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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to
Commission File Number: 001-07845
LEGGETT & PLATT, INCORPORATED
(Exact name of registrant as specified in its charter)
Missouri44-0324630
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
No. 1 Leggett Road
Carthage,Missouri64836
(Address of principal executive offices)(Zip Code)
(417358-8131
Registrant’s telephone number, including area code
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $.01 par valueLEGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes        No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes        No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer  Accelerated filer
Non-accelerated filerSmaller reporting company
  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes        No   
Common stock outstanding as of July 27, 2022: 132,618,690



LEGGETT & PLATT, INCORPORATED
FORM 10-Q
TABLE OF CONTENTS
 Page
Number
PART I - FINANCIAL INFORMATION
Item 1.
Consolidated Condensed Balance Sheets at June 30, 2022 and December 31, 2021
Consolidated Condensed Statements of Operations for the three and six months ended June 30, 2022 and 2021
Consolidated Condensed Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2022 and 2021
Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2022 and 2021
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.
SIGNATURES





FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q and our other public disclosures, whether written or oral, may contain “forward-looking” statements including, but not limited to: projections of Company revenue, income, earnings, capital expenditures, dividends, capital structure, cash flows from operations, cash repatriation, restructuring-related costs, tax impacts, effective tax rate, maintenance of indebtedness under the commercial paper program, litigation exposure, acquisitions, industry demand projections, the amount of share repurchases, or other financial items; possible plans, goals, objectives, prospects, strategies or trends concerning future operations; statements concerning future economic performance; possible goodwill or other asset impairment, access to liquidity, compliance with debt covenant requirements, raw material availability and pricing, supply chain disruptions, labor, semiconductor and chemical shortages, inventory levels, customer requirements, and the underlying assumptions relating to forward-looking statements. These statements are identified either by the context in which they appear or by use of words such as “anticipate,” “believe,” “estimate,” “expect,” “guidance,” “intend,” “may,” “plan,” “project,” “should,” or the like. All such forward-looking statements, whether written or oral, and whether made by us or on our behalf, are expressly qualified by the cautionary statements described in this provision.
Any forward-looking statement reflects only the beliefs of the Company or its management at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties, and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. For all of these reasons, forward-looking statements should not be relied upon as a prediction of actual future events, objectives, strategies, trends, or results.
Readers should review Item 1A Risk Factors in our Form 10-K filed February 22, 2022 and in this Form 10-Q for a description of important factors that could cause actual events or results to differ materially from forward-looking statements. It is not possible to anticipate and list all risks, uncertainties, and developments which may affect our future operations or our performance, or which otherwise may cause actual events or results to differ materially from forward-looking statements. However, the known, material risks and uncertainties include the following:
 
the adverse impact on our supply chain and global inflationary impacts from the Russian invasion of Ukraine;
the adverse impact of delays and non-delivery of raw materials, parts, and finished products in our supply chain from natural disaster, fire or explosion, terrorism, pandemics (such as COVID-19), government action, strikes or shutdowns at delivery ports, losses due to tampering, third-party vendor issues with quality, failure by our suppliers to comply with applicable laws and regulations, potential tariffs or other trade restrictions, or other reasons beyond our control;
the adverse impact on our trade sales, earnings, liquidity, cash flow, and financial condition caused by the COVID-19 pandemic, which has had, and depending on the length and severity of the pandemic, the percentage of the population vaccinated, and the effectiveness of any vaccines against new variants, could, in varying degrees, negatively impact, among other things (i) the demand for our products and our customers’ products, growth rates in the industries in which we participate, and opportunities in those industries; (ii) our manufacturing facilities’ ability to remain open and fully operational, obtain necessary raw materials and parts, maintain appropriate labor levels, and ship finished products to customers due to supply chain disruptions or otherwise; (iii) our ability to collect trade and other notes receivables in accordance with their terms due to customer bankruptcy, financial difficulties, or insolvency; (iv) impairment of goodwill and long-lived assets; (v) restructuring and related costs; and (vi) our ability to borrow under our credit facility, including our ability to comply with the restrictive covenants in our credit facility that may limit our operational flexibility and our ability to pay our debt;
