2023 Q2 Form 10-Q Financial Statement

#000005849223000015 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $1.221B $1.227B $1.196B
YoY Change -9.53% -8.42% -10.29%
Cost Of Revenue $1.000B $995.0M $985.2M
YoY Change -6.16% -5.69% -7.71%
Gross Profit $221.1M $218.6M $210.6M
YoY Change -17.62% -18.22% -20.65%
Gross Profit Margin 18.11% 17.82% 17.61%
Selling, General & Admin $119.2M $116.0M $109.8M
YoY Change 13.09% 3.85% 10.24%
% of Gross Profit 53.91% 53.06% 52.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.80M $45.40M $16.80M
YoY Change -62.25% -0.66% -63.87%
% of Gross Profit 7.6% 20.77% 7.98%
Operating Expenses $125.4M $116.0M $119.4M
YoY Change 18.98% 3.85% 3.2%
Operating Profit $95.70M $102.6M $91.20M
YoY Change -41.29% -34.06% -39.08%
Interest Expense -$22.00M $22.10M -$22.20M
YoY Change -204.27% 6.76% 34.55%
% of Operating Profit -22.99% 21.54% -24.34%
Other Income/Expense, Net
YoY Change
Pretax Income $73.70M $68.30M $69.00M
YoY Change -40.08% -42.17% -48.43%
Income Tax $19.50M $14.80M $16.20M
% Of Pretax Income 26.46% 21.67% 23.48%
Net Earnings $54.20M $53.50M $52.80M
YoY Change -43.07% -40.82% -49.95%
Net Earnings / Revenue 4.44% 4.36% 4.42%
Basic Earnings Per Share $0.40 $0.39
Diluted Earnings Per Share $0.40 $0.39 $0.39
COMMON SHARES
Basic Shares Outstanding 133.1M shares 132.9M shares 132.6M shares
Diluted Shares Outstanding 136.6M shares 136.3M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $272.4M $344.5M $316.5M
YoY Change 0.93% 5.26% -12.5%
Cash & Equivalents $272.4M $344.5M $316.5M
Short-Term Investments
Other Short-Term Assets $72.90M $59.40M $59.00M
YoY Change 0.69% -1.0% 0.17%
Inventory $857.8M $892.7M $907.5M
Prepaid Expenses
Receivables $702.7M $642.2M $609.0M
Other Receivables $0.00 $76.00M $66.00M
Total Short-Term Assets $1.906B $2.015B $1.958B
YoY Change -8.89% -5.76% -5.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.001B $786.6M $772.4M
YoY Change 33.42% 2.34% -1.16%
Goodwill $1.477B $1.474B $1.474B
YoY Change 3.26% 1.94% 1.71%
Intangibles $644.7M $660.4M $675.4M
YoY Change -3.13% -4.03% -4.58%
Long-Term Investments
YoY Change
Other Assets $115.5M $113.5M $110.9M
YoY Change 11.92% 2.53% 0.36%
Total Long-Term Assets $3.239B $3.255B $3.228B
YoY Change 3.18% 1.6% -0.43%
TOTAL ASSETS
Total Short-Term Assets $1.906B $2.015B $1.958B
Total Long-Term Assets $3.239B $3.255B $3.228B
Total Assets $5.144B $5.270B $5.186B
YoY Change -1.65% -1.34% -2.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $507.4M $552.2M $518.4M
YoY Change -15.71% -11.22% -15.54%
Accrued Expenses $56.30M $237.8M $261.7M
YoY Change -79.77% -14.86% -8.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.200M $8.900M $9.400M
YoY Change -97.28% -97.05% -96.87%
Total Short-Term Liabilities $955.6M $968.6M $968.1M
YoY Change -28.23% -28.32% -27.52%
LONG-TERM LIABILITIES
Long-Term Debt $2.016B $2.109B $2.074B
YoY Change 12.68% 16.96% 15.9%
Other Long-Term Liabilities $167.2M $129.8M $126.1M
YoY Change 24.96% -11.34% -22.59%
Total Long-Term Liabilities $2.184B $2.634B $2.577B
YoY Change -4.42% 13.59% 10.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $955.6M $968.6M $968.1M
Total Long-Term Liabilities $2.184B $2.634B $2.577B
Total Liabilities $3.476B $3.603B $3.545B
YoY Change -3.88% -1.84% -3.12%
SHAREHOLDERS EQUITY
Retained Earnings $3.031B $3.040B $3.046B
YoY Change -0.33% 1.12% 2.46%
Common Stock $572.2M $567.9M $568.5M
YoY Change 1.94% 2.07% 1.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.669B $1.667B $1.641B
YoY Change
Total Liabilities & Shareholders Equity $5.144B $5.270B $5.186B
YoY Change -1.65% -1.34% -2.28%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $54.20M $53.50M $52.80M
YoY Change -43.07% -40.82% -49.95%
Depreciation, Depletion And Amortization $16.80M $45.40M $16.80M
YoY Change -62.25% -0.66% -63.87%
Cash From Operating Activities $110.6M $96.70M $247.1M
YoY Change 23.16% 147.95% 29.44%
INVESTING ACTIVITIES
Capital Expenditures $30.50M $37.70M $34.80M
YoY Change -238.01% 101.6% -212.99%
Acquisitions
YoY Change
Other Investing Activities $4.300M -$800.0K -$21.00M
YoY Change 975.0% 223.08%
Cash From Investing Activities -$26.20M -$36.40M -$55.80M
YoY Change 20.74% 123.31% 49.6%
FINANCING ACTIVITIES
Cash Dividend Paid $58.30M
YoY Change 4.11%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -149.3M -$35.60M -106.9M
YoY Change 35.36% -37.65% 287.32%
NET CHANGE
Cash From Operating Activities 110.6M $96.70M 247.1M
Cash From Investing Activities -26.20M -$36.40M -55.80M
Cash From Financing Activities -149.3M -$35.60M -106.9M
Net Change In Cash -64.90M $28.00M 84.40M
YoY Change 53.79% -181.4% -33.02%
FREE CASH FLOW
Cash From Operating Activities $110.6M $96.70M $247.1M
Capital Expenditures $30.50M $37.70M $34.80M
Free Cash Flow $80.10M $59.00M $212.3M
YoY Change -28.42% 190.64% -4.24%

