Quarterly Report (10-q)

Date : 08/06/2019 @ 8:57PM
Source : Edgar (US Regulatory)
Stock : Leggett and Platt Inc (LEG)
Quote : 40.81  -0.47 (-1.14%) @ 1:00AM

Quarterly Report (10-q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q  
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
for the transition period from             to
Commission File Number 001-07845
LEGGETT & PLATT INC ORPORATED
(Exact name of registrant as specified in its charter)
Missouri
 
44-0324630
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
No. 1 Leggett Road
 
 
Carthage,
Missouri
 
64836
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code ( 417 358-8131
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $.01 par value
LEG
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes          No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes          No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
  
 
Accelerated filer
 
 
 
 
 
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
  
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes         No   
Common stock outstanding as of July 31, 2019 : 131,470,115




LEGGETT & PLATT, INCORPORATED
FORM 10-Q
TABLE OF CONTENTS

 
Page
Number
PART I - FINANCIAL INFORMATION
Item 1.
Financial Statements
 
 
Consolidated Condensed Balance Sheets at June 30, 2019 and December 31, 2018
 
Consolidated Condensed Statements of Operations for the three and six months ended June 30, 2019 and 2018
 
Consolidated Condensed Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2019 and 2018
 
Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2019 and 2018
 
Notes to Consolidated Condensed Financial Statements
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Item 4.
Controls and Procedures
 
 
 
PART II - OTHER INFORMATION
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.
Exhibits
SIGNATURES





PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(Amounts in millions)
June 30,
2019
 
December 31,
2018
CURRENT ASSETS
 
 
 
Cash and cash equivalents
$
289.7

 
$
268.1

Trade receivables, net
670.8

 
545.3

Other receivables, net
29.5

 
26.3

Total receivables, net
700.3

 
571.6

Total inventories, net
656.7

 
633.9

Prepaid expenses and other current assets
56.3

 
51.0

Total current assets
1,703.0

 
1,524.6

PROPERTY, PLANT AND EQUIPMENT—AT COST
 
 
 
Machinery and equipment
1,367.4

 
1,281.7

Buildings and other
695.9

 
656.8

Land
44.7

 
42.4

Total property, plant and equipment
2,108.0

 
1,980.9

Less accumulated depreciation
1,290.1

 
1,252.4

Net property, plant and equipment
817.9

 
728.5

OTHER ASSETS
 
 
 
Goodwill
1,398.4

 
833.8

Other intangibles, less accumulated amortization of $193.2 and $161.7 as of June 30, 2019 and December 31, 2018, respectively
790.1

 
178.7

Operating lease right-of-use assets
169.8

 

Sundry
122.8

 
116.4

Total other assets
2,481.1

 
1,128.9

TOTAL ASSETS
$
5,002.0

 
$
3,382.0

CURRENT LIABILITIES
 
 
 
Current maturities of long-term debt
$
51.3

 
$
1.2

Current portion of operating lease liabilities
38.5

 

Accounts payable
452.9

 
465.4

Accrued expenses
263.3

 
262.7

Other current liabilities
94.3

 
86.4

Total current liabilities
900.3

 
815.7

LONG-TERM LIABILITIES
 
 
 
Long-term debt
2,363.5

 
1,167.8

Operating lease liabilities
131.4

 

Other long-term liabilities
149.2

 
155.3

Deferred income taxes
218.8

 
85.6

Total long-term liabilities
2,862.9

 
1,408.7

COMMITMENTS AND CONTINGENCIES

 

EQUITY
 
 
 
Common stock
2.0

 
2.0

Additional contributed capital
530.1

 
527.1

Retained earnings
2,656.2

 
2,613.8

Accumulated other comprehensive loss
(62.2
)
 
(77.6
)
Treasury stock
(1,887.9
)
 
(1,908.3
)
Total Leggett & Platt, Inc. equity
1,238.2

 
1,157.0

Noncontrolling interest
.6

 
.6

Total equity
1,238.8

 
1,157.6

TOTAL LIABILITIES AND EQUITY
$
5,002.0

 
$
3,382.0

See accompanying notes to consolidated condensed financial statements.

