Company Quick10K Filing
Leggett & Platt
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 135 $5,182
10-Q 2019-11-05 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-07 Quarter: 2019-03-31
10-K 2019-02-27 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-02-22 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-02-22 Annual: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-04 Quarter: 2016-03-31
10-K 2016-02-25 Annual: 2015-12-31
10-Q 2015-11-04 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-06 Quarter: 2015-03-31
10-K 2015-02-26 Annual: 2014-12-31
10-Q 2014-11-04 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-Q 2014-05-07 Quarter: 2014-03-31
10-K 2014-02-26 Annual: 2013-12-31
10-Q 2013-11-06 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-04 Quarter: 2012-03-31
10-K 2012-02-24 Annual: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-04 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-24 Annual: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-05 Quarter: 2010-03-31
10-K 2010-02-25 Annual: 2009-12-31
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 2019-09-30
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 legex311q32019.htm
EX-31.2 legex312q32019.htm
EX-32.1 legex321q32019.htm
EX-32.2 legex322q32019.htm

Leggett & Platt Earnings 2019-09-30

LEG 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
WSM 5,365 3,870 2,748 5,805 2,133 352 635 5,544 37% 8.7 9%
LEG 5,182 5,002 3,763 4,758 943 291 607 7,256 20% 12.0 6%
TPX 4,028 3,047 2,741 2,834 1,178 125 385 5,635 42% 14.6 4%
HELE 3,491 1,703 667 1,586 648 171 228 3,794 41% 16.6 10%
FUL 2,481 4,033 2,857 2,926 815 140 336 4,453 28% 13.2 3%
BBBY 1,542 7,988 5,926 11,848 4,026 0 405 2,305 34% 5.7 0%
LZB 1,528 1,362 679 1,774 722 75 100 1,415 41% 14.2 6%
SNBR 1,217 796 953 1,609 981 75 162 1,215 61% 7.5 9%
CODI 949 2,370 1,369 1,733 584 109 227 1,869 34% 8.2 5%
TILE 932 1,454 1,102 1,311 476 51 153 1,520 36% 10.0 4%

Document
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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 September 30, 2019
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)
Missouri
 
44-0324630
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
No. 1 Leggett Road
 
 
Carthage,
Missouri
 
64836
(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 class
Trading Symbol
Name of each exchange on which registered
Common Stock, $.01 par value
LEG
New 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 filer
 
 
Smaller 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 October 23, 2019: 131,602,794




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

 
Page
Number
PART I - FINANCIAL INFORMATION
Item 1.
Financial Statements
 
 
Consolidated Condensed Balance Sheets at September 30, 2019 and December 31, 2018
 
Consolidated Condensed Statements of Operations for the three and nine months ended September 30, 2019 and 2018
 
Consolidated Condensed Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2019 and 2018
 
Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2019 and 2018
 
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





PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(Amounts in millions)
September 30,
2019
 
December 31,
2018
CURRENT ASSETS
 
 
 
Cash and cash equivalents
$
242.0

 
$
268.1

Trade receivables, net
655.6

 
545.3

Other receivables, net
21.7

 
26.3

Total receivables, net
677.3

 
571.6

Total inventories, net
635.8

 
633.9

Prepaid expenses and other current assets
49.5

 
51.0

Total current assets
1,604.6

 
1,524.6

PROPERTY, PLANT AND EQUIPMENT—AT COST
 
 
 
Machinery and equipment
1,358.7

 
1,281.7

Buildings and other
707.1

 
656.8

Land
44.3

 
42.4

Total property, plant and equipment
2,110.1

 
1,980.9

Less accumulated depreciation
1,292.8

 
1,252.4

Net property, plant and equipment
817.3

 
728.5

OTHER ASSETS
 
 
 
Goodwill
1,392.0

 
833.8

Other intangibles, less accumulated amortization of $205.8 and $161.7 as of September 30, 2019 and December 31, 2018, respectively
770.6

