0000058492-20-000009 | 10-Q | XBRL Viewer

FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2020

Components of Fair Value Measurements of Financial Assets and Liabilities

The areas in which we utilize fair value measures of financial assets and liabilities are presented in the table below.


	As of March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Bank time deposits with original maturities of three months or less	$	—	$	152.6	$	—	$	152.6
Derivative assets ¹ (Note 14)	—		1.3		—		1.3
Diversified investments associated with the Executive Stock Unit Program (ESUP) ¹	34.8		—		—		34.8
Total assets	$	34.8	$	153.9	$	—	$	188.7
Liabilities:
Derivative liabilities ¹ (Note 14)	$	—	$	11.4	$	—	$	11.4
Liabilities associated with the ESUP ¹	34.3		—		—		34.3
Total liabilities	$	34.3	$	11.4	$	—	$	45.7


	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Bank time deposits with original maturities of three months or less	$	—	$	153.7	$	—	$	153.7
Derivative assets ¹ (Note 14)	—		4.0		—		4.0
Diversified investments associated with the ESUP ¹	41.0		—		—		41.0
Total assets	$	41.0	$	157.7	$	—	$	198.7
Liabilities:
Derivative liabilities ¹ (Note 1 4)	$	—	$	.9	$	—	$	.9
Liabilities associated with the ESUP ¹	40.6		—		—		40.6
Total liabilities	$	40.6	$	.9	$	—	$	41.5

¹Includes both current and long-term amounts.

ACCOUNTING STANDARD UPDATES	3 Months Ended
ACCOUNTING STANDARD UPDATES	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
ACCOUNTING STANDARD UPDATES	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. Adopted in 2020: •On January 1, 2020, we adopted ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326) as discussed in Note 7. •ASU 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”. We adopted this ASU on January 1, 2020. This ASU simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount and 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 will apply this guidance to our annual goodwill impairment testing which will be completed in the second quarter of 2020. •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)”. We adopted this ASU on January 1, 2020. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The adoption of this ASU did not materially impact our financial statements. To be adopted in future years: •ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”: This ASU will be effective January 1, 2021 and is a part of the FASB overall simplification initiative. 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.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net trade sales	$ 1,045.5	$ 1,155.1
Cost of goods sold	822.7	922.1
Gross profit	222.8	233.0
Selling and administrative expenses	117.8	118.6
Amortization of intangibles	16.4	14.1
Impairments	3.5	2.9
Other (income) expense, net	4.4	(0.8)
Earnings before interest and income taxes	80.7	98.2
Interest expense	20.9	21.4
Interest income	0.9	1.4
Earnings before income taxes	60.7	78.2
Income taxes	15.0	17.1
Net earnings	45.7	61.1
Loss attributable to noncontrolling interest, net of tax	0.0	0.1
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$ 45.7	$ 61.2
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders
Basic (in dollars per share)	$ 0.34	$ 0.46
Diluted (in dollars per share)	$ 0.34	$ 0.45
Weighted average shares outstanding
Basic (in shares)	135.4	134.4
Diluted (in shares)	135.6	135.0

STOCK-BASED COMPENSATION - Additional Information (Details) shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2018	Mar. 31, 2020 USD ($) company shares	Dec. 31, 2018
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
2017 and prior PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period		3 years
2017 and prior PSU awards \| Relative TSR and EBIT CAGR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award intended to pay out in stock			50.00%
Percentage recorded as a liability			50.00%
Reserved percentage of award intended to pay out in cash			100.00%
2017 and prior PSU awards \| TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award vesting		50.00%
Vesting period		3 years
Number of companies forming peer group \| company		300
Base award percentage of Total Shareholder Return		175.00%
2017 and prior PSU awards \| TSR \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base award percentage of Total Shareholder Return		0.00%
2017 and prior PSU awards \| TSR \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base award percentage of Total Shareholder Return		200.00%
2017 and prior PSU awards \| EBIT CAGR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award vesting		50.00%
Vesting period	3 years	2 years
Average payout percentage of base award		114.00%
Period in which expense is recognized		3 years
Total shares base award (in shares) \| shares		100
Cash Portion \| $		$ 4.1
2017 and prior PSU awards \| EBIT CAGR \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base award percentage of Total Shareholder Return		0.00%
2017 and prior PSU awards \| EBIT CAGR \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base award percentage of Total Shareholder Return		200.00%
2017 and prior PSU awards \| EBIT CAGR, one-time vesting period transition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Growth Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved right to pay percentage in cash (up to)		100.00%

INTERIM PRESENTATION	3 Months Ended
INTERIM PRESENTATION	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
INTERIM PRESENTATION	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, 2019 financial position data included herein was derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP. Reclassifications Certain reclassifications have been made to the prior period's information in the Notes to the Consolidated Condensed Financial Statements to conform to the first quarter 2020 for segment reporting changes in our management structure and all related internal reporting (See Note 4 - Segment Information). These reclassifications did not impact our consolidated earnings or assets of the company, and all prior periods presented have been restated to conform with these changes.

DERIVATIVE FINANCIAL INSTRUMENTS - Pre-Tax Gains (Losses) of Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss recorded in income	$ 5.1	$ 1.4
Derivatives designated as hedging instruments \| Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss recorded in income	1.4	1.2
Derivatives designated as hedging instruments \| Fair value hedges \| Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss recorded in income	5.0	0.4
Derivatives designated as hedging instruments \| Interest rate cash flow hedges \| Cash flow hedges \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss recorded in income	1.1	1.1
Derivatives designated as hedging instruments \| Currency cash flow hedges \| Cash flow hedges \| Net trade sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss recorded in income	0.6	0.4
Derivatives designated as hedging instruments \| Currency cash flow hedges \| Cash flow hedges \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss recorded in income	(0.3)	(0.3)
Derivatives not designated as hedging instruments \| Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss recorded in income	$ (1.3)	$ (0.2)

ACCOUNTS AND OTHER RECEIVABLES - Components of Accounts and Other Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current
Trade accounts receivable	$ 567.3	$ 571.8
Trade notes receivable	1.2	1.1
Total trade receivables	568.5	572.9
Other notes receivable	0.0	0.0
Taxes receivable, including income taxes	14.0	15.8
Other receivables	8.2	11.7
Subtotal other receivables	22.2	27.5
Total trade and other receivables	590.7	600.4
Allowance for doubtful accounts, Current
Trade accounts receivable	(22.4)	(8.4)
Trade notes receivable	(0.1)	(0.1)
Total trade receivables	(22.5)	(8.5)
Other notes receivable	0.0	0.0
Total allowance for doubtful accounts	(22.5)	(8.5)
Total receivables, net	568.2	591.9
Long-term
Trade accounts receivable	0.0	0.0
Trade notes receivable	0.8	0.6
Total trade receivables	0.8	0.6
Other notes receivable	23.4	23.4
Taxes receivable, including income taxes	0.0	0.0
Other receivables	0.0	0.0
Subtotal other receivables	23.4	23.4
Total trade and other receivables	24.2	24.0
Allowance for doubtful accounts, Long-term
Trade accounts receivable	0.0	0.0
Trade notes receivable	0.0	0.0
Total trade receivables	0.0	0.0
Other notes receivable	(23.4)	(15.0)
Total allowance for doubtful accounts	(23.4)	(15.0)
Total net receivables	0.8	9.0
Bedding Products
Current
Trade accounts receivable	25.7	26.0
Allowance for doubtful accounts, Long-term
Allowance for credit losses	25.7	16.0
Notes Receivable \| Bedding Products
Allowance for doubtful accounts, Long-term
Allowance for credit losses	23.4	15.0
Trade Accounts Receivable \| Bedding Products
Allowance for doubtful accounts, Long-term
Allowance for credit losses	$ 2.3	$ 1.0

ACQUISITIONS

Dec. 09, 2019

Business Combinations [Abstract]

ACQUISITIONS

The following table contains the estimated fair values (using inputs as discussed in Note 13) of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions during 2019. Of the goodwill included in the table below, $126.4 is expected to be deductible for tax purposes.


	Three Months Ended March 31,
	2019
Accounts receivable	$	72.4
Inventory	60.1
Property, plant and equipment	80.2
Goodwill	558.8
Other intangible assets:
Customer relationships (15-year life)	372.7
Technology (15-year life)	173.3
Trademarks and trade names (15-year life)	65.8
Non-compete agreements and other (5-year life)	28.1
Other current and long-term assets	27.4
Current liabilities	(43.9)
Deferred income taxes	(129.0)
Other long-term liabilities	(21.6)







Net cash consideration	$	1,244.3

The following table summarizes acquisitions for the periods presented.

Three Months Ended

Number of Acquisitions

Segment

Product/Service

March 31, 2020

None

March 31, 2019

Bedding Products

A leader in proprietary specialized foam technology, primarily for the bedding and furniture industries

Certain of our prior years' acquisition agreements provide for additional consideration to be paid in cash at a later date and are recorded as liabilities at the acquisition date. At March 31, 2020 and December 31, 2019, our current liability for these future payments was $7.9 and $9.2, respectively. Components of the liability are based on estimates and contingent upon future events, therefore, the amounts may fluctuate materially until the payment dates.

2020

No businesses were acquired during the first quarter 2020.

2019

We acquired one business:

•ECS, a leader in proprietary specialized foam technology, primarily for the bedding and furniture industries. Through this acquisition, we gained critical capabilities in proprietary foam technology, along with scale in the production of private-label finished mattresses. The acquisition date was January 16. The purchase price was $1,244.3 and, upon finalization of the purchase price allocation, added $559.3 of goodwill. The most significant other intangibles added were customer relationships and technology, whose finalized values were $372.3 and $173.3, respectively. There was no contingent consideration associated with this acquisition.

Pro forma Results

The following table summarizes, on an unaudited pro forma basis, the combined results of operations of Leggett and ECS as though the acquisition had occurred as of January 1, 2018. We have not provided pro forma results of operations related to other acquisitions, as these results were not material.

The unaudited proforma financial information below is not necessarily indicative of the results of operations that would have been realized had the ECS acquisition occurred as of January 1, 2018, nor is it meant to be indicative of any future results of operations. It does not include benefits expected from revenue or product mix enhancements, operating synergies or cost savings that may be realized or any estimated future costs that may be incurred to integrate the ECS business.


	Three Months Ended
	March 31,
	2019
Net trade sales	$	1,176.7
Net earnings	62.9
EPS basic	.47
EPS diluted	.47

The information above reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including:

•Amortization and depreciation adjustments relating to fair value estimates of intangible and tangible assets;

•Incremental interest expense on debt incurred in connection with the ECS acquisition;

•Amortization of the fair value adjustment to inventory as though the transaction occurred on January 1, 2018;

•Recognition of transaction costs as though the transaction occurred on January 1, 2018; and

•Estimated tax impacts of the pro forma adjustments.

DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Loss on derivative	$ 0.5
Previously deferred loss in AOCI	$ 0.4

STOCK-BASED COMPENSATION - Summary of Performance Stock Units (Details) - Performance Stock Unit - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares base award (in shares)	0.1	0.1
Grant date per share fair value (in dollars per share)	$ 38.23	$ 57.86
Risk-free interest rate	1.40%	2.40%
Expected life in years	3 years	3 years
Expected volatility (over expected life)	24.00%	21.50%
Expected dividend yield (over expected life)	3.60%	3.40%
EBIT CAGR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares base award (in shares)	0.1	0.1
Grant date per share fair value (in dollars per share)	$ 40.52	$ 39.98
Vesting period	3 years	3 years

CONTINGENCIES - Litigation Contingency Accrual (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Loss Contingency Accrual [Roll Forward]
Litigation contingency accrual - Beginning of period	$ 0.7	$ 1.9
Adjustment to accruals - expense (income)	0.1	0.0
Currency	(0.1)	0.0
Cash payments	(0.1)	0.0
Litigation contingency accrual - End of period	$ 0.6	$ 1.9

INTERIM PRESENTATION (Policies)	3 Months Ended
INTERIM PRESENTATION (Policies)	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, 2019 financial position data included herein was derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior period's information in the Notes to the Consolidated Condensed Financial Statements to conform to the first quarter 2020 for segment reporting changes in our management structure and all related internal reporting (See Note 4 - Segment Information). These reclassifications did not impact our consolidated earnings or assets of the company, and all prior periods presented have been restated to conform with these changes.
New Accounting Guidance	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. Adopted in 2020: •On January 1, 2020, we adopted ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326) as discussed in Note 7. •ASU 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”. We adopted this ASU on January 1, 2020. This ASU simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount and 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 will apply this guidance to our annual goodwill impairment testing which will be completed in the second quarter of 2020. •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)”. We adopted this ASU on January 1, 2020. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The adoption of this ASU did not materially impact our financial statements. To be adopted in future years: •ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”: This ASU will be effective January 1, 2021 and is a part of the FASB overall simplification initiative. 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.
Revenue Recognition	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 March 31, 2020, 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 March 31, 2020. 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. 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. For information on our new segment structure, see Note 4.