2



LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
 
 
Six Months Ended
 
Three Months Ended
 
June 30,
 
June 30,
(Amounts in millions, except per share data)
2019
 
2018
 
2019
 
2018
Net sales
$
2,368.3

 
$
2,131.3

 
$
1,213.2

 
$
1,102.5

Cost of goods sold
1,865.6

 
1,682.9

 
943.5

 
871.5

Gross profit
502.7

 
448.4

 
269.7

 
231.0

Selling and administrative expenses
236.9

 
212.5

 
118.3

 
107.8

Amortization of intangibles
31.0

 
10.1

 
16.9

 
5.1

Impairments
4.3

 
.2

 
1.4

 

Other (income) expense, net
(3.7
)
 
(2.9
)
 
(2.9
)
 
(3.0
)
Earnings before interest and income taxes
234.2

 
228.5

 
136.0

 
121.1

Interest expense
45.9

 
30.4

 
24.5

 
16.0

Interest income
4.0

 
4.8

 
2.6

 
2.4

Earnings before income taxes
192.3

 
202.9

 
114.1

 
107.5

Income taxes
44.9

 
39.9

 
27.8

 
22.4

Net earnings
147.4

 
163.0

 
86.3

 
85.1

Loss attributable to noncontrolling interest, net of tax

 
(.1
)
 
(.1
)
 
(.1
)
Net earnings attributable to Leggett & Platt, Inc. common shareholders
$
147.4

 
$
162.9

 
$
86.2

 
$
85.0

Net earnings per share attributable to Leggett & Platt, Inc. common shareholders
 
 
 
 
 
 
 
Basic
$
1.10

 
$
1.21

 
$
.64

 
$
.63

Diluted
$
1.09

 
$
1.20

 
$
.64

 
$
.63

 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
 
 
 
 
 
 
Basic
134.5

 
134.7

 
134.7

 
134.1

Diluted
135.1

 
135.7

 
135.2

 
135.0

See accompanying notes to consolidated condensed financial statements.

3



LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
 
Six Months Ended
 
Three Months Ended
 
June 30,
 
June 30,
(Amounts in millions)
2019
 
2018
 
2019
 
2018
Net earnings
$
147.4

 
$
163.0

 
$
86.3

 
$
85.1

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
9.8

 
(39.1
)
 
1.0

 
(55.8
)
Cash flow hedges
4.6

 
(1.3
)
 
.7

 
(3.6
)
Defined benefit pension plans
1.0

 
1.1

 
.5

 
.7

Other comprehensive income (loss)
15.4

 
(39.3
)
 
2.2

 
(58.7
)
Comprehensive income
162.8

 
123.7

 
88.5

 
26.4

Add: comprehensive loss attributable to noncontrolling interest

 

 
(.1
)
 

Comprehensive income attributable to Leggett & Platt, Inc.
$
162.8

 
$
123.7

 
$
88.4

 
$
26.4

See accompanying notes to consolidated condensed financial statements.

4


LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended June 30,
(Amounts in millions)
2019
 
2018
OPERATING ACTIVITIES
 
 
 
Net earnings
$
147.4

 
$
163.0

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Depreciation
58.4

 
51.5

Amortization of intangibles and debt issuance costs
37.9

 
15.7

Long-lived asset impairments
4.3

 
.2

Provision for losses on accounts and notes receivable
2.2

 
1.4

Writedown of inventories
6.6

 
3.1

Net gain from sales of assets and businesses
(1.8
)
 
(1.7
)
Deferred income tax expense
7.9

 
1.3

Stock-based compensation
16.5

 
19.2

Other, net
.1

 
4.3

Increases/decreases in, excluding effects from acquisitions and divestitures:
 
 
 
Accounts and other receivables
(58.2
)
 
(86.3
)
Inventories
33.3

 
(53.4
)
Other current assets
(4.5
)
 
(7.7
)
Accounts payable
(46.1
)
 
19.9

Accrued expenses and other current liabilities
(.3
)
 
(5.9
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
203.7

 
124.6

INVESTING ACTIVITIES
 
 
 
Additions to property, plant and equipment
(70.5
)
 
(81.2
)
Purchases of companies, net of cash acquired
(1,244.3
)
 
(90.2
)
Proceeds from sales of assets and businesses
2.0

 
1.9

Other, net
(7.7
)
 
(2.9
)
NET CASH USED FOR INVESTING ACTIVITIES
(1,320.5
)
 
(172.4
)
FINANCING ACTIVITIES
 
 
 
Additions to long-term debt
993.3

 

Payments on long-term debt
(12.5
)
 
(1.7
)
Change in commercial paper and short-term debt
260.1

 
191.7

Payments on finance leases
(1.5
)
 

Dividends paid
(99.4
)
 
(94.8
)
Issuances of common stock
6.9

 
.5

Purchases of common stock
(9.2
)
 
(107.8
)
Additional consideration paid on prior year acquisitions
(1.1
)
 
(8.0
)
Other, net
(.2
)
 
(.2
)
NET CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
1,136.4

 
(20.3
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
2.0

 
(11.6
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
21.6

 
(79.7
)
CASH AND CASH EQUIVALENTS—January 1,
268.1

 
526.1

CASH AND CASH EQUIVALENTS—June 30,
$
289.7

 
$
446.4

See accompanying notes to consolidated condensed financial statements.

5



LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(Amounts in millions, except per share data)
1. INTERIM PRESENTATION
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.
The December 31, 2018 financial position data included herein was derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP.

