Leggett & Platt Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Leggett & Platt Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

LEGGETT & PLATT INC (LEG) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Leggett & Platt Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at No. 1 Leggett Road, Carthage, MO 64836. The Standard Industrial Classification code for the company is 2510 (Household Furniture). The filing was made as of May 8, 2024.

Why It Matters

For investors and stakeholders tracking LEGGETT & PLATT INC, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and analysts will review this report to assess the company's current financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: medium — LEGGETT & PLATT INC shows moderate risk based on this filing. The company operates in the Household Furniture industry, which can be subject to economic downturns and changing consumer preferences, impacting sales and profitability.

Analyst Insight

Monitor Leggett & Platt's upcoming earnings reports and investor calls for insights into sales performance and strategic initiatives within the furniture sector.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-05-08 — Filing Date (10-Q submission)
• 2510 — SIC Code (Household Furniture)

Key Players & Entities

• LEGGETT & PLATT INC (company) — Filer name
• LEG (company) — Ticker symbol
• 10-Q (filing) — Form type
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filed as of date
• No. 1 Leggett Road, Carthage, MO 64836 (address) — Business address
• 2510 (industry_code) — Standard Industrial Classification
• HOUSEHOLD FURNITURE (industry) — Standard Industrial Classification description

FAQ

Industry Context

Leggett & Platt operates within the household furniture manufacturing sector, an industry sensitive to consumer spending and economic conditions.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze segment performance data once available in the detailed financial tables.
3. Compare Q1 2024 results against historical performance and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, following the previous annual report (10-K) and any prior quarterly filings.

Filing Documents

• leg-20240331.htm (10-Q) — 1292KB
• legex311q12024.htm (EX-31.1) — 10KB
• legex312q12024.htm (EX-31.2) — 10KB
• legex321q12024.htm (EX-32.1) — 4KB
• legex322q12024.htm (EX-32.2) — 5KB
• 0000058492-24-000338.txt (&nbsp;) — 6683KB
• leg-20240331.xsd (EX-101.SCH) — 37KB
• leg-20240331_cal.xml (EX-101.CAL) — 72KB
• leg-20240331_def.xml (EX-101.DEF) — 174KB
• leg-20240331_lab.xml (EX-101.LAB) — 513KB
• leg-20240331_pre.xml (EX-101.PRE) — 361KB
• leg-20240331_htm.xml (XML) — 1107KB

Forward-Looking Statements

Forward-Looking Statements 1

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Consolidated Condensed Balance Sheets at March 31, 2024 and December 31, 2023 3 Consolidated Condensed Statements of Operations for the three months ended March 31, 2024 and 2023 4 Consolidated Condensed Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Consolidated Condensed Statement s of Changes in Equity for the three months ended March 31, 2024 and 2023 7 Notes to Consolidated Condensed Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 37

Controls and Procedures

Item 4. Controls and Procedures. 37

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 38

Risk Factors

Item 1A. Risk Factors. 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 48

Other Information

Item 5. Other Information. 48

Exhibits

Item 6. Exhibits. 49 SIGNATURES 50

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q and our other public disclosures, whether written or oral, may contain "forward-looking" statements including, but not limited to: projections of our revenue, income, earnings, capital expenditures, dividends, product demand, capital structure, cash flows from operations, whether we will continue 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; items related to the previously announced restructuring plan (the "Restructuring Plan" or "Plan") (such as: estimates of the amounts, types, and timing of restructuring and restructuring-related costs (cash and non-cash including inventory obsolescence) and impairment charges; sales reduction; the amount and timing of proceeds from the sale of facilities; the number of facilities to be consolidated); and the underlying assumptions relating to forward-looking statements. These statements are identified either by the context in which they appear or by use of words such as "anticipate," "believe," "estimate," "expect," "guidance," "intend," "may," "plan," "project," "should," or

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. LEGGETT & PLATT, INCORPORATED Consolidated Condensed Balance Sheets (Unaudited) (Amounts in millions) March 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 361.3 $ 365.5 Trade receivables, net 577.4 564.9 Other receivables, net 57.7 72.4 Inventories 807.4 819.7 Prepaid expenses and other current assets 56.5 58.9 Total current assets 1,860.3 1,881.4 Property, Plant and Equipment—at cost Machinery and equipment 1,482.3 1,488.3 Buildings and other 821.2 820.3 Land 42.2 42.8 Total property, plant and equipment 2,345.7 2,351.4 Less accumulated depreciation 1,573.6 1,570.2 Net property, plant and equipment 772.1 781.2 Other Assets Goodwill 1,481.6 1,489.8 Other intangibles, less accumulated amortization of $ 383.8 and $ 416.4 as of March 31, 2024 and December 31, 2023, respectively 161.8 167.5 Operating lease right-of-use assets 202.2 193.2 Sundry 136.8 121.4 Total other assets 1,982.4 1,971.9 TOTAL ASSETS $ 4,614.8 $ 4,634.5 LIABILITIES AND EQUITY Current Liabilities Short-term debt and current maturities of long-term debt $ 303.8 $ 308.0 Current portion of operating lease liabilities 58.0 57.3 Accounts payable 495.6 536.2 Accrued expenses 229.7 256.8 Other current liabilities 101.2 104.3 Total current liabilities 1,188.3 1,262.6 Long-term Liabilities Long-term debt 1,772.9 1,679.6 Operating lease liabilities 158.5 150.5 Other long-term liabilities 105.2 106.6 Deferred income taxes 100.4 101.2 Total long-term liabilities 2,137.0 2,037.9 Commitments and Contingencies Equity Common stock 2.0 2.0 Additional contributed capital 569.0 575.8 Retained earnings 2,629.6 2,661.1 Accumulated other comprehensive loss ( 68.5 ) ( 43.7 ) Treasury stock ( 1,843.3 ) ( 1,861.9 ) Total Leggett & Platt, Inc. equity 1,288.8 1,333.3 Noncontrolling interest .7 .7 Total equity 1,289.5 1,334.0 TOTAL LIABILITIES AND EQUITY $ 4,614.8 $ 4,634.5 See accompanying notes to consolidated