RESTRUCTURING AND IMPAIRMENT CHARGES (Accrued Liability) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 4.2
Charges	0.6	$ 1.2
Payments	1.7
Balance at end of period	3.1
Termination benefits
Restructuring Reserve [Roll Forward]
Balance at beginning of period	3.5
Charges	0.2
Payments	1.2
Balance at end of period	2.5
Other restructuring costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0.7
Charges	0.4
Payments	0.5
Balance at end of period	$ 0.6

DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Other Current Assets
Assets
Total derivatives	$ 1.3	$ 3.7
Sundry
Assets
Total derivatives		0.3
Other Current Liabilities
Liabilities
Total derivative	10.4	0.9
Other Long-Term Liabilities
Liabilities
Total derivative	1.0
Derivatives designated as hedging instruments \| Cash flow hedges \| Future USD sales/purchases of Canadian, Chinese, European, South Korean and UK subsidiaries
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	174.7
Derivatives designated as hedging instruments \| Cash flow hedges \| Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount		138.5
Derivatives designated as hedging instruments \| Cash flow hedges \| Future MXN purchases of a USD subsidiary
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	11.9	9.8
Derivatives designated as hedging instruments \| Cash flow hedges \| Future DKK sales of Polish subsidiary
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	24.4	21.1
Derivatives designated as hedging instruments \| Cash flow hedges \| Future EUR sales of Chinese and UK subsidiaries
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	35.5	29.9
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Assets
Assets
Total cash flow hedges	0.8	2.8
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Assets \| Future USD sales/purchases of Canadian, Chinese, European, South Korean and UK subsidiaries
Assets
Currency cash flow derivatives designated as hedging instruments	0.6
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Assets \| Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries
Assets
Currency cash flow derivatives designated as hedging instruments		1.3
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Assets \| Future MXN purchases of a USD subsidiary
Assets
Currency cash flow derivatives designated as hedging instruments	0.0	0.5
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Assets \| Future DKK sales of Polish subsidiary
Assets
Currency cash flow derivatives designated as hedging instruments	0.0	0.3
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Assets \| Future EUR sales of Chinese and UK subsidiaries
Assets
Currency cash flow derivatives designated as hedging instruments	0.2	0.7
Derivatives designated as hedging instruments \| Cash flow hedges \| Sundry
Assets
Total cash flow hedges		0.3
Derivatives designated as hedging instruments \| Cash flow hedges \| Sundry \| Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries
Assets
Currency cash flow derivatives designated as hedging instruments		0.2
Derivatives designated as hedging instruments \| Cash flow hedges \| Sundry \| Future MXN purchases of a USD subsidiary
Assets
Currency cash flow derivatives designated as hedging instruments		0.1
Derivatives designated as hedging instruments \| Cash flow hedges \| Sundry \| Future DKK sales of Polish subsidiary
Assets
Currency cash flow derivatives designated as hedging instruments		0.0
Derivatives designated as hedging instruments \| Cash flow hedges \| Sundry \| Future EUR sales of Chinese and UK subsidiaries
Assets
Currency cash flow derivatives designated as hedging instruments		0.0
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Liabilities
Liabilities
Total cash flow hedges	6.4	0.7
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Liabilities \| Future USD sales/purchases of Canadian, Chinese, European, South Korean and UK subsidiaries
Liabilities
Currency cash flow derivatives designated as hedging instruments	4.0
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Liabilities \| Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries
Liabilities
Currency cash flow derivatives designated as hedging instruments		0.7
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Liabilities \| Future MXN purchases of a USD subsidiary
Liabilities
Currency cash flow derivatives designated as hedging instruments	1.3	0.0
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Liabilities \| Future DKK sales of Polish subsidiary
Liabilities
Currency cash flow derivatives designated as hedging instruments	0.9	0.0
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Current Liabilities \| Future EUR sales of Chinese and UK subsidiaries
Liabilities
Currency cash flow derivatives designated as hedging instruments	0.2	0.0
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Long-Term Liabilities
Liabilities
Total cash flow hedges	1.0
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Long-Term Liabilities \| Future USD sales/purchases of Canadian, Chinese, European, South Korean and UK subsidiaries
Liabilities
Currency cash flow derivatives designated as hedging instruments	0.4
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Long-Term Liabilities \| Future MXN purchases of a USD subsidiary
Liabilities
Currency cash flow derivatives designated as hedging instruments	0.3
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Long-Term Liabilities \| Future DKK sales of Polish subsidiary
Liabilities
Currency cash flow derivatives designated as hedging instruments	0.2
Derivatives designated as hedging instruments \| Cash flow hedges \| Other Long-Term Liabilities \| Future EUR sales of Chinese and UK subsidiaries
Liabilities
Currency cash flow derivatives designated as hedging instruments	0.1
Derivatives designated as hedging instruments \| Fair value hedges \| Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD)
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	112.3	112.0
Derivatives designated as hedging instruments \| Fair value hedges \| Other Current Assets \| Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD)
Assets
Fair value derivatives designated as hedging instruments	0.3	0.8
Derivatives designated as hedging instruments \| Fair value hedges \| Sundry \| Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD)
Assets
Fair value derivatives designated as hedging instruments		0.0
Derivatives designated as hedging instruments \| Fair value hedges \| Other Current Liabilities \| Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD)
Liabilities
Fair value derivatives designated as hedging instruments	4.0	0.1
Derivatives designated as hedging instruments \| Fair value hedges \| Other Long-Term Liabilities \| Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD)
Liabilities
Fair value derivatives designated as hedging instruments	0.0
Derivatives not designated as hedging instruments \| Other Current Assets
Assets
Currency derivative instruments not designated as hedging instruments	0.2	0.1
Derivatives not designated as hedging instruments \| Sundry
Assets
Currency derivative instruments not designated as hedging instruments		0.0
Derivatives not designated as hedging instruments \| Other Current Liabilities
Liabilities
Currency derivative instruments not designated as hedging instruments	0.0	0.1
Derivatives not designated as hedging instruments \| Other Long-Term Liabilities
Liabilities
Currency derivative instruments not designated as hedging instruments	0.0
Derivatives not designated as hedging instruments \| Fair value hedges \| Non-deliverable hedges (EUR and USD) exposed to the CNY
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	10.1	10.1
Derivatives not designated as hedging instruments \| Fair value hedges \| Hedge of USD receivable on a CAD subsidiary
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	23.0	5.0
Derivatives not designated as hedging instruments \| Fair value hedges \| Other Current Assets \| Non-deliverable hedges (EUR and USD) exposed to the CNY
Assets
Currency derivative instruments not designated as hedging instruments	0.1	0.1
Derivatives not designated as hedging instruments \| Fair value hedges \| Other Current Assets \| Hedge of USD receivable on a CAD subsidiary
Assets
Currency derivative instruments not designated as hedging instruments	0.1	0.0
Derivatives not designated as hedging instruments \| Fair value hedges \| Sundry \| Non-deliverable hedges (EUR and USD) exposed to the CNY
Assets
Currency derivative instruments not designated as hedging instruments		0.0
Derivatives not designated as hedging instruments \| Fair value hedges \| Sundry \| Hedge of USD receivable on a CAD subsidiary
Assets
Currency derivative instruments not designated as hedging instruments		0.0
Derivatives not designated as hedging instruments \| Fair value hedges \| Other Current Liabilities \| Non-deliverable hedges (EUR and USD) exposed to the CNY
Liabilities
Currency derivative instruments not designated as hedging instruments	0.0	0.0
Derivatives not designated as hedging instruments \| Fair value hedges \| Other Current Liabilities \| Hedge of USD receivable on a CAD subsidiary
Liabilities
Currency derivative instruments not designated as hedging instruments	0.0	$ 0.1
Derivatives not designated as hedging instruments \| Fair value hedges \| Other Long-Term Liabilities \| Non-deliverable hedges (EUR and USD) exposed to the CNY
Liabilities
Currency derivative instruments not designated as hedging instruments	0.0
Derivatives not designated as hedging instruments \| Fair value hedges \| Other Long-Term Liabilities \| Hedge of USD receivable on a CAD subsidiary
Liabilities
Currency derivative instruments not designated as hedging instruments	$ 0.0

RISKS AND UNCERTAINTIES	3 Months Ended
RISKS AND UNCERTAINTIES	Mar. 31, 2020
Risks And Uncertainties, Unusual Items [Abstract]
RISKS AND UNCERTAINTIES	RISKS AND UNCERTAINTIES In March 2020, the World Health Organization declared the novel coronavirus (COVID-19) outbreak a global pandemic. Various governments worldwide have instituted quarantines, shelter-in-place or stay-at-home orders, and other material limitations on the conduct of business. These restrictions and limitations have had an adverse effect on the economies and financial markets of the countries where our products, or our customers' products, are sold resulting in an economic downturn that has had an effect on our customers' demand for our products. This decrease in demand has caused us to operate three quarters of our manufacturing facilities at a significantly reduced rate and close others. As a result of the decreased demand, our sales, earnings, liquidity, cash flow and financial condition have been materially negatively affected. The extent to which COVID-19 impacts our operations will depend on future developments, which are highly uncertain and unpredictable. If new government restrictions are announced, current restrictions extended, or demand declines further, we could be required to make additional adjustments to our operations, including operating reductions or facility closures. We cannot predict the time it will take for an overall economic recovery, but we do not believe that a triggering event related to the impairment of goodwill or other long-lived assets occurred in the first quarter of 2020.

ACCOUNTS AND OTHER RECEIVABLES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 23.5
Add: Charges	19.8	$ 0.9
Less: Net Charge-offs/ (Recoveries) and Other	0.7
Balance at End of Period	45.9
Trade accounts receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	8.4
Add: Charges	11.4
Less: Net Charge-offs/ (Recoveries) and Other	0.7
Balance at End of Period	22.4
Trade notes receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	0.1
Add: Charges	0.0
Less: Net Charge-offs/ (Recoveries) and Other	0.0
Balance at End of Period	0.1
Total trade receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	8.5
Add: Charges	11.4
Less: Net Charge-offs/ (Recoveries) and Other	0.7
Balance at End of Period	22.5
Other notes receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	15.0
Add: Charges	8.4
Less: Net Charge-offs/ (Recoveries) and Other	0.0
Balance at End of Period	23.4
Topic 326 Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	3.3
Topic 326 Adjustment \| Trade accounts receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	3.3
Topic 326 Adjustment \| Trade notes receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	0.0
Topic 326 Adjustment \| Total trade receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	3.3
Topic 326 Adjustment \| Other notes receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	0.0
Adjusted balance
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	26.8
Adjusted balance \| Trade accounts receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	11.7
Adjusted balance \| Trade notes receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	0.1
Adjusted balance \| Total trade receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	11.8
Adjusted balance \| Other notes receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 15.0

ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions	Jan. 16, 2019	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill, expected to provide a tax benefit			$ 126.4
Contingent consideration, liability			$ 7.9	$ 9.2
ECS
Business Acquisition [Line Items]
Purchase price	$ 1,244.3	$ 1,244.3
Goodwill acquired	559.3
ECS \| Customer relationships (15-year life)
Business Acquisition [Line Items]
Other intangible assets:	372.3	372.7
ECS \| Technology (15-year life)
Business Acquisition [Line Items]
Other intangible assets:	$ 173.3	$ 173.3

ACQUISITIONS - Estimated Fair Values Of The Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 16, 2019	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill			$ 1,391.4	$ 1,406.3
ECS
Business Acquisition [Line Items]
Accounts receivable		$ 72.4
Inventory		60.1
Property, plant and equipment		80.2
Goodwill		558.8
Other current and long-term assets		27.4
Current liabilities		(43.9)
Deferred income taxes		(129.0)
Other long-term liabilities		(21.6)
Net cash consideration	$ 1,244.3	1,244.3
Customer relationships (15-year life) \| ECS
Business Acquisition [Line Items]
Other intangible assets:	372.3	$ 372.7
Useful life		15 years
Technology (15-year life) \| ECS
Business Acquisition [Line Items]
Other intangible assets:	$ 173.3	$ 173.3
Useful life		15 years
Trademarks and trade names (15-year life) \| ECS
Business Acquisition [Line Items]
Other intangible assets:		$ 65.8
Useful life		15 years
Non-compete agreements and other (5-year life) \| ECS
Business Acquisition [Line Items]
Other intangible assets:		$ 28.1
Useful life		5 years

EARNINGS PER SHARE - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net earnings:
Net earnings	$ 45.7	$ 61.1
Loss attributable to noncontrolling interest, net of tax	0.0	0.1
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$ 45.7	$ 61.2
Weighted average number of shares:
Weighted average number of common shares used in basic EPS (in shares)	135,400	134,400
Dilutive effect of stock-based compensation (in shares)	200	600
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares)	135,600	135,000
Basic and Diluted EPS:
Basic EPS attributable to Leggett & Platt, Inc. common shareholders (in dollars per share)	$ 0.34	$ 0.46
Diluted EPS attributable to Leggett & Platt, Inc. common shareholders (in dollars per share)	$ 0.34	$ 0.45
Other information:
Anti-dilutive shares excluded from diluted EPS computation (in shares)	200	100
Cash dividends declared per share (in dollars per share)	$ 0.40	$ 0.38

STATEMENT OF CHANGES IN EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,312.5	$ 1,157.6
Other comprehensive income (loss)	(72.5)	11.7
Reclassifications, pretax	1.3	2.7
Income tax effect	0.6	(1.2)
Attributable to noncontrolling interest	0.1
Ending balance	1,238.6	1,195.2
Net trade sales	1,045.5	1,155.1
Cost of goods sold	822.7	922.1
Interest expense	20.9	21.4
Net earnings	45.7	61.1
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(76.8)	(77.6)
Ending balance	(147.3)	(64.4)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(21.5)	(26.5)
Other comprehensive income (loss)	(65.5)	8.8
Reclassifications, pretax	0.0	0.0
Income tax effect	0.0	0.0
Attributable to noncontrolling interest	0.1
Ending balance	(86.9)	(17.7)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4.1)	(11.8)
Other comprehensive income (loss)	(7.6)	3.1
Reclassifications, pretax	0.3	1.9
Income tax effect	1.0	(1.1)
Attributable to noncontrolling interest	0.0
Ending balance	(10.4)	(7.9)
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(51.2)	(39.3)
Other comprehensive income (loss)	0.6	(0.2)
Reclassifications, pretax	1.0	0.8
Income tax effect	(0.4)	(0.1)
Attributable to noncontrolling interest	0.0
Ending balance	(50.0)	(38.8)
Reclassification out of AOCI
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Net trade sales	(0.5)	1.0
Cost of goods sold	(0.3)	(0.2)
Interest expense	1.1	1.1
Other income (expense), net	1.0	0.8
Net earnings	1.3	2.7
Reclassification out of AOCI \| Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Net trade sales	0.0	0.0
Cost of goods sold	0.0	0.0
Interest expense	0.0	0.0
Other income (expense), net	0.0	0.0
Net earnings	0.0	0.0
Reclassification out of AOCI \| Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Net trade sales	(0.5)	1.0
Cost of goods sold	(0.3)	(0.2)
Interest expense	1.1	1.1
Other income (expense), net	0.0	0.0
Net earnings	0.3	1.9
Reclassification out of AOCI \| Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Net trade sales	0.0	0.0
Cost of goods sold	0.0	0.0
Interest expense	0.0	0.0
Other income (expense), net	1.0	0.8
Net earnings	$ 1.0	$ 0.8

STATEMENT OF CHANGES IN EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

STATEMENT OF CHANGES IN EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


	Three Months Ended March 31, 2020
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, January 1, 2020	$	1,312.5	$	2,734.5	$	538.1	$	(1,883.8)	$	.5	$	(76.8)
Effect of accounting change on prior years, net of tax (Topic 326-See Note 7)	(2.5)		(2.5)		—		—		—		—
Adjusted beginning balance, January 1, 2020	1,310.0		2,732.0		538.1		(1,883.8)		.5		(76.8)
Net earnings attributable to Leggett & Platt, Inc. common shareholders	45.7		45.7		—		—		—		—

Dividends declared (See Note 6)	(52.8)		(54.2)		1.4		—		—		—

Treasury stock purchased	(8.4)		—		—		(8.4)		—		—
Treasury stock issued	2.5		—		(16.2)		18.7		—		—
Foreign currency translation adjustments	(65.5)		—		—		—		(.1)		(65.4)
Cash flow hedges, net of tax	(6.3)		—		—		—		—		(6.3)
Defined benefit pension plans, net of tax	1.2		—		—		—		—		1.2
Stock-based compensation transactions, net of tax	12.2		—		12.2		—		—		—