2. ACCOUNTING STANDARD UPDATES
    
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 current or future periods, most relevant to our financial statements. The FASB has issued accounting guidance, in addition to the items discussed below, effective for future periods which we do not believe will have a material impact on our future financial statements.

Adopted in 2019:

On January 1, 2019, we adopted ASU 2016-02 “Leases” (Topic 842) as discussed in Note 5 .

ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”: This ASU is intended to simplify and clarify the accounting and disclosure requirements for hedging activities by more closely aligning the results of cash flow and fair value hedge accounting with the risk management activities of an entity. This guidance was effective January 1, 2019 and it did not have a material impact on our results of operations, financial condition and cash flows.
 
To be adopted in future years:

ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326): This ASU is effective January 1, 2020 and amends the impairment model by requiring a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments including trade receivables. We are currently evaluating this guidance. However, we do not expect it to materially impact our future financial statements.

ASU 2017-04 "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment": This ASU will be effective January 1, 2020 and simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this ASU, the annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value up to the total amount of goodwill for the reporting unit. We are currently evaluating this guidance, and do not expect it to materially impact our future financial statements.

ASU 2018-15 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)”:  This ASU will be effective January 1, 2020 and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for

6

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

capitalizing implementation costs incurred to develop or obtain internal-use software.  We are currently evaluating this guidance.

The FASB has issued accounting guidance, in addition to the issuance 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.
 
3. REVENUE
    
On January 1, 2018, we adopted ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all the related amendments using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as a $2.3 reduction to the opening balance of "Retained earnings".

Performance Obligations and Shipping and Handling Costs
We recognize revenue when performance obligations under the terms of a contract with our customers are satisfied. Substantially all of our revenue is recognized upon transfer of control of our products to our customers, which is generally upon shipment from our facilities or upon delivery to our customers' facilities and is dependent on the terms of the specific contract. This conclusion considers the point at which our customers have the ability to direct the use of and obtain substantially all of the remaining benefits of the products that are transferred. Substantially all unsatisfied performance obligations as of June 30, 2019 , will be satisfied within one year or less. Shipping and handling costs are included as a component of "Cost of goods sold".
Sales, value added, and other taxes collected in connection with revenue-producing activities are excluded from revenue.
Sales Allowances and Returns
The amount of consideration we receive and revenue we recognize varies with changes in various sales allowances, discounts and rebates (variable consideration) that we offer to our customers. We reduce revenue by our estimates of variable consideration based on contract terms and historical experience. Changes in estimates of variable consideration for the periods presented were not material.
Some of our products transferred to customers can be returned, and we recognize the following for this right:
An estimated refund liability and a corresponding reduction to revenue based on historical returns experience.
An asset and a corresponding reduction to cost of sales for our right to recover products from customers upon settling the refund liability. We reduce the carrying amount of these assets by estimates of costs associated with the recovery and any additional expected reduction in value.

Our refund liability and the corresponding asset associated with our right to recover products from our customers were immaterial at June 30, 2019 .
Other
We expect that at contract inception, the time period between when we transfer a promised good to our customer and our receipt of payment from that customer for that good will be one year or less (our typical trade terms are 30 to 60 days for U.S. customers and up to 90 days for our international customers).

We generally expense costs of obtaining a contract because the amortization period would be one year or less.


7

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

Revenue by Product Line
We disaggregate revenue by customer group, which is the same as our product lines for each of our segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.
 
Six Months Ended June 30,
 
Three Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Residential Products
 
 
 
 
 
 
 
Bedding group 1
$
729.8

 
$
442.4

 
$
379.3

 
$
221.4

Fabric & Flooring Products group
389.6

 
361.0

 
215.9

 
199.7

Machinery group
23.7

 
33.5

 
11.5

 
17.7

 
1,143.1

 
836.9

 
606.7

 
438.8

Industrial Products
 
 
 
 
 
 
 
Wire group
169.5

 
178.4

 
80.4

 
96.4

 
169.5

 
178.4

 
80.4

 
96.4

Furniture Products
 
 
 
 
 
 
 
Home Furniture group
178.2

 
200.0

 
87.3

 
99.4

Work Furniture group
147.7

 
145.9

 
74.5

 
74.2

Consumer Products group
199.9

 
226.8

 
97.3

 
117.8

 
525.8

 
572.7

 
259.1

 
291.4

Specialized Products
 
 
 
 
 
 
 
Automotive group
398.0

 
427.8

 
201.9

 
215.7

Aerospace Products group
80.1

 
76.8

 
40.7

 
37.0

Hydraulic Cylinders group 2
51.8

 
38.7

 
24.4

 
23.2

 
529.9

 
543.3

 
267.0

 
275.9

 
$
2,368.3

 
$
2,131.3

 
$
1,213.2

 
$
1,102.5


1 On January 16, 2019, we completed the acquisition of Elite Comfort Solutions, Inc. (ECS) as discussed in Note 10 .
2 This group was formed January 31, 2018, with the acquisition of a manufacturer of hydraulic cylinders. See Note 10 .

