2024 Q3 Form 10-Q Financial Statement
#000005849224000501 Filed on August 07, 2024
Income Statement
| Concept | 2024 Q3 | 2024 Q2 |
|---|---|---|
| Revenue | $1.102B | $1.129B |
| YoY Change | -6.27% | -7.58% |
| Cost Of Revenue | $901.1M | $942.1M |
| YoY Change | -6.24% | -5.8% |
| Gross Profit | $200.6M | $186.5M |
| YoY Change | -6.39% | -15.65% |
| Gross Profit Margin | 18.21% | 16.52% |
| Selling, General & Admin | $127.0M | $131.5M |
| YoY Change | 16.41% | 10.32% |
| % of Gross Profit | 63.31% | 70.51% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $7.200M | $32.60M |
| YoY Change | -84.0% | 94.05% |
| % of Gross Profit | 3.59% | 17.48% |
| Operating Expenses | $122.9M | $131.5M |
| YoY Change | 12.65% | 4.86% |
| Operating Profit | $77.70M | $55.00M |
| YoY Change | -26.14% | -42.53% |
| Interest Expense | -$20.00M | $22.40M |
| YoY Change | -190.91% | -201.82% |
| % of Operating Profit | -25.74% | 40.73% |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $57.70M | -$634.3M |
| YoY Change | -18.62% | -960.65% |
| Income Tax | $12.80M | -$32.20M |
| % Of Pretax Income | 22.18% | |
| Net Earnings | $44.90M | -$602.2M |
| YoY Change | -14.96% | -1211.07% |
| Net Earnings / Revenue | 4.08% | -53.36% |
| Basic Earnings Per Share | $0.33 | -$4.39 |
| Diluted Earnings Per Share | $0.33 | -$4.39 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 134.2M shares | 134.0M shares |
| Diluted Shares Outstanding | 138.0M shares | 137.3M shares |
Balance Sheet
| Concept | 2024 Q3 | 2024 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $277.2M | $307.0M |
| YoY Change | 1.2% | 12.7% |
| Cash & Equivalents | $277.2M | $307.0M |
| Short-Term Investments | ||
| Other Short-Term Assets | $64.80M | $77.50M |
| YoY Change | -1.97% | 6.31% |
| Inventory | $754.4M | $755.4M |
| Prepaid Expenses | ||
| Receivables | $638.1M | $593.0M |
| Other Receivables | $0.00 | $55.70M |
| Total Short-Term Assets | $1.735B | $1.789B |
| YoY Change | -8.04% | -6.15% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $937.1M | $756.6M |
| YoY Change | 20.65% | -24.43% |
| Goodwill | $814.7M | $804.1M |
| YoY Change | -44.78% | -45.56% |
| Intangibles | $151.4M | $156.1M |
| YoY Change | -75.68% | -75.79% |
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $142.4M | $141.2M |
| YoY Change | 22.02% | 22.25% |
| Total Long-Term Assets | $2.046B | $2.050B |
| YoY Change | -35.9% | -36.69% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $1.735B | $1.789B |
| Total Long-Term Assets | $2.046B | $2.050B |
| Total Assets | $3.780B | $3.839B |
| YoY Change | -25.55% | -25.38% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $516.0M | $521.8M |
| YoY Change | -3.39% | 2.84% |
| Accrued Expenses | $53.70M | $239.7M |
| YoY Change | -81.82% | 325.75% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $301.1M | $301.0M |
| YoY Change | 3283.15% | 3570.73% |
| Total Short-Term Liabilities | $1.172B | $1.168B |
| YoY Change | 16.11% | 22.22% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $1.578B | $1.702B |
| YoY Change | -19.6% | -15.59% |
| Other Long-Term Liabilities | $143.3M | $90.40M |
| YoY Change | 31.95% | -45.93% |
| Total Long-Term Liabilities | $1.722B | $2.003B |
| YoY Change | -29.23% | -8.29% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $1.172B | $1.168B |
| Total Long-Term Liabilities | $1.722B | $2.003B |
| Total Liabilities | $3.038B | $3.171B |
| YoY Change | -11.72% | -8.78% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $2.057B | $2.019B |
| YoY Change | -31.91% | -33.38% |
| Common Stock | $572.8M | $573.8M |
| YoY Change | -0.45% | 0.28% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $741.8M | $667.6M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $3.780B | $3.839B |
| YoY Change | -25.55% | -25.38% |
Cashflow Statement
| Concept | 2024 Q3 | 2024 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $44.90M | -$602.2M |
| YoY Change | -14.96% | -1211.07% |
| Depreciation, Depletion And Amortization | $7.200M | $32.60M |
| YoY Change | -84.0% | 94.05% |
| Cash From Operating Activities | $95.50M | $94.00M |
| YoY Change | -33.59% | -15.01% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $18.40M | $15.50M |
| YoY Change | -17.12% | -49.18% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $18.20M | $7.300M |
| YoY Change | 145.95% | 69.77% |
| Cash From Investing Activities | -$200.0K | -$8.200M |
| YoY Change | -98.65% | -68.7% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -129.5M | -135.2M |
| YoY Change | 2.86% | -9.44% |
| NET CHANGE | ||