Ending balance, March 31, 2020	$	1,238.6	$	2,723.5	$	535.5	$	(1,873.5)	$	.4	$	(147.3)


	Three Months Ended March 31, 2019
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, January 1, 2019	$	1,157.6	$	2,613.8	$	529.1	$	(1,908.3)	$	.6	$	(77.6)
Effect of accounting change on prior years, net of tax (Topic 842)	.1		.1		—		—		—		—
Adjusted beginning balance, January 1, 2019	1,157.7		2,613.9		529.1		(1,908.3)		.6		(77.6)
Net earnings attributable to Leggett & Platt, Inc. common shareholders	61.1		61.2		—		—		(.1)		—

Dividends declared (See Note 6)	(49.9)		(51.2)		1.3		—		—		—

Treasury stock purchased	(11.7)		—		—		(11.7)		—		—
Treasury stock issued	13.8		—		(14.6)		28.4		—		—
Foreign currency translation adjustments	8.8		—		—		—		—		8.8
Cash flow hedges, net of tax	3.9		—		—		—		—		3.9
Defined benefit pension plans, net of tax	.5		—		—		—		—		.5
Stock-based compensation transactions, net of tax	11.0		—		11.0		—		—		—

Ending balance, March 31, 2019	$	1,195.2	$	2,623.9	$	526.8	$	(1,891.6)	$	.5	$	(64.4)

The following tables set forth the components of and changes in each component of accumulated other comprehensive income (loss) for each of the periods presented:


			Three Months Ended March 31,
			Foreign Currency Translation Adjustments		Cash Flow Hedges		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2020					$	(21.5)	$	(4.1)	$	(51.2)	$	(76.8)
Other comprehensive income (loss)					(65.5)		(7.6)		.6		(72.5)
Reclassifications, pretax ¹					—		.3		1.0		1.3
Income tax effect					—		1.0		(.4)		.6
Attributable to noncontrolling interest					.1		—		—		.1
Balance, March 31, 2020					$	(86.9)	$	(10.4)	$	(50.0)	$	(147.3)

Balance, January 1, 2019					$	(26.5)	$	(11.8)	$	(39.3)	$	(77.6)
Other comprehensive income (loss)					8.8		3.1		(.2)		11.7
Reclassifications, pretax ²					—		1.9		.8		2.7
Income tax effect					—		(1.1)		(.1)		(1.2)

Balance, March 31, 2019					$	(17.7)	$	(7.9)	$	(38.8)	$	(64.4)

	¹	2020 pretax reclassifications are comprised of:
		Net trade sales	$	—	$	(.5)	$	—	$	(.5)
		Cost of goods sold; selling and administrative expenses	—		(.3)		—		(.3)
		Interest expense	—		1.1		—		1.1
		Other income (expense), net	—		—		1.0		1.0

		Total reclassifications, pretax	$	—	$	.3	$	1.0	$	1.3

	²	2019 pretax reclassifications are comprised of:
		Net trade sales	$	—	$	1.0	$	—	$	1.0
		Cost of goods sold; selling and administrative expenses	—		(.2)		—		(.2)
		Interest expense	—		1.1		—		1.1
		Other income (expense), net	—		—		.8		.8
		Total reclassifications, pretax	$	—	$	1.9	$	.8	$	2.7

ACCOUNTS AND OTHER RECEIVABLES - New ASU (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Trade receivables, net	$ 546.0		$ 564.4
Other current assets			973.7
Property, plant and equipment	809.5		830.8
Other assets			2,447.5
Total assets	4,982.0		4,816.4
Current liabilities	854.7		928.1
Long-term liabilities	2,888.7		2,575.8
Retained earnings	2,723.5		2,734.5
Other equity			(1,422.0)
Liabilities and Equity	$ 4,982.0		$ 4,816.4
Topic 326 Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Trade receivables, net		$ (3.3)
Other current assets		0.0
Property, plant and equipment		0.0
Other assets		0.0
Total assets		(3.3)
Current liabilities		0.0
Long-term liabilities		(0.8)
Retained earnings		(2.5)
Other equity		0.0
Liabilities and Equity		(3.3)
Adjusted balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Trade receivables, net		561.1
Other current assets		973.7
Property, plant and equipment		830.8
Other assets		2,447.5
Total assets		4,813.1
Current liabilities		928.1
Long-term liabilities		2,575.0
Retained earnings		2,732.0
Other equity		(1,422.0)
Liabilities and Equity		$ 4,813.1

ACCOUNTS AND OTHER RECEIVABLES

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

ACCOUNTS AND OTHER RECEIVABLES

Initial adoption of new ASU

Effective January 1, 2020, we adopted ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326), which amended the impairment model to require 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. In accordance with guidance, the new standard was adopted using the modified retrospective approach as of the effective date; prior periods were not restated. The increase to the allowance for doubtful accounts, net of the deferred tax impact, was recorded as an adjustment to opening retained earnings.

The cumulative effect of applying Topic 326 to our Consolidated Condensed Balance Sheet was as follows:


	Balance at December 31, 2019 as Previously Reported		Topic 326 Adjustments		Balance at January 1, 2020

Trade receivables, net ¹	$	564.4	$	(3.3)	$	561.1
Other current assets	973.7		—		973.7
Property, plant and equipment	830.8		—		830.8
Other assets	2,447.5		—		2,447.5
Total assets	$	4,816.4	$	(3.3)	$	4,813.1

Current liabilities	$	928.1	$	—	$	928.1
Long-term liabilities ²	2,575.8		(.8)		2,575.0
Retained earnings	2,734.5		(2.5)		2,732.0
Other equity	(1,422.0)		—		(1,422.0)
Total assets	$	4,816.4	$	(3.3)	$	4,813.1

¹This adjustment is to increase our allowance for doubtful accounts for estimated expected credit losses on trade receivables over their contractual life.

²This adjustment is to reflect a decrease in deferred income tax liability as a result of the change in the allowance for doubtful accounts.

Trade receivables are recorded at the invoiced amount and generally do not bear interest. Credit is also occasionally extended in the form of a note receivable to facilitate our customers' operating cycles. Other notes receivable are established in special circumstances, such as in partial payment for the sale of a business or to support other business opportunities. Other notes receivable generally bear interest at market rates commensurate with the corresponding credit risk on the date of the origination.

To determine our allowance for doubtful accounts under the new guidance, we are utilizing a pool approach to group our receivables with similar risk characteristics. Our pools correspond with our business units, which generally have similar terms, industry-specific conditions, and historical or expected loss patterns. Reserves are established for each pool based on their level of risk exposure. When credit deterioration occurs on a specific customer within a pool, we evaluate the receivable separately to estimate the expected credit loss based on the specific risk characteristics. Management reviews individual accounts and pools for factors such as the length of time that receivables are past due, the financial health of the companies involved, industry and macroeconomic considerations, and historical loss experience. A qualitative reserve is also established for any current macroeconomic conditions or reasonable and supportable forecasts that could impact the expected collectibility of all or a portion of our receivables portfolio.

Account balances are charged against the allowance when it is probable the receivable will not be recovered. Interest income is not recognized for nonperforming accounts that are placed on nonaccrual status. For accounts on nonaccrual status, any interest payments received are applied against the balance of the nonaccrual account.

Accounts and other receivables consisted of the following:


	March 31, 2020						December 31, 2019
	Current		Long-term		Current		Long-term
Trade accounts receivable ¹	$	567.3	$	—	$	571.8	$	—
Trade notes receivable	1.2		.8		1.1		.6
Total trade receivables	568.5		.8		572.9		.6


Other notes receivable ¹	—		23.4		—		23.4

Taxes receivable, including income taxes	14.0		—		15.8		—
Other receivables	8.2		—		11.7		—
Subtotal other receivables	22.2		23.4		27.5		23.4
Total trade and other receivables	590.7		24.2		600.4		24.0
Allowance for doubtful accounts:
Trade accounts receivable ^1,2	(22.4)		—		(8.4)		—
Trade notes receivable	(.1)		—		(.1)		—
Total trade receivables	(22.5)		—		(8.5)		—
Other notes receivable ¹	—		(23.4)		—		(15.0)
Total allowance for doubtful accounts	(22.5)		(23.4)		(8.5)		(15.0)
Total net receivables	$	568.2	$	.8	$	591.9	$	9.0

¹ The “Trade accounts receivable” and “Other notes receivable” line items above include $25.7 and $26.0 as of March 31, 2020 and December 31, 2019, respectively, from a customer in our Bedding Products segment who is experiencing financial difficulty and liquidity problems. This customer was placed on nonaccrual status in 2018, and became delinquent in quarterly interest payments in the first quarter of 2020. As a result, we have increased our reserve at March 31, 2020 to $25.7 ($23.4 for the note and $2.3 for the trade receivable). The reserve for this customer at December 31, 2019, was $16.0 ($15.0 for the note and $1.0 for the trade receivable).

² The COVID-19 pandemic and resulting social and governmental restrictions have adversely impacted the operations of many of our customers, which have and could further impact their ability to pay their debts to us. As a result, we increased the reserves on "Trade accounts receivable" during the first quarter 2020 to reflect this increased collectibility risk.

Activity related to the allowance for doubtful accounts is reflected below:


	Balance at December 31, 2019		Topic 326 Adjustment		Balance at January 1, 2020		Add: Charges		Less: Net Charge-offs/ (Recoveries) and Other		Balance at March 31, 2020
Trade accounts receivable	$	8.4	$	3.3	$	11.7	$	11.4	$	.7	$	22.4
Trade notes receivable	.1		—		.1		—		—		.1
Total trade receivables	8.5		3.3		11.8		11.4		.7		22.5
Other notes receivable	15.0		—		15.0		8.4		—		23.4
Total allowance for doubtful accounts	$	23.5	$	3.3	$	26.8	$	19.8	$	.7	$	45.9

CONTINGENCIES

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

We are a party to various proceedings and matters involving employment, intellectual property, environmental, taxation, vehicle-related personal injury and other laws. When it is probable, in management's judgment, that we may incur monetary damages or other costs resulting from these proceedings or other claims, and we can reasonably estimate the amounts, we record appropriate accruals in the financial statements and make charges against earnings. For all periods presented, we have recorded no material charges against earnings. Also, when it is reasonably possible that we may incur additional loss in excess of recorded accruals and we can reasonably estimate the additional losses or range of losses, we disclose such additional reasonably possible losses in these notes.

For specific information regarding accruals, cash payments to settle litigation contingencies, and reasonably possible losses in excess of accruals, please see “Accruals and Reasonably Possible Losses in Excess of Accruals” below.

Brazilian Value-Added Tax Matters

All dollar amounts presented in this section have been updated since our last filing to reflect the U.S. Dollar (USD) equivalent of Brazilian Real (BRL).

We deny all allegations in the below Brazilian actions. We believe that we have valid bases to contest such actions and are vigorously defending ourselves. However, these contingencies are subject to uncertainties, and based on current known facts, we believe that it is reasonably possible (but not probable) that we may incur losses of approximately $10.5 including interest and attorney fees with respect to these assessments. Therefore, because it is not probable we will incur a loss, no accrual has been recorded for Brazilian value-added tax (VAT) matters. As of the date of this filing, we have $7.9 on deposit with the Brazilian government to partially mitigate interest and penalties that may accrue while we work through these matters. If we are successful in our defense of these assessments, the deposits are refundable with interest. These deposits are recorded as a long-term asset on our balance sheet.

Brazilian Federal Cases. On December 22 and December 29, 2011, and December 17, 2012, the Brazilian Finance Ministry, Federal Revenue Office (Finance Ministry) issued notices of violation against our wholly-owned subsidiary, Leggett & Platt do Brasil Ltda. (L&P Brazil) in the amount of $1.5, $.1 and $2.6, respectively. The Finance Ministry claimed that for November 2006 and continuing through 2011, L&P Brazil used an incorrect tariff code for the collection and payment of VAT primarily on the sale of mattress innerspring units in Brazil (VAT Rate Dispute). L&P Brazil has denied the violations. On December 4, 2015, we filed an action related to the $2.6 assessment ($3.1 with updated interest), in Sorocaba Federal Court. On October 18, 2018, we filed an action related to the $1.5 assessment ($2.3 with updated interest), in Sorocaba Federal Court. The $.1 assessment remains pending at the second administrative level. These actions seek to annul the entire assessments and remain pending.

In addition, L&P Brazil received assessments on December 22, 2011, and June 26, July 2 and November 5, 2012, and September 13, 2013, from the Finance Ministry where it challenged L&P Brazil’s use of tax credits in years 2005 through 2010. Such credits are generated based upon the VAT rate used by L&P Brazil on the sale of mattress innersprings. On September 4, 2014, the Finance Ministry issued additional assessments regarding this same issue, but covering certain periods of 2011 and 2012. L&P Brazil filed its defenses denying the assessments. L&P Brazil has received aggregate assessments and penalties totaling $1.3 ($1.9 updated with interest) on these denials of tax credit matters. L&P Brazil has denied the violations. Some of these cases have been administratively closed and combined with other actions, while the remaining cases are pending at the administrative level. On September 11, 2017, L&P Brazil received an "isolated penalty" from the Finance Ministry in the amount of $.1 regarding the use of these credits. L&P Brazil filed its defense disputing the penalty. These cases remain pending.

On February 1, 2013, the Finance Ministry filed a Tax Collection action against L&P Brazil in the Camanducaia Judicial District Court, alleging the untimely payment of $.1 of social contributions (social security and social assistance payments) for September to October 2010. L&P Brazil argued the payments were not required to be made because of the application of tax credits generated by L&P Brazil's use of a correct VAT rate on the sale of mattress innersprings. On June 26, 2014, the Finance Ministry issued a new notice of violation against L&P Brazil in the amount of $.5 covering 2011 through 2012 on the same subject matter. L&P Brazil has filed its defenses. These cases remain pending.

On July 1, 2014, the Finance Ministry rendered a preliminary decision alleging that L&P Brazil improperly offset $.1 of social contributions due in 2011. L&P Brazil denied the allegations. L&P Brazil is defending on the basis that the social contribution amounts were correctly offset with tax credits generated by L&P Brazil's use of a correct VAT rate on the sale of mattress innersprings. On December 15, 2015, the Finance Ministry issued an assessment against L&P Brazil in the amount of $.1 for August 2010 through May 2011, as a penalty for L&P Brazil's requests to offset tax credits. We filed our defense

denying the assessment. On August 8, 2019, the Finance Ministry issued an assessment against L&P Brazil in the amount of $.1 alleging that L&P Brazil improperly offset social contributions due between 2015 and 2016. These cases remain pending.

