$LEG
LEGGETT & PLATT INC

2023 Q4 Form 10-Q Financial Statement

#000005849223000030 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.115B $1.175B
YoY Change -6.75% -10.1%
Cost Of Revenue $915.3M $961.1M
YoY Change -7.1% -9.66%
Gross Profit $199.8M $214.3M
YoY Change -5.13% -7.03%
Gross Profit Margin 17.92% 18.23%
Selling, General & Admin $121.1M $109.1M
YoY Change 10.29% 8.67%
% of Gross Profit 60.61% 50.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.40M $45.00M
YoY Change 3.57% 2.04%
% of Gross Profit 8.71% 21.0%
Operating Expenses $566.6M $109.1M
YoY Change 374.54% 8.67%
Operating Profit -$366.8M $105.2M
YoY Change -502.19% -19.14%
Interest Expense -$19.50M $22.00M
YoY Change -12.16% 7.32%
% of Operating Profit 20.91%
Other Income/Expense, Net
YoY Change
Pretax Income -$386.3M $70.90M
YoY Change -659.86% -24.17%
Income Tax -$88.90M $18.00M
% Of Pretax Income 25.39%
Net Earnings -$297.3M $52.80M
YoY Change -663.07% -26.05%
Net Earnings / Revenue -26.66% 4.49%
Basic Earnings Per Share $0.39
Diluted Earnings Per Share -$2.18 $0.39
COMMON SHARES
Basic Shares Outstanding 133.3M shares 133.2M shares
Diluted Shares Outstanding 136.8M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $365.5M $273.9M
YoY Change 15.48% 21.09%
Cash & Equivalents $365.5M $273.9M
Short-Term Investments
Other Short-Term Assets $58.90M $66.10M
YoY Change -0.17% -3.5%
Inventory $819.7M $834.9M
Prepaid Expenses
Receivables $637.3M $626.9M
Other Receivables $0.00 $84.40M
Total Short-Term Assets $1.881B $1.886B
YoY Change -3.91% -5.74%
LONG-TERM ASSETS
Property, Plant & Equipment $974.4M $776.7M
YoY Change 26.15% 4.79%
Goodwill $1.490B $1.475B
YoY Change 1.04% 1.78%
Intangibles $167.5M $622.5M
YoY Change -75.2% -9.66%
Long-Term Investments
YoY Change
Other Assets $121.4M $116.7M
YoY Change 9.47% 12.75%
Total Long-Term Assets $2.753B $3.191B
YoY Change -14.71% 0.54%
TOTAL ASSETS
Total Short-Term Assets $1.881B $1.886B
Total Long-Term Assets $2.753B $3.191B
Total Assets $4.635B $5.078B
YoY Change -10.64% -1.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $536.2M $534.1M
YoY Change 3.43% 4.21%
Accrued Expenses $57.30M $295.4M
YoY Change -78.1% 6.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $308.0M $8.900M
YoY Change 3176.6% 20.27%
Total Short-Term Liabilities $1.263B $1.009B
YoY Change 30.42% 4.57%
LONG-TERM LIABILITIES
Long-Term Debt $1.680B $1.963B
YoY Change -19.02% -8.0%
Other Long-Term Liabilities $150.5M $108.6M
YoY Change 19.35% -26.22%
Total Long-Term Liabilities $1.830B $2.433B
YoY Change -28.97% -8.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.263B $1.009B
Total Long-Term Liabilities $1.830B $2.433B
Total Liabilities $3.301B $3.442B
YoY Change -6.89% -4.73%
SHAREHOLDERS EQUITY
Retained Earnings $2.661B $3.021B
YoY Change -12.64% -1.04%
Common Stock $575.8M $575.4M
YoY Change 1.28% 1.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.334B $1.635B
YoY Change
Total Liabilities & Shareholders Equity $4.635B $5.078B
YoY Change -10.64% -1.89%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$297.3M $52.80M
YoY Change -663.07% -26.05%
Depreciation, Depletion And Amortization $17.40M $45.00M
YoY Change 3.57% 2.04%
Cash From Operating Activities $146.1M $143.8M
YoY Change -40.87% 119.54%
INVESTING ACTIVITIES
Capital Expenditures $23.40M $22.20M
YoY Change -32.76% -189.88%
Acquisitions
YoY Change
Other Investing Activities $9.500M $7.400M
YoY Change -145.24% -111.8%
Cash From Investing Activities -$13.90M -$14.80M
YoY Change -75.09% -83.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.00M -125.9M
YoY Change -55.1% 957.98%
NET CHANGE
Cash From Operating Activities 146.1M 143.8M
Cash From Investing Activities -13.90M -14.80M
Cash From Financing Activities -48.00M -125.9M
Net Change In Cash 84.20M 3.100M
YoY Change -0.24% -109.17%
FREE CASH FLOW
Cash From Operating Activities $146.1M $143.8M
Capital Expenditures $23.40M $22.20M
Free Cash Flow $122.7M $121.6M
YoY Change -42.2% 34.81%