 
178.7

Operating lease right-of-use assets
156.0

 

Sundry
117.3

 
116.4

Total other assets
2,435.9

 
1,128.9

TOTAL ASSETS
$
4,857.8

 
$
3,382.0

CURRENT LIABILITIES
 
 
 
Current maturities of long-term debt
$
51.2

 
$
1.2

Current portion of operating lease liabilities
38.0

 

Accounts payable
467.3

 
465.4

Accrued expenses
270.6

 
262.7

Other current liabilities
93.7

 
86.4

Total current liabilities
920.8

 
815.7

LONG-TERM LIABILITIES
 
 
 
Long-term debt
2,197.1

 
1,167.8

Operating lease liabilities
119.0

 

Other long-term liabilities
148.2

 
155.3

Deferred income taxes
217.1

 
85.6

Total long-term liabilities
2,681.4

 
1,408.7

COMMITMENTS AND CONTINGENCIES

 

EQUITY
 
 
 
Common stock
2.0

 
2.0

Additional contributed capital
531.4

 
527.1

Retained earnings
2,701.8

 
2,613.8

Accumulated other comprehensive loss
(95.8
)
 
(77.6
)
Treasury stock
(1,884.2
)
 
(1,908.3
)
Total Leggett & Platt, Inc. equity
1,255.2

 
1,157.0

Noncontrolling interest
.4

 
.6

Total equity
1,255.6

 
1,157.6

TOTAL LIABILITIES AND EQUITY
$
4,857.8

 
$
3,382.0

See accompanying notes to consolidated condensed financial statements.

2



LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
 
 
Nine Months Ended
 
Three Months Ended
 
September 30,
 
September 30,
(Amounts in millions, except per share data)
2019
 
2018
 
2019
 
2018
Net sales
$
3,607.6

 
$
3,222.8

 
$
1,239.3

 
$
1,091.5

Cost of goods sold
2,829.4

 
2,547.3

 
963.8

 
864.4

Gross profit
778.2

 
675.5

 
275.5

 
227.1

Selling and administrative expenses
352.1

 
313.2

 
115.2

 
100.7

Amortization of intangibles
47.3

 
15.3

 
16.3

 
5.2

Impairments
5.7

 
.3

 
1.4

 
.1

Net gain from sale of assets and businesses
(4.8
)
 
(1.6
)
 
(3.0
)
 
(.6
)
Other (income) expense, net
(.4
)
 
(4.6
)
 
1.5

 
(2.7
)
Earnings before interest and income taxes
378.3

 
352.9

 
144.1

 
124.4

Interest expense
68.5

 
43.5

 
22.6

 
13.1

Interest income
5.5

 
6.8

 
1.5

 
2.0

Earnings before income taxes
315.3

 
316.2

 
123.0

 
113.3

Income taxes
68.3

 
63.2

 
23.4

 
23.3

Net earnings
247.0

 
253.0

 
99.6

 
90.0

Earnings attributable to noncontrolling interest, net of tax

 
(.1
)
 

 

Net earnings attributable to Leggett & Platt, Inc. common shareholders
$
247.0

 
$
252.9

 
$
99.6

 
$
90.0

Net earnings per share attributable to Leggett & Platt, Inc. common shareholders
 
 
 
 
 
 
 
Basic
$
1.83

 
$
1.88

 
$
.74

 
$
.67

Diluted
$
1.83

 
$
1.87

 
$
.74

 
$
.67

 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
 
 
 
 
 
 
Basic
134.7

 
134.4

 
134.9

 
133.8

Diluted
135.2

 
135.4

 
135.4

 
134.7

See accompanying notes to consolidated condensed financial statements.