State of São Paulo, Brazil Cases. The State of São Paulo, Brazil (SSP) on October 4, 2012, issued a Tax Assessment against L&P Brazil in the amount of $1.0 for the tax years 2009 through 2011 regarding the same VAT Rate Dispute but as applicable to the sale of mattress innerspring units in the SSP (SSP VAT Rate Dispute). On June 21, 2013, the SSP converted the Tax Assessment to a tax collection action against L&P Brazil in the amount of $1.2 in Sorocaba Judicial District Court. L&P Brazil has denied all allegations. This case remains pending.

L&P Brazil also received a Notice of Tax Assessment from the SSP dated March 27, 2014 in the amount of $.6 for tax years January 2011 through August 2012 regarding the SSP VAT Rate Dispute. L&P Brazil filed its response denying the allegations, but the tax assessment was maintained at the administrative level. On June 9, 2016, L&P Brazil filed an action in Sorocaba State Court to annul the entire assessment. The Court ruled against L&P Brazil on the assessment but lowered the interest amount. The Court of Appeals upheld the unfavorable ruling and we filed a Special and Extraordinary appeal to the High Court on October 10, 2017. The High Court denied our appeal on February 18, 2019. L&P Brazil filed an interlocutory appeal on March 20, 2019. On November 5, 2019, SSP announced an amnesty program that provides discounts on penalties and interest on SSP assessments. We decided to move forward with the amnesty program as it relates to the $.6 assessment (updated to $.9 with interest). We expect to pay $.5 to resolve this matter using a portion of our $.9 cash deposit. We also expect the return of approximately $.4 consisting of cash deposit and accrued interest.

State of Minas Gerais, Brazil Cases. On December 18, 2012, the State of Minas Gerais, Brazil issued a tax assessment to L&P Brazil relating to the same VAT Rate Dispute but as applicable to the sale of mattress innerspring units in Minas Gerais from March 2008 through August 2012 in the amount of $.3. L&P Brazil filed its response denying any violation. The Minas Gerais Taxpayer's Council ruled against us, and on June 5, 2014, L&P Brazil filed a Motion to Stay the Execution of the Judgment in Camanducaia Judicial District Court, which remains pending.

Accruals and Reasonably Possible Losses in Excess of Accruals

Accruals for Probable Losses

Although we deny liability in all currently threatened or pending litigation proceedings in which we are or may be a party and believe that we have valid bases to contest all claims threatened or made against us, we have recorded a litigation contingency accrual for our reasonable estimate of probable loss for pending and threatened litigation proceedings, in aggregate, in millions, as follows:


	Three Months Ended March 31,
	2020		2019
Litigation contingency accrual - Beginning of period	$	.7	$	1.9
Adjustment to accruals - expense (income)	.1		—

Currency	(.1)		—
Cash payments	(.1)		—
Litigation contingency accrual - End of period	$	.6	$	1.9

The above litigation contingency accruals do not include accrued expenses related to workers' compensation, vehicle-related personal injury, product and general liability claims, taxation issues and environmental matters, some of which may contain a portion of litigation expense. However, any litigation expense associated with these categories is not anticipated to have a material effect on our financial condition, results of operations or cash flows.

Reasonably Possible Losses in Excess of Accruals

Although there are a number of uncertainties and potential outcomes associated with our pending or threatened litigation proceedings, we believe, based on current known facts, that additional losses, if any, are not expected to materially affect our consolidated financial position, results of operations or cash flows. However, based upon current known facts, as of March 31, 2020, aggregate reasonably possible (but not probable, and therefore, not accrued) losses in excess of the accruals noted above are estimated to be $11.6, including $10.5 for Brazilian VAT matters disclosed above and $1.1 for other matters. If our assumptions or analyses regarding these contingencies are incorrect, or if facts change, we could realize losses in excess of the recorded accruals (and in excess of the $11.6 referenced above), which could have a material negative impact on our financial condition, results of operations and cash flows.

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The following table recaps the components of stock-based and stock-related compensation for each period presented:


	Three Months Ended						Three Months Ended
	March 31, 2020						March 31, 2019
	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	$	(.3)	$	.1	$	.6	$	.1
Discounts on various stock awards:
Deferred Stock Compensation Program	.5		—		.6		—
Stock-based retirement plans	.2		—		.2		—
Discount Stock Plan	.3		—		.3		—
Performance Stock Unit (PSU) awards: ²
2018 and later PSU - TSR based ^2A	.9		(2.8)		.7		.8
2018 and later PSU - EBIT CAGR based ^2B	(2.1)		(2.8)		1.6		2.0
2017 and prior PSU awards ^2C	—		.1		.5		.4
Restricted Stock Unit (RSU) awards ³	4.7		—		.5		—
Profitable Growth Incentive (PGI) awards ⁴	—		—		—		—
Other, primarily non-employee directors restricted stock	.4		—		.2		—
Total stock-related compensation expense	4.6		$	(5.4)	5.2		$	3.3
Employee contributions for above stock plans	2.9				2.6
Total stock-based compensation	$	7.5			$	7.8

Tax benefits on stock-based compensation expense	$	1.1			$	1.2
Tax benefits on stock-based compensation payments	2.8				1.9
Total tax benefits associated with stock-based compensation	$	3.9			$	3.1

Included below is the activity in our most significant stock-based plans:

¹Stock-Based Retirement Plans

Participants in the Executive Stock Unit Program may contribute up to 10% (depending on certain qualifications) of their compensation above the threshold. Participant contributions are credited to a diversified investment account established for the participant. Leggett matching contributions to the plan, including dividend equivalents, are used to acquire stock units. Stock units are converted to common stock at a 1-to-1 ratio upon distribution from the program.

²PSU Awards

2020 Changes to the PSU and RSU awards

In November 2019, the Compensation Committee approved changes to our PSU and RSU award programs for 2020. Changes to the plans for executive officers are as follows:

•Two-thirds of the target award value will be granted as PSUs based on relative TSR and EBIT CAGR over a three-year performance period.

•One-third of the target award value will be granted as RSUs vesting in one-third increments over three years.

During 2019 PSU awards were based on two equal measures: (i) Relative Total Shareholder Return (TSR = (Change in Stock Price + Dividends) ÷ Beginning Stock Price) and (ii) EBIT Compound Annual Growth Rate (EBIT CAGR). These components are discussed below.

We intend to pay 50% in shares of our common stock and 50% in cash; although, we reserve the right, subject to Compensation Committee approval, to pay up to 100% in cash.

^2A2018 PSU - TSR based

Most of the 2018 and later PSU awards are based 50% upon our TSR compared to a peer group. A small number of PSU awards are based 100% upon relative TSR for certain business unit employees to complement their particular mix of incentive compensation. Grant date fair values are calculated using a Monte Carlo simulation of stock and volatility data for Leggett and each of the peer companies. Grant date fair values are amortized using the straight-line method over the three-year vesting period.

The relative TSR vesting condition of the 2018 and later PSU awards contains the following conditions:

•A service requirement—Awards generally “cliff” vest three years following the grant date; and

•A market condition—Awards are based on our TSR as compared to the TSR of a group of peer companies. The peer group consists of all the companies in the Industrial, Materials and Consumer Discretionary sectors of the S&P 500 and S&P Midcap 400 (approximately 300 companies). Participants will earn from 0% to 200% of the base award depending upon how our TSR ranks within the peer group at the end of the three-year performance period.

^2B2018 PSU - EBIT CAGR based

Most of the 2018 and later PSU awards are based 50% upon our or the applicable segment's EBIT CAGR. Grant date fair values are calculated using the grant date stock price discounted for dividends over the vesting period. Expense is adjusted every quarter over the three-year vesting period based on the number of shares expected to vest.

The EBIT CAGR portion of this award contains the following conditions:

•A service requirement—Awards generally “cliff” vest three years following the grant date; and

•A performance condition—Awards are based on achieving specified EBIT CAGR performance targets for our or the applicable segment's EBIT during the third year of the performance period compared to the EBIT during the fiscal year immediately preceding the performance period. Participants will earn from 0% to 200% of the base award.

In connection with the decision to move a significant portion of the long-term incentive opportunity from a two-year to a three-year performance period by eliminating PGI awards, in February 2018, we also granted participants a one-time transition PSU award, based upon EBIT CAGR over a two-year performance period. This award was paid in the first quarter 2020. Average payout percentage of base award was 114%, and the number of shares paid was .1. The cash portion pay out was $4.1.

^2C2017 and prior PSU Awards

The 2017 and prior PSU awards were based solely on relative TSR. Vesting conditions were the same as (2A) above other than the maximum payout of 175% of the base award. The 2017 PSU award was paid out Q1 2020.

Below is a summary of the number of shares and related grant date fair value of PSU’s for the periods presented:


	Three Months Ended March 31,
	2020			2019
TSR based
Total shares base award	.1			.1
Grant date per share fair value	$	38.23		$	57.86
Risk-free interest rate	1.4		%	2.4		%
Expected life in years	3.0			3.0
Expected volatility (over expected life)	24.0		%	21.5		%
Expected dividend yield (over expected life)	3.6		%	3.4		%

EBIT CAGR based
Total shares base award	.1			.1
Grant date per share fair value	$	40.52		$	39.98
Vesting period in years	3.0			3.0

Three-Year Performance Cycle

Award Year

Completion Date

TSR Performance
Relative to the Peer Group (1%=Best)

Payout as a
Percent of the
Base Award

Number of Shares
Distributed

Cash Portion

Distribution Date

2016

December 31, 2018

78th percentile

—%

—

First quarter 2019

2017

December 31, 2019

63rd percentile

49.0%

.1 million

1.6

First quarter 2020

³RSU Awards

The RSU award has been amended so that those who retire (1) after age 65 or (2) after the date where the participant’s age plus years of service are greater than or equal to 70 years, will continue to receive shares that will vest after the retirement date. Expense associated with these retirement-eligible employees will be recognized immediately at the RSU grant date. For those employees who become retirement eligible after the grant date, any remaining expense associated with those RSUs will be recognized at the date the employee meets the retirement-eligible criteria. For more information on the 2020 RSU award changes see the PSU section above.

⁴PGI Awards

In 2017 and prior years, certain key management employees participated in a PGI program. The PGI awards were eliminated during 2018, and were replaced with the PSU EBIT CAGR award discussed above. In the first quarter 2019, all PGI awards were paid out with a distribution of shares (less than .1 million) and cash ($2.2).

STOCK-BASED COMPENSATION - Schedule of Performance Cycles (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
3 year performance cycle, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR Performance Relative to the Peer Group (1% Best)			78.00%
Payout as a Percent of the Base Award			0.00%
Number of Shares Distributed (less than) (in shares)	0.1		0.0
Cash Portion	$ 2.2		$ 0.0
3 year performance cycle, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR Performance Relative to the Peer Group (1% Best)		63.00%
Payout as a Percent of the Base Award		49.00%
Number of Shares Distributed (less than) (in shares)		0.1
Cash Portion		$ 1.6

SEGMENT INFORMATION - Summary of Segment Results from Continuing Operations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) segment	Mar. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	3
Number of reportable segments \| segment	3
Net trade sales	$ 1,045.5	$ 1,155.1
Total Sales	1,061.1	1,170.5
EBIT	80.7	98.2
Depreciation and Amortization	47.5	46.3
Bedding Products
Segment Reporting Information [Line Items]
Net trade sales	490.6	554.3
Total Sales	500.2	564.5
EBIT	30.0	44.1
Depreciation and Amortization	26.8	24.8
Specialized Products
Segment Reporting Information [Line Items]
Net trade sales	234.5	262.9
Total Sales	235.3	263.8
EBIT	27.7	35.7
Depreciation and Amortization	11.2	10.2
Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Net trade sales	320.4	337.9
Total Sales	325.6	342.2
EBIT	26.5	18.4
Depreciation and Amortization	6.5	6.6
Operating segments
Segment Reporting Information [Line Items]
Net trade sales	1,045.5	1,155.1
Operating segments \| Bedding Products
Segment Reporting Information [Line Items]
Net trade sales	490.6	554.3
Operating segments \| Specialized Products
Segment Reporting Information [Line Items]
Net trade sales	234.5	262.9
Operating segments \| Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Net trade sales	320.4	337.9
Intersegment eliminations
Segment Reporting Information [Line Items]
Net trade sales	15.6	15.4
Depreciation and Amortization	3.0	4.7
Intersegment eliminations, unallocated assets and other	(3.5)	0.0
Intersegment eliminations \| Bedding Products
Segment Reporting Information [Line Items]
Net trade sales	9.6	10.2
Intersegment eliminations \| Specialized Products
Segment Reporting Information [Line Items]
Net trade sales	0.8	0.9
Intersegment eliminations \| Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Net trade sales	$ 5.2	$ 4.3

STATEMENT OF CHANGES IN EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Statement of Changes in Equity and Accumulated Other Comprehensive Income


	Three Months Ended March 31, 2020
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, January 1, 2020	$	1,312.5	$	2,734.5	$	538.1	$	(1,883.8)	$	.5	$	(76.8)
Effect of accounting change on prior years, net of tax (Topic 326-See Note 7)	(2.5)		(2.5)		—		—		—		—
Adjusted beginning balance, January 1, 2020	1,310.0		2,732.0		538.1		(1,883.8)		.5		(76.8)
Net earnings attributable to Leggett & Platt, Inc. common shareholders	45.7		45.7		—		—		—		—

Dividends declared (See Note 6)	(52.8)		(54.2)		1.4		—		—		—

Treasury stock purchased	(8.4)		—		—		(8.4)		—		—
Treasury stock issued	2.5		—		(16.2)		18.7		—		—
Foreign currency translation adjustments	(65.5)		—		—		—		(.1)		(65.4)
Cash flow hedges, net of tax	(6.3)		—		—		—		—		(6.3)
Defined benefit pension plans, net of tax	1.2		—		—		—		—		1.2
Stock-based compensation transactions, net of tax	12.2		—		12.2		—		—		—

Ending balance, March 31, 2020	$	1,238.6	$	2,723.5	$	535.5	$	(1,873.5)	$	.4	$	(147.3)


	Three Months Ended March 31, 2019
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, January 1, 2019	$	1,157.6	$	2,613.8	$	529.1	$	(1,908.3)	$	.6	$	(77.6)
Effect of accounting change on prior years, net of tax (Topic 842)	.1		.1		—		—		—		—
Adjusted beginning balance, January 1, 2019	1,157.7		2,613.9		529.1		(1,908.3)		.6		(77.6)
Net earnings attributable to Leggett & Platt, Inc. common shareholders	61.1		61.2		—		—		(.1)		—