our ability to manage working capital;
adverse changes in consumer confidence, housing turnover, employment levels, interest rates, trends in capital spending, and the like;
factors that could impact raw materials and other costs, including the availability and pricing of steel scrap and rod, chemicals, semiconductors, the availability of labor, wage rates, and energy costs;
our ability and the ability of our customers and suppliers to retain an adequate labor force as a result of COVID-19 vaccination and testing mandates;
our ability to pass along raw material cost increases through increased selling prices;
price and product competition from foreign (particularly Asian and European) and domestic competitors;
our ability to maintain profit margins if our customers change the quantity and mix of our components in their finished goods;
our ability to access the commercial paper market;
our ability to maintain and grow the profitability of acquired companies;
adverse changes in political risk and U.S. or foreign laws, regulations, or legal systems (including tax law changes);
cash generation sufficient to pay the dividend;
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our ability to realize deferred tax assets on our balance sheet;
cash repatriation from foreign accounts;
tariffs imposed by the U.S. government that result in increased costs of imported raw materials and products that we purchase;
our ability to maintain the proper functioning of our internal business processes and information systems through technology failures or otherwise;
our ability to avoid modification or interruption of our information systems and industrial control systems through cybersecurity breaches;
the loss of business with one or more of our significant customers;
our ability to comply with environmental, social, and governance responsibilities;
litigation risks related to various contingencies including antitrust, intellectual property, contract disputes, product liability and warranty, taxation, environmental, and workers’ compensation expense;
our borrowing costs and access to liquidity resulting from credit rating changes;
business disruptions to our steel rod mill;
risks related to operating in foreign countries, including, without limitation, credit risks, ability to enforce intellectual property rights, currency exchange rate fluctuations, industry labor strikes, increased customs and shipping rates, and inconsistent interpretation and enforcement of foreign laws;
risks relating to the United Kingdom’s exit from the European Union (commonly known as “Brexit”);
the effectiveness and enforcement of antidumping and countervailing duties on the import of innersprings, steel wire rod, and finished mattresses;
our ability to comply with privacy and data protection regulations; and
our ability to comply with climate change laws and regulations.
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(Amounts in millions)June 30,
2022
December 31,
2021
CURRENT ASSETS
Cash and cash equivalents$269.9 $361.7 
Trade receivables, net671.7 620.0 
Other receivables, net50.9 31.5 
Total receivables, net722.6 651.5 
Inventories1,026.9 993.2 
Prepaid expenses and other current assets72.4 58.9 
Total current assets2,091.8 2,065.3 
PROPERTY, PLANT AND EQUIPMENT—AT COST
Machinery and equipment1,410.7 1,435.0 
Buildings and other771.8 772.1 
Land44.2 44.1 
Total property, plant and equipment2,226.7 2,251.2 
Less accumulated depreciation1,476.3 1,469.7 
Net property, plant and equipment750.4 781.5 
OTHER ASSETS
Goodwill1,430.4 1,449.6 
Other intangibles, less accumulated amortization of $321.3 and $298.1 as of June 30, 2022 and December 31, 2021, respectively
665.5 707.8 
Operating lease right-of-use assets189.3 192.6 
Sundry103.2 110.5 
Total other assets2,388.4 2,460.5 
TOTAL ASSETS$5,230.6 $5,307.3 
CURRENT LIABILITIES
Current maturities of long-term debt$301.3 $300.6 
Current portion of operating lease liabilities44.8 44.5 
Accounts payable602.0 613.8 
Accrued expenses278.3 284.6 
Other current liabilities105.0 92.2 
Total current liabilities1,331.4 1,335.7 
LONG-TERM LIABILITIES
Long-term debt1,789.5 1,789.7 
Operating lease liabilities149.5 153.0 
Other long-term liabilities133.8 162.9 
Deferred income taxes211.8 217.4 
Total long-term liabilities2,284.6 2,323.0 
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock2.0 2.0 
Additional contributed capital561.3 557.9 
Retained earnings3,041.3 2,973.0 
Accumulated other comprehensive loss(109.2)(38.3)
Treasury stock(1,881.4)(1,846.6)
Total Leggett & Platt, Inc. equity1,614.0 1,648.0 
Noncontrolling interest.6 .6 
Total equity1,614.6 1,648.6 
TOTAL LIABILITIES AND EQUITY$5,230.6 $5,307.3 
See accompanying notes to consolidated condensed financial statements.