4. SEGMENT INFORMATION
We have four operating segments that supply a wide range of products:

Residential Products: This segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as produces private-label finished mattresses for bedding brands. We also produce or distribute flooring underlayment, fabric, and geo components.
Industrial Products: This segment primarily supplies steel rod and drawn steel wire to our other operations and to external customers. Our customers use this wire to make mechanical springs and many other end products.
Furniture Products: This segment supplies a wide range of components for residential and work furniture manufacturers, as well as select lines of private-label finished furniture and adjustable bed bases.
Specialized Products: This segment supplies lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. We also produce and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and construction industries.

Our reportable segments are the same as our operating segments, which also correspond with our management structure. Each reportable segment has an executive vice president who has accountability to and maintains regular contact with our chief executive officer, who is the chief operating decision maker (CODM). The operating results and financial information reported through the segment structure are regularly reviewed and used by the CODM to evaluate segment performance, allocate overall resources and determine management incentive compensation.

8

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

The accounting principles used in the preparation of the segment information are the same as those used for the consolidated financial statements. We evaluate performance based on Earnings Before Interest and Taxes (EBIT). Intersegment sales are made primarily at prices that approximate market-based selling prices. Centrally incurred costs are allocated to the segments based on estimates of services used by the segment. Certain of our general and administrative costs and miscellaneous corporate income and expenses are allocated to the segments based on sales or other appropriate metrics. These allocated corporate costs include depreciation and other costs and income related to assets that are not allocated or otherwise included in the segment assets.
A summary of segment results from continuing operations is shown in the following tables.
 
Trade
Sales
 
Inter-
Segment
Sales
 
Total
Sales
 
EBIT
 
Depreciation and Amortization
Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
Residential Products
$
606.7

 
$
3.6

 
$
610.3

 
$
44.4

 
$
26.0

Industrial Products
80.4

 
75.6

 
156.0

 
29.2

 
2.8

Furniture Products
259.1

 
2.2

 
261.3

 
20.9

 
4.0

Specialized Products
267.0

 
.7

 
267.7

 
41.5

 
10.4

Intersegment eliminations, unallocated assets and other 1
 
 
 
 
 
 

 
6.8

 
$
1,213.2

 
$
82.1

 
$
1,295.3

 
$
136.0

 
$
50.0

Three Months Ended June 30, 2018
 
 
 
 
 
 
 
Residential Products
$
438.8

 
$
4.7

 
$
443.5

 
$
40.0

 
$
11.7

Industrial Products
96.4

 
74.1

 
170.5

 
13.4

 
2.5

Furniture Products
291.4

 
3.6

 
295.0

 
16.3

 
4.4

Specialized Products
275.9

 
.6

 
276.5

 
51.9

 
9.8

Intersegment eliminations, unallocated assets and other 1
 
 
 
 
 
 
(.5
)
 
5.4

 
$
1,102.5

 
$
83.0

 
$
1,185.5

 
$
121.1

 
$
33.8

 
Trade
Sales
 
Inter-
Segment
Sales
 
Total
Sales
 
EBIT
 
Depreciation and Amortization
Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
Residential Products
$
1,143.1

 
$
6.4

 
$
1,149.5

 
$
76.3

 
$
49.2

Industrial Products
169.5

 
154.5

 
324.0

 
53.3

 
5.4

Furniture Products
525.8

 
5.2

 
531.0

 
27.3

 
8.0

Specialized Products
529.9

 
1.6

 
531.5

 
77.2

 
20.6

Intersegment eliminations, unallocated assets and other 1
 
 
 
 
 
 
.1

 
13.1

 
$
2,368.3

 
$
167.7

 
$
2,536.0

 
$
234.2

 
$
96.3

Six Months Ended June 30, 2018
 
 
 
 
 
 
 
Residential Products
$
836.9

 
$
9.3

 
$
846.2

 
$
75.0

 
$
23.0

Industrial Products
178.4

 
144.5

 
322.9

 
22.4

 
5.1

Furniture Products
572.7

 
6.5

 
579.2

 
34.3

 
8.7

Specialized Products
543.3

 
1.3

 
544.6

 
98.0

 
18.9

Intersegment eliminations, unallocated assets and other 1
 
 
 
 
 
 
(1.2
)
 
11.5

 
$
2,131.3

 
$
161.6

 
$
2,292.9

 
$
228.5

 
$
67.2


1 Unallocated depreciation and amortization consists primarily of depreciation of non-operating assets and amortization of debt issuance costs.