Dividends declared (See Note 6)	(49.9)		(51.2)		1.3		—		—		—

Treasury stock purchased	(11.7)		—		—		(11.7)		—		—
Treasury stock issued	13.8		—		(14.6)		28.4		—		—
Foreign currency translation adjustments	8.8		—		—		—		—		8.8
Cash flow hedges, net of tax	3.9		—		—		—		—		3.9
Defined benefit pension plans, net of tax	.5		—		—		—		—		.5
Stock-based compensation transactions, net of tax	11.0		—		11.0		—		—		—

Ending balance, March 31, 2019	$	1,195.2	$	2,623.9	$	526.8	$	(1,891.6)	$	.5	$	(64.4)

Changes in Each Component of Accumulated Other Comprehensive Income (Loss)

The following tables set forth the components of and changes in each component of accumulated other comprehensive income (loss) for each of the periods presented:


			Three Months Ended March 31,
			Foreign Currency Translation Adjustments		Cash Flow Hedges		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2020					$	(21.5)	$	(4.1)	$	(51.2)	$	(76.8)
Other comprehensive income (loss)					(65.5)		(7.6)		.6		(72.5)
Reclassifications, pretax ¹					—		.3		1.0		1.3
Income tax effect					—		1.0		(.4)		.6
Attributable to noncontrolling interest					.1		—		—		.1
Balance, March 31, 2020					$	(86.9)	$	(10.4)	$	(50.0)	$	(147.3)

Balance, January 1, 2019					$	(26.5)	$	(11.8)	$	(39.3)	$	(77.6)
Other comprehensive income (loss)					8.8		3.1		(.2)		11.7
Reclassifications, pretax ²					—		1.9		.8		2.7
Income tax effect					—		(1.1)		(.1)		(1.2)

Balance, March 31, 2019					$	(17.7)	$	(7.9)	$	(38.8)	$	(64.4)

	¹	2020 pretax reclassifications are comprised of:
		Net trade sales	$	—	$	(.5)	$	—	$	(.5)
		Cost of goods sold; selling and administrative expenses	—		(.3)		—		(.3)
		Interest expense	—		1.1		—		1.1
		Other income (expense), net	—		—		1.0		1.0

		Total reclassifications, pretax	$	—	$	.3	$	1.0	$	1.3

	²	2019 pretax reclassifications are comprised of:
		Net trade sales	$	—	$	1.0	$	—	$	1.0
		Cost of goods sold; selling and administrative expenses	—		(.2)		—		(.2)
		Interest expense	—		1.1		—		1.1
		Other income (expense), net	—		—		.8		.8
		Total reclassifications, pretax	$	—	$	1.9	$	.8	$	2.7

RESTRUCTURING AND IMPAIRMENT CHARGES (Incurred Costs) (Details) - USD ($) $ in Millions	3 Months Ended		13 Months Ended	16 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0.6	$ 1.2
Impairment costs associated with this plan	3.5	$ 2.9
Amount of total that represents cash charges	1.7
2018 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0.7		$ 18.7	$ 19.4
Impairment costs associated with this plan	0.0		12.7	12.7
Total Amount Incurred	0.7		31.4	32.1
Amount of total that represents cash charges	$ 0.6		$ 14.9	$ 15.5

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2020	Apr. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-07845
Entity Registrant Name	LEGGETT & PLATT, INC
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	44-0324630
Entity Address, Address Line One	No. 1 Leggett Road
Entity Address, City or Town	Carthage,
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64836
City Area Code	417
Local Phone Number	358-8131
Title of 12(b) Security	Common Stock, $.01 par value
Ticker Symbol	LEG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business Entity	false
Emerging Growth Entity	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		132,276,805
Entity Central Index Key	0000058492
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Estimated Fair Values of the Assets Acquired and Liabilities Assumed


	Three Months Ended March 31,
	2019
Accounts receivable	$	72.4
Inventory	60.1
Property, plant and equipment	80.2
Goodwill	558.8
Other intangible assets:
Customer relationships (15-year life)	372.7
Technology (15-year life)	173.3
Trademarks and trade names (15-year life)	65.8
Non-compete agreements and other (5-year life)	28.1
Other current and long-term assets	27.4
Current liabilities	(43.9)
Deferred income taxes	(129.0)
Other long-term liabilities	(21.6)







Net cash consideration	$	1,244.3

Summary of Acquisitions

The following table summarizes acquisitions for the periods presented.

Three Months Ended

Number of Acquisitions

Segment

Product/Service

March 31, 2020

None

March 31, 2019

Bedding Products

A leader in proprietary specialized foam technology, primarily for the bedding and furniture industries

Business Acquisition, Pro Forma Information


	Three Months Ended
	March 31,
	2019
Net trade sales	$	1,176.7
Net earnings	62.9
EPS basic	.47
EPS diluted	.47

DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

Cash Flow Hedges

Derivative financial instruments that we use to hedge forecasted transactions and anticipated cash flows are as follows:

Currency Cash Flow Hedges—The foreign currency hedges manage risk associated with exchange rate volatility of various currencies.

Interest Rate Cash Flow Hedges—We have also occasionally used interest rate cash flow hedges to manage interest rate risks.

The effective changes in fair value of unexpired contracts are recorded in accumulated other comprehensive income and reclassified to income or expense in the period in which earnings are impacted. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. (Settlements associated with the sale or production of product are presented in operating cash flows, and settlements associated with debt issuance are presented in financing cash flows.)

Fair Value Hedges and Derivatives not Designated as Hedging Instruments

These derivatives typically manage foreign currency risk associated with subsidiaries’ assets and liabilities, and gains or losses are recognized currently in earnings. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged.

Expense for Underlying Transactions Probable of Not Occurring

In response to the COVID-19 pandemic, our projected sales have been adversely impacted in the short term and as a result, we believe that the underlying transactions are probable of not occurring. Accordingly, we immediately recognized a loss of $.5, of which $.4 represents the previously deferred losses of our hedge positions that had been recorded in accumulated other comprehensive income (AOCI). These amounts are presented in the same line of the income statement as the expected hedged item (net trade sales).

The following table presents assets and liabilities representing the fair value of our most significant derivative financial instruments. The fair values of the derivatives reflect the change in the market value of the derivative from the date of the trade execution and do not consider the offsetting underlying hedged item.


	Expiring at various dates through:	Total USD Equivalent Notional Amount		As of March 31, 2020
						Assets					Liabilities
								Other Current Assets				Other Current Liabilities	Other Long-Term Liabilities
Derivatives designated as hedging instruments
Cash flow hedges:

Currency hedges:
Future USD sales/purchases of Canadian, Chinese, European, South Korean and UK subsidiaries	Dec 2021	$	174.7	$	.6	$	4.0		$	.4
Future DKK sales of Polish subsidiary	Dec 2021	24.4		—		.9			.2

Future EUR sales of Chinese and UK subsidiaries	Dec 2021	35.5		.2		.2			.1
Future MXN purchases of a USD subsidiary	Dec 2021	11.9		—		1.3			.3



Total cash flow hedges				.8		6.4			1.0
Fair value hedges:



Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD)	Jun 2020	112.3		.3		4.0			—






Derivatives not designated as hedging instruments

Non-deliverable hedges (EUR and USD) exposed to the CNY	Mar 2021	10.1		.1		—			—
USD receivable on a CAD subsidiary	Apr 2020	23.0		.1		—			—




Total derivatives not designated as hedging instruments				.2		—			—
				$	1.3	$	10.4		$	1.0


	Expiring at various dates through:	Total USD Equivalent Notional Amount		As of December 31, 2019
								Assets					Liabilities
										Other Current Assets	Sundry	Other Current Liabilities
Derivatives designated as hedging instruments
Cash flow hedges:
Currency hedges:
Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries	Sep 2021	$	138.5	$	1.3	$	.2	$	.7

Future MXN purchases of a USD subsidiary	Jun 2021	9.8		.5		.1		—

Future DKK sales of a Polish subsidiary	Jun 2021	21.1		.3		—		—
Future EUR sales of Chinese and UK subsidiaries	Jun 2021	29.9		.7		—		—
Total cash flow hedges				2.8		.3		.7
Fair value hedges:
Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD)	May 2020	112.0		.8		—		.1







Derivatives not designated as hedging instruments
Non-deliverable hedges (EUR and USD) exposed to the CNY	Dec 2020	10.1		.1		—		—


Hedge of USD receivable on a CAD subsidiary	Jan 2020	5.0		—		—		.1


Total derivatives not designated as hedging instruments				.1		—		.1
				$	3.7	$	.3	$	.9

The following table sets forth the pretax (gains) losses for our hedging activities for the years presented. This schedule includes reclassifications (including impact of underlying transactions probable of not occurring) from accumulated other comprehensive income (see Note 12) as well as derivative settlements recorded directly to income or expense.


	Caption in Consolidated Condensed Statements of Operations	Amount of (Gain) Loss Recorded in Income Three Months Ended March 31,
						2020	2019
Derivatives designated as hedging instruments

Interest rate cash flow hedges	Interest expense	$	1.1	$	1.1
Currency cash flow hedges	Net trade sales	.6		.4
Currency cash flow hedges	Cost of goods sold	(.3)		(.3)

Total cash flow hedges		1.4		1.2
Fair value hedges	Other (income) expense, net	5.0		.4

Derivatives not designated as hedging instruments	Other (income) expense, net	(1.3)		(.2)

Total derivative instruments		$	5.1	$	1.4

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 505.8	$ 247.6
Trade receivables, net	546.0	564.4
Other receivables, net	22.2	27.5
Total receivables, net	568.2	591.9
Total inventories, net	655.5	636.7
Prepaid expenses and other current assets	52.5	61.9
Total current assets	1,782.0	1,538.1
PROPERTY, PLANT AND EQUIPMENT—AT COST
Machinery and equipment	1,369.6	1,388.8
Buildings and other	696.3	719.0
Land	41.7	43.5
Total property, plant and equipment	2,107.6	2,151.3
Less accumulated depreciation	1,298.1	1,320.5
Net property, plant and equipment	809.5	830.8
OTHER ASSETS
Goodwill	1,391.4	1,406.3
Other intangibles, less accumulated amortization of $237.6 and $222.3 as of March 31, 2020 and December 31, 2019, respectively	744.0	764.0
Operating lease right-of-use assets	155.3	158.8
Sundry	99.8	118.4
Total other assets	2,390.5	2,447.5
TOTAL ASSETS	4,982.0	4,816.4
CURRENT LIABILITIES
Current maturities of long-term debt	51.2	51.1
Current portion of operating lease liabilities	39.6	39.3
Accounts payable	429.1	463.4
Accrued expenses	244.0	281.0
Other current liabilities	90.8	93.3
Total current liabilities	854.7	928.1
LONG-TERM LIABILITIES
Long-term debt	2,415.2	2,066.5
Operating lease liabilities	117.9	121.6
Other long-term liabilities	158.5	173.5
Deferred income taxes	197.1	214.2
Total long-term liabilities	2,888.7	2,575.8
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock	2.0	2.0
Additional contributed capital	533.5	536.1
Retained earnings	2,723.5	2,734.5
Accumulated other comprehensive loss	(147.3)	(76.8)
Treasury stock	(1,873.5)	(1,883.8)
Total Leggett & Platt, Inc. equity	1,238.2	1,312.0
Noncontrolling interest	0.4	0.5
Total equity	1,238.6	1,312.5
TOTAL LIABILITIES AND EQUITY	$ 4,982.0	$ 4,816.4

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net earnings	$ 45.7	$ 61.1
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	30.1	29.1
Amortization of intangibles and supply agreements	17.4	17.2
Impairments	3.5	2.9
Provision for losses on accounts and notes receivable	19.8	0.9
Writedown of inventories	3.1	4.7
Deferred income tax (benefit) expense	(15.1)	3.8
Stock-based compensation	7.5	7.8
Other, net	7.8	(3.3)
Increases/decreases in, excluding effects from acquisitions and divestitures:
Accounts and other receivables	(7.1)	(17.4)
Inventories	(34.3)	13.9
Other current assets	(3.4)	(2.9)
Accounts payable	(27.8)	(67.1)
Accrued expenses and other current liabilities	(36.8)	(19.3)
NET CASH PROVIDED BY OPERATING ACTIVITIES	10.4	31.4
INVESTING ACTIVITIES
Additions to property, plant and equipment	(24.2)	(31.8)
Purchases of companies, net of cash acquired	0.0	(1,244.3)
Other, net	6.9	(1.1)
NET CASH USED FOR INVESTING ACTIVITIES	(17.3)	(1,277.2)
FINANCING ACTIVITIES
Additions to long-term debt	0.0	993.3
Payments on long-term debt	(12.5)	(0.9)
Change in commercial paper and short-term debt	352.6	296.9
Dividends paid	(52.7)	(49.6)
Issuances of common stock	0.6	6.5
Purchases of common stock	(8.2)	(8.5)
Other, net	(0.8)	(1.0)
NET CASH PROVIDED BY FINANCING ACTIVITIES	279.0	1,236.7
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(13.9)	4.3
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	258.2	(4.8)
CASH AND CASH EQUIVALENTS—January 1,	247.6	268.1
CASH AND CASH EQUIVALENTS—March 31,	$ 505.8	$ 263.3

REVENUE - By Major Source (Details) - USD ($) $ in Millions	3 Months Ended
REVENUE - By Major Source (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net trade sales	$ 1,045.5	$ 1,155.1
Bedding Products
Disaggregation of Revenue [Line Items]
Net trade sales	490.6	554.3
Bedding Products \| Bedding Products
Disaggregation of Revenue [Line Items]
Net trade sales	490.6	554.3
Specialized Products
Disaggregation of Revenue [Line Items]
Net trade sales	234.5	262.9
Specialized Products \| Automotive group
Disaggregation of Revenue [Line Items]
Net trade sales	173.7	196.1
Specialized Products \| Aerospace Products group
Disaggregation of Revenue [Line Items]
Net trade sales	38.4	39.4
Specialized Products \| Hydraulic Cylinders group
Disaggregation of Revenue [Line Items]
Net trade sales	22.4	27.4
Furniture, Flooring & Textile Products
Disaggregation of Revenue [Line Items]
Net trade sales	320.4	337.9
Furniture, Flooring & Textile Products \| Home Furniture group
Disaggregation of Revenue [Line Items]
Net trade sales	81.2	90.9
Furniture, Flooring & Textile Products \| Work Furniture group
Disaggregation of Revenue [Line Items]
Net trade sales	63.6	73.2
Furniture, Flooring & Textile Products \| Flooring & Textile Products group
Disaggregation of Revenue [Line Items]
Net trade sales	$ 175.6	$ 173.8

REVENUE (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Major Source

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. For information on our new segment structure, see Note 4.


