Leggett & Platt Q3 2024 Update

Ticker: LEG · Form: 10-Q · Filed: Nov 7, 2024

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

L&P's Q3 2024 financials are in. Check assets, liabilities, and equity as of Sept 30.

AI Summary

Leggett & Platt Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for the nine months ended September 30, 2024, and the third quarter ended September 30, 2024, are detailed in this filing. Specific financial figures such as assets, liabilities, and equity are presented as of September 30, 2024, and compared to previous periods.

Why It Matters

This filing provides investors with the latest financial snapshot of Leggett & Platt, crucial for understanding the company's operational health and market position.

Risk Assessment

Risk Level: medium — Quarterly reports like this are standard for public companies and carry inherent market risks.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The Conformed Period of Report is 20240930, meaning the filing covers the period ending September 30, 2024.

When was this 10-Q filing submitted to the SEC?

This filing was submitted on 20241107.

What is the primary business of Leggett & Platt Inc. according to the SIC code?

The Standard Industrial Classification (SIC) code is [2510], which corresponds to Household Furniture.

Where is Leggett & Platt Inc. incorporated?

Leggett & Platt Inc. is incorporated in MO (Missouri).

What fiscal year end does Leggett & Platt Inc. observe?

The company's fiscal year ends on 1231 (December 31).

Filing Stats: 4,588 words · 18 min read · ~15 pages · Grade level 8.6 · Accepted 2024-11-07 15:30:13

Filing Documents

Forward-Looking Statements

Forward-Looking Statements 1

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Consolidated Condensed Balance Sheets at September 30, 2024 and December 31, 2023 3 Consolidated Condensed Statements of Operations for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Condensed Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6 Consolidated Condensed Statements of Changes in Equity for the three and nine months ended September 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. 44

Controls and Procedures

Item 4. Controls and Procedures. 44

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 45

Risk Factors

Item 1A. Risk Factors. 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 56

Other Information

Item 5. Other Information. 57

Exhibits

Item 6. Exhibits. 58 SIGNATURES 59

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, 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," "may," "plan," or the l

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. LEGGETT & PLATT, INCORPORATED Consolidated Condensed Balance Sheets (Unaudited) (Amounts in millions) September 30, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 277.2 $ 365.5 Trade receivables, net 583.9 564.9 Other receivables, net 54.2 72.4 Inventories 754.4 819.7 Prepaid expenses and other current assets 64.8 58.9 Total current assets 1,734.5 1,881.4 Property, Plant and Equipment—at cost Machinery and equipment 1,485.0 1,488.3 Buildings and other 807.9 820.3 Land 39.6 42.8 Total property, plant and equipment 2,332.5 2,351.4 Less accumulated depreciation 1,583.6 1,570.2 Net property, plant and equipment 748.9 781.2 Other Assets Goodwill 814.7 1,489.8 Other intangibles, net 151.4 167.5 Operating lease right-of-use assets 188.2 193.2 Sundry 142.4 121.4 Total other assets 1,296.7 1,971.9 TOTAL ASSETS $ 3,780.1 $ 4,634.5 LIABILITIES AND EQUITY Current Liabilities Short-term debt and current maturities of long-term debt $ 301.1 $ 308.0 Current portion of operating lease liabilities 53.7 57.3 Accounts payable 516.0 536.2 Accrued expenses 249.3 256.8 Other current liabilities 51.6 104.3 Total current liabilities 1,171.7 1,262.6 Long-term Liabilities Long-term debt 1,578.2 1,679.6 Operating lease liabilities 143.3 150.5 Other long-term liabilities 90.1 106.6 Deferred income taxes 55.0 101.2 Total long-term liabilities 1,866.6 2,037.9 Commitments and Contingencies Equity Common stock 2.0 2.0 Additional contributed capital 570.8 575.8 Retained earnings 2,057.3 2,661.1 Accumulated other comprehensive loss ( 54.2 ) ( 43.7 ) Treasury stock ( 1,834.9 ) ( 1,861.9 ) Total Leggett & Platt, Inc. equity 741.0 1,333.3 Noncontrolling interest .8 .7 Total equity 741.8 1,334.0 TOTAL LIABILITIES AND EQUITY $ 3,780.1 $ 4,634.5 See accompanying notes to consolidated condensed financial statements. 3 LEGGETT & PLATT, INCORPORATED Consolidated Condensed Statements of Operat

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