LEGGETT & PLATT, INCORPORATED
Consolidated Statements of Operations
Year Ended December 31
(Amounts in millions, except per share data XXXXXXXXXX
Net trade sales $ 4,280.2 $ 4,752.5 $ 4,269.5
Cost of goods sold 3, XXXXXXXXXX, XXXXXXXXXX,380.8
Gross profit XXXXXXXXXX, XXXXXXXXXX
Selling and administrative expenses XXXXXXXXXX425.1
Amortization of intangibles XXXXXXXXXX5
Impairments XXXXXXXXXX
Other (income) expense, net XXXXXXXXXX
Earnings before interest and income taxes XXXXXXXXXX436.9
Interest expense XXXXXXXXXX9
Interest income XXXXXXXXXX
Earnings before income taxes XXXXXXXXXX384.4
Income taxes XXXXXXXXXX3
Net earnings XXXXXXXXXX306.1
(Earnings) attributable to noncontrolling interest, net of tax XXXXXXXXXX)
Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 247.6 $ 333.8 $ 305.9
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders
Basic $ 1.82 $ 2.48 $ 2.28
Diluted $ 1.82 $ 2.47 $ 2.26
The accompanying notes are an integral part of these financial statements.
LEGGETT & PLATT, INCORPORATED
Consolidated Statements of Comprehensive Income (Loss)
Year Ended December 31
(Amounts in millions XXXXXXXXXX
Net earnings $ 247.7 $ 333.9 $ 306.1
Other comprehensive income (loss), net of tax:
Foreign cu
ency translation adjustments XXXXXXXXXX0)
Cash flow hedges XXXXXXXXXX)
Defined benefit pension plans XXXXXXXXXX8)
Other comprehensive income (loss XXXXXXXXXX1)
Comprehensive income XXXXXXXXXX238.0
Less: comprehensive (income) attributable to noncontrolling interest — XXXXXXXXXX)
Comprehensive income attributable to Leggett & Platt, Inc. $ 272.0 $ 334.6 $ 237.8
The accompanying notes are an integral part of these financial statements.
LEGGETT & PLATT, INCORPORATED
Consolidated Balance Sheets
December 31
(Amounts in millions, except per share data XXXXXXXXXX
ASSETS
Cu
ent Assets
Cash and cash equivalents $ 348.9 $ 247.6
Trade receivables, net XXXXXXXXXX
Other receivables, net XXXXXXXXXX
Total receivables, net XXXXXXXXXX
Total inventories, net XXXXXXXXXX
Prepaid expenses and other cu
ent assets XXXXXXXXXX
Total cu
ent assets 1, XXXXXXXXXX,538.1
Property, Plant and Equipment—at cost
Machinery and equipment 1, XXXXXXXXXX,388.8
Buildings and other XXXXXXXXXX
Land XXXXXXXXXX
Total property, plant and equipment 2, XXXXXXXXXX,151.3
Less accumulated depreciation 1, XXXXXXXXXX,320.5
Net property, plant and equipment XXXXXXXXXX
Other Assets
Goodwill 1, XXXXXXXXXX,406.3
Other intangibles, net XXXXXXXXXX
Operating lease right-of-use assets XXXXXXXXXX
Sundry XXXXXXXXXX
Total other assets 2, XXXXXXXXXX,447.5
TOTAL ASSETS $ 4,754.0 $ 4,816.4
LIABILITIES AND EQUITY
Cu
ent Liabilities
Cu
ent maturities of long-term debt $ 50.9 $ 51.1
Cu
ent portion of operating lease liabilities XXXXXXXXXX
Accounts payable XXXXXXXXXX
Accrued expenses XXXXXXXXXX
Other cu
ent liabilities XXXXXXXXXX
Total cu
ent liabilities 1, XXXXXXXXXX
Long-term Liabilities
Long-term debt 1, XXXXXXXXXX,066.5
Operating lease liabilities XXXXXXXXXX
Other long-term liabilities XXXXXXXXXX
Defe
ed income taxes XXXXXXXXXX
Total long-term liabilities 2, XXXXXXXXXX,575.8
Commitments and Contingencies
Equity
Common stock: Prefe
ed stock—authorized, 100.0 shares; none issued; Common stock—authorized, 600.0 shares of $.01 par value; 198.8 shares issued XXXXXXXXXX
Additional contributed capital XXXXXXXXXX
Retained earnings 2, XXXXXXXXXX,734.5
Accumulated other comprehensive (loss XXXXXXXXXX)
Less treasury stock—at cost (66.2 and 67.0 shares at December 31, 2020 and 2019, respectively) (1, XXXXXXXXXX,883.8)
Total Leggett & Platt, Inc. equity 1, XXXXXXXXXX,312.0
Noncontrolling interest XXXXXXXXXX
Total equity 1, XXXXXXXXXX,312.5
TOTAL LIABILITIES AND EQUITY $ 4,754.0 $ 4,816.4
XXXXXXXXXXThe accompanying notes are an integral part of these financial statements.
LEGGETT & PLATT, INCORPORATED
Consolidated Statements of Cash Flows
Year Ended December 31
(Amounts in millions XXXXXXXXXX
Operating Activities
Net earnings $ 247.7 $ 333.9 $ 306.1
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation XXXXXXXXXX104.3
Amortization of intangibles and supply agreements XXXXXXXXXX8
Long-lived asset impairment XXXXXXXXXX
Goodwill impairment 25.4 — —
Provision for losses on accounts and notes receivable XXXXXXXXXX
Writedown of inventories XXXXXXXXXX
Net gain from sales of assets and businesses XXXXXXXXXX1)
Defe
ed income tax (benefit) expense XXXXXXXXXX2)
Stock-based compensation XXXXXXXXXX5
Pension expense (income), net of contributions XXXXXXXXXX)
Other, net XXXXXXXXXX
Increases/decreases in, excluding effects from acquisitions and divestitures:
Accounts and other receivables XXXXXXXXXX.8)
Inventories XXXXXXXXXX54.3)
Other cu
ent assets XXXXXXXXXX)
Accounts payable XXXXXXXXXX.2
Accrued expenses and other cu
ent liabilities XXXXXXXXXX)
Net Cash Provided by Operating Activities XXXXXXXXXX440.3
Investing Activities
Additions to property, plant and equipment XXXXXXXXXX XXXXXXXXXX)
Purchases of companies, net of cash acquired — (1, XXXXXXXXXX)
Proceeds from sales of assets and businesses XXXXXXXXXX
Other, net XXXXXXXXXX.9)
Net Cash Used for Investing Activities XXXXXXXXXX, XXXXXXXXXX)
Financing Activities
Additions to long-term debt — XXXXXXXXXX —
Payments on long-term debt XXXXXXXXXX XXXXXXXXXX)
Change in commercial paper and short-term debt XXXXXXXXXX.6
Dividends paid XXXXXXXXXX XXXXXXXXXX)
Issuances of common stock 1.5