Leggett & Platt Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Leggett & Platt Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

LEGGETT & PLATT INC (LEG) filed a Annual Report (10-K) with the SEC on February 27, 2024. Leggett & Platt Inc. filed its 2023 Form 10-K on February 27, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2023, to December 31, 2023. Leggett & Platt Inc. is classified under SIC code 2510 (Household Furniture). The company's principal business address is in Carthage, Missouri.

Why It Matters

For investors and stakeholders tracking LEGGETT & PLATT INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Leggett & Platt's financial performance, business operations, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential challenges moving forward.

Risk Assessment

Risk Level: — LEGGETT & PLATT INC shows moderate risk based on this filing. The company's 10-K filing indicates a need for detailed financial and operational review, suggesting potential complexities or significant events that warrant careful analysis by investors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Leggett & Platt's performance and outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-02-27 — Filing Date (Date the 10-K was filed)
• 146 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• LEGGETT & PLATT INC (company) — Filer name
• MO (location) — State of incorporation and business address
• Carthage (location) — City of business and mail address
• 2510 (SIC code) — Standard Industrial Classification

FAQ

Industry Context

Leggett & Platt Inc. operates within the household furniture manufacturing industry.

Regulatory Implications

The filing is a standard 10-K report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and balance sheet changes.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and strategies.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, providing the latest annual financial data.

Key Financial Figures

• $2 million — industries for a cash purchase price of $2 million. This acquisition became part of our Fu
• $61 million — equipment for a cash purchase price of $61 million (and 6 Table of Contents PART I $
• $29 million — n (and 6 Table of Contents PART I $29 million of additional contingent consideration
• $88 million — n resulted in a final purchase price of $88 million. This business has manufacturing locati
• $7 million — plications for a cash purchase price of $7 million and $13 million, respectively. These ac
• $13 m — a cash purchase price of $7 million and $13 million, respectively. These acquisitions
• $28 million — plications for a cash purchase price of $28 million. This acquisition expanded the capabili
• $5 million — ings. The total cash purchase price was $5 million. This acquisition operates within our F
• $120 million — ublin area for a cash purchase price of $120 million. This acquisition operates within our B

Filing Documents

• leg-20231231.htm (10-K) — 3593KB
• legex47descriptionofcapita.htm (EX-4.7) — 97KB
• legex109summarysheetofdire.htm (EX-10.9) — 26KB
• legex21subsidiaries-q42023.htm (EX-21) — 182KB
• legex23consentq42023.htm (EX-23) — 8KB
• legex24powerofattorney-q42.htm (EX-24) — 21KB
• legex311q42023.htm (EX-31.1) — 10KB
• legex312q42023.htm (EX-31.2) — 10KB
• legex321q42023.htm (EX-32.1) — 4KB
• legex322q42023.htm (EX-32.2) — 5KB
• legex97incentivecompensati.htm (EX-97) — 35KB
• leg-20231231_g1.jpg (GRAPHIC) — 87KB
• leg-20231231_g2.jpg (GRAPHIC) — 46KB
• leg-20231231_g3.jpg (GRAPHIC) — 50KB
• leg-20231231_g4.jpg (GRAPHIC) — 47KB
• leg-20231231_g5.jpg (GRAPHIC) — 52KB
• 0000058492-24-000174.txt (&nbsp;) — 19610KB
• leg-20231231.xsd (EX-101.SCH) — 112KB
• leg-20231231_cal.xml (EX-101.CAL) — 162KB
• leg-20231231_def.xml (EX-101.DEF) — 507KB
• leg-20231231_lab.xml (EX-101.LAB) — 1391KB
• leg-20231231_pre.xml (EX-101.PRE) — 909KB
• leg-20231231_htm.xml (XML) — 3686KB

Forward-Looking Statements

Forward-Looking Statements 1 PART I

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 28

Cybersecurity

Item 1C. Cybersecurity 28

Properties

Item 2. Properties 30

Legal Proceedings

Item 3. Legal Proceedings 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32 Supp. Item. Information About Our Executive Officers 32 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

Reserved

Item 6. Reserved 35

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 63

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 64

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 64

Controls and Procedures

Item 9A. Controls and Procedures 64

Other Information

Item 9B. Other Information 64

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 65 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 66

Executive Compensation

Item 11. Executive Compensation 69

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 69

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 69 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 70 Exhibit Index 118

Form 10-K Summary

Item 16. Form 10-K Summary 122

Signatures

Signatures 123 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K, as well as the documents, or portion thereof, incorporated by reference herein, may contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to: projections of Company revenue, income, earnings, capital expenditures, dividends, product demand, capital structure, cash flows from operations, the ability to pay cash dividends, metal margins, cash repatriation, tax impacts, effective tax rate, maintenance of indebtedness under the commercial paper program, litigation exposure, acquisition or disposition activity, industry demand projections, the amount of share repurchases, impact of accounts receivable and payable programs, defined benefit plan contributions, collectability of receivables, cost of property insurance, possible goodwill or other asset impairment, access to liquidity, compliance with debt covenant requirements, raw material and parts availability and pricing, supply chain disruptions, labor, raw material and part shortages, inventory levels, customer requirements, climate-related effects, impacts arising from evaluating opportunities across our business, or other financial items; possible plans, goals, objectives, prospects, strategies, or trends concerning future operations; statements concerning future economic performance; estimates of the amounts, types, and timing of restructuring and restructuring-related costs (cash and non-cash including inventory obsolescence) and impairment charges aggregately and by segment; the sales reduction due to the Company's restructuring plan; the amount and timing of proceeds from the sale of facilities; the number of Bedding Products segment and Furniture, Flooring & Textile Products segment facilities to be consolidated; and the underlying assumptions relating to forward-looking statements. These statements

Business

Item 1. Business. Summary Leggett & Platt, Incorporated ("Leggett & Platt," "Company," "we," "us," or "our"), a pioneer of the steel coil bedspring, is an international diversified manufacturer that conceives, designs, and produces a wide range of engineered components and products found in many homes and automobiles. As discussed below, our operations are organized into 15 business units, which are divided into seven groups under our three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. Overview of Our Segments Bedding Products Segment BEDDING GROUP Steel Rod Drawn Wire U.S. Spring Specialty Foam Adjustable Bed International Bedding Machinery Our Bedding Products segment has its roots in the Company's founding in 1883 with the manufacture of steel coil bedsprings. Today, we support our customers' needs from raw materials to components to finished mattresses and foundations to distribution and fulfillment. Our innerspring, specialty foam, and finished product development and production capabilities allow us to create value at each point, from raw materials to private label finished goods and delivery to the consumer. We operate a steel rod mill in the U.S. with annual capacity of approximately 500,000 tons. A substantial majority of the rod mill's output has been used by our two U.S. wire mills that have supplied virtually all of the wire consumed by our other domestic businesses. We also supply steel rod and wire to trade customers that operate in a broad range of markets. We are a major supplier of adjustable beds, with North American manufacturing and distribution, and global sourcing capabilities. We also produce machinery used by bedding manufacturers in the production and assembly of their finished products. Our range of products offers our customers a single source for many of their component and finished product needs. These innovative proprietary products and our efficient vertical integrati