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LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
 
Six Months EndedThree Months Ended
 June 30,June 30,
(Amounts in millions, except per share data)2022202120222021
Net trade sales$2,656.5 $2,420.5 $1,334.2 $1,269.6 
Cost of goods sold2,120.8 1,903.7 1,065.8 1,000.3 
Gross profit535.7 516.8 268.4 269.3 
Selling and administrative expenses217.1 218.9 105.4 112.6 
Amortization of intangibles33.4 33.8 16.4 18.0 
Net gain from sale of assets and businesses(1.3)(28.6)(.7)(28.6)
Other (income) expense, net5.9 (6.9)4.3 (4.6)
Earnings before interest and income taxes280.6 299.6 143.0 171.9 
Interest expense41.8 38.8 21.1 19.5 
Interest income2.3 1.7 1.1 .8 
Earnings before income taxes241.1 262.5 123.0 153.2 
Income taxes55.5 62.7 27.8 40.9 
Net earnings185.6 199.8 95.2 112.3 
(Earnings) attributable to noncontrolling interest, net of tax (.1) (.1)
Net earnings attributable to Leggett & Platt, Inc. common shareholders$185.6 $199.7 $95.2 $112.2 
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders
Basic$1.36 $1.47 $.70 $.83 
Diluted$1.36 $1.46 $.70 $.82 
Weighted average shares outstanding
Basic136.4 136.1 136.3 136.3 
Diluted136.8 136.6 136.7 136.8 
See accompanying notes to consolidated condensed financial statements.
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LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
Six Months EndedThree Months Ended
June 30,June 30,
(Amounts in millions)2022202120222021
Net earnings$185.6 $199.8 $95.2 $112.3 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(69.8)(.8)(61.0)13.5 
Cash flow hedges(1.8)2.2 (2.8)1.1 
Defined benefit pension plans.7 1.7 (.2).9 
Other comprehensive income (loss)(70.9)3.1 (64.0)15.5 
Comprehensive income (loss)114.7 202.9 31.2 127.8 
Add: comprehensive loss attributable to noncontrolling interest (.1) (.1)
Comprehensive income (loss) attributable to Leggett & Platt, Inc.$114.7 $202.8 $31.2 $127.7 
See accompanying notes to consolidated condensed financial statements.
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LEGGETT & PLATT, INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended June 30,
(Amounts in millions)20222021
OPERATING ACTIVITIES
Net earnings$185.6 $199.8 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation56.0 58.4 
Amortization of intangibles and supply agreements34.2 35.8 
Increase (decrease) in provision for losses on accounts and notes receivable2.2 (2.1)
Writedown of inventories6.1 8.4 
Net gain from sales of assets and businesses(1.3)(28.6)
Deferred income tax (benefit) expense(1.6)3.3 
Stock-based compensation20.7 20.3 
Other, net(3.0)(1.5)
Increases/decreases in, excluding effects from acquisitions and divestitures:
Accounts and other receivables(93.0)(120.9)
Inventories(55.8)(192.8)
Other current assets(10.1)(11.7)
Accounts payable5.2 57.6 
Accrued expenses and other current liabilities(16.4)4.3 
NET CASH PROVIDED BY OPERATING ACTIVITIES128.8 30.3 
INVESTING ACTIVITIES
Additions to property, plant and equipment(40.8)(49.0)
Purchases of companies, net of cash acquired (151.9)
Proceeds from sales of assets and businesses2.7 30.9 
Other, net.1 1.1 
NET CASH USED FOR INVESTING ACTIVITIES(38.0)(168.9)
FINANCING ACTIVITIES
Payments on long-term debt(.1)(25.1)
Change in commercial paper and short-term debt2.5 156.4 
Dividends paid(112.1)(106.3)
Issuances of common stock 2.4 
Purchases of common stock(56.9)(9.4)
Other, net(.8).6 
NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES(167.4)18.6 
EFFECT OF EXCHANGE RATE CHANGES ON CASH(15.2)2.7 
DECREASE IN CASH AND CASH EQUIVALENTS(91.8)(117.3)
CASH AND CASH EQUIVALENTS—January 1,361.7 348.9 
CASH AND CASH EQUIVALENTS—June 30,
$269.9 $231.6 
See accompanying notes to consolidated condensed financial statements.