3



LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
 
Nine Months Ended
 
Three Months Ended
 
September 30,
 
September 30,
(Amounts in millions)
2019
 
2018
 
2019
 
2018
Net earnings
$
247.0

 
$
253.0

 
$
99.6

 
$
90.0

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
(23.1
)
 
(50.0
)
 
(32.9
)
 
(10.9
)
Cash flow hedges
3.4

 
(.7
)
 
(1.2
)
 
.6

Defined benefit pension plans
1.5

 
1.5

 
.5

 
.4

Other comprehensive income (loss)
(18.2
)
 
(49.2
)
 
(33.6
)
 
(9.9
)
Comprehensive income
228.8

 
203.8

 
66.0

 
80.1

Add: comprehensive loss (earnings) attributable to noncontrolling interest

 
(.1
)
 

 
(.1
)
Comprehensive income attributable to Leggett & Platt, Inc.
$
228.8

 
$
203.7

 
$
66.0

 
$
80.0

See accompanying notes to consolidated condensed financial statements.

4


LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Nine Months Ended September 30,
(Amounts in millions)
2019
 
2018
OPERATING ACTIVITIES
 
 
 
Net earnings
$
247.0

 
$
253.0

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation
87.9

 
77.4

Amortization of intangibles and supply agreements
56.8

 
23.6

Long-lived asset impairments
5.7

 
.3

Provision for losses on accounts and notes receivable
2.3

 
1.9

Writedown of inventories
7.9

 
4.9

Net gain from sales of assets and businesses
(4.8
)
 
(1.8
)
Deferred income tax expense
5.5

 
2.0

Stock-based compensation
23.9

 
26.6

Pension expense (benefit), net of contributions
1.5

 
(18.7
)
Other, net
3.5

 
3.4

Increases/decreases in, excluding effects from acquisitions and divestitures:
 
 
 
Accounts and other receivables
(45.4
)
 
(76.2
)
Inventories
47.5

 
(45.8
)
Other current assets
(.4
)
 
.9

Accounts payable
(30.2
)
 
(.6
)
Accrued expenses and other current liabilities
7.9

 
.2

NET CASH PROVIDED BY OPERATING ACTIVITIES
416.6

 
251.1

INVESTING ACTIVITIES
 
 
 
Additions to property, plant and equipment
(103.0
)
 
(122.6
)
Purchases of companies, net of cash acquired
(1,244.3
)
 
(107.9
)
Proceeds from sales of assets and businesses
5.3

 
3.7

Other, net
(7.5
)
 
(13.5
)
NET CASH USED FOR INVESTING ACTIVITIES
(1,349.5
)
 
(240.3
)
FINANCING ACTIVITIES
 
 
 
Additions to long-term debt
993.3

 

Payments on long-term debt
(25.1
)
 
(152.3
)
Change in commercial paper and short-term debt
106.3

 
251.8

Dividends paid
(152.0
)
 
(144.2
)
Issuances of common stock
7.4

 
4.3

Purchases of common stock
(11.8
)
 
(112.2
)
Additional consideration paid on prior year acquisitions
(1.1
)
 
(8.6
)
Other, net
(2.6
)
 
9.0

NET CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
914.4

 
(152.2
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
(7.6
)
 
(21.2
)
DECREASE IN CASH AND CASH EQUIVALENTS
(26.1
)
 
(162.6
)
CASH AND CASH EQUIVALENTS—January 1,
268.1

 
526.1

CASH AND CASH EQUIVALENTS—September 30,
$
242.0

 
$
363.5

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, 2018 financial position data included herein was derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP.

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. The FASB has issued accounting guidance, in addition to the items discussed below, effective for future periods which we do not believe will have a material impact on our future financial statements.

Adopted in 2019:

On January 1, 2019, we adopted ASU 2016-02 “Leases” (Topic 842) as discussed in Note 5.

ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”: This ASU is intended to simplify and clarify the accounting and disclosure requirements for hedging activities by more closely aligning the results of cash flow and fair value hedge accounting with the risk management activities of an entity. This guidance was effective January 1, 2019 and it did not have a material impact on our results of operations, financial condition and cash flows.
 