| Cash From Operating Activities | 95.50M | 94.00M |
| Cash From Investing Activities | -200.0K | -8.200M |
| Cash From Financing Activities | -129.5M | -135.2M |
| Net Change In Cash | -34.20M | -49.40M |
| YoY Change | -1203.23% | -23.88% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $95.50M | $94.00M |
| Capital Expenditures | $18.40M | $15.50M |
| Free Cash Flow | $77.10M | $78.50M |
| YoY Change | -36.6% | -2.0% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2024Q2 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
675300000 | usd |
| CY2024Q2 | us-gaap |
Derivative Asset Statement Of Financial Position Extensible Enumeration
DerivativeAssetStatementOfFinancialPositionExtensibleEnumeration
|
http://fasb.org/us-gaap/2024#AssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsNoncurrent | |
| CY2024Q2 | us-gaap |
Derivative Liability Statement Of Financial Position Extensible Enumeration
DerivativeLiabilityStatementOfFinancialPositionExtensibleEnumeration
|
http://fasb.org/us-gaap/2024#LiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent | |
| CY2023Q4 | us-gaap |
Derivative Asset Statement Of Financial Position Extensible Enumeration
DerivativeAssetStatementOfFinancialPositionExtensibleEnumeration
|
http://fasb.org/us-gaap/2024#AssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsNoncurrent | |
| CY2023Q4 | us-gaap |
Derivative Liability Statement Of Financial Position Extensible Enumeration
DerivativeLiabilityStatementOfFinancialPositionExtensibleEnumeration
|
http://fasb.org/us-gaap/2024#LiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent | |
| us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
100000 | usd | |
| us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
1100000 | usd | |
| us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
12000000.0 | usd | |
| us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
-60600000 | usd | |
| us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
123000000.0 | usd | |
| us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
116900000 | usd | |
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
4300000 | usd | |
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
5300000 | usd | |
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-1700000 | usd | |
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-1000000.0 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-117100000 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-184900000 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-10700000 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-3900000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-58500000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-44100000 | usd | |
| CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
365500000 | usd |
| CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
316500000 | usd |
| CY2024Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1289500000 | usd |
| CY2024Q2 | us-gaap |
Profit Loss
ProfitLoss
|
-602100000 | usd |
| CY2024Q2 | us-gaap |
Dividends Common Stock
DividendsCommonStock
|
6600000 | usd |
| CY2024Q2 | us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
200000 | usd |
| CY2024Q2 | us-gaap |
Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
|
1100000 | usd |
| CY2024Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-18600000 | usd |
| CY2024Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
5200000 | usd |
| CY2024Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
668300000 | usd |
| CY2023Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1667100000 | usd |
| CY2023Q2 | us-gaap |
Profit Loss
ProfitLoss
|
54200000 | usd |
| CY2023Q2 | us-gaap |
Dividends Common Stock
DividendsCommonStock
|
61200000 | usd |
| CY2023Q2 | us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
100000 | usd |
| CY2023Q2 | us-gaap |
Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
|
1400000 | usd |
| CY2023Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
3300000 | usd |
| CY2023Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
3900000 | usd |
| CY2023Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1668600000 | usd |
| CY2023Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1334000000 | usd |
| us-gaap |
Profit Loss
ProfitLoss
|
-570500000 | usd | |
| us-gaap |
Dividends Common Stock
DividendsCommonStock
|
68200000 | usd | |
| us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
4300000 | usd | |
| us-gaap |
Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
|
3200000 | usd | |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-43400000 | usd | |