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LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(Amounts in millions, except per share data)
1. INTERIM PRESENTATION
The interim financial statements of Leggett & Platt, Incorporated (we, us, or our) included herein have not been audited by an independent registered public accounting firm. The statements include all adjustments, including normal recurring accruals, which management considers necessary for a fair statement of our financial position and operating results for the periods presented. We have prepared the statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. The operating results for interim periods are not necessarily indicative of results to be expected for an entire year.
The December 31, 2021 financial position data included herein was derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP.
Accounts Receivable and Accounts Payable Programs
We participate in trade receivables sales programs in combination with certain customers and third-party banking institutions. Under each of these programs, we sell our entire interest in the trade receivable for 100% of face value, less a discount. Because control of the sold receivable is transferred to the buyer at the time of sale, accounts receivable balances sold are removed from the Consolidated Condensed Balance Sheets and the related proceeds are reported as cash provided by operating activities in the Consolidated Condensed Statements of Cash Flows. We had approximately $45.0 and $35.0 of trade receivables that were sold and removed from our Consolidated Condensed Balance Sheets at June 30, 2022 and December 31, 2021, respectively.
We sometimes utilize third-party programs that allow our suppliers to be paid earlier at a discount. While these programs assist us in negotiating payment terms with our suppliers, we continue to make payments based on our customary terms. A vendor can elect to take payment from a third party earlier with a discount, and in that case, we pay the third party on the original due date of the invoice. Contracts with our suppliers are negotiated independently of supplier participation in the programs, and we cannot increase payment terms pursuant to the programs. The accounts payable associated with the third-party programs, which remain on our Consolidated Condensed Balance Sheets, were approximately $125.0 at June 30, 2022 and $130.0 at December 31, 2021.
While we utilize the above items as tools in our cash flow management, and offer them as options to facilitate customer and vendor operating cycles, if there were to be a cessation of these programs, we do not expect it would materially impact our operating cash flows or liquidity.
2. ACCOUNTING STANDARDS 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). The FASB has issued accounting guidance effective for current and future periods that did not have a material impact on our current financial statements, and we do not believe it will have any material impact on our future financial statements.
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LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
3. REVENUE
Revenue by Product Family
We disaggregate revenue by customer group, which is the same as our product families 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 segment structure, see Note 4.

 Six Months Ended June 30,Three Months Ended June 30,
 2022202120222021
Bedding Products 
Bedding Group$1,251.9 $1,144.5 $612.5 $608.7 
Specialized Products    
Automotive Group409.0 403.4 201.5 192.6 
Aerospace Products Group59.8 49.9 30.8 26.2 
Hydraulic Cylinders Group 55.4 46.0 27.8 22.9 
 524.2 499.3 260.1 241.7 
Furniture, Flooring & Textile Products   
Home Furniture Group225.0 198.9 106.6 102.8 
Work Furniture Group170.5 132.6 86.8 68.9 
Flooring & Textile Products Group 484.9 445.2 268.2 247.5 
 880.4 776.7 461.6 419.2 
 $2,656.5 $2,420.5 $1,334.2 $1,269.6 
4. SEGMENT INFORMATION
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 adjustable bed bases. This segment is also vertically integrated into the production and supply of specialty foam chemicals, steel rod, and drawn steel wire to our own operations and to external customers. Our trade customers for wire make mechanical springs and many other end products.