9

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include working capital (all current assets and current liabilities) plus net property, plant and equipment. Segment assets for all years are reflected at their estimated average for the periods presented. 
 
June 30,
2019
 
December 31,
2018
Residential Products
$
800.4

 
$
609.4

Industrial Products
169.6

 
163.8

Furniture Products
253.9

 
279.8

Specialized Products
358.9

 
342.5

Average current liabilities included in segment numbers above
756.3

 
661.8

Unallocated assets   1
2,691.2

 
1,278.0

Difference between average assets and period-end balance sheet
(28.3
)
 
46.7

Total assets
$
5,002.0

 
$
3,382.0

 
1 Unallocated assets consist primarily of goodwill, other intangibles, cash and deferred tax assets.    

5. LEASES

Initial adoption of new ASU

Effective January 1, 2019, we adopted ASU 2016-02 “Leases” (Topic 842), which requires the recognition of lease assets and liabilities for items classified as operating leases under previous guidance. The original guidance required application on a modified retrospective basis with the earliest year presented. In August 2018, the FASB issued ASU 2018-11 “Targeted Improvements to ASC 842” that included an option to not restate comparative periods in transition and elect to use the effective date of Topic 842 as the date of initial application of transition, which we elected. Adoption of the new standard resulted in the recording of additional net operating lease assets and lease liabilities of $135.9 and $135.8 , respectively, as of January 1, 2019. The difference between the additional lease assets and lease liabilities, net of the deferred tax impact, was recorded as an adjustment to retained earnings. The accounting for finance leases (capital leases under previous guidance) was substantially unchanged. The standard did not materially impact our statements of operations and cash flows.

10

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)


The cumulative effect of applying Topic 842 to our Consolidated Condensed Balance Sheet was as follows:
 
Balance at December 31, 2018 as Previously Reported
 
Topic 842 Adjustments
 
Balance at January 1, 2019
Current assets 1
$
1,524.6

 
$
(1.3
)
 
$
1,523.3

Net property, plant and equipment 2
728.5

 
(5.1
)
 
723.4

Other assets 3
1,128.9

 
142.3

 
1,271.2

Total assets
$
3,382.0

 
$
135.9

 
$
3,517.9

 
 
 
 
 
 
Accrued expenses 4
$
262.7

 
$
(.4
)
 
$
262.3

Current portion of operating lease liabilities 3

 
32.0

 
32.0

All other current liabilities
553.0

 

 
553.0

Long-term liabilities 3
1,408.7

 
104.2

 
1,512.9

Retained earnings
2,613.8

 
.1

 
2,613.9

Other equity
(1,456.2
)
 

 
(1,456.2
)
Total liabilities and equity
$
3,382.0

 
$
135.9

 
$
3,517.9

1 This adjustment is to reclass prepaid rent balances to be presented within Other assets with the operating lease right-of-use assets.
2 This adjustment is to reclass our finance lease right-of-use assets to be presented within Other assets with the operating lease right-of-use assets.
3 This adjustment is to record the assets and liabilities arising from leases.
4 This adjustment is to reclass lease liabilities to be presented within Current portion of operating lease liabilities.

Practical Expedients

For the initial adoption, we elected the available package of practical expedients not to reassess (i) whether a contract is or contains a lease, (ii) lease classification, and (iii) initial direct costs. These elections applied to leases that commenced before the effective date. We also elected an additional practical expedient to use hindsight when determining the lease term.

Both lease and non-lease components are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases.

Lease Details

Substantially all our operating lease right-of-use assets and operating lease liabilities represent leases for certain operating facilities, warehouses, office space, trucking equipment, and various other assets. Finance lease balances represent substantially all our vehicle leases. We are not involved in any material sale and leaseback transactions, and our sublease arrangements were not material for the periods presented.

At the inception of a contract we assess whether a contract is, or contains, a lease. Our assessment is based on whether the contract involves the use of a distinct identified asset, whether we obtain the right to substantially all the economic benefit of the asset, and whether we have the right to direct the use of the asset.

Our leases have remaining lease terms that expire at various dates through 2032, some of which include options to extend or terminate the leases at our discretion. Where renewal or termination options are reasonably likely to be exercised, we recognize the option as part of the right-of-use asset and lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.


11

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

As most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. We apply a portfolio approach for determining the incremental borrowing rate based on the applicable lease terms and the economic environment in the various regions where our operations are located.