| us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
17500000 | usd | |
| CY2024Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
668300000 | usd |
| CY2022Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1641400000 | usd |
| us-gaap |
Profit Loss
ProfitLoss
|
107700000 | usd | |
| us-gaap |
Dividends Common Stock
DividendsCommonStock
|
119700000 | usd | |
| us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
5300000 | usd | |
| us-gaap |
Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
|
3400000 | usd | |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
24900000 | usd | |
| us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
16200000 | usd | |
| CY2023Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1668600000 | usd |
| us-gaap |
Basis Of Accounting
BasisOfAccounting
|
Interim Presentation<div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The December 31, 2023 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:'Arial',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:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We participate in trade receivables sales programs in combination with third-party banking institutions and certain customers. 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 $60.0 of trade receivables that were sold and removed from our balance sheets at June 30, 2024 and December 31, 2023, respectively.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',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 or for a fee. While these programs assist us in negotiating payment terms with our suppliers, we continue to make payments based on our customary terms. A supplier 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 $100.0 at June 30, 2024 and $105.0 at December 31, 2023, respectively.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The above items encompass multiple individual programs that are utilized as tools in our cash flow management, and we offer them as options to facilitate customer and vendor operating cycles. Because many of these programs operate independently, and a cessation of all these programs at the same time is not reasonably likely, we do not expect changes in these programs to have a material impact on our operating cash flows or liquidity.</span></div><div style="margin-top:9pt;text-indent:14.4pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">New Accounting Guidance</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 future periods that are most relevant to our financial statements:</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Not yet adopted</span></div><div style="margin-top:5pt;padding-left:49.5pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”: This ASU requires additional disclosures about reportable segments' expenses and other items on an interim and annual basis. This guidance will be effective for annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. We are currently evaluating the impact of adopting this guidance. </span></div><div style="margin-top:5pt;padding-left:49.5pt;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.5pt">ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”: This ASU requires disclosure of specific categories in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This guidance will be effective for annual periods beginning January 1, 2025. We are currently evaluating the impact of adopting this guidance.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The FASB has issued accounting guidance, in addition to the issuances 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.</span></div> | ||
| leg |
Accounts Receivable Trade Percentage Of Face Value Interest Sold
AccountsReceivableTradePercentageOfFaceValueInterestSold
|
1 | ||
| CY2024Q2 | us-gaap |
Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
|
50000000.0 | usd |
| CY2023Q4 | us-gaap |
Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
|
60000000.0 | usd |
| CY2024Q2 | leg |
Accounts Payable Third Party Programs
AccountsPayableThirdPartyPrograms
|
100000000.0 | usd |
| CY2023Q4 | leg |
Accounts Payable Third Party Programs
AccountsPayableThirdPartyPrograms
|
105000000.0 | usd |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2225500000 | usd | |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2434800000 | usd | |
| us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
3 | segment | |
| CY2024Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1128600000 | usd |
| CY2024Q2 | us-gaap |
Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