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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INTERIM PRESENTATION<div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interim financial statements of Leggett &amp; 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.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The December 31, 2022 financial position data included herein was derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP.</span></div><div style="margin-top:9pt;text-indent:14.4pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Accounts Receivable and Accounts Payable Programs</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We participate in trade receivables sales programs in combination with certain customers and third-party banking institutions. Under each of these programs, we sell our entire interest in the trade receivable for 100% of face value, less a discount. Because control of the sold receivable is transferred to the buyer at the time of sale, accounts receivable balances sold are removed from the Consolidated Condensed Balance Sheets and the related proceeds are reported as cash provided by operating activities in the Consolidated Condensed Statements of Cash Flows. We had approximately $50.0 and $55.0 of trade receivables that were sold and removed from our Consolidated Condensed Balance Sheets at March 31, 2023 and December 31, 2022, respectively.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We sometimes utilize third-party programs that allow our suppliers to be paid earlier at a discount. While these programs assist us in negotiating payment terms with our suppliers, we continue to make payments based on our customary terms. A vendor can elect to take payment from a third party earlier with a discount, and in that case, we pay the third party on the original due date of the invoice. Contracts with our suppliers are negotiated independently of supplier participation in the programs, and we cannot increase payment terms pursuant to the programs. The accounts payable associated with the third-party programs, which remain on our Consolidated Condensed Balance Sheets, were approximately $105.0 at March 31, 2023 and $80.0 at December 31, 2022.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While we utilize the above items as tools in our cash flow management, and offer them as options to facilitate customer and vendor operating cycles, if there were to be a cessation of these programs, we do not expect it would materially impact our operating cash flows or liquidity.</span></div>
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
21200000 usd
CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
1000000.0 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
600000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
100000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-6400000 usd
CY2022Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-500000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0 usd
CY2023Q1 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
3100000 usd
CY2023Q1 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
400000 usd
CY2023Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
4100000 usd
CY2023Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
100000 usd
CY2022Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
2400000 usd
CY2022Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
500000 usd
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
5500000 usd
CY2022Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
400000 usd
CY2023Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-2000000.0 usd
CY2022Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1600000 usd
CY2022Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
3000000.0 usd
CY2023Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
3000000.0 usd
CY2023Q1 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
13000000.0 usd
CY2023Q1 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
13000000.0 usd

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