At June 30, 2019 , we do not have a material amount of leases that have not yet commenced.
Supplemental balance sheet information related to leases was as follows:
 
June 30, 2019
Operating Leases
 
Operating lease right-of-use assets
$
169.8

 
 
Current portion of operating lease liabilities
38.5

Operating lease liabilities
131.4

Total operating lease liabilities
$
169.9

 
 
Finance Leases
 
Sundry
$
5.0

 
 
Current maturities of long-term debt
1.3

Long-term debt
3.5

Total finance lease liabilities
$
4.8


The components of lease expense were as follows:
 
Six Months Ended
 
Three Months Ended
 
June 30,
 
June 30,
 
2019
 
2019
Operating lease cost:
 
 
 
Lease cost
$
21.8

 
$
11.4

Variable lease cost
5.7

 
2.8

Total operating lease cost
$
27.5

 
$
14.2

 
 
 
 
Short-term lease cost
$
2.2

 
$
1.1

 
 
 
 
Finance lease cost:
 
 
 
Amortization of right-of-use assets
$
1.5

 
$
.7

Interest on lease liabilities
.1

 

Total finance lease cost
$
1.6

 
$
.7

 
 
 
 
Total lease cost
$
31.3

 
$
16.0



Variable lease costs consist primarily of taxes, insurance, and common-area or other maintenance costs for our leased facilities and equipment which are paid based on actual costs incurred by the lessor.


12

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

Supplemental cash flow information related to leases was as follows:
 
Six Months Ended June 30,
 
2019
Cash paid for amounts included in the measurement of lease liabilities:
 
Operating cash flows from operating leases
$
18.3

Operating cash flows from finance leases
$
.1

Financing cash flows from finance leases
$
1.5

 
 
Right-of-use assets obtained in exchange for new operating lease liabilities
$
31.8

Right-of-use assets obtained in exchange for new finance lease liabilities
$
1.5



In connection with the ECS transaction discussed in Note 10 , we acquired operating right-of-use assets of approximately $24.0 (including a favorable lease position of $2.4 ).  The operating lease liability associated with these right-of-use assets was approximately $21.6 .  Finance right-of-use assets acquired in the ECS transaction and the related finance lease liabilities were immaterial.
The following table reconciles the undiscounted cash flows for the operating and finance leases at June 30, 2019 to the operating and finance lease liabilities recorded on the balance sheet:
 
 
June 30, 2019
 
Operating Leases
 
Finance Leases
2019 Remainder
$
22.3

 
$
1.3

2020
41.2

 
1.9

2021
36.5

 
1.2

2022
30.3

 
.6

2023
21.8

 
.1

2024 and thereafter
33.0

 

Total
185.1

 
5.1

Less: Interest
15.2

 
.3

Lease Liability
$
169.9

 
$
4.8

 
 
 
 
Weighted average remaining lease term (years)
5.0

 
2.7

Weighted average discount rate
3.3
%
 
3.4
%

Our future minimum lease commitments as of December 31, 2018, under Topic 840, the predecessor to Topic 842, were as follows:
 
 
Operating Leases
2019
$
35.9

2020
30.7

2021
26.2

2022
19.9

2023
13.1

Thereafter
18.0

Total
$
143.8




13

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

6. RESTRUCTURING AND IMPAIRMENT CHARGES

We implemented various cost reduction initiatives to improve our operating cost structures in the periods presented. These cost initiatives have, among other actions, included workforce reductions and the closure or consolidation of certain operations. Except for the 2018 Restructuring Plan (Plan) discussed below, none of these initiatives has individually resulted in a material charge to earnings.

In December 2018, we committed to the Plan primarily associated with our Home Furniture Group (which produces furniture components for the upholstered furniture industry) and Fashion Bed business (which supplies ornamental beds, bed frames and other accessories sold to retailers). Both of these businesses report within the Furniture Products segment and had underperformed expectations primarily from weaker demand and higher raw material costs. In late March 2019, we announced the closure of the Fashion Bed business. We expect restructuring activities in the Furniture Products segment to be substantially complete by the end of the third quarter 2019.

In July 2019, we modified the Plan to include one small facility in the Residential Products segment that should be completed by the end of the year. Our total costs for this plan remains materially unchanged from our previously disclosed estimate of approximately $33.0 . To date we have incurred $22.6 of costs, and we expect to incur $10.4 during the remainder of the year. The following table presents information associated with this plan:
 
Total Amount Incurred to Date
 
Six Months Ended 
 June 30, 2019
 
Total Incurred Full Year 2018
2018 Restructuring Plan
 
 
 
 
 
Restructuring and restructuring-related
$
13.4

 
$
2.2

 
$
11.2

Impairment costs associated with this plan
9.2

 
4.1

 
5.1

 
$
22.6

 
$
6.3

 
$
16.3

Amount of total that represents cash charges
$
8.8

 
$
1.9

 
$
6.9


The table below presents all restructuring and restructuring-related activity for the periods presented; the majority of the 2019 costs are related to the Plan:
 
Six Months Ended June 30,
 
Three Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Charged to other (income) expense, net:
 
 
 