	Three Months Ended March 31,
	2020		2019
Bedding Products
Bedding group	$	490.6	$	554.3
	490.6		554.3

Specialized Products
Automotive group	173.7		196.1
Aerospace Products group	38.4		39.4
Hydraulic Cylinders group	22.4		27.4
	234.5		262.9

Furniture, Flooring & Textile Products
Home Furniture group	81.2		90.9
Work Furniture group	63.6		73.2
Flooring & Textile Products group	175.6		173.8
	320.4		337.9
	$	1,045.5	$	1,155.1

EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Components of Net Pension Expense

The following table provides interim information as to our domestic and foreign defined benefit pension plans:


	Three Months Ended March 31,
	2020		2019
Components of net pension expense
Service cost	$	1.1	$	1.0
Interest cost	1.9		2.2
Expected return on plan assets	(3.0)		(2.9)
Recognized net actuarial loss	1.0		.8
Net pension expense	$	1.0	$	1.1

EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

Employer contributions for 2020 are expected to approximate $2.0.

The following table provides interim information as to our domestic and foreign defined benefit pension plans:


	Three Months Ended March 31,
	2020		2019
Components of net pension expense
Service cost	$	1.1	$	1.0
Interest cost	1.9		2.2
Expected return on plan assets	(3.0)		(2.9)
Recognized net actuarial loss	1.0		.8
Net pension expense	$	1.0	$	1.1

The components of net pension expense, other than the service cost component, are included in the line item “Other (income) expense, net” in the Consolidated Condensed Statements of Operations.

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Summary of Segment Results from Continuing Operations

A summary of segment results from continuing operations is shown in the following tables.


	Trade ¹ Sales		Inter- Segment Sales		Total Sales		EBIT		Depreciation and Amortization
Three Months Ended March 31, 2020
Bedding Products	$	490.6	$	9.6	$	500.2	$	30.0	$	26.8
Specialized Products	234.5		.8		235.3		27.7		11.2
Furniture, Flooring & Textile Products	320.4		5.2		325.6		26.5		6.5
Intersegment eliminations and other ^{2, 3}							(3.5)		3.0
	$	1,045.5	$	15.6	$	1,061.1	$	80.7	$	47.5
Three Months Ended March 31, 2019
Bedding Products	$	554.3	$	10.2	$	564.5	$	44.1	$	24.8
Specialized Products	262.9		.9		263.8		35.7		10.2
Furniture, Flooring & Textile Products	337.9		4.3		342.2		18.4		6.6
Intersegment eliminations and other ²							—		4.7
	$	1,155.1	$	15.4	$	1,170.5	$	98.2	$	46.3

¹ See Note 3 for revenue by product line.

² Depreciation and Amortization: Other relates to non-operating assets (assets not included in segment assets) and is allocated to segment EBIT as discussed above.

³ 2020 EBIT: Other includes a charge to write off stock associated with a business divested in 2008.

Average Assets for Segments

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.


	March 31, 2020		December 31, 2019
Bedding Products	$	788.7	$	816.9
Specialized Products	309.7		346.4
Furniture, Flooring & Textile Products	353.9		383.2

Average current liabilities included in segment numbers above	666.4		735.3
Unallocated assets ¹	2,912.8		2,662.7
Difference between average assets and period-end balance sheet	(49.5)		(128.1)
Total assets	$	4,982.0	$	4,816.4

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

INVENTORIES

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

The following table recaps the components of inventory for each period presented:


	March 31, 2020		December 31, 2019
Finished goods	$	316.6	$	308.7
Work in process	52.0		54.4
Raw materials and supplies	334.8		323.5
LIFO reserve	(47.9)		(49.9)
Total inventories, net	$	655.5	$	636.7

All inventories are stated at the lower of cost or net realizable value. We generally use standard costs which include materials, labor and production overhead at normal production capacity. The last-in, first-out (LIFO) method is primarily used to value our domestic steel-related inventories. LIFO represents approximately 40% of our inventories. For the remainder of the inventories, we principally use the first-in, first-out (FIFO) method, which is representative of our standard costs. For these inventories, the FIFO cost for the periods presented approximated expected replacement cost.

Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. Restructuring activity and decisions to narrow product offerings (as discussed in Note 5) also impact the estimated net realizable value of inventories. We have had no material changes in inventory writedowns or slow-moving and obsolete inventory reserves in any of the years presented.

The following table contains the LIFO benefit for each of the periods presented.


	Three Months Ended March 31,
	2020		2019
LIFO benefit	$	2.0	$	—

DEBT AMENDMENT	3 Months Ended
DEBT AMENDMENT	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT AMENDMENT	DEBT AMENDMENT We reviewed our current forecasts for liquidity and future compliance with existing debt covenants in light of the potential impacts of COVID-19 on our business and the uncertainties associated with the duration of the pandemic as discussed in Note 17 Risks and Uncertainties. As such, effective May 6, 2020, we amended our credit facility to, among other things, change the restrictive borrowing covenants. The prior leverage ratio covenant required us to maintain, as of the last day of each quarter, a leverage ratio of consolidated funded indebtedness to trailing 12-month consolidated EBITDA (each as defined in the credit facility) of not greater than 3.50 to 1.00. The leverage ratio covenant was changed in two ways: (i) the calculation of the ratio now subtracts unrestricted cash (as defined in the credit facility) from consolidated funded indebtedness; and (ii) the ratio levels, calculated as of the last day of the applicable fiscal quarter, were changed to 4.75 to 1.00 for each fiscal quarter end date through March 31, 2021; 4.25 to 1.00 at June 30, 2021; 3.75 to 1.00 at September 30, 2021; and 3.25 to 1.00 at December 31, 2021 and thereafter. In addition, the amount of total secured debt limit was changed from 15% to 5% of our total consolidated assets until December 31, 2021, at which time it will revert back to the 15%. Various interest rate terms were also changed. The credit facility also contains an anti-cash hoarding provision that limits borrowing if the Company has a consolidated cash balance (as defined in the credit facility) in excess of a calculated dollar amount. The maturity date of January 2024 remains unchanged. At this time, the Company expects to be able to maintain compliance with the amended debt covenant requirements. Due to the speed with which the COVID-19 pandemic is developing and the uncertainties created, including the depth and duration of any disruptions to customers and suppliers, its future effect on our business, results of operations and financial condition cannot be predicted. While we are unable to accurately foresee these future impacts, we believe that our financial resources and liquidity levels, along with various contingency plans to reduce costs are sufficient to manage the impact currently anticipated from the COVID-19 pandemic, which will likely include reduced revenues and operating profits in all segments and lower operating cash flows. Because the COVID-19 pandemic is a rapidly evolving situation, we will continue to monitor the business impact and may take further actions that we deem appropriate in light of the circumstances.

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accumulated amortization	$ 237.6	$ 222.3

ACQUISITIONS - Proforma Information (Details) - ECS $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($) $ / shares
Business Acquisition [Line Items]
Net trade sales \| $	$ 1,176.7
Net earnings \| $	$ 62.9
EPS Basic (in dollars per share) \| $ / shares	$ 0.47
EPS Diluted (in dollars per share) \| $ / shares	$ 0.47

DEBT AMENDMENT (Details) - Line of Credit	Dec. 31, 2021	May 06, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Leverage ratio of indebtedness			3.50
Secured debt limit, percentage of total consolidated assets			15.00%
Subsequent event
Debt Instrument [Line Items]
Secured debt limit, percentage of total consolidated assets		5.00%
Debt Covenant 1 \| Subsequent event
Debt Instrument [Line Items]
Leverage ratio of indebtedness		4.75
Debt Covenant 2 \| Subsequent event
Debt Instrument [Line Items]
Leverage ratio of indebtedness		4.25
Debt Covenant 3 \| Subsequent event
Debt Instrument [Line Items]
Leverage ratio of indebtedness		3.75
Debt Covenant 4 \| Subsequent event
Debt Instrument [Line Items]
Leverage ratio of indebtedness		3.25
Forecast
Debt Instrument [Line Items]
Secured debt limit, percentage of total consolidated assets	15.00%

FAIR VALUE

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE

We utilize fair value measures for both financial and non-financial assets and liabilities.

Items measured at fair value on a recurring basis

Fair value measurements are established using a three level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following categories:

•Level 1: Quoted prices for identical assets or liabilities in active markets.

•Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Short-term investments in this category are valued using discounted cash flow techniques with all significant inputs derived from or corroborated by observable market data. Derivative assets and liabilities in this category are valued using models that consider various assumptions and information from market-corroborated sources. The models used are primarily industry-standard models that consider items such as quoted prices, market interest rate curves applicable to the instruments being valued as of the end of each period, discounted cash flows,

volatility factors, current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

•Level 3: Unobservable inputs that are not corroborated by market data.

The areas in which we utilize fair value measures of financial assets and liabilities are presented in the table below.


	As of March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Bank time deposits with original maturities of three months or less	$	—	$	152.6	$	—	$	152.6
Derivative assets ¹ (Note 14)	—		1.3		—		1.3
Diversified investments associated with the Executive Stock Unit Program (ESUP) ¹	34.8		—		—		34.8
Total assets	$	34.8	$	153.9	$	—	$	188.7
Liabilities:
Derivative liabilities ¹ (Note 14)	$	—	$	11.4	$	—	$	11.4
Liabilities associated with the ESUP ¹	34.3		—		—		34.3
Total liabilities	$	34.3	$	11.4	$	—	$	45.7


	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Bank time deposits with original maturities of three months or less	$	—	$	153.7	$	—	$	153.7
Derivative assets ¹ (Note 14)	—		4.0		—		4.0
Diversified investments associated with the ESUP ¹	41.0		—		—		41.0
Total assets	$	41.0	$	157.7	$	—	$	198.7
Liabilities:
Derivative liabilities ¹ (Note 1 4)	$	—	$	.9	$	—	$	.9
Liabilities associated with the ESUP ¹	40.6		—		—		40.6
Total liabilities	$	40.6	$	.9	$	—	$	41.5

¹Includes both current and long-term amounts.

There were no transfers between Level 1 and Level 2 for any of the periods presented.

The fair value for fixed rate debt (Level 2) was approximately $20.0 less than carrying value of $1,586.1 at March 31, 2020 and was approximately $98.6 greater than carrying value of $1,585.6 at December 31, 2019.

Items measured at fair value on a non-recurring basis

The primary areas in which we use fair value measurements of non-financial assets and liabilities are allocating purchase price to the assets and liabilities of acquired companies as discussed in Note 9 and evaluating long-term assets (including goodwill) for potential impairment. Determining fair values for these items requires significant judgment and includes a variety of methods and models that utilize significant Level 3 inputs. For methodologies used in determining fair value reference is made to Footnote A in the Notes to Consolidated Financial Statements in our Form 10-K filed February 20, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Expected employer contribution	$ 2.0
Components of net pension expense
Service cost	1.1	$ 1.0
Interest cost	1.9	2.2
Expected return on plan assets	(3.0)	(2.9)
Recognized net actuarial loss	1.0	0.8
Net pension expense	$ 1.0	$ 1.1

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended March 31,
	2020		2019
Net earnings:
Net earnings	$	45.7	$	61.1
Earnings attributable to noncontrolling interest, net of tax	$	—	$	.1


Net earnings attributable to Leggett & Platt common shareholders	$	45.7	$	61.2

Weighted average number of shares (in millions):
Weighted average number of common shares used in basic EPS	135.4		134.4
Dilutive effect of stock-based compensation	.2		.6
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	135.6		135.0

Basic and Diluted EPS:



Basic EPS attributable to Leggett & Platt common shareholders	$	.34	$	.46




Diluted EPS attributable to Leggett & Platt common shareholders	$	.34	$	.45

Other information:
Anti-dilutive shares excluded from diluted EPS computation	.2		.1

Cash dividends declared per share	$	.40	$	.38

REVENUE

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

REVENUE

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 March 31, 2020, 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 March 31, 2020.

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.

Revenue by Product Line


	Three Months Ended March 31,
	2020		2019
Bedding Products
Bedding group	$	490.6	$	554.3
	490.6		554.3

Specialized Products
Automotive group	173.7		196.1
Aerospace Products group	38.4		39.4
Hydraulic Cylinders group	22.4		27.4
	234.5		262.9

Furniture, Flooring & Textile Products
Home Furniture group	81.2		90.9
Work Furniture group	63.6		73.2
Flooring & Textile Products group	175.6		173.8
	320.4		337.9
	$	1,045.5	$	1,155.1

RESTRUCTURING AND IMPAIRMENT CHARGES

3 Months Ended

Mar. 31, 2020

Restructuring and Related Activities [Abstract]

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 Furniture, Flooring & Textiles Products and Bedding Products segments, including the Home Furniture Group (which produces furniture components for the upholstered furniture industry) and a portion of the Adjustable Bed business (which supplied ornamental beds, bed frames and other sleep accessories sold to retailers). Both of these businesses had underperformed expectations primarily from weaker demand and higher raw material costs. These restructuring activities were substantially complete as of December 31, 2019.

In 2019, we modified the Plan to include four small facilities in the Bedding Products segment, most of which were substantially complete by the end of the year. All restructuring activities with this Plan are materially complete. The following table presents information associated with this Plan:


	Total Amount Incurred to Date		Three Months Ended March 31, 2020		Total Incurred Full Year 2019 and 2018
2018 Restructuring Plan
Restructuring and restructuring-related	$	19.4	$	.7	$	18.7
Impairment costs associated with this plan	12.7		—		12.7
	$	32.1	$	.7	$	31.4
Amount of total that represents cash charges	$	15.5	$	.6	$	14.9

The table below presents all restructuring and restructuring-related activity for the periods presented; the majority of the 2020 costs are related to the Plan:


	Three Months Ended March 31,
	2020		2019
Charged to other (income) expense, net:
Severance and other restructuring costs	$	.6	$	1.2

Charged to cost of goods sold:
Inventory obsolescence and other	.1		2.4





Total restructuring and restructuring-related costs	$	.7	$	3.6
Amount of total that represents cash charges	$	.6	$	1.2

Restructuring and restructuring-related charges by segment were as follows:


	Three Months Ended March 31,
	2020		2019

Bedding Products	$	.6	$	2.9
Furniture, Flooring & Textile Products	.1		.7



Total	$	.7	$	3.6

The accrued liability associated with our total restructuring initiatives consisted of the following:


	Balance at December 31, 2019		Add: 2020 Charges		Less: 2020 Payments		Balance at March 31, 2020
Termination benefits	$	3.5	$	.2	$	1.2	$	2.5

Other restructuring costs	.7		.4		.5		.6
	$	4.2	$	.6	$	1.7	$	3.1

Impairment charges

Impairment charges (pretax) are reported in “Impairments” in the Consolidated Condensed Statements of Operations and are summarized in the following table:


	Three Months Ended March 31,
	2020		2019
	Other Long-Lived Assets Impairments		Other Long-Lived Assets Impairments
Bedding Products	$	—	$	2.9


Unallocated ¹	3.5		—
Total impairment charges	$	3.5	$	2.9

¹ This is a charge to write off stock associated with a business divested in 2008.

