020 and December 31, 2019, respectively
744.0  764.0  
Operating lease right-of-use assets155.3  158.8  
Sundry99.8  118.4  
Total other assets2,390.5  2,447.5  
TOTAL ASSETS$4,982.0  $4,816.4  
CURRENT LIABILITIES
Current maturities of long-term debt$51.2  $51.1  
Current portion of operating lease liabilities39.6  39.3  
Accounts payable429.1  463.4  
Accrued expenses244.0  281.0  
Other current liabilities90.8  93.3  
Total current liabilities854.7  928.1  
LONG-TERM LIABILITIES
Long-term debt2,415.2  2,066.5  
Operating lease liabilities117.9  121.6  
Other long-term liabilities158.5  173.5  
Deferred income taxes197.1  214.2  
Total long-term liabilities2,888.7  2,575.8  
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock2.0  2.0  
Additional contributed capital533.5  536.1  
Retained earnings2,723.5  2,734.5  
Accumulated other comprehensive loss(147.3) (76.8) 
Treasury stock(1,873.5) (1,883.8) 
Total Leggett & Platt, Inc. equity1,238.2  1,312.0  
Noncontrolling interest.4  .5  
Total equity1,238.6  1,312.5  
TOTAL LIABILITIES AND EQUITY$4,982.0  $4,816.4  
See accompanying notes to consolidated condensed financial statements.
2


LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three Months Ended
 March 31,
(Amounts in millions, except per share data)20202019
Net trade sales$1,045.5  $1,155.1  
Cost of goods sold822.7  922.1  
Gross profit222.8  233.0  
Selling and administrative expenses117.8  118.6  
Amortization of intangibles16.4  14.1  
Impairments3.5  2.9  
Other (income) expense, net4.4  (.8) 
Earnings before interest and income taxes80.7  98.2  
Interest expense20.9  21.4  
Interest income.9  1.4  
Earnings before income taxes60.7  78.2  
Income taxes15.0  17.1  
Net earnings45.7  61.1  
Loss attributable to noncontrolling interest, net of tax  .1  
Net earnings attributable to Leggett & Platt, Inc. common shareholders$45.7  $61.2  
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders
Basic$.34  $.46  
Diluted$.34  $.45  
Weighted average shares outstanding
Basic135.4  134.4  
Diluted135.6  135.0  
See accompanying notes to consolidated condensed financial statements.
3


LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
Three Months Ended
March 31,
(Amounts in millions)20202019
Net earnings$45.7  $61.1  
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(65.5) 8.8  
Cash flow hedges(6.3) 3.9  
Defined benefit pension plans1.2  .5  
Other comprehensive income (loss)(70.6) 13.2  
Comprehensive income (loss)(24.9) 74.3  
Add: comprehensive loss attributable to noncontrolling interest.1  .1  
Comprehensive income (loss) attributable to Leggett & Platt, Inc.$(24.8) $74.4  
See accompanying notes to consolidated condensed financial statements.
4


LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months Ended March 31,
(Amounts in millions)20202019
OPERATING ACTIVITIES
Net earnings$45.7  $61.1  
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation30.1  29.1  
Amortization of intangibles and supply agreements17.4  17.2  
Impairments3.5  2.9  
Provision for losses on accounts and notes receivable19.8  .9  
Writedown of inventories3.1  4.7  
Deferred income tax (benefit) expense (15.1) 3.8  
Stock-based compensation7.5  7.8  
Other, net7.8  (3.3) 
Increases/decreases in, excluding effects from acquisitions and divestitures:
Accounts and other receivables(7.1) (17.4) 
Inventories(34.3) 13.9  
Other current assets(3.4) (2.9) 
Accounts payable(27.8) (67.1) 
Accrued expenses and other current liabilities(36.8) (19.3) 
NET CASH PROVIDED BY OPERATING ACTIVITIES10.4  31.4  
INVESTING ACTIVITIES
Additions to property, plant and equipment(24.2) (31.8) 
Purchases of companies, net of cash acquired  (1,244.3) 
Other, net6.9  (1.1) 
NET CASH USED FOR INVESTING ACTIVITIES(17.3) (1,277.2) 
FINANCING ACTIVITIES
Additions to long-term debt  993.3  
Payments on long-term debt(12.5) (.9) 
Change in commercial paper and short-term debt352.6  296.9  
Dividends paid(52.7) (49.6) 
Issuances of common stock.6  6.5  
Purchases of common stock(8.2) (8.5) 
Other, net(.8) (1.0) 
NET CASH PROVIDED BY FINANCING ACTIVITIES279.0  1,236.7  
EFFECT OF EXCHANGE RATE CHANGES ON CASH(13.9) 4.3  
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS258.2  (4.8) 
CASH AND CASH EQUIVALENTS—January 1,247.6  268.1  
CASH AND CASH EQUIVALENTS—March 31,
$505.8  $263.3  
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 first quarter 2020 for 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 will apply this guidance to our annual goodwill impairment testing which will be completed in the second quarter of 2020.