Specialized Products: From this segment, we supply 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: Operations in this segment supply 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 carpet cushion, hard surface flooring underlayment, and textile and geo components.
Our reportable segments are the same as our operating segments, which also correspond with our management organizational structure. Each reportable segment has a 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.
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LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
A summary of segment results is shown in the following tables.
Trade 1
Sales
Inter-
Segment
Sales
Total
Sales
EBITDepreciation and Amortization
Three Months Ended June 30, 2022
Bedding Products$612.5 $11.4 $623.9 $69.1 $26.2 
Specialized Products 260.1 .4 260.5 21.4 9.9 
Furniture, Flooring & Textile Products461.6 3.8 465.4 51.3 5.9 
Intersegment eliminations and other 2
1.2 2.5 
$1,334.2 $15.6 $1,349.8 $143.0 $44.5 
Three Months Ended June 30, 2021
Bedding Products 3
$608.7 $11.0 $619.7 $100.4 $26.4 
Specialized Products 241.7 .7 242.4 27.4 12.2 
Furniture, Flooring & Textile Products419.2 3.3 422.5 44.7 6.0 
Intersegment eliminations and other 2
(.6)3.5 
$1,269.6 $15.0 $1,284.6 $171.9 $48.1 
Trade 1
Sales
Inter-
Segment
Sales
Total
Sales
EBITDepreciation and Amortization
Six Months Ended June 30, 2022
Bedding Products$1,251.9 $23.4 $1,275.3 $145.3 $52.4 
Specialized Products 524.2 1.3 525.5 41.7 20.7 
Furniture, Flooring & Textile Products880.4 8.1 888.5 94.0 11.8 
Intersegment eliminations and other 2
(.4)5.3 
$2,656.5 $32.8 $2,689.3 $280.6 $90.2 
Six Months Ended June 30, 2021
Bedding Products 3
$1,144.5 $21.0 $1,165.5 $164.2 $52.5 
Specialized Products499.3 1.6 500.9 62.6 23.3 
Furniture, Flooring & Textile Products776.7 6.9 783.6 73.0 12.1 
Intersegment eliminations and other 2
(.2)6.3 
$2,420.5 $29.5 $2,450.0 $299.6 $94.2 
1 See Note 3 for revenue by product family.
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 2021 EBIT: Includes $28.2 gain on the sale of real estate associated with our exited Fashion Bed business.
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LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include working capital (all current assets and current liabilities) plus net property, plant and equipment. Segment assets for all years are reflected at their estimated average for the periods presented. 
June 30,
2022
December 31,
2021
Bedding Products$944.8 $836.0 
Specialized Products333.1 316.7 
Furniture, Flooring & Textile Products417.7 373.5 
Average current liabilities included in segment numbers above825.7 814.1 
Unallocated assets 1
2,692.4 2,828.5 
Difference between average assets and period-end balance sheet16.9 138.5 
Total assets$5,230.6 $5,307.3 
 
1 Unallocated assets consist primarily of goodwill, other intangibles, cash and deferred tax assets.
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LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
    
5. GOODWILL IMPAIRMENT TESTING    
We test goodwill for impairment at the reporting unit level (the business groups that are one level below the operating segments) when triggering events occur, or at least annually. We perform our annual goodwill impairment testing in the second quarter. The 2022 and 2021 goodwill impairment testing indicated no impairments.
The fair values of our reporting units in relation to their respective carrying values and significant assumptions used are presented in the tables below. If actual results differ materially from estimates used in these calculations, we could incur future impairment charges.