To be adopted in future years:

ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326): This ASU is effective January 1, 2020 and amends the impairment model by requiring a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments including trade receivables. We are finalizing the evaluation of this guidance, and we do not expect it to materially impact our future financial statements.

ASU 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”: This ASU will be effective January 1, 2020 and simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this ASU, the annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. 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 are currently evaluating this guidance and do not expect it to materially impact our future financial statements.

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)”:  This ASU will be effective January 1, 2020 and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for

6

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

capitalizing implementation costs incurred to develop or obtain internal-use software.  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
    
On January 1, 2018, we adopted ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all the related amendments using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as a $2.3 reduction to the opening balance of "Retained earnings".

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 September 30, 2019, 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 September 30, 2019.
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.
 
Nine Months Ended September 30,
 
Three Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Residential Products
 
 
 
 
 
 
 
Bedding group 1
$
1,139.6

 
$
679.3

 
$
409.8

 
$
236.9

Fabric & Flooring Products group
596.0

 
555.2

 
206.4

 
194.2

Machinery group
39.4

 
48.9

 
15.7

 
15.4

 
1,775.0

 
1,283.4

 
631.9

 
446.5

Industrial Products
 
 
 
 
 
 
 
Wire group
238.1

 
275.8

 
68.6

 
97.4

 
238.1

 
275.8

 
68.6

 
97.4

Furniture Products
 
 
 
 
 
 
 
Home Furniture group
264.1

 
291.9

 
85.9

 
91.9

Work Furniture group
224.7

 
217.5

 
77.0

 
71.6

Consumer Products group
308.6

 
357.4

 
108.7

 
130.6

 
797.4

 
866.8

 
271.6

 
294.1

Specialized Products
 
 
 
 
 
 
 
Automotive group
607.6

 
623.5

 
209.6

 
195.7

Aerospace Products group
116.3

 
112.6

 
36.2

 
35.8

Hydraulic Cylinders group 2
73.2

 
60.7

 
21.4

 
22.0

 
797.1

 
796.8

 
267.2

 
253.5

 
$
3,607.6

 
$
3,222.8

 
$
1,239.3

 
$
1,091.5


1 On January 16, 2019, we completed the acquisition of Elite Comfort Solutions, Inc. (ECS) as discussed in Note 10.
2 This group was formed January 31, 2018, with the acquisition of a manufacturer of hydraulic cylinders. See Note 10.

4. SEGMENT INFORMATION
We have four operating segments that supply a wide range of products:

Residential 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. We also produce or distribute flooring underlayment, fabric, and geo components.
Industrial Products: This segment primarily supplies steel rod and drawn steel wire to our other operations and to external customers. Our customers use this wire to make mechanical springs and many other end products.
Furniture 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 and 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.

Our reportable segments are the same as our operating segments, which also correspond with our management structure. 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.

8

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

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
Sales
 
Inter-
Segment
Sales
 
Total
Sales
 
EBIT
 
Depreciation and Amortization
Three Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
Residential Products
$
631.9

 
$
3.7

 
$
635.6

 
$
53.2

 
$
25.9

Industrial Products
68.6

 
75.8

 
144.4

 
22.6

 
2.8

Furniture Products
271.6

 
2.2

 
273.8

 
24.6

 
3.8

Specialized Products
267.2

 
.9

 
268.1

 
44.4

 
10.4

Intersegment eliminations, unallocated assets and other 1
 
 
 
 
 
 
(.7
)
 
5.5

 
$
1,239.3

 
$
82.6

 
$
1,321.9

 
$
144.1

 
$
48.4

Three Months Ended September 30, 2018
 
 
 
 
 
 
 
Residential Products
$
446.5

 
$
3.4

 
$
449.9

 
$
43.0

 
$
11.4

Industrial Products
97.4

 
76.0