|
-614300000 | usd |
| CY2024Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
32600000 | usd |
| CY2023Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1221200000 | usd |
| CY2023Q2 | us-gaap |
Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
|
95700000 | usd |
| CY2023Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
44700000 | usd |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2225500000 | usd | |
| us-gaap |
Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
|
-551300000 | usd | |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
65500000 | usd | |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2434800000 | usd | |
| us-gaap |
Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
|
185000000.0 | usd | |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
90100000 | usd | |
| us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
675300000 | usd | |
| CY2024Q2 | us-gaap |
Assets
Assets
|
3838800000 | usd |
| us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
675300000 | usd | |
| us-gaap |
Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
|
22000000.0 | usd | |
| us-gaap |
Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
|
22000000.0 | usd | |
| CY2024Q2 | us-gaap |
Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
|
11200000 | usd |
| leg |
Restructuring And Related Cost Cash Charges Expensed
RestructuringAndRelatedCostCashChargesExpensed
|
15600000 | usd | |
| CY2024Q2 | leg |
Restructuring And Related Cost Cash Charges Expensed
RestructuringAndRelatedCostCashChargesExpensed
|
9400000 | usd |
| us-gaap |
Restructuring Charges
RestructuringCharges
|
11700000 | usd | |
| CY2024Q2 | us-gaap |
Restructuring Charges
RestructuringCharges
|
6000000.0 | usd |
| leg |
Restructuring And Related Cost Cash Charges Expensed
RestructuringAndRelatedCostCashChargesExpensed
|
15600000 | usd | |
| CY2024Q2 | leg |
Restructuring And Related Cost Cash Charges Expensed
RestructuringAndRelatedCostCashChargesExpensed
|
9400000 | usd |
| CY2023Q4 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
0 | usd |
| us-gaap |
Restructuring Charges
RestructuringCharges
|
11700000 | usd | |
| us-gaap |
Payments For Restructuring
PaymentsForRestructuring
|
7700000 | usd | |
| CY2024Q2 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
4000000.0 | usd |
| us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
675300000 | usd | |
| CY2024Q2 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
675300000 | usd |
| us-gaap |
Other Asset Impairment Charges
OtherAssetImpairmentCharges
|
2600000 | usd | |
| us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
677900000 | usd | |
| CY2024Q2 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
675300000 | usd |
| CY2024Q2 | us-gaap |
Other Asset Impairment Charges
OtherAssetImpairmentCharges
|
300000 | usd |
| CY2024Q2 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
675600000 | usd |
| CY2023Q2 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | usd |
| CY2024Q2 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
675300000 | usd |
| CY2024Q2 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
675300000 | usd |
| CY2024Q2 | us-gaap |
Share Price
SharePrice
|
11.46 | |
| CY2024Q2 | us-gaap |
Goodwill Fair Value Disclosure
GoodwillFairValueDisclosure
|
804100000 | usd |
| CY2024Q2 | leg |
Fair Value Inputs Long Term Growth Rate Debt Free Cash Flow
FairValueInputsLongTermGrowthRateDebtFreeCashFlow
|
0.03 | |
| CY2023Q4 | us-gaap |
Goodwill Fair Value Disclosure
GoodwillFairValueDisclosure
|
1489800000 | usd |
| CY2023Q4 | leg |
Fair Value Inputs Long Term Growth Rate Debt Free Cash Flow
FairValueInputsLongTermGrowthRateDebtFreeCashFlow
|
0.03 | |
| CY2024Q2 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
4000000.0 | usd |
| CY2024Q2 | us-gaap |
Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
|
0 | usd |
| CY2023Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
3100000 | usd |
| CY2023Q4 | us-gaap |
Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
|
0 | usd |
| CY2024Q2 | us-gaap |
Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
|
40000000.0 | usd |
| CY2024Q2 | us-gaap |
Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
|
11500000 | usd |
| CY2023Q4 | us-gaap |
Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
|
56600000 | usd |
| CY2023Q4 | us-gaap |
Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
|
0 | usd |
| CY2024Q2 | us-gaap |
Other Receivables Gross Current
OtherReceivablesGrossCurrent
|
11700000 | usd |
| CY2024Q2 | leg |
Other Receivables Gross Noncurrent
