Leggett & Platt Q2 2024 Financial Update

TL;DR

LGT Q2 24 financials filed. Assets & liabilities detailed.

AI Summary

Leggett & Platt Inc. reported its financial results for the period ending June 30, 2024. The company's filing details its assets and liabilities, with specific figures for current and non-current items. The report was filed on August 7, 2024, and covers the second quarter of the fiscal year.

Why It Matters

This filing provides investors with an update on Leggett & Platt's financial health and operational status as of the end of the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 20240630 — Period End Date (Second quarter of 2024)
• 20230630 — Prior Year Period End Date (Second quarter of 2023)

Key Players & Entities

• LEGGETT & PLATT INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240807 (date) — Filing Date

FAQ

Filing Documents

• leg-20240630.htm (10-Q) — 1756KB
• exhibit106-summarysheetofe.htm (EX-10.6) — 33KB
• legex311q22024.htm (EX-31.1) — 10KB
• legex312q22024.htm (EX-31.2) — 10KB
• legex321q22024.htm (EX-32.1) — 4KB
• legex322q22024.htm (EX-32.2) — 5KB
• 0000058492-24-000501.txt ( ) — 8720KB
• leg-20240630.xsd (EX-101.SCH) — 44KB
• leg-20240630_cal.xml (EX-101.CAL) — 79KB
• leg-20240630_def.xml (EX-101.DEF) — 198KB
• leg-20240630_lab.xml (EX-101.LAB) — 573KB
• leg-20240630_pre.xml (EX-101.PRE) — 406KB
• leg-20240630_htm.xml (XML) — 1702KB

Forward-Looking Statements

Forward-Looking Statements 1

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Consolidated Condensed Balance Sheets at June 30, 2024 and December 31, 2023 3 Consolidated Condensed Statements of Operations for the three and six months ended June 30, 2024 and 2023 4 Consolidated Condensed Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6 Consolidated Condensed Statements of Changes in Equity for the three and six months ended June 30, 2024 and 2023 7 Notes to Consolidated Condensed Financial Statements 9

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. 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 43

Controls and Procedures

Item 4. Controls and Procedures. 43

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 44

Risk Factors

Item 1A. Risk Factors. 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 55

Other Information

Item 5. Other Information. 55

Exhibits

Item 6. Exhibits. 56 SIGNATURES 57

Forward-Looking Statements

Forward-Looking Statements This report 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, interest costs, the payment of cash dividends, metal margins, cash repatriation, tax impacts, effective tax rate, maintenance of commercial paper indebtedness, litigation expense, acquisition or disposition activity, collectability of receivables, ability to issue debt in the capital markets, cybersecurity protections and costs, future cash expenditures, realization of pricing change impacts, antidumping determinations, amortization expense, source of funds to retire notes, uses of cash, our technological competitiveness, compiling a GHG emissions inventory, geography of sales origination, hedge accounting treatment, unauthorized use of artificial intelligence, industry demand projections, impact of accounts receivable and payable programs, cost of property insurance, access to liquidity, compliance with debt covenants, raw material and parts availability and pricing, supply chain disruptions, labor, raw material and part shortages, inventory levels, climate-related targets and costs, impacts of FASB guidance, goodwill or other asset impairment; possible plans, goals, objectives, prospects, strategies, or trends concerning future operations; statements concerning future economic performance; items related to the restructuring plan (the "Restructuring Plan" or "Plan") such as estimates of the amounts, types, and timing of facility closures, restructuring-related costs (cash and non-cash including inventory obsolescence) and impairment charges; sales reduction; proceeds from the sale of facilities, and EBIT benefit; and the underlying assumptions relating to forward-looking statements. These statements are identified by the context in which they appear or words such as "anticipate," "believe," "estimate," "expect," "guidance," "intend

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. LEGGETT & PLATT, INCORPORATED Consolidated Condensed Balance Sheets (Unaudited) (Amounts in millions) June 30, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 307.0 $ 365.5 Trade receivables, net 593.0 564.9 Other receivables, net 55.7 72.4 Inventories 755.4 819.7 Prepaid expenses and other current assets 77.5 58.9 Total current assets 1,788.6 1,881.4 Property, Plant and Equipment—at cost Machinery and equipment 1,467.8 1,488.3 Buildings and other 812.1 820.3 Land 41.1 42.8 Total property, plant and equipment 2,321.0 2,351.4 Less accumulated depreciation 1,564.4 1,570.2 Net property, plant and equipment 756.6 781.2 Other Assets Goodwill 804.1 1,489.8 Other intangibles, net 156.1 167.5 Operating lease right-of-use assets 192.2 193.2 Sundry 141.2 121.4 Total other assets 1,293.6 1,971.9 TOTAL ASSETS $ 3,838.8 $ 4,634.5 LIABILITIES AND EQUITY Current Liabilities Short-term debt and current maturities of long-term debt $ 301.0 $ 308.0 Current portion of operating lease liabilities 57.1 57.3 Accounts payable 521.8 536.2 Accrued expenses 239.7 256.8 Other current liabilities 48.3 104.3 Total current liabilities 1,167.9 1,262.6 Long-term Liabilities Long-term debt 1,702.1 1,679.6 Operating lease liabilities 148.7 150.5 Other long-term liabilities 90.4 106.6 Deferred income taxes 61.4 101.2 Total long-term liabilities 2,002.6 2,037.9 Commitments and Contingencies Equity Common stock 2.0 2.0 Additional contributed capital 571.8 575.8 Retained earnings 2,019.3 2,661.1 Accumulated other comprehensive loss ( 87.0 ) ( 43.7 ) Treasury stock ( 1,838.5 ) ( 1,861.9 ) Total Leggett & Platt, Inc. equity 667.6 1,333.3 Noncontrolling interest .7 .7 Total equity 668.3 1,334.0 TOTAL LIABILITIES AND EQUITY $ 3,838.8 $ 4,634.5 See accompanying notes to consolidated condensed financial statements. 3 LEGGETT & PLATT, INCORPORATED Consolidated Condensed Statements of Operations