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, third-party estimates of fair value less selling costs or estimated future cash flows.

INVENTORIES (Details) - USD ($) $ in Millions	3 Months Ended
INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 316.6		$ 308.7
Work in process	52.0		54.4
Raw materials and supplies	334.8		323.5
LIFO reserve	(47.9)		(49.9)
Total inventories, net	655.5		$ 636.7
Percentage of LIFO inventory		40.00%
LIFO benefit	$ 2.0	$ 0.0

RESTRUCTURING AND IMPAIRMENT CHARGES (Impairment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment charges	$ 3.5	$ 2.9
Bedding Products
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment charges	0.0	2.9
Unallocated
Impaired Long-Lived Assets Held and Used [Line Items]
Total impairment charges	$ 3.5	$ 0.0

ACCOUNTS AND OTHER RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

New Accounting Pronouncements

The cumulative effect of applying Topic 326 to our Consolidated Condensed Balance Sheet was as follows:


	Balance at December 31, 2019 as Previously Reported		Topic 326 Adjustments		Balance at January 1, 2020

Trade receivables, net ¹	$	564.4	$	(3.3)	$	561.1
Other current assets	973.7		—		973.7
Property, plant and equipment	830.8		—		830.8
Other assets	2,447.5		—		2,447.5
Total assets	$	4,816.4	$	(3.3)	$	4,813.1

Current liabilities	$	928.1	$	—	$	928.1
Long-term liabilities ²	2,575.8		(.8)		2,575.0
Retained earnings	2,734.5		(2.5)		2,732.0
Other equity	(1,422.0)		—		(1,422.0)
Total assets	$	4,816.4	$	(3.3)	$	4,813.1

¹This adjustment is to increase our allowance for doubtful accounts for estimated expected credit losses on trade receivables over their contractual life.

²This adjustment is to reflect a decrease in deferred income tax liability as a result of the change in the allowance for doubtful accounts.

Components of Accounts and Other Receivables

Accounts and other receivables consisted of the following:


	March 31, 2020						December 31, 2019
	Current		Long-term		Current		Long-term
Trade accounts receivable ¹	$	567.3	$	—	$	571.8	$	—
Trade notes receivable	1.2		.8		1.1		.6
Total trade receivables	568.5		.8		572.9		.6


Other notes receivable ¹	—		23.4		—		23.4

Taxes receivable, including income taxes	14.0		—		15.8		—
Other receivables	8.2		—		11.7		—
Subtotal other receivables	22.2		23.4		27.5		23.4
Total trade and other receivables	590.7		24.2		600.4		24.0
Allowance for doubtful accounts:
Trade accounts receivable ^1,2	(22.4)		—		(8.4)		—
Trade notes receivable	(.1)		—		(.1)		—
Total trade receivables	(22.5)		—		(8.5)		—
Other notes receivable ¹	—		(23.4)		—		(15.0)
Total allowance for doubtful accounts	(22.5)		(23.4)		(8.5)		(15.0)
Total net receivables	$	568.2	$	.8	$	591.9	$	9.0

Allowance for Doubtful Accounts

Activity related to the allowance for doubtful accounts is reflected below:


	Balance at December 31, 2019		Topic 326 Adjustment		Balance at January 1, 2020		Add: Charges		Less: Net Charge-offs/ (Recoveries) and Other		Balance at March 31, 2020
Trade accounts receivable	$	8.4	$	3.3	$	11.7	$	11.4	$	.7	$	22.4
Trade notes receivable	.1		—		.1		—		—		.1
Total trade receivables	8.5		3.3		11.8		11.4		.7		22.5
Other notes receivable	15.0		—		15.0		8.4		—		23.4
Total allowance for doubtful accounts	$	23.5	$	3.3	$	26.8	$	19.8	$	.7	$	45.9

ACQUISITIONS - Purchase Price Allocations Related To Acquisitions (Details) - acquisition	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Number of Acquisitions	0	1
Bedding Products \| A leader in proprietary specialized foam technology, primarily for the bedding and furniture industries
Business Acquisition [Line Items]
Number of Acquisitions		1

RESTRUCTURING AND IMPAIRMENT CHARGES (Tables)

3 Months Ended

Mar. 31, 2020

Restructuring and Related Activities [Abstract]

Summary Of Restructuring-Related Costs

The following table presents information associated with this Plan:


	Total Amount Incurred to Date		Three Months Ended March 31, 2020		Total Incurred Full Year 2019 and 2018
2018 Restructuring Plan
Restructuring and restructuring-related	$	19.4	$	.7	$	18.7
Impairment costs associated with this plan	12.7		—		12.7
	$	32.1	$	.7	$	31.4
Amount of total that represents cash charges	$	15.5	$	.6	$	14.9

The table below presents all restructuring and restructuring-related activity for the periods presented; the majority of the 2020 costs are related to the Plan:


	Three Months Ended March 31,
	2020		2019
Charged to other (income) expense, net:
Severance and other restructuring costs	$	.6	$	1.2

Charged to cost of goods sold:
Inventory obsolescence and other	.1		2.4





Total restructuring and restructuring-related costs	$	.7	$	3.6
Amount of total that represents cash charges	$	.6	$	1.2

Restructuring and restructuring-related charges by segment were as follows:


	Three Months Ended March 31,
	2020		2019

Bedding Products	$	.6	$	2.9
Furniture, Flooring & Textile Products	.1		.7



Total	$	.7	$	3.6

The accrued liability associated with our total restructuring initiatives consisted of the following:


	Balance at December 31, 2019		Add: 2020 Charges		Less: 2020 Payments		Balance at March 31, 2020
Termination benefits	$	3.5	$	.2	$	1.2	$	2.5

Other restructuring costs	.7		.4		.5		.6
	$	4.2	$	.6	$	1.7	$	3.1

Summary Of Impairment Charges

Impairment charges (pretax) are reported in “Impairments” in the Consolidated Condensed Statements of Operations and are summarized in the following table:


	Three Months Ended March 31,
	2020		2019
	Other Long-Lived Assets Impairments		Other Long-Lived Assets Impairments
Bedding Products	$	—	$	2.9


Unallocated ¹	3.5		—
Total impairment charges	$	3.5	$	2.9

¹ This is a charge to write off stock associated with a business divested in 2008.

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 45.7	$ 61.1
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(65.5)	8.8
Cash flow hedges	(6.3)	3.9
Defined benefit pension plans	1.2	0.5
Other comprehensive income (loss)	(70.6)	13.2
Comprehensive income (loss)	(24.9)	74.3
Add: comprehensive loss attributable to noncontrolling interest	0.1	0.1
Comprehensive income (loss) attributable to Leggett & Platt, Inc.	$ (24.8)	$ 74.4

SEGMENT INFORMATION - Average Assets for Segments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 4,982.0	$ 4,816.4
Operating segments \| Bedding Products
Segment Reporting Information [Line Items]
Total assets	788.7	816.9
Operating segments \| Specialized Products
Segment Reporting Information [Line Items]
Total assets	309.7	346.4
Operating segments \| Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Total assets	353.9	383.2
Operating segments \| Average current liabilities included in segment numbers above
Segment Reporting Information [Line Items]
Total assets	666.4	735.3
Unallocated assets
Segment Reporting Information [Line Items]
Total assets	2,912.8	2,662.7
Difference between average assets and period-end balance sheet
Segment Reporting Information [Line Items]
Total assets	$ (49.5)	$ (128.1)

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

LIFO Expense

The following table recaps the components of inventory for each period presented:


	March 31, 2020		December 31, 2019
Finished goods	$	316.6	$	308.7
Work in process	52.0		54.4
Raw materials and supplies	334.8		323.5
LIFO reserve	(47.9)		(49.9)
Total inventories, net	$	655.5	$	636.7

The following table contains the LIFO benefit for each of the periods presented.


	Three Months Ended March 31,
	2020		2019
LIFO benefit	$	2.0	$	—

RESTRUCTURING AND IMPAIRMENT CHARGES (Summary Of Restructuring-Related Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring and Related Activities [Abstract]
Severance and other restructuring costs	$ 0.6	$ 1.2
Inventory obsolescence and other	0.1	2.4
Total restructuring and restructuring-related costs	0.7	3.6
Amount of total that represents cash charges	$ 0.6	$ 1.2

FAIR VALUE - Additional Information (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Amount of transfers between Level 1 and Level 2	$ 0
Fixed rate debt greater (less) than carrying value	20,000,000.0	$ (98,600,000)
Fixed rate debt carrying value	$ 1,586,100,000	$ 1,585,600,000

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments at Fair Value


	Expiring at various dates through:	Total USD Equivalent Notional Amount		As of March 31, 2020
						Assets					Liabilities
								Other Current Assets				Other Current Liabilities	Other Long-Term Liabilities
Derivatives designated as hedging instruments
Cash flow hedges:

Currency hedges:
Future USD sales/purchases of Canadian, Chinese, European, South Korean and UK subsidiaries	Dec 2021	$	174.7	$	.6	$	4.0		$	.4
Future DKK sales of Polish subsidiary	Dec 2021	24.4		—		.9			.2

Future EUR sales of Chinese and UK subsidiaries	Dec 2021	35.5		.2		.2			.1
Future MXN purchases of a USD subsidiary	Dec 2021	11.9		—		1.3			.3



Total cash flow hedges				.8		6.4			1.0
Fair value hedges:



Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD)	Jun 2020	112.3		.3		4.0			—






Derivatives not designated as hedging instruments

Non-deliverable hedges (EUR and USD) exposed to the CNY	Mar 2021	10.1		.1		—			—
USD receivable on a CAD subsidiary	Apr 2020	23.0		.1		—			—




Total derivatives not designated as hedging instruments				.2		—			—
				$	1.3	$	10.4		$	1.0


	Expiring at various dates through:	Total USD Equivalent Notional Amount		As of December 31, 2019
								Assets					Liabilities
										Other Current Assets	Sundry	Other Current Liabilities
Derivatives designated as hedging instruments
Cash flow hedges:
Currency hedges:
Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries	Sep 2021	$	138.5	$	1.3	$	.2	$	.7

Future MXN purchases of a USD subsidiary	Jun 2021	9.8		.5		.1		—

Future DKK sales of a Polish subsidiary	Jun 2021	21.1		.3		—		—
Future EUR sales of Chinese and UK subsidiaries	Jun 2021	29.9		.7		—		—
Total cash flow hedges				2.8		.3		.7
Fair value hedges:
Intercompany and third-party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD)	May 2020	112.0		.8		—		.1







Derivatives not designated as hedging instruments
Non-deliverable hedges (EUR and USD) exposed to the CNY	Dec 2020	10.1		.1		—		—


Hedge of USD receivable on a CAD subsidiary	Jan 2020	5.0		—		—		.1


Total derivatives not designated as hedging instruments				.1		—		.1
				$	3.7	$	.3	$	.9

Pre-Tax (Gains) Losses of Hedging Activities


	Caption in Consolidated Condensed Statements of Operations	Amount of (Gain) Loss Recorded in Income Three Months Ended March 31,
						2020	2019
Derivatives designated as hedging instruments

Interest rate cash flow hedges	Interest expense	$	1.1	$	1.1
Currency cash flow hedges	Net trade sales	.6		.4
Currency cash flow hedges	Cost of goods sold	(.3)		(.3)

Total cash flow hedges		1.4		1.2
Fair value hedges	Other (income) expense, net	5.0		.4

Derivatives not designated as hedging instruments	Other (income) expense, net	(1.3)		(.2)

Total derivative instruments		$	5.1	$	1.4

STOCK-BASED COMPENSATION - Components of Stock Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 7.5	$ 7.8
Tax benefits on stock-based compensation expense	3.9	3.1
To be settled with stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4.6	5.2
Employee contributions for above stock plans	2.9	2.6
Total stock-based compensation	7.5	7.8
Tax benefits on stock-based compensation expense	1.1	1.2
To be settled with stock \| Tax benefits on stock-based compensation payments
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits on stock-based compensation expense	2.8	1.9
To be settled with stock \| Stock-based retirement plans contributions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(0.3)	0.6
To be settled with stock \| Deferred Stock Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.5	0.6
To be settled with stock \| Stock-based retirement plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.2	0.2
To be settled with stock \| Discount Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.3	0.3
To be settled with stock \| 2018 PSU - TSR based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.9	0.7
To be settled with stock \| 2018 PSU - EBIT CAGR based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(2.1)	1.6
To be settled with stock \| 2017 and prior PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.0	0.5
To be settled with stock \| Restricted Stock Unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4.7	0.5
To be settled with stock \| Profitable Growth Incentive awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.0	0.0
To be settled with stock \| Other, primarily non-employee directors restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.4	0.2
To be settled in cash
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(5.4)	3.3
To be settled in cash \| Stock-based retirement plans contributions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.1	0.1
To be settled in cash \| Deferred Stock Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.0	0.0
To be settled in cash \| Stock-based retirement plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.0	0.0
To be settled in cash \| Discount Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.0	0.0
To be settled in cash \| 2018 PSU - TSR based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(2.8)	0.8
To be settled in cash \| 2018 PSU - EBIT CAGR based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(2.8)	2.0
To be settled in cash \| 2017 and prior PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.1	0.4
To be settled in cash \| Restricted Stock Unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.0	0.0
To be settled in cash \| Profitable Growth Incentive awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.0	0.0
To be settled in cash \| Other, primarily non-employee directors restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0.0	$ 0.0

STATEMENT OF CHANGES IN EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Statement of Changes in Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,312.5	$ 1,157.6
Effect of accounting change on prior years			$ (2.5)		$ 0.1
Adjusted beginning balance				$ 1,310.0		$ 1,157.7
Net earnings	45.7	61.1
Dividends declared (See Note 7)	(52.8)	(49.9)
Treasury stock purchased	(8.4)	(11.7)
Treasury stock issued	2.5	13.8
Foreign currency translation adjustments	(65.5)	8.8
Cash flow hedges, net of tax	(6.3)	3.9
Defined benefit pension plans, net of tax	1.2	0.5
Stock-based compensation transactions, net of tax	12.2	11.0
Ending balance	1,238.6	1,195.2
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,734.5	2,613.8
Effect of accounting change on prior years			$ (2.5)		$ 0.1
Adjusted beginning balance				2,732.0		2,613.9
Net earnings	45.7	61.2
Dividends declared (See Note 7)	(54.2)	(51.2)
Ending balance	2,723.5	2,623.9
Common Stock & Additional Contributed Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	538.1	529.1
Adjusted beginning balance				538.1		529.1
Dividends declared (See Note 7)	1.4	1.3
Treasury stock issued	(16.2)	(14.6)
Stock-based compensation transactions, net of tax	12.2	11.0
Ending balance	535.5	526.8
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,883.8)	(1,908.3)
Adjusted beginning balance				(1,883.8)		(1,908.3)
Treasury stock purchased	(8.4)	(11.7)
Treasury stock issued	18.7	28.4
Ending balance	(1,873.5)	(1,891.6)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0.5	0.6
Adjusted beginning balance				0.5		0.6
Net earnings		(0.1)
Foreign currency translation adjustments	(0.1)
Ending balance	0.4	0.5
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(76.8)	(77.6)
Adjusted beginning balance				$ (76.8)		$ (77.6)
Foreign currency translation adjustments	(65.4)	8.8
Cash flow hedges, net of tax	(6.3)	3.9
Defined benefit pension plans, net of tax	1.2	0.5
Ending balance	$ (147.3)	$ (64.4)

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

Our reportable segments are the same as our operating segments, which also correspond with our management organizational structure. To reflect how we manage our newly aligned businesses and in conjunction with the change in executive officer leadership, our management organizational structure and all related internal reporting changed effective January 1, 2020. As a result, our segment reporting has changed to reflect the new structure. This segment change was retrospectively applied to all prior periods presented.