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 March 31, 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 at March 31, 2020.
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.
 Three Months Ended March 31,
 20202019
Bedding Products 
Bedding group$490.6  $554.3  
 490.6  554.3  
Specialized Products  
Automotive group173.7  196.1  
Aerospace Products group38.4  39.4  
Hydraulic Cylinders group 22.4  27.4  
 234.5  262.9  
Furniture, Flooring & Textile Products 
Home Furniture group81.2  90.9  
Work Furniture group63.6  73.2  
Flooring & Textile Products group 175.6  173.8  
 320.4  337.9  
 $1,045.5  $1,155.1  

4. SEGMENT INFORMATION
Our reportable segments are the same as our operating segments, which also correspond with our management organizational structure. To reflect how we manage our newly aligned businesses and in conjunction with the change in executive officer leadership, our management organizational structure and all related internal reporting changed effective January 1, 2020. As a result, our segment reporting has changed to reflect the new structure. This segment change was retrospectively applied to all prior periods presented.
The new Bedding Products segment consists of the former Residential Products and Industrial Products segments, plus the Consumer Products Group (which is renamed the Adjustable Bed business unit), minus the Fabric & Flooring Products Group (which is renamed the Flooring & Textile Products Group).
The new Furniture, Flooring & Textile Products segment consists of the former Furniture Products segment, plus the Fabric & Flooring Products Group (which is renamed the Flooring & Textile Products Group) minus the Consumer Products Group (which is renamed the Adjustable Bed business unit).
Our Specialized Products segment was not changed.

We have three operating segments that supply a wide range of products:

Bedding Products: This segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as produces private-label finished mattresses for bedding brands and steel rod and drawn steel wire to our other operations and to external customers to make mechanical springs and many other end products. We also produce adjustable bed bases.
Specialized Products: This segment supplies lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. We also produce and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and construction industries.
8

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Furniture, Flooring & Textile Products: This segment supplies a wide range of components for residential and work furniture manufacturers, as well as select lines of private-label finished furniture. We also produce or distribute flooring underlayment, fabric, and geo components.

Each reportable segment has an executive vice president who has accountability to and maintains regular contact with our chief executive officer, who is the chief operating decision maker (CODM). The operating results and financial information reported through the segment structure are regularly reviewed and used by the CODM to evaluate segment performance, allocate overall resources and determine management incentive compensation.
The accounting principles used in the preparation of the segment information are the same as those used for the consolidated financial statements. We evaluate performance based on Earnings Before Interest and Taxes (EBIT). Intersegment sales are made primarily at prices that approximate market-based selling prices. Centrally incurred costs are allocated to the segments based on estimates of services used by the segment. Certain of our general and administrative costs and miscellaneous corporate income and expenses are allocated to the segments based on sales or other appropriate metrics. These allocated corporate costs include depreciation and other costs and income related to assets that are not allocated or otherwise included in the segment assets.
A summary of segment results from continuing operations is shown in the following tables.