Facts In Submission

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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 $65.0 of trade receivables that were sold and removed from our balance sheets at both September 30, 2023 and 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%">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 $90.0 at September 30, 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>
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
100000 usd
CY2023Q3 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
2700000 usd
CY2023Q3 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
100000 usd
CY2023Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
6500000 usd
CY2023Q3 us-gaap Derivative Liabilities Noncurrent
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400000 usd
CY2022Q4 us-gaap Derivative Assets Current
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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
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-3500000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
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CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
700000 usd
CY2022Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-2000000.0 usd
leg Gain Loss On Disposal Of Assets And Businesses Net Of Insurance Proceeds
GainLossOnDisposalOfAssetsAndBusinessesNetOfInsuranceProceeds
6000000.0 usd
leg Gain Loss On Disposal Of Assets And Businesses Net Of Insurance Proceeds
GainLossOnDisposalOfAssetsAndBusinessesNetOfInsuranceProceeds
1600000 usd
CY2023Q3 leg Gain Loss On Disposal Of Assets And Businesses Net Of Insurance Proceeds
GainLossOnDisposalOfAssetsAndBusinessesNetOfInsuranceProceeds
5500000 usd
CY2022Q3 leg Gain Loss On Disposal Of Assets And Businesses Net Of Insurance Proceeds
GainLossOnDisposalOfAssetsAndBusinessesNetOfInsuranceProceeds
300000 usd
us-gaap Restructuring Charges
RestructuringCharges
2700000 usd
us-gaap Restructuring Charges
RestructuringCharges
1400000 usd
CY2023Q3 us-gaap Restructuring Charges
RestructuringCharges
2500000 usd
CY2022Q3 us-gaap Restructuring Charges
RestructuringCharges
1400000 usd
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-1500000 usd
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
2700000 usd
CY2023Q3 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-200000 usd
CY2022Q3 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
2000000.0 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
3100000 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
-11200000 usd
CY2023Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-1500000 usd
CY2022Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-2300000 usd
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0 usd
CY2023Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
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CY2022Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0 usd
leg Insurance Income Expense Net
InsuranceIncomeExpenseNet
3600000 usd
leg Insurance Income Expense Net
InsuranceIncomeExpenseNet
0 usd
CY2023Q3 leg Insurance Income Expense Net
InsuranceIncomeExpenseNet
0 usd
CY2022Q3 leg Insurance Income Expense Net
InsuranceIncomeExpenseNet
0 usd
leg Non Service Pension Income Expense
NonServicePensionIncomeExpense
300000 usd
leg Non Service Pension Income Expense
NonServicePensionIncomeExpense
2900000 usd
CY2023Q3 leg Non Service Pension Income Expense
NonServicePensionIncomeExpense
200000 usd
CY2022Q3 leg Non Service Pension Income Expense
NonServicePensionIncomeExpense
1000000.0 usd
leg Other Operating Income Expense Misc Net
OtherOperatingIncomeExpenseMiscNet
-2900000 usd
leg Other Operating Income Expense Misc Net
OtherOperatingIncomeExpenseMiscNet
500000 usd
CY2023Q3 leg Other Operating Income Expense Misc Net
OtherOperatingIncomeExpenseMiscNet
-1000000.0 usd
CY2022Q3 leg Other Operating Income Expense Misc Net
OtherOperatingIncomeExpenseMiscNet
100000 usd
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
18300000 usd
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-4900000 usd
CY2023Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
4100000 usd
CY2022Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-300000 usd
CY2023Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
3000000.0 usd
CY2022Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
3000000.0 usd
CY2023Q3 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
21000000.0 usd
CY2023Q3 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
21000000.0 usd
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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