 
 
 
 
Severance and other restructuring costs
$
1.9

 
$
.3

 
$
.7

 
$
.2

Charged to cost of goods sold:
 
 
 
 
 
 
 
Inventory obsolescence and other
.3

 
(.5
)
 
(2.1
)
 
(.6
)
Total restructuring and restructuring-related costs
$
2.2

 
$
(.2
)
 
$
(1.4
)
 
$
(.4
)
Amount of total that represents cash charges
$
1.9

 
$
.3

 
$
.7

 
$
.2


Restructuring and restructuring-related charges by segment were as follows:
 
Six Months Ended June 30,
 
Three Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Residential Products
$
.1

 
$

 
$

 
$

Industrial Products

 
(.5
)
 

 
(.7
)
Furniture Products
2.1

 
.3

 
(1.4
)
 
.3

Total
$
2.2

 
$
(.2
)
 
$
(1.4
)
 
$
(.4
)

14

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)


The accrued liability associated with our total restructuring initiatives consisted of the following:
 
Balance at December 31, 2018
 
Add:
2019 Charges
 
Less:
2019 Payments
 
Balance at June 30, 2019
Severance costs
$
6.6

 
$
1.1

 
$
3.6

 
$
4.1

Other restructuring costs
.6

 
.8

 
.9

 
.5

 
$
7.2

 
$
1.9

 
$
4.5

 
$
4.6


    

Impairment charges

Impairment charges are reported in "Impairments" in the Consolidated Condensed Statements of Operations and are summarized in the following table:
 
Six Months Ended June 30,
 
Three Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
Other Long-Lived Assets Impairments
 
Other Long-Lived Assets Impairments
 
Other Long-Lived Assets Impairments
 
Other Long-Lived Assets Impairments
Residential Products
$
.2

 
$

 
$

 
$

Industrial Products

 
.2

 

 

Furniture Products
4.1

 

 
1.4

 

Total impairment charges
$
4.3

 
$
.2

 
$
1.4

 
$



We test other long-lived assets for recoverability at year end and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Fair value and the resulting impairment charges noted above were based primarily upon offers from potential buyers or third party estimates of fair value less selling costs and estimated future cash flows.
 
    

15

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

7. EARNINGS PER SHARE

Basic and diluted earnings per share were calculated as follows:
 
Six Months Ended 
 June 30,
 
Three Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Net earnings:
 
 
 
 
 
 
 
Net earnings
$
147.4

 
$
163.0

 
$
86.3

 
$
85.1

Loss attributable to noncontrolling interest, net of tax

 
(.1
)
 
(.1
)
 
(.1
)
Net earnings attributable to Leggett & Platt, Inc. common shareholders
$
147.4

 
$
162.9

 
$
86.2

 
$
85.0

 
 
 
 
 
 
 
 
Weighted average number of shares (in millions):
 
 
 
 
 
 
 
Weighted average number of common shares used in basic EPS
134.5

 
134.7

 
134.7

 
134.1

Dilutive effect of stock-based compensation
.6

 
1.0

 
.5

 
.9

Weighted average number of common shares and dilutive potential common shares used in diluted EPS
135.1

 
135.7

 
135.2

 
135.0

 
 
 
 
 
 
 
 
Basic and Diluted EPS:
 
 
 
 
 
 
 
Basic EPS attributable to Leggett & Platt, Inc. common shareholders
$
1.10

 
$
1.21

 
$
.64

 
$
.63

 
 
 
 
 
 
 
 
Diluted EPS attributable to Leggett & Platt, Inc. common shareholders
$
1.09

 
$
1.20

 
$
.64

 
$
.63

 
 
 
 
 
 
 
 
Other information:
 
 
 
 
 
 
 
Anti-dilutive shares excluded from diluted EPS computation
.3

 
.1

 
.4

 
.1

 
 
 
 
 
 
 
 
Cash dividends declared per share
$
.78

 
$
.74

 
$
.40

 
$
.38




16

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

8. ACCOUNTS AND OTHER RECEIVABLES
Accounts and other receivables consisted of the following:
 
June 30, 2019
 
December 31, 2018
 
Current
 
Long-term
 
Current
 
Long-term
Trade accounts receivable 1
$
678.8

 
$

 
$
548.8

 
$

Trade notes receivable
1.0

 
.7

 
1.7

 
1.4

Total trade receivables
679.8

 
.7

 
550.5

 
1.4

Other notes receivable 1

 
24.2

 

 
24.2

Taxes receivable, including income taxes
17.4

 

 
12.9

 

Other receivables
12.1

 

 
13.4

 

Subtotal other receivables
29.5

 
24.2

 
26.3

 
24.2

Total trade and other receivables
709.3

 
24.9

 
576.8

 
25.6

Allowance for doubtful accounts:
 