Trade 1
Sales
Inter-
Segment
Sales
Total
Sales
EBITDepreciation and Amortization
Three Months Ended March 31, 2020
Bedding Products$490.6  $9.6  $500.2  $30.0  $26.8  
Specialized Products234.5  .8  235.3  27.7  11.2  
Furniture, Flooring & Textile Products320.4  5.2  325.6  26.5  6.5  
Intersegment eliminations and other 2, 3
(3.5) 3.0  
$1,045.5  $15.6  $1,061.1  $80.7  $47.5  
Three Months Ended March 31, 2019
Bedding Products$554.3  $10.2  $564.5  $44.1  $24.8  
Specialized Products262.9  .9  263.8  35.7  10.2  
Furniture, Flooring & Textile Products337.9  4.3  342.2  18.4  6.6  
Intersegment eliminations and other 2
  4.7  
$1,155.1  $15.4  $1,170.5  $98.2  $46.3  
1 See Note 3 for revenue by product line.
2 Depreciation and Amortization: Other relates to non-operating assets (assets not included in segment assets) and is allocated to segment EBIT as discussed above.
3 2020 EBIT: Other includes a charge to write off stock associated with a business divested in 2008.

9

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include working capital (all current assets and current liabilities) plus net property, plant and equipment. Segment assets for all years are reflected at their estimated average for the periods presented. 
March 31,
2020
December 31,
2019
Bedding Products$788.7  $816.9  
Specialized Products309.7  346.4  
Furniture, Flooring & Textile Products353.9  383.2  
Average current liabilities included in segment numbers above666.4  735.3  
Unallocated assets 1
2,912.8  2,662.7  
Difference between average assets and period-end balance sheet(49.5) (128.1) 
Total assets$4,982.0  $4,816.4  
 
1 Unallocated assets consist primarily of goodwill, other intangibles, cash and deferred tax assets. 

5. RESTRUCTURING AND IMPAIRMENT CHARGES

We implemented various cost reduction initiatives to improve our operating cost structures in the periods presented. These cost initiatives have, among other actions, included workforce reductions and the closure or consolidation of certain operations. Except for the 2018 Restructuring Plan (Plan) discussed below, none of these initiatives has individually resulted in a material charge to earnings.

In December 2018, we committed to the Plan primarily associated with our Furniture, Flooring & Textiles Products and Bedding Products segments, including the Home Furniture Group (which produces furniture components for the upholstered furniture industry) and a portion of the Adjustable Bed business (which supplied ornamental beds, bed frames and other sleep accessories sold to retailers). Both of these businesses had underperformed expectations primarily from weaker demand and higher raw material costs. These restructuring activities were substantially complete as of December 31, 2019.

In 2019, we modified the Plan to include four small facilities in the Bedding Products segment, most of which were substantially complete by the end of the year. All restructuring activities with this Plan are materially complete. The following table presents information associated with this Plan:
Total Amount Incurred to DateThree Months Ended 
 March 31, 2020
Total Incurred Full Year 2019 and 2018
2018 Restructuring Plan
Restructuring and restructuring-related$19.4  $.7  $18.7  
Impairment costs associated with this plan12.7    12.7  
$32.1  $.7  $31.4  
Amount of total that represents cash charges$15.5  $.6  $14.9  

10

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
The table below presents all restructuring and restructuring-related activity for the periods presented; the majority of the 2020 costs are related to the Plan:
 Three Months Ended March 31,
 20202019
Charged to other (income) expense, net:  
Severance and other restructuring costs $.6  $1.2  
Charged to cost of goods sold:
Inventory obsolescence and other .1  2.4  
Total restructuring and restructuring-related costs$.7  $3.6  
Amount of total that represents cash charges$.6  $1.2  

Restructuring and restructuring-related charges by segment were as follows:
 Three Months Ended March 31,
 20202019
Bedding Products$.6  $2.9  
Furniture, Flooring & Textile Products.1  .7  
Total$.7  $3.6  

The accrued liability associated with our total restructuring initiatives consisted of the following:
Balance at December 31, 2019Add: 2020 ChargesLess: 2020 PaymentsBalance at March 31, 2020
Termination benefits$3.5  $.2  $1.2  $2.5  
Other restructuring costs.7  .4  .5  .6  
 $4.2  $.6  $1.7  $