OtherReceivablesGrossNoncurrent
|
4800000 | usd |
| CY2023Q4 | us-gaap |
Other Receivables Gross Current
OtherReceivablesGrossCurrent
|
12700000 | usd |
| CY2023Q4 | leg |
Other Receivables Gross Noncurrent
OtherReceivablesGrossNoncurrent
|
1200000 | usd |
| CY2024Q2 | us-gaap |
Other Receivables Net Current
OtherReceivablesNetCurrent
|
55700000 | usd |
| CY2024Q2 | leg |
Other Receivables Net Noncurrent
OtherReceivablesNetNoncurrent
|
16300000 | usd |
| CY2023Q4 | us-gaap |
Other Receivables Net Current
OtherReceivablesNetCurrent
|
72400000 | usd |
| CY2023Q4 | leg |
Other Receivables Net Noncurrent
OtherReceivablesNetNoncurrent
|
1200000 | usd |
| CY2023Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
10500000 | usd |
| us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
8300000 | usd | |
| leg |
Allowance For Doubtful Accounts Write Offs Against Allowance Net Of Recoveriesand Other
AllowanceForDoubtfulAccountsWriteOffsAgainstAllowanceNetOfRecoveriesandOther
|
-1300000 | usd | |
| CY2024Q2 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
17500000 | usd |
| CY2023Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
361300000 | usd |
| CY2023Q4 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
73500000 | usd |
| CY2023Q4 | us-gaap |
Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
|
384900000 | usd |
| CY2023Q4 | us-gaap |
Inventory Net
InventoryNet
|
819700000 | usd |
| us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
3300000 | usd | |
| CY2023Q2 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
1000000.0 | usd |
| CY2023Q2 | us-gaap |
Restructuring Charges
RestructuringCharges
|
100000 | usd |
| CY2023Q2 | us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
700000 | usd |
| CY2023Q2 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
2100000 | usd |
| CY2023Q2 | us-gaap |
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
|
-5000000.0 | usd |
| CY2023Q2 | leg |
Non Service Pension Income Expense
NonServicePensionIncomeExpense
|
0 | usd |
| CY2023Q2 | leg |
Other Operating Income Expense Misc Net
OtherOperatingIncomeExpenseMiscNet
|
-400000 | usd |
| CY2023Q2 | us-gaap |
Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
|
7300000 | usd |
| CY2024Q2 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
|
-18100000 | usd |
| CY2024Q2 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
|
-600000 | usd |
| CY2024Q2 | us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
-100000 | usd |
| CY2024Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
100000 | usd |
| CY2023Q2 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
|
2000000.0 | usd |
| CY2023Q2 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
|
1300000 | usd |
| us-gaap |
Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
|
-42400000 | usd | |
| us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
|
-1400000 | usd | |
| us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
-400000 | usd | |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
100000 | usd | |
| us-gaap |
Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
|
23200000 | usd | |
| us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
|
2300000 | usd | |
| us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
600000 | usd | |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
100000 | usd | |
| CY2024Q2 | us-gaap |
Derivative Assets Current
DerivativeAssetsCurrent
|
2800000 | usd |
| CY2024Q2 | us-gaap |
Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
|
300000 | usd |
| CY2024Q2 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
2700000 | usd |
| CY2024Q2 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
300000 | usd |
| CY2023Q4 | us-gaap |
Derivative Assets Current
DerivativeAssetsCurrent
|
5700000 | usd |
| CY2023Q4 | us-gaap |
Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
|
500000 | usd |
| CY2023Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
3300000 | usd |
| CY2023Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
200000 | usd |
| CY2023Q2 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-2200000 | usd |
| CY2023Q4 | us-gaap |
Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
|
1400000 | usd |
| CY2024Q2 | us-gaap |
Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
|
14000000.0 | usd |
| CY2024Q2 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
| CY2024Q2 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
| CY2024Q2 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false | |
| CY2024Q2 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false |