2022
Fair Value over Carrying Value divided by Carrying ValueJune 30, 2022 Goodwill Value10-year Compound Annual Growth Rate Range for SalesTerminal Values Long-term Growth Rate for Debt-Free Cash FlowDiscount Rate Ranges
Less than 50% 1
$66.3 
   8.5%
3.0 %
 11.8%
50% - 100% 2
997.8 
2.6 - 4.8
3.0 
 10.3
101% - 300%245.5 
1.4 - 2.6
3.0 
9.8 - 10.3
Greater than 300%120.8 
 8.2
3.0 
   11.8
$1,430.4 
1.4% - 8.5%
3.0 %
9.8% - 11.8%
2021
Fair Value over Carrying Value divided by Carrying ValueDecember 31, 2021 Goodwill Value10-year Compound Annual Growth Rate Range for SalesTerminal Values Long-term Growth Rate for Debt-Free Cash FlowDiscount Rate Ranges
Less than 50% 1
$67.5 
7.8%
3.0 %
   10.0%
50% - 100% 2
101.0 
 5.5
3.0 
  9.0
101% - 300%1,086.9 
3.1 - 3.3
3.0 
8.0 - 8.5
Greater than 300%194.2 
2.9 - 10.4
3.0 
   9.0
$1,449.6 
2.9% - 10.4%
3.0 %
8.0% - 10.0%
1     This category includes one reporting unit, Aerospace, which had fair value exceeding its carrying value by 40% at June 30, 2022 as compared to 28% in 2021. Goodwill associated with the Aerospace reporting unit was $66.3 at June 30, 2022 and $67.5 at December 31, 2021.
2     This category includes two reporting units (Work Furniture and Bedding) for 2022 and the Work Furniture unit for 2021.
The fair value of our Work Furniture reporting unit exceeded its carrying value by 78% at June 30, 2022 as compared to 85% in 2021. Goodwill associated with the Work Furniture reporting unit was $98.9 at June 30, 2022 and $101.0 at December 31, 2021.
The fair value of our Bedding reporting unit exceeded its carrying value by 54% at June 30, 2022 as compared to 171% in 2021. Goodwill associated with the Bedding reporting unit was $898.9 at June 30, 2022 and $908.3 at December 31, 2021.
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LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
6. EARNINGS PER SHARE (EPS)
Basic and diluted earnings per share were calculated as follows:
 Six Months Ended 
 June 30,
Three Months Ended 
 June 30,
 2022202120222021
Net earnings    
Net earnings$185.6 $199.8 $95.2 $112.3 
(Earnings) attributable to noncontrolling interest, net of tax (.1) (.1)
Net earnings attributable to Leggett & Platt, Inc. common shareholders$185.6 $199.7 $95.2 $112.2 
Weighted average number of shares (in millions):    
Weighted average number of common shares used in basic EPS136.4 136.1 136.3 136.3 
Dilutive effect of stock-based compensation.4 .5 .4 .5 
Weighted average number of common shares and dilutive potential common shares used in diluted EPS136.8 136.6 136.7 136.8 
Basic and diluted EPS:    
Basic EPS attributable to Leggett & Platt common shareholders$1.36 $1.47 $.70 $.83 
Diluted EPS attributable to Leggett & Platt common shareholders$1.36 $1.46 $.70 $.82 
Other information:    
Anti-dilutive shares excluded from diluted EPS computation.4 .1 .4 .1 
Cash dividends declared per share$.86 $.82 $.44 $.42 
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LEGGETT & PLATT, INCORPORATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS—(Continued)
(Unaudited)

7. ACCOUNTS AND OTHER RECEIVABLES
Accounts and other receivables consisted of the following:
 June 30, 2022December 31, 2021
 CurrentLong-termTotalCurrentLong-termTotal
Trade accounts receivable 1
$688.3 $ $688.3 $634.2 $ $634.2 
Trade notes receivable
.4 .2 .6 .7 .2 .9 
Total trade receivables688.7 .2 688.9 634.9 .2 635.1 
Other notes receivable 1
 22.7 22.7 .7 22.5 23.2 
Taxes receivable, including income taxes42.0  42.0 18.8  18.8 
Other receivables8.9  8.9 12.0  12.0 
Subtotal other receivables50.9 22.7 73.6 31.5 22.5 54.0 
Total trade and other receivables739.6 22.9 762.5 666.4 22.7 689.1 
Allowance for doubtful accounts:
  Trade accounts receivable 1
(16.9) (16.9)(14.9) (14.9)
  Trade notes receivable