 
 
 
 
 
 
  Trade accounts receivable 1
(9.0
)
 

 
(5.2
)
 

  Trade notes receivable

 

 

 

Total trade receivables
(9.0
)
 

 
(5.2
)
 

  Other notes receivable 1

 
(15.0
)
 

 
(15.0
)
Total allowance for doubtful accounts
(9.0
)
 
(15.0
)
 
(5.2
)
 
(15.0
)
Total net receivables
$
700.3

 
$
9.9

 
$
571.6

 
$
10.6


1 The "Trade accounts receivable" and "Other notes receivable" line items above include $27.1 and $26.7 as of June 30, 2019 and December 31, 2018, respectively, from a customer in our Residential Products segment who is experiencing financial difficulty and liquidity problems and, during the fourth quarter of 2018, became delinquent in our trade accounts receivable balances. In December 2018, we concluded that an impairment existed with regard to this customer, and we established a reserve of $15.9 ( $15.0 for the note and $.9 for the trade receivable) to reflect the estimated amount of the probable credit loss and placed the note on nonaccrual status. The note receivable was restructured during the first quarter of 2019 in conjunction with an overall refinancing plan by the customer. The reserve balance at June 30, 2019 was $16.1 .
Activity related to the allowance for doubtful accounts is reflected below:
 
 
Balance at December 31, 2018
 
Add:
Charges
 
Less:
Net Charge-offs/
(Recoveries) and Other
 
Balance at June 30, 2019
Trade accounts receivable
$
5.2

 
$
2.2

 
$
(1.6
)
 
$
9.0

Trade notes receivable

 

 

 

Total trade receivables
5.2

 
2.2

 
(1.6
)
 
9.0

Other notes receivable
15.0

 

 

 
15.0

Total allowance for doubtful accounts
$
20.2

 
$
2.2

 
$
(1.6
)
 
$
24.0




17

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

9. STOCK-BASED COMPENSATION
The following table recaps the components of stock-based and stock-related compensation for each period presented:
 
 
Six Months Ended 
 June 30, 2019
 
Six Months Ended 
 June 30, 2018
 
To be settled with stock
 
To be settled in cash
 
To be settled with stock
 
To be settled in cash
Stock-based retirement plans contributions 1
$
1.5

 
$
.3

 
$
4.1

 
$
.5

Discounts on various stock awards:

 
 
 

 
 
Deferred Stock Compensation Program
1.1

 

 
.9

 

Stock-based retirement plans
.5

 

 
.5

 

Discount Stock Plan
.6

 

 
.6

 

Performance Stock Unit (PSU) awards: 2
 
 
 
 
 
 
 
     2018 PSU - TSR based 2A
1.5

 
.7

 
.6

 
.6

     2018 PSU - EBIT CAGR based 2B
2.7

 
2.8

 
1.5

 
1.6

     2017 and prior PSU awards 2C
.9

 
(.2
)
 
1.9

 

Restricted Stock Unit awards
1.0

 

 
1.0

 

Profitable Growth Incentive (PGI) awards 3

 

 
1.2

 
1.2

Other, primarily non-employee directors restricted stock
.5

 

 
.4

 

Total stock-based compensation expense
10.3

 
$
3.6

 
12.7

 
$
3.9

Employee contributions for above stock plans
6.2

 
 
 
6.5

 
 
Total stock-based compensation
$
16.5

 
 
 
$
19.2

 
 
 
 
 
 
 
 
 
 
Tax benefits on stock-based compensation expense
$
2.4

 
 
 
$
3.0

 
 
Tax benefits on stock-based compensation payments
2.3

 
 
 
.9

 
 
Total tax benefits associated with stock-based compensation
$
4.7

 
 
 
$
3.9

 
 

18

LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

 
Three Months Ended
 
Three Months Ended 
 
June 30, 2019
 
June 30, 2018
 
To be settled with stock
 
To be settled in cash
 
To be settled with stock
 
To be settled in cash
Stock-based retirement plans contributions 1
$
.9

 
$
.2

 
$
2.2

 
$
.3

Discounts on various stock awards:
 
 
 
 
 
 
 
Deferred Stock Compensation Program
.5

 

 
.4

 

Stock-based retirement plans
.3

 

 
.3

 

Discount Stock Plan
.3

 

 
.3

 

Performance Stock Unit (PSU) awards: 2
 
 
 
 
 
 
 
     2018 PSU - TSR based 2A
.8

 
(.1
)
 
.3

 
.3

     2018 PSU - EBIT CAGR based 2B
1.1

 
.8

 
.9

 
.9

     2017 and prior PSU awards 2C
.4

 
(.6
)
 
1.0

 
.1

Restricted Stock Unit awards
.5

 

 
.5

 

Profitable Growth Incentive (PGI) awards 3