The new Bedding Products segment consists of the former Residential Products and Industrial Products segments, plus the Consumer Products Group (which is renamed the Adjustable Bed business unit), minus the Fabric & Flooring Products Group (which is renamed the Flooring & Textile Products Group).

The new Furniture, Flooring & Textile Products segment consists of the former Furniture Products segment, plus the Fabric & Flooring Products Group (which is renamed the Flooring & Textile Products Group) minus the Consumer Products Group (which is renamed the Adjustable Bed business unit).

Our Specialized Products segment was not changed.

We have three operating segments that supply a wide range of products:

•Bedding 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 and steel rod and drawn steel wire to our other operations and to external customers to make mechanical springs and many other end products. We also produce 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.

•Furniture, Flooring & Textile 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. We also produce or distribute flooring underlayment, fabric, and geo components.

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.

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 ¹ Sales		Inter- Segment Sales		Total Sales		EBIT		Depreciation and Amortization
Three Months Ended March 31, 2020
Bedding Products	$	490.6	$	9.6	$	500.2	$	30.0	$	26.8
Specialized Products	234.5		.8		235.3		27.7		11.2
Furniture, Flooring & Textile Products	320.4		5.2		325.6		26.5		6.5
Intersegment eliminations and other ^{2, 3}							(3.5)		3.0
	$	1,045.5	$	15.6	$	1,061.1	$	80.7	$	47.5
Three Months Ended March 31, 2019
Bedding Products	$	554.3	$	10.2	$	564.5	$	44.1	$	24.8
Specialized Products	262.9		.9		263.8		35.7		10.2
Furniture, Flooring & Textile Products	337.9		4.3		342.2		18.4		6.6
Intersegment eliminations and other ²							—		4.7
	$	1,155.1	$	15.4	$	1,170.5	$	98.2	$	46.3

¹ See Note 3 for revenue by product line.

² Depreciation and Amortization: Other relates to non-operating assets (assets not included in segment assets) and is allocated to segment EBIT as discussed above.

³ 2020 EBIT: Other includes a charge to write off stock associated with a business divested in 2008.


	March 31, 2020		December 31, 2019
Bedding Products	$	788.7	$	816.9
Specialized Products	309.7		346.4
Furniture, Flooring & Textile Products	353.9		383.2

Average current liabilities included in segment numbers above	666.4		735.3
Unallocated assets ¹	2,912.8		2,662.7
Difference between average assets and period-end balance sheet	(49.5)		(128.1)
Total assets	$	4,982.0	$	4,816.4

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

CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Litigation Contingency Accruals


	Three Months Ended March 31,
	2020		2019
Litigation contingency accrual - Beginning of period	$	.7	$	1.9
Adjustment to accruals - expense (income)	.1		—

Currency	(.1)		—
Cash payments	(.1)		—
Litigation contingency accrual - End of period	$	.6	$	1.9

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14453-108349

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
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-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14615-108349

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12021-110248

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14394-108349

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14435-108349

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14557-108349

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12053-110248

+ Details

CONTINGENCIES - Additional Information (Details) - USD ($)																	3 Months Ended	6 Months Ended
	Aug. 08, 2019	Oct. 18, 2018	Sep. 11, 2017	Dec. 15, 2015	Dec. 04, 2015	Sep. 04, 2014	Jul. 01, 2014	Jun. 26, 2014	Mar. 27, 2014	Jun. 21, 2013	Feb. 01, 2013	Dec. 18, 2012	Dec. 17, 2012	Oct. 04, 2012	Dec. 29, 2011	Dec. 22, 2011	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Accrual																	$ 600,000		$ 700,000	$ 1,900,000	$ 1,900,000
Loss contingency, range of possible loss, portion not accrued																	11,600,000
Brazilian VAT matters
Loss Contingencies [Line Items]
Estimate of possible loss																	500,000
Accrual		$ 2,300,000			$ 3,100,000
Damages		$ 1,500,000			$ 2,600,000			$ 500,000	$ 600,000	$ 1,200,000	$ 100,000	$ 300,000	$ 2,600,000	$ 1,000,000.0	$ 100,000	$ 1,500,000	900,000
Improperly offset social contribution	$ 100,000			$ 100,000			$ 100,000
Brazilian VAT matters \| Forecast
Loss Contingencies [Line Items]
Expected return																		$ 400,000
Brazilian VAT matters \| Pending litigation
Loss Contingencies [Line Items]
Estimate of possible loss																	10,500,000
Accrual																	0
Estimate of possible loss, offsetting deposit asset																	7,900,000
Tax credit matters
Loss Contingencies [Line Items]
Accrual						$ 1,900,000
Damages			$ 100,000			$ 1,300,000
Other matters \| Pending litigation
Loss Contingencies [Line Items]
Estimate of possible loss																	$ 1,100,000

FAIR VALUE - Items Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Cash equivalents:
Derivative assets		$ 4.0
Total assets		198.7
Liabilities:
Derivative liabilities		0.9
Total liabilities		41.5
Diversified investments associated with the Executive Stock Unit Program (ESUP)
Cash equivalents:
Diversified investments associated with the Executive Stock Unit Program (ESUP)		41.0
Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESUP		40.6
Bank time deposits with original maturities of three months or less
Cash equivalents:
Bank time deposits with original maturities of three months or less		153.7
Total
Cash equivalents:
Derivative assets	$ 1.3
Total assets	188.7
Liabilities:
Derivative liabilities	11.4
Total liabilities	45.7
Total \| Diversified investments associated with the Executive Stock Unit Program (ESUP)
Cash equivalents:
Diversified investments associated with the Executive Stock Unit Program (ESUP)	34.8
Total \| Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESUP	34.3
Total \| Bank time deposits with original maturities of three months or less
Cash equivalents:
Bank time deposits with original maturities of three months or less	152.6
Level 1
Cash equivalents:
Derivative assets	0.0	0.0
Total assets	34.8	41.0
Liabilities:
Derivative liabilities	0.0	0.0
Total liabilities	34.3	40.6
Level 1 \| Diversified investments associated with the Executive Stock Unit Program (ESUP)
Cash equivalents:
Diversified investments associated with the Executive Stock Unit Program (ESUP)	34.8	41.0
Level 1 \| Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESUP	34.3	40.6
Level 1 \| Bank time deposits with original maturities of three months or less
Cash equivalents:
Bank time deposits with original maturities of three months or less	0.0	0.0
Level 2
Cash equivalents:
Derivative assets	1.3	4.0
Total assets	153.9	157.7
Liabilities:
Derivative liabilities	11.4	0.9
Total liabilities	11.4	0.9
Level 2 \| Diversified investments associated with the Executive Stock Unit Program (ESUP)
Cash equivalents:
Diversified investments associated with the Executive Stock Unit Program (ESUP)	0.0	0.0
Level 2 \| Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESUP	0.0	0.0
Level 2 \| Bank time deposits with original maturities of three months or less
Cash equivalents:
Bank time deposits with original maturities of three months or less	152.6	153.7
Level 3
Cash equivalents:
Derivative assets	0.0	0.0
Total assets	0.0	0.0
Liabilities:
Derivative liabilities	0.0	0.0
Total liabilities	0.0	0.0
Level 3 \| Diversified investments associated with the Executive Stock Unit Program (ESUP)
Cash equivalents:
Diversified investments associated with the Executive Stock Unit Program (ESUP)	0.0	0.0
Level 3 \| Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESUP	0.0	0.0
Level 3 \| Bank time deposits with original maturities of three months or less
Cash equivalents:
Bank time deposits with original maturities of three months or less	$ 0.0	$ 0.0

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Components of Stock-Based and Stock-Related Compensation

The following table recaps the components of stock-based and stock-related compensation for each period presented:


	Three Months Ended						Three Months Ended
	March 31, 2020						March 31, 2019
	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	$	(.3)	$	.1	$	.6	$	.1
Discounts on various stock awards:
Deferred Stock Compensation Program	.5		—		.6		—
Stock-based retirement plans	.2		—		.2		—
Discount Stock Plan	.3		—		.3		—
Performance Stock Unit (PSU) awards: ²
2018 and later PSU - TSR based ^2A	.9		(2.8)		.7		.8
2018 and later PSU - EBIT CAGR based ^2B	(2.1)		(2.8)		1.6		2.0
2017 and prior PSU awards ^2C	—		.1		.5		.4
Restricted Stock Unit (RSU) awards ³	4.7		—		.5		—
Profitable Growth Incentive (PGI) awards ⁴	—		—		—		—
Other, primarily non-employee directors restricted stock	.4		—		.2		—
Total stock-related compensation expense	4.6		$	(5.4)	5.2		$	3.3
Employee contributions for above stock plans	2.9				2.6
Total stock-based compensation	$	7.5			$	7.8

Tax benefits on stock-based compensation expense	$	1.1			$	1.2
Tax benefits on stock-based compensation payments	2.8				1.9
Total tax benefits associated with stock-based compensation	$	3.9			$	3.1

Included below is the activity in our most significant stock-based plans:

¹Stock-Based Retirement Plans

²PSU Awards

2020 Changes to the PSU and RSU awards

In November 2019, the Compensation Committee approved changes to our PSU and RSU award programs for 2020. Changes to the plans for executive officers are as follows:

•Two-thirds of the target award value will be granted as PSUs based on relative TSR and EBIT CAGR over a three-year performance period.

•One-third of the target award value will be granted as RSUs vesting in one-third increments over three years.

We intend to pay 50% in shares of our common stock and 50% in cash; although, we reserve the right, subject to Compensation Committee approval, to pay up to 100% in cash.

^2A2018 PSU - TSR based

The relative TSR vesting condition of the 2018 and later PSU awards contains the following conditions:

•A service requirement—Awards generally “cliff” vest three years following the grant date; and

^2B2018 PSU - EBIT CAGR based

The EBIT CAGR portion of this award contains the following conditions:

•A service requirement—Awards generally “cliff” vest three years following the grant date; and

^2C2017 and prior PSU Awards

Below is a summary of the number of shares and related grant date fair value of PSU’s for the periods presented:


	Three Months Ended March 31,
	2020			2019
TSR based
Total shares base award	.1			.1
Grant date per share fair value	$	38.23		$	57.86
Risk-free interest rate	1.4		%	2.4		%
Expected life in years	3.0			3.0
Expected volatility (over expected life)	24.0		%	21.5		%
Expected dividend yield (over expected life)	3.6		%	3.4		%

EBIT CAGR based
Total shares base award	.1			.1
Grant date per share fair value	$	40.52		$	39.98
Vesting period in years	3.0			3.0

Three-Year Performance Cycle

Award Year

Completion Date

TSR Performance
Relative to the Peer Group (1%=Best)

Payout as a
Percent of the
Base Award

Number of Shares
Distributed

Cash Portion

Distribution Date

2016

December 31, 2018

78th percentile

—%

—

First quarter 2019

2017

December 31, 2019

63rd percentile

49.0%

.1 million

1.6

First quarter 2020

³RSU Awards

⁴PGI Awards

Summary of Shares and Related Grant Date Fair Value

Below is a summary of the number of shares and related grant date fair value of PSU’s for the periods presented:


	Three Months Ended March 31,
	2020			2019
TSR based
Total shares base award	.1			.1
Grant date per share fair value	$	38.23		$	57.86
Risk-free interest rate	1.4		%	2.4		%
Expected life in years	3.0			3.0
Expected volatility (over expected life)	24.0		%	21.5		%
Expected dividend yield (over expected life)	3.6		%	3.4		%

EBIT CAGR based
Total shares base award	.1			.1
Grant date per share fair value	$	40.52		$	39.98
Vesting period in years	3.0			3.0

Summary of Performance Cycle

Three-Year Performance Cycle

Award Year

Completion Date

TSR Performance
Relative to the Peer Group (1%=Best)

Payout as a
Percent of the
Base Award

Number of Shares
Distributed

Cash Portion

Distribution Date

2016

December 31, 2018

78th percentile

—%

—

First quarter 2019

2017

December 31, 2019

63rd percentile

49.0%

.1 million

1.6

First quarter 2020

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended March 31,
	2020		2019
Net earnings:
Net earnings	$	45.7	$	61.1
Earnings attributable to noncontrolling interest, net of tax	$	—	$	.1


Net earnings attributable to Leggett & Platt common shareholders	$	45.7	$	61.2

Weighted average number of shares (in millions):
Weighted average number of common shares used in basic EPS	135.4		134.4
Dilutive effect of stock-based compensation	.2		.6
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	135.6		135.0

Basic and Diluted EPS:



Basic EPS attributable to Leggett & Platt common shareholders	$	.34	$	.46




Diluted EPS attributable to Leggett & Platt common shareholders	$	.34	$	.45

Other information:
Anti-dilutive shares excluded from diluted EPS computation	.2		.1

Cash dividends declared per share	$	.40	$	.38

RESTRUCTURING AND IMPAIRMENT CHARGES (Restructuring-Related Costs by Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 0.7	$ 3.6
Bedding Products
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	0.6	2.9
Furniture, Flooring & Textile Products
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 0